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   "decimals": -6,
   "dimensions": {
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   "decimals": -6,
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   "value": "10000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-573": {
   "value": "58000000",
   "decimals": -6,
   "dimensions": {
    "concept": "pheonixgroupholdings:RepaymentOfPolicyholderBorrowingsClassifiedAsFinancingActivities",
    "entity": "scheme:2138001P49OLAEU33T68",
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    "unit": "iso4217:GBP"
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   "decimals": -6,
   "dimensions": {
    "concept": "pheonixgroupholdings:RepaymentOfPolicyholderBorrowingsClassifiedAsFinancingActivities",
    "entity": "scheme:2138001P49OLAEU33T68",
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   "dimensions": {
    "concept": "pheonixgroupholdings:RepaymentOfShareholderBorrowingsClassifiedAsFinancingActivities",
    "entity": "scheme:2138001P49OLAEU33T68",
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  "fact-576": {
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   "decimals": -6,
   "dimensions": {
    "concept": "pheonixgroupholdings:RepaymentOfShareholderBorrowingsClassifiedAsFinancingActivities",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-577": {
   "value": "14000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-578": {
   "value": "14000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-579": {
   "value": "346000000",
   "decimals": -6,
   "dimensions": {
    "concept": "pheonixgroupholdings:ProceedsFromNewShareholderBorrowingsNetOfAssociatedExpensesClassifiedAsFinancingActivities",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
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    "concept": "pheonixgroupholdings:ProceedsFromNewShareholderBorrowingsNetOfAssociatedExpensesClassifiedAsFinancingActivities",
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   "decimals": -6,
   "dimensions": {
    "concept": "pheonixgroupholdings:ProceedsFromNewPolicyholderBorrowingsNetOfAssociatedExpensesClassifiedAsFinancingActivities",
    "entity": "scheme:2138001P49OLAEU33T68",
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   "dimensions": {
    "concept": "pheonixgroupholdings:ProceedsFromNewPolicyholderBorrowingsNetOfAssociatedExpensesClassifiedAsFinancingActivities",
    "entity": "scheme:2138001P49OLAEU33T68",
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   "decimals": -6,
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    "entity": "scheme:2138001P49OLAEU33T68",
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    "concept": "pheonixgroupholdings:CouponPaidOnTier1NotesClassifiedAsFinancingActivities",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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   "decimals": -6,
   "dimensions": {
    "concept": "pheonixgroupholdings:InterestPaidOnPolicyholderBorrowingsClassifiedAsFinancingActivities",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
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  "fact-586": {
   "value": "1000000",
   "decimals": -6,
   "dimensions": {
    "concept": "pheonixgroupholdings:InterestPaidOnPolicyholderBorrowingsClassifiedAsFinancingActivities",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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   "decimals": -6,
   "dimensions": {
    "concept": "pheonixgroupholdings:InterestPaidOnShareholderBorrowingsClassifiedAsFinancingActivities",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
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  "fact-588": {
   "value": "215000000",
   "decimals": -6,
   "dimensions": {
    "concept": "pheonixgroupholdings:InterestPaidOnShareholderBorrowingsClassifiedAsFinancingActivities",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-589": {
   "value": "-769000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
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   "decimals": -6,
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    "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
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  "fact-591": {
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   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
    "entity": "scheme:2138001P49OLAEU33T68",
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    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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   "decimals": -6,
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    "concept": "pheonixgroupholdings:CashAndCashEquivalentsBeforeReclassificationOfCashAndCashEquivalentsToHeldForSale",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
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   "value": "9188000000",
   "decimals": -6,
   "dimensions": {
    "concept": "pheonixgroupholdings:CashAndCashEquivalentsBeforeReclassificationOfCashAndCashEquivalentsToHeldForSale",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-595": {
   "value": "52000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-596": {
   "value": "33000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  },
  "fact-597": {
   "value": "7168000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  },
  "fact-598": {
   "value": "8839000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
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   "value": "A. Significant acco<span class=\"_ _5\"></span>unting<span class=\"_ _5\"></span> policies<span class=\"_ _3bc\"> </span>A<span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>. Basi<span class=\"_ _5\"></span>s of<span class=\"_ _5\"></span> preparation<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s for the year e<span class=\"_ _2\"></span>nded 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>3 set out on p<span class=\"_ _2\"></span>ages 1<span class=\"_ _2\"></span>64 to 2<span class=\"_ _2\"></span>90 c<span class=\"_ _2\"></span>omprise t<span class=\"_ _2\"></span>he financ<span class=\"_ _2\"></span>ial sta<span class=\"_ _2\"></span>tement<span class=\"_ _2\"></span>s of Phoe<span class=\"_ _2\"></span>nix Group H<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s plc (\u2018t<span class=\"_ _2\"></span>he Comp<span class=\"_ _2\"></span>any\u2019) a<span class=\"_ _2\"></span>nd its sub<span class=\"_ _2\"></span>sidiaries (tog<span class=\"_ _2\"></span>ether refer<span class=\"_ _2\"></span>red to as \u2018th<span class=\"_ _2\"></span>e Group\u2019<span class=\"_ _2\"></span>), and were au<span class=\"_ _2\"></span>thorise<span class=\"_ _2\"></span>d by the Bo<span class=\"_ _2\"></span>ard of Direc<span class=\"_ _2\"></span>tors for is<span class=\"_ _2\"></span>sue on 2<span class=\"_ _2\"></span>1 March 2024. The c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s have bee<span class=\"_ _2\"></span>n prepare<span class=\"_ _2\"></span>d under th<span class=\"_ _2\"></span>e historic<span class=\"_ _2\"></span>al cos<span class=\"_ _2\"></span>t convention exc<span class=\"_ _2\"></span>ept for investm<span class=\"_ _2\"></span>ent prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y, owner-<span class=\"_ _3bc\"> </span>occ<span class=\"_ _2\"></span>upied pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty a<span class=\"_ _2\"></span>nd thos<span class=\"_ _2\"></span>e financia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts and fin<span class=\"_ _2\"></span>ancial lia<span class=\"_ _2\"></span>bilities (inc<span class=\"_ _2\"></span>luding der<span class=\"_ _2\"></span>ivative instr<span class=\"_ _2\"></span>ument<span class=\"_ _2\"></span>s) that have bee<span class=\"_ _2\"></span>n meas<span class=\"_ _2\"></span>ured at fair val<span class=\"_ _2\"></span>ue.<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s are prese<span class=\"_ _2\"></span>nted in ste<span class=\"_ _2\"></span>rling (\u00a3) roun<span class=\"_ _2\"></span>ded to the n<span class=\"_ _2\"></span>eares<span class=\"_ _2\"></span>t million except w<span class=\"_ _2\"></span>here other<span class=\"_ _2\"></span>wis<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span>As<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabilities a<span class=\"_ _2\"></span>re offs<span class=\"_ _2\"></span>et and the n<span class=\"_ _2\"></span>et amount rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ted in the s<span class=\"_ _2\"></span>tatement of c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial pos<span class=\"_ _2\"></span>ition only wh<span class=\"_ _2\"></span>en there is a l<span class=\"_ _2\"></span>egall<span class=\"_ _2\"></span>y enforce<span class=\"_ _2\"></span>able right to of<span class=\"_ _2\"></span>fset th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d amount<span class=\"_ _2\"></span>s and there i<span class=\"_ _2\"></span>s an intention to set<span class=\"_ _2\"></span>tle on a ne<span class=\"_ _2\"></span>t basis<span class=\"_ _2\"></span>, or to realis<span class=\"_ _2\"></span>e the as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d set<span class=\"_ _2\"></span>tle the liabili<span class=\"_ _2\"></span>ty simult<span class=\"_ _2\"></span>aneo<span class=\"_ _2\"></span>usly. Incom<span class=\"_ _2\"></span>e and expe<span class=\"_ _2\"></span>nses are n<span class=\"_ _2\"></span>ot offs<span class=\"_ _2\"></span>et in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent unles<span class=\"_ _2\"></span>s require<span class=\"_ _2\"></span>d or perm<span class=\"_ _2\"></span>itte<span class=\"_ _2\"></span>d by an Internatio<span class=\"_ _2\"></span>nal Finan<span class=\"_ _2\"></span>cial Rep<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ing Stan<span class=\"_ _2\"></span>dard (\u2018<span class=\"_ _2\"></span>IFRS<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>) or interpret<span class=\"_ _2\"></span>ation, a<span class=\"_ _2\"></span>s spec<span class=\"_ _2\"></span>ifically di<span class=\"_ _2\"></span>sclos<span class=\"_ _2\"></span>ed in the ac<span class=\"_ _2\"></span>countin<span class=\"_ _2\"></span>g policie<span class=\"_ _2\"></span>s of the Group.<span class=\"_ _3bc\"> </span>Statement of complianc<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s have bee<span class=\"_ _2\"></span>n prepare<span class=\"_ _2\"></span>d in acco<span class=\"_ _2\"></span>rdance w<span class=\"_ _2\"></span>ith UK<span class=\"_ _7\"></span>-a<span class=\"_ _2\"></span>dopted intern<span class=\"_ _2\"></span>ational a<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g stan<span class=\"_ _2\"></span>dards (<span class=\"_ _2\"></span>\u2018IAS<span class=\"_ _2\"></span>s\u2019) and t<span class=\"_ _2\"></span>he leg<span class=\"_ _2\"></span>al require<span class=\"_ _2\"></span>ments of th<span class=\"_ _2\"></span>e Compa<span class=\"_ _2\"></span>nies Act 2<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>Basis of consolidati<span class=\"_ _5\"></span>on<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s include t<span class=\"_ _2\"></span>he financ<span class=\"_ _2\"></span>ial sta<span class=\"_ _2\"></span>tement<span class=\"_ _2\"></span>s of the Comp<span class=\"_ _2\"></span>any and its s<span class=\"_ _2\"></span>ubsidiar<span class=\"_ _2\"></span>y unde<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>kings<span class=\"_ _2\"></span>, inclu<span class=\"_ _2\"></span>ding colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes<span class=\"_ _2\"></span>, where th<span class=\"_ _2\"></span>e Group exerci<span class=\"_ _2\"></span>ses overall c<span class=\"_ _2\"></span>ontrol. In a<span class=\"_ _2\"></span>ccorda<span class=\"_ _2\"></span>nce with th<span class=\"_ _2\"></span>e principl<span class=\"_ _2\"></span>es set ou<span class=\"_ _2\"></span>t in IFRS 1<span class=\"_ _2\"></span>0 Cons<span class=\"_ _2\"></span>olidated Fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l Statem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up controls an inve<span class=\"_ _2\"></span>stee if an<span class=\"_ _2\"></span>d only if the Gro<span class=\"_ _2\"></span>up has all th<span class=\"_ _2\"></span>e following:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>p<span class=\"_ _2\"></span>ower over the inves<span class=\"_ _2\"></span>tee;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>ex<span class=\"_ _2\"></span>posure<span class=\"_ _2\"></span>, or rights<span class=\"_ _2\"></span>, to variab<span class=\"_ _2\"></span>le returns from i<span class=\"_ _2\"></span>ts involveme<span class=\"_ _2\"></span>nt with the inves<span class=\"_ _2\"></span>tee; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e abilit<span class=\"_ _2\"></span>y to use it<span class=\"_ _2\"></span>s power over the inves<span class=\"_ _2\"></span>tee to af<span class=\"_ _2\"></span>fect it<span class=\"_ _2\"></span>s returns<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up consi<span class=\"_ _2\"></span>ders all re<span class=\"_ _2\"></span>levant fac<span class=\"_ _2\"></span>ts and c<span class=\"_ _2\"></span>ircumst<span class=\"_ _2\"></span>ance<span class=\"_ _2\"></span>s in asse<span class=\"_ _2\"></span>ssing w<span class=\"_ _2\"></span>hether it h<span class=\"_ _2\"></span>as power over a<span class=\"_ _2\"></span>n investee<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g relevant ac<span class=\"_ _2\"></span>tivities<span class=\"_ _2\"></span>, subs<span class=\"_ _2\"></span>tantive an<span class=\"_ _2\"></span>d<span class=\"_ gs132\"> </span>protective ri<span class=\"_ _2\"></span>ghts<span class=\"_ _2\"></span>, voting rights a<span class=\"_ _2\"></span>nd purp<span class=\"_ _2\"></span>ose and de<span class=\"_ _2\"></span>sign of an inves<span class=\"_ _2\"></span>tee. The G<span class=\"_ _2\"></span>roup reas<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>ses whe<span class=\"_ _2\"></span>ther or not it c<span class=\"_ _2\"></span>ontrols an investe<span class=\"_ _2\"></span>e if fact<span class=\"_ _2\"></span>s and circ<span class=\"_ _2\"></span>umsta<span class=\"_ _2\"></span>nces in<span class=\"_ _2\"></span>dicate that t<span class=\"_ _2\"></span>here are ch<span class=\"_ _2\"></span>anges to o<span class=\"_ _2\"></span>ne or more of the th<span class=\"_ _2\"></span>ree ele<span class=\"_ _2\"></span>ments of co<span class=\"_ _2\"></span>ntrol. Furt<span class=\"_ _2\"></span>her deta<span class=\"_ _2\"></span>ils about t<span class=\"_ _2\"></span>he con<span class=\"_ _2\"></span>solidation of s<span class=\"_ _2\"></span>ubsidiarie<span class=\"_ _2\"></span>s, inc<span class=\"_ _2\"></span>luding co<span class=\"_ _2\"></span>llecti<span class=\"_ _2\"></span>ve inv<span class=\"_ _5\"></span>es<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s, are in<span class=\"_ _2\"></span>cluded in n<span class=\"_ _2\"></span>ote H1<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>Going co<span class=\"_ _5\"></span>ncern<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s have bee<span class=\"_ _2\"></span>n prepare<span class=\"_ _2\"></span>d on a going c<span class=\"_ _2\"></span>once<span class=\"_ _2\"></span>rn basis<span class=\"_ _2\"></span>. The Dire<span class=\"_ _2\"></span>ctors h<span class=\"_ _2\"></span>ave, at the time of ap<span class=\"_ _2\"></span>proving the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l statem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, a reas<span class=\"_ _2\"></span>onable ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tation th<span class=\"_ _2\"></span>at the Com<span class=\"_ _2\"></span>pany and the G<span class=\"_ _2\"></span>roup have ade<span class=\"_ _2\"></span>quate res<span class=\"_ _2\"></span>ources to co<span class=\"_ _2\"></span>ntinue in ope<span class=\"_ _2\"></span>rational ex<span class=\"_ _2\"></span>isten<span class=\"_ _2\"></span>ce for the pe<span class=\"_ _2\"></span>riod covere<span class=\"_ _2\"></span>d by the as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment havin<span class=\"_ _2\"></span>g ass<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>d the prin<span class=\"_ _2\"></span>cipal risks<span class=\"_ _2\"></span>, forec<span class=\"_ _2\"></span>ast<span class=\"_ _2\"></span>s, pro<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>tions an<span class=\"_ _2\"></span>d other releva<span class=\"_ _2\"></span>nt eviden<span class=\"_ _2\"></span>ce for the p<span class=\"_ _2\"></span>eriod to 31 M<span class=\"_ _2\"></span>arch 2025<span class=\"_ _2\"></span>. Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s of the going c<span class=\"_ _2\"></span>once<span class=\"_ _2\"></span>rn asse<span class=\"_ _2\"></span>ssm<span class=\"_ _2\"></span>ent are inclu<span class=\"_ _2\"></span>ded in the D<span class=\"_ _2\"></span>irector<span class=\"_ _2\"></span>s\u2019 Repor<span class=\"_ _2\"></span>t on pag<span class=\"_ _2\"></span>e 143<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A2<span class=\"_ _2\"></span>. Ado<span class=\"_ _2\"></span>ption o<span class=\"_ _2\"></span>f new ac<span class=\"_ _2\"></span>count<span class=\"_ _2\"></span>ing pr<span class=\"_ _2\"></span>onou<span class=\"_ _2\"></span>ncem<span class=\"_ _2\"></span>ents i<span class=\"_ _2\"></span>n 2023<span class=\"_ _3bc\"> </span>In prep<span class=\"_ _2\"></span>aring the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s adopted th<span class=\"_ _2\"></span>e following s<span class=\"_ _2\"></span>tandar<span class=\"_ _2\"></span>ds and ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s effe<span class=\"_ _2\"></span>ctive from 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y 2023 an<span class=\"_ _2\"></span>d which have be<span class=\"_ _2\"></span>en end<span class=\"_ _2\"></span>orse<span class=\"_ _2\"></span>d by the UK En<span class=\"_ _2\"></span>dorse<span class=\"_ _2\"></span>ment Bo<span class=\"_ _2\"></span>ard (\u2018<span class=\"_ _2\"></span>UKEB<span class=\"_ _2\"></span>\u2019):<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>I<span class=\"_ _2\"></span>FRS 17 Insur<span class=\"_ _2\"></span>ance C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts \u2013 se<span class=\"_ _2\"></span>e note A2.1; \u2022 <span class=\"_ _9\"> </span>I<span class=\"_ _2\"></span>FRS 9 Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts \u2013 se<span class=\"_ _2\"></span>e note A2.<span class=\"_ _2\"></span>2; \u2022 <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>isclos<span class=\"_ _2\"></span>ure of Accountin<span class=\"_ _2\"></span>g Policies (A<span class=\"_ _2\"></span>mendm<span class=\"_ _2\"></span>ents to IAS 1 Prese<span class=\"_ _2\"></span>ntation of Fin<span class=\"_ _2\"></span>ancial St<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s and I<span class=\"_ _2\"></span>FRS Prac<span class=\"_ _2\"></span>tice Sta<span class=\"_ _2\"></span>tement 2 Makin<span class=\"_ _2\"></span>g Materia<span class=\"_ _5\"></span>lity Judgements<span class=\"_ _3bc\"> </span>). The ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s are intende<span class=\"_ _2\"></span>d to assi<span class=\"_ _2\"></span>st entitie<span class=\"_ _2\"></span>s in decidin<span class=\"_ _2\"></span>g which ac<span class=\"_ _2\"></span>countin<span class=\"_ _2\"></span>g policies to di<span class=\"_ _2\"></span>sclos<span class=\"_ _2\"></span>e in their finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s and requ<span class=\"_ _2\"></span>ires an entit<span class=\"_ _2\"></span>y to<span class=\"_ gs132\"> </span>discl<span class=\"_ _2\"></span>ose \u2018material a<span class=\"_ _2\"></span>ccount<span class=\"_ _2\"></span>ing polic<span class=\"_ _2\"></span>y information\u2019 ins<span class=\"_ _2\"></span>tead of its \u2018sig<span class=\"_ _2\"></span>nificant a<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g policie<span class=\"_ _2\"></span>s\u2019<span class=\"_ _6\"></span>. A<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>y information is m<span class=\"_ _2\"></span>aterial if, when c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>red toge<span class=\"_ _2\"></span>ther with oth<span class=\"_ _2\"></span>er information in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d in an entit<span class=\"_ _2\"></span>y\u2019s financial s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, it can re<span class=\"_ _2\"></span>asona<span class=\"_ _2\"></span>bly be exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d to influenc<span class=\"_ _2\"></span>e decis<span class=\"_ _2\"></span>ions that th<span class=\"_ _2\"></span>e primar<span class=\"_ _2\"></span>y use<span class=\"_ _2\"></span>rs of gen<span class=\"_ _2\"></span>eral purp<span class=\"_ _2\"></span>ose fina<span class=\"_ _2\"></span>ncial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts make on the ba<span class=\"_ _2\"></span>sis of thos<span class=\"_ _2\"></span>e financia<span class=\"_ _2\"></span>l st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s. The I<span class=\"_ _2\"></span>ASB ha<span class=\"_ _2\"></span>s also develo<span class=\"_ _2\"></span>ped g<span class=\"_ _2\"></span>uidanc<span class=\"_ _2\"></span>e and exampl<span class=\"_ _2\"></span>es to explain an<span class=\"_ _2\"></span>d demon<span class=\"_ _2\"></span>strate th<span class=\"_ _2\"></span>e applic<span class=\"_ _2\"></span>ation of the \u2018<span class=\"_ _2\"></span>four-s<span class=\"_ _2\"></span>tep materi<span class=\"_ _2\"></span>ality proc<span class=\"_ _2\"></span>ess\u2019 des<span class=\"_ _2\"></span>cribe<span class=\"_ _2\"></span>d in IFRS Pra<span class=\"_ _2\"></span>ctice S<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt 2;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>efinition of Acc<span class=\"_ _2\"></span>ounting E<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>s (Amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s to IAS 8 Acc<span class=\"_ _2\"></span>ounting Policie<span class=\"_ _2\"></span>s, Cha<span class=\"_ _2\"></span>nges in A<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g Estim<span class=\"_ _2\"></span>ates and Erro<span class=\"_ _2\"></span>rs). The ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s replac<span class=\"_ _2\"></span>e the definitio<span class=\"_ _2\"></span>n of a \u2018<span class=\"_ _7\"></span>c<span class=\"_ _2\"></span>hange in a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>unting est<span class=\"_ _2\"></span>imates\u2019 with a defini<span class=\"_ _2\"></span>tion of \u2018<span class=\"_ _5\"></span>ac<span class=\"_ _2\"></span>counting e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>s\u2019<span class=\"_ _6\"></span>. U<span class=\"_ _2\"></span>nder the n<span class=\"_ _2\"></span>ew definition<span class=\"_ _2\"></span>, acc<span class=\"_ _2\"></span>ounting e<span class=\"_ _2\"></span>stimates a<span class=\"_ _2\"></span>re \u2018<span class=\"_ _5\"></span>mon<span class=\"_ _2\"></span>etar<span class=\"_ _2\"></span>y amount<span class=\"_ _2\"></span>s in financ<span class=\"_ _2\"></span>ial sta<span class=\"_ _2\"></span>tements t<span class=\"_ _2\"></span>hat are subj<span class=\"_ _2\"></span>ect to m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment unc<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>aint<span class=\"_ _2\"></span>y\u2019<span class=\"_ _7\"></span>. The B<span class=\"_ _2\"></span>oard has re<span class=\"_ _2\"></span>taine<span class=\"_ _2\"></span>d the con<span class=\"_ _2\"></span>cept of chan<span class=\"_ _2\"></span>ges in ac<span class=\"_ _2\"></span>countin<span class=\"_ _2\"></span>g estim<span class=\"_ _2\"></span>ates in the s<span class=\"_ _2\"></span>tandard by in<span class=\"_ _2\"></span>cluding a n<span class=\"_ _2\"></span>umber of cla<span class=\"_ _2\"></span>rificatio<span class=\"_ _2\"></span>ns; \u2022 <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>eferred T<span class=\"_ _7\"></span>a<span class=\"_ _2\"></span>x related to A<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and Liabili<span class=\"_ _2\"></span>ties arisin<span class=\"_ _2\"></span>g from a Sing<span class=\"_ _2\"></span>le T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ansac<span class=\"_ _2\"></span>tion (A<span class=\"_ _2\"></span>mendme<span class=\"_ _2\"></span>nts to IAS 12 In<span class=\"_ _2\"></span>come T<span class=\"_ _7\"></span>a<span class=\"_ _2\"></span>xes). The ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s narrow the sc<span class=\"_ _2\"></span>ope of the re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>tion exemption in p<span class=\"_ _2\"></span>aragr<span class=\"_ _2\"></span>aphs 15 a<span class=\"_ _2\"></span>nd 2<span class=\"_ _5\"></span>4 of IAS 12 so th<span class=\"_ _2\"></span>at it no lon<span class=\"_ _2\"></span>ger app<span class=\"_ _2\"></span>lies to trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ons that<span class=\"_ _2\"></span>, on<span class=\"_ gs132\"> </span>initial re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>tion, give ris<span class=\"_ _2\"></span>e to equal t<span class=\"_ _2\"></span>axable an<span class=\"_ _2\"></span>d deduc<span class=\"_ _2\"></span>tible temp<span class=\"_ _2\"></span>orar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>ference<span class=\"_ _2\"></span>s. The I<span class=\"_ _2\"></span>ASB exp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s that the a<span class=\"_ _2\"></span>mendm<span class=\"_ _2\"></span>ents will re<span class=\"_ _2\"></span>duce diver<span class=\"_ _2\"></span>sit<span class=\"_ _2\"></span>y in repor<span class=\"_ _2\"></span>ting and align th<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting for deferre<span class=\"_ _2\"></span>d tax on s<span class=\"_ _2\"></span>uch tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ions with th<span class=\"_ _2\"></span>e gener<span class=\"_ _2\"></span>al princip<span class=\"_ _2\"></span>le in IAS 12 of rec<span class=\"_ _2\"></span>ognisin<span class=\"_ _2\"></span>g deferred t<span class=\"_ _2\"></span>ax for tempo<span class=\"_ _2\"></span>rar<span class=\"_ _2\"></span>y differ<span class=\"_ _5\"></span>ences; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>I<span class=\"_ _2\"></span>nternation<span class=\"_ _2\"></span>al T<span class=\"_ _7\"></span>ax Reform<span class=\"_ _2\"></span>\u2014Pillar T<span class=\"_ _7\"></span>wo M<span class=\"_ _2\"></span>odel Rule<span class=\"_ _2\"></span>s (Ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s to IAS 12 Income T<span class=\"_ _6\"></span>axes<span class=\"_ _3bc\"> </span>). The sc<span class=\"_ _2\"></span>ope of IAS 12 ha<span class=\"_ _2\"></span>s been a<span class=\"_ _2\"></span>mende<span class=\"_ _2\"></span>d to clarif<span class=\"_ _2\"></span>y that the s<span class=\"_ _2\"></span>tanda<span class=\"_ _2\"></span>rd applies to in<span class=\"_ _2\"></span>come ta<span class=\"_ _2\"></span>xes arisin<span class=\"_ _2\"></span>g from tax la<span class=\"_ _2\"></span>w enac<span class=\"_ _2\"></span>ted or subs<span class=\"_ _2\"></span>tantivel<span class=\"_ _2\"></span>y enac<span class=\"_ _2\"></span>ted to imple<span class=\"_ _2\"></span>ment the Pilla<span class=\"_ _2\"></span>r T<span class=\"_ _6\"></span>wo m<span class=\"_ _2\"></span>odel rul<span class=\"_ _2\"></span>es publish<span class=\"_ _2\"></span>ed by the O<span class=\"_ _2\"></span>E<span class=\"_ _5\"></span>CD, in<span class=\"_ _2\"></span>cluding t<span class=\"_ _2\"></span>ax law tha<span class=\"_ _2\"></span>t impleme<span class=\"_ _2\"></span>nts qualifi<span class=\"_ _2\"></span>ed dome<span class=\"_ _2\"></span>stic minim<span class=\"_ _2\"></span>um top-up t<span class=\"_ _2\"></span>axes des<span class=\"_ _2\"></span>cribe<span class=\"_ _2\"></span>d in those r<span class=\"_ _2\"></span>ules. T<span class=\"_ _2\"></span>he amen<span class=\"_ _2\"></span>dments introdu<span class=\"_ _2\"></span>ce a tempor<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y exception to th<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting require<span class=\"_ _2\"></span>ments fo<span class=\"_ _2\"></span>r deferred ta<span class=\"_ _2\"></span>xes in IAS 12, s<span class=\"_ _2\"></span>o that an enti<span class=\"_ _2\"></span>ty wo<span class=\"_ _2\"></span>uld neithe<span class=\"_ _2\"></span>r reco<span class=\"_ _2\"></span>gnise no<span class=\"_ _2\"></span>r discl<span class=\"_ _2\"></span>ose informatio<span class=\"_ _2\"></span>n about d<span class=\"_ _2\"></span>eferred ta<span class=\"_ _2\"></span>x ass<span class=\"_ _2\"></span>ets and li<span class=\"_ _2\"></span>abilities rel<span class=\"_ _2\"></span>ated to Pillar T<span class=\"_ _7\"></span>wo inc<span class=\"_ _2\"></span>ome ta<span class=\"_ _2\"></span>xes. Th<span class=\"_ _2\"></span>e Group co<span class=\"_ _2\"></span>nfirms that it h<span class=\"_ _2\"></span>as applie<span class=\"_ _2\"></span>d this excepti<span class=\"_ _2\"></span>on during the p<span class=\"_ _2\"></span>eriod<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The n<span class=\"_ _2\"></span>ature and imp<span class=\"_ _2\"></span>act of the a<span class=\"_ _2\"></span>doption of IFR<span class=\"_ _2\"></span>S 17 and IFR<span class=\"_ _2\"></span>S 9 are disclo<span class=\"_ _2\"></span>sed in note<span class=\"_ _2\"></span>s A2.1 and A2<span class=\"_ _2\"></span>.2 be<span class=\"_ _2\"></span>low. The remainin<span class=\"_ _2\"></span>g amen<span class=\"_ _2\"></span>dments to s<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ards are not c<span class=\"_ _2\"></span>onsidere<span class=\"_ _2\"></span>d to have a materia<span class=\"_ _2\"></span>l effec<span class=\"_ _2\"></span>t on thes<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated fin<span class=\"_ _2\"></span>ancial s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A2<span class=\"_ _2\"></span>.1 Adop<span class=\"_ _2\"></span>tion of I<span class=\"_ _2\"></span>FRS 17 Insurance Contracts<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has ad<span class=\"_ _2\"></span>opted IFR<span class=\"_ _2\"></span>S 17 effec<span class=\"_ _2\"></span>tive from 1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 2023 and c<span class=\"_ _2\"></span>omparat<span class=\"_ _2\"></span>ive information for th<span class=\"_ _2\"></span>e year ende<span class=\"_ _2\"></span>d 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2022 ha<span class=\"_ _2\"></span>s bee<span class=\"_ _2\"></span>n retrosp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ively res<span class=\"_ _2\"></span>tated. I<span class=\"_ _2\"></span>FRS 17 repla<span class=\"_ _2\"></span>ces I<span class=\"_ _2\"></span>FRS 4 Insur<span class=\"_ _2\"></span>ance C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts and sig<span class=\"_ _2\"></span>nificantl<span class=\"_ _2\"></span>y chang<span class=\"_ _2\"></span>es the way th<span class=\"_ _2\"></span>e Group rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>es, m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>s, pres<span class=\"_ _2\"></span>ents an<span class=\"_ _2\"></span>d disclos<span class=\"_ _2\"></span>es its in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>cts w<span class=\"_ _2\"></span>ith discreti<span class=\"_ _2\"></span>onar<span class=\"_ _2\"></span>y par<span class=\"_ _2\"></span>ticipatio<span class=\"_ _2\"></span>n features (<span class=\"_ _2\"></span>\u2018D<span class=\"_ _2\"></span>PF\u2019<span class=\"_ _2\"></span>) and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts held<span class=\"_ _2\"></span>. It introduc<span class=\"_ _2\"></span>es a mo<span class=\"_ _2\"></span>del that me<span class=\"_ _2\"></span>asures g<span class=\"_ _2\"></span>roups of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s base<span class=\"_ _2\"></span>d on the pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture cas<span class=\"_ _2\"></span>h flows with an ex<span class=\"_ _2\"></span>plicit risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for non-<span class=\"_ _2\"></span>financia<span class=\"_ _2\"></span>l risk and a c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e margin (<span class=\"_ _2\"></span>\u2018CSM<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>), repres<span class=\"_ _2\"></span>enting the un<span class=\"_ _2\"></span>earne<span class=\"_ _2\"></span>d profit to be re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in profit or l<span class=\"_ _2\"></span>oss over the coverage<span class=\"_ _5\"></span> period.<span class=\"_ _3bc\"> </span>New a<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g policie<span class=\"_ _2\"></span>s adopted fo<span class=\"_ _2\"></span>llowing the imp<span class=\"_ _2\"></span>lement<span class=\"_ _2\"></span>ation of IFRS 17 a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d within note F1 a<span class=\"_ _2\"></span>nd critic<span class=\"_ _2\"></span>al acc<span class=\"_ _2\"></span>ounting es<span class=\"_ _2\"></span>timates an<span class=\"_ _2\"></span>d judg<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s applie<span class=\"_ _2\"></span>d are detail<span class=\"_ _2\"></span>ed in note A4<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A2<span class=\"_ _2\"></span>.<span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _7\"></span>1 T<span class=\"_ _7\"></span>ransition approach<span class=\"_ _3bc\"> </span>Chan<span class=\"_ _2\"></span>ges in ac<span class=\"_ _2\"></span>countin<span class=\"_ _2\"></span>g policies re<span class=\"_ _2\"></span>sulting fro<span class=\"_ _2\"></span>m the adopti<span class=\"_ _2\"></span>on of IFRS 17 have be<span class=\"_ _2\"></span>en appli<span class=\"_ _2\"></span>ed using a f<span class=\"_ _2\"></span>ully retrosp<span class=\"_ _2\"></span>ective a<span class=\"_ _2\"></span>pproach (<span class=\"_ _2\"></span>\u2018FR<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>) to the ex<span class=\"_ _2\"></span>tent prac<span class=\"_ _2\"></span>ticab<span class=\"_ _2\"></span>le and usin<span class=\"_ _2\"></span>g a Fair V<span class=\"_ _7\"></span>alue Ap<span class=\"_ _2\"></span>proach (<span class=\"_ _2\"></span>\u2018F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>) approac<span class=\"_ _2\"></span>h where the F<span class=\"_ _2\"></span>RA was c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>red impr<span class=\"_ _2\"></span>actic<span class=\"_ _2\"></span>able. Th<span class=\"_ _2\"></span>e FRA re<span class=\"_ _2\"></span>quires the Gro<span class=\"_ _2\"></span>up to: \u2022 <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>dentif<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise and m<span class=\"_ _2\"></span>easure e<span class=\"_ _2\"></span>ach group of in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts as if I<span class=\"_ _2\"></span>FRS 17 had a<span class=\"_ _2\"></span>lways applie<span class=\"_ _2\"></span>d; \u2022 <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ereco<span class=\"_ _2\"></span>gnise any ex<span class=\"_ _2\"></span>isting b<span class=\"_ _2\"></span>alance<span class=\"_ _2\"></span>s that woul<span class=\"_ _2\"></span>d not exist h<span class=\"_ _2\"></span>ad IFR<span class=\"_ _2\"></span>S 17 always applie<span class=\"_ _2\"></span>d; and \u2022 <span class=\"_ _9\"> </span>re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise any resul<span class=\"_ _2\"></span>ting net dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>e in equit<span class=\"_ _2\"></span>y.<span class=\"_ _3bc\"> </span>In deter<span class=\"_ _2\"></span>mining wheth<span class=\"_ _2\"></span>er it was pr<span class=\"_ _2\"></span>actic<span class=\"_ _2\"></span>able for th<span class=\"_ _2\"></span>e FRA tr<span class=\"_ _2\"></span>ansition m<span class=\"_ _2\"></span>ethod to b<span class=\"_ _2\"></span>e applied<span class=\"_ _2\"></span>, the Group h<span class=\"_ _2\"></span>as cons<span class=\"_ _2\"></span>idered th<span class=\"_ _2\"></span>e following key fac<span class=\"_ _2\"></span>tors:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e abilit<span class=\"_ _2\"></span>y to obtain as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s and dat<span class=\"_ _2\"></span>a at the require<span class=\"_ _2\"></span>d level of gran<span class=\"_ _2\"></span>ularit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, witho<span class=\"_ _2\"></span>ut the mate<span class=\"_ _2\"></span>rial use of hind<span class=\"_ _2\"></span>sight, p<span class=\"_ _2\"></span>artic<span class=\"_ _2\"></span>ularly in rel<span class=\"_ _2\"></span>ation to contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s within acq<span class=\"_ _2\"></span>uired busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es and wh<span class=\"_ _2\"></span>ere the Group\u2019s finan<span class=\"_ _2\"></span>cial repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g metric<span class=\"_ _2\"></span>s did not require s<span class=\"_ _2\"></span>uch informatio<span class=\"_ _2\"></span>n;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e availabilit<span class=\"_ _2\"></span>y and us<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y of historic d<span class=\"_ _2\"></span>ata given th<span class=\"_ _2\"></span>e signific<span class=\"_ _2\"></span>ant integrat<span class=\"_ _2\"></span>ion work per<span class=\"_ _2\"></span>forme<span class=\"_ _2\"></span>d by the Group o<span class=\"_ _2\"></span>n both its p<span class=\"_ _2\"></span>olicy adm<span class=\"_ _2\"></span>inistrat<span class=\"_ _2\"></span>ion and a<span class=\"_ _2\"></span>ctuari<span class=\"_ _2\"></span>al mode<span class=\"_ _2\"></span>lling sys<span class=\"_ _2\"></span>tems whe<span class=\"_ _2\"></span>re re-plat<span class=\"_ _2\"></span>forming fro<span class=\"_ _2\"></span>m lega<span class=\"_ _2\"></span>cy sys<span class=\"_ _2\"></span>tems onto a unifie<span class=\"_ _2\"></span>d plat<span class=\"_ _2\"></span>form has b<span class=\"_ _2\"></span>een c<span class=\"_ _2\"></span>arried ou<span class=\"_ _2\"></span>t; and \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e signific<span class=\"_ _2\"></span>ant level of reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y chang<span class=\"_ _2\"></span>e exper<span class=\"_ _2\"></span>ience<span class=\"_ _2\"></span>d by the insur<span class=\"_ _2\"></span>ance ind<span class=\"_ _2\"></span>ustr<span class=\"_ _2\"></span>y, such as S<span class=\"_ _2\"></span>olvency I<span class=\"_ _2\"></span>I, wh<span class=\"_ _2\"></span>ich impac<span class=\"_ _2\"></span>ts on th<span class=\"_ _2\"></span>e level of chang<span class=\"_ _2\"></span>e under<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>n on both le<span class=\"_ _2\"></span>gacy a<span class=\"_ _2\"></span>nd current p<span class=\"_ _2\"></span>olicy adm<span class=\"_ _2\"></span>inistrat<span class=\"_ _2\"></span>ion and ac<span class=\"_ _2\"></span>tuaria<span class=\"_ _2\"></span>l modellin<span class=\"_ _2\"></span>g syste<span class=\"_ _2\"></span>ms.<span class=\"_ _3bc\"> </span>The FR<span class=\"_ _2\"></span>A has b<span class=\"_ _2\"></span>een ap<span class=\"_ _2\"></span>plied to the foll<span class=\"_ _2\"></span>owing insur<span class=\"_ _2\"></span>ance bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s on transi<span class=\"_ _2\"></span>tion to IFRS 17:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>ulk purcha<span class=\"_ _2\"></span>se annuiti<span class=\"_ _2\"></span>es;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>nnuities a<span class=\"_ _2\"></span>nd unit-linked polici<span class=\"_ _2\"></span>es that orig<span class=\"_ _2\"></span>inated from 1 J<span class=\"_ _2\"></span>anuar<span class=\"_ _2\"></span>y 2021 o<span class=\"_ _2\"></span>nwards for the a<span class=\"_ _2\"></span>cquired S<span class=\"_ _2\"></span>tandar<span class=\"_ _2\"></span>d Life Assura<span class=\"_ _2\"></span>nce bu<span class=\"_ _2\"></span>siness e<span class=\"_ _2\"></span>ntities;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>S<span class=\"_ _2\"></span>unLife polic<span class=\"_ _2\"></span>ies that or<span class=\"_ _2\"></span>iginated p<span class=\"_ _2\"></span>ost 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y 201<span class=\"_ _2\"></span>8; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Re<span class=\"_ _2\"></span>Ass<span class=\"_ _2\"></span>ure Assur<span class=\"_ _2\"></span>ance Limite<span class=\"_ _2\"></span>d annuitie<span class=\"_ _2\"></span>s and non<span class=\"_ _2\"></span>-profit polic<span class=\"_ _2\"></span>ies from ac<span class=\"_ _2\"></span>quisition date of th<span class=\"_ _2\"></span>e ReAss<span class=\"_ _2\"></span>ure entities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A ha<span class=\"_ _2\"></span>s been a<span class=\"_ _2\"></span>pplied to the G<span class=\"_ _2\"></span>roup\u2019s remaining ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss. O<span class=\"_ _2\"></span>n transit<span class=\"_ _2\"></span>ion, 58<span class=\"_ _2\"></span>% of the CS<span class=\"_ _2\"></span>M (<span class=\"_ _5\"></span>net of rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e) is calcul<span class=\"_ _2\"></span>ated unde<span class=\"_ _2\"></span>r the FR<span class=\"_ _2\"></span>A and 42<span class=\"_ _2\"></span>% under the F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>. However, of the busin<span class=\"_ _2\"></span>ess tr<span class=\"_ _2\"></span>ansition<span class=\"_ _2\"></span>ed unde<span class=\"_ _2\"></span>r FRA a sig<span class=\"_ _2\"></span>nificant am<span class=\"_ _2\"></span>ount of the CS<span class=\"_ _2\"></span>M relates to th<span class=\"_ _2\"></span>e ReAs<span class=\"_ _2\"></span>sure busin<span class=\"_ _2\"></span>ess a<span class=\"_ _2\"></span>cquired in 20<span class=\"_ _2\"></span>20 and fair va<span class=\"_ _2\"></span>lued at th<span class=\"_ _2\"></span>at date. Man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent therefore c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>rs c.<span class=\"_ _2\"></span>95% of the li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>, equ<span class=\"_ _2\"></span>ating to c.<span class=\"_ _2\"></span>84% of the C<span class=\"_ _2\"></span>SM<span class=\"_ _2\"></span>, to be a mo<span class=\"_ _2\"></span>re accur<span class=\"_ _2\"></span>ate reflec<span class=\"_ _2\"></span>tion of the use of the F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>. In appl<span class=\"_ _2\"></span>ying the F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>, the C<span class=\"_ _2\"></span>SM (or los<span class=\"_ _2\"></span>s compo<span class=\"_ _2\"></span>nent) ha<span class=\"_ _2\"></span>s been d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d at 1 Janua<span class=\"_ _2\"></span>ry 20<span class=\"_ _2\"></span>22 as the dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>e bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e fair value of a group of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and the pre<span class=\"_ _2\"></span>sent value of ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted future c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s includin<span class=\"_ _2\"></span>g acquisi<span class=\"_ _2\"></span>tion cos<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, plus an expli<span class=\"_ _2\"></span>cit risk ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent. In d<span class=\"_ _2\"></span>etermining th<span class=\"_ _2\"></span>e fair value<span class=\"_ _2\"></span>, the Group h<span class=\"_ _2\"></span>as applie<span class=\"_ _2\"></span>d the require<span class=\"_ _2\"></span>ments of I<span class=\"_ _2\"></span>FRS 13 Fair V<span class=\"_ _7\"></span>a<span class=\"_ _2\"></span>lue Mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt<span class=\"_ _3bc\"> </span>, except for t<span class=\"_ _2\"></span>he deman<span class=\"_ _2\"></span>d depos<span class=\"_ _2\"></span>it floor re<span class=\"_ _2\"></span>quireme<span class=\"_ _2\"></span>nt, as req<span class=\"_ _2\"></span>uired by IFRS 17<span class=\"_ _5\"></span>. The f<span class=\"_ _2\"></span>air value deter<span class=\"_ _2\"></span>mined by th<span class=\"_ _2\"></span>e Group use<span class=\"_ _2\"></span>s cash fl<span class=\"_ _2\"></span>ows with contr<span class=\"_ _2\"></span>act b<span class=\"_ _2\"></span>oundarie<span class=\"_ _2\"></span>s consi<span class=\"_ _2\"></span>stent with I<span class=\"_ _2\"></span>FRS 17 require<span class=\"_ _2\"></span>ments<span class=\"_ _2\"></span>. The mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of the fair value of co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s inclu<span class=\"_ _2\"></span>des items t<span class=\"_ _2\"></span>aken into conside<span class=\"_ _2\"></span>ration by a ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>nt but which are n<span class=\"_ _2\"></span>ot includ<span class=\"_ _2\"></span>ed in the I<span class=\"_ _2\"></span>FRS 17 mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of contrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, such as a ri<span class=\"_ _2\"></span>sk premium to refle<span class=\"_ _2\"></span>ct a ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>nt\u2019s view of unce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>inty inh<span class=\"_ _2\"></span>erent in the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t cash fl<span class=\"_ _2\"></span>ows being value<span class=\"_ _2\"></span>d and a profit m<span class=\"_ _2\"></span>argin. S<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt judge<span class=\"_ _2\"></span>ments a<span class=\"_ _2\"></span>nd est<span class=\"_ _2\"></span>imates use<span class=\"_ _2\"></span>d in determinin<span class=\"_ _2\"></span>g the fair val<span class=\"_ _2\"></span>ue have bee<span class=\"_ _2\"></span>n set out in n<span class=\"_ _2\"></span>ote A4.1.<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir value for the gro<span class=\"_ _2\"></span>ups of with-profit<span class=\"_ _2\"></span>s contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, has b<span class=\"_ _2\"></span>een de<span class=\"_ _2\"></span>termine<span class=\"_ _2\"></span>d at transiti<span class=\"_ _2\"></span>on date as the s<span class=\"_ _2\"></span>um of the bes<span class=\"_ _2\"></span>t estim<span class=\"_ _2\"></span>ate liabilit<span class=\"_ _2\"></span>y (\u2018<span class=\"_ _2\"></span>BEL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>); the polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs\u2019 share of the e<span class=\"_ _2\"></span>state; a r<span class=\"_ _2\"></span>isk premium; a<span class=\"_ _2\"></span>nd other fa<span class=\"_ _2\"></span>ir value adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, i.e. profit<span class=\"_ _2\"></span>s on annuiti<span class=\"_ _2\"></span>es vestin<span class=\"_ _2\"></span>g into the non-p<span class=\"_ _2\"></span>rofit fund.<span class=\"_ _3bc\"> </span>The tre<span class=\"_ _2\"></span>atment for rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts h<span class=\"_ _2\"></span>eld at tran<span class=\"_ _2\"></span>sition is simil<span class=\"_ _2\"></span>ar to that for ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts with a few exc<span class=\"_ _2\"></span>eptions<span class=\"_ _2\"></span>. The rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e BEL is cal<span class=\"_ _2\"></span>culated us<span class=\"_ _2\"></span>ing the IFR<span class=\"_ _2\"></span>S 17 disco<span class=\"_ _2\"></span>unted proba<span class=\"_ _2\"></span>bility<span class=\"_ _2\"></span>-weighte<span class=\"_ _2\"></span>d expec<span class=\"_ _2\"></span>ted pre<span class=\"_ _2\"></span>sent value of th<span class=\"_ _2\"></span>e<span class=\"_ gs132\"> </span>cash fl<span class=\"_ _2\"></span>ows on trans<span class=\"_ _2\"></span>ition date. Th<span class=\"_ _2\"></span>e cash fl<span class=\"_ _2\"></span>ows under the rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct are st<span class=\"_ _2\"></span>resse<span class=\"_ _2\"></span>d in order to c<span class=\"_ _2\"></span>alculate th<span class=\"_ _2\"></span>e risk premi<span class=\"_ _2\"></span>um, plus an a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment is m<span class=\"_ _2\"></span>ade for risk of rein<span class=\"_ _2\"></span>surer defa<span class=\"_ _2\"></span>ult (i.e. addi<span class=\"_ _2\"></span>tional risk of cla<span class=\"_ _2\"></span>ims rece<span class=\"_ _2\"></span>ived bein<span class=\"_ _2\"></span>g lower than th<span class=\"_ _2\"></span>e bes<span class=\"_ _2\"></span>t estim<span class=\"_ _2\"></span>ate) in the risk premi<span class=\"_ _2\"></span>um<span class=\"_ _3bc\"> </span>A2.1.<span class=\"_ _2\"></span>2 I<span class=\"_ _5\"></span>mpact of transi<span class=\"_ _5\"></span>tion<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l equit<span class=\"_ _2\"></span>y at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>table t<span class=\"_ _2\"></span>o owner<span class=\"_ _2\"></span>s of the par<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has dete<span class=\"_ _2\"></span>rmined th<span class=\"_ _2\"></span>e quantita<span class=\"_ _2\"></span>tive impac<span class=\"_ _2\"></span>t of moving to IFRS 17 o<span class=\"_ _2\"></span>n 1 Januar<span class=\"_ _2\"></span>y 202<span class=\"_ _2\"></span>2 to be a dec<span class=\"_ _2\"></span>rease in th<span class=\"_ _2\"></span>e total equit<span class=\"_ _2\"></span>y at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to owner<span class=\"_ _2\"></span>s of the parent of \u00a348 millio<span class=\"_ _2\"></span>n, from \u00a35<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>15 million to \u00a35<span class=\"_ _2\"></span>,767 million<span class=\"_ _2\"></span>. The main dr<span class=\"_ _2\"></span>ivers of this re<span class=\"_ _2\"></span>duction a<span class=\"_ _2\"></span>re:<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span><table class=\"s w218 h293\" id=\"_08b61238-49a3-413f-9591-acb9b30f71e7\"><tr><td class=\"t m0 x240 hd y5685 ff3 fs7 fc1 sc0 ls0 ws0\">Dere<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nition of intang<span class=\"_ _2\"></span>ible </td><td class=\"t m0 x47f hd y5686 ff3 fs7 fc1 sc0 ls0 ws0\">On ad<span class=\"_ _2\"></span>option of IFRS 17, the acquire<span class=\"_ _2\"></span>d in force busin<span class=\"_ _2\"></span>ess (<span class=\"_ _2\"></span>\u2018<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F\u2019<span class=\"_ _2\"></span>) and cus<span class=\"_ _2\"></span>tomer re<span class=\"_ _2\"></span>lationship </td><td></td><td class=\"t m0 x23f hd y5687 ff3 fs7 fc1 sc0 ls8b ws114\">(2,03<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5688 ff3 fs7 fc1 sc0 ls0 ws0\">as<span class=\"_ _2\"></span>sets rel<span class=\"_ _2\"></span>ated to contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s </td><td class=\"t m0 x47f hd y5689 ff3 fs7 fc1 sc0 ls0 ws0\">intan<span class=\"_ _2\"></span>gibles an<span class=\"_ _2\"></span>d deferred a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n cost a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s ass<span class=\"_ _2\"></span>ociate<span class=\"_ _2\"></span>d with the ac<span class=\"_ _2\"></span>quisition of ins<span class=\"_ _2\"></span>urance </td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y568a ff3 fs7 fc1 sc0 ls0 ws0\">mea<span class=\"_ _2\"></span>sured und<span class=\"_ _2\"></span>er IFRS 17<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x47f hd y568b ff3 fs7 fc1 sc0 ls0 ws0\">contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are no long<span class=\"_ _2\"></span>er hel<span class=\"_ _2\"></span>d as sepa<span class=\"_ _2\"></span>rate ass<span class=\"_ _2\"></span>ets and in<span class=\"_ _2\"></span>stea<span class=\"_ _2\"></span>d are includ<span class=\"_ _2\"></span>ed implicit<span class=\"_ _2\"></span>ly in the </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x47f hd y568c ff3 fs7 fc1 sc0 ls0 ws0\">mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabilities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y568d ff3 fs7 fc1 sc0 ls0 ws0\">Reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent of </td><td class=\"t m0 x480 hd y568e ff3 fs7 fc1 sc0 ls0 ws0\">The rem<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment of insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities p<span class=\"_ _2\"></span>rimarily inc<span class=\"_ _2\"></span>ludes th<span class=\"_ _2\"></span>e following item<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x481 hd y568f ff3 fs7 fc1 sc0 ls1bd ws1bc\">5,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5690 ff3 fs7 fc1 sc0 ls0 ws0\">insur<span class=\"_ _2\"></span>ance<span class=\"_ gs132\"> </span>co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities </td><td class=\"c n x482 y5691 w219 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2022<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x483 y5691 w21a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">re<span class=\"_ _2\"></span>moval of IFRS 4 m<span class=\"_ _2\"></span>argins as I<span class=\"_ _2\"></span>FRS 17 req<span class=\"_ _2\"></span>uires cas<span class=\"_ _2\"></span>h flows to be me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d on a bes<span class=\"_ _2\"></span>t estim<span class=\"_ _2\"></span>ate<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x240 hd y5692 ff3 fs7 fc1 sc0 ls0 ws0\">(net\ue01dof reinsur<span class=\"_ _2\"></span>ance)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x484 hd y5693 ff3 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">basi<span class=\"_ _2\"></span>s with the ad<span class=\"_ _2\"></span>dition of an explici<span class=\"_ _2\"></span>t adjus<span class=\"_ _2\"></span>tment for ri<span class=\"_ _2\"></span>sk;<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"c n x482 y5694 w219 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2022<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x483 y5694 w21b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">in<span class=\"_ _2\"></span>clusion of f<span class=\"_ _2\"></span>uture share<span class=\"_ _2\"></span>holder p<span class=\"_ _2\"></span>rofits from wit<span class=\"_ _2\"></span>h-profit and uni<span class=\"_ _2\"></span>t-link<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>d busin<span class=\"_ _2\"></span>ess tha<span class=\"_ _2\"></span>t are not<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x484 hd y5695 ff3 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">fully re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed und<span class=\"_ _2\"></span>er IFRS 4<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"c n x482 y5696 w219 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2022<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x483 y5696 w21c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the disc<span class=\"_ _2\"></span>ount rate, m<span class=\"_ _2\"></span>ost ma<span class=\"_ _2\"></span>terially imp<span class=\"_ _2\"></span>acting a<span class=\"_ _2\"></span>nnuit<span class=\"_ _2\"></span>y contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y5697 ff3 fs7 fc1 sc0 ls0 ws0\">Also in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d is the impa<span class=\"_ _2\"></span>ct of a chan<span class=\"_ _2\"></span>ge in treatm<span class=\"_ _2\"></span>ent in resp<span class=\"_ _2\"></span>ect of hybrid c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. These a<span class=\"_ _2\"></span>re </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y5698 ff3 fs7 fc1 sc0 ls0 ws0\">t<span class=\"_ _2\"></span>ypicall<span class=\"_ _2\"></span>y contrac<span class=\"_ _2\"></span>ts whic<span class=\"_ _2\"></span>h contain e<span class=\"_ _2\"></span>lement<span class=\"_ _2\"></span>s of unit-link<span class=\"_ _5\"></span>ed a<span class=\"_ _2\"></span>nd with-profit<span class=\"_ _2\"></span>s. Un<span class=\"_ _2\"></span>der IFR<span class=\"_ _2\"></span>S 4 these </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y5699 ff3 fs7 fc1 sc0 ls0 ws0\">comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>s were sep<span class=\"_ _2\"></span>arated an<span class=\"_ _2\"></span>d repor<span class=\"_ _2\"></span>ted und<span class=\"_ _2\"></span>er IAS 39 a<span class=\"_ _2\"></span>nd IFRS 4 re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ctively. Unde<span class=\"_ _2\"></span>r IFRS </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569a ff3 fs7 fc1 sc0 ls0 ws0\">17 if the co<span class=\"_ _2\"></span>ntract a<span class=\"_ _2\"></span>s a whole me<span class=\"_ _2\"></span>ets th<span class=\"_ _2\"></span>e definition of an inves<span class=\"_ _2\"></span>tment wit<span class=\"_ _2\"></span>h DPF contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>, the whole </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569b ff3 fs7 fc1 sc0 ls0 ws0\">contr<span class=\"_ _2\"></span>act fall<span class=\"_ _2\"></span>s within the sc<span class=\"_ _2\"></span>ope of IFR<span class=\"_ _2\"></span>S 17 unless t<span class=\"_ _2\"></span>he criteria fo<span class=\"_ _2\"></span>r a distinc<span class=\"_ _2\"></span>t investme<span class=\"_ _2\"></span>nt comp<span class=\"_ _2\"></span>onent </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569c ff3 fs7 fc1 sc0 ls0 ws0\">is met<span class=\"_ _2\"></span>. If it doe<span class=\"_ _2\"></span>s not, the wh<span class=\"_ _2\"></span>ole contr<span class=\"_ _2\"></span>act fa<span class=\"_ _2\"></span>lls within the s<span class=\"_ _2\"></span>cope of IFR<span class=\"_ _2\"></span>S 9. On tra<span class=\"_ _2\"></span>nsition a </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569d ff3 fs7 fc1 sc0 ls0 ws0\">signifi<span class=\"_ _2\"></span>cant prop<span class=\"_ _2\"></span>ortio<span class=\"_ _2\"></span>n of the Group\u2019s hybrid contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s were determin<span class=\"_ _2\"></span>ed to fall within t<span class=\"_ _2\"></span>he scop<span class=\"_ _2\"></span>e </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569e ff3 fs7 fc1 sc0 ls0 ws0\">of IFRS 17 an<span class=\"_ _2\"></span>d did not me<span class=\"_ _2\"></span>et the crite<span class=\"_ _2\"></span>ria to be sep<span class=\"_ _2\"></span>arated into it<span class=\"_ _2\"></span>s comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>s. A sma<span class=\"_ _2\"></span>ll por<span class=\"_ _2\"></span>tion of </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569f ff3 fs7 fc1 sc0 ls0 ws0\">hybrid co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s are ac<span class=\"_ _2\"></span>counted for un<span class=\"_ _2\"></span>der IFR<span class=\"_ _2\"></span>S 9.<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y56a0 ff3 fs7 fc1 sc0 ls1c ws1a\">Reco<span class=\"_ _2\"></span>gnition of a<span class=\"_ _5\"></span> risk adju<span class=\"_ _2\"></span>stment </td><td class=\"t m0 x480 hd y56a0 ff3 fs7 fc1 sc0 ls0 ws0\">IFR<span class=\"_ _2\"></span>S 17 requires an ex<span class=\"_ _2\"></span>plicit ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent in resp<span class=\"_ _2\"></span>ect of no<span class=\"_ _2\"></span>n-financ<span class=\"_ _2\"></span>ial risk<span class=\"_ _2\"></span>, this repla<span class=\"_ _2\"></span>ces so<span class=\"_ _2\"></span>me of the </td><td></td><td class=\"t m0 x485 hd y56a0 ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>61<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56a1 ff3 fs7 fc1 sc0 ls0 ws0\">(net of reinsur<span class=\"_ _2\"></span>ance)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x480 hd y56a1 ff3 fs7 fc1 sc0 ls0 ws0\">margin<span class=\"_ _2\"></span>s for uncer<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>inty imp<span class=\"_ _2\"></span>licitly incl<span class=\"_ _2\"></span>uded in th<span class=\"_ _2\"></span>e meas<span class=\"_ _2\"></span>urement of ca<span class=\"_ _2\"></span>sh flows und<span class=\"_ _2\"></span>er IFRS 4<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y56a2 ff3 fs7 fc1 sc0 ls0 ws0\">Rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n of a  </td><td class=\"t m0 x480 hd y56a3 ff3 fs7 fc1 sc0 ls0 ws0\">The c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e margin refle<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s the unear<span class=\"_ _2\"></span>ned profit to b<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in profit or los<span class=\"_ _2\"></span>s as </td><td></td><td class=\"t m0 x485 hd y56a3 ff3 fs7 fc1 sc0 ls8b ws114\">(2,430<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56a4 ff3 fs7 fc1 sc0 ls0 ws0\">contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al ser<span class=\"_ _2\"></span>vice ma<span class=\"_ _2\"></span>rgin<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x480 hd y56a5 ff3 fs7 fc1 sc0 ls0 ws0\">ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s are provide<span class=\"_ _2\"></span>d. </td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y56a6 ff3 fs7 fc1 sc0 ls0 ws0\">(net of reinsur<span class=\"_ _2\"></span>ance)<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y56a7 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in defer<span class=\"_ _2\"></span>red tax </td><td></td><td></td><td class=\"t m0 x486 hd y56a7 ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56a8 ff3 fs7 fc1 sc0 ls0 ws0\">from<span class=\"_ gs132\"> </span>the a<span class=\"_ _2\"></span>bove items<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y56a9 ff3 fs7 fc1 sc0 lsd6 ws0\">Chan<span class=\"_ _2\"></span>ge in total e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y </td><td></td><td></td><td class=\"t m0 x487 hd y56aa ff3 fs7 fc1 sc0 ls38 ws35\">(48)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y55ef w21d h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 lsd6 ws0\">at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to owner<span class=\"_ _2\"></span>s of<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws195\">the<span class=\"_ gs132\"> </span>pa<span class=\"_ _2\"></span>rent<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td></tr></table>In add<span class=\"_ _2\"></span>ition to the ab<span class=\"_ _2\"></span>ove IFRS 17 has im<span class=\"_ _2\"></span>pacte<span class=\"_ _2\"></span>d how insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d reinsura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act-rela<span class=\"_ _2\"></span>ted balan<span class=\"_ _2\"></span>ces are p<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d in the st<span class=\"_ _2\"></span>atement of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l position<span class=\"_ _2\"></span>. Cer<span class=\"_ _2\"></span>tain a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liab<span class=\"_ _2\"></span>ilities previo<span class=\"_ _2\"></span>usly rep<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d separ<span class=\"_ _2\"></span>ately are now in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d within IFR<span class=\"_ _2\"></span>S 17 balanc<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, these inclu<span class=\"_ _2\"></span>de balan<span class=\"_ _2\"></span>ces suc<span class=\"_ _2\"></span>h as unallo<span class=\"_ _2\"></span>cated s<span class=\"_ _2\"></span>urplus<span class=\"_ _2\"></span>, depos<span class=\"_ _2\"></span>its rec<span class=\"_ _2\"></span>eived from re<span class=\"_ _2\"></span>insurer<span class=\"_ _2\"></span>s and insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>/<span class=\"_ _7\"></span>re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce payable<span class=\"_ _2\"></span>s/<span class=\"_ _7\"></span>re<span class=\"_ _2\"></span>ceivab<span class=\"_ _2\"></span>les and payable<span class=\"_ _2\"></span>s related to dire<span class=\"_ _2\"></span>ct ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. Othe<span class=\"_ _2\"></span>r liabilities an<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>ets have be<span class=\"_ _2\"></span>en par<span class=\"_ _2\"></span>tly re<span class=\"_ _2\"></span>class<span class=\"_ _2\"></span>ified within I<span class=\"_ _2\"></span>FRS 17 liabilit<span class=\"_ _2\"></span>ies and as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s where thes<span class=\"_ _2\"></span>e balan<span class=\"_ _2\"></span>ces rela<span class=\"_ _2\"></span>te to insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, such a<span class=\"_ _2\"></span>s provisions<span class=\"_ _2\"></span>, loan<span class=\"_ _2\"></span>s and dep<span class=\"_ _2\"></span>osits (p<span class=\"_ _2\"></span>olicy lo<span class=\"_ _2\"></span>ans), other payab<span class=\"_ _2\"></span>les and oth<span class=\"_ _2\"></span>er rece<span class=\"_ _2\"></span>ivables<span class=\"_ _2\"></span>. Cos<span class=\"_ _2\"></span>ts that are a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d as direc<span class=\"_ _2\"></span>tly att<span class=\"_ _2\"></span>ributab<span class=\"_ _2\"></span>le to insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are acco<span class=\"_ _2\"></span>unted for unde<span class=\"_ _2\"></span>r IFRS 17 an<span class=\"_ _2\"></span>d this inclu<span class=\"_ _2\"></span>des thos<span class=\"_ _2\"></span>e that woul<span class=\"_ _2\"></span>d have previo<span class=\"_ _2\"></span>usly determ<span class=\"_ _2\"></span>ined in ac<span class=\"_ _2\"></span>cordan<span class=\"_ _2\"></span>ce with the re<span class=\"_ _2\"></span>quireme<span class=\"_ _2\"></span>nts of IAS 37 Provision<span class=\"_ _2\"></span>s, C<span class=\"_ _2\"></span>ontinge<span class=\"_ _2\"></span>nt Liabilities an<span class=\"_ _2\"></span>d Contin<span class=\"_ _2\"></span>gent As<span class=\"_ _2\"></span>sets to b<span class=\"_ _2\"></span>e includ<span class=\"_ _2\"></span>ed in provision<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1a0\">The imp<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s on the key line items in th<span class=\"_ _2\"></span>e Group\u2019s statem<span class=\"_ _2\"></span>ent of cons<span class=\"_ _2\"></span>olidated fin<span class=\"_ _2\"></span>ancial p<span class=\"_ _2\"></span>osition are s<span class=\"_ _2\"></span>et out be<span class=\"_ _2\"></span>low:<span class=\"_ _3bc\"> </span></div><div class=\"gs1a1\"><table class=\"s wc6 h294\" id=\"_f7b5abd9-9bf6-47fc-abe7-e47aa8bea2ad\"><tr><td></td><td class=\"t m0 x488 h16 y56ab ff3 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r 2021 </td><td class=\"t m0 x489 h16 y56ab ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act o<span class=\"_ _2\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x48a h16 y56ac ff3 fsf fc1 sc0 lse4 wsce\">as previously<span class=\"_ _7\"></span> </td><td class=\"t m0 x48b h16 y56ac ff3 fsf fc1 sc0 ls0 ws0\">imp<span class=\"_ _2\"></span>leme<span class=\"_ _2\"></span>ntat<span class=\"_ _2\"></span>ion of </td><td class=\"t m0 x260 h16 y56ac ff3 fsf fc1 sc0 ls0 ws0\">1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 202<span class=\"_ _2\"></span>2 </td></tr><tr><td></td><td class=\"t m0 x48c h16 y56ad ff3 fsf fc1 sc0 ls0 ws0\">rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ted \u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x48d h16 y56ad ff3 fsf fc1 sc0 ls0 ws0\">IFR<span class=\"_ _2\"></span>S 17 \u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x48e h16 y56ad ff3 fsf fc1 sc0 ls0 ws0\">res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y56ae w21e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Intan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x48f y56ae w21f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">4,565<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x490 y56ae w220 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>28)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x491 y56ae wde h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">2<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56af w221 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x492 y56af w222 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">293,1<span class=\"_ _2\"></span>92<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x493 y56af w223 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x494 y56af w106 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">293,<span class=\"_ _2\"></span>161<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b0 w107 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x495 y56b0 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1fe y56b0 w8d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">65<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x496 y56b0 w8d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">65<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b1 w10a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x497 y56b1 w224 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">8,<span class=\"_ _2\"></span>587<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x498 y56b1 w225 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,<span class=\"_ _2\"></span>867<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x499 y56b1 w1ca h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b2 w226 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er insur<span class=\"_ _2\"></span>ance/<span class=\"_ _5\"></span>reins<span class=\"_ _2\"></span>urance re<span class=\"_ _2\"></span>ceiva<span class=\"_ _2\"></span>bles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49a y56b2 w227 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">139<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49b y56b2 w228 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(139)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49c y56b2 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b3 w229 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49d y56b3 w22a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49e y56b3 w22b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49f y56b3 w22c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5616 w22d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">To<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> a<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a0 y5616 w22e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">333,<span class=\"_ _7\"></span>799<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a1 y5616 w22f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a2 y5616 w12c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">3<span class=\"_ _3\"></span>2<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b4 w151 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a3 y56b4 w230 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">12<span class=\"_ _7\"></span>8,86<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a4 y56b4 w162 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,6<span class=\"_ _2\"></span>33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a5 y56b4 w155 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bf ws1be\">1<span class=\"_ _2\"></span>32,<span class=\"_ _2\"></span>497<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b5 w231 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Unallocated surplus<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a6 y56b5 w232 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">1<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a7 y56b5 w233 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>01)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a8 y56b5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y56b6 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y56b7 w15b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a9 y56b7 w234 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">1<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>417<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4aa y56b7 w8e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(2,<span class=\"_ _2\"></span>968)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ab y56b7 w235 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">157<span class=\"_ _6\"></span>,<span class=\"_ _2\"></span>449<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ea w236 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Dep<span class=\"_ _2\"></span>osits re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d from reinsure<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ac y55ea w237 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,<span class=\"_ _2\"></span>569<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ad y55ea w238 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,56<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2ab y55ea w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55eb w170 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Provisions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ae y55eb w239 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">235<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4af y55eb w23a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b0 y55eb wdb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">184<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b8 w174 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b1 y56b8 w23b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">1<span class=\"_ _2\"></span>,39<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b2 y56b8 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b3 y56b8 w128 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>407<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b9 w23c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er insur<span class=\"_ _2\"></span>ance/<span class=\"_ _5\"></span>reins<span class=\"_ _2\"></span>urance p<span class=\"_ _2\"></span>ayables<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b4 y56b9 w103 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">2,0<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b5 y56b9 w23d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>07)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b6 y56b9 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5684 w23e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er liabilitie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b7 y5684 w23f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">28<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>38<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b8 y5684 w240 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">772<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b9 y5684 w241 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">2<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,51<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w242 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ba y561e w243 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">3<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4bb y561e w244 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>98<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4bc y561e w245 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">32<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w246 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4bd y55ef w247 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb3 wsf4\">6,<span class=\"_ _7\"></span>769<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4be y55ef w1c4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(48)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4bf y55ef we6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">6<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs1a2\">Los<span class=\"_ _2\"></span>s attri<span class=\"_ _2\"></span>butab<span class=\"_ _2\"></span>le to owne<span class=\"_ _2\"></span>rs for the ye<span class=\"_ _2\"></span>ar end<span class=\"_ _2\"></span>ed 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2022<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1a3\">As a res<span class=\"_ _2\"></span>ult of adopting I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e loss af<span class=\"_ _2\"></span>ter ta<span class=\"_ _2\"></span>x attrib<span class=\"_ _2\"></span>utable to ow<span class=\"_ _2\"></span>ners for th<span class=\"_ _2\"></span>e year end<span class=\"_ _2\"></span>ed 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2022 in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>ed by \u00a38<span class=\"_ _2\"></span>95 million f<span class=\"_ _2\"></span>rom </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1a4\">a<span class=\"_ gs132\"> </span>los<span class=\"_ _2\"></span>s of \u00a31,76<span class=\"_ _2\"></span>2 million to a los<span class=\"_ _2\"></span>s of \u00a32,6<span class=\"_ _2\"></span>57 million<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"gs1a5\"><table class=\"s w248 h295\" id=\"_bcc1e9c5-047a-4ccb-a765-7ca069908a64\"><tr><td></td><td class=\"t m0 x4c0 h16 y56ba ff3 fsf fc1 sc0 lse4 wsce\">As previously<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x4c1 h16 y56bb ff3 fsf fc1 sc0 lsf3 wsdf\">repor<span class=\"_ _2\"></span>ted<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x261 h16 y56bb ff3 fsf fc1 sc0 lsf3 wsdf\">Rest<span class=\"_ _2\"></span>ated<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 h16 y56bb ff3 fsf fc1 sc0 ls84 ws79\">Change<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x4c3 h16 y56bc ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h16 y56bc ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y56bc ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y56bd w249 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit before ta<span class=\"_ _2\"></span>x<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c4 y56bd w24a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>24<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c5 y56bd w119 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c3 ws1c3\">544<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c6 y56bd w24b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>701)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56be w24c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Economic variances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c7 y56be w24d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(2,673)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c8 y56be w238 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,30<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c9 y56be w24e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">(<span class=\"_ _2\"></span>636)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56bf w7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation and imp<span class=\"_ _2\"></span>airment of ac<span class=\"_ _2\"></span>quired in-force b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ca y56bf w24b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">(5<span class=\"_ _2\"></span>01)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cb y56bf w24f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cc y56bf w112 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">154<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c0 w250 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation and imp<span class=\"_ _2\"></span>airment of othe<span class=\"_ _2\"></span>r intangib<span class=\"_ _2\"></span>les<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cd y56c0 w251 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">(<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ce y56c0 w252 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cf y56c0 wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">15<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c1 w253 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other non-operat<span class=\"_ _5\"></span>ing it<span class=\"_ _5\"></span>ems<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d0 y56c1 w254 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d1 y56c1 w56 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>262)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d2 y56c1 w1da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(8<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c2 w255 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>ce cos<span class=\"_ _2\"></span>ts at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to owne<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d3 y56c2 w50 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(19<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d4 y56c2 w50 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(19<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d5 y56c2 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c3 w256 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Loss b<span class=\"_ _2\"></span>efore tax at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>table to owne<span class=\"_ _2\"></span>rs of the pare<span class=\"_ _2\"></span>nt<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d6 y56c3 w257 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">(2<span class=\"_ _2\"></span>,328<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d7 y56c3 w258 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(3,579)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d8 y56c3 w259 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>251<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c4 w25a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Profit before t<span class=\"_ _2\"></span>ax at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to non-c<span class=\"_ _2\"></span>ontrolling intere<span class=\"_ _2\"></span>st<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d9 y56c4 wa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">67<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4da y56c4 wa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">67<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4db y56c4 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c5 w25b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Loss b<span class=\"_ _2\"></span>efore tax at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>table to owne<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4dc y56c5 w25c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(2<span class=\"_ _2\"></span>,261<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4dd y56c5 w25d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>512<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4de y56c5 w25e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>251<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c6 w9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ax c<span class=\"_ _2\"></span>redit at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to owner<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4df y56c6 w91 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">499<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e0 y56c6 w9c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">855<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x224 y56c6 w239 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">356<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c7 w25f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">Los<span class=\"_ _2\"></span>s afte<span class=\"_ _2\"></span>r tax at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>tabl<span class=\"_ _2\"></span>e to owner<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e1 y56c7 w260 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e2 y56c7 w261 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(2<span class=\"_ _2\"></span>,657<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e3 y56c7 w50 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(895<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1a6\">Det<span class=\"_ _2\"></span>ails of the adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d operatin<span class=\"_ _2\"></span>g profit meth<span class=\"_ _2\"></span>odolo<span class=\"_ _2\"></span>gy followin<span class=\"_ _2\"></span>g the trans<span class=\"_ _2\"></span>ition to IFRS 17 i<span class=\"_ _2\"></span>s set out in note B1<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1a7\">The m<span class=\"_ _2\"></span>ain drivers of this re<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>n are:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1a8\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e chan<span class=\"_ _2\"></span>ge in profit rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n pat<span class=\"_ _2\"></span>tern. Un<span class=\"_ _2\"></span>der IFRS 17 p<span class=\"_ _2\"></span>rofits are sp<span class=\"_ _2\"></span>read over the life of co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s as se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e is provided<span class=\"_ _2\"></span>. This incl<span class=\"_ _2\"></span>udes the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1a9\">deferra<span class=\"_ _2\"></span>l of new busin<span class=\"_ _2\"></span>ess profit<span class=\"_ _2\"></span>s from annui<span class=\"_ _2\"></span>ty c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts writ<span class=\"_ _2\"></span>ten in the p<span class=\"_ _2\"></span>eriod;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1aa\">\u2022 <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>cono<span class=\"_ _2\"></span>mic varianc<span class=\"_ _2\"></span>es have incre<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d in relation to th<span class=\"_ _2\"></span>e Solven<span class=\"_ _2\"></span>cy II he<span class=\"_ _2\"></span>dging in p<span class=\"_ _2\"></span>lace. Th<span class=\"_ _2\"></span>e interest r<span class=\"_ _2\"></span>ate sensi<span class=\"_ _2\"></span>tive liabilities re<span class=\"_ _2\"></span>duce c<span class=\"_ _2\"></span>ompare<span class=\"_ _2\"></span>d to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1ab\">IFR<span class=\"_ _2\"></span>S 4 as the ma<span class=\"_ _2\"></span>jorit<span class=\"_ _2\"></span>y of the Group\u2019s CS<span class=\"_ _2\"></span>M uses lo<span class=\"_ _2\"></span>ck<span class=\"_ _5\"></span>ed<span class=\"_ _2\"></span>-in discount r<span class=\"_ _2\"></span>ates resultin<span class=\"_ _2\"></span>g in a higher l<span class=\"_ _2\"></span>evel of \u2018<span class=\"_ _5\"></span>over-he<span class=\"_ _2\"></span>dging\u2019. In addition<span class=\"_ _2\"></span>, the off<span class=\"_ _2\"></span>set to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1ac\">the los<span class=\"_ _2\"></span>ses p<span class=\"_ _2\"></span>rimarily from inte<span class=\"_ _2\"></span>rest ra<span class=\"_ _2\"></span>te hedgin<span class=\"_ _2\"></span>g from gain<span class=\"_ _2\"></span>s arising on e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y hedg<span class=\"_ _2\"></span>es in the prev<span class=\"_ _2\"></span>iously re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted numb<span class=\"_ _2\"></span>ers is re<span class=\"_ _2\"></span>duced<span class=\"_ _2\"></span>, as unde<span class=\"_ _2\"></span>r </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1ad\">IFR<span class=\"_ _2\"></span>S 17 these h<span class=\"_ _2\"></span>edge<span class=\"_ _2\"></span>s now par<span class=\"_ _2\"></span>tially of<span class=\"_ _2\"></span>fset a<span class=\"_ _2\"></span>dverse m<span class=\"_ _2\"></span>arket impact<span class=\"_ _2\"></span>s arisin<span class=\"_ _2\"></span>g in the incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment from unit-linked an<span class=\"_ _2\"></span>d with-profit<span class=\"_ _2\"></span>s busine<span class=\"_ _2\"></span>ss </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1ae\">which h<span class=\"_ _2\"></span>ave a loss com<span class=\"_ _2\"></span>ponent<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1af\">\u2022 <span class=\"_ _9\"> </span>a re<span class=\"_ _2\"></span>ducti<span class=\"_ _2\"></span>on in amor<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on of the elem<span class=\"_ _2\"></span>ent of acquire<span class=\"_ _2\"></span>d in-force (\u2018<span class=\"_ _5\"></span>A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F\u2019<span class=\"_ _2\"></span>) busines<span class=\"_ _2\"></span>s as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts which is d<span class=\"_ _2\"></span>ereco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1b0\">on<span class=\"_ gs132\"> </span>tran<span class=\"_ _2\"></span>sition to IFR<span class=\"_ _2\"></span>S 17<span class=\"_ _5\"></span>; and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1b1\">\u2022 <span class=\"_ _9\"> </span>oth<span class=\"_ _2\"></span>er non-<span class=\"_ _2\"></span>opera<span class=\"_ _2\"></span>ting items h<span class=\"_ _2\"></span>ave reduce<span class=\"_ _2\"></span>d due to cos<span class=\"_ _2\"></span>ts that h<span class=\"_ _2\"></span>ave been a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>sed a<span class=\"_ _2\"></span>s direct<span class=\"_ _2\"></span>ly attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts b<span class=\"_ _2\"></span>eing inc<span class=\"_ _2\"></span>luded </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1b2\">in<span class=\"_ gs132\"> </span>the c<span class=\"_ _2\"></span>alculatio<span class=\"_ _2\"></span>n of the CSM<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div>A2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2 Adop<span class=\"_ _2\"></span>tion of I<span class=\"_ _2\"></span>FRS 9 Financial Ins<span class=\"_ _2\"></span>truments<span class=\"_ _3bc\"> </span>IFR<span class=\"_ _2\"></span>S 9 replac<span class=\"_ _2\"></span>ed IAS 3<span class=\"_ _2\"></span>9 Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts: Re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition and M<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment for annu<span class=\"_ _2\"></span>al perio<span class=\"_ _2\"></span>ds beg<span class=\"_ _2\"></span>inning on or af<span class=\"_ _2\"></span>ter 1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 2018<span class=\"_ _2\"></span>. The Group e<span class=\"_ _2\"></span>lecte<span class=\"_ _2\"></span>d, unde<span class=\"_ _2\"></span>r the ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s to IFRS 4<span class=\"_ _2\"></span>, to apply th<span class=\"_ _2\"></span>e tempora<span class=\"_ _2\"></span>ry exem<span class=\"_ _2\"></span>ption from IFR<span class=\"_ _2\"></span>S 9, to defer the in<span class=\"_ _2\"></span>itial applic<span class=\"_ _2\"></span>ation date of I<span class=\"_ _2\"></span>FRS 9 to align wit<span class=\"_ _2\"></span>h the initial ap<span class=\"_ _2\"></span>plicatio<span class=\"_ _2\"></span>n of IFRS 17<span class=\"_ _7\"></span>. Th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s therefore ado<span class=\"_ _2\"></span>pted the re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s of IFRS 9 from 1 J<span class=\"_ _2\"></span>anuar<span class=\"_ _2\"></span>y 2023 an<span class=\"_ _2\"></span>d in acco<span class=\"_ _2\"></span>rdance with the t<span class=\"_ _2\"></span>ransitio<span class=\"_ _2\"></span>n provisions in th<span class=\"_ _2\"></span>e stan<span class=\"_ _2\"></span>dard, c<span class=\"_ _2\"></span>omparati<span class=\"_ _2\"></span>ves have not be<span class=\"_ _2\"></span>en rest<span class=\"_ _2\"></span>ated. IFR<span class=\"_ _2\"></span>S 9 introduce<span class=\"_ _2\"></span>s new require<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s for clas<span class=\"_ _2\"></span>sifyin<span class=\"_ _2\"></span>g and me<span class=\"_ _2\"></span>asuring fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liabili<span class=\"_ _2\"></span>ties, im<span class=\"_ _2\"></span>pairme<span class=\"_ _2\"></span>nt method<span class=\"_ _2\"></span>ology, and g<span class=\"_ _2\"></span>enera<span class=\"_ _2\"></span>l hedg<span class=\"_ _2\"></span>e acc<span class=\"_ _2\"></span>ounting r<span class=\"_ _2\"></span>ules and rep<span class=\"_ _2\"></span>lace<span class=\"_ _2\"></span>d the corre<span class=\"_ _2\"></span>spondin<span class=\"_ _2\"></span>g sec<span class=\"_ _2\"></span>tions of IAS 3<span class=\"_ _2\"></span>9. New a<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g policie<span class=\"_ _2\"></span>s adopted fo<span class=\"_ _2\"></span>llowing the imp<span class=\"_ _2\"></span>lement<span class=\"_ _2\"></span>ation of IFRS 9 a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d within note E1<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A2<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>.<span class=\"_ _7\"></span>1 Classification and<span class=\"_ _5\"></span> measurement of<span class=\"_ _7\"></span> finan<span class=\"_ _2\"></span>cial<span class=\"_ _5\"></span> instruments<span class=\"_ _3bc\"> </span>Financial assets<span class=\"_ _3bc\"> </span>IFR<span class=\"_ _2\"></span>S 9 requires all fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s to be as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed ba<span class=\"_ _2\"></span>sed on a c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>n of the Group\u2019s busine<span class=\"_ _2\"></span>ss mod<span class=\"_ _2\"></span>el for man<span class=\"_ _2\"></span>aging th<span class=\"_ _2\"></span>e asset<span class=\"_ _2\"></span>s and th<span class=\"_ _2\"></span>e ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s\u2019 contrac<span class=\"_ _2\"></span>tual c<span class=\"_ _2\"></span>ash flow ch<span class=\"_ _2\"></span>arac<span class=\"_ _2\"></span>teristic<span class=\"_ _2\"></span>s. A<span class=\"_ _2\"></span>s a result of ado<span class=\"_ _2\"></span>pting IFR<span class=\"_ _2\"></span>S 9 on 1 Januar<span class=\"_ _2\"></span>y 202<span class=\"_ _2\"></span>3, ce<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ain loans an<span class=\"_ _2\"></span>d depo<span class=\"_ _2\"></span>sits and c<span class=\"_ _2\"></span>ash an<span class=\"_ _2\"></span>d ca<span class=\"_ _2\"></span>sh equival<span class=\"_ _2\"></span>ents inves<span class=\"_ _2\"></span>tment as<span class=\"_ _2\"></span>set bal<span class=\"_ _2\"></span>ances<span class=\"_ _2\"></span>, previo<span class=\"_ _2\"></span>usly cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t, have now b<span class=\"_ _2\"></span>een re<span class=\"_ _2\"></span>clas<span class=\"_ _2\"></span>sified at fair va<span class=\"_ _2\"></span>lue throug<span class=\"_ _2\"></span>h profit or los<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>FV<span class=\"_ _2\"></span>TPL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>) (mandator<span class=\"_ _2\"></span>y) cate<span class=\"_ _2\"></span>gor<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>. The c<span class=\"_ _2\"></span>lassifi<span class=\"_ _2\"></span>cation a<span class=\"_ _2\"></span>dopted is driven by th<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss mo<span class=\"_ _2\"></span>del as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment whic<span class=\"_ _2\"></span>h determine<span class=\"_ _2\"></span>d that the<span class=\"_ _2\"></span>se as<span class=\"_ _2\"></span>sets are man<span class=\"_ _2\"></span>aged a<span class=\"_ _2\"></span>nd evaluate<span class=\"_ _2\"></span>d on a fair value b<span class=\"_ _2\"></span>asis<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e financia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts, w<span class=\"_ _2\"></span>hich bac<span class=\"_ _2\"></span>k policyh<span class=\"_ _2\"></span>older lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>, are acti<span class=\"_ _2\"></span>vely mana<span class=\"_ _2\"></span>ged a<span class=\"_ _2\"></span>nd therefore supp<span class=\"_ _2\"></span>ort th<span class=\"_ _2\"></span>e wider ob<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>tive of the Group to ma<span class=\"_ _2\"></span>ximise S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II hea<span class=\"_ _2\"></span>droom<span class=\"_ _2\"></span>. The recl<span class=\"_ _2\"></span>assific<span class=\"_ _2\"></span>ation of the<span class=\"_ _2\"></span>se ass<span class=\"_ _2\"></span>ets ha<span class=\"_ _2\"></span>s not resulte<span class=\"_ _2\"></span>d in an adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt to equit<span class=\"_ _2\"></span>y at 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y 2023 as th<span class=\"_ _2\"></span>e fair value of the<span class=\"_ _2\"></span>se as<span class=\"_ _2\"></span>sets at th<span class=\"_ _2\"></span>is date was eq<span class=\"_ _2\"></span>ual to the amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t.<span class=\"_ _3bc\"> </span>Unde<span class=\"_ _2\"></span>r IAS 39<span class=\"_ _2\"></span>, cer<span class=\"_ _2\"></span>tain und<span class=\"_ _2\"></span>erlying ite<span class=\"_ _2\"></span>ms of par<span class=\"_ _2\"></span>ticipatin<span class=\"_ _2\"></span>g contrac<span class=\"_ _2\"></span>ts were de<span class=\"_ _2\"></span>signate<span class=\"_ _2\"></span>d as at FV<span class=\"_ _2\"></span>TPL b<span class=\"_ _2\"></span>eca<span class=\"_ _2\"></span>use the G<span class=\"_ _2\"></span>roup mana<span class=\"_ _2\"></span>ged th<span class=\"_ _2\"></span>em and evaluate<span class=\"_ _2\"></span>d their p<span class=\"_ _2\"></span>erform<span class=\"_ _2\"></span>ance on a f<span class=\"_ _2\"></span>air value ba<span class=\"_ _2\"></span>sis in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with a docum<span class=\"_ _2\"></span>ented inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>. U<span class=\"_ _2\"></span>nder I<span class=\"_ _2\"></span>FRS 9, por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folios of thes<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts are man<span class=\"_ _2\"></span>datorily me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d at FV<span class=\"_ _2\"></span>TPL as th<span class=\"_ _2\"></span>e busines<span class=\"_ _2\"></span>s mod<span class=\"_ _2\"></span>el ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent con<span class=\"_ _2\"></span>cludes th<span class=\"_ _2\"></span>at they are m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>d and eval<span class=\"_ _2\"></span>uated on a fair va<span class=\"_ _2\"></span>lue basi<span class=\"_ _2\"></span>s and con<span class=\"_ _2\"></span>seque<span class=\"_ _2\"></span>ntly the cla<span class=\"_ _2\"></span>ssific<span class=\"_ _2\"></span>ation as F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL remains un<span class=\"_ _2\"></span>chan<span class=\"_ _2\"></span>ged upo<span class=\"_ _2\"></span>n adoption of I<span class=\"_ _2\"></span>FRS 9.<span class=\"_ _3bc\"> </span>All other fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s that are n<span class=\"_ _2\"></span>ot activel<span class=\"_ _2\"></span>y manag<span class=\"_ _2\"></span>ed suc<span class=\"_ _2\"></span>h as cer<span class=\"_ _2\"></span>tain c<span class=\"_ _2\"></span>ash an<span class=\"_ _2\"></span>d cash e<span class=\"_ _2\"></span>quivalent<span class=\"_ _2\"></span>s, re<span class=\"_ _2\"></span>ceivab<span class=\"_ _2\"></span>les and lo<span class=\"_ _2\"></span>ans and de<span class=\"_ _2\"></span>posit<span class=\"_ _2\"></span>s, are t<span class=\"_ _2\"></span>ypicall<span class=\"_ _2\"></span>y held to coll<span class=\"_ _2\"></span>ect c<span class=\"_ _2\"></span>ash flows a<span class=\"_ _2\"></span>nd therefore c<span class=\"_ _2\"></span>ontinue to be c<span class=\"_ _2\"></span>lassifi<span class=\"_ _2\"></span>ed as amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t under I<span class=\"_ _2\"></span>FRS 9.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has not e<span class=\"_ _2\"></span>lecte<span class=\"_ _2\"></span>d to meas<span class=\"_ _2\"></span>ure any equit<span class=\"_ _2\"></span>y se<span class=\"_ _2\"></span>curities fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s at fair valu<span class=\"_ _2\"></span>e through oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income (<span class=\"_ _2\"></span>\u2018F<span class=\"_ _2\"></span>VOCI<span class=\"_ _2\"></span>\u2019). Furt<span class=\"_ _2\"></span>her<span class=\"_ _5\"></span>, no othe<span class=\"_ _2\"></span>r debt se<span class=\"_ _2\"></span>curities fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s are clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s FVOCI on a<span class=\"_ _2\"></span>doption of IFR<span class=\"_ _2\"></span>S 9.<span class=\"_ _3bc\"> </span>Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span>IFR<span class=\"_ _2\"></span>S 9 has not ha<span class=\"_ _2\"></span>d a signific<span class=\"_ _2\"></span>ant effe<span class=\"_ _2\"></span>ct on the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s acc<span class=\"_ _2\"></span>ounting p<span class=\"_ _2\"></span>olicies for fin<span class=\"_ _2\"></span>ancial lia<span class=\"_ _2\"></span>bilities as th<span class=\"_ _2\"></span>e clas<span class=\"_ _2\"></span>sificatio<span class=\"_ _2\"></span>n and mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of financial liabilitie<span class=\"_ _2\"></span>s remains l<span class=\"_ _2\"></span>argely un<span class=\"_ _2\"></span>chang<span class=\"_ _2\"></span>ed from IA<span class=\"_ _2\"></span>S 39. Fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l liabilities are e<span class=\"_ _2\"></span>ither cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t or at FV<span class=\"_ _2\"></span>TPL<span class=\"_ _2\"></span>. Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s withou<span class=\"_ _2\"></span>t DPF<span class=\"_ _7\"></span>, whic<span class=\"_ _2\"></span>h do not tran<span class=\"_ _2\"></span>sfer signi<span class=\"_ _2\"></span>ficant ins<span class=\"_ _2\"></span>urance ri<span class=\"_ _2\"></span>sk, co<span class=\"_ _2\"></span>ntinue to be ac<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d for as a financ<span class=\"_ _2\"></span>ial liabilit<span class=\"_ _2\"></span>y and desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL on the ba<span class=\"_ _2\"></span>sis that th<span class=\"_ _2\"></span>ese liabilit<span class=\"_ _2\"></span>ies are both m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>d on a fair valu<span class=\"_ _2\"></span>e basis an<span class=\"_ _2\"></span>d are desig<span class=\"_ _2\"></span>nated as s<span class=\"_ _2\"></span>uch to avoid an acc<span class=\"_ _2\"></span>ounting mism<span class=\"_ _2\"></span>atch with the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s held to ba<span class=\"_ _2\"></span>ck them<span class=\"_ _2\"></span>. On tra<span class=\"_ _2\"></span>nsition to I<span class=\"_ _2\"></span>FRS 17 and I<span class=\"_ _2\"></span>FRS 9, dep<span class=\"_ _2\"></span>osits fro<span class=\"_ _2\"></span>m reinsurer<span class=\"_ _2\"></span>s are no lon<span class=\"_ _2\"></span>ger cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as finan<span class=\"_ _2\"></span>cial liabilitie<span class=\"_ _2\"></span>s under I<span class=\"_ _2\"></span>FRS 9 in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with the IFR<span class=\"_ _2\"></span>S 17 requirem<span class=\"_ _2\"></span>ents for \u2018premium wit<span class=\"_ _2\"></span>hheld<span class=\"_ _2\"></span>\u2019 arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e premiums w<span class=\"_ _2\"></span>ithheld h<span class=\"_ _2\"></span>ave now bec<span class=\"_ _2\"></span>ome a com<span class=\"_ _2\"></span>ponent of f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows an<span class=\"_ _2\"></span>d for contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s with depo<span class=\"_ _2\"></span>sit bac<span class=\"_ _2\"></span>k arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e present<span class=\"_ _2\"></span>ation of the de<span class=\"_ _2\"></span>posit ba<span class=\"_ _2\"></span>ck liabilit<span class=\"_ _2\"></span>y has n<span class=\"_ _2\"></span>ow chang<span class=\"_ _2\"></span>ed to be s<span class=\"_ _2\"></span>hown as an of<span class=\"_ _2\"></span>fset to th<span class=\"_ _2\"></span>e reins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed th<span class=\"_ _2\"></span>e IFRS 9 re<span class=\"_ _2\"></span>quirement t<span class=\"_ _2\"></span>hat chan<span class=\"_ _2\"></span>ges in fair va<span class=\"_ _2\"></span>lue of financ<span class=\"_ _2\"></span>ial liabilitie<span class=\"_ _2\"></span>s relating to cre<span class=\"_ _2\"></span>dit risk b<span class=\"_ _2\"></span>e presente<span class=\"_ _2\"></span>d in OCI<span class=\"_ _2\"></span>, with the ba<span class=\"_ _2\"></span>lance of the c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e in fair value to b<span class=\"_ _2\"></span>e presente<span class=\"_ _2\"></span>d in profit and lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, unless t<span class=\"_ _2\"></span>his treatme<span class=\"_ _2\"></span>nt would cre<span class=\"_ _2\"></span>ate or enlarg<span class=\"_ _2\"></span>e an acc<span class=\"_ _2\"></span>ounting mism<span class=\"_ _2\"></span>atch in profit an<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>. Base<span class=\"_ _2\"></span>d on this as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment<span class=\"_ _2\"></span>, no finan<span class=\"_ _2\"></span>cial liabiliti<span class=\"_ _2\"></span>es were identi<span class=\"_ _2\"></span>fied as re<span class=\"_ _2\"></span>quiring split p<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>ation of moveme<span class=\"_ _2\"></span>nts bet<span class=\"_ _2\"></span>ween O<span class=\"_ _2\"></span>CI an<span class=\"_ _2\"></span>d profit an<span class=\"_ _2\"></span>d loss as th<span class=\"_ _2\"></span>is would cre<span class=\"_ _2\"></span>ate an acco<span class=\"_ _2\"></span>unting mism<span class=\"_ _2\"></span>atch as the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s held to ba<span class=\"_ _2\"></span>ck thes<span class=\"_ _2\"></span>e liabilities a<span class=\"_ _2\"></span>re at FV<span class=\"_ _2\"></span>TPL. The val<span class=\"_ _2\"></span>uation of investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties witho<span class=\"_ _2\"></span>ut DPF are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at the fair va<span class=\"_ _2\"></span>lue of the relate<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>ets and lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>. The liabilit<span class=\"_ _2\"></span>y is th<span class=\"_ _2\"></span>e sum of the inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities pl<span class=\"_ _2\"></span>us an additi<span class=\"_ _2\"></span>onal amo<span class=\"_ _2\"></span>unt to cover the pre<span class=\"_ _2\"></span>sent valu<span class=\"_ _2\"></span>e of the exces<span class=\"_ _2\"></span>s of future poli<span class=\"_ _2\"></span>cy cos<span class=\"_ _2\"></span>ts over futur<span class=\"_ _5\"></span>e charges.<span class=\"_ _3bc\"> </span>The ap<span class=\"_ _2\"></span>plicatio<span class=\"_ _2\"></span>n of the clas<span class=\"_ _2\"></span>sificatio<span class=\"_ _2\"></span>n and mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt requirem<span class=\"_ _2\"></span>ents in IF<span class=\"_ _2\"></span>RS 9 at 1 Janu<span class=\"_ _2\"></span>ary 2<span class=\"_ _2\"></span>023 resulte<span class=\"_ _2\"></span>d in the following reclassific<span class=\"_ _2\"></span>ation adjustments:<span class=\"_ _3bc\"> </span><table class=\"s w262 h296\" id=\"_21eb348f-0149-4e73-a848-e22da847ece9\"><tr><td></td><td></td><td class=\"c n x4e4 y56c8 w263 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">IAS 3<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x4e5 y56c8 w264 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">IFR<span class=\"_ _2\"></span>S 9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x4e6 h16 y56c9 ff3 fsf fc1 sc0 ls82 ws77\">Carr<span class=\"_ _2\"></span>ying amount<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x4e7 h16 y56c9 ff3 fsf fc1 sc0 ls82 ws77\">Carr<span class=\"_ _2\"></span>ying amount<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y56ca w265 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">Financial asset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e8 y56ca w266 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">Meas<span class=\"_ _2\"></span>urement categ<span class=\"_ _2\"></span>ory<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e9 y56ca w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ea y56ca w267 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">Me<span class=\"_ _2\"></span>asurement c<span class=\"_ _2\"></span>ategor<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x2c6 h16 y56cb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56cc ff3 fs7 fc1 sc0 ls8c ws5e\">Loans and deposits<span class=\"_ _3bc\"> </span></td><td class=\"c n x4eb y55ee w268 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls69 ws11\">Amortised cost<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ec y55ee w269 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ed y55ee w26a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">FVTPL<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ee y55ee we1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y56cd ff3 fs7 fc1 sc0 lsd6 ws0\">Cas<span class=\"_ _2\"></span>h and ca<span class=\"_ _2\"></span>sh equiva<span class=\"_ _2\"></span>lent<span class=\"_ _3bc\"> </span></td><td class=\"c n x4eb y55ef w268 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls69 ws11\">Amortised cost<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ef y55ef w26b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>423<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f0 y55ef w26a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">FVTPL<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f1 y55ef w49 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">8,<span class=\"_ _2\"></span>42<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Ac<span class=\"_ _2\"></span>tive<span class=\"_ _2\"></span>ly man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d inve<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ent as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>A2.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>2 Impair<span class=\"_ _5\"></span>ment<span class=\"_ _3bc\"> </span>The a<span class=\"_ _2\"></span>doption of IFR<span class=\"_ _2\"></span>S 9 has cha<span class=\"_ _2\"></span>nged t<span class=\"_ _2\"></span>he Group\u2019s acco<span class=\"_ _2\"></span>unting for impair<span class=\"_ _2\"></span>ment los<span class=\"_ _2\"></span>ses for fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s held at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost by repl<span class=\"_ _2\"></span>acing IAS 39<span class=\"_ _2\"></span>\u2019s incurre<span class=\"_ _2\"></span>d loss app<span class=\"_ _2\"></span>roach wit<span class=\"_ _2\"></span>h a forward<span class=\"_ _2\"></span>-lookin<span class=\"_ _2\"></span>g expec<span class=\"_ _2\"></span>ted cre<span class=\"_ _2\"></span>dit loss (<span class=\"_ _2\"></span>\u2018EC<span class=\"_ _2\"></span>L<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>) approa<span class=\"_ _2\"></span>ch. The n<span class=\"_ _2\"></span>ew impairm<span class=\"_ _2\"></span>ent mod<span class=\"_ _2\"></span>el applies to t<span class=\"_ _2\"></span>he Group\u2019s finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets c<span class=\"_ _2\"></span>arried at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. A signifi<span class=\"_ _2\"></span>cant por<span class=\"_ _2\"></span>tion of Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s are car<span class=\"_ _2\"></span>ried at F<span class=\"_ _2\"></span>VTP<span class=\"_ _2\"></span>L under IFR<span class=\"_ _2\"></span>S 9 and are th<span class=\"_ _2\"></span>erefore not subj<span class=\"_ _2\"></span>ect to EC<span class=\"_ _2\"></span>L asse<span class=\"_ _2\"></span>ssm<span class=\"_ _2\"></span>ent. The oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t and sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to ECL mainly re<span class=\"_ _2\"></span>late to cer<span class=\"_ _2\"></span>tain loa<span class=\"_ _2\"></span>n asse<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, other rec<span class=\"_ _2\"></span>eivable<span class=\"_ _2\"></span>s and cer<span class=\"_ _2\"></span>tain c<span class=\"_ _2\"></span>ash an<span class=\"_ _2\"></span>d cash equivalents balance<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1b4\">In ac<span class=\"_ _2\"></span>cordan<span class=\"_ _2\"></span>ce with IFR<span class=\"_ _2\"></span>S 9, the Gro<span class=\"_ _2\"></span>up has app<span class=\"_ _2\"></span>lied the ECL m<span class=\"_ _2\"></span>odel to fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s meas<span class=\"_ _2\"></span>ured at amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t. For the<span class=\"_ _2\"></span>se in-s<span class=\"_ _2\"></span>cope fin<span class=\"_ _2\"></span>ancial </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1b5\">as<span class=\"_ _2\"></span>sets at th<span class=\"_ _2\"></span>e repor<span class=\"_ _2\"></span>ting date e<span class=\"_ _2\"></span>ither the lifetim<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>cted cre<span class=\"_ _2\"></span>dit los<span class=\"_ _2\"></span>s or a 12-month exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d credit l<span class=\"_ _2\"></span>oss is provi<span class=\"_ _2\"></span>ded for, dependin<span class=\"_ _2\"></span>g on the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1b6\">as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ment of wheth<span class=\"_ _2\"></span>er the cre<span class=\"_ _2\"></span>dit risk as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ated with the s<span class=\"_ _2\"></span>pecifi<span class=\"_ _2\"></span>c asse<span class=\"_ _2\"></span>t has incre<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d signific<span class=\"_ _2\"></span>antly sinc<span class=\"_ _2\"></span>e initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _5\"></span>s current </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1b7\">credi<span class=\"_ _2\"></span>t risk gra<span class=\"_ _2\"></span>ding fram<span class=\"_ _2\"></span>ework comp<span class=\"_ _2\"></span>rises th<span class=\"_ _2\"></span>e following ca<span class=\"_ _2\"></span>tegorie<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span></div><div class=\"gs1b8\"><table class=\"s w26c h298\" id=\"_3ddaf8a9-8881-4310-bbb0-b940d1959c2f\"><tr><td class=\"c n x1ea y56ce w26d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">Cat<span class=\"_ _2\"></span>ego<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f2 y56ce w26e h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">Des<span class=\"_ _2\"></span>cription<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f3 y56ce w26f h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>sis for r<span class=\"_ _2\"></span>eco<span class=\"_ _2\"></span>gnis<span class=\"_ _2\"></span>ing EC<span class=\"_ _2\"></span>L<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56cf w270 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">Performing<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f4 y56cf w271 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">The c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y has a low ri<span class=\"_ _2\"></span>sk of default an<span class=\"_ _2\"></span>d does not h<span class=\"_ _2\"></span>ave any past-du<span class=\"_ _2\"></span>e amount<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f5 y56cf w272 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">12 m<span class=\"_ _2\"></span>onth ECL<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56d0 w273 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18 ws16\">Doubt<span class=\"_ _2\"></span>ful<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f6 y56d0 w274 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>here has b<span class=\"_ _2\"></span>een a si<span class=\"_ _2\"></span>gnificant in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in credit ris<span class=\"_ _2\"></span>k since initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f7 y56d0 w275 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Lifet<span class=\"_ _2\"></span>ime ECL \u2013 not cre<span class=\"_ _2\"></span>dit<span class=\"_ gs132\"> </span>impaire<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56d1 w276 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18 ws16\">In default<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f8 y56d1 w277 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">There i<span class=\"_ _2\"></span>s evidenc<span class=\"_ _2\"></span>e indicat<span class=\"_ _2\"></span>ing the as<span class=\"_ _2\"></span>set is cre<span class=\"_ _2\"></span>dit impaire<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f9 y56d1 w278 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Lifetime ECL \u2013 cre<span class=\"_ _2\"></span>dit<span class=\"_ gs132\"> </span>impaire<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56d2 w279 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c ws1a\">Write-off<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f4 y56d2 w27a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">The<span class=\"_ _2\"></span>re is eviden<span class=\"_ _2\"></span>ce indic<span class=\"_ _2\"></span>ating that th<span class=\"_ _2\"></span>e counterp<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y is in seve<span class=\"_ _2\"></span>re financia<span class=\"_ _2\"></span>l diffic<span class=\"_ _2\"></span>ulty<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x4fa hd y56d3 ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt is writte<span class=\"_ _2\"></span>n off<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x4fb hd y56d4 ff3 fs7 fc1 sc0 ls0 ws0\">and<span class=\"_ gs132\"> </span>th<span class=\"_ _2\"></span>e Group has n<span class=\"_ _2\"></span>o realis<span class=\"_ _2\"></span>tic prosp<span class=\"_ _2\"></span>ect of rec<span class=\"_ _2\"></span>over<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></td><td></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1b9\">The fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s held at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost are as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed at t<span class=\"_ _2\"></span>ransitio<span class=\"_ _2\"></span>n as \u2018<span class=\"_ _5\"></span>pe<span class=\"_ _2\"></span>rformin<span class=\"_ _2\"></span>g\u2019 and this a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>sme<span class=\"_ _2\"></span>nt is summaris<span class=\"_ _2\"></span>ed be<span class=\"_ _2\"></span>low. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1ba\">Loans an<span class=\"_ _2\"></span>d depo<span class=\"_ _2\"></span>sits \u2013 the G<span class=\"_ _2\"></span>roup has as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed t<span class=\"_ _2\"></span>he estim<span class=\"_ _2\"></span>ated cre<span class=\"_ _2\"></span>dit loss<span class=\"_ _2\"></span>es of thes<span class=\"_ _2\"></span>e loans an<span class=\"_ _2\"></span>d depos<span class=\"_ _2\"></span>its as low du<span class=\"_ _2\"></span>e to the exte<span class=\"_ _2\"></span>rnal cre<span class=\"_ _2\"></span>dit rating<span class=\"_ _2\"></span>s of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1bb\">the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>ties re<span class=\"_ _2\"></span>sulting in low cre<span class=\"_ _2\"></span>dit risk an<span class=\"_ _2\"></span>d there be<span class=\"_ _2\"></span>ing no pa<span class=\"_ _2\"></span>st-due am<span class=\"_ _2\"></span>ounts<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1bc\">Oth<span class=\"_ _2\"></span>er rec<span class=\"_ _2\"></span>eivables \u2013 t<span class=\"_ _2\"></span>hese b<span class=\"_ _2\"></span>alance<span class=\"_ _2\"></span>s relate to investm<span class=\"_ _2\"></span>ent broker bala<span class=\"_ _2\"></span>nces a<span class=\"_ _2\"></span>nd other re<span class=\"_ _2\"></span>gular re<span class=\"_ _2\"></span>ceivable<span class=\"_ _2\"></span>s due to the Gro<span class=\"_ _2\"></span>up in the norm<span class=\"_ _2\"></span>al cour<span class=\"_ _2\"></span>se of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1bd\">busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>. Ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted credi<span class=\"_ _2\"></span>t losse<span class=\"_ _2\"></span>s are ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ed as be<span class=\"_ _2\"></span>ing immate<span class=\"_ _2\"></span>rial given th<span class=\"_ _2\"></span>e typi<span class=\"_ _2\"></span>cally sh<span class=\"_ _2\"></span>ort-term n<span class=\"_ _2\"></span>ature of thes<span class=\"_ _2\"></span>e balanc<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1be\">Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents \u2013 the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s ca<span class=\"_ _2\"></span>sh and c<span class=\"_ _2\"></span>ash equiv<span class=\"_ _2\"></span>alents are h<span class=\"_ _2\"></span>eld with b<span class=\"_ _2\"></span>anks and fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>titutio<span class=\"_ _2\"></span>ns, wh<span class=\"_ _2\"></span>ich have investm<span class=\"_ _2\"></span>ent gra<span class=\"_ _2\"></span>de </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1bf\">credi<span class=\"_ _2\"></span>t ratings of \u201c<span class=\"_ _2\"></span>BB<span class=\"_ _2\"></span>B\u201d or ab<span class=\"_ _2\"></span>ove. The Gro<span class=\"_ _2\"></span>up conside<span class=\"_ _2\"></span>rs that it<span class=\"_ _2\"></span>s cas<span class=\"_ _2\"></span>h and ca<span class=\"_ _2\"></span>sh equiva<span class=\"_ _2\"></span>lents have low c<span class=\"_ _2\"></span>redit risk b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the ex<span class=\"_ _2\"></span>ternal cre<span class=\"_ _2\"></span>dit rating<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1c0\">of the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>ties an<span class=\"_ _2\"></span>d no histor<span class=\"_ _2\"></span>y of defa<span class=\"_ _2\"></span>ult. The imp<span class=\"_ _2\"></span>act to th<span class=\"_ _2\"></span>e net carr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g amount s<span class=\"_ _2\"></span>tated in the t<span class=\"_ _2\"></span>able ab<span class=\"_ _2\"></span>ove is therefore con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d not </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1c1\">to be mate<span class=\"_ _2\"></span>rial.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1c2\">Bas<span class=\"_ _2\"></span>ed on the a<span class=\"_ _2\"></span>bove ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent, an imm<span class=\"_ _2\"></span>aterial cre<span class=\"_ _2\"></span>dit los<span class=\"_ _2\"></span>s balanc<span class=\"_ _2\"></span>e has be<span class=\"_ _2\"></span>en determ<span class=\"_ _2\"></span>ined due to t<span class=\"_ _2\"></span>hese fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s being pre<span class=\"_ _2\"></span>domina<span class=\"_ _2\"></span>ntly </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1c3\">shor<span class=\"_ _2\"></span>t-term and h<span class=\"_ _2\"></span>aving low cre<span class=\"_ _2\"></span>dit risk.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls16 ws14 gs1c4\">A2.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>3 Hedge<span class=\"_ _7\"></span> accounting<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1c5\">The Gro<span class=\"_ _2\"></span>up has app<span class=\"_ _2\"></span>lied IFR<span class=\"_ _2\"></span>S 9\u2019s hedg<span class=\"_ _2\"></span>e acc<span class=\"_ _2\"></span>ounting re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e Group use<span class=\"_ _2\"></span>s cross c<span class=\"_ _2\"></span>urrenc<span class=\"_ _2\"></span>y swaps to he<span class=\"_ _2\"></span>dge th<span class=\"_ _2\"></span>e currenc<span class=\"_ _2\"></span>y risk arisin<span class=\"_ _2\"></span>g from </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1c6\">borrow<span class=\"_ _2\"></span>ings den<span class=\"_ _2\"></span>ominate<span class=\"_ _2\"></span>d in foreign curre<span class=\"_ _2\"></span>ncies<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up has ca<span class=\"_ _2\"></span>rried over th<span class=\"_ _2\"></span>e current he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>s as cas<span class=\"_ _2\"></span>h flow hed<span class=\"_ _2\"></span>ges unde<span class=\"_ _2\"></span>r IFRS 9. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1c7\">The I<span class=\"_ _2\"></span>FRS 9 hed<span class=\"_ _2\"></span>ge acc<span class=\"_ _2\"></span>ounting m<span class=\"_ _2\"></span>odel re<span class=\"_ _2\"></span>quires the ex<span class=\"_ _2\"></span>tende<span class=\"_ _2\"></span>d doc<span class=\"_ _2\"></span>umentatio<span class=\"_ _2\"></span>n of each he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>. The Group h<span class=\"_ _2\"></span>as update<span class=\"_ _2\"></span>d the exis<span class=\"_ _2\"></span>ting </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1c8\">hed<span class=\"_ _2\"></span>ging do<span class=\"_ _2\"></span>cument<span class=\"_ _2\"></span>ation to reflec<span class=\"_ _2\"></span>t the ch<span class=\"_ _2\"></span>anges to th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ctivene<span class=\"_ _2\"></span>ss tes<span class=\"_ _2\"></span>ting proc<span class=\"_ _2\"></span>ess to in<span class=\"_ _2\"></span>clude qua<span class=\"_ _2\"></span>litative tes<span class=\"_ _2\"></span>ting on a pros<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tive basis inc<span class=\"_ _2\"></span>luding </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1c9\">the an<span class=\"_ _2\"></span>alysis of the e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic relation<span class=\"_ _2\"></span>ship bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ed item an<span class=\"_ _2\"></span>d hedg<span class=\"_ _2\"></span>ing ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>, analys<span class=\"_ _2\"></span>is of source of he<span class=\"_ _2\"></span>dge inef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tivenes<span class=\"_ _2\"></span>s, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1ca\">determin<span class=\"_ _2\"></span>ing the he<span class=\"_ _2\"></span>dge rat<span class=\"_ _2\"></span>io and as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of wheth<span class=\"_ _2\"></span>er the ef<span class=\"_ _2\"></span>fect of cre<span class=\"_ _2\"></span>dit risk do<span class=\"_ _2\"></span>minates the va<span class=\"_ _2\"></span>lue chan<span class=\"_ _2\"></span>ges th<span class=\"_ _2\"></span>at result from th<span class=\"_ _2\"></span>e econ<span class=\"_ _2\"></span>omic </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1cb\">relatio<span class=\"_ _2\"></span>nship. Th<span class=\"_ _2\"></span>e current he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>s are stra<span class=\"_ _2\"></span>ightfor<span class=\"_ _2\"></span>ward arr<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>ments w<span class=\"_ _2\"></span>hereby the c<span class=\"_ _2\"></span>ross cur<span class=\"_ _2\"></span>rency s<span class=\"_ _2\"></span>waps fully h<span class=\"_ _2\"></span>edge th<span class=\"_ _2\"></span>e underl<span class=\"_ _2\"></span>ying </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1cc\">hed<span class=\"_ _2\"></span>ged ite<span class=\"_ _2\"></span>m and they are a<span class=\"_ _2\"></span>ll fully collate<span class=\"_ _2\"></span>ralise<span class=\"_ _2\"></span>d. </div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls16 ws14 gs1cd\">A3. Accou<span class=\"_ _5\"></span>nting po<span class=\"_ _5\"></span>licies<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1ce\">The pr<span class=\"_ _2\"></span>incipal ac<span class=\"_ _2\"></span>countin<span class=\"_ _2\"></span>g policie<span class=\"_ _2\"></span>s have been c<span class=\"_ _2\"></span>onsis<span class=\"_ _2\"></span>tently appli<span class=\"_ _2\"></span>ed in thes<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated fin<span class=\"_ _2\"></span>ancial s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. An exception to th<span class=\"_ _2\"></span>is is where I<span class=\"_ _2\"></span>FRS 9 </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1cf\">has b<span class=\"_ _2\"></span>een ad<span class=\"_ _2\"></span>opted pros<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tively from 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y 2023 and I<span class=\"_ _2\"></span>AS 39 ha<span class=\"_ _2\"></span>s bee<span class=\"_ _2\"></span>n applied in th<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>rative peri<span class=\"_ _2\"></span>od. Whe<span class=\"_ _2\"></span>re an acco<span class=\"_ _2\"></span>unting poli<span class=\"_ _2\"></span>cy can </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1d0\">be dire<span class=\"_ _2\"></span>ctly at<span class=\"_ _2\"></span>tribute<span class=\"_ _2\"></span>d to a spec<span class=\"_ _2\"></span>ific note to the co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial sta<span class=\"_ _2\"></span>tement<span class=\"_ _2\"></span>s, the p<span class=\"_ _2\"></span>olicy is pre<span class=\"_ _2\"></span>sented w<span class=\"_ _2\"></span>ithin that note<span class=\"_ _2\"></span>, with a view to ena<span class=\"_ _2\"></span>bling </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1d1\">greate<span class=\"_ _2\"></span>r under<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ding of the resul<span class=\"_ _2\"></span>ts and fin<span class=\"_ _2\"></span>ancial p<span class=\"_ _2\"></span>osition of the G<span class=\"_ _2\"></span>roup. All other s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>ies are disc<span class=\"_ _2\"></span>losed b<span class=\"_ _2\"></span>elow.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls17 ws15 gs1d2\">A3.1<span class=\"_ _5\"></span> Forei<span class=\"_ _5\"></span>gn currency transactions<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1d3\">Items in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d in the finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s of each of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s entitie<span class=\"_ _2\"></span>s are mea<span class=\"_ _2\"></span>sured usin<span class=\"_ _2\"></span>g the curre<span class=\"_ _2\"></span>ncy of the prim<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y econ<span class=\"_ _2\"></span>omic environm<span class=\"_ _2\"></span>ent </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1d4\">in which th<span class=\"_ _2\"></span>e entit<span class=\"_ _2\"></span>y oper<span class=\"_ _2\"></span>ates (the \u2018<span class=\"_ _2\"></span>func<span class=\"_ _2\"></span>tional cur<span class=\"_ _2\"></span>rency\u2019<span class=\"_ _2\"></span>). The co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted financ<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s are prese<span class=\"_ _2\"></span>nted in ster<span class=\"_ _2\"></span>ling, wh<span class=\"_ _2\"></span>ich is the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1d5\">pres<span class=\"_ _2\"></span>entation c<span class=\"_ _2\"></span>urrenc<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1d6\">The re<span class=\"_ _2\"></span>sults an<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l positio<span class=\"_ _2\"></span>n of all Group comp<span class=\"_ _2\"></span>anies th<span class=\"_ _2\"></span>at have a func<span class=\"_ _2\"></span>tional cur<span class=\"_ _2\"></span>rency dif<span class=\"_ _2\"></span>ferent from th<span class=\"_ _2\"></span>e prese<span class=\"_ _2\"></span>ntation cur<span class=\"_ _2\"></span>rency are tr<span class=\"_ _2\"></span>anslate<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1d7\">into the pre<span class=\"_ _2\"></span>sentatio<span class=\"_ _2\"></span>n currenc<span class=\"_ _2\"></span>y as follows:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1d8\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liabili<span class=\"_ _2\"></span>ties are tran<span class=\"_ _2\"></span>slated at th<span class=\"_ _2\"></span>e closin<span class=\"_ _2\"></span>g rate at the pe<span class=\"_ _2\"></span>riod end;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1d9\">\u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>come<span class=\"_ _2\"></span>, expens<span class=\"_ _2\"></span>es and c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s denomin<span class=\"_ _2\"></span>ated in foreign c<span class=\"_ _2\"></span>urrencie<span class=\"_ _2\"></span>s are trans<span class=\"_ _2\"></span>lated at avera<span class=\"_ _2\"></span>ge excha<span class=\"_ _2\"></span>nge rate<span class=\"_ _2\"></span>s; and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1da\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>ll resulting exc<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e differen<span class=\"_ _2\"></span>ces are re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised thro<span class=\"_ _2\"></span>ugh the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of conso<span class=\"_ _2\"></span>lidated co<span class=\"_ _2\"></span>mprehe<span class=\"_ _2\"></span>nsive incom<span class=\"_ _2\"></span>e.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1db\">Foreign c<span class=\"_ _2\"></span>urrency t<span class=\"_ _2\"></span>ransa<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s are transl<span class=\"_ _2\"></span>ated into the fun<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>al currenc<span class=\"_ _2\"></span>y of the tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ing Group ent<span class=\"_ _2\"></span>ity us<span class=\"_ _2\"></span>ing exchan<span class=\"_ _2\"></span>ge rates p<span class=\"_ _2\"></span>revailing at the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1dc\">date of the tra<span class=\"_ _2\"></span>nslation<span class=\"_ _2\"></span>. Foreign exch<span class=\"_ _2\"></span>ange g<span class=\"_ _2\"></span>ains and l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s resultin<span class=\"_ _2\"></span>g from the set<span class=\"_ _2\"></span>tlem<span class=\"_ _2\"></span>ent of such tr<span class=\"_ _2\"></span>ansac<span class=\"_ _2\"></span>tions an<span class=\"_ _2\"></span>d from the tra<span class=\"_ _2\"></span>nslation of m<span class=\"_ _2\"></span>onetar<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1dd\">as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabilities d<span class=\"_ _2\"></span>enomin<span class=\"_ _2\"></span>ated in foreign c<span class=\"_ _2\"></span>urrencie<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent. T<span class=\"_ _7\"></span>ra<span class=\"_ _2\"></span>nslation dif<span class=\"_ _2\"></span>feren<span class=\"_ _2\"></span>ces on </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1de\">non-m<span class=\"_ _2\"></span>oneta<span class=\"_ _2\"></span>ry ite<span class=\"_ _2\"></span>ms at fair value t<span class=\"_ _2\"></span>hrough profi<span class=\"_ _2\"></span>t or loss are re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted as pa<span class=\"_ _2\"></span>rt of the f<span class=\"_ _2\"></span>air value gain o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls16 ws14 gs1df\">A3.2 Other operati<span class=\"_ _5\"></span>ng income<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1e0\">Oth<span class=\"_ _2\"></span>er ope<span class=\"_ _2\"></span>rating inc<span class=\"_ _2\"></span>ome incl<span class=\"_ _2\"></span>udes inc<span class=\"_ _2\"></span>ome from all oth<span class=\"_ _2\"></span>er oper<span class=\"_ _2\"></span>ating ac<span class=\"_ _2\"></span>tivities wh<span class=\"_ _2\"></span>ich are incid<span class=\"_ _2\"></span>ental to the p<span class=\"_ _2\"></span>rincipal a<span class=\"_ _2\"></span>ctivitie<span class=\"_ _2\"></span>s of the Group.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls13 ws11 gs1e1\">A4. Cri<span class=\"_ _5\"></span>tical accounting<span class=\"_ _5\"></span> estimates and judgemen<span class=\"_ _5\"></span>ts<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1e2\">The pre<span class=\"_ _2\"></span>paratio<span class=\"_ _2\"></span>n of financial s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ents req<span class=\"_ _2\"></span>uires man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent to make judg<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s, es<span class=\"_ _2\"></span>timates an<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>umptions tha<span class=\"_ _2\"></span>t affec<span class=\"_ _2\"></span>t the appli<span class=\"_ _2\"></span>cation of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1e3\">polic<span class=\"_ _2\"></span>ies and rep<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d amount<span class=\"_ _2\"></span>s of ass<span class=\"_ _2\"></span>ets and li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>, incom<span class=\"_ _2\"></span>e and exp<span class=\"_ _2\"></span>enses<span class=\"_ _2\"></span>. Dis<span class=\"_ _2\"></span>closures of j<span class=\"_ _2\"></span>udgem<span class=\"_ _2\"></span>ents m<span class=\"_ _2\"></span>ade by mana<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent in applyin<span class=\"_ _2\"></span>g the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1e4\">Group\u2019s acc<span class=\"_ _2\"></span>ounting po<span class=\"_ _2\"></span>licies incl<span class=\"_ _2\"></span>ude thos<span class=\"_ _2\"></span>e that have the m<span class=\"_ _2\"></span>ost sig<span class=\"_ _2\"></span>nificant ef<span class=\"_ _2\"></span>fect o<span class=\"_ _2\"></span>n the amo<span class=\"_ _2\"></span>unts that are re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated fin<span class=\"_ _2\"></span>ancial </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1e5\">st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s. Dis<span class=\"_ _2\"></span>closure<span class=\"_ _2\"></span>s of estimate<span class=\"_ _2\"></span>s and as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>ted ass<span class=\"_ _2\"></span>umptions in<span class=\"_ _2\"></span>clude tho<span class=\"_ _2\"></span>se that h<span class=\"_ _2\"></span>ave a significant r<span class=\"_ _2\"></span>isk of resultin<span class=\"_ _2\"></span>g in a material c<span class=\"_ _2\"></span>hange to th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1e6\">car<span class=\"_ _2\"></span>ryin<span class=\"_ _2\"></span>g value of ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabilities wi<span class=\"_ _2\"></span>thin the nex<span class=\"_ _2\"></span>t year. The estim<span class=\"_ _2\"></span>ates and a<span class=\"_ _2\"></span>ssoc<span class=\"_ _2\"></span>iated as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on histo<span class=\"_ _2\"></span>rical exp<span class=\"_ _2\"></span>erien<span class=\"_ _2\"></span>ce and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1e7\">variou<span class=\"_ _2\"></span>s other fac<span class=\"_ _2\"></span>tors th<span class=\"_ _2\"></span>at are believe<span class=\"_ _2\"></span>d to be reas<span class=\"_ _2\"></span>onable un<span class=\"_ _2\"></span>der the circ<span class=\"_ _2\"></span>umst<span class=\"_ _2\"></span>ances<span class=\"_ _2\"></span>, the re<span class=\"_ _2\"></span>sults of whic<span class=\"_ _2\"></span>h form the bas<span class=\"_ _2\"></span>is of the judg<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s as to the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1e8\">car<span class=\"_ _2\"></span>ryin<span class=\"_ _2\"></span>g values of as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s that are not re<span class=\"_ _2\"></span>adily app<span class=\"_ _2\"></span>arent from othe<span class=\"_ _2\"></span>r source<span class=\"_ _2\"></span>s. Ac<span class=\"_ _2\"></span>tual resul<span class=\"_ _2\"></span>ts may dif<span class=\"_ _2\"></span>fer from the<span class=\"_ _2\"></span>se es<span class=\"_ _2\"></span>timates<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1ea\">Critic<span class=\"_ _2\"></span>al acc<span class=\"_ _2\"></span>ounting es<span class=\"_ _2\"></span>timates a<span class=\"_ _2\"></span>re those whi<span class=\"_ _2\"></span>ch involve the mos<span class=\"_ _2\"></span>t compl<span class=\"_ _2\"></span>ex or subje<span class=\"_ _2\"></span>ctive j<span class=\"_ _2\"></span>udgem<span class=\"_ _2\"></span>ents or a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>sment<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e areas of the G<span class=\"_ _2\"></span>roup\u2019s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1eb\">busin<span class=\"_ _2\"></span>ess th<span class=\"_ _2\"></span>at typ<span class=\"_ _2\"></span>ically re<span class=\"_ _2\"></span>quire such e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>s are the me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt of insuran<span class=\"_ _2\"></span>ce and inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities with D<span class=\"_ _2\"></span>PF<span class=\"_ _7\"></span>, deter<span class=\"_ _2\"></span>mination of the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1ec\">fair valu<span class=\"_ _2\"></span>e of cer<span class=\"_ _2\"></span>tain finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabilities<span class=\"_ _2\"></span>, and va<span class=\"_ _2\"></span>luation of pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabiliti<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1ed\">The ap<span class=\"_ _2\"></span>plicatio<span class=\"_ _2\"></span>n of critical a<span class=\"_ _2\"></span>ccount<span class=\"_ _2\"></span>ing judg<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s that co<span class=\"_ _2\"></span>uld have the mos<span class=\"_ _2\"></span>t signific<span class=\"_ _2\"></span>ant ef<span class=\"_ _2\"></span>fect on th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d amount<span class=\"_ _2\"></span>s include c<span class=\"_ _2\"></span>lassifi<span class=\"_ _2\"></span>cation </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1ee\">of<span class=\"_ gs132\"> </span>contra<span class=\"_ _2\"></span>cts to b<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unted for as ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e or investme<span class=\"_ _2\"></span>nt contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, the dete<span class=\"_ _2\"></span>rmination of ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d oper<span class=\"_ _2\"></span>ating profit<span class=\"_ _2\"></span>, the reco<span class=\"_ _2\"></span>gnition of an </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1ef\">investm<span class=\"_ _2\"></span>ent as an as<span class=\"_ _2\"></span>soc<span class=\"_ _2\"></span>iate and determ<span class=\"_ _2\"></span>ination of cont<span class=\"_ _2\"></span>rol with reg<span class=\"_ _2\"></span>ard to underl<span class=\"_ _2\"></span>ying entitie<span class=\"_ _2\"></span>s. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1f0\">Det<span class=\"_ _2\"></span>ails of all critic<span class=\"_ _2\"></span>al acc<span class=\"_ _2\"></span>ounting es<span class=\"_ _2\"></span>timates a<span class=\"_ _2\"></span>nd judg<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s are inclu<span class=\"_ _2\"></span>ded be<span class=\"_ _2\"></span>low<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs1f1\">A4.1 In<span class=\"_ _2\"></span>sura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct an<span class=\"_ _2\"></span>d invest<span class=\"_ _2\"></span>ment c<span class=\"_ _2\"></span>ontr<span class=\"_ _2\"></span>act w<span class=\"_ _2\"></span>ith DPF l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1f2\">The Gro<span class=\"_ _2\"></span>up applies s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt judge<span class=\"_ _2\"></span>ment an<span class=\"_ _2\"></span>d estim<span class=\"_ _2\"></span>ation when c<span class=\"_ _2\"></span>lassif<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>nd mea<span class=\"_ _2\"></span>suring ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g determina<span class=\"_ _2\"></span>tion of the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1f3\">input<span class=\"_ _2\"></span>s, a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns and tec<span class=\"_ _2\"></span>hnique<span class=\"_ _2\"></span>s it uses to dete<span class=\"_ _2\"></span>rmine the B<span class=\"_ _2\"></span>EL, risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment and C<span class=\"_ _2\"></span>SM at e<span class=\"_ _2\"></span>ach repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g period to m<span class=\"_ _2\"></span>easure th<span class=\"_ _2\"></span>e insuran<span class=\"_ _2\"></span>ce </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1f4\">contr<span class=\"_ _2\"></span>act an<span class=\"_ _2\"></span>d reinsuran<span class=\"_ _2\"></span>ce cont<span class=\"_ _2\"></span>act liab<span class=\"_ _2\"></span>ilities/<span class=\"_ _5\"></span>ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>. The main a<span class=\"_ _2\"></span>reas whe<span class=\"_ _2\"></span>re signific<span class=\"_ _2\"></span>ant judg<span class=\"_ _2\"></span>ement an<span class=\"_ _2\"></span>d estim<span class=\"_ _2\"></span>ation were req<span class=\"_ _2\"></span>uired are:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls69 ws5e gs1f5\">Contrac<span class=\"_ _2\"></span>t classification </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1f6\">Clas<span class=\"_ _2\"></span>sificat<span class=\"_ _2\"></span>ion of contrac<span class=\"_ _2\"></span>ts as in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e (or reinsuran<span class=\"_ _2\"></span>ce) is bas<span class=\"_ _2\"></span>ed upon an a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssme<span class=\"_ _2\"></span>nt of the signific<span class=\"_ _2\"></span>ance of in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e risk tran<span class=\"_ _2\"></span>sferred to th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1f7\">Group. I<span class=\"_ _2\"></span>nsuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are defined by I<span class=\"_ _2\"></span>FRS 17 as th<span class=\"_ _2\"></span>ose cont<span class=\"_ _2\"></span>aining sign<span class=\"_ _2\"></span>ificant ins<span class=\"_ _2\"></span>urance r<span class=\"_ _2\"></span>isk if, and only if, an insure<span class=\"_ _2\"></span>d event coul<span class=\"_ _2\"></span>d caus<span class=\"_ _2\"></span>e an </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1f8\">insure<span class=\"_ _2\"></span>r to make significa<span class=\"_ _2\"></span>nt addition<span class=\"_ _2\"></span>al payment<span class=\"_ _2\"></span>s in any sce<span class=\"_ _2\"></span>nario, excl<span class=\"_ _2\"></span>uding sc<span class=\"_ _2\"></span>enarios t<span class=\"_ _2\"></span>hat lack c<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial subs<span class=\"_ _2\"></span>tance<span class=\"_ _2\"></span>, at the inc<span class=\"_ _2\"></span>eption of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c ws1a gs1f9\">the contrac<span class=\"_ _2\"></span>t.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1fa\">Clas<span class=\"_ _2\"></span>sificat<span class=\"_ _2\"></span>ion of contrac<span class=\"_ _2\"></span>ts as inves<span class=\"_ _2\"></span>tment w<span class=\"_ _2\"></span>ith DPF is ba<span class=\"_ _2\"></span>sed up<span class=\"_ _2\"></span>on an ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ment of wheth<span class=\"_ _2\"></span>er the disc<span class=\"_ _2\"></span>retionar<span class=\"_ _2\"></span>y amo<span class=\"_ _2\"></span>unt of benefit<span class=\"_ _2\"></span>s is expe<span class=\"_ _2\"></span>cted to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1fb\">be a sig<span class=\"_ _2\"></span>nificant am<span class=\"_ _2\"></span>ount of the total b<span class=\"_ _2\"></span>enefit<span class=\"_ _2\"></span>s. </div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls61 ws5f gs1fc\">Meas<span class=\"_ _2\"></span>urement of insura<span class=\"_ _2\"></span>nce contrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1fd\">In appl<span class=\"_ _2\"></span>ying IFR<span class=\"_ _2\"></span>S 17 requirem<span class=\"_ _2\"></span>ents for th<span class=\"_ _2\"></span>e measure<span class=\"_ _2\"></span>ment of insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _2\"></span>, the follow<span class=\"_ _2\"></span>ing input<span class=\"_ _2\"></span>s and meth<span class=\"_ _2\"></span>ods were us<span class=\"_ _2\"></span>ed that in<span class=\"_ _2\"></span>clude </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls17 ws15 gs1fe\">signi<span class=\"_ _5\"></span>ficant est<span class=\"_ _5\"></span>imat<span class=\"_ _5\"></span>es:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs1ff\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e prese<span class=\"_ _2\"></span>nt value of future c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s is estim<span class=\"_ _2\"></span>ated using d<span class=\"_ _2\"></span>eterminis<span class=\"_ _2\"></span>tic sce<span class=\"_ _2\"></span>narios<span class=\"_ _2\"></span>, except wh<span class=\"_ _2\"></span>ere stoc<span class=\"_ _2\"></span>hast<span class=\"_ _2\"></span>ic modellin<span class=\"_ _2\"></span>g involves proj<span class=\"_ _2\"></span>ectin<span class=\"_ _2\"></span>g future </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs200\">ca<span class=\"_ _2\"></span>sh flows unde<span class=\"_ _2\"></span>r a large num<span class=\"_ _2\"></span>ber of pos<span class=\"_ _2\"></span>sible e<span class=\"_ _2\"></span>conomic s<span class=\"_ _2\"></span>cena<span class=\"_ _2\"></span>rios for market varia<span class=\"_ _2\"></span>bles suc<span class=\"_ _2\"></span>h as interes<span class=\"_ _2\"></span>t rates and e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y returns a<span class=\"_ _2\"></span>nd where th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs201\">ca<span class=\"_ _2\"></span>sh flows refle<span class=\"_ _2\"></span>ct a se<span class=\"_ _2\"></span>ries of interrelate<span class=\"_ _2\"></span>d options th<span class=\"_ _2\"></span>at are implicit o<span class=\"_ _2\"></span>r explicit<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs202\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e approa<span class=\"_ _2\"></span>ch and as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s used to de<span class=\"_ _2\"></span>rive disco<span class=\"_ _2\"></span>unt rates<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g any illiquid premi<span class=\"_ _2\"></span>ums (see note F<span class=\"_ _2\"></span>11.<span class=\"_ _2\"></span>2.1);<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs203\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e approa<span class=\"_ _2\"></span>ch and co<span class=\"_ _2\"></span>nfidenc<span class=\"_ _2\"></span>e level for es<span class=\"_ _2\"></span>timating ris<span class=\"_ _2\"></span>k adjus<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s for non-fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l risk (see n<span class=\"_ _2\"></span>ote F11.<span class=\"_ _2\"></span>2.2)<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs204\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>umptions ab<span class=\"_ _2\"></span>out fut<span class=\"_ _2\"></span>ure cash flow<span class=\"_ _2\"></span>s relating to m<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, m<span class=\"_ _2\"></span>orbidit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, polic<span class=\"_ _2\"></span>yhold<span class=\"_ _2\"></span>er behavi<span class=\"_ _2\"></span>our<span class=\"_ _7\"></span>, a<span class=\"_ _2\"></span>nd expe<span class=\"_ _2\"></span>nse inflatio<span class=\"_ _2\"></span>n (see note F11<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>.3). </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs205\">Det<span class=\"_ _2\"></span>ails of how insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities are a<span class=\"_ _2\"></span>ccounte<span class=\"_ _2\"></span>d for are incl<span class=\"_ _2\"></span>uded with<span class=\"_ _2\"></span>in the acc<span class=\"_ _2\"></span>ounting po<span class=\"_ _2\"></span>licies in note F1<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs206\">Amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ation of t<span class=\"_ _2\"></span>he CSM<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs207\">The Gro<span class=\"_ _2\"></span>up applies j<span class=\"_ _2\"></span>udge<span class=\"_ _2\"></span>ments w<span class=\"_ _2\"></span>hen determ<span class=\"_ _2\"></span>ining the am<span class=\"_ _2\"></span>ount of the CS<span class=\"_ _2\"></span>M for a group of ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts to be re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in profit o<span class=\"_ _2\"></span>r loss as </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs208\">insur<span class=\"_ _2\"></span>ance reven<span class=\"_ _2\"></span>ue in each p<span class=\"_ _2\"></span>eriod to refl<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>e insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es provide<span class=\"_ _2\"></span>d in that pe<span class=\"_ _2\"></span>riod. Th<span class=\"_ _2\"></span>e amount is de<span class=\"_ _2\"></span>termined by c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>ring for </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs209\">eac<span class=\"_ _2\"></span>h group of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s the quantit<span class=\"_ _2\"></span>y of the b<span class=\"_ _2\"></span>enefit<span class=\"_ _2\"></span>s provided an<span class=\"_ _2\"></span>d its exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d coverag<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d. Deter<span class=\"_ _2\"></span>mining the c<span class=\"_ _2\"></span>overage uni<span class=\"_ _2\"></span>t requires </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs20a\">signifi<span class=\"_ _2\"></span>cant jud<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt, takin<span class=\"_ _2\"></span>g into consid<span class=\"_ _2\"></span>eration a n<span class=\"_ _2\"></span>umber of area<span class=\"_ _2\"></span>s, inc<span class=\"_ _2\"></span>luding: </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs20b\">\u2022 <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>dentifica<span class=\"_ _2\"></span>tion of a coverag<span class=\"_ _2\"></span>e unit that is d<span class=\"_ _2\"></span>eeme<span class=\"_ _2\"></span>d to be a suit<span class=\"_ _2\"></span>able prox<span class=\"_ _2\"></span>y for the se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e provided<span class=\"_ _2\"></span>. This is par<span class=\"_ _2\"></span>ticul<span class=\"_ _2\"></span>arly relevant for p<span class=\"_ _2\"></span>roduc<span class=\"_ _2\"></span>ts that </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs20c\">provide a c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>n of different t<span class=\"_ _2\"></span>ype<span class=\"_ _2\"></span>s of insuranc<span class=\"_ _2\"></span>e covera<span class=\"_ _2\"></span>ge, inves<span class=\"_ _2\"></span>tment-relate<span class=\"_ _2\"></span>d ser<span class=\"_ _2\"></span>vice an<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt-return ser<span class=\"_ _2\"></span>vice; a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs20d\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e allowanc<span class=\"_ _2\"></span>e for time value of m<span class=\"_ _2\"></span>oney in the re<span class=\"_ _2\"></span>lease of th<span class=\"_ _2\"></span>e coverag<span class=\"_ _2\"></span>e unit (i.e. whe<span class=\"_ _2\"></span>ther or not th<span class=\"_ _2\"></span>e coverag<span class=\"_ _2\"></span>e units sh<span class=\"_ _2\"></span>ould be di<span class=\"_ _2\"></span>scounte<span class=\"_ _2\"></span>d).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs20e\">For deferre<span class=\"_ _2\"></span>d annuitie<span class=\"_ _2\"></span>s the weightin<span class=\"_ _2\"></span>g bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e deferral ph<span class=\"_ _2\"></span>ase and t<span class=\"_ _2\"></span>he payment p<span class=\"_ _2\"></span>hase c<span class=\"_ _2\"></span>overage uni<span class=\"_ _2\"></span>ts is ca<span class=\"_ _2\"></span>lculated s<span class=\"_ _2\"></span>o that the s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs20f\">provide<span class=\"_ _2\"></span>d in the deferr<span class=\"_ _2\"></span>al phas<span class=\"_ _2\"></span>e reflect t<span class=\"_ _2\"></span>he investm<span class=\"_ _2\"></span>ent return an<span class=\"_ _2\"></span>d those in th<span class=\"_ _2\"></span>e payment ph<span class=\"_ _2\"></span>ase refle<span class=\"_ _2\"></span>ct the a<span class=\"_ _2\"></span>nnuit<span class=\"_ _2\"></span>y payment w<span class=\"_ _2\"></span>ith the total s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs210\">adj<span class=\"_ _2\"></span>usted to p<span class=\"_ _2\"></span>rovide a cons<span class=\"_ _2\"></span>istent level of s<span class=\"_ _2\"></span>ervi<span class=\"_ _2\"></span>ce when tr<span class=\"_ _2\"></span>ansition<span class=\"_ _2\"></span>ing bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e deferral ph<span class=\"_ _2\"></span>ase an<span class=\"_ _2\"></span>d the payme<span class=\"_ _2\"></span>nt phase<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs211\">Following a<span class=\"_ _2\"></span>n asse<span class=\"_ _2\"></span>ssme<span class=\"_ _2\"></span>nt, the G<span class=\"_ _2\"></span>roup has dete<span class=\"_ _2\"></span>rmined t<span class=\"_ _2\"></span>he quantit<span class=\"_ _2\"></span>y of the be<span class=\"_ _2\"></span>nefits p<span class=\"_ _2\"></span>rovided und<span class=\"_ _2\"></span>er each c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t to be a suit<span class=\"_ _2\"></span>able prox<span class=\"_ _2\"></span>y for the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs212\">ser<span class=\"_ _2\"></span>vice p<span class=\"_ _2\"></span>rovided as foll<span class=\"_ _2\"></span>ows:<span class=\"_ _3bc\"> </span></div><div class=\"gs213\"><table class=\"s w27b h299\" id=\"_e6ea032a-7505-45be-8a82-06761aaff273\"><tr><td class=\"c n x1ea y56d5 w27c h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of busi<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span>s/prod<span class=\"_ _2\"></span>uct<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4fc y56d5 w27d h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">Cov<span class=\"_ _2\"></span>erag<span class=\"_ _2\"></span>e unit (q<span class=\"_ _2\"></span>uant<span class=\"_ _2\"></span>ity o<span class=\"_ _2\"></span>f bene<span class=\"_ _2\"></span>fits)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y56d6 ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>erm life as<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4fd hd y56d7 ff3 fs7 fc1 sc0 ls0 ws0\">Sum a<span class=\"_ _2\"></span>ssure<span class=\"_ _2\"></span>d in force<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56d8 ff3 fs7 fc1 sc0 lsb2 wse8\">Endowm<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td class=\"t m0 x240 hd y56d9 ff3 fs7 fc1 sc0 ls0 ws0\">Non-<span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>icipating wh<span class=\"_ _2\"></span>ole-life<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td class=\"t m0 x240 hd y56da ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er protec<span class=\"_ _2\"></span>tion prod<span class=\"_ _2\"></span>ucts<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td class=\"c n x1ea y56cf w27e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8c ws6b\">Imme<span class=\"_ _2\"></span>diate annuit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4fe y56cf w27f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">Annuit<span class=\"_ _2\"></span>y payments<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56d0 w280 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d annuit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4fc y56d0 w281 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Fund size during deferre<span class=\"_ _2\"></span>d perio<span class=\"_ _2\"></span>d and ann<span class=\"_ _2\"></span>uity p<span class=\"_ _2\"></span>ayments fo<span class=\"_ _2\"></span>r the<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x4fd hd y56db ff3 fs7 fc1 sc0 ls12 ws10\">paymen<span class=\"_ _5\"></span>t period<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y56dc w282 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Unit linked<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ff y56dc w283 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Annual managemen<span class=\"_ _5\"></span>t char<span class=\"_ _5\"></span>ge and i<span class=\"_ _5\"></span>nsurance c<span class=\"_ _5\"></span>harges<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w284 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Conventional with-profits (<span class=\"_ _2\"></span>\u2018CWP<span class=\"_ _2\"></span>\u2019) &amp; Unitised with-profit<span class=\"_ _2\"></span>s (\u2018U<span class=\"_ _2\"></span>WP\u2019<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x500 y55ef w285 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">M<span class=\"_ _2\"></span>aximum of th<span class=\"_ _2\"></span>e guara<span class=\"_ _2\"></span>nteed be<span class=\"_ _2\"></span>nefit and a<span class=\"_ _2\"></span>sset s<span class=\"_ _2\"></span>hare<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs214\">In relat<span class=\"_ _2\"></span>ion to the applic<span class=\"_ _2\"></span>ation of disc<span class=\"_ _2\"></span>ount rate in dete<span class=\"_ _2\"></span>rmining the c<span class=\"_ _2\"></span>overage un<span class=\"_ _2\"></span>its<span class=\"_ _2\"></span>, the Group h<span class=\"_ _2\"></span>as elec<span class=\"_ _2\"></span>ted to app<span class=\"_ _2\"></span>ly disco<span class=\"_ _2\"></span>unting as this g<span class=\"_ _2\"></span>ives a more </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs215\">even allo<span class=\"_ _2\"></span>cation of profit a<span class=\"_ _2\"></span>s ser<span class=\"_ _2\"></span>vices a<span class=\"_ _2\"></span>re provided over th<span class=\"_ _2\"></span>e life of a group of contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>. The dis<span class=\"_ _2\"></span>count rate is th<span class=\"_ _2\"></span>e locked-in ra<span class=\"_ _2\"></span>te for insuran<span class=\"_ _2\"></span>ce </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs216\">contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s meas<span class=\"_ _2\"></span>ured under t<span class=\"_ _2\"></span>he gen<span class=\"_ _2\"></span>eral mo<span class=\"_ _2\"></span>del (\u2018G<span class=\"_ _2\"></span>M\u2019<span class=\"_ _2\"></span>) and c<span class=\"_ _2\"></span>urrent rates for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d under th<span class=\"_ _2\"></span>e variable fe<span class=\"_ _2\"></span>e approac<span class=\"_ _2\"></span>h (\u2018<span class=\"_ _2\"></span>VF<span class=\"_ _7\"></span>A\u2019). </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs217\">In add<span class=\"_ _2\"></span>ition, th<span class=\"_ _2\"></span>e sec<span class=\"_ _2\"></span>tions note<span class=\"_ _2\"></span>d below are are<span class=\"_ _2\"></span>as where s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt judge<span class=\"_ _2\"></span>ment and e<span class=\"_ _2\"></span>stima<span class=\"_ _2\"></span>tion has b<span class=\"_ _2\"></span>een req<span class=\"_ _2\"></span>uired on tra<span class=\"_ _2\"></span>nsition to IF<span class=\"_ _2\"></span>RS 17<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs218\">Determination o<span class=\"_ _5\"></span>f transition method and<span class=\"_ _5\"></span> its application<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs219\">The Gro<span class=\"_ _2\"></span>up exercise<span class=\"_ _2\"></span>d signific<span class=\"_ _2\"></span>ant judg<span class=\"_ _2\"></span>ement in d<span class=\"_ _2\"></span>etermining wh<span class=\"_ _2\"></span>ich trans<span class=\"_ _2\"></span>ition meth<span class=\"_ _2\"></span>od was app<span class=\"_ _2\"></span>lied for ea<span class=\"_ _2\"></span>ch group of ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs21a\">con<span class=\"_ _2\"></span>sidering th<span class=\"_ _2\"></span>e imprac<span class=\"_ _2\"></span>ticab<span class=\"_ _2\"></span>ility a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>sme<span class=\"_ _2\"></span>nt for the applic<span class=\"_ _2\"></span>ation of the FR<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, inclu<span class=\"_ _2\"></span>ding determin<span class=\"_ _2\"></span>ing whethe<span class=\"_ _2\"></span>r suf<span class=\"_ _2\"></span>ficient rea<span class=\"_ _2\"></span>sonabl<span class=\"_ _2\"></span>e and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs21b\">supp<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>able informatio<span class=\"_ _2\"></span>n was availabl<span class=\"_ _2\"></span>e to apply the FR<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>. Where i<span class=\"_ _2\"></span>t was ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ed that a FR<span class=\"_ _2\"></span>A was im<span class=\"_ _2\"></span>pract<span class=\"_ _2\"></span>icable<span class=\"_ _2\"></span>, the Group d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d, in line with </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs21c\">the optio<span class=\"_ _2\"></span>ns available in I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>, to us<span class=\"_ _2\"></span>e the FV<span class=\"_ _5\"></span>A<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div>In appl<span class=\"_ _2\"></span>ying the F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up has us<span class=\"_ _2\"></span>ed reas<span class=\"_ _2\"></span>onable a<span class=\"_ _2\"></span>nd supp<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>able informatio<span class=\"_ _2\"></span>n at the tran<span class=\"_ _2\"></span>sition date in orde<span class=\"_ _2\"></span>r to identif<span class=\"_ _2\"></span>y groups of in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and to determin<span class=\"_ _2\"></span>e whethe<span class=\"_ _2\"></span>r any contra<span class=\"_ _2\"></span>cts are c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>red to be dire<span class=\"_ _2\"></span>ct par<span class=\"_ _2\"></span>ticipatin<span class=\"_ _2\"></span>g contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, which m<span class=\"_ _2\"></span>eet the VFA eligibilit<span class=\"_ _2\"></span>y criter<span class=\"_ _2\"></span>ia. For<span class=\"_ gs132\"> </span>group<span class=\"_ _2\"></span>s of contrac<span class=\"_ _2\"></span>ts me<span class=\"_ _2\"></span>asured u<span class=\"_ _2\"></span>sing the F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up has ag<span class=\"_ _2\"></span>greg<span class=\"_ _2\"></span>ated contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s issue<span class=\"_ _2\"></span>d more tha<span class=\"_ _2\"></span>n one year ap<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>In es<span class=\"_ _2\"></span>timating th<span class=\"_ _2\"></span>e fair value<span class=\"_ _2\"></span>, the Group h<span class=\"_ _2\"></span>as use<span class=\"_ _2\"></span>d signific<span class=\"_ _2\"></span>ant judg<span class=\"_ _2\"></span>ement to dete<span class=\"_ _2\"></span>rmine adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ents req<span class=\"_ _2\"></span>uired to refle<span class=\"_ _2\"></span>ct a market par<span class=\"_ _2\"></span>ticip<span class=\"_ _2\"></span>ant\u2019s view, and al<span class=\"_ _2\"></span>so to alloc<span class=\"_ _2\"></span>ate fair value b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en group<span class=\"_ _2\"></span>s of insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>nly relevant f<span class=\"_ _2\"></span>uture ca<span class=\"_ _2\"></span>sh flows within t<span class=\"_ _2\"></span>he boun<span class=\"_ _2\"></span>daries of the in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts were in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d in the fair valu<span class=\"_ _2\"></span>e estim<span class=\"_ _2\"></span>ation; \u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>ssumpti<span class=\"_ _2\"></span>ons abo<span class=\"_ _2\"></span>ut BEL were ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d and simp<span class=\"_ _2\"></span>lified by appl<span class=\"_ _2\"></span>ying IFR<span class=\"_ _2\"></span>S 17 parame<span class=\"_ _2\"></span>ters i.e. dis<span class=\"_ _2\"></span>count ra<span class=\"_ _2\"></span>te, expen<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>, contra<span class=\"_ _2\"></span>ct bo<span class=\"_ _2\"></span>undar<span class=\"_ _2\"></span>y plus inco<span class=\"_ _2\"></span>rporatin<span class=\"_ _2\"></span>g the risk pre<span class=\"_ _2\"></span>mium to reflec<span class=\"_ _2\"></span>t the view of a ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>nt;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span>scount r<span class=\"_ _2\"></span>ates were determ<span class=\"_ _2\"></span>ined at the t<span class=\"_ _2\"></span>ransitio<span class=\"_ _2\"></span>n date, bas<span class=\"_ _2\"></span>ed on the r<span class=\"_ _2\"></span>isk-<span class=\"_ _5\"></span>free r<span class=\"_ _2\"></span>ate with an allowan<span class=\"_ _2\"></span>ce for illiquid pre<span class=\"_ _2\"></span>mium taken into acc<span class=\"_ _2\"></span>ount; \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e risk prem<span class=\"_ _2\"></span>ium was calib<span class=\"_ _2\"></span>rated to a ma<span class=\"_ _2\"></span>rk<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t par<span class=\"_ _2\"></span>ticipant view of an a<span class=\"_ _2\"></span>ppropriate c<span class=\"_ _2\"></span>ost of ca<span class=\"_ _2\"></span>pital rate; a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a p<span class=\"_ _2\"></span>ropor<span class=\"_ _2\"></span>tional a<span class=\"_ _2\"></span>pproach w<span class=\"_ _2\"></span>as use<span class=\"_ _2\"></span>d to allocate th<span class=\"_ _2\"></span>e risk prem<span class=\"_ _2\"></span>ium to each gro<span class=\"_ _2\"></span>up of insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Eligi<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent for us<span class=\"_ _2\"></span>e of VF<span class=\"_ _7\"></span>A<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has is<span class=\"_ _2\"></span>sued uni<span class=\"_ _2\"></span>t-link<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>d and with<span class=\"_ _2\"></span>-profits c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts, w<span class=\"_ _2\"></span>hich fall with<span class=\"_ _2\"></span>in the scop<span class=\"_ _2\"></span>e of IFRS 17<span class=\"_ _7\"></span>, w<span class=\"_ _2\"></span>here the ret<span class=\"_ _2\"></span>urn on the unde<span class=\"_ _2\"></span>rlying ite<span class=\"_ _2\"></span>ms is share<span class=\"_ _2\"></span>d with poli<span class=\"_ _2\"></span>cyhold<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>. Underl<span class=\"_ _2\"></span>ying items c<span class=\"_ _2\"></span>ompris<span class=\"_ _2\"></span>e mainly sp<span class=\"_ _2\"></span>ecifie<span class=\"_ _2\"></span>d por<span class=\"_ _2\"></span>tfolio<span class=\"_ _2\"></span>s of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment as<span class=\"_ _2\"></span>sets fo<span class=\"_ _2\"></span>r unit-link<span class=\"_ _5\"></span>ed c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts and th<span class=\"_ _2\"></span>e net as<span class=\"_ _2\"></span>sets of a with-profit<span class=\"_ _2\"></span>s fund for wi<span class=\"_ _2\"></span>th-profits p<span class=\"_ _2\"></span>olicies th<span class=\"_ _2\"></span>at determin<span class=\"_ _2\"></span>e amount<span class=\"_ _2\"></span>s payable to po<span class=\"_ _2\"></span>licyhold<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>. The Group h<span class=\"_ _2\"></span>as exercis<span class=\"_ _2\"></span>ed signifi<span class=\"_ _2\"></span>cant jud<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt to ass<span class=\"_ _2\"></span>ess wh<span class=\"_ _2\"></span>ether th<span class=\"_ _2\"></span>e amount<span class=\"_ _2\"></span>s expec<span class=\"_ _2\"></span>ted to be p<span class=\"_ _2\"></span>aid to the polic<span class=\"_ _2\"></span>yhold<span class=\"_ _2\"></span>er cons<span class=\"_ _2\"></span>titute a sub<span class=\"_ _2\"></span>stanti<span class=\"_ _2\"></span>al share of the fa<span class=\"_ _2\"></span>ir value return<span class=\"_ _2\"></span>s on the unde<span class=\"_ _2\"></span>rlying items<span class=\"_ _2\"></span>. The p<span class=\"_ _2\"></span>olicyhol<span class=\"_ _2\"></span>der\u2019s share of the fa<span class=\"_ _2\"></span>ir value return<span class=\"_ _2\"></span>s on underl<span class=\"_ _2\"></span>ying items in<span class=\"_ _2\"></span>cludes a<span class=\"_ _2\"></span>mounts d<span class=\"_ _2\"></span>educ<span class=\"_ _2\"></span>ted to cover non<span class=\"_ _2\"></span>-investme<span class=\"_ _2\"></span>nt ser<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>, e.g<span class=\"_ _2\"></span>. adminis<span class=\"_ _2\"></span>tration a<span class=\"_ _2\"></span>nd risk ch<span class=\"_ _2\"></span>arges<span class=\"_ _2\"></span>. The fair va<span class=\"_ _2\"></span>lue returns a<span class=\"_ _2\"></span>ssum<span class=\"_ _2\"></span>ed on the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g items also re<span class=\"_ _2\"></span>flect t<span class=\"_ _2\"></span>he expe<span class=\"_ _2\"></span>cted re<span class=\"_ _2\"></span>al world return<span class=\"_ _2\"></span>s over the duratio<span class=\"_ _2\"></span>n of the contra<span class=\"_ _2\"></span>ct or gro<span class=\"_ _2\"></span>up of insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts b<span class=\"_ _2\"></span>eing tes<span class=\"_ _2\"></span>ted.<span class=\"_ _3bc\"> </span>Determination o<span class=\"_ _5\"></span>f contract boundaries<span class=\"_ _3bc\"> </span>The as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of th<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t boun<span class=\"_ _2\"></span>dar<span class=\"_ _2\"></span>y defines wh<span class=\"_ _2\"></span>ich future c<span class=\"_ _2\"></span>ash flows a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d in the me<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent of a contrac<span class=\"_ _2\"></span>t. Thi<span class=\"_ _2\"></span>s requires judg<span class=\"_ _2\"></span>ement a<span class=\"_ _2\"></span>nd cons<span class=\"_ _2\"></span>ideratio<span class=\"_ _2\"></span>n of the Group\u2019s subst<span class=\"_ _2\"></span>antive rights a<span class=\"_ _2\"></span>nd oblig<span class=\"_ _2\"></span>ations unde<span class=\"_ _2\"></span>r the contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>. The Group exe<span class=\"_ _2\"></span>rcises sig<span class=\"_ _2\"></span>nificant j<span class=\"_ _2\"></span>udge<span class=\"_ _2\"></span>ment in determin<span class=\"_ _2\"></span>ing the app<span class=\"_ _2\"></span>ropriate cont<span class=\"_ _2\"></span>ract b<span class=\"_ _2\"></span>oundari<span class=\"_ _2\"></span>es, t<span class=\"_ _2\"></span>aking into con<span class=\"_ _2\"></span>siderat<span class=\"_ _2\"></span>ion a numbe<span class=\"_ _2\"></span>r of factor<span class=\"_ _2\"></span>s, inc<span class=\"_ _2\"></span>luding: fe<span class=\"_ _2\"></span>atures and te<span class=\"_ _2\"></span>rms and c<span class=\"_ _2\"></span>onditions of produ<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>; any implied s<span class=\"_ _2\"></span>ubsta<span class=\"_ _2\"></span>ntive obligatio<span class=\"_ _2\"></span>ns and rig<span class=\"_ _2\"></span>hts arisin<span class=\"_ _2\"></span>g from the feat<span class=\"_ _2\"></span>ures of the produ<span class=\"_ _2\"></span>ct or po<span class=\"_ _2\"></span>licyhol<span class=\"_ _2\"></span>der nee<span class=\"_ _2\"></span>ds it is me<span class=\"_ _2\"></span>eting; pr<span class=\"_ _2\"></span>icing prac<span class=\"_ _2\"></span>tices; and administr<span class=\"_ _2\"></span>ative practices<span class=\"_ _2\"></span>. Cas<span class=\"_ _2\"></span>h flows are within th<span class=\"_ _2\"></span>e bound<span class=\"_ _2\"></span>aries of invest<span class=\"_ _2\"></span>ment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s with DPF if th<span class=\"_ _2\"></span>ey result from a s<span class=\"_ _2\"></span>ubsta<span class=\"_ _2\"></span>ntive obligati<span class=\"_ _2\"></span>on of the Group to de<span class=\"_ _2\"></span>liver cas<span class=\"_ _2\"></span>h at a pres<span class=\"_ _2\"></span>ent or future d<span class=\"_ _2\"></span>ate.<span class=\"_ _3bc\"> </span>Separating distinct inv<span class=\"_ _5\"></span>estment components from insurance and reinsurance contracts<span class=\"_ _3bc\"> </span>When a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssing wh<span class=\"_ _2\"></span>ether an inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ent is distin<span class=\"_ _2\"></span>ct, t<span class=\"_ _2\"></span>he Group co<span class=\"_ _2\"></span>nsider<span class=\"_ _2\"></span>s the following<span class=\"_ _2\"></span>, which m<span class=\"_ _2\"></span>ay indicate th<span class=\"_ _2\"></span>at the insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>onent are hi<span class=\"_ _2\"></span>ghly interrel<span class=\"_ _2\"></span>ated:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e value of one c<span class=\"_ _2\"></span>ompone<span class=\"_ _2\"></span>nt varies wit<span class=\"_ _2\"></span>h the other c<span class=\"_ _2\"></span>ompone<span class=\"_ _2\"></span>nt;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>ex<span class=\"_ _2\"></span>isten<span class=\"_ _2\"></span>ce of an option to swi<span class=\"_ _2\"></span>tch bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e different c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ents;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span>s that spa<span class=\"_ _2\"></span>n both elem<span class=\"_ _2\"></span>ents e.<span class=\"_ _2\"></span>g. redu<span class=\"_ _2\"></span>ced as<span class=\"_ _2\"></span>set ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment cha<span class=\"_ _2\"></span>rges ba<span class=\"_ _2\"></span>sed on tot<span class=\"_ _2\"></span>al siz<span class=\"_ _5\"></span>e of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>oth<span class=\"_ _2\"></span>er interac<span class=\"_ _2\"></span>ting feat<span class=\"_ _2\"></span>ures, e<span class=\"_ _2\"></span>.g. ins<span class=\"_ _2\"></span>urance r<span class=\"_ _2\"></span>isk from prem<span class=\"_ _2\"></span>ium waivers<span class=\"_ _2\"></span>, return of pre<span class=\"_ _2\"></span>mium covering b<span class=\"_ _2\"></span>oth elem<span class=\"_ _2\"></span>ents of the p<span class=\"_ _2\"></span>olicy.<span class=\"_ _3bc\"> </span>Where t<span class=\"_ _2\"></span>he investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>onent is no<span class=\"_ _2\"></span>n-dist<span class=\"_ _2\"></span>inct<span class=\"_ _2\"></span>, the whole c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t is meas<span class=\"_ _2\"></span>ured unde<span class=\"_ _2\"></span>r IFRS 17<span class=\"_ _7\"></span>. D<span class=\"_ _2\"></span>istin<span class=\"_ _2\"></span>ct investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>s are sepa<span class=\"_ _2\"></span>rated from the h<span class=\"_ _2\"></span>ost ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and me<span class=\"_ _2\"></span>asured un<span class=\"_ _2\"></span>der IFR<span class=\"_ _2\"></span>S 9. A4.<span class=\"_ _2\"></span>2 Fair va<span class=\"_ _2\"></span>lue of fin<span class=\"_ _2\"></span>anci<span class=\"_ _2\"></span>al as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>ies<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s are mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue and ac<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d for as set ou<span class=\"_ _2\"></span>t in the acc<span class=\"_ _2\"></span>ounting po<span class=\"_ _2\"></span>licies in note E1<span class=\"_ _2\"></span>. Finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s value<span class=\"_ _2\"></span>d where val<span class=\"_ _2\"></span>uation tech<span class=\"_ _2\"></span>niques are b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on obser<span class=\"_ _2\"></span>vabl<span class=\"_ _2\"></span>e market data at the p<span class=\"_ _2\"></span>eriod e<span class=\"_ _2\"></span>nd are cate<span class=\"_ _2\"></span>goris<span class=\"_ _2\"></span>ed as Level 2 fin<span class=\"_ _2\"></span>ancial in<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>. Finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts value<span class=\"_ _2\"></span>d where valu<span class=\"_ _2\"></span>ation tech<span class=\"_ _2\"></span>niques are b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n non-ob<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>vable inp<span class=\"_ _2\"></span>uts are c<span class=\"_ _2\"></span>ategori<span class=\"_ _2\"></span>sed as Level 3 fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l instrum<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. Level 2 and Level 3 fin<span class=\"_ _2\"></span>ancial in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents the<span class=\"_ _2\"></span>refore involve the use of es<span class=\"_ _2\"></span>timates<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s of the estim<span class=\"_ _2\"></span>ates mad<span class=\"_ _2\"></span>e are includ<span class=\"_ _2\"></span>ed in note E2. I<span class=\"_ _2\"></span>n relation to th<span class=\"_ _2\"></span>e Level 3 financi<span class=\"_ _2\"></span>al instr<span class=\"_ _2\"></span>uments<span class=\"_ _2\"></span>, sen<span class=\"_ _2\"></span>sitivit<span class=\"_ _2\"></span>y anal<span class=\"_ _2\"></span>ysis is per<span class=\"_ _2\"></span>forme<span class=\"_ _2\"></span>d in resp<span class=\"_ _2\"></span>ect of<span class=\"_ gs132\"> </span>the key as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s used in th<span class=\"_ _2\"></span>e valuation of th<span class=\"_ _2\"></span>ese finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e details of thi<span class=\"_ _2\"></span>s sensiti<span class=\"_ _2\"></span>vity a<span class=\"_ _2\"></span>nalysis a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d in note E2.4<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A4.3 Pension scheme obli<span class=\"_ _5\"></span>gations<span class=\"_ _3bc\"> </span>The val<span class=\"_ _2\"></span>uation of pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>eme oblig<span class=\"_ _2\"></span>ations is d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d using ac<span class=\"_ _2\"></span>tuaria<span class=\"_ _2\"></span>l valuations t<span class=\"_ _2\"></span>hat depe<span class=\"_ _2\"></span>nd upon a n<span class=\"_ _2\"></span>umber of as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s, inc<span class=\"_ _2\"></span>luding disc<span class=\"_ _2\"></span>ount rate, infla<span class=\"_ _2\"></span>tion and lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y. Ex<span class=\"_ _2\"></span>ternal ac<span class=\"_ _2\"></span>tuaria<span class=\"_ _2\"></span>l advice is t<span class=\"_ _2\"></span>aken with reg<span class=\"_ _2\"></span>ard to set<span class=\"_ _2\"></span>ting the fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns to be use<span class=\"_ _2\"></span>d in the valuat<span class=\"_ _2\"></span>ion. As defin<span class=\"_ _2\"></span>ed ben<span class=\"_ _2\"></span>efit pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>emes are lo<span class=\"_ _2\"></span>ng-term in n<span class=\"_ _2\"></span>ature, suc<span class=\"_ _2\"></span>h assum<span class=\"_ _2\"></span>ptions ca<span class=\"_ _2\"></span>n be subj<span class=\"_ _2\"></span>ect to sig<span class=\"_ _2\"></span>nificant un<span class=\"_ _2\"></span>cer<span class=\"_ _2\"></span>taint<span class=\"_ _2\"></span>y. Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s of these e<span class=\"_ _2\"></span>stimates a<span class=\"_ _2\"></span>nd the se<span class=\"_ _2\"></span>nsitivit<span class=\"_ _2\"></span>y of the defin<span class=\"_ _2\"></span>ed be<span class=\"_ _2\"></span>nefit oblig<span class=\"_ _2\"></span>ation to key assumpt<span class=\"_ _2\"></span>ions are provide<span class=\"_ _2\"></span>d in note G1<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A4.<span class=\"_ _2\"></span>4 Adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d oper<span class=\"_ _2\"></span>atin<span class=\"_ _2\"></span>g profit<span class=\"_ _3bc\"> </span>Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit is the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s n<span class=\"_ _2\"></span>on-GA<span class=\"_ _2\"></span>AP mea<span class=\"_ _2\"></span>sure of per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e and provid<span class=\"_ _2\"></span>es sta<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>holde<span class=\"_ _2\"></span>rs with a co<span class=\"_ _2\"></span>mparabl<span class=\"_ _2\"></span>e meas<span class=\"_ _2\"></span>ure of the under<span class=\"_ _2\"></span>lying pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance of the G<span class=\"_ _2\"></span>roup. The Gro<span class=\"_ _2\"></span>up is require<span class=\"_ _2\"></span>d to make judge<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s as to the appro<span class=\"_ _2\"></span>priate long<span class=\"_ _2\"></span>er-term rate<span class=\"_ _2\"></span>s of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment retur<span class=\"_ _2\"></span>n for the dete<span class=\"_ _2\"></span>rmination of a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted oper<span class=\"_ _2\"></span>ating profit b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n yields at th<span class=\"_ _2\"></span>e star<span class=\"_ _2\"></span>t of the finan<span class=\"_ _2\"></span>cial year, as deta<span class=\"_ _2\"></span>iled in note B2, an<span class=\"_ _2\"></span>d as to wheth<span class=\"_ _2\"></span>er items are incl<span class=\"_ _2\"></span>uded with<span class=\"_ _2\"></span>in adjus<span class=\"_ _2\"></span>ted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit or exclude<span class=\"_ _2\"></span>d as an ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent to adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g profit in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with the ac<span class=\"_ _2\"></span>counting polic<span class=\"_ _2\"></span>y detaile<span class=\"_ _2\"></span>d in note B1. I<span class=\"_ _2\"></span>tems exclud<span class=\"_ _2\"></span>ed from ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d oper<span class=\"_ _2\"></span>ating profit are refer<span class=\"_ _2\"></span>red to as \u2018non-op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g items\u2019<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>A4.5 Control and consolidation<span class=\"_ _5\"></span> The Gro<span class=\"_ _2\"></span>up has inves<span class=\"_ _2\"></span>ted in a numb<span class=\"_ _2\"></span>er of colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes an<span class=\"_ _2\"></span>d other t<span class=\"_ _2\"></span>ype<span class=\"_ _2\"></span>s of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment whe<span class=\"_ _2\"></span>re judg<span class=\"_ _2\"></span>ement is ap<span class=\"_ _2\"></span>plied in dete<span class=\"_ _2\"></span>rmining wheth<span class=\"_ _2\"></span>er the Gro<span class=\"_ _2\"></span>up controls th<span class=\"_ _2\"></span>e activit<span class=\"_ _2\"></span>ies of thes<span class=\"_ _2\"></span>e entities<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e entities a<span class=\"_ _2\"></span>re typic<span class=\"_ _2\"></span>ally s<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ured in such a w<span class=\"_ _2\"></span>ay that owning th<span class=\"_ _2\"></span>e majo<span class=\"_ _2\"></span>rity of th<span class=\"_ _2\"></span>e voting right<span class=\"_ _2\"></span>s is not the c<span class=\"_ _2\"></span>onclus<span class=\"_ _2\"></span>ive factor in th<span class=\"_ _2\"></span>e determina<span class=\"_ _2\"></span>tion of control in line w<span class=\"_ _2\"></span>ith the req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>s of IFRS 10 Con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d Finan<span class=\"_ _2\"></span>cial Statemen<span class=\"_ _5\"></span>ts<span class=\"_ _3bc\"> </span>. The c<span class=\"_ _2\"></span>ontrol ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ment the<span class=\"_ _2\"></span>refore involves a numbe<span class=\"_ _2\"></span>r of furth<span class=\"_ _2\"></span>er cons<span class=\"_ _2\"></span>ideratio<span class=\"_ _2\"></span>ns such a<span class=\"_ _2\"></span>s whether t<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s a unilateral p<span class=\"_ _2\"></span>ower of veto in gen<span class=\"_ _2\"></span>eral me<span class=\"_ _2\"></span>eting<span class=\"_ _2\"></span>s and wheth<span class=\"_ _2\"></span>er the exis<span class=\"_ _2\"></span>tence of oth<span class=\"_ _2\"></span>er agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s restric<span class=\"_ _2\"></span>t the Gro<span class=\"_ _2\"></span>up from bein<span class=\"_ _2\"></span>g able to influen<span class=\"_ _2\"></span>ce the ac<span class=\"_ _2\"></span>tivitie<span class=\"_ _2\"></span>s. Furt<span class=\"_ _2\"></span>her deta<span class=\"_ _2\"></span>ils of these j<span class=\"_ _2\"></span>udgem<span class=\"_ _2\"></span>ents are g<span class=\"_ _2\"></span>iven in note H1<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A4.<span class=\"_ _2\"></span>6 How cl<span class=\"_ _2\"></span>imate ri<span class=\"_ _2\"></span>sk af<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>s our a<span class=\"_ _2\"></span>ccou<span class=\"_ _2\"></span>nting j<span class=\"_ _2\"></span>udg<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s and es<span class=\"_ _2\"></span>tim<span class=\"_ _2\"></span>ates In prep<span class=\"_ _2\"></span>aration of the<span class=\"_ _2\"></span>se finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e Group has c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>red the imp<span class=\"_ _2\"></span>act of clim<span class=\"_ _2\"></span>ate chang<span class=\"_ _2\"></span>e acros<span class=\"_ _2\"></span>s a numbe<span class=\"_ _2\"></span>r of areas<span class=\"_ _2\"></span>, predom<span class=\"_ _2\"></span>inantly in<span class=\"_ gs132\"> </span>resp<span class=\"_ _2\"></span>ect of<span class=\"_ gs132\"> </span>the v<span class=\"_ _2\"></span>aluation of fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts, in<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce and inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities an<span class=\"_ _2\"></span>d good<span class=\"_ _2\"></span>will and other int<span class=\"_ _2\"></span>angibl<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts. Many of the ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>ts arisin<span class=\"_ _2\"></span>g from climate ch<span class=\"_ _2\"></span>ange w<span class=\"_ _2\"></span>ill be long<span class=\"_ _2\"></span>er-term in nat<span class=\"_ _2\"></span>ure, with an inhe<span class=\"_ _2\"></span>rent level of unc<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>aint<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, an<span class=\"_ _2\"></span>d have bee<span class=\"_ _2\"></span>n asse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d as having a<span class=\"_ gs132\"> </span>lim<span class=\"_ _2\"></span>ited effe<span class=\"_ _2\"></span>ct on ac<span class=\"_ _2\"></span>countin<span class=\"_ _2\"></span>g judgm<span class=\"_ _2\"></span>ents an<span class=\"_ _2\"></span>d estim<span class=\"_ _2\"></span>ates for the curre<span class=\"_ _2\"></span>nt perio<span class=\"_ _2\"></span>d. The m<span class=\"_ _2\"></span>ajorit<span class=\"_ _2\"></span>y of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s are hel<span class=\"_ _2\"></span>d at fair value an<span class=\"_ _2\"></span>d use quote<span class=\"_ _2\"></span>d market prices o<span class=\"_ _2\"></span>r obser<span class=\"_ _2\"></span>vable m<span class=\"_ _2\"></span>arket inputs in t<span class=\"_ _2\"></span>heir valuati<span class=\"_ _2\"></span>on. The<span class=\"_ gs132\"> </span>us<span class=\"_ _2\"></span>e of quoted mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t prices an<span class=\"_ _2\"></span>d market input<span class=\"_ _2\"></span>s to determine f<span class=\"_ _2\"></span>air value refle<span class=\"_ _2\"></span>cts c<span class=\"_ _2\"></span>urrent informatio<span class=\"_ _2\"></span>n and market se<span class=\"_ _2\"></span>ntiment reg<span class=\"_ _2\"></span>arding th<span class=\"_ _2\"></span>e effec<span class=\"_ _2\"></span>t of climate ris<span class=\"_ _2\"></span>k. For the val<span class=\"_ _2\"></span>uation of level 3 fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>, there are no m<span class=\"_ _2\"></span>aterial uno<span class=\"_ _2\"></span>bser<span class=\"_ _2\"></span>vable inp<span class=\"_ _2\"></span>uts in rel<span class=\"_ _2\"></span>ation to climate ris<span class=\"_ _2\"></span>k. Note E6 provide<span class=\"_ _2\"></span>s furt<span class=\"_ _2\"></span>her risk m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>ment dis<span class=\"_ _2\"></span>closures in re<span class=\"_ _2\"></span>lation to finan<span class=\"_ _2\"></span>cial risks in<span class=\"_ _2\"></span>cluding s<span class=\"_ _2\"></span>ensitiv<span class=\"_ _2\"></span>ities in relati<span class=\"_ _2\"></span>on to credit an<span class=\"_ _2\"></span>d market risk. I<span class=\"_ _2\"></span>n addition<span class=\"_ _2\"></span>, fur<span class=\"_ _2\"></span>ther de<span class=\"_ _2\"></span>tails on ma<span class=\"_ _2\"></span>naging t<span class=\"_ _2\"></span>he related c<span class=\"_ _2\"></span>limate chan<span class=\"_ _2\"></span>ge risks are p<span class=\"_ _2\"></span>rovided in th<span class=\"_ _2\"></span>e T<span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>sk Force for Climate<span class=\"_ _2\"></span>-relate<span class=\"_ _2\"></span>d Financ<span class=\"_ _2\"></span>ial Disc<span class=\"_ _2\"></span>losures (<span class=\"_ _2\"></span>\u2018TCFD\u2019<span class=\"_ _2\"></span>) on pag<span class=\"_ _2\"></span>e 44 of th<span class=\"_ _2\"></span>e Annual Re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t and Acc<span class=\"_ _2\"></span>ounts<span class=\"_ _2\"></span>. Insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>ct liabiliti<span class=\"_ _2\"></span>es with DPF u<span class=\"_ _2\"></span>se ec<span class=\"_ _2\"></span>onomic as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s taking into a<span class=\"_ _2\"></span>ccount m<span class=\"_ _2\"></span>arket condition<span class=\"_ _2\"></span>s at the valua<span class=\"_ _2\"></span>tion date as well as n<span class=\"_ _2\"></span>on-ec<span class=\"_ _2\"></span>onomic a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns such a<span class=\"_ _2\"></span>s future exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s, lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y and mo<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ality, which are s<span class=\"_ _2\"></span>et bas<span class=\"_ _2\"></span>ed on pas<span class=\"_ _2\"></span>t expe<span class=\"_ _2\"></span>rience<span class=\"_ _2\"></span>, market prac<span class=\"_ _2\"></span>tice, reg<span class=\"_ _2\"></span>ulations an<span class=\"_ _2\"></span>d expe<span class=\"_ _2\"></span>ctation<span class=\"_ _2\"></span>s about f<span class=\"_ _2\"></span>uture tren<span class=\"_ _2\"></span>ds. D<span class=\"_ _2\"></span>ue to the level of ann<span class=\"_ _2\"></span>uities writ<span class=\"_ _2\"></span>ten by the G<span class=\"_ _2\"></span>roup, it is par<span class=\"_ _2\"></span>ticul<span class=\"_ _2\"></span>arly expo<span class=\"_ _2\"></span>sed to lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y risk<span class=\"_ _2\"></span>. At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023 the<span class=\"_ _2\"></span>re<span class=\"_ gs132\"> </span>are no ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ents ma<span class=\"_ _2\"></span>de to the lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>umptions to sp<span class=\"_ _2\"></span>ecific<span class=\"_ _2\"></span>ally allow for th<span class=\"_ _2\"></span>e impac<span class=\"_ _2\"></span>t of climate chan<span class=\"_ _2\"></span>ge on annuit<span class=\"_ _2\"></span>ant mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y. Furthe<span class=\"_ _2\"></span>r details as<span class=\"_ gs132\"> </span>to h<span class=\"_ _2\"></span>ow assum<span class=\"_ _2\"></span>ptions are s<span class=\"_ _2\"></span>et and of the se<span class=\"_ _2\"></span>nsitivit<span class=\"_ _2\"></span>y of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s re<span class=\"_ _2\"></span>sults to an<span class=\"_ _2\"></span>nuitant lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y and oth<span class=\"_ _2\"></span>er key insur<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>ks are set out in n<span class=\"_ _2\"></span>ote F11. The as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of imp<span class=\"_ _2\"></span>airment for g<span class=\"_ _2\"></span>oodwill a<span class=\"_ _2\"></span>nd intang<span class=\"_ _2\"></span>ible as<span class=\"_ _2\"></span>sets is b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n value in use c<span class=\"_ _2\"></span>alculat<span class=\"_ _2\"></span>ions. Value in use rep<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>s the value of f<span class=\"_ _2\"></span>uture ca<span class=\"_ _2\"></span>sh flows and u<span class=\"_ _2\"></span>ses the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s three<span class=\"_ _2\"></span>-year a<span class=\"_ _2\"></span>nnual op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>lan and th<span class=\"_ _2\"></span>e expec<span class=\"_ _2\"></span>tation of lon<span class=\"_ _2\"></span>g-term ec<span class=\"_ _2\"></span>onomic g<span class=\"_ _2\"></span>rowth b<span class=\"_ _2\"></span>eyond this p<span class=\"_ _2\"></span>eriod. T<span class=\"_ _2\"></span>he three<span class=\"_ _2\"></span>-year a<span class=\"_ _2\"></span>nnual op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>lan reflec<span class=\"_ _2\"></span>ts ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>s c<span class=\"_ _2\"></span>urrent exp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ations on co<span class=\"_ _2\"></span>mpetitive<span class=\"_ _2\"></span>ness a<span class=\"_ _2\"></span>nd profitab<span class=\"_ _2\"></span>ility an<span class=\"_ _2\"></span>d reflec<span class=\"_ _2\"></span>ts the ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted impac<span class=\"_ _2\"></span>ts of the p<span class=\"_ _2\"></span>roces<span class=\"_ _2\"></span>s of moving toward<span class=\"_ _2\"></span>s a low carb<span class=\"_ _2\"></span>on econ<span class=\"_ _2\"></span>omy<span class=\"_ _5\"></span>. Note G2 provid<span class=\"_ _2\"></span>es fur<span class=\"_ _2\"></span>ther det<span class=\"_ _2\"></span>ails on go<span class=\"_ _2\"></span>odwill an<span class=\"_ _2\"></span>d other intan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd on impair<span class=\"_ _2\"></span>ment tes<span class=\"_ _2\"></span>ting per<span class=\"_ _2\"></span>forme<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span>A5. N<span class=\"_ _2\"></span>ew acc<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>ing pr<span class=\"_ _2\"></span>onou<span class=\"_ _2\"></span>ncem<span class=\"_ _2\"></span>ents n<span class=\"_ _2\"></span>ot yet ef<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>ive The IAS<span class=\"_ _2\"></span>B has is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d the following s<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ards or ame<span class=\"_ _2\"></span>nded s<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ards and interp<span class=\"_ _2\"></span>retation<span class=\"_ _2\"></span>s which appl<span class=\"_ _2\"></span>y from the dates s<span class=\"_ _2\"></span>hown. T<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s dec<span class=\"_ _2\"></span>ided not to e<span class=\"_ _2\"></span>arly adopt a<span class=\"_ _2\"></span>ny of these s<span class=\"_ _2\"></span>tandar<span class=\"_ _2\"></span>ds, am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts or interpre<span class=\"_ _2\"></span>tations wh<span class=\"_ _2\"></span>ere this is p<span class=\"_ _2\"></span>ermit<span class=\"_ _2\"></span>ted.<span class=\"_ _3bc\"> </span>Clas<span class=\"_ _2\"></span>sific<span class=\"_ _2\"></span>ation of Lia<span class=\"_ _2\"></span>bilitie<span class=\"_ _2\"></span>s as Curre<span class=\"_ _2\"></span>nt and N<span class=\"_ _2\"></span>on-c<span class=\"_ _2\"></span>urrent Lia<span class=\"_ _2\"></span>bilitie<span class=\"_ _2\"></span>s with Coven<span class=\"_ _2\"></span>ants (<span class=\"_ _2\"></span>Amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s to IAS 1 Presentation of Financial Statem<span class=\"_ _2\"></span>ents) (1 January 202<span class=\"_ _5\"></span>4)<span class=\"_ _3bc\"> </span>The init<span class=\"_ _2\"></span>ial amen<span class=\"_ _2\"></span>dments c<span class=\"_ _2\"></span>larif<span class=\"_ _2\"></span>y rather t<span class=\"_ _2\"></span>han chan<span class=\"_ _2\"></span>ge exis<span class=\"_ _2\"></span>ting req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>s and aim to as<span class=\"_ _2\"></span>sist ent<span class=\"_ _2\"></span>ities in determ<span class=\"_ _2\"></span>ining wheth<span class=\"_ _2\"></span>er debt an<span class=\"_ _2\"></span>d other liabilitie<span class=\"_ _2\"></span>s with an unc<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>ain set<span class=\"_ _2\"></span>tlem<span class=\"_ _2\"></span>ent date sho<span class=\"_ _2\"></span>uld be clas<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>d as current or n<span class=\"_ _2\"></span>on-curre<span class=\"_ _2\"></span>nt. It is c<span class=\"_ _2\"></span>urrently not exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d that the<span class=\"_ _2\"></span>re will be any recl<span class=\"_ _2\"></span>assific<span class=\"_ _2\"></span>ations a<span class=\"_ _2\"></span>s a result of this cl<span class=\"_ _2\"></span>arificati<span class=\"_ _2\"></span>on.<span class=\"_ _3bc\"> </span>Non<span class=\"_ _2\"></span>-curr<span class=\"_ _2\"></span>ent Liabi<span class=\"_ _2\"></span>lities wit<span class=\"_ _2\"></span>h Covena<span class=\"_ _2\"></span>nts (Am<span class=\"_ _2\"></span>endm<span class=\"_ _2\"></span>ents to IA<span class=\"_ _2\"></span>S 1 Presentation of Financial Statem<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span>) (1 Janu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y 2024)<span class=\"_ _3bc\"> </span>Furth<span class=\"_ _2\"></span>er amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s were then ma<span class=\"_ _2\"></span>de which sp<span class=\"_ _2\"></span>ecif<span class=\"_ _2\"></span>y that c<span class=\"_ _2\"></span>ovenants of lo<span class=\"_ _2\"></span>an arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts which an e<span class=\"_ _2\"></span>ntit<span class=\"_ _2\"></span>y must c<span class=\"_ _2\"></span>omply with o<span class=\"_ _2\"></span>nly afte<span class=\"_ _2\"></span>r the repor<span class=\"_ _2\"></span>ting<span class=\"_ _2\"></span> date would n<span class=\"_ _2\"></span>ot affec<span class=\"_ _2\"></span>t clas<span class=\"_ _2\"></span>sificat<span class=\"_ _2\"></span>ion of a liabilit<span class=\"_ _2\"></span>y as curre<span class=\"_ _2\"></span>nt or non-c<span class=\"_ _2\"></span>urrent at the rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting date. Howe<span class=\"_ _2\"></span>ver<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>ose coven<span class=\"_ _2\"></span>ants that a<span class=\"_ _2\"></span>n entit<span class=\"_ _2\"></span>y is require<span class=\"_ _2\"></span>d to comp<span class=\"_ _2\"></span>ly with on or b<span class=\"_ _2\"></span>efore the repor<span class=\"_ _2\"></span>ting d<span class=\"_ _2\"></span>ate would af<span class=\"_ _2\"></span>fect cl<span class=\"_ _2\"></span>assific<span class=\"_ _2\"></span>ation as c<span class=\"_ _2\"></span>urrent or non-<span class=\"_ _2\"></span>current<span class=\"_ _2\"></span>, even if the coven<span class=\"_ _2\"></span>ant is only as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed af<span class=\"_ _2\"></span>ter the<span class=\"_ _2\"></span> entit<span class=\"_ _2\"></span>y\u2019s repor<span class=\"_ _2\"></span>ting date<span class=\"_ _2\"></span>. The amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s also introd<span class=\"_ _2\"></span>uce addit<span class=\"_ _2\"></span>ional dis<span class=\"_ _2\"></span>closure re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s. Wh<span class=\"_ _2\"></span>en an entit<span class=\"_ _2\"></span>y cla<span class=\"_ _2\"></span>ssifies a li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y arising from a l<span class=\"_ _2\"></span>oan arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt as non-<span class=\"_ _2\"></span>current an<span class=\"_ _2\"></span>d that liabilit<span class=\"_ _2\"></span>y is sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to the covena<span class=\"_ _2\"></span>nts which an e<span class=\"_ _2\"></span>ntit<span class=\"_ _2\"></span>y is require<span class=\"_ _2\"></span>d to comply wit<span class=\"_ _2\"></span>h within 12<span class=\"_ gs132\"> </span>month<span class=\"_ _2\"></span>s of the repor<span class=\"_ _2\"></span>ting date, th<span class=\"_ _2\"></span>e entit<span class=\"_ _2\"></span>y shall dis<span class=\"_ _2\"></span>close inform<span class=\"_ _2\"></span>ation in the note<span class=\"_ _2\"></span>s that ena<span class=\"_ _2\"></span>bles use<span class=\"_ _2\"></span>rs of financ<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s to unders<span class=\"_ _2\"></span>tand t<span class=\"_ _2\"></span>he risk that t<span class=\"_ _2\"></span>he liabilit<span class=\"_ _2\"></span>y coul<span class=\"_ _2\"></span>d be<span class=\"_ _2\"></span>come rep<span class=\"_ _2\"></span>ayable within 12 m<span class=\"_ _2\"></span>onths of the rep<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ing perio<span class=\"_ _2\"></span>d. The<span class=\"_ _2\"></span>se amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s are not expe<span class=\"_ _2\"></span>cted to h<span class=\"_ _2\"></span>ave any impact o<span class=\"_ _2\"></span>n the Group.<span class=\"_ _3bc\"> </span>Leas<span class=\"_ _2\"></span>e Liabil<span class=\"_ _2\"></span>ity in a S<span class=\"_ _2\"></span>ale an<span class=\"_ _2\"></span>d Leas<span class=\"_ _2\"></span>ebac<span class=\"_ _2\"></span>k (Amen<span class=\"_ _2\"></span>dmen<span class=\"_ _2\"></span>ts to IFR<span class=\"_ _2\"></span>S 16 Lease<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>) (1 Janu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y 2024)<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts relate to h<span class=\"_ _2\"></span>ow a seller-l<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>e acc<span class=\"_ _2\"></span>ounts for var<span class=\"_ _2\"></span>iable lea<span class=\"_ _2\"></span>se payme<span class=\"_ _2\"></span>nts that ar<span class=\"_ _2\"></span>ise in a sale a<span class=\"_ _2\"></span>nd leas<span class=\"_ _2\"></span>ebac<span class=\"_ _2\"></span>k trans<span class=\"_ _2\"></span>action<span class=\"_ _2\"></span>. On initia<span class=\"_ _2\"></span>l rec<span class=\"_ _2\"></span>ognition<span class=\"_ _2\"></span>, the<span class=\"_ gs132\"> </span>se<span class=\"_ _2\"></span>ller-les<span class=\"_ _2\"></span>see i<span class=\"_ _2\"></span>s required to in<span class=\"_ _2\"></span>clude vari<span class=\"_ _2\"></span>able lea<span class=\"_ _2\"></span>se payme<span class=\"_ _2\"></span>nts when m<span class=\"_ _2\"></span>easurin<span class=\"_ _2\"></span>g a leas<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y arising fro<span class=\"_ _2\"></span>m a sale<span class=\"_ _2\"></span>-and-le<span class=\"_ _2\"></span>aseb<span class=\"_ _2\"></span>ack tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion. Af<span class=\"_ _2\"></span>ter initial re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion, they a<span class=\"_ _2\"></span>re require<span class=\"_ _2\"></span>d to apply the g<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>al requirem<span class=\"_ _2\"></span>ents for sub<span class=\"_ _2\"></span>sequ<span class=\"_ _2\"></span>ent acc<span class=\"_ _2\"></span>ounting of the le<span class=\"_ _2\"></span>ase liabili<span class=\"_ _2\"></span>ty su<span class=\"_ _2\"></span>ch that n<span class=\"_ _2\"></span>o gain or los<span class=\"_ _2\"></span>s relatin<span class=\"_ _2\"></span>g to the retaine<span class=\"_ _2\"></span>d right of use is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised<span class=\"_ _2\"></span>. Selle<span class=\"_ _2\"></span>r-less<span class=\"_ _2\"></span>ees are re<span class=\"_ _2\"></span>quired to re<span class=\"_ _2\"></span>asse<span class=\"_ _2\"></span>ss and p<span class=\"_ _2\"></span>otentially re<span class=\"_ _2\"></span>state s<span class=\"_ _2\"></span>ale-a<span class=\"_ _2\"></span>nd-<span class=\"_ _3bc\"> </span>lea<span class=\"_ _2\"></span>sebac<span class=\"_ _2\"></span>k trans<span class=\"_ _2\"></span>action<span class=\"_ _2\"></span>s entered into sin<span class=\"_ _2\"></span>ce the imp<span class=\"_ _2\"></span>lement<span class=\"_ _2\"></span>ation. Th<span class=\"_ _2\"></span>ese am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts are not exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d to have any impac<span class=\"_ _2\"></span>t on the Gro<span class=\"_ _2\"></span>up.<span class=\"_ _3bc\"> </span>Sup<span class=\"_ _2\"></span>plier F<span class=\"_ _2\"></span>inanc<span class=\"_ _2\"></span>e Arran<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ents (<span class=\"_ _2\"></span>Amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s to IAS 7 Sta<span class=\"_ _2\"></span>tement of C<span class=\"_ _2\"></span>ash Flow<span class=\"_ _2\"></span>s and I<span class=\"_ _2\"></span>FRS 7 Financial Instruments: Disclosures) (1 January 202<span class=\"_ _5\"></span>4)<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts add a di<span class=\"_ _2\"></span>sclosure o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tive to IAS 7 st<span class=\"_ _2\"></span>ating that a<span class=\"_ _2\"></span>n entit<span class=\"_ _2\"></span>y is require<span class=\"_ _2\"></span>d to disclos<span class=\"_ _2\"></span>e information ab<span class=\"_ _2\"></span>out it<span class=\"_ _2\"></span>s supplier fin<span class=\"_ _2\"></span>ance arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts that e<span class=\"_ _2\"></span>nable<span class=\"_ _2\"></span>s users of fin<span class=\"_ _2\"></span>ancial s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ents to as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>s the effe<span class=\"_ _2\"></span>cts of th<span class=\"_ _2\"></span>ose arra<span class=\"_ _2\"></span>ngem<span class=\"_ _2\"></span>ents on th<span class=\"_ _2\"></span>e entit<span class=\"_ _2\"></span>y\u2019s liabilities and c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s. In addit<span class=\"_ _2\"></span>ion, IFR<span class=\"_ _2\"></span>S 7 was ame<span class=\"_ _2\"></span>nded to a<span class=\"_ _2\"></span>dd supplie<span class=\"_ _2\"></span>r finance a<span class=\"_ _2\"></span>rrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s as an examp<span class=\"_ _2\"></span>le within the re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s to disclo<span class=\"_ _2\"></span>se informatio<span class=\"_ _2\"></span>n about an entit<span class=\"_ _2\"></span>y\u2019s exposure to c<span class=\"_ _2\"></span>once<span class=\"_ _2\"></span>ntration of liquidit<span class=\"_ _2\"></span>y ris<span class=\"_ _2\"></span>k These a<span class=\"_ _2\"></span>mendm<span class=\"_ _2\"></span>ents are not ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted to have any impa<span class=\"_ _2\"></span>ct on the G<span class=\"_ _2\"></span>roup.<span class=\"_ _3bc\"> </span>Lac<span class=\"_ _2\"></span>k of Exc<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>eabil<span class=\"_ _2\"></span>ity (<span class=\"_ _2\"></span>Amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s to IAS 21 Th<span class=\"_ _2\"></span>e Effec<span class=\"_ _2\"></span>ts of Ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in Foreign E<span class=\"_ _2\"></span>xcha<span class=\"_ _2\"></span>nge R<span class=\"_ _2\"></span>ates) (1 Janu<span class=\"_ _2\"></span>ary 2<span class=\"_ _2\"></span>025)<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts clarif<span class=\"_ _2\"></span>y how a<span class=\"_ _2\"></span>n entit<span class=\"_ _2\"></span>y should a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ss whet<span class=\"_ _2\"></span>her a curren<span class=\"_ _2\"></span>cy is exch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>able and h<span class=\"_ _2\"></span>ow it should d<span class=\"_ _2\"></span>etermine a sp<span class=\"_ _2\"></span>ot exchang<span class=\"_ _2\"></span>e rate when exc<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>eabilit<span class=\"_ _2\"></span>y is lack<span class=\"_ _2\"></span>ing, a<span class=\"_ _2\"></span>s well as require t<span class=\"_ _2\"></span>he disclo<span class=\"_ _2\"></span>sure of information th<span class=\"_ _2\"></span>at enabl<span class=\"_ _2\"></span>es user<span class=\"_ _2\"></span>s of financia<span class=\"_ _2\"></span>l statem<span class=\"_ _2\"></span>ents to un<span class=\"_ _2\"></span>ders<span class=\"_ _2\"></span>tand the impac<span class=\"_ _2\"></span>t of a curren<span class=\"_ _2\"></span>cy not be<span class=\"_ _2\"></span>ing exchan<span class=\"_ _2\"></span>geabl<span class=\"_ _2\"></span>e. Thes<span class=\"_ _2\"></span>e amendm<span class=\"_ _2\"></span>ents are n<span class=\"_ _2\"></span>ot expec<span class=\"_ _2\"></span>ted to have any imp<span class=\"_ _2\"></span>act on th<span class=\"_ _2\"></span>e Group.<span class=\"_ _3bc\"> </span>Sa<span class=\"_ _2\"></span>le or Co<span class=\"_ _2\"></span>ntributi<span class=\"_ _2\"></span>on of Ass<span class=\"_ _2\"></span>ets b<span class=\"_ _2\"></span>etw<span class=\"_ _2\"></span>een an Inve<span class=\"_ _2\"></span>stor an<span class=\"_ _2\"></span>d its A<span class=\"_ _2\"></span>ssoc<span class=\"_ _2\"></span>iate or J<span class=\"_ _2\"></span>oint V<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>nture (A<span class=\"_ _2\"></span>mendm<span class=\"_ _2\"></span>ents t<span class=\"_ _2\"></span>o IFRS 10 a<span class=\"_ _2\"></span>nd IAS 28<span class=\"_ _2\"></span>) (Ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive<span class=\"_ gs234\"> </span>da<span class=\"_ _2\"></span>te defe<span class=\"_ _2\"></span>rre<span class=\"_ _2\"></span>d)<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts addre<span class=\"_ _2\"></span>ss the c<span class=\"_ _2\"></span>onflict b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en IFRS 1<span class=\"_ _2\"></span>0 and IAS 2<span class=\"_ _2\"></span>8 in dealing wi<span class=\"_ _2\"></span>th the los<span class=\"_ _2\"></span>s of control of a subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y that is sol<span class=\"_ _2\"></span>d or contribu<span class=\"_ _2\"></span>ted to<span class=\"_ gs132\"> </span>an as<span class=\"_ _2\"></span>sociate o<span class=\"_ _2\"></span>r joint venture. T<span class=\"_ _2\"></span>hese am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts are not exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ted to have any impac<span class=\"_ _2\"></span>t on the Gro<span class=\"_ _2\"></span>up.<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing amen<span class=\"_ _2\"></span>dments to s<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ards liste<span class=\"_ _2\"></span>d above have be<span class=\"_ _2\"></span>en endo<span class=\"_ _2\"></span>rse<span class=\"_ _2\"></span>d for use in the U<span class=\"_ _2\"></span>K by the UK En<span class=\"_ _2\"></span>dorse<span class=\"_ _2\"></span>ment Bo<span class=\"_ _2\"></span>ard:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>lassifi<span class=\"_ _2\"></span>cation of Liabilit<span class=\"_ _2\"></span>ies as Curre<span class=\"_ _2\"></span>nt and Non-<span class=\"_ _2\"></span>current (<span class=\"_ _2\"></span>Amendm<span class=\"_ _2\"></span>ents to IAS 1)<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>N<span class=\"_ _2\"></span>on-cur<span class=\"_ _2\"></span>rent Liabilitie<span class=\"_ _2\"></span>s with Covena<span class=\"_ _2\"></span>nts (Am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts to IAS 1); \u2022 <span class=\"_ _9\"> </span>Le<span class=\"_ _2\"></span>ase Liabilit<span class=\"_ _2\"></span>y in a S<span class=\"_ _2\"></span>ale and Lea<span class=\"_ _2\"></span>seba<span class=\"_ _2\"></span>ck (Ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s to IFRS 1<span class=\"_ _2\"></span>6 Lea<span class=\"_ _2\"></span>ses); and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>S<span class=\"_ _2\"></span>upplier F<span class=\"_ _2\"></span>inanc<span class=\"_ _2\"></span>e Arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s (Amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s to IAS 7 State<span class=\"_ _2\"></span>ment of Cash Fl<span class=\"_ _2\"></span>ows and I<span class=\"_ _2\"></span>FRS 7 Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts: D<span class=\"_ _2\"></span>isclos<span class=\"_ _2\"></span>ures)<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff2 fs7 fc10 sc0 ls16 ws14 gs236\">B. Earni<span class=\"_ _5\"></span>ngs perfor<span class=\"_ _5\"></span>mance<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls13 ws11 gs237\">B1. Segmental analysis<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs238\">The Gro<span class=\"_ _2\"></span>up defines a<span class=\"_ _2\"></span>nd prese<span class=\"_ _2\"></span>nts ope<span class=\"_ _2\"></span>rating s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nts in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with IFR<span class=\"_ _2\"></span>S 8 \u2018Oper<span class=\"_ _2\"></span>ating Se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>s\u2019 which req<span class=\"_ _2\"></span>uires such s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ents to be </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs239\">bas<span class=\"_ _2\"></span>ed on the inform<span class=\"_ _2\"></span>ation which i<span class=\"_ _2\"></span>s provided to th<span class=\"_ _2\"></span>e Board<span class=\"_ _2\"></span>, and therefore s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ental informat<span class=\"_ _2\"></span>ion in this note is pre<span class=\"_ _2\"></span>sented o<span class=\"_ _2\"></span>n a different b<span class=\"_ _2\"></span>asis </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs23a\">from profit or l<span class=\"_ _2\"></span>oss in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial s<span class=\"_ _2\"></span>tatement<span class=\"_ _2\"></span>s. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs23b\">An ope<span class=\"_ _2\"></span>rating se<span class=\"_ _2\"></span>gme<span class=\"_ _2\"></span>nt is a compo<span class=\"_ _2\"></span>nent of the Gro<span class=\"_ _2\"></span>up that eng<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>s in busine<span class=\"_ _2\"></span>ss ac<span class=\"_ _2\"></span>tivities from w<span class=\"_ _2\"></span>hich it may ea<span class=\"_ _2\"></span>rn revenues a<span class=\"_ _2\"></span>nd incur ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs23c\">inclu<span class=\"_ _2\"></span>ding revenue<span class=\"_ _2\"></span>s and exp<span class=\"_ _2\"></span>enses re<span class=\"_ _2\"></span>lating to tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tions with oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>s of the Group.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs23d\">For man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent purpo<span class=\"_ _2\"></span>ses the G<span class=\"_ _2\"></span>roup is orga<span class=\"_ _2\"></span>nised into val<span class=\"_ _2\"></span>ue centres<span class=\"_ _2\"></span>. Durin<span class=\"_ _2\"></span>g the per<span class=\"_ _2\"></span>iod the Gro<span class=\"_ _2\"></span>up reas<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ed it<span class=\"_ _2\"></span>s repor<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ents to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs23e\">refle<span class=\"_ _2\"></span>ct its tr<span class=\"_ _2\"></span>ansition to a p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>-led ret<span class=\"_ _2\"></span>irement sp<span class=\"_ _2\"></span>eciali<span class=\"_ _2\"></span>st and th<span class=\"_ _2\"></span>e comme<span class=\"_ _2\"></span>ncem<span class=\"_ _2\"></span>ent of the grow, optimis<span class=\"_ _2\"></span>e and enh<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>tage of o<span class=\"_ _2\"></span>ur strate<span class=\"_ _2\"></span>gic </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs23f\">journ<span class=\"_ _2\"></span>ey<span class=\"_ _5\"></span>. The G<span class=\"_ _2\"></span>roup now has fi<span class=\"_ _2\"></span>ve operatin<span class=\"_ _2\"></span>g seg<span class=\"_ _2\"></span>ments c<span class=\"_ _2\"></span>omprisin<span class=\"_ _2\"></span>g Retireme<span class=\"_ _2\"></span>nt Solutio<span class=\"_ _2\"></span>ns, Pen<span class=\"_ _2\"></span>sions &amp; S<span class=\"_ _2\"></span>avings<span class=\"_ _2\"></span>, With-Profi<span class=\"_ _2\"></span>ts, S<span class=\"_ _2\"></span>unLife &amp; Protec<span class=\"_ _2\"></span>tion, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs240\">and Europ<span class=\"_ _2\"></span>e &amp; Othe<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>. Th<span class=\"_ _2\"></span>e compar<span class=\"_ _2\"></span>ative information h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n rest<span class=\"_ _2\"></span>ated to reflec<span class=\"_ _2\"></span>t this ch<span class=\"_ _2\"></span>ange. For re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting purp<span class=\"_ _2\"></span>oses<span class=\"_ _2\"></span>, ope<span class=\"_ _2\"></span>rating se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>s are </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs241\">agg<span class=\"_ _2\"></span>regate<span class=\"_ _2\"></span>d where th<span class=\"_ _2\"></span>ey share simil<span class=\"_ _2\"></span>ar econ<span class=\"_ _2\"></span>omic cha<span class=\"_ _2\"></span>racte<span class=\"_ _2\"></span>ristic<span class=\"_ _2\"></span>s includin<span class=\"_ _2\"></span>g the nat<span class=\"_ _2\"></span>ure of product<span class=\"_ _2\"></span>s and se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, typ<span class=\"_ _2\"></span>es of cus<span class=\"_ _2\"></span>tomers a<span class=\"_ _2\"></span>nd the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs242\">nature of th<span class=\"_ _2\"></span>e regulato<span class=\"_ _2\"></span>ry enviro<span class=\"_ _2\"></span>nment<span class=\"_ _2\"></span>. The Sun<span class=\"_ _2\"></span>Life &amp; Protection o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g segm<span class=\"_ _2\"></span>ent has b<span class=\"_ _2\"></span>een a<span class=\"_ _2\"></span>ggreg<span class=\"_ _2\"></span>ated with th<span class=\"_ _2\"></span>e Europe ope<span class=\"_ _2\"></span>rating s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nt </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs243\">into the Europe &amp; O<span class=\"_ _2\"></span>ther re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs244\">The Ret<span class=\"_ _2\"></span>irement S<span class=\"_ _2\"></span>olutions s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent includ<span class=\"_ _2\"></span>es new an<span class=\"_ _2\"></span>d in-force individu<span class=\"_ _2\"></span>al annuit<span class=\"_ _2\"></span>y and B<span class=\"_ _2\"></span>ulk Purchas<span class=\"_ _2\"></span>e Annuit<span class=\"_ _2\"></span>y contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten within </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs245\">share<span class=\"_ _2\"></span>holde<span class=\"_ _2\"></span>r funds<span class=\"_ _2\"></span>, with the exc<span class=\"_ _2\"></span>eption of individ<span class=\"_ _2\"></span>ual annuit<span class=\"_ _2\"></span>y co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten as a resul<span class=\"_ _2\"></span>t of Guarante<span class=\"_ _2\"></span>ed Annui<span class=\"_ _2\"></span>ty O<span class=\"_ _2\"></span>ptions on with<span class=\"_ _2\"></span>-profit </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs246\">contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s. Su<span class=\"_ _2\"></span>ch contra<span class=\"_ _2\"></span>cts re<span class=\"_ _2\"></span>main in the Wi<span class=\"_ _2\"></span>th-Profit<span class=\"_ _2\"></span>s segm<span class=\"_ _2\"></span>ent following th<span class=\"_ _2\"></span>e transiti<span class=\"_ _2\"></span>on to IFRS 17<span class=\"_ _7\"></span>, a<span class=\"_ _2\"></span>s they fall wit<span class=\"_ _2\"></span>hin the contr<span class=\"_ _2\"></span>act bo<span class=\"_ _2\"></span>undar<span class=\"_ _2\"></span>y of the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs247\">origin<span class=\"_ _2\"></span>al saving<span class=\"_ _2\"></span>s or pens<span class=\"_ _2\"></span>ion contra<span class=\"_ _2\"></span>ct. T<span class=\"_ _2\"></span>he Retireme<span class=\"_ _2\"></span>nt Solut<span class=\"_ _2\"></span>ions se<span class=\"_ _2\"></span>gment als<span class=\"_ _2\"></span>o includ<span class=\"_ _2\"></span>es UK indi<span class=\"_ _2\"></span>vidual ann<span class=\"_ _2\"></span>uity b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten within th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs248\">Stan<span class=\"_ _2\"></span>dard Life Heri<span class=\"_ _2\"></span>tage W<span class=\"_ _2\"></span>ith-Profit Fund a<span class=\"_ _2\"></span>s the profits a<span class=\"_ _2\"></span>re primarily at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utable to th<span class=\"_ _2\"></span>e shareh<span class=\"_ _2\"></span>older thro<span class=\"_ _2\"></span>ugh the Re<span class=\"_ _2\"></span>cour<span class=\"_ _2\"></span>se Cash Fl<span class=\"_ _2\"></span>ow </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs249\">me<span class=\"_ _2\"></span>chanism e<span class=\"_ _2\"></span>stab<span class=\"_ _2\"></span>lished o<span class=\"_ _2\"></span>n demutu<span class=\"_ _2\"></span>alisation<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs24a\">The Pens<span class=\"_ _2\"></span>ions &amp; Savin<span class=\"_ _2\"></span>gs se<span class=\"_ _2\"></span>gment in<span class=\"_ _2\"></span>cludes n<span class=\"_ _2\"></span>ew and in-force life ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e and investm<span class=\"_ _2\"></span>ent unit-linked polic<span class=\"_ _2\"></span>ies in resp<span class=\"_ _2\"></span>ect of pe<span class=\"_ _2\"></span>nsions a<span class=\"_ _2\"></span>nd </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs24b\">saving<span class=\"_ _2\"></span>s produc<span class=\"_ _2\"></span>ts th<span class=\"_ _2\"></span>at the Group c<span class=\"_ _2\"></span>ontinues to a<span class=\"_ _2\"></span>ctively m<span class=\"_ _2\"></span>arket to new and exis<span class=\"_ _2\"></span>ting po<span class=\"_ _2\"></span>licyhol<span class=\"_ _2\"></span>ders<span class=\"_ _2\"></span>. This incl<span class=\"_ _2\"></span>udes pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s such as wor<span class=\"_ _2\"></span>kplace </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs24c\">pen<span class=\"_ _2\"></span>sions an<span class=\"_ _2\"></span>d Self-Inve<span class=\"_ _2\"></span>sted Per<span class=\"_ _2\"></span>sonal Pens<span class=\"_ _2\"></span>ion (\u2018<span class=\"_ _2\"></span>SI<span class=\"_ _2\"></span>PPs\u2019) dis<span class=\"_ _2\"></span>tributed th<span class=\"_ _2\"></span>rough the G<span class=\"_ _2\"></span>roup\u2019s Strategic Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship with a<span class=\"_ _2\"></span>brdn plc. I<span class=\"_ _2\"></span>n addition<span class=\"_ _2\"></span>, it </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs24d\">inclu<span class=\"_ _2\"></span>des in-force ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e and investm<span class=\"_ _2\"></span>ent unit-linked prod<span class=\"_ _2\"></span>ucts fro<span class=\"_ _2\"></span>m lega<span class=\"_ _2\"></span>cy busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es which n<span class=\"_ _2\"></span>o longe<span class=\"_ _2\"></span>r activel<span class=\"_ _2\"></span>y sell pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs24e\">polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs and wh<span class=\"_ _2\"></span>ich therefore r<span class=\"_ _2\"></span>un-off g<span class=\"_ _2\"></span>raduall<span class=\"_ _2\"></span>y over time. The Pen<span class=\"_ _2\"></span>sions &amp; S<span class=\"_ _2\"></span>avings se<span class=\"_ _2\"></span>gment a<span class=\"_ _2\"></span>lso incl<span class=\"_ _2\"></span>udes UK un<span class=\"_ _2\"></span>itised b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs24f\">the St<span class=\"_ _2\"></span>andard Life He<span class=\"_ _2\"></span>ritag<span class=\"_ _2\"></span>e With-Profi<span class=\"_ _2\"></span>t funds<span class=\"_ _2\"></span>, as profit<span class=\"_ _2\"></span>s are primaril<span class=\"_ _2\"></span>y attrib<span class=\"_ _2\"></span>utable to th<span class=\"_ _2\"></span>e shareh<span class=\"_ _2\"></span>older th<span class=\"_ _2\"></span>rough the Re<span class=\"_ _2\"></span>cour<span class=\"_ _2\"></span>se Cas<span class=\"_ _2\"></span>h </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls8c ws6b gs250\">Flow me<span class=\"_ _2\"></span>chanism<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs251\">The Wi<span class=\"_ _2\"></span>th-Profit<span class=\"_ _2\"></span>s segm<span class=\"_ _2\"></span>ent inclu<span class=\"_ _2\"></span>des all poli<span class=\"_ _2\"></span>cies writ<span class=\"_ _2\"></span>ten by the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s w<span class=\"_ _2\"></span>ith-profit fun<span class=\"_ _2\"></span>ds, wi<span class=\"_ _2\"></span>th the excepti<span class=\"_ _2\"></span>on of Standa<span class=\"_ _2\"></span>rd Life Herita<span class=\"_ _2\"></span>ge With-<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs252\">Profit Fund cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s reflec<span class=\"_ _2\"></span>ted in other s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ents as n<span class=\"_ _2\"></span>oted above for Retire<span class=\"_ _2\"></span>ment So<span class=\"_ _2\"></span>lutions an<span class=\"_ _2\"></span>d Pensions &amp; S<span class=\"_ _2\"></span>avings wh<span class=\"_ _2\"></span>ere profit<span class=\"_ _2\"></span>s are primaril<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs253\">at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to the sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>r through t<span class=\"_ _2\"></span>he Reco<span class=\"_ _2\"></span>urse C<span class=\"_ _2\"></span>ash Flow me<span class=\"_ _2\"></span>chanis<span class=\"_ _2\"></span>m. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs254\">The Europ<span class=\"_ _2\"></span>e &amp; Othe<span class=\"_ _2\"></span>r segm<span class=\"_ _2\"></span>ent inclu<span class=\"_ _2\"></span>des bus<span class=\"_ _2\"></span>iness wr<span class=\"_ _2\"></span>itten in I<span class=\"_ _2\"></span>reland an<span class=\"_ _2\"></span>d Germa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>. Th<span class=\"_ _2\"></span>is includ<span class=\"_ _2\"></span>es produc<span class=\"_ _2\"></span>ts th<span class=\"_ _2\"></span>at are active<span class=\"_ _2\"></span>ly being m<span class=\"_ _2\"></span>arketed to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs255\">new p<span class=\"_ _2\"></span>olicyhol<span class=\"_ _2\"></span>ders an<span class=\"_ _2\"></span>d lega<span class=\"_ _2\"></span>cy in-force pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s that are no l<span class=\"_ _2\"></span>onger b<span class=\"_ _2\"></span>eing so<span class=\"_ _2\"></span>ld to new cus<span class=\"_ _2\"></span>tomer<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e segm<span class=\"_ _2\"></span>ent also in<span class=\"_ _2\"></span>cludes p<span class=\"_ _2\"></span>rotection </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs256\">produ<span class=\"_ _2\"></span>cts an<span class=\"_ _2\"></span>d produc<span class=\"_ _2\"></span>ts so<span class=\"_ _2\"></span>ld under th<span class=\"_ _2\"></span>e SunLife br<span class=\"_ _2\"></span>and.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs257\">The C<span class=\"_ _2\"></span>orpora<span class=\"_ _2\"></span>te Centre se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>, which is n<span class=\"_ _2\"></span>ot a repor<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent, prin<span class=\"_ _2\"></span>cipally c<span class=\"_ _2\"></span>omprise<span class=\"_ _2\"></span>s centra<span class=\"_ _2\"></span>l head of<span class=\"_ _2\"></span>fice co<span class=\"_ _2\"></span>sts th<span class=\"_ _2\"></span>at are not direc<span class=\"_ _2\"></span>tly </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs258\">at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to the Group\u2019s insura<span class=\"_ _2\"></span>nce or inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts. M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices co<span class=\"_ _2\"></span>sts are n<span class=\"_ _2\"></span>ow alloc<span class=\"_ _2\"></span>ated to the four re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nts.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs259\">Inter-s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>ns are set on an a<span class=\"_ _2\"></span>rm\u2019<span class=\"_ _7\"></span>s l<span class=\"_ _2\"></span>ength b<span class=\"_ _2\"></span>asis in a man<span class=\"_ _2\"></span>ner similar to tr<span class=\"_ _2\"></span>ansa<span class=\"_ _2\"></span>ctions w<span class=\"_ _2\"></span>ith third par<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. Se<span class=\"_ _2\"></span>gmenta<span class=\"_ _2\"></span>l results in<span class=\"_ _2\"></span>clude </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs25a\">thos<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>fers bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n busine<span class=\"_ _2\"></span>ss se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>s which are the<span class=\"_ _2\"></span>n eliminate<span class=\"_ _2\"></span>d on cons<span class=\"_ _2\"></span>olidation<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls16 ws14 gs25b\">Segmental<span class=\"_ _5\"></span> measure<span class=\"_ _5\"></span> of perf<span class=\"_ _5\"></span>ormance<span class=\"_ _5\"></span>: Adjust<span class=\"_ _5\"></span>ed operat<span class=\"_ _5\"></span>ing p<span class=\"_ _5\"></span>rofit<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs25c\">The Gro<span class=\"_ _2\"></span>up uses a n<span class=\"_ _2\"></span>on-<span class=\"_ _2\"></span>G<span class=\"_ _5\"></span>A<span class=\"_ _2\"></span>AP meas<span class=\"_ _2\"></span>ure of per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e, being a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profi<span class=\"_ _2\"></span>t, to evaluate s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>ntal pe<span class=\"_ _2\"></span>rforma<span class=\"_ _2\"></span>nce. Ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs25d\">ope<span class=\"_ _2\"></span>rating profit is c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>red to provide a c<span class=\"_ _2\"></span>ompara<span class=\"_ _2\"></span>ble mea<span class=\"_ _2\"></span>sure of the unde<span class=\"_ _2\"></span>rlying pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance of the b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s as it exclud<span class=\"_ _2\"></span>es the impa<span class=\"_ _2\"></span>ct of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs25e\">shor<span class=\"_ _2\"></span>t-term ec<span class=\"_ _2\"></span>onomic vol<span class=\"_ _2\"></span>atility a<span class=\"_ _2\"></span>nd other on<span class=\"_ _2\"></span>e-of<span class=\"_ _2\"></span>f items<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs25f\">The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profi<span class=\"_ _2\"></span>t method<span class=\"_ _2\"></span>olog<span class=\"_ _2\"></span>y has be<span class=\"_ _2\"></span>en update<span class=\"_ _2\"></span>d since it wa<span class=\"_ _2\"></span>s disclo<span class=\"_ _2\"></span>sed in the 2<span class=\"_ _2\"></span>022 con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l statem<span class=\"_ _2\"></span>ents </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs260\">following th<span class=\"_ _2\"></span>e transi<span class=\"_ _2\"></span>tion to IFRS 17 </div><div class=\"t m1e3 h205 ff3 fs174 fc1 sc0 ls0 ws0 gs261\">Insur<span class=\"_ _2\"></span>ance C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts</div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs262\">.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs263\">The follow<span class=\"_ _2\"></span>ing set<span class=\"_ _2\"></span>s out the ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d oper<span class=\"_ _2\"></span>ating profit me<span class=\"_ _2\"></span>thodol<span class=\"_ _2\"></span>ogy<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs264\">For unit-linked bus<span class=\"_ _2\"></span>iness a<span class=\"_ _2\"></span>ccounte<span class=\"_ _2\"></span>d for under I<span class=\"_ _2\"></span>FRS 9, a<span class=\"_ _2\"></span>djuste<span class=\"_ _2\"></span>d oper<span class=\"_ _2\"></span>ating profit refl<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s the fees c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>ted from cu<span class=\"_ _2\"></span>stome<span class=\"_ _2\"></span>rs les<span class=\"_ _2\"></span>s operat<span class=\"_ _2\"></span>ing </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs265\">expe<span class=\"_ _2\"></span>nses in<span class=\"_ _2\"></span>cluding overh<span class=\"_ _2\"></span>eads<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs266\">For unit-linked and W<span class=\"_ _2\"></span>ith-Profit<span class=\"_ _2\"></span>s busine<span class=\"_ _2\"></span>ss ac<span class=\"_ _2\"></span>counted for un<span class=\"_ _2\"></span>der IFR<span class=\"_ _2\"></span>S 17<span class=\"_ _7\"></span>, adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit refle<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>e releas<span class=\"_ _2\"></span>e of the risk ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs267\">amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation of CSM<span class=\"_ _2\"></span>, and d<span class=\"_ _2\"></span>emog<span class=\"_ _2\"></span>raphic exp<span class=\"_ _2\"></span>erien<span class=\"_ _2\"></span>ce varian<span class=\"_ _2\"></span>ces in the p<span class=\"_ _2\"></span>eriod. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs268\">For share<span class=\"_ _2\"></span>holde<span class=\"_ _2\"></span>r annuit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, other n<span class=\"_ _2\"></span>on-profit b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s and With-<span class=\"_ _2\"></span>Profits f<span class=\"_ _2\"></span>unds rec<span class=\"_ _2\"></span>eiving sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er suppo<span class=\"_ _2\"></span>rt ac<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d for under I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs269\">adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit inclu<span class=\"_ _2\"></span>des the re<span class=\"_ _2\"></span>lease of th<span class=\"_ _2\"></span>e risk adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt, amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ation of CS<span class=\"_ _2\"></span>M, an<span class=\"_ _2\"></span>d demo<span class=\"_ _2\"></span>graphic ex<span class=\"_ _2\"></span>perien<span class=\"_ _2\"></span>ce varian<span class=\"_ _2\"></span>ces in the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs26a\">peri<span class=\"_ _2\"></span>od. Adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit also in<span class=\"_ _2\"></span>corpo<span class=\"_ _2\"></span>rates an exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d return on the fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l investme<span class=\"_ _2\"></span>nts bac<span class=\"_ _2\"></span>king this bus<span class=\"_ _2\"></span>iness a<span class=\"_ _2\"></span>nd any surplu<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs26b\">as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, with allowa<span class=\"_ _2\"></span>nce for the c<span class=\"_ _2\"></span>orresp<span class=\"_ _2\"></span>onding move<span class=\"_ _2\"></span>ment in liabiliti<span class=\"_ _2\"></span>es. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs26c\">Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit exclude<span class=\"_ _2\"></span>s the above item<span class=\"_ _2\"></span>s for non-profit b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten in a With-<span class=\"_ _2\"></span>Profits fun<span class=\"_ _2\"></span>d where the<span class=\"_ _2\"></span>se amo<span class=\"_ _2\"></span>unts do not a<span class=\"_ _2\"></span>ccrue </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs26d\">direc<span class=\"_ _2\"></span>tly to the sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs26e\">Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit includ<span class=\"_ _2\"></span>es the ef<span class=\"_ _2\"></span>fect of exp<span class=\"_ _2\"></span>erienc<span class=\"_ _2\"></span>e varianc<span class=\"_ _2\"></span>es relatin<span class=\"_ _2\"></span>g to the curre<span class=\"_ _2\"></span>nt period for n<span class=\"_ _2\"></span>on-e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c items<span class=\"_ _2\"></span>, such as m<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs26f\">and exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s. It al<span class=\"_ _2\"></span>so inco<span class=\"_ _2\"></span>rporates t<span class=\"_ _2\"></span>he impac<span class=\"_ _2\"></span>ts of as<span class=\"_ _2\"></span>set tradin<span class=\"_ _2\"></span>g and po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folio rebal<span class=\"_ _2\"></span>ancing wh<span class=\"_ _2\"></span>ere not refle<span class=\"_ _2\"></span>cted in th<span class=\"_ _2\"></span>e disco<span class=\"_ _2\"></span>unt rate use<span class=\"_ _2\"></span>d in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs270\">cal<span class=\"_ _2\"></span>culating ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted return<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs271\">Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit is repor<span class=\"_ _2\"></span>ted n<span class=\"_ _2\"></span>et of policyh<span class=\"_ _2\"></span>older fin<span class=\"_ _2\"></span>ance ch<span class=\"_ _2\"></span>arges an<span class=\"_ _2\"></span>d policy<span class=\"_ _2\"></span>holder t<span class=\"_ _2\"></span>ax.<span class=\"_ _3bc\"> </span></div>Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit exclude<span class=\"_ _2\"></span>s the impac<span class=\"_ _2\"></span>ts of the follow<span class=\"_ _2\"></span>ing items<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>Economic vari<span class=\"_ _5\"></span>ances \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e differe<span class=\"_ _2\"></span>nce be<span class=\"_ _2\"></span>twee<span class=\"_ _2\"></span>n act<span class=\"_ _2\"></span>ual and exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d exper<span class=\"_ _2\"></span>ience for e<span class=\"_ _2\"></span>cono<span class=\"_ _2\"></span>mic items re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in the in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt, impa<span class=\"_ _2\"></span>cts of e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c as<span class=\"_ _2\"></span>sumptions on t<span class=\"_ _2\"></span>he valuatio<span class=\"_ _2\"></span>n of liabilities me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d under the G<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>al Mode<span class=\"_ _2\"></span>l and the ch<span class=\"_ _2\"></span>ange in va<span class=\"_ _2\"></span>lue of loss c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ents on V<span class=\"_ _5\"></span>ariab<span class=\"_ _2\"></span>le Fee Appro<span class=\"_ _2\"></span>ach busin<span class=\"_ _2\"></span>ess re<span class=\"_ _2\"></span>sulting from m<span class=\"_ _2\"></span>arket movement<span class=\"_ _2\"></span>s on underl<span class=\"_ _2\"></span>ying items<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>cono<span class=\"_ _2\"></span>mic volatilit<span class=\"_ _2\"></span>y arisin<span class=\"_ _2\"></span>g from the Group\u2019s hed<span class=\"_ _2\"></span>ging st<span class=\"_ _2\"></span>rategy w<span class=\"_ _2\"></span>hich is ca<span class=\"_ _2\"></span>librated to prote<span class=\"_ _2\"></span>ct the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II cap<span class=\"_ _2\"></span>ital pos<span class=\"_ _2\"></span>ition and c<span class=\"_ _2\"></span>ash gen<span class=\"_ _2\"></span>eration c<span class=\"_ _2\"></span>apabilit<span class=\"_ _2\"></span>y of the op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g compani<span class=\"_ _2\"></span>es;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting mism<span class=\"_ _2\"></span>atch result<span class=\"_ _2\"></span>ing from the ap<span class=\"_ _2\"></span>plicatio<span class=\"_ _2\"></span>n of IFRS 17 bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of non-profit bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s in a with-profit fun<span class=\"_ _2\"></span>d (noted ab<span class=\"_ _2\"></span>ove<span class=\"_ _5\"></span>) and th<span class=\"_ _2\"></span>e chang<span class=\"_ _2\"></span>e in fair value of this b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s inclu<span class=\"_ _2\"></span>ded within th<span class=\"_ _2\"></span>e meas<span class=\"_ _2\"></span>urement of the w<span class=\"_ _2\"></span>ith-profit co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s under th<span class=\"_ _2\"></span>e V<span class=\"_ _7\"></span>aria<span class=\"_ _2\"></span>ble Fee App<span class=\"_ _2\"></span>roach;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting mism<span class=\"_ _2\"></span>atch result<span class=\"_ _2\"></span>ing from buy<span class=\"_ _2\"></span>-in contra<span class=\"_ _2\"></span>cts b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>es and Pho<span class=\"_ _2\"></span>enix Life Limite<span class=\"_ _2\"></span>d, the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s m<span class=\"_ _2\"></span>ain insur<span class=\"_ _2\"></span>ance sub<span class=\"_ _2\"></span>sidiar<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>. The mi<span class=\"_ _2\"></span>smatch rep<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>s the diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the unwin<span class=\"_ _2\"></span>d of the IAS 19 di<span class=\"_ _2\"></span>scount r<span class=\"_ _2\"></span>ate calcul<span class=\"_ _2\"></span>ated with refere<span class=\"_ _2\"></span>nce to a A<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>-rate<span class=\"_ _2\"></span>d corpo<span class=\"_ _2\"></span>rate bond a<span class=\"_ _2\"></span>nd the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt returns on th<span class=\"_ _2\"></span>e backin<span class=\"_ _2\"></span>g ass<span class=\"_ _2\"></span>ets; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ct of the mism<span class=\"_ _2\"></span>atch bet<span class=\"_ _2\"></span>ween c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in es<span class=\"_ _2\"></span>timates of fut<span class=\"_ _2\"></span>ure cash flow<span class=\"_ _2\"></span>s on Gene<span class=\"_ _2\"></span>ral Mo<span class=\"_ _2\"></span>del contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s meas<span class=\"_ _2\"></span>ured at curre<span class=\"_ _2\"></span>nt discount rates an<span class=\"_ _2\"></span>d the cor<span class=\"_ _2\"></span>respon<span class=\"_ _2\"></span>ding adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt to the CS<span class=\"_ _2\"></span>M meas<span class=\"_ _2\"></span>ured at the dis<span class=\"_ _2\"></span>count rate l<span class=\"_ _2\"></span>ocked-in at inc<span class=\"_ _2\"></span>eption. Other<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tisation a<span class=\"_ _2\"></span>nd impairm<span class=\"_ _2\"></span>ent of intangib<span class=\"_ _2\"></span>le ass<span class=\"_ _2\"></span>ets (net of polic<span class=\"_ _2\"></span>yhold<span class=\"_ _2\"></span>er tax<span class=\"_ _2\"></span>);<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>fin<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s attrib<span class=\"_ _2\"></span>utable to own<span class=\"_ _2\"></span>ers;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>g<span class=\"_ _2\"></span>ains or los<span class=\"_ _2\"></span>ses o<span class=\"_ _2\"></span>n the acqu<span class=\"_ _2\"></span>isition or disp<span class=\"_ _2\"></span>osal of sub<span class=\"_ _2\"></span>sidiaries (ne<span class=\"_ _2\"></span>t of related co<span class=\"_ _2\"></span>sts);<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e financ<span class=\"_ _2\"></span>ial impac<span class=\"_ _2\"></span>ts of man<span class=\"_ _2\"></span>dator<span class=\"_ _2\"></span>y regulato<span class=\"_ _2\"></span>ry ch<span class=\"_ _2\"></span>ange;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e profit or los<span class=\"_ _2\"></span>s att<span class=\"_ _2\"></span>ributab<span class=\"_ _2\"></span>le to non-c<span class=\"_ _2\"></span>ontrolling intere<span class=\"_ _2\"></span>sts<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>inte<span class=\"_ _2\"></span>gration<span class=\"_ _2\"></span>, res<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>uring or other s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt one-<span class=\"_ _2\"></span>off proj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s impac<span class=\"_ _2\"></span>ting the in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>ny other items wh<span class=\"_ _2\"></span>ich, in the D<span class=\"_ _2\"></span>irecto<span class=\"_ _2\"></span>r\u2019<span class=\"_ _5\"></span>s view, sho<span class=\"_ _2\"></span>uld be disc<span class=\"_ _2\"></span>losed s<span class=\"_ _2\"></span>epara<span class=\"_ _2\"></span>tely by vir<span class=\"_ _2\"></span>tue of their na<span class=\"_ _2\"></span>ture or incid<span class=\"_ _2\"></span>ence to en<span class=\"_ _2\"></span>able a full under<span class=\"_ _2\"></span>sta<span class=\"_ _2\"></span>nding of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e. This is t<span class=\"_ _2\"></span>ypic<span class=\"_ _2\"></span>ally the c<span class=\"_ _2\"></span>ase whe<span class=\"_ _2\"></span>re the nature of the i<span class=\"_ _2\"></span>tem is not refle<span class=\"_ _2\"></span>ctive of the und<span class=\"_ _2\"></span>erlying per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce of the op<span class=\"_ _2\"></span>erating c<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s. The ite<span class=\"_ _2\"></span>ms exclude<span class=\"_ _2\"></span>d from adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit are referre<span class=\"_ _2\"></span>d to as \u2018non-op<span class=\"_ _2\"></span>erating ite<span class=\"_ _2\"></span>ms\u2019<span class=\"_ _7\"></span>. Whils<span class=\"_ _2\"></span>t the exclud<span class=\"_ _2\"></span>ed items are im<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tant to an as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ment of the co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted financ<span class=\"_ _2\"></span>ial per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce of the Gro<span class=\"_ _2\"></span>up, manag<span class=\"_ _2\"></span>ement c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>rs that th<span class=\"_ _2\"></span>e present<span class=\"_ _2\"></span>ation of adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit provide<span class=\"_ _2\"></span>s a good in<span class=\"_ _2\"></span>dicator of the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e of the Group\u2019s oper<span class=\"_ _2\"></span>ating se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>s and the Gro<span class=\"_ _2\"></span>up uses th<span class=\"_ _2\"></span>is, as p<span class=\"_ _2\"></span>art of a sui<span class=\"_ _2\"></span>te of mea<span class=\"_ _2\"></span>sures<span class=\"_ _2\"></span>, for decis<span class=\"_ _2\"></span>ion-makin<span class=\"_ _2\"></span>g and mon<span class=\"_ _2\"></span>itoring pe<span class=\"_ _2\"></span>rforma<span class=\"_ _2\"></span>nce. Th<span class=\"_ _2\"></span>e Group\u2019s adjus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profi<span class=\"_ _2\"></span>t should b<span class=\"_ _2\"></span>e read in co<span class=\"_ _2\"></span>njunc<span class=\"_ _2\"></span>tion with th<span class=\"_ _2\"></span>e IFR<span class=\"_ _2\"></span>S profit before ta<span class=\"_ _2\"></span>x.<span class=\"_ _3bc\"> </span>Revisions to methodolo<span class=\"_ _2\"></span>gy<span class=\"_ _3bc\"> </span>The m<span class=\"_ _2\"></span>ethodo<span class=\"_ _2\"></span>logy to dete<span class=\"_ _2\"></span>rmine ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d operat<span class=\"_ _2\"></span>ing profit has b<span class=\"_ _2\"></span>een revi<span class=\"_ _2\"></span>sed<span class=\"_ _2\"></span>, compare<span class=\"_ _2\"></span>d to that disc<span class=\"_ _2\"></span>lose<span class=\"_ _2\"></span>d in the Interim Fin<span class=\"_ _2\"></span>ancial Re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t 2023<span class=\"_ _2\"></span>, for the follow<span class=\"_ _2\"></span>ing items:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>A 1<span class=\"_ _2\"></span>-year (rath<span class=\"_ _2\"></span>er than a 1<span class=\"_ _2\"></span>5-ye<span class=\"_ _2\"></span>ar) risk<span class=\"_ _5\"></span>-free ra<span class=\"_ _2\"></span>te has be<span class=\"_ _2\"></span>en use<span class=\"_ _2\"></span>d to derive the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d investm<span class=\"_ _2\"></span>ent return as<span class=\"_ _2\"></span>sumption on a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s bac<span class=\"_ _2\"></span>king insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities to re<span class=\"_ _2\"></span>duce uninten<span class=\"_ _2\"></span>ded ec<span class=\"_ _2\"></span>onomic vol<span class=\"_ _2\"></span>atilit<span class=\"_ _2\"></span>y (see note B2.1); \u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>n adjus<span class=\"_ _2\"></span>tment to rem<span class=\"_ _2\"></span>ove mismatch<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween t<span class=\"_ _2\"></span>he disco<span class=\"_ _2\"></span>unt rate use<span class=\"_ _2\"></span>d within the val<span class=\"_ _2\"></span>uation of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e liabilities an<span class=\"_ _2\"></span>d the return<span class=\"_ _2\"></span>s on the unde<span class=\"_ _2\"></span>rlying as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, as n<span class=\"_ _2\"></span>oted within Econ<span class=\"_ _2\"></span>omic V<span class=\"_ _7\"></span>a<span class=\"_ _2\"></span>riance<span class=\"_ _2\"></span>s above; and \u2022 <span class=\"_ _9\"> </span>a refi<span class=\"_ _2\"></span>nement to th<span class=\"_ _2\"></span>e approa<span class=\"_ _2\"></span>ch used to q<span class=\"_ _2\"></span>uantif<span class=\"_ _2\"></span>y the level of tra<span class=\"_ _2\"></span>ding profits<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>ntal resul<span class=\"_ _2\"></span>t for the year en<span class=\"_ _2\"></span>ded 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 202<span class=\"_ _2\"></span>2 presente<span class=\"_ _2\"></span>d in note B1.1 inc<span class=\"_ _2\"></span>orporate<span class=\"_ _2\"></span>s these re<span class=\"_ _2\"></span>visions<span class=\"_ _2\"></span>. The impa<span class=\"_ _2\"></span>ct of thes<span class=\"_ _2\"></span>e revisions is to redu<span class=\"_ _2\"></span>ce total se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>al adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit by \u00a326 m<span class=\"_ _2\"></span>illion, and c<span class=\"_ _2\"></span>orresp<span class=\"_ _2\"></span>onding<span class=\"_ _2\"></span>ly to increa<span class=\"_ _2\"></span>se eco<span class=\"_ _2\"></span>nomic varia<span class=\"_ _2\"></span>nces by \u00a3<span class=\"_ _2\"></span>26 million<span class=\"_ _2\"></span>. There i<span class=\"_ _2\"></span>s no impac<span class=\"_ _2\"></span>t on the los<span class=\"_ _2\"></span>s before th<span class=\"_ _2\"></span>e tax at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to owner<span class=\"_ _2\"></span>s of the parent<span class=\"_ _3bc\"> </span>The lo<span class=\"_ _2\"></span>ng-term na<span class=\"_ _2\"></span>ture of much of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s ope<span class=\"_ _2\"></span>rations m<span class=\"_ _2\"></span>eans tha<span class=\"_ _2\"></span>t, for interna<span class=\"_ _2\"></span>l per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e manag<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt, the ef<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>s of shor<span class=\"_ _2\"></span>t-term ec<span class=\"_ _2\"></span>onomic volat<span class=\"_ _2\"></span>ility are t<span class=\"_ _2\"></span>reated as n<span class=\"_ _2\"></span>on-op<span class=\"_ _2\"></span>erating ite<span class=\"_ _2\"></span>ms. Th<span class=\"_ _2\"></span>e Group foc<span class=\"_ _2\"></span>uses ins<span class=\"_ _2\"></span>tead on a<span class=\"_ _2\"></span>n adjus<span class=\"_ _2\"></span>ted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit meas<span class=\"_ _2\"></span>ure that inco<span class=\"_ _2\"></span>rporate<span class=\"_ _2\"></span>s an exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d return on inves<span class=\"_ _2\"></span>tments s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>ting it<span class=\"_ _2\"></span>s long-te<span class=\"_ _2\"></span>rm busine<span class=\"_ _2\"></span>ss. T<span class=\"_ _2\"></span>he acc<span class=\"_ _2\"></span>ounting po<span class=\"_ _2\"></span>licy ado<span class=\"_ _2\"></span>pted in the c<span class=\"_ _2\"></span>alculation of a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profit is det<span class=\"_ _2\"></span>ailed in n<span class=\"_ _2\"></span>ote B1. The m<span class=\"_ _2\"></span>ethodo<span class=\"_ _2\"></span>logy for th<span class=\"_ _2\"></span>e determin<span class=\"_ _2\"></span>ation of the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt return is expl<span class=\"_ _2\"></span>ained b<span class=\"_ _2\"></span>elow toge<span class=\"_ _2\"></span>ther with an anal<span class=\"_ _2\"></span>ysis of investm<span class=\"_ _2\"></span>ent return vari<span class=\"_ _2\"></span>ances a<span class=\"_ _2\"></span>nd eco<span class=\"_ _2\"></span>nomic as<span class=\"_ _2\"></span>sumption c<span class=\"_ _2\"></span>hange<span class=\"_ _2\"></span>s reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d outsi<span class=\"_ _2\"></span>de of adjus<span class=\"_ _2\"></span>ted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit.<span class=\"_ _3bc\"> </span>T<span class=\"_ _3bc\"> </span>he Gro<span class=\"_ _2\"></span>up calc<span class=\"_ _2\"></span>ulates its b<span class=\"_ _2\"></span>asic ea<span class=\"_ _2\"></span>rnings p<span class=\"_ _2\"></span>er share b<span class=\"_ _2\"></span>ased on t<span class=\"_ _2\"></span>he prese<span class=\"_ _2\"></span>nt shares in i<span class=\"_ _2\"></span>ssue us<span class=\"_ _2\"></span>ing the ear<span class=\"_ _2\"></span>nings at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to ordin<span class=\"_ _2\"></span>ary e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y hold<span class=\"_ _2\"></span>ers of the pa<span class=\"_ _2\"></span>rent, divid<span class=\"_ _2\"></span>ed by the weig<span class=\"_ _2\"></span>hted averag<span class=\"_ _2\"></span>e numbe<span class=\"_ _2\"></span>r of ordinar<span class=\"_ _2\"></span>y shares in i<span class=\"_ _2\"></span>ssue dur<span class=\"_ _2\"></span>ing the year. Dilute<span class=\"_ _2\"></span>d earning<span class=\"_ _2\"></span>s per sh<span class=\"_ _2\"></span>are are cal<span class=\"_ _2\"></span>culated b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the potentia<span class=\"_ _2\"></span>l future sh<span class=\"_ _2\"></span>ares in iss<span class=\"_ _2\"></span>ue ass<span class=\"_ _2\"></span>uming the c<span class=\"_ _2\"></span>onversion of all p<span class=\"_ _2\"></span>otentially dilutive ordinar<span class=\"_ _2\"></span>y sh<span class=\"_ _2\"></span>ares. T<span class=\"_ _2\"></span>he weighte<span class=\"_ _2\"></span>d average n<span class=\"_ _2\"></span>umber of ordin<span class=\"_ _2\"></span>ary s<span class=\"_ _2\"></span>hares in is<span class=\"_ _2\"></span>sue is ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d to assum<span class=\"_ _2\"></span>e convers<span class=\"_ _2\"></span>ion of dilutive share aw<span class=\"_ _2\"></span>ards grante<span class=\"_ _2\"></span>d to em<span class=\"_ _2\"></span>ploye<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The b<span class=\"_ _2\"></span>asic and dilu<span class=\"_ _2\"></span>ted earnin<span class=\"_ _2\"></span>gs per s<span class=\"_ _2\"></span>hare ca<span class=\"_ _2\"></span>lculation<span class=\"_ _2\"></span>s are also pre<span class=\"_ _2\"></span>sented b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the Group\u2019s adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g earning<span class=\"_ _2\"></span>s net of finan<span class=\"_ _2\"></span>cing cos<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. Adjus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profit is a n<span class=\"_ _2\"></span>on-<span class=\"_ _2\"></span>G<span class=\"_ _5\"></span>A<span class=\"_ _2\"></span>AP per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce mea<span class=\"_ _2\"></span>sure that is co<span class=\"_ _2\"></span>nsidere<span class=\"_ _2\"></span>d to provide a co<span class=\"_ _2\"></span>mparabl<span class=\"_ _2\"></span>e meas<span class=\"_ _2\"></span>ure of the underl<span class=\"_ _2\"></span>ying per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce of the bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s as it exclude<span class=\"_ _2\"></span>s the impa<span class=\"_ _2\"></span>ct of shor<span class=\"_ _2\"></span>t-term eco<span class=\"_ _2\"></span>nomic volatili<span class=\"_ _2\"></span>ty an<span class=\"_ _2\"></span>d other one<span class=\"_ _2\"></span>-of<span class=\"_ _2\"></span>f items<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2e7\">Final di<span class=\"_ _2\"></span>vidends o<span class=\"_ _2\"></span>n ordinar<span class=\"_ _2\"></span>y share<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as a liabilit<span class=\"_ _2\"></span>y and d<span class=\"_ _2\"></span>educ<span class=\"_ _2\"></span>ted from eq<span class=\"_ _2\"></span>uity w<span class=\"_ _2\"></span>hen they are a<span class=\"_ _2\"></span>pproved by the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s owner<span class=\"_ _2\"></span>s. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2e8\">Interim divi<span class=\"_ _2\"></span>dends are d<span class=\"_ _2\"></span>educ<span class=\"_ _2\"></span>ted from eq<span class=\"_ _2\"></span>uity wh<span class=\"_ _2\"></span>en they are p<span class=\"_ _2\"></span>aid. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2e9\">Divid<span class=\"_ _2\"></span>ends for the ye<span class=\"_ _2\"></span>ar that are ap<span class=\"_ _2\"></span>proved af<span class=\"_ _2\"></span>ter the repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g perio<span class=\"_ _2\"></span>d are dealt wit<span class=\"_ _2\"></span>h as an event af<span class=\"_ _2\"></span>ter the rep<span class=\"_ _2\"></span>ortin<span class=\"_ _2\"></span>g perio<span class=\"_ _2\"></span>d. Dec<span class=\"_ _2\"></span>lared divi<span class=\"_ _2\"></span>dends </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2ea\">are tho<span class=\"_ _2\"></span>se that are ap<span class=\"_ _2\"></span>propriatel<span class=\"_ _2\"></span>y authori<span class=\"_ _2\"></span>sed an<span class=\"_ _2\"></span>d are no long<span class=\"_ _2\"></span>er at the dis<span class=\"_ _2\"></span>cretion of the e<span class=\"_ _2\"></span>ntity.<span class=\"_ _3bc\"> </span></div>Revenue<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s in<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce revenue refl<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s the provisio<span class=\"_ _2\"></span>n of serv<span class=\"_ _2\"></span>ices aris<span class=\"_ _2\"></span>ing from a group of in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts at an a<span class=\"_ _2\"></span>mount that re<span class=\"_ _2\"></span>flect<span class=\"_ _2\"></span>s the con<span class=\"_ _2\"></span>sideratio<span class=\"_ _2\"></span>n to which the Gro<span class=\"_ _2\"></span>up expe<span class=\"_ _2\"></span>cts to b<span class=\"_ _2\"></span>e entitled in e<span class=\"_ _2\"></span>xchang<span class=\"_ _2\"></span>e for those s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>. Insura<span class=\"_ _2\"></span>nce revenu<span class=\"_ _2\"></span>e from a group of ins<span class=\"_ _2\"></span>urance contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s is therefore the re<span class=\"_ _2\"></span>levant por<span class=\"_ _2\"></span>tion for th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d of the total con<span class=\"_ _2\"></span>sidera<span class=\"_ _2\"></span>tion for the co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s, (i.<span class=\"_ _2\"></span>e. the amo<span class=\"_ _2\"></span>unt of premiums pa<span class=\"_ _2\"></span>id to the Group a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted for finan<span class=\"_ _2\"></span>cing ef<span class=\"_ _2\"></span>fect (the tim<span class=\"_ _2\"></span>e value of mone<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>) and excl<span class=\"_ _2\"></span>uding any inves<span class=\"_ _2\"></span>tment com<span class=\"_ _2\"></span>ponent<span class=\"_ _2\"></span>s). The total con<span class=\"_ _2\"></span>sidera<span class=\"_ _2\"></span>tion for a group of contra<span class=\"_ _2\"></span>cts c<span class=\"_ _2\"></span>overs amo<span class=\"_ _2\"></span>unts relate<span class=\"_ _2\"></span>d to the provisio<span class=\"_ _2\"></span>n of ser<span class=\"_ _2\"></span>vices an<span class=\"_ _2\"></span>d is compri<span class=\"_ _2\"></span>sed of: \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e relea<span class=\"_ _2\"></span>se of the CS<span class=\"_ _2\"></span>M;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for n<span class=\"_ _2\"></span>on-finan<span class=\"_ _2\"></span>cial risk re<span class=\"_ _2\"></span>lating to curre<span class=\"_ _2\"></span>nt ser<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _6d\"> </span><span class=\"ws0\">claims a<span class=\"_ _2\"></span>nd other in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vice exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s incurre<span class=\"_ _2\"></span>d in the perio<span class=\"_ _2\"></span>d, ge<span class=\"_ _2\"></span>nerall<span class=\"_ _2\"></span>y measure<span class=\"_ _2\"></span>d at the am<span class=\"_ _2\"></span>ounts exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d at the be<span class=\"_ _2\"></span>ginning of th<span class=\"_ _2\"></span>e period;<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span>ex<span class=\"_ _2\"></span>perien<span class=\"_ _2\"></span>ce adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ents aris<span class=\"_ _2\"></span>ing from prem<span class=\"_ _2\"></span>iums rece<span class=\"_ _2\"></span>ived in the p<span class=\"_ _2\"></span>eriod othe<span class=\"_ _2\"></span>r than tho<span class=\"_ _2\"></span>se that rel<span class=\"_ _2\"></span>ate to future se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e; \u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition ca<span class=\"_ _2\"></span>sh flows rec<span class=\"_ _2\"></span>overy w<span class=\"_ _2\"></span>hich is determ<span class=\"_ _2\"></span>ined by allo<span class=\"_ _2\"></span>cating th<span class=\"_ _2\"></span>e por<span class=\"_ _2\"></span>tion of premium<span class=\"_ _2\"></span>s related to th<span class=\"_ _2\"></span>e recover<span class=\"_ _2\"></span>y of thos<span class=\"_ _2\"></span>e cash flows on th<span class=\"_ _2\"></span>e basis of the p<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>age of time over th<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>cted cove<span class=\"_ _2\"></span>rage of a gro<span class=\"_ _2\"></span>up of contrac<span class=\"_ _2\"></span>ts; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>oth<span class=\"_ _2\"></span>er amo<span class=\"_ _2\"></span>unts, in<span class=\"_ _2\"></span>cluding a<span class=\"_ _2\"></span>ny other pre-<span class=\"_ _2\"></span>recog<span class=\"_ _2\"></span>nition ca<span class=\"_ _2\"></span>sh flow as<span class=\"_ _2\"></span>sets d<span class=\"_ _2\"></span>ereco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d at the date of initial re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nition.<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>ount of the CS<span class=\"_ _2\"></span>M of a group of insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts that is re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as in<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce revenue in e<span class=\"_ _2\"></span>ach year is d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d by identif<span class=\"_ _2\"></span>ying the<span class=\"_ _2\"></span> covera<span class=\"_ _2\"></span>ge unit<span class=\"_ _2\"></span>s in the group, allo<span class=\"_ _2\"></span>catin<span class=\"_ _2\"></span>g the CS<span class=\"_ _2\"></span>M remainin<span class=\"_ _2\"></span>g at the end of the ye<span class=\"_ _2\"></span>ar equa<span class=\"_ _2\"></span>lly to each c<span class=\"_ _2\"></span>overage un<span class=\"_ _2\"></span>it provided in th<span class=\"_ _2\"></span>e year and<span class=\"_ _2\"></span> expe<span class=\"_ _2\"></span>cted to b<span class=\"_ _2\"></span>e provided in f<span class=\"_ _2\"></span>uture year<span class=\"_ _2\"></span>s, an<span class=\"_ _2\"></span>d reco<span class=\"_ _2\"></span>gnising in profit o<span class=\"_ _2\"></span>r loss th<span class=\"_ _2\"></span>e amount of the C<span class=\"_ _2\"></span>SM allo<span class=\"_ _2\"></span>cated to c<span class=\"_ _2\"></span>overage un<span class=\"_ _2\"></span>its provide<span class=\"_ _2\"></span>d in the year. The n<span class=\"_ _2\"></span>umber of cover<span class=\"_ _2\"></span>age unit<span class=\"_ _2\"></span>s in a group is the q<span class=\"_ _2\"></span>uantit<span class=\"_ _2\"></span>y of ser<span class=\"_ _2\"></span>vice provid<span class=\"_ _2\"></span>ed by the co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s in the gro<span class=\"_ _2\"></span>up, determine<span class=\"_ _2\"></span>d by consid<span class=\"_ _2\"></span>ering for ea<span class=\"_ _2\"></span>ch contr<span class=\"_ _2\"></span>act the q<span class=\"_ _2\"></span>uantit<span class=\"_ _2\"></span>y of benefit<span class=\"_ _2\"></span>s provide<span class=\"_ _2\"></span>d under a co<span class=\"_ _2\"></span>ntract a<span class=\"_ _2\"></span>nd its ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted covera<span class=\"_ _2\"></span>ge peri<span class=\"_ _2\"></span>od. The c<span class=\"_ _2\"></span>overag<span class=\"_ _2\"></span>e units are revie<span class=\"_ _2\"></span>wed and up<span class=\"_ _2\"></span>dated at eac<span class=\"_ _2\"></span>h repor<span class=\"_ _2\"></span>ting date<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up consi<span class=\"_ _2\"></span>der the followin<span class=\"_ _2\"></span>g when dete<span class=\"_ _2\"></span>rmining cover<span class=\"_ _2\"></span>age unit<span class=\"_ _2\"></span>s: \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e quantit<span class=\"_ _2\"></span>y of ben<span class=\"_ _2\"></span>efits provid<span class=\"_ _2\"></span>ed by contra<span class=\"_ _2\"></span>cts in t<span class=\"_ _2\"></span>he group; \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>cted c<span class=\"_ _2\"></span>overage p<span class=\"_ _2\"></span>eriod of co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s in the group; \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e lik<span class=\"_ _5\"></span>eliho<span class=\"_ _2\"></span>od of insure<span class=\"_ _2\"></span>d events oc<span class=\"_ _2\"></span>curring<span class=\"_ _2\"></span>, only to th<span class=\"_ _2\"></span>e extent t<span class=\"_ _2\"></span>hat they af<span class=\"_ _2\"></span>fect th<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>cted cove<span class=\"_ _2\"></span>rage p<span class=\"_ _2\"></span>eriod of cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s in the group;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>thout dire<span class=\"_ _2\"></span>ct par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>tion feature<span class=\"_ _2\"></span>s, the g<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>ation of an investm<span class=\"_ _2\"></span>ent return for th<span class=\"_ _2\"></span>e policy<span class=\"_ _2\"></span>holder, if applic<span class=\"_ _2\"></span>able (investm<span class=\"_ _2\"></span>ent-return se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e); and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>th direct p<span class=\"_ _2\"></span>arti<span class=\"_ _2\"></span>cipation feat<span class=\"_ _2\"></span>ures<span class=\"_ _2\"></span>, the mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt of underlyin<span class=\"_ _2\"></span>g items on b<span class=\"_ _2\"></span>ehalf of the p<span class=\"_ _2\"></span>olicyho<span class=\"_ _2\"></span>lder (invest<span class=\"_ _2\"></span>ment-<span class=\"_ _3bc\"> </span>relate<span class=\"_ _2\"></span>d ser<span class=\"_ _2\"></span>vice).<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>overage uni<span class=\"_ _2\"></span>ts for group<span class=\"_ _2\"></span>s of reinsuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s held are dete<span class=\"_ _2\"></span>rmined b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the quantit<span class=\"_ _2\"></span>y of cover<span class=\"_ _2\"></span>age provid<span class=\"_ _2\"></span>ed by the rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s held in the g<span class=\"_ _2\"></span>roup but not th<span class=\"_ _2\"></span>e coverag<span class=\"_ _2\"></span>e provide<span class=\"_ _2\"></span>d by the insurer to it<span class=\"_ _2\"></span>s polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs throu<span class=\"_ _2\"></span>gh the unde<span class=\"_ _2\"></span>rlying ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. However, where the re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce held i<span class=\"_ _2\"></span>s a 10<span class=\"_ _2\"></span>0% quota sh<span class=\"_ _2\"></span>are arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt, it is exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d that the c<span class=\"_ _2\"></span>overage uni<span class=\"_ _2\"></span>ts would b<span class=\"_ _2\"></span>e consis<span class=\"_ _2\"></span>tent with th<span class=\"_ _2\"></span>e under<span class=\"_ _2\"></span>lying ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts. W<span class=\"_ _2\"></span>here the<span class=\"_ _2\"></span>re is a chang<span class=\"_ _2\"></span>e to the fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows of the group of un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g policies t<span class=\"_ _2\"></span>hat doe<span class=\"_ _2\"></span>s not adju<span class=\"_ _2\"></span>st the CS<span class=\"_ _2\"></span>M<span class=\"_ _2\"></span>, it also woul<span class=\"_ _2\"></span>d not adj<span class=\"_ _2\"></span>ust the C<span class=\"_ _2\"></span>SM of the gro<span class=\"_ _2\"></span>up of reinsura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>Fees re<span class=\"_ _2\"></span>lated to the p<span class=\"_ _2\"></span>rovision of investm<span class=\"_ _2\"></span>ent mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt ser<span class=\"_ _2\"></span>vices a<span class=\"_ _2\"></span>nd adminis<span class=\"_ _2\"></span>tration s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices are re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices are prov<span class=\"_ _2\"></span>ided. Front end fe<span class=\"_ _2\"></span>es, w<span class=\"_ _2\"></span>hich are cha<span class=\"_ _2\"></span>rged at th<span class=\"_ _2\"></span>e inceptio<span class=\"_ _2\"></span>n of ser<span class=\"_ _2\"></span>vice contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, are defe<span class=\"_ _2\"></span>rred as a lia<span class=\"_ _2\"></span>bility a<span class=\"_ _2\"></span>nd reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d over the life of the cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>. No signifi<span class=\"_ _2\"></span>cant jud<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts are req<span class=\"_ _2\"></span>uired in determ<span class=\"_ _2\"></span>ining the timin<span class=\"_ _2\"></span>g or amount of fe<span class=\"_ _2\"></span>e income o<span class=\"_ _2\"></span>r the cos<span class=\"_ _2\"></span>ts inc<span class=\"_ _2\"></span>urred to obtain o<span class=\"_ _2\"></span>r fulfil a contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The t<span class=\"_ _2\"></span>able bel<span class=\"_ _2\"></span>ow disag<span class=\"_ _2\"></span>grega<span class=\"_ _2\"></span>tes fees an<span class=\"_ _2\"></span>d commis<span class=\"_ _2\"></span>sions by s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nt<div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2fe\">Net inves<span class=\"_ _2\"></span>tment in<span class=\"_ _2\"></span>come co<span class=\"_ _2\"></span>mprise<span class=\"_ _2\"></span>s interest<span class=\"_ _2\"></span>, dividen<span class=\"_ _2\"></span>ds, re<span class=\"_ _2\"></span>nts rec<span class=\"_ _2\"></span>eivable, n<span class=\"_ _2\"></span>et interes<span class=\"_ _2\"></span>t income<span class=\"_ _2\"></span>/<span class=\"_ _7\"></span>(exp<span class=\"_ _2\"></span>ense) on the G<span class=\"_ _2\"></span>roup define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t pensio<span class=\"_ _2\"></span>n </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2ff\">sch<span class=\"_ _2\"></span>eme as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>/<span class=\"_ _7\"></span>(li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y)<span class=\"_ _5\"></span>, fair val<span class=\"_ _2\"></span>ue gains an<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>es on finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets (exce<span class=\"_ _2\"></span>pt for reinsurer<span class=\"_ _2\"></span>s\u2019 share of invest<span class=\"_ _2\"></span>ment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities with<span class=\"_ _2\"></span>out DPF<span class=\"_ _5\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs300\">se<span class=\"_ _2\"></span>e note E1), financ<span class=\"_ _2\"></span>ial liabilitie<span class=\"_ _2\"></span>s and invest<span class=\"_ _2\"></span>ment prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y at fair va<span class=\"_ _2\"></span>lue and imp<span class=\"_ _2\"></span>airment lo<span class=\"_ _2\"></span>sses o<span class=\"_ _2\"></span>n loans an<span class=\"_ _2\"></span>d receiv<span class=\"_ _2\"></span>ables<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs301\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e is reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent as it ac<span class=\"_ _2\"></span>crues u<span class=\"_ _2\"></span>sing the ef<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>ive interest m<span class=\"_ _2\"></span>ethod<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs302\">Divid<span class=\"_ _2\"></span>end inc<span class=\"_ _2\"></span>ome is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment on the d<span class=\"_ _2\"></span>ate the right to re<span class=\"_ _2\"></span>ceive payme<span class=\"_ _2\"></span>nt is est<span class=\"_ _2\"></span>ablishe<span class=\"_ _2\"></span>d, whic<span class=\"_ _2\"></span>h in the cas<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs303\">of liste<span class=\"_ _2\"></span>d secur<span class=\"_ _2\"></span>ities is the ex-<span class=\"_ _2\"></span>dividen<span class=\"_ _2\"></span>d date.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs304\">Renta<span class=\"_ _2\"></span>l income f<span class=\"_ _2\"></span>rom investme<span class=\"_ _2\"></span>nt proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y is rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment on a st<span class=\"_ _2\"></span>raight-line ba<span class=\"_ _2\"></span>sis over the term of th<span class=\"_ _2\"></span>e lease<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs305\">Leas<span class=\"_ _2\"></span>e incentive<span class=\"_ _2\"></span>s granted a<span class=\"_ _2\"></span>re recog<span class=\"_ _2\"></span>nised a<span class=\"_ _2\"></span>s an integra<span class=\"_ _2\"></span>l par<span class=\"_ _2\"></span>t of the total renta<span class=\"_ _2\"></span>l incom<span class=\"_ _2\"></span>e.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs306\">Fair value g<span class=\"_ _2\"></span>ains and l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s on financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l liabilities de<span class=\"_ _2\"></span>signate<span class=\"_ _2\"></span>d at fair value<span class=\"_ gs132\"> </span>t<span class=\"_ _2\"></span>hrough profit o<span class=\"_ _2\"></span>r loss are re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs307\">con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d income s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent. Fair valu<span class=\"_ _2\"></span>e gains an<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>es inclu<span class=\"_ _2\"></span>des both re<span class=\"_ _2\"></span>alised a<span class=\"_ _2\"></span>nd unrealis<span class=\"_ _2\"></span>ed gain<span class=\"_ _2\"></span>s and los<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs30c\">Insur<span class=\"_ _2\"></span>ance fin<span class=\"_ _2\"></span>ance inc<span class=\"_ _2\"></span>ome an<span class=\"_ _2\"></span>d expens<span class=\"_ _2\"></span>es comp<span class=\"_ _2\"></span>rise ch<span class=\"_ _2\"></span>anges in t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mounts of gro<span class=\"_ _2\"></span>ups of insura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s arising fro<span class=\"_ _2\"></span>m the effe<span class=\"_ _2\"></span>cts </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs30d\">of the time va<span class=\"_ _2\"></span>lue of money, financ<span class=\"_ _2\"></span>ial risk an<span class=\"_ _2\"></span>d chang<span class=\"_ _2\"></span>es there<span class=\"_ _2\"></span>in, unles<span class=\"_ _2\"></span>s any such c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es for groups of dire<span class=\"_ _2\"></span>ct par<span class=\"_ _2\"></span>ticip<span class=\"_ _2\"></span>ating contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs30e\">alloc<span class=\"_ _2\"></span>ated to a los<span class=\"_ _2\"></span>s comp<span class=\"_ _2\"></span>onent an<span class=\"_ _2\"></span>d include<span class=\"_ _2\"></span>d in insura<span class=\"_ _2\"></span>nce se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e expens<span class=\"_ _2\"></span>es. T<span class=\"_ _2\"></span>hey inclu<span class=\"_ _2\"></span>de chan<span class=\"_ _2\"></span>ges in the m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment of group<span class=\"_ _2\"></span>s of contrac<span class=\"_ _2\"></span>ts </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs30f\">ca<span class=\"_ _2\"></span>used by ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the value of und<span class=\"_ _2\"></span>erlying ite<span class=\"_ _2\"></span>ms. Th<span class=\"_ _2\"></span>e Group pre<span class=\"_ _2\"></span>sents in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e financ<span class=\"_ _2\"></span>e income o<span class=\"_ _2\"></span>r expen<span class=\"_ _2\"></span>ses in profit or l<span class=\"_ _2\"></span>oss<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls16 ws14 gs339\">Insurance<span class=\"_ _7\"></span> ser<span class=\"_ _2\"></span>vice<span class=\"_ _7\"></span> expenses<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs33a\">Insur<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice expe<span class=\"_ _2\"></span>nses ar<span class=\"_ _2\"></span>ising from ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in profit o<span class=\"_ _2\"></span>r loss g<span class=\"_ _2\"></span>enerall<span class=\"_ _2\"></span>y as they are in<span class=\"_ _2\"></span>curred. T<span class=\"_ _2\"></span>hey exclud<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs33b\">repaym<span class=\"_ _2\"></span>ents of inves<span class=\"_ _2\"></span>tment com<span class=\"_ _2\"></span>ponent<span class=\"_ _2\"></span>s and co<span class=\"_ _2\"></span>mprise th<span class=\"_ _2\"></span>e following item<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs33c\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment to liabili<span class=\"_ _2\"></span>ties for inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s and ben<span class=\"_ _2\"></span>efits<span class=\"_ _2\"></span>, excludin<span class=\"_ _2\"></span>g investme<span class=\"_ _2\"></span>nt compo<span class=\"_ _2\"></span>nents re<span class=\"_ _2\"></span>duce<span class=\"_ _2\"></span>d by loss co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nt alloca<span class=\"_ _2\"></span>tions; </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs33d\">\u2022 <span class=\"_ _9\"> </span>oth<span class=\"_ _2\"></span>er incurre<span class=\"_ _2\"></span>d direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributab<span class=\"_ _2\"></span>le expen<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g amount<span class=\"_ _2\"></span>s of any other pre<span class=\"_ _2\"></span>-reco<span class=\"_ _2\"></span>gnition c<span class=\"_ _2\"></span>ash flows a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s (other than in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs33e\">acq<span class=\"_ _2\"></span>uisition c<span class=\"_ _2\"></span>ash flows) dere<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised at th<span class=\"_ _2\"></span>e date of initial re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion; </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs33f\">\u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition ca<span class=\"_ _2\"></span>sh flows amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ation; </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs340\">\u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition ca<span class=\"_ _2\"></span>sh flows as<span class=\"_ _2\"></span>sets im<span class=\"_ _2\"></span>pairment<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs341\">\u2022 <span class=\"_ _9\"> </span>reve<span class=\"_ _2\"></span>rsal of imp<span class=\"_ _2\"></span>airment of as<span class=\"_ _2\"></span>sets for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e acqui<span class=\"_ _2\"></span>sition ca<span class=\"_ _2\"></span>sh flows<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs342\">Net income or expense from<span class=\"_ _5\"></span> reinsurance contracts held<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs343\">Inc<span class=\"_ _2\"></span>ome and ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es from reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are pre<span class=\"_ _2\"></span>sented s<span class=\"_ _2\"></span>eparate<span class=\"_ _2\"></span>ly from inco<span class=\"_ _2\"></span>me and exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s from insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s. In<span class=\"_ _2\"></span>come an<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs344\">expe<span class=\"_ _2\"></span>nses fro<span class=\"_ _2\"></span>m reinsuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, othe<span class=\"_ _2\"></span>r than ins<span class=\"_ _2\"></span>urance fin<span class=\"_ _2\"></span>ance in<span class=\"_ _2\"></span>come or ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es, are p<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d on a net ba<span class=\"_ _2\"></span>sis as \u2018net expe<span class=\"_ _2\"></span>nses fro<span class=\"_ _2\"></span>m </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs345\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts\u2019 in the ins<span class=\"_ _2\"></span>urance s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice result<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs346\">Net ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>s from reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts com<span class=\"_ _2\"></span>prise an all<span class=\"_ _2\"></span>ocatio<span class=\"_ _2\"></span>n of reinsuran<span class=\"_ _2\"></span>ce premium<span class=\"_ _2\"></span>s paid les<span class=\"_ _2\"></span>s amount<span class=\"_ _2\"></span>s recove<span class=\"_ _2\"></span>red from reins<span class=\"_ _2\"></span>urers<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs347\">The Gro<span class=\"_ _2\"></span>up reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>s an alloc<span class=\"_ _2\"></span>ation of reinsur<span class=\"_ _2\"></span>ance pre<span class=\"_ _2\"></span>miums paid in p<span class=\"_ _2\"></span>rofit or loss a<span class=\"_ _2\"></span>s it rece<span class=\"_ _2\"></span>ives ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s under gro<span class=\"_ _2\"></span>ups of reinsura<span class=\"_ _2\"></span>nce </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs348\">contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s. The a<span class=\"_ _2\"></span>llocatio<span class=\"_ _2\"></span>n of reinsuran<span class=\"_ _2\"></span>ce premi<span class=\"_ _2\"></span>ums paid rela<span class=\"_ _2\"></span>ting to ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s recei<span class=\"_ _2\"></span>ved for eac<span class=\"_ _2\"></span>h period re<span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nts the tota<span class=\"_ _2\"></span>l of the chang<span class=\"_ _2\"></span>es in the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs349\">as<span class=\"_ _2\"></span>set for rema<span class=\"_ _2\"></span>ining covera<span class=\"_ _2\"></span>ge that re<span class=\"_ _2\"></span>lates to ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s for which the G<span class=\"_ _2\"></span>roup expe<span class=\"_ _2\"></span>cts to p<span class=\"_ _2\"></span>ay consid<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls61 ws5f gs34a\">Administr<span class=\"_ _2\"></span>ative expenses<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs34b\">Adminis<span class=\"_ _2\"></span>trative exp<span class=\"_ _2\"></span>enses a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt as incur<span class=\"_ _2\"></span>red<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div>Interes<span class=\"_ _2\"></span>t payable i<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt as it acc<span class=\"_ _2\"></span>rues an<span class=\"_ _2\"></span>d is calc<span class=\"_ _2\"></span>ulated usin<span class=\"_ _2\"></span>g the effe<span class=\"_ _2\"></span>ctive intere<span class=\"_ _2\"></span>st meth<span class=\"_ _2\"></span>od<span class=\"_ _3bc\"> </span>nc<span class=\"_ _2\"></span>ome ta<span class=\"_ _2\"></span>x compris<span class=\"_ _2\"></span>es current a<span class=\"_ _2\"></span>nd deferre<span class=\"_ _2\"></span>d tax<span class=\"_ _2\"></span>. Incom<span class=\"_ _2\"></span>e tax is re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement exc<span class=\"_ _2\"></span>ept to the ex<span class=\"_ _2\"></span>tent that it relate<span class=\"_ _2\"></span>s to items rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the s<span class=\"_ _2\"></span>tatement of c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income o<span class=\"_ _2\"></span>r the st<span class=\"_ _2\"></span>atement of co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d chan<span class=\"_ _2\"></span>ges in eq<span class=\"_ _2\"></span>uity, in which c<span class=\"_ _2\"></span>ase it is re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised in th<span class=\"_ _2\"></span>ese st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Current t<span class=\"_ _2\"></span>ax is the ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted tax p<span class=\"_ _2\"></span>ayable on the t<span class=\"_ _2\"></span>axabl<span class=\"_ _2\"></span>e income fo<span class=\"_ _2\"></span>r the year, using tax r<span class=\"_ _2\"></span>ates and law<span class=\"_ _2\"></span>s enac<span class=\"_ _2\"></span>ted or sub<span class=\"_ _2\"></span>stantive<span class=\"_ _2\"></span>ly enac<span class=\"_ _2\"></span>ted at the date of the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition tog<span class=\"_ _2\"></span>ether with a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s to tax payab<span class=\"_ _2\"></span>le in respe<span class=\"_ _2\"></span>ct of previo<span class=\"_ _2\"></span>us years<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The t<span class=\"_ _2\"></span>ax charg<span class=\"_ _2\"></span>e is analy<span class=\"_ _2\"></span>sed be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en tax th<span class=\"_ _2\"></span>at is payable in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of polic<span class=\"_ _2\"></span>yholder<span class=\"_ _2\"></span>s\u2019 returns an<span class=\"_ _2\"></span>d tax th<span class=\"_ _2\"></span>at is payable on own<span class=\"_ _2\"></span>ers\u2019 return<span class=\"_ _2\"></span>s. This<span class=\"_ gs132\"> </span>allo<span class=\"_ _2\"></span>cation i<span class=\"_ _2\"></span>s calcul<span class=\"_ _2\"></span>ated bas<span class=\"_ _2\"></span>ed on an as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of th<span class=\"_ _2\"></span>e effec<span class=\"_ _2\"></span>tive rate of ta<span class=\"_ _2\"></span>x that is applic<span class=\"_ _2\"></span>able to own<span class=\"_ _2\"></span>ers for the ye<span class=\"_ _2\"></span>ar<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has is<span class=\"_ _2\"></span>sued o<span class=\"_ _2\"></span>rdinar<span class=\"_ _2\"></span>y shares w<span class=\"_ _2\"></span>hich are cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as equit<span class=\"_ _2\"></span>y. Increm<span class=\"_ _2\"></span>ental ex<span class=\"_ _2\"></span>terna<span class=\"_ _2\"></span>l cost<span class=\"_ _2\"></span>s that are dire<span class=\"_ _2\"></span>ctly at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to the is<span class=\"_ _2\"></span>sue of<span class=\"_ gs132\"> </span>thes<span class=\"_ _2\"></span>e shares are re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, net of ta<span class=\"_ _2\"></span>x<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs37a\">Where t<span class=\"_ _2\"></span>he Phoe<span class=\"_ _2\"></span>nix Group Emp<span class=\"_ _2\"></span>loyee Ben<span class=\"_ _2\"></span>efit T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust (<span class=\"_ _2\"></span>\u2018EBT<span class=\"_ _2\"></span>\u2019) ac<span class=\"_ _2\"></span>quires sh<span class=\"_ _2\"></span>ares in the C<span class=\"_ _2\"></span>ompany or obt<span class=\"_ _2\"></span>ains right<span class=\"_ _2\"></span>s to purchas<span class=\"_ _2\"></span>e its sh<span class=\"_ _2\"></span>ares<span class=\"_ _2\"></span>, the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs37b\">con<span class=\"_ _2\"></span>sideratio<span class=\"_ _2\"></span>n paid (incl<span class=\"_ _2\"></span>uding any at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion cos<span class=\"_ _2\"></span>ts, n<span class=\"_ _2\"></span>et of tax<span class=\"_ _2\"></span>) is shown as a de<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>tion from owne<span class=\"_ _2\"></span>rs\u2019 equit<span class=\"_ _2\"></span>y. Gains and lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s on </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs37c\">sale<span class=\"_ _2\"></span>s of shares h<span class=\"_ _2\"></span>eld by the EBT are ch<span class=\"_ _2\"></span>arge<span class=\"_ _2\"></span>d or<span class=\"_ gs132\"> </span>credite<span class=\"_ _2\"></span>d to the own sha<span class=\"_ _2\"></span>res acc<span class=\"_ _2\"></span>ount in equit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs37e\">The oth<span class=\"_ _2\"></span>er reser<span class=\"_ _2\"></span>ves c<span class=\"_ _2\"></span>omprise th<span class=\"_ _2\"></span>e owner-<span class=\"_ _2\"></span>occupi<span class=\"_ _2\"></span>ed prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y revalu<span class=\"_ _2\"></span>ation rese<span class=\"_ _2\"></span>rve an<span class=\"_ _2\"></span>d the cas<span class=\"_ _2\"></span>h flow hed<span class=\"_ _2\"></span>ging rese<span class=\"_ _2\"></span>rve.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs37f\">Owner-o<span class=\"_ _2\"></span>ccupied propert<span class=\"_ _2\"></span>y r<span class=\"_ _5\"></span>evaluation<span class=\"_ _5\"></span> reserve<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs380\">This res<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ve compris<span class=\"_ _2\"></span>es the reval<span class=\"_ _2\"></span>uation surpl<span class=\"_ _2\"></span>us arising o<span class=\"_ _2\"></span>n revaluation of own<span class=\"_ _2\"></span>er-oc<span class=\"_ _2\"></span>cupied p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>. Wh<span class=\"_ _2\"></span>en a revaluat<span class=\"_ _2\"></span>ion loss a<span class=\"_ _2\"></span>rises on a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs381\">previo<span class=\"_ _2\"></span>usly revalue<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>et it sho<span class=\"_ _2\"></span>uld be ded<span class=\"_ _2\"></span>ucted fir<span class=\"_ _2\"></span>st ag<span class=\"_ _2\"></span>ainst th<span class=\"_ _2\"></span>e previous re<span class=\"_ _2\"></span>valuation g<span class=\"_ _2\"></span>ain. Any exce<span class=\"_ _2\"></span>ss impair<span class=\"_ _2\"></span>ment will the<span class=\"_ _2\"></span>n be rec<span class=\"_ _2\"></span>orded as a<span class=\"_ _2\"></span>n </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs382\">impairm<span class=\"_ _2\"></span>ent expe<span class=\"_ _2\"></span>nse in the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs383\">Cas<span class=\"_ _2\"></span>h flow he<span class=\"_ _2\"></span>dging r<span class=\"_ _2\"></span>eser<span class=\"_ _2\"></span>ve<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs384\">Where a c<span class=\"_ _2\"></span>ash flow h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relation<span class=\"_ _2\"></span>ship exist<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ctive por<span class=\"_ _2\"></span>tion of ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the fair value of de<span class=\"_ _2\"></span>rivatives th<span class=\"_ _2\"></span>at are desig<span class=\"_ _2\"></span>nated an<span class=\"_ _2\"></span>d qualif<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs385\">as c<span class=\"_ _2\"></span>ash flow he<span class=\"_ _2\"></span>dges is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income a<span class=\"_ _2\"></span>nd acc<span class=\"_ _2\"></span>umulated un<span class=\"_ _2\"></span>der the he<span class=\"_ _2\"></span>ading of ca<span class=\"_ _2\"></span>sh flow he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve. The </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs386\">gain or l<span class=\"_ _2\"></span>oss rel<span class=\"_ _2\"></span>ating to the inef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive por<span class=\"_ _2\"></span>tion is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed imme<span class=\"_ _2\"></span>diately in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>, and is rep<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d in net </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs387\">investm<span class=\"_ _2\"></span>ent inco<span class=\"_ _2\"></span>me.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs388\">Amo<span class=\"_ _2\"></span>unts previou<span class=\"_ _2\"></span>sly rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me and ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y are re<span class=\"_ _2\"></span>clas<span class=\"_ _2\"></span>sified to profit or l<span class=\"_ _2\"></span>oss in the p<span class=\"_ _2\"></span>eriods </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs389\">when t<span class=\"_ _2\"></span>he hedg<span class=\"_ _2\"></span>ed item af<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>ts profit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, in the sam<span class=\"_ _2\"></span>e line as the re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs38a\">He<span class=\"_ _2\"></span>dge ac<span class=\"_ _2\"></span>counting i<span class=\"_ _2\"></span>s discontin<span class=\"_ _2\"></span>ued whe<span class=\"_ _2\"></span>n the Group revokes the h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relation<span class=\"_ _2\"></span>ship, when th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ing inst<span class=\"_ _2\"></span>rument exp<span class=\"_ _2\"></span>ires or is sol<span class=\"_ _2\"></span>d, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs38b\">termin<span class=\"_ _2\"></span>ated, or exerc<span class=\"_ _2\"></span>ised<span class=\"_ _2\"></span>, or when it n<span class=\"_ _2\"></span>o longe<span class=\"_ _2\"></span>r qualifies fo<span class=\"_ _2\"></span>r hedg<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting. Any g<span class=\"_ _2\"></span>ain or los<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised in ot<span class=\"_ _2\"></span>her comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income a<span class=\"_ _2\"></span>nd </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs38c\">acc<span class=\"_ _2\"></span>umulated in e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y at that tim<span class=\"_ _2\"></span>e is recycle<span class=\"_ _2\"></span>d to profit or los<span class=\"_ _2\"></span>s over the pe<span class=\"_ _2\"></span>riod the h<span class=\"_ _2\"></span>edge<span class=\"_ _2\"></span>d item impa<span class=\"_ _2\"></span>cts p<span class=\"_ _2\"></span>rofit or loss<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs38d\">Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s of the Group\u2019s hedg<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>y are inclu<span class=\"_ _2\"></span>ded in note E1<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs38f\">The Fi<span class=\"_ _2\"></span>xed Rate Res<span class=\"_ _2\"></span>et Perpetu<span class=\"_ _2\"></span>al Restr<span class=\"_ _2\"></span>icted T<span class=\"_ _2\"></span>ier 1 Cont<span class=\"_ _2\"></span>ingent C<span class=\"_ _2\"></span>onvert<span class=\"_ _2\"></span>ible Notes (<span class=\"_ _2\"></span>\u2018T<span class=\"_ _2\"></span>ier 1 Notes\u2019<span class=\"_ _2\"></span>) meet th<span class=\"_ _2\"></span>e definition of e<span class=\"_ _2\"></span>quity a<span class=\"_ _2\"></span>nd acc<span class=\"_ _2\"></span>ordingly </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs390\">are show<span class=\"_ _2\"></span>n as a sepa<span class=\"_ _2\"></span>rate cate<span class=\"_ _2\"></span>gor<span class=\"_ _2\"></span>y within eq<span class=\"_ _2\"></span>uity at t<span class=\"_ _2\"></span>he proce<span class=\"_ _2\"></span>eds of is<span class=\"_ _2\"></span>sue. Th<span class=\"_ _2\"></span>e coupon<span class=\"_ _2\"></span>s on the ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts are rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed as dis<span class=\"_ _2\"></span>tribution<span class=\"_ _2\"></span>s on </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs391\">the date of paym<span class=\"_ _2\"></span>ent and are c<span class=\"_ _2\"></span>harge<span class=\"_ _2\"></span>d directl<span class=\"_ _2\"></span>y to the st<span class=\"_ _2\"></span>atement of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d chan<span class=\"_ _2\"></span>ges in eq<span class=\"_ _2\"></span>uity.<span class=\"_ _3bc\"> </span></div>Non-<span class=\"_ _2\"></span>controllin<span class=\"_ _2\"></span>g interest<span class=\"_ _2\"></span>s are sta<span class=\"_ _2\"></span>ted at the sh<span class=\"_ _2\"></span>are of net ass<span class=\"_ _2\"></span>ets at<span class=\"_ _2\"></span>tribute<span class=\"_ _2\"></span>d to the non-<span class=\"_ _2\"></span>controllin<span class=\"_ _2\"></span>g interest h<span class=\"_ _2\"></span>older at th<span class=\"_ _2\"></span>e time of acquis<span class=\"_ _2\"></span>ition, adj<span class=\"_ _2\"></span>usted fo<span class=\"_ _2\"></span>r the relevant s<span class=\"_ _2\"></span>hare of subse<span class=\"_ _2\"></span>quent ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in equit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>Financial assets<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>re to be clas<span class=\"_ _2\"></span>sified into on<span class=\"_ _2\"></span>e of the following m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent cate<span class=\"_ _2\"></span>gorie<span class=\"_ _2\"></span>s: Fair value thro<span class=\"_ _2\"></span>ugh profit or l<span class=\"_ _2\"></span>oss (\u2018<span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>VTP<span class=\"_ _2\"></span>L<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>), fair value throu<span class=\"_ _2\"></span>gh other co<span class=\"_ _2\"></span>mprehe<span class=\"_ _2\"></span>nsive incom<span class=\"_ _2\"></span>e (\u2018<span class=\"_ _2\"></span>FVOCI<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>) and amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t. Clas<span class=\"_ _2\"></span>sifica<span class=\"_ _2\"></span>tion is mad<span class=\"_ _2\"></span>e base<span class=\"_ _2\"></span>d on the obj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ives of the entit<span class=\"_ _2\"></span>y\u2019s busine<span class=\"_ _2\"></span>ss mod<span class=\"_ _2\"></span>el for mana<span class=\"_ _2\"></span>ging it<span class=\"_ _2\"></span>s financi<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>ets and th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ctual c<span class=\"_ _2\"></span>ash flow c<span class=\"_ _2\"></span>harac<span class=\"_ _2\"></span>terist<span class=\"_ _2\"></span>ics of the ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts.<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>re meas<span class=\"_ _2\"></span>ured at amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t where th<span class=\"_ _2\"></span>ey have:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual term<span class=\"_ _2\"></span>s that give ris<span class=\"_ _2\"></span>e to cash fl<span class=\"_ _2\"></span>ows on spe<span class=\"_ _2\"></span>cified da<span class=\"_ _2\"></span>tes, th<span class=\"_ _2\"></span>at repres<span class=\"_ _2\"></span>ent sole<span class=\"_ _2\"></span>ly payment<span class=\"_ _2\"></span>s of principa<span class=\"_ _2\"></span>l and interes<span class=\"_ _2\"></span>t on the prin<span class=\"_ _2\"></span>cipal amo<span class=\"_ _2\"></span>unt outs<span class=\"_ _2\"></span>tandin<span class=\"_ _2\"></span>g; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>re held within a b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s mod<span class=\"_ _2\"></span>el whos<span class=\"_ _2\"></span>e obje<span class=\"_ _2\"></span>ctive is ach<span class=\"_ _2\"></span>ieved by holdin<span class=\"_ _2\"></span>g to collec<span class=\"_ _2\"></span>t contra<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l cash fl<span class=\"_ _2\"></span>ows.<span class=\"_ _3bc\"> </span>The<span class=\"_ _2\"></span>se financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets are init<span class=\"_ _2\"></span>ially rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d at cos<span class=\"_ _2\"></span>t, be<span class=\"_ _2\"></span>ing the fair va<span class=\"_ _2\"></span>lue of the con<span class=\"_ _2\"></span>siderati<span class=\"_ _2\"></span>on paid for the a<span class=\"_ _2\"></span>cquisiti<span class=\"_ _2\"></span>on of the financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>et. All tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion cos<span class=\"_ _2\"></span>ts direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributab<span class=\"_ _2\"></span>le to the ac<span class=\"_ _2\"></span>quisition are al<span class=\"_ _2\"></span>so inclu<span class=\"_ _2\"></span>ded in the c<span class=\"_ _2\"></span>ost of the fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>. Subs<span class=\"_ _2\"></span>equent to ini<span class=\"_ _2\"></span>tial reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, thes<span class=\"_ _2\"></span>e financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets are c<span class=\"_ _2\"></span>arried at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>, using the ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive interest m<span class=\"_ _2\"></span>ethod<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Equities<span class=\"_ _2\"></span>, debt s<span class=\"_ _2\"></span>ecurit<span class=\"_ _2\"></span>ies, c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investme<span class=\"_ _2\"></span>nt sche<span class=\"_ _2\"></span>mes<span class=\"_ _2\"></span>, derivative<span class=\"_ _2\"></span>s and cer<span class=\"_ _2\"></span>tain l<span class=\"_ _2\"></span>oans an<span class=\"_ _2\"></span>d deposi<span class=\"_ _2\"></span>ts and c<span class=\"_ _2\"></span>ash and c<span class=\"_ _2\"></span>ash e<span class=\"_ _2\"></span>quivalent<span class=\"_ _2\"></span>s are mea<span class=\"_ _2\"></span>sured at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL as they are m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed and eva<span class=\"_ _2\"></span>luated on a fa<span class=\"_ _2\"></span>ir value bas<span class=\"_ _2\"></span>is.<span class=\"_ _3bc\"> </span>Purcha<span class=\"_ _2\"></span>ses an<span class=\"_ _2\"></span>d sales of fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d on the tra<span class=\"_ _2\"></span>de date, whic<span class=\"_ _2\"></span>h is the date that t<span class=\"_ _2\"></span>he Group c<span class=\"_ _2\"></span>ommits to p<span class=\"_ _2\"></span>urchase o<span class=\"_ _2\"></span>r sell the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Where d<span class=\"_ _2\"></span>erivative fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts are he<span class=\"_ _2\"></span>ld to hedg<span class=\"_ _2\"></span>e the Group\u2019s Euro and US D<span class=\"_ _2\"></span>ollar bor<span class=\"_ _2\"></span>rowings<span class=\"_ _2\"></span>, the ef<span class=\"_ _2\"></span>fective p<span class=\"_ _2\"></span>orti<span class=\"_ _2\"></span>on of any gain or los<span class=\"_ _2\"></span>s that ari<span class=\"_ _2\"></span>ses on rem<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment to fair val<span class=\"_ _2\"></span>ue is initially re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in oth<span class=\"_ _2\"></span>er compre<span class=\"_ _2\"></span>hensi<span class=\"_ _2\"></span>ve income an<span class=\"_ _2\"></span>d is recyc<span class=\"_ _2\"></span>led to profit or lo<span class=\"_ _2\"></span>ss as th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ed item impa<span class=\"_ _2\"></span>cts t<span class=\"_ _2\"></span>he profit or los<span class=\"_ _2\"></span>s. For s<span class=\"_ _2\"></span>uch inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s, the t<span class=\"_ _2\"></span>iming of the rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n of any gain or los<span class=\"_ _2\"></span>s that aris<span class=\"_ _2\"></span>es on rem<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent to fair valu<span class=\"_ _2\"></span>e in profit or lo<span class=\"_ _2\"></span>ss dep<span class=\"_ _2\"></span>ends on th<span class=\"_ _2\"></span>e nature of the h<span class=\"_ _2\"></span>edge re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has tre<span class=\"_ _2\"></span>aties in pla<span class=\"_ _2\"></span>ce with third pa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>mpanies to p<span class=\"_ _2\"></span>rovide reinsur<span class=\"_ _2\"></span>ance in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of liabilities th<span class=\"_ _2\"></span>at are linked to the per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce of funds m<span class=\"_ _2\"></span>aintaine<span class=\"_ _2\"></span>d by thos<span class=\"_ _2\"></span>e compani<span class=\"_ _2\"></span>es. Th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts in qu<span class=\"_ _2\"></span>estion d<span class=\"_ _2\"></span>o not trans<span class=\"_ _2\"></span>fer signific<span class=\"_ _2\"></span>ant insur<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>k and therefore a<span class=\"_ _2\"></span>re clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s financi<span class=\"_ _2\"></span>al instr<span class=\"_ _2\"></span>uments a<span class=\"_ _2\"></span>nd are value<span class=\"_ _2\"></span>d at fair value t<span class=\"_ _2\"></span>hrough profi<span class=\"_ _2\"></span>t and los<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>se contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are disclo<span class=\"_ _2\"></span>sed und<span class=\"_ _2\"></span>er Reinsure<span class=\"_ _2\"></span>rs\u2019 share of investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition.<span class=\"_ _3bc\"> </span>Impairment of<span class=\"_ _5\"></span> financial assets<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d credit lo<span class=\"_ _2\"></span>sses a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated wit<span class=\"_ _2\"></span>h its loan<span class=\"_ _2\"></span>s and dep<span class=\"_ _2\"></span>osits<span class=\"_ _2\"></span>, rec<span class=\"_ _2\"></span>eivable<span class=\"_ _2\"></span>s, ca<span class=\"_ _2\"></span>sh and c<span class=\"_ _2\"></span>ash eq<span class=\"_ _2\"></span>uivalents a<span class=\"_ _2\"></span>nd other finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets c<span class=\"_ _2\"></span>arried at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. The me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt of credit impa<span class=\"_ _2\"></span>irment is ba<span class=\"_ _2\"></span>sed on a<span class=\"_ _2\"></span>n Exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d Credit Los<span class=\"_ _2\"></span>s (\u2018 ECL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>) mode<span class=\"_ _2\"></span>l and dep<span class=\"_ _2\"></span>ends upo<span class=\"_ _2\"></span>n whether t<span class=\"_ _2\"></span>here has b<span class=\"_ _2\"></span>een a sig<span class=\"_ _2\"></span>nificant in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in credit ris<span class=\"_ _2\"></span>k.<span class=\"_ _3bc\"> </span>For thos<span class=\"_ _2\"></span>e credit ex<span class=\"_ _2\"></span>posures fo<span class=\"_ _2\"></span>r which cre<span class=\"_ _2\"></span>dit risk has n<span class=\"_ _2\"></span>ot increa<span class=\"_ _2\"></span>sed sig<span class=\"_ _2\"></span>nificantl<span class=\"_ _2\"></span>y since initia<span class=\"_ _2\"></span>l reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, the Group m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>s loss allow<span class=\"_ _2\"></span>ances a<span class=\"_ _2\"></span>t an amo<span class=\"_ _2\"></span>unt equal to th<span class=\"_ _2\"></span>e total expe<span class=\"_ _2\"></span>cte<span class=\"_ _2\"></span>d credit los<span class=\"_ _2\"></span>ses re<span class=\"_ _2\"></span>sulting from d<span class=\"_ _2\"></span>efault event<span class=\"_ _2\"></span>s that are po<span class=\"_ _2\"></span>ssible wi<span class=\"_ _2\"></span>thin 12 months af<span class=\"_ _2\"></span>ter the re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting date (\u2018<span class=\"_ _2\"></span>12-mont<span class=\"_ _2\"></span>h ECL<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>). For those c<span class=\"_ _2\"></span>redit exp<span class=\"_ _2\"></span>osures for whi<span class=\"_ _2\"></span>ch there ha<span class=\"_ _2\"></span>s bee<span class=\"_ _2\"></span>n a signific<span class=\"_ _2\"></span>ant increa<span class=\"_ _2\"></span>se in credit r<span class=\"_ _2\"></span>isk since in<span class=\"_ _2\"></span>itial rec<span class=\"_ _2\"></span>ognition<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up mea<span class=\"_ _2\"></span>sures an<span class=\"_ _2\"></span>d recog<span class=\"_ _2\"></span>nises an a<span class=\"_ _2\"></span>llowance at a<span class=\"_ _2\"></span>n amount e<span class=\"_ _2\"></span>qual to the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d credit l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s over the rema<span class=\"_ _2\"></span>ining life of the expo<span class=\"_ _2\"></span>sure, irres<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tive of the timin<span class=\"_ _2\"></span>g of the default (<span class=\"_ _2\"></span>\u2018Lifetim<span class=\"_ _2\"></span>e E<span class=\"_ _5\"></span>CL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>). If the finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set be<span class=\"_ _2\"></span>come<span class=\"_ _2\"></span>s \u2018<span class=\"_ _5\"></span>cred<span class=\"_ _2\"></span>it-impaired<span class=\"_ _2\"></span>\u2019 (<span class=\"_ _5\"></span>following s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt financia<span class=\"_ _2\"></span>l diffic<span class=\"_ _2\"></span>ulty of is<span class=\"_ _2\"></span>suer/<span class=\"_ _3bc\"> </span>borrowe<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>, or a def<span class=\"_ _2\"></span>ault/<span class=\"_ _2\"></span>breach of a c<span class=\"_ _2\"></span>ovenant), the G<span class=\"_ _2\"></span>roup will rec<span class=\"_ _2\"></span>ognise a Lifet<span class=\"_ _2\"></span>ime ECL. ECL<span class=\"_ _2\"></span>s are derive<span class=\"_ _2\"></span>d from unbias<span class=\"_ _2\"></span>ed and p<span class=\"_ _2\"></span>robabilit<span class=\"_ _2\"></span>y-<span class=\"_ _3bc\"> </span>weighte<span class=\"_ _2\"></span>d estim<span class=\"_ _2\"></span>ates of expe<span class=\"_ _2\"></span>cted los<span class=\"_ _2\"></span>s. The lo<span class=\"_ _2\"></span>ss allowan<span class=\"_ _2\"></span>ce redu<span class=\"_ _2\"></span>ces the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value of th<span class=\"_ _2\"></span>e financi<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>et and is rea<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d at each re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting date. ECL<span class=\"_ _2\"></span>s and subs<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>nt reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ents of the ECL<span class=\"_ _2\"></span>, are rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>Fair<span class=\"_ _5\"></span> value estimation<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir values of finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s trad<span class=\"_ _2\"></span>ed in ac<span class=\"_ _2\"></span>tive markets suc<span class=\"_ _2\"></span>h as publicl<span class=\"_ _2\"></span>y trade<span class=\"_ _2\"></span>d sec<span class=\"_ _2\"></span>urities and d<span class=\"_ _2\"></span>erivatives a<span class=\"_ _2\"></span>re base<span class=\"_ _2\"></span>d on quoted m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et price<span class=\"_ _2\"></span>s at the pe<span class=\"_ _2\"></span>riod end<span class=\"_ _2\"></span>. The quote<span class=\"_ _2\"></span>d market price us<span class=\"_ _2\"></span>ed for finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets i<span class=\"_ _2\"></span>s the applic<span class=\"_ _2\"></span>able bid pr<span class=\"_ _2\"></span>ice on the p<span class=\"_ _2\"></span>eriod en<span class=\"_ _2\"></span>d date. The f<span class=\"_ _2\"></span>air value of investm<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>at are not tra<span class=\"_ _2\"></span>ded in an ac<span class=\"_ _2\"></span>tive market is determ<span class=\"_ _2\"></span>ined usin<span class=\"_ _2\"></span>g valuation te<span class=\"_ _2\"></span>chniqu<span class=\"_ _2\"></span>es such a<span class=\"_ _2\"></span>s broker quotes<span class=\"_ _2\"></span>, pricing m<span class=\"_ _2\"></span>odels or disc<span class=\"_ _2\"></span>ounted ca<span class=\"_ _2\"></span>sh flow tec<span class=\"_ _2\"></span>hniques<span class=\"_ _2\"></span>. Where p<span class=\"_ _2\"></span>ricing mo<span class=\"_ _2\"></span>dels are us<span class=\"_ _2\"></span>ed, inp<span class=\"_ _2\"></span>uts are b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n market related da<span class=\"_ _2\"></span>ta at the pe<span class=\"_ _2\"></span>riod en<span class=\"_ _2\"></span>d. Where disc<span class=\"_ _2\"></span>ounted ca<span class=\"_ _2\"></span>sh flow tec<span class=\"_ _2\"></span>hniques a<span class=\"_ _2\"></span>re used<span class=\"_ _2\"></span>, estim<span class=\"_ _2\"></span>ated fut<span class=\"_ _2\"></span>ure cash flow<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al cas<span class=\"_ _2\"></span>h flows using c<span class=\"_ _2\"></span>urrent market con<span class=\"_ _2\"></span>ditions and m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et c<span class=\"_ _2\"></span>alibrated dis<span class=\"_ _2\"></span>count ra<span class=\"_ _2\"></span>tes and interes<span class=\"_ _2\"></span>t rate as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s for similar ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>For units in un<span class=\"_ _2\"></span>it trust<span class=\"_ _2\"></span>s and sh<span class=\"_ _2\"></span>ares in ope<span class=\"_ _2\"></span>n-end<span class=\"_ _2\"></span>ed investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>anies<span class=\"_ _2\"></span>, fair value i<span class=\"_ _2\"></span>s determine<span class=\"_ _2\"></span>d by referenc<span class=\"_ _2\"></span>e to publishe<span class=\"_ _2\"></span>d bid value<span class=\"_ _2\"></span>s. The f<span class=\"_ _2\"></span>air value of re<span class=\"_ _2\"></span>ceivabl<span class=\"_ _2\"></span>es and flo<span class=\"_ _2\"></span>ating rate an<span class=\"_ _2\"></span>d overnight dep<span class=\"_ _2\"></span>osits wi<span class=\"_ _2\"></span>th credit ins<span class=\"_ _2\"></span>titutio<span class=\"_ _2\"></span>ns is their c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value<span class=\"_ _2\"></span>. The fair val<span class=\"_ _2\"></span>ue of fixed interes<span class=\"_ _2\"></span>t-<span class=\"_ _3bc\"> </span>bea<span class=\"_ _2\"></span>ring dep<span class=\"_ _2\"></span>osits is e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>d using dis<span class=\"_ _2\"></span>counted c<span class=\"_ _2\"></span>ash flow te<span class=\"_ _2\"></span>chnique<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Asso<span class=\"_ _2\"></span>ciates<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tments in a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciates that a<span class=\"_ _2\"></span>re held for inves<span class=\"_ _2\"></span>tment pur<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>s are acco<span class=\"_ _2\"></span>unted for unde<span class=\"_ _2\"></span>r IFRS 9 Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts for the c<span class=\"_ _2\"></span>urrent perio<span class=\"_ _2\"></span>d (2022<span class=\"_ _2\"></span>: IAS 39 Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts: Re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition and M<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment<span class=\"_ _3bc\"> </span>) as pe<span class=\"_ _2\"></span>rmit<span class=\"_ _2\"></span>ted by IAS 28 Inves<span class=\"_ _2\"></span>tments in A<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciates an<span class=\"_ _2\"></span>d Joint V<span class=\"_ _7\"></span>ent<span class=\"_ _2\"></span>ures. The<span class=\"_ _2\"></span>se are mea<span class=\"_ _2\"></span>sured at fa<span class=\"_ _2\"></span>ir value throu<span class=\"_ _2\"></span>gh profit or los<span class=\"_ _2\"></span>s. T<span class=\"_ _2\"></span>here are no inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s in ass<span class=\"_ _2\"></span>ociates wh<span class=\"_ _2\"></span>ich are of a stra<span class=\"_ _2\"></span>tegic nat<span class=\"_ _2\"></span>ure.<span class=\"_ _3bc\"> </span>Derecognition of financial assets<span class=\"_ _3bc\"> </span>A finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set (or par<span class=\"_ _2\"></span>t of a group of similar fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s) is derec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed where<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e rights to re<span class=\"_ _2\"></span>ceive c<span class=\"_ _2\"></span>ash flows from t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>et have expired; \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group ret<span class=\"_ _2\"></span>ains the right to re<span class=\"_ _2\"></span>ceive c<span class=\"_ _2\"></span>ash flows fro<span class=\"_ _2\"></span>m the ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>, but ha<span class=\"_ _2\"></span>s assum<span class=\"_ _2\"></span>ed an oblig<span class=\"_ _2\"></span>ation to pay th<span class=\"_ _2\"></span>em in full with<span class=\"_ _2\"></span>out materi<span class=\"_ _2\"></span>al delay to a third par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y under a \u2018pas<span class=\"_ _2\"></span>s-throu<span class=\"_ _2\"></span>gh\u2019 a<span class=\"_ _2\"></span>rrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>; or \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s trans<span class=\"_ _2\"></span>ferred it<span class=\"_ _2\"></span>s rights to re<span class=\"_ _2\"></span>ceive ca<span class=\"_ _2\"></span>sh flows from th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>t and has e<span class=\"_ _2\"></span>ither tra<span class=\"_ _2\"></span>nsferre<span class=\"_ _2\"></span>d subst<span class=\"_ _2\"></span>antially all th<span class=\"_ _2\"></span>e risks and re<span class=\"_ _2\"></span>wards of the as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>, or has ne<span class=\"_ _2\"></span>ither tra<span class=\"_ _2\"></span>nsferre<span class=\"_ _2\"></span>d nor retain<span class=\"_ _2\"></span>ed subs<span class=\"_ _2\"></span>tantia<span class=\"_ _2\"></span>lly all the risks a<span class=\"_ _2\"></span>nd rewards of the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>, but ha<span class=\"_ _2\"></span>s trans<span class=\"_ _2\"></span>ferred cont<span class=\"_ _2\"></span>rol of the ass<span class=\"_ _2\"></span>et. Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span>On initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, financi<span class=\"_ _2\"></span>al liabilities a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d when due an<span class=\"_ _2\"></span>d meas<span class=\"_ _2\"></span>ured at the f<span class=\"_ _2\"></span>air value of the co<span class=\"_ _2\"></span>nsider<span class=\"_ _2\"></span>ation rec<span class=\"_ _2\"></span>eived les<span class=\"_ _2\"></span>s direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n cost<span class=\"_ _2\"></span>s (with the except<span class=\"_ _2\"></span>ion of liabilities at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL for which a<span class=\"_ _2\"></span>ll transa<span class=\"_ _2\"></span>ction c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s are expen<span class=\"_ _2\"></span>sed)<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3d5\">Subs<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>nt to initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n, finan<span class=\"_ _2\"></span>cial liabilit<span class=\"_ _2\"></span>ies (except for liabilit<span class=\"_ _2\"></span>ies under inve<span class=\"_ _2\"></span>stment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts with<span class=\"_ _2\"></span>out DPF a<span class=\"_ _2\"></span>nd other liab<span class=\"_ _2\"></span>ilities </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3d6\">desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL) are me<span class=\"_ _2\"></span>asured at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost usin<span class=\"_ _2\"></span>g the ef<span class=\"_ _2\"></span>fective intere<span class=\"_ _2\"></span>st meth<span class=\"_ _2\"></span>od. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3d7\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties are des<span class=\"_ _2\"></span>ignated up<span class=\"_ _2\"></span>on initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition at FV<span class=\"_ _2\"></span>TPL wh<span class=\"_ _2\"></span>ere doing s<span class=\"_ _2\"></span>o result<span class=\"_ _2\"></span>s in more mea<span class=\"_ _2\"></span>ningful inform<span class=\"_ _2\"></span>ation be<span class=\"_ _2\"></span>caus<span class=\"_ _2\"></span>e either<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3d8\">\u2022 <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>t eliminates or s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>ntly reduc<span class=\"_ _2\"></span>es acc<span class=\"_ _2\"></span>ounting mi<span class=\"_ _2\"></span>smatche<span class=\"_ _2\"></span>s that would oth<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>wise aris<span class=\"_ _2\"></span>e from mea<span class=\"_ _2\"></span>suring as<span class=\"_ _2\"></span>sets o<span class=\"_ _2\"></span>r liabilities or re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nising </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3d9\">the g<span class=\"_ _2\"></span>ains and lo<span class=\"_ _2\"></span>sses o<span class=\"_ _2\"></span>n them on dif<span class=\"_ _2\"></span>ferent ba<span class=\"_ _2\"></span>ses; or<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3da\">\u2022 <span class=\"_ _9\"> </span>a g<span class=\"_ _2\"></span>roup of financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>, financi<span class=\"_ _2\"></span>al liabilitie<span class=\"_ _2\"></span>s or both is man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d and its p<span class=\"_ _2\"></span>erfo<span class=\"_ _2\"></span>rmanc<span class=\"_ _2\"></span>e is evaluated a<span class=\"_ _2\"></span>nd mana<span class=\"_ _2\"></span>ged o<span class=\"_ _2\"></span>n a fair value ba<span class=\"_ _2\"></span>sis, in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3db\">acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with a doc<span class=\"_ _2\"></span>umented ri<span class=\"_ _2\"></span>sk mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt or investme<span class=\"_ _2\"></span>nt strate<span class=\"_ _2\"></span>gy, and information a<span class=\"_ _2\"></span>bout th<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nts is provide<span class=\"_ _2\"></span>d internall<span class=\"_ _2\"></span>y on </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3dc\">that b<span class=\"_ _2\"></span>asis to the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s key man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent per<span class=\"_ _2\"></span>sonne<span class=\"_ _2\"></span>l.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls69 ws5e gs3dd\">Investment contrac<span class=\"_ _2\"></span>ts without DPF<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3de\">Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s under whi<span class=\"_ _2\"></span>ch the tran<span class=\"_ _2\"></span>sfer of insur<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>k to the Group from th<span class=\"_ _2\"></span>e policy<span class=\"_ _2\"></span>holder i<span class=\"_ _2\"></span>s not signific<span class=\"_ _2\"></span>ant are clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s investme<span class=\"_ _2\"></span>nt contra<span class=\"_ _2\"></span>cts </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3df\">and a<span class=\"_ _2\"></span>ccounte<span class=\"_ _2\"></span>d for as finan<span class=\"_ _2\"></span>cial liabilitie<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3e0\">Rec<span class=\"_ _2\"></span>eipts an<span class=\"_ _2\"></span>d payment<span class=\"_ _2\"></span>s on investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>thout D<span class=\"_ _2\"></span>PF are acc<span class=\"_ _2\"></span>ounted for usin<span class=\"_ _2\"></span>g depos<span class=\"_ _2\"></span>it acco<span class=\"_ _2\"></span>unting<span class=\"_ _2\"></span>, under whic<span class=\"_ _2\"></span>h the amo<span class=\"_ _2\"></span>unts colle<span class=\"_ _2\"></span>cted </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3e1\">and pa<span class=\"_ _2\"></span>id out are re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in the s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent of<span class=\"_ gs132\"> </span>conso<span class=\"_ _2\"></span>lidated fina<span class=\"_ _2\"></span>ncial p<span class=\"_ _2\"></span>osition as an a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment to th<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y to<span class=\"_ gs132\"> </span>the polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3e2\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s withou<span class=\"_ _2\"></span>t DPF are me<span class=\"_ _2\"></span>asured a<span class=\"_ _2\"></span>t fair value whic<span class=\"_ _2\"></span>h is determin<span class=\"_ _2\"></span>ed using a va<span class=\"_ _2\"></span>luation tec<span class=\"_ _2\"></span>hnique to provid<span class=\"_ _2\"></span>e a reliable e<span class=\"_ _2\"></span>stimate of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3e3\">the am<span class=\"_ _2\"></span>ount for which th<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y could b<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>ferred in an ord<span class=\"_ _2\"></span>erly tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion bet<span class=\"_ _2\"></span>ween m<span class=\"_ _2\"></span>arket par<span class=\"_ _2\"></span>ticipant<span class=\"_ _2\"></span>s at the mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt date, subj<span class=\"_ _2\"></span>ect </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3e4\">to a minimum e<span class=\"_ _2\"></span>qual to the s<span class=\"_ _2\"></span>urrender va<span class=\"_ _2\"></span>lue. The va<span class=\"_ _2\"></span>luation of liabilit<span class=\"_ _2\"></span>ies on unit-linked contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are held at th<span class=\"_ _2\"></span>e fair value of th<span class=\"_ _2\"></span>e related as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3e5\">liabilitie<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y is the sum of the un<span class=\"_ _2\"></span>it-link<span class=\"_ _5\"></span>ed liab<span class=\"_ _2\"></span>ilities plus a<span class=\"_ _2\"></span>n addition<span class=\"_ _2\"></span>al amount to c<span class=\"_ _2\"></span>over the pres<span class=\"_ _2\"></span>ent value of the exc<span class=\"_ _2\"></span>ess of fut<span class=\"_ _2\"></span>ure polic<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3e6\">cos<span class=\"_ _2\"></span>ts over fut<span class=\"_ _2\"></span>ure charg<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3e7\">Movem<span class=\"_ _2\"></span>ents in the f<span class=\"_ _2\"></span>air value of investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s without D<span class=\"_ _2\"></span>PF and rein<span class=\"_ _2\"></span>surers\u2019 sh<span class=\"_ _2\"></span>are of investme<span class=\"_ _2\"></span>nt contrac<span class=\"_ _2\"></span>t liabilitie<span class=\"_ _2\"></span>s are includ<span class=\"_ _2\"></span>ed in Chan<span class=\"_ _2\"></span>ge </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3e8\">in investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties in the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated inco<span class=\"_ _2\"></span>me sta<span class=\"_ _2\"></span>tement. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3e9\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act p<span class=\"_ _2\"></span>olicyho<span class=\"_ _2\"></span>lders are c<span class=\"_ _2\"></span>harge<span class=\"_ _2\"></span>d for polic<span class=\"_ _2\"></span>y adminis<span class=\"_ _2\"></span>tration se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es, inve<span class=\"_ _2\"></span>stment m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices<span class=\"_ _2\"></span>, surrend<span class=\"_ _2\"></span>ers and ot<span class=\"_ _2\"></span>her </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3ea\">contr<span class=\"_ _2\"></span>act fee<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>ese fee<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as revenue over t<span class=\"_ _2\"></span>he perio<span class=\"_ _2\"></span>d in which the re<span class=\"_ _2\"></span>lated se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es are pe<span class=\"_ _2\"></span>rforme<span class=\"_ _2\"></span>d. If the fe<span class=\"_ _2\"></span>es are for se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3eb\">provide<span class=\"_ _2\"></span>d in future p<span class=\"_ _2\"></span>eriods<span class=\"_ _2\"></span>, they are defe<span class=\"_ _2\"></span>rred and re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised over t<span class=\"_ _2\"></span>hose pe<span class=\"_ _2\"></span>riods<span class=\"_ _2\"></span>. \u2018Front en<span class=\"_ _2\"></span>d\u2019 fee<span class=\"_ _2\"></span>s are charg<span class=\"_ _2\"></span>ed on som<span class=\"_ _2\"></span>e non-pa<span class=\"_ _2\"></span>rticip<span class=\"_ _2\"></span>ating </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3ec\">investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s. Whe<span class=\"_ _2\"></span>re the non-p<span class=\"_ _2\"></span>arti<span class=\"_ _2\"></span>cipating inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t is meas<span class=\"_ _2\"></span>ured at fair val<span class=\"_ _2\"></span>ue, such fe<span class=\"_ _2\"></span>es which re<span class=\"_ _2\"></span>late to the provisio<span class=\"_ _2\"></span>n of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3ed\">future inve<span class=\"_ _2\"></span>stment m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices are defe<span class=\"_ _2\"></span>rred and re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as t<span class=\"_ _2\"></span>he ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s are provided<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs3ee\">Net asset value attributable to<span class=\"_ _7\"></span> unitholders<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3ef\">The n<span class=\"_ _2\"></span>et asse<span class=\"_ _2\"></span>t value at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to unithol<span class=\"_ _2\"></span>ders rep<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>s the non-<span class=\"_ _2\"></span>controllin<span class=\"_ _2\"></span>g interest in c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investme<span class=\"_ _2\"></span>nt schem<span class=\"_ _2\"></span>es which a<span class=\"_ _2\"></span>re<span class=\"_ gs132\"> </span>conso<span class=\"_ _2\"></span>lidated </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3f0\">by the Gro<span class=\"_ _2\"></span>up. This interes<span class=\"_ _2\"></span>t is clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>t FV<span class=\"_ _2\"></span>TPL and m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value<span class=\"_ _2\"></span>, which is e<span class=\"_ _2\"></span>qual to the bid va<span class=\"_ _2\"></span>lue of the numb<span class=\"_ _2\"></span>er of units of the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3f1\">colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme n<span class=\"_ _2\"></span>ot owned by the G<span class=\"_ _2\"></span>roup.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs3f2\">Obl<span class=\"_ _2\"></span>igatio<span class=\"_ _2\"></span>ns for rep<span class=\"_ _2\"></span>ayment of c<span class=\"_ _2\"></span>ollate<span class=\"_ _2\"></span>ral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3f3\">It is the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s pra<span class=\"_ _2\"></span>ctice to obt<span class=\"_ _2\"></span>ain collate<span class=\"_ _2\"></span>ral in sto<span class=\"_ _2\"></span>ck lendin<span class=\"_ _2\"></span>g and deriva<span class=\"_ _2\"></span>tive trans<span class=\"_ _2\"></span>action<span class=\"_ _2\"></span>s, us<span class=\"_ _2\"></span>ually in the form of c<span class=\"_ _2\"></span>ash or ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>etab<span class=\"_ _2\"></span>le sec<span class=\"_ _2\"></span>urities<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3f4\">Where c<span class=\"_ _2\"></span>ash c<span class=\"_ _2\"></span>ollateral re<span class=\"_ _2\"></span>ceived i<span class=\"_ _2\"></span>s available to the G<span class=\"_ _2\"></span>roup for investm<span class=\"_ _2\"></span>ent purpo<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>, it is rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d as a \u2018finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>\u2019 and the c<span class=\"_ _2\"></span>ollateral </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3f5\">repayab<span class=\"_ _2\"></span>le is reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as \u2018obligatio<span class=\"_ _2\"></span>ns for repaym<span class=\"_ _2\"></span>ent of collater<span class=\"_ _2\"></span>al recei<span class=\"_ _2\"></span>ved\u2019 in th<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent of cons<span class=\"_ _2\"></span>olidated fin<span class=\"_ _2\"></span>ancial p<span class=\"_ _2\"></span>osition<span class=\"_ _2\"></span>. The </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3f6\">\u2018obligatio<span class=\"_ _2\"></span>ns for repaym<span class=\"_ _2\"></span>ent of collater<span class=\"_ _2\"></span>al recei<span class=\"_ _2\"></span>ved\u2019 are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t, which in th<span class=\"_ _2\"></span>e case of c<span class=\"_ _2\"></span>ash is e<span class=\"_ _2\"></span>quivalent to th<span class=\"_ _2\"></span>e fair value of the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3f7\">con<span class=\"_ _2\"></span>sideratio<span class=\"_ _2\"></span>n receive<span class=\"_ _2\"></span>d. Furt<span class=\"_ _2\"></span>her deta<span class=\"_ _2\"></span>ils of the Group\u2019s collater<span class=\"_ _2\"></span>al arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts are incl<span class=\"_ _2\"></span>uded in note E4.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs3f8\">Derecognition of financial l<span class=\"_ _5\"></span>iabilities<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3f9\">A finan<span class=\"_ _2\"></span>cial liabilit<span class=\"_ _2\"></span>y is dere<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised w<span class=\"_ _2\"></span>hen the ob<span class=\"_ _2\"></span>ligation un<span class=\"_ _2\"></span>der the liabili<span class=\"_ _2\"></span>ty is dis<span class=\"_ _2\"></span>charg<span class=\"_ _2\"></span>ed, c<span class=\"_ _2\"></span>ancell<span class=\"_ _2\"></span>ed or expire<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs3fa\">Offs<span class=\"_ _2\"></span>etting financial assets and financial liabil<span class=\"_ _5\"></span>ities<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3fb\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s are offs<span class=\"_ _2\"></span>et and the n<span class=\"_ _2\"></span>et amount re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of financia<span class=\"_ _2\"></span>l position o<span class=\"_ _2\"></span>nly when th<span class=\"_ _2\"></span>ere is a leg<span class=\"_ _2\"></span>ally </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3fc\">enforce<span class=\"_ _2\"></span>able right to of<span class=\"_ _2\"></span>fset th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d amount<span class=\"_ _2\"></span>s and there i<span class=\"_ _2\"></span>s an intention to set<span class=\"_ _2\"></span>tle on a ne<span class=\"_ _2\"></span>t basis<span class=\"_ _2\"></span>, or to realis<span class=\"_ _2\"></span>e the as<span class=\"_ _2\"></span>set and s<span class=\"_ _2\"></span>ettle t<span class=\"_ _2\"></span>he liabilit<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3fd\">simult<span class=\"_ _2\"></span>aneo<span class=\"_ _2\"></span>usly. When finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s are offs<span class=\"_ _2\"></span>et any relate<span class=\"_ _2\"></span>d interest in<span class=\"_ _2\"></span>come an<span class=\"_ _2\"></span>d expens<span class=\"_ _2\"></span>e is off<span class=\"_ _2\"></span>set in the inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls61 ws5f gs3fe\">Hedg<span class=\"_ _2\"></span>e accountin<span class=\"_ _2\"></span>g<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3ff\">The Gro<span class=\"_ _2\"></span>up design<span class=\"_ _2\"></span>ates cer<span class=\"_ _2\"></span>tain d<span class=\"_ _2\"></span>erivatives a<span class=\"_ _2\"></span>s hedg<span class=\"_ _2\"></span>ing inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s in order to ef<span class=\"_ _2\"></span>fect c<span class=\"_ _2\"></span>ash flow he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>s. At the inc<span class=\"_ _2\"></span>eption of the h<span class=\"_ _2\"></span>edge </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs400\">relatio<span class=\"_ _2\"></span>nship, the G<span class=\"_ _2\"></span>roup docum<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>e relations<span class=\"_ _2\"></span>hip bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ing instr<span class=\"_ _2\"></span>ument an<span class=\"_ _2\"></span>d the hed<span class=\"_ _2\"></span>ged ite<span class=\"_ _2\"></span>m, alon<span class=\"_ _2\"></span>g with its ris<span class=\"_ _2\"></span>k manag<span class=\"_ _2\"></span>ement </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs401\">obj<span class=\"_ _2\"></span>ective<span class=\"_ _2\"></span>s and its s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y for under<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>king variou<span class=\"_ _2\"></span>s hedg<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>action<span class=\"_ _2\"></span>s. Fur<span class=\"_ _2\"></span>thermo<span class=\"_ _2\"></span>re, at the inc<span class=\"_ _2\"></span>eption of the h<span class=\"_ _2\"></span>edge an<span class=\"_ _2\"></span>d on an ong<span class=\"_ _2\"></span>oing bas<span class=\"_ _2\"></span>is, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs402\">the Gro<span class=\"_ _2\"></span>up docum<span class=\"_ _2\"></span>ents whe<span class=\"_ _2\"></span>ther the h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g instrum<span class=\"_ _2\"></span>ent is high<span class=\"_ _2\"></span>ly effe<span class=\"_ _2\"></span>ctive in off<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>ting chan<span class=\"_ _2\"></span>ges in fa<span class=\"_ _2\"></span>ir values or c<span class=\"_ _2\"></span>ash flows of th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ed item </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs403\">at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to the he<span class=\"_ _2\"></span>dged r<span class=\"_ _2\"></span>isk. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs404\">Where a c<span class=\"_ _2\"></span>ash flow h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relation<span class=\"_ _2\"></span>ship exist<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ctive por<span class=\"_ _2\"></span>tion of ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the fair value of de<span class=\"_ _2\"></span>rivatives th<span class=\"_ _2\"></span>at are desig<span class=\"_ _2\"></span>nated an<span class=\"_ _2\"></span>d qualif<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs405\">as c<span class=\"_ _2\"></span>ash flow he<span class=\"_ _2\"></span>dges is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income a<span class=\"_ _2\"></span>nd acc<span class=\"_ _2\"></span>umulated un<span class=\"_ _2\"></span>der the he<span class=\"_ _2\"></span>ading of ca<span class=\"_ _2\"></span>sh flow he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve. The </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs406\">gain or l<span class=\"_ _2\"></span>oss rel<span class=\"_ _2\"></span>ating to the inef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive por<span class=\"_ _2\"></span>tion is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed imme<span class=\"_ _2\"></span>diately in profit o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>, and is in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d in net investm<span class=\"_ _2\"></span>ent incom<span class=\"_ _2\"></span>e. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs407\">Amo<span class=\"_ _2\"></span>unts previou<span class=\"_ _2\"></span>sly rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me and ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y are re<span class=\"_ _2\"></span>clas<span class=\"_ _2\"></span>sified to profit or l<span class=\"_ _2\"></span>oss in the p<span class=\"_ _2\"></span>eriods </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs408\">when t<span class=\"_ _2\"></span>he hedg<span class=\"_ _2\"></span>ed item af<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>ts profit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, in the sam<span class=\"_ _2\"></span>e line as the re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs409\">He<span class=\"_ _2\"></span>dge ac<span class=\"_ _2\"></span>counting i<span class=\"_ _2\"></span>s discontin<span class=\"_ _2\"></span>ued if: t<span class=\"_ _2\"></span>he Group\u2019s hedg<span class=\"_ _2\"></span>ing obje<span class=\"_ _2\"></span>ctive ha<span class=\"_ _2\"></span>s chang<span class=\"_ _2\"></span>ed (can re<span class=\"_ _2\"></span>sult in a par<span class=\"_ _2\"></span>tial dis<span class=\"_ _2\"></span>continua<span class=\"_ _2\"></span>nce); the h<span class=\"_ _2\"></span>edge<span class=\"_ _2\"></span>d item or </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs40a\">hed<span class=\"_ _2\"></span>ging ins<span class=\"_ _2\"></span>trument n<span class=\"_ _2\"></span>o long<span class=\"_ _2\"></span>er exist<span class=\"_ _2\"></span>s or is sol<span class=\"_ _2\"></span>d; there is no lo<span class=\"_ _2\"></span>nger a<span class=\"_ _2\"></span>n econ<span class=\"_ _2\"></span>omic relatio<span class=\"_ _2\"></span>nship bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the hed<span class=\"_ _2\"></span>ged ite<span class=\"_ _2\"></span>m and the he<span class=\"_ _2\"></span>dging </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs40b\">ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>; or the ef<span class=\"_ _2\"></span>fect of cre<span class=\"_ _2\"></span>dit risk s<span class=\"_ _2\"></span>tar<span class=\"_ _2\"></span>ts to domin<span class=\"_ _2\"></span>ate the value ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s that resul<span class=\"_ _2\"></span>t from the ec<span class=\"_ _2\"></span>onomic re<span class=\"_ _2\"></span>lationsh<span class=\"_ _2\"></span>ip. Any gain or los<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs40c\">rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me and ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y at tha<span class=\"_ _2\"></span>t time is rec<span class=\"_ _2\"></span>ycled to profit or l<span class=\"_ _2\"></span>oss over the p<span class=\"_ _2\"></span>eriod th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ed </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs40d\">item impa<span class=\"_ _2\"></span>cts p<span class=\"_ _2\"></span>rofit or los<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs431\">Level 1 fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs432\">The fa<span class=\"_ _2\"></span>ir value of financ<span class=\"_ _2\"></span>ial inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s trade<span class=\"_ _2\"></span>d in active m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et<span class=\"_ _2\"></span>s (such as excha<span class=\"_ _2\"></span>nge tra<span class=\"_ _2\"></span>ded se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s and deri<span class=\"_ _2\"></span>vatives) is bas<span class=\"_ _2\"></span>ed on quote<span class=\"_ _2\"></span>d market </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs433\">price<span class=\"_ _2\"></span>s at the pe<span class=\"_ _2\"></span>riod end p<span class=\"_ _2\"></span>rovided by re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed pric<span class=\"_ _2\"></span>ing ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s. Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et depth a<span class=\"_ _2\"></span>nd bid-a<span class=\"_ _2\"></span>sk sprea<span class=\"_ _2\"></span>ds are use<span class=\"_ _2\"></span>d to corrobo<span class=\"_ _2\"></span>rate whethe<span class=\"_ _2\"></span>r an </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs434\">ac<span class=\"_ _2\"></span>tive market exist<span class=\"_ _2\"></span>s for an ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>. Greater de<span class=\"_ _2\"></span>pth and na<span class=\"_ _2\"></span>rrower bid-a<span class=\"_ _2\"></span>sk sprea<span class=\"_ _2\"></span>d indicate hig<span class=\"_ _2\"></span>her liquidi<span class=\"_ _2\"></span>ty in th<span class=\"_ _2\"></span>e instrum<span class=\"_ _2\"></span>ent and are c<span class=\"_ _2\"></span>lass<span class=\"_ _2\"></span>ed as </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs435\">Level 1 input<span class=\"_ _2\"></span>s. For c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investme<span class=\"_ _2\"></span>nt sche<span class=\"_ _2\"></span>mes and re<span class=\"_ _2\"></span>insurer<span class=\"_ _2\"></span>s\u2019 share of investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>ct liabiliti<span class=\"_ _2\"></span>es, f<span class=\"_ _2\"></span>air value is by referen<span class=\"_ _2\"></span>ce to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs436\">publis<span class=\"_ _2\"></span>hed bid p<span class=\"_ _2\"></span>rices<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs437\">Level 2 fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs438\">Finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts trad<span class=\"_ _2\"></span>ed in ac<span class=\"_ _2\"></span>tive markets with le<span class=\"_ _2\"></span>ss depth<span class=\"_ _2\"></span>, or wide<span class=\"_ _2\"></span>r bid-ask s<span class=\"_ _2\"></span>preads<span class=\"_ _2\"></span>, which d<span class=\"_ _2\"></span>o not mee<span class=\"_ _2\"></span>t the clas<span class=\"_ _2\"></span>sificat<span class=\"_ _2\"></span>ion as Level 1 inpu<span class=\"_ _2\"></span>ts, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs439\">are cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as Level 2. The f<span class=\"_ _2\"></span>air values of fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts not tra<span class=\"_ _2\"></span>ded in ac<span class=\"_ _2\"></span>tive markets are d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d using broker quote<span class=\"_ _2\"></span>s or valuatio<span class=\"_ _2\"></span>n </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs43a\">tech<span class=\"_ _2\"></span>niques with o<span class=\"_ _2\"></span>bser<span class=\"_ _2\"></span>vable m<span class=\"_ _2\"></span>arket inputs<span class=\"_ _2\"></span>. Finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s value<span class=\"_ _2\"></span>d using broker quotes a<span class=\"_ _2\"></span>re clas<span class=\"_ _2\"></span>sified as Level 2<span class=\"_ _2\"></span>, only whe<span class=\"_ _2\"></span>re there is a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs43b\">suf<span class=\"_ _2\"></span>ficient ra<span class=\"_ _2\"></span>nge of availabl<span class=\"_ _2\"></span>e quotes. T<span class=\"_ _2\"></span>he fair valu<span class=\"_ _2\"></span>e of ov<span class=\"_ _5\"></span>er-the<span class=\"_ _2\"></span>-co<span class=\"_ _2\"></span>unter derivative<span class=\"_ _2\"></span>s is estim<span class=\"_ _2\"></span>ated usin<span class=\"_ _2\"></span>g pricing m<span class=\"_ _2\"></span>odels or di<span class=\"_ _2\"></span>scounte<span class=\"_ _2\"></span>d cash fl<span class=\"_ _2\"></span>ow </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs43c\">tech<span class=\"_ _2\"></span>niques<span class=\"_ _2\"></span>. Colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>hemes w<span class=\"_ _2\"></span>here the un<span class=\"_ _2\"></span>derlying a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s are not pric<span class=\"_ _2\"></span>ed usin<span class=\"_ _2\"></span>g active m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et pric<span class=\"_ _2\"></span>es are deter<span class=\"_ _2\"></span>mined to be Leve<span class=\"_ _2\"></span>l 2 </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs43d\">ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s. Whe<span class=\"_ _2\"></span>re pricing m<span class=\"_ _2\"></span>odels a<span class=\"_ _2\"></span>re used<span class=\"_ _2\"></span>, inputs a<span class=\"_ _2\"></span>re base<span class=\"_ _2\"></span>d on market relate<span class=\"_ _2\"></span>d data at the p<span class=\"_ _2\"></span>eriod e<span class=\"_ _2\"></span>nd. Whe<span class=\"_ _2\"></span>re disco<span class=\"_ _2\"></span>unted cas<span class=\"_ _2\"></span>h flows </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs43e\">are<span class=\"_ gs132\"> </span>use<span class=\"_ _2\"></span>d, es<span class=\"_ _2\"></span>timated f<span class=\"_ _2\"></span>uture ca<span class=\"_ _2\"></span>sh flows are b<span class=\"_ _2\"></span>ased on m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>\u2019s best e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>s and the dis<span class=\"_ _2\"></span>count rate us<span class=\"_ _2\"></span>ed is a ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et relate<span class=\"_ _2\"></span>d rate </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs43f\">for<span class=\"_ gs132\"> </span>a<span class=\"_ gs132\"> </span>similar in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ent. Th<span class=\"_ _2\"></span>e fair value of inves<span class=\"_ _2\"></span>tment cont<span class=\"_ _2\"></span>ract lia<span class=\"_ _2\"></span>bilities refle<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s the fair value of th<span class=\"_ _2\"></span>e underly<span class=\"_ _2\"></span>ing ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabilities in th<span class=\"_ _2\"></span>e funds </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs440\">plus an a<span class=\"_ _2\"></span>dditiona<span class=\"_ _2\"></span>l amount to cover t<span class=\"_ _2\"></span>he prese<span class=\"_ _2\"></span>nt value of the exce<span class=\"_ _2\"></span>ss of fut<span class=\"_ _2\"></span>ure policy c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s over future ch<span class=\"_ _2\"></span>arges<span class=\"_ _2\"></span>. The liabili<span class=\"_ _2\"></span>ties are con<span class=\"_ _2\"></span>sequ<span class=\"_ _2\"></span>ently </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs441\">determin<span class=\"_ _2\"></span>ed to be Level 2 in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs442\">Level 3 fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs443\">The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l instrum<span class=\"_ _2\"></span>ents de<span class=\"_ _2\"></span>termined by va<span class=\"_ _2\"></span>luation tec<span class=\"_ _2\"></span>hnique<span class=\"_ _2\"></span>s using non<span class=\"_ _2\"></span>-obse<span class=\"_ _2\"></span>rvabl<span class=\"_ _2\"></span>e market input<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on a comb<span class=\"_ _2\"></span>ination </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs444\">of<span class=\"_ gs132\"> </span>indep<span class=\"_ _2\"></span>endent t<span class=\"_ _2\"></span>hird par<span class=\"_ _2\"></span>ty evi<span class=\"_ _2\"></span>dence a<span class=\"_ _2\"></span>nd internall<span class=\"_ _2\"></span>y develope<span class=\"_ _2\"></span>d mode<span class=\"_ _2\"></span>ls. In re<span class=\"_ _2\"></span>lation to invest<span class=\"_ _2\"></span>ments in h<span class=\"_ _2\"></span>edge f<span class=\"_ _2\"></span>unds and p<span class=\"_ _2\"></span>rivate equit<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs445\">investm<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, non-<span class=\"_ _2\"></span>obser<span class=\"_ _2\"></span>vable t<span class=\"_ _2\"></span>hird par<span class=\"_ _2\"></span>ty evi<span class=\"_ _2\"></span>dence in th<span class=\"_ _2\"></span>e form of net as<span class=\"_ _2\"></span>set valua<span class=\"_ _2\"></span>tion sta<span class=\"_ _2\"></span>tements i<span class=\"_ _2\"></span>s used a<span class=\"_ _2\"></span>s the basis fo<span class=\"_ _2\"></span>r the valuatio<span class=\"_ _2\"></span>n. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs446\">Adju<span class=\"_ _2\"></span>stment<span class=\"_ _2\"></span>s may be m<span class=\"_ _2\"></span>ade to the ne<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>t valuation wh<span class=\"_ _2\"></span>ere other evi<span class=\"_ _2\"></span>dence<span class=\"_ _2\"></span>, for example re<span class=\"_ _2\"></span>cent sa<span class=\"_ _2\"></span>les of the und<span class=\"_ _2\"></span>erlying inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s in the<span class=\"_ gs132\"> </span>fund<span class=\"_ _2\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs447\">indic<span class=\"_ _2\"></span>ates this is re<span class=\"_ _2\"></span>quired. S<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties that are va<span class=\"_ _2\"></span>lued usin<span class=\"_ _2\"></span>g broker quotes whic<span class=\"_ _2\"></span>h could n<span class=\"_ _2\"></span>ot be corrob<span class=\"_ _2\"></span>orated a<span class=\"_ _2\"></span>cross a s<span class=\"_ _2\"></span>uffici<span class=\"_ _2\"></span>ent rang<span class=\"_ _2\"></span>e<span class=\"_ gs132\"> </span>of quotes </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs448\">are con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d as Level 3. For a s<span class=\"_ _2\"></span>mall numb<span class=\"_ _2\"></span>er of investme<span class=\"_ _2\"></span>nt vehicle<span class=\"_ _2\"></span>s and debt se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s, s<span class=\"_ _2\"></span>tanda<span class=\"_ _2\"></span>rd valuation m<span class=\"_ _2\"></span>odels a<span class=\"_ _2\"></span>re used<span class=\"_ _2\"></span>, as due to their </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs449\">nature a<span class=\"_ _2\"></span>nd comp<span class=\"_ _2\"></span>lexit<span class=\"_ _2\"></span>y they have no ex<span class=\"_ _2\"></span>terna<span class=\"_ _2\"></span>l market. Inp<span class=\"_ _2\"></span>uts into suc<span class=\"_ _2\"></span>h model<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on obse<span class=\"_ _2\"></span>rvab<span class=\"_ _2\"></span>le market data wh<span class=\"_ _2\"></span>ere applic<span class=\"_ _2\"></span>able. Th<span class=\"_ _2\"></span>e fair </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs44a\">value of loa<span class=\"_ _2\"></span>ns, d<span class=\"_ _2\"></span>erivatives an<span class=\"_ _2\"></span>d some b<span class=\"_ _2\"></span>orrowing<span class=\"_ _2\"></span>s with no ex<span class=\"_ _2\"></span>ternal m<span class=\"_ _2\"></span>arket is determine<span class=\"_ _2\"></span>d by internally d<span class=\"_ _2\"></span>evelope<span class=\"_ _2\"></span>d disco<span class=\"_ _2\"></span>unted cas<span class=\"_ _2\"></span>h flow mode<span class=\"_ _2\"></span>ls </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs44b\">using a<span class=\"_ _2\"></span>ppropriate a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns corrob<span class=\"_ _2\"></span>orated wi<span class=\"_ _2\"></span>th exter<span class=\"_ _2\"></span>nal market dat<span class=\"_ _2\"></span>a where pos<span class=\"_ _2\"></span>sible.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs44c\">For finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s that are re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed at fair v<span class=\"_ _2\"></span>alue on a rec<span class=\"_ _2\"></span>urring ba<span class=\"_ _2\"></span>sis, th<span class=\"_ _2\"></span>e Group deter<span class=\"_ _2\"></span>mines whe<span class=\"_ _2\"></span>ther tran<span class=\"_ _2\"></span>sfers h<span class=\"_ _2\"></span>ave occurre<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs44d\">bet<span class=\"_ _2\"></span>ween l<span class=\"_ _2\"></span>evels in the hie<span class=\"_ _2\"></span>rarchy by re-<span class=\"_ _2\"></span>asse<span class=\"_ _2\"></span>ssing c<span class=\"_ _2\"></span>atego<span class=\"_ _2\"></span>risation (<span class=\"_ _2\"></span>base<span class=\"_ _2\"></span>d on the lowes<span class=\"_ _2\"></span>t level inpu<span class=\"_ _2\"></span>t that is signi<span class=\"_ _2\"></span>ficant to the fa<span class=\"_ _2\"></span>ir value me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs44e\">as a who<span class=\"_ _2\"></span>le) during eac<span class=\"_ _2\"></span>h repor<span class=\"_ _2\"></span>ting p<span class=\"_ _2\"></span>eriod.<span class=\"_ _3bc\"> </span></div>The Gro<span class=\"_ _2\"></span>up purcha<span class=\"_ _2\"></span>ses der<span class=\"_ _2\"></span>ivative financ<span class=\"_ _2\"></span>ial inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s principa<span class=\"_ _2\"></span>lly in conne<span class=\"_ _2\"></span>ction w<span class=\"_ _2\"></span>ith the man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent of its ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties bas<span class=\"_ _2\"></span>ed on the p<span class=\"_ _2\"></span>rinciple<span class=\"_ _2\"></span>s of reduct<span class=\"_ _2\"></span>ion of risk and ef<span class=\"_ _2\"></span>ficient p<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tfolio ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment. T<span class=\"_ _2\"></span>he Group do<span class=\"_ _2\"></span>es not t<span class=\"_ _2\"></span>ypica<span class=\"_ _2\"></span>lly hold deriva<span class=\"_ _2\"></span>tives for the pur<span class=\"_ _2\"></span>pose of se<span class=\"_ _2\"></span>lling and rep<span class=\"_ _2\"></span>urchasin<span class=\"_ _2\"></span>g in the nea<span class=\"_ _2\"></span>r term or with the o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tive of gen<span class=\"_ _2\"></span>erating a profi<span class=\"_ _2\"></span>t from shor<span class=\"_ _2\"></span>t-term fluc<span class=\"_ _2\"></span>tuation<span class=\"_ _2\"></span>s in price o<span class=\"_ _2\"></span>r margin<span class=\"_ _2\"></span>. The Group a<span class=\"_ _2\"></span>lso hold<span class=\"_ _2\"></span>s derivatives w<span class=\"_ _2\"></span>hich are des<span class=\"_ _2\"></span>ignated a<span class=\"_ _2\"></span>s hedg<span class=\"_ _2\"></span>ing instr<span class=\"_ _2\"></span>ument<span class=\"_ _2\"></span>s in order to he<span class=\"_ _2\"></span>dge the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s Euro and US Dolla<span class=\"_ _2\"></span>r borrowing<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>ese he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>s qualif<span class=\"_ _2\"></span>y for hed<span class=\"_ _2\"></span>ge acc<span class=\"_ _2\"></span>ounting un<span class=\"_ _2\"></span>der IFRS 9 a<span class=\"_ _2\"></span>nd are desi<span class=\"_ _2\"></span>gnated a<span class=\"_ _2\"></span>s cash flow h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span>Der<span class=\"_ _2\"></span>ivative financ<span class=\"_ _2\"></span>ial instr<span class=\"_ _2\"></span>ument<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d initially at fa<span class=\"_ _2\"></span>ir value and are s<span class=\"_ _2\"></span>ubseq<span class=\"_ _2\"></span>uently rem<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d to fair value<span class=\"_ _2\"></span>. The gain or l<span class=\"_ _2\"></span>oss on reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent to fair value is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt where the de<span class=\"_ _2\"></span>rivatives are h<span class=\"_ _2\"></span>eld for tra<span class=\"_ _2\"></span>ding. Wh<span class=\"_ _2\"></span>ere derivat<span class=\"_ _2\"></span>ive finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s are held to h<span class=\"_ _2\"></span>edge th<span class=\"_ _2\"></span>e Group\u2019s Euro and US Do<span class=\"_ _2\"></span>llar borrowin<span class=\"_ _2\"></span>gs<span class=\"_ _2\"></span>, the effe<span class=\"_ _2\"></span>ctive por<span class=\"_ _2\"></span>tion of any g<span class=\"_ _2\"></span>ain or los<span class=\"_ _2\"></span>s that arise<span class=\"_ _2\"></span>s on reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent to fair value is in<span class=\"_ _2\"></span>itially rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in other c<span class=\"_ _2\"></span>ompreh<span class=\"_ _2\"></span>ensive inc<span class=\"_ _2\"></span>ome and is re<span class=\"_ _2\"></span>cycle<span class=\"_ _2\"></span>d to profit or los<span class=\"_ _2\"></span>s as the he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item impac<span class=\"_ _2\"></span>ts the profit o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>. Se<span class=\"_ _2\"></span>e notes E1 and D3 for f<span class=\"_ _2\"></span>urth<span class=\"_ _2\"></span>er details of th<span class=\"_ _2\"></span>e Group\u2019s hedgin<span class=\"_ _2\"></span>g acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up rece<span class=\"_ _2\"></span>ives and ple<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>s collatera<span class=\"_ _2\"></span>l in the form of cas<span class=\"_ _2\"></span>h or non-c<span class=\"_ _2\"></span>ash as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s in respe<span class=\"_ _2\"></span>ct of sto<span class=\"_ _2\"></span>ck lendin<span class=\"_ _2\"></span>g transa<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s, der<span class=\"_ _2\"></span>ivative contra<span class=\"_ _2\"></span>cts and rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts in order to re<span class=\"_ _2\"></span>duce th<span class=\"_ _2\"></span>e credit ris<span class=\"_ _2\"></span>k of these tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>. The amo<span class=\"_ _2\"></span>unt and t<span class=\"_ _2\"></span>ype of coll<span class=\"_ _2\"></span>ateral req<span class=\"_ _2\"></span>uired whe<span class=\"_ _2\"></span>re the Group re<span class=\"_ _2\"></span>ceives c<span class=\"_ _2\"></span>ollateral d<span class=\"_ _2\"></span>epen<span class=\"_ _2\"></span>ds on an as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ment of<span class=\"_ gs132\"> </span>the cre<span class=\"_ _2\"></span>dit risk of the c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, but is u<span class=\"_ _2\"></span>sually in the fo<span class=\"_ _2\"></span>rm of cash an<span class=\"_ _2\"></span>d marketable sec<span class=\"_ _2\"></span>urities.<span class=\"_ _3bc\"> </span>Coll<span class=\"_ _2\"></span>ateral rec<span class=\"_ _2\"></span>eived in th<span class=\"_ _2\"></span>e form of cash<span class=\"_ _2\"></span>, where th<span class=\"_ _2\"></span>e Group has c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual rig<span class=\"_ _2\"></span>hts to rece<span class=\"_ _2\"></span>ive the ca<span class=\"_ _2\"></span>sh flows ge<span class=\"_ _2\"></span>nerate<span class=\"_ _2\"></span>d and is availab<span class=\"_ _2\"></span>le to the Group for inves<span class=\"_ _2\"></span>tment p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>s, is re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as a fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l asset in t<span class=\"_ _2\"></span>he state<span class=\"_ _2\"></span>ment of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financi<span class=\"_ _2\"></span>al positio<span class=\"_ _2\"></span>n with a corre<span class=\"_ _2\"></span>spondin<span class=\"_ _2\"></span>g finan<span class=\"_ _2\"></span>cial liabilit<span class=\"_ _2\"></span>y for it<span class=\"_ _2\"></span>s repayme<span class=\"_ _2\"></span>nt. Non-<span class=\"_ _2\"></span>cash c<span class=\"_ _2\"></span>ollateral re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d is not rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the s<span class=\"_ _2\"></span>tatement of c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial pos<span class=\"_ _2\"></span>ition, unl<span class=\"_ _2\"></span>ess the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y default<span class=\"_ _2\"></span>s on its obli<span class=\"_ _2\"></span>gations un<span class=\"_ _2\"></span>der the<span class=\"_ gs132\"> </span>rel<span class=\"_ _2\"></span>evant agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Non-<span class=\"_ _2\"></span>cash c<span class=\"_ _2\"></span>ollatera<span class=\"_ _2\"></span>l pledg<span class=\"_ _2\"></span>ed whe<span class=\"_ _2\"></span>re the Group ret<span class=\"_ _2\"></span>ains the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual right<span class=\"_ _2\"></span>s to recei<span class=\"_ _2\"></span>ve the cas<span class=\"_ _2\"></span>h flows gen<span class=\"_ _2\"></span>erated is n<span class=\"_ _2\"></span>ot derec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed from the st<span class=\"_ _2\"></span>atement of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial positi<span class=\"_ _2\"></span>on, unle<span class=\"_ _2\"></span>ss the Gro<span class=\"_ _2\"></span>up default<span class=\"_ _2\"></span>s on its ob<span class=\"_ _2\"></span>ligation<span class=\"_ _2\"></span>s under the re<span class=\"_ _2\"></span>levant agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>. Cash c<span class=\"_ _2\"></span>ollateral ple<span class=\"_ _2\"></span>dged<span class=\"_ _2\"></span>, where th<span class=\"_ _2\"></span>e counterpa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y has c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual right<span class=\"_ _2\"></span>s to rece<span class=\"_ _2\"></span>ive the cas<span class=\"_ _2\"></span>h flows ge<span class=\"_ _2\"></span>nerate<span class=\"_ _2\"></span>d, is dere<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed from th<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l position a<span class=\"_ _2\"></span>nd a corre<span class=\"_ _2\"></span>spondin<span class=\"_ _2\"></span>g recei<span class=\"_ _2\"></span>vable is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed for it<span class=\"_ _2\"></span>s return.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is also p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y to revers<span class=\"_ _2\"></span>e repurch<span class=\"_ _2\"></span>ase ag<span class=\"_ _2\"></span>reeme<span class=\"_ _2\"></span>nts unde<span class=\"_ _2\"></span>r which se<span class=\"_ _2\"></span>curities a<span class=\"_ _2\"></span>re purchas<span class=\"_ _2\"></span>ed from third p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>ies with an ob<span class=\"_ _2\"></span>ligation to res<span class=\"_ _2\"></span>ell the se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e securi<span class=\"_ _2\"></span>ties are not re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed as fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s on the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition, un<span class=\"_ _2\"></span>less th<span class=\"_ _2\"></span>e counterp<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y default<span class=\"_ _2\"></span>s on its o<span class=\"_ _2\"></span>bligation<span class=\"_ _2\"></span>s under th<span class=\"_ _2\"></span>e relevant ag<span class=\"_ _2\"></span>reeme<span class=\"_ _2\"></span>nt. The rig<span class=\"_ _2\"></span>ht to receive th<span class=\"_ _2\"></span>e return of any ca<span class=\"_ _2\"></span>sh paid as p<span class=\"_ _2\"></span>urchase c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>ration plu<span class=\"_ _2\"></span>s interes<span class=\"_ _2\"></span>t is reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as a finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set on the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of financia<span class=\"_ _2\"></span>l position<span class=\"_ _3bc\"> <span class=\"_ _3bc\"> </span></span>The Gro<span class=\"_ _2\"></span>up clas<span class=\"_ _2\"></span>sifies the m<span class=\"_ _2\"></span>ajori<span class=\"_ _2\"></span>ty of it<span class=\"_ _2\"></span>s interest-be<span class=\"_ _2\"></span>aring b<span class=\"_ _2\"></span>orrowings a<span class=\"_ _2\"></span>s financi<span class=\"_ _2\"></span>al liabilities c<span class=\"_ _2\"></span>arrie<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cost a<span class=\"_ _2\"></span>nd thes<span class=\"_ _2\"></span>e are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d initiall<span class=\"_ _2\"></span>y at fair value le<span class=\"_ _2\"></span>ss any direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion cos<span class=\"_ _2\"></span>ts. T<span class=\"_ _2\"></span>he differe<span class=\"_ _2\"></span>nce be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en initial c<span class=\"_ _2\"></span>ost and t<span class=\"_ _2\"></span>he redem<span class=\"_ _2\"></span>ption value is am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tised throu<span class=\"_ _2\"></span>gh the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent over the pe<span class=\"_ _2\"></span>riod of the b<span class=\"_ _2\"></span>orrowing usin<span class=\"_ _2\"></span>g the effe<span class=\"_ _2\"></span>ctive intere<span class=\"_ _2\"></span>st meth<span class=\"_ _2\"></span>od.<span class=\"_ _3bc\"> </span>Ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in borrowing<span class=\"_ _2\"></span>s are desig<span class=\"_ _2\"></span>nated upo<span class=\"_ _2\"></span>n initial rec<span class=\"_ _2\"></span>ogniti<span class=\"_ _2\"></span>on at fair value th<span class=\"_ _2\"></span>rough profit o<span class=\"_ _2\"></span>r loss an<span class=\"_ _2\"></span>d meas<span class=\"_ _2\"></span>ured at fair val<span class=\"_ _2\"></span>ue where doin<span class=\"_ _2\"></span>g so provide<span class=\"_ _2\"></span>s more mea<span class=\"_ _2\"></span>ningful inform<span class=\"_ _2\"></span>ation due to th<span class=\"_ _2\"></span>e reason<span class=\"_ _2\"></span>s state<span class=\"_ _2\"></span>d in the finan<span class=\"_ _2\"></span>cial liabiliti<span class=\"_ _2\"></span>es acc<span class=\"_ _2\"></span>ounting po<span class=\"_ _2\"></span>licy (see n<span class=\"_ _2\"></span>ote E1). T<span class=\"_ _6\"></span>ra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion cos<span class=\"_ _2\"></span>ts relatin<span class=\"_ _2\"></span>g to borrowing<span class=\"_ _2\"></span>s desig<span class=\"_ _2\"></span>nated upo<span class=\"_ _2\"></span>n initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n at fair value th<span class=\"_ _2\"></span>rough profit or l<span class=\"_ _2\"></span>oss are ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>d as inc<span class=\"_ _2\"></span>urred. Borrow<span class=\"_ _2\"></span>ings are cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as eith<span class=\"_ _2\"></span>er polic<span class=\"_ _2\"></span>yholder o<span class=\"_ _2\"></span>r shareh<span class=\"_ _2\"></span>older bo<span class=\"_ _2\"></span>rrowings<span class=\"_ _2\"></span>. Policyho<span class=\"_ _2\"></span>lder bor<span class=\"_ _2\"></span>rowings are th<span class=\"_ _2\"></span>ose bo<span class=\"_ _2\"></span>rrowings wh<span class=\"_ _2\"></span>ere there is eithe<span class=\"_ _2\"></span>r no or limite<span class=\"_ _2\"></span>d shareh<span class=\"_ _2\"></span>older exp<span class=\"_ _2\"></span>osure, for exa<span class=\"_ _2\"></span>mple, b<span class=\"_ _2\"></span>orrowings a<span class=\"_ _2\"></span>ttrib<span class=\"_ _2\"></span>utable to th<span class=\"_ _2\"></span>e Group\u2019s with-profit op<span class=\"_ _2\"></span>erations<div class=\"t m0 he ff7 fs7 fc1 sc0 ls69 ws5e gs5fe\">Classific<span class=\"_ _2\"></span>ation </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5ff\">Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s under whi<span class=\"_ _2\"></span>ch the Group a<span class=\"_ _2\"></span>ccept<span class=\"_ _2\"></span>s signific<span class=\"_ _2\"></span>ant insur<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>k are clas<span class=\"_ _2\"></span>sified as in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>. Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s held by the G<span class=\"_ _2\"></span>roup under </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs600\">which it tr<span class=\"_ _2\"></span>ansfer<span class=\"_ _2\"></span>s signific<span class=\"_ _2\"></span>ant insur<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>k related to und<span class=\"_ _2\"></span>erlying in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts are c<span class=\"_ _2\"></span>lassifi<span class=\"_ _2\"></span>ed as rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. Som<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs601\">entere<span class=\"_ _2\"></span>d into by the Group h<span class=\"_ _2\"></span>ave the lega<span class=\"_ _2\"></span>l form of insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts b<span class=\"_ _2\"></span>ut do not tra<span class=\"_ _2\"></span>nsfer sig<span class=\"_ _2\"></span>nificant in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e risk and ex<span class=\"_ _2\"></span>pose th<span class=\"_ _2\"></span>e Group to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs602\">finan<span class=\"_ _2\"></span>cial risk<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts are c<span class=\"_ _2\"></span>lassifie<span class=\"_ _2\"></span>d as finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties and are refe<span class=\"_ _2\"></span>rred to as inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs603\">All referen<span class=\"_ _2\"></span>ces in the<span class=\"_ _2\"></span>se acc<span class=\"_ _2\"></span>ounting p<span class=\"_ _2\"></span>olicies to ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts and re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s include c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts is<span class=\"_ _2\"></span>sued<span class=\"_ _2\"></span>, initiated or a<span class=\"_ _2\"></span>cquired by </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs604\">the Gro<span class=\"_ _2\"></span>up, unles<span class=\"_ _2\"></span>s other<span class=\"_ _2\"></span>wise st<span class=\"_ _2\"></span>ated. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs605\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as direc<span class=\"_ _2\"></span>t par<span class=\"_ _2\"></span>ticipating c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts or co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s witho<span class=\"_ _2\"></span>ut direct p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>icipation fea<span class=\"_ _2\"></span>tures. D<span class=\"_ _2\"></span>irect p<span class=\"_ _2\"></span>arti<span class=\"_ _2\"></span>cipating </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs606\">contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are contra<span class=\"_ _2\"></span>cts for wh<span class=\"_ _2\"></span>ich, at in<span class=\"_ _2\"></span>ception:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs607\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ctual te<span class=\"_ _2\"></span>rms spe<span class=\"_ _2\"></span>cif<span class=\"_ _2\"></span>y that the p<span class=\"_ _2\"></span>olicyho<span class=\"_ _2\"></span>lder par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>tes in a share of a cle<span class=\"_ _2\"></span>arly ide<span class=\"_ _2\"></span>ntified po<span class=\"_ _2\"></span>ol of underly<span class=\"_ _2\"></span>ing items<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs608\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group exp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s to pay to the po<span class=\"_ _2\"></span>licyhold<span class=\"_ _2\"></span>er an amo<span class=\"_ _2\"></span>unt equal to a s<span class=\"_ _2\"></span>ubsta<span class=\"_ _2\"></span>ntial share of the f<span class=\"_ _2\"></span>air value retur<span class=\"_ _2\"></span>ns on the und<span class=\"_ _2\"></span>erlying ite<span class=\"_ _2\"></span>ms; and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs609\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group exp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s a subs<span class=\"_ _2\"></span>tantial pro<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tion of any chan<span class=\"_ _2\"></span>ge in the am<span class=\"_ _2\"></span>ounts to be p<span class=\"_ _2\"></span>aid to the polic<span class=\"_ _2\"></span>yhold<span class=\"_ _2\"></span>er to var<span class=\"_ _2\"></span>y with the ch<span class=\"_ _2\"></span>ange in fa<span class=\"_ _2\"></span>ir value </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs60a\">of the unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs60b\">All other in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts an<span class=\"_ _2\"></span>d all reinsur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as contra<span class=\"_ _2\"></span>cts w<span class=\"_ _2\"></span>ithout dire<span class=\"_ _2\"></span>ct par<span class=\"_ _2\"></span>ticip<span class=\"_ _2\"></span>ation feature<span class=\"_ _2\"></span>s. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs60c\">Som<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt contra<span class=\"_ _2\"></span>cts is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d by the Group c<span class=\"_ _2\"></span>ontain disc<span class=\"_ _2\"></span>retionar<span class=\"_ _2\"></span>y par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>tion feature<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>DPF\u2019<span class=\"_ _2\"></span>), where<span class=\"_ _2\"></span>by the investor h<span class=\"_ _2\"></span>as the right a<span class=\"_ _2\"></span>nd is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs60d\">expe<span class=\"_ _2\"></span>cted to re<span class=\"_ _2\"></span>ceive, a<span class=\"_ _2\"></span>s a supplem<span class=\"_ _2\"></span>ent to the am<span class=\"_ _2\"></span>ount not sub<span class=\"_ _2\"></span>ject to t<span class=\"_ _2\"></span>he Group\u2019s discretio<span class=\"_ _2\"></span>n, potentia<span class=\"_ _2\"></span>lly signific<span class=\"_ _2\"></span>ant additi<span class=\"_ _2\"></span>onal be<span class=\"_ _2\"></span>nefits b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs60e\">the ret<span class=\"_ _2\"></span>urn of specifi<span class=\"_ _2\"></span>ed po<span class=\"_ _2\"></span>ols of investme<span class=\"_ _2\"></span>nt asse<span class=\"_ _2\"></span>ts. T<span class=\"_ _2\"></span>he Group a<span class=\"_ _2\"></span>ccount<span class=\"_ _2\"></span>s for thes<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts und<span class=\"_ _2\"></span>er IFRS 17 c<span class=\"_ _2\"></span>onsis<span class=\"_ _2\"></span>tent with insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs60f\">The cl<span class=\"_ _2\"></span>assific<span class=\"_ _2\"></span>ation as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment is m<span class=\"_ _2\"></span>ade at the d<span class=\"_ _2\"></span>ate of inception o<span class=\"_ _2\"></span>r for busine<span class=\"_ _2\"></span>ss com<span class=\"_ _2\"></span>binations o<span class=\"_ _2\"></span>r por<span class=\"_ _2\"></span>tfolio tr<span class=\"_ _2\"></span>ansfer<span class=\"_ _2\"></span>s, as at t<span class=\"_ _2\"></span>he date of acqui<span class=\"_ _2\"></span>sition. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs610\">Onc<span class=\"_ _2\"></span>e a contra<span class=\"_ _2\"></span>ct is as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed as in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e, investm<span class=\"_ _2\"></span>ent with D<span class=\"_ _2\"></span>PF or reinsur<span class=\"_ _2\"></span>ance, t<span class=\"_ _2\"></span>he clas<span class=\"_ _2\"></span>sificati<span class=\"_ _2\"></span>on continue<span class=\"_ _2\"></span>s until the cont<span class=\"_ _2\"></span>ract is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs611\">dere<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed or m<span class=\"_ _2\"></span>odified<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs612\">When c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>ring clas<span class=\"_ _2\"></span>sific<span class=\"_ _2\"></span>ation, an<span class=\"_ _2\"></span>d applyin<span class=\"_ _2\"></span>g the provision<span class=\"_ _2\"></span>s of IFRS 17<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e Group ide<span class=\"_ _2\"></span>ntifies a contr<span class=\"_ _2\"></span>act a<span class=\"_ _2\"></span>s the smalle<span class=\"_ _2\"></span>st unit of ac<span class=\"_ _2\"></span>count. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs613\">The<span class=\"_ gs132\"> </span>Gro<span class=\"_ _2\"></span>up also m<span class=\"_ _2\"></span>ak<span class=\"_ _5\"></span>es an eval<span class=\"_ _2\"></span>uation of wheth<span class=\"_ _2\"></span>er a seri<span class=\"_ _2\"></span>es of contra<span class=\"_ _2\"></span>cts c<span class=\"_ _2\"></span>an be treate<span class=\"_ _2\"></span>d toget<span class=\"_ _2\"></span>her in appl<span class=\"_ _2\"></span>ying IFRS 17 b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on reaso<span class=\"_ _2\"></span>nable an<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs614\">supp<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>able informatio<span class=\"_ _2\"></span>n, or whe<span class=\"_ _2\"></span>ther a sing<span class=\"_ _2\"></span>le contra<span class=\"_ _2\"></span>ct cont<span class=\"_ _2\"></span>ains com<span class=\"_ _2\"></span>ponent<span class=\"_ _2\"></span>s that ne<span class=\"_ _2\"></span>ed to be s<span class=\"_ _2\"></span>eparate<span class=\"_ _2\"></span>d and treate<span class=\"_ _2\"></span>d as if they we<span class=\"_ _2\"></span>re stan<span class=\"_ _2\"></span>d-<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls18 ws16 gs615\">alone contract<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls61 ws5f gs616\">Accountin<span class=\"_ _2\"></span>g treatment<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs617\">Separating components from insurance and reinsurance contracts<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs618\">The Gro<span class=\"_ _2\"></span>up ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es its ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e produc<span class=\"_ _2\"></span>ts to determ<span class=\"_ _2\"></span>ine whethe<span class=\"_ _2\"></span>r they cont<span class=\"_ _2\"></span>ain comp<span class=\"_ _2\"></span>onents<span class=\"_ _2\"></span>, whic<span class=\"_ _2\"></span>h must b<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unted for unde<span class=\"_ _2\"></span>r acco<span class=\"_ _2\"></span>unting </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs619\">st<span class=\"_ _2\"></span>andards oth<span class=\"_ _2\"></span>er than I<span class=\"_ _2\"></span>FRS 17 (distinc<span class=\"_ _2\"></span>t non-in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e compo<span class=\"_ _2\"></span>nents).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs61a\">Where a<span class=\"_ _2\"></span>n insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act ha<span class=\"_ _2\"></span>s a distinc<span class=\"_ _2\"></span>t investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>onent an<span class=\"_ _2\"></span>d meet<span class=\"_ _2\"></span>s the sep<span class=\"_ _2\"></span>aration cr<span class=\"_ _2\"></span>iteria es<span class=\"_ _2\"></span>tablish<span class=\"_ _2\"></span>ed unde<span class=\"_ _2\"></span>r IFRS 17<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs61b\">comp<span class=\"_ _2\"></span>onent is s<span class=\"_ _2\"></span>eparate<span class=\"_ _2\"></span>d from the ho<span class=\"_ _2\"></span>st cont<span class=\"_ _2\"></span>ract an<span class=\"_ _2\"></span>d acco<span class=\"_ _2\"></span>unted for unde<span class=\"_ _2\"></span>r IFRS 9. T<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ment of wheth<span class=\"_ _2\"></span>er a contra<span class=\"_ _2\"></span>ct has a d<span class=\"_ _2\"></span>istinc<span class=\"_ _2\"></span>t </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs61c\">investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>onent is c<span class=\"_ _2\"></span>arried o<span class=\"_ _2\"></span>ut at ince<span class=\"_ _2\"></span>ption of the contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>, or the date of ac<span class=\"_ _2\"></span>quisition in th<span class=\"_ _2\"></span>e cas<span class=\"_ _2\"></span>e of a busines<span class=\"_ _2\"></span>s combin<span class=\"_ _2\"></span>ation.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs61d\">When a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssing wh<span class=\"_ _2\"></span>ether th<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt compo<span class=\"_ _2\"></span>nent is dis<span class=\"_ _2\"></span>tinct<span class=\"_ _2\"></span>, the Group c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>rs the followin<span class=\"_ _2\"></span>g, whic<span class=\"_ _2\"></span>h may indic<span class=\"_ _2\"></span>ate that the ins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>nd </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs61e\">investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>onent are hi<span class=\"_ _2\"></span>ghly interrel<span class=\"_ _2\"></span>ated:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs61f\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e value of one c<span class=\"_ _2\"></span>ompone<span class=\"_ _2\"></span>nt varies wit<span class=\"_ _2\"></span>h the other c<span class=\"_ _2\"></span>ompone<span class=\"_ _2\"></span>nt;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs620\">\u2022 <span class=\"_ _9\"> </span>ex<span class=\"_ _2\"></span>isten<span class=\"_ _2\"></span>ce of an option to swi<span class=\"_ _2\"></span>tch bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e different c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ents;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs621\">\u2022 <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span>s that spa<span class=\"_ _2\"></span>n both elem<span class=\"_ _2\"></span>ents e.<span class=\"_ _2\"></span>g. a redu<span class=\"_ _2\"></span>ced as<span class=\"_ _2\"></span>set ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment cha<span class=\"_ _2\"></span>rge bas<span class=\"_ _2\"></span>ed on total s<span class=\"_ _2\"></span>iz<span class=\"_ _7\"></span>e of c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t; and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs622\">\u2022 <span class=\"_ _9\"> </span>oth<span class=\"_ _2\"></span>er interac<span class=\"_ _2\"></span>ting feat<span class=\"_ _2\"></span>ures e.g<span class=\"_ _2\"></span>. insuran<span class=\"_ _2\"></span>ce risk from p<span class=\"_ _2\"></span>remium waiver<span class=\"_ _2\"></span>s and retur<span class=\"_ _2\"></span>n of premium coverin<span class=\"_ _2\"></span>g both elem<span class=\"_ _2\"></span>ents of the p<span class=\"_ _2\"></span>olicy.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs623\">Afte<span class=\"_ _2\"></span>r separ<span class=\"_ _2\"></span>ating any dist<span class=\"_ _2\"></span>inct co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nts, t<span class=\"_ _2\"></span>he Group app<span class=\"_ _2\"></span>lies the re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s of IFRS 17 to all re<span class=\"_ _2\"></span>maining co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nts of the ins<span class=\"_ _2\"></span>urance </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs624\">contr<span class=\"_ _2\"></span>act or wh<span class=\"_ _2\"></span>ere distin<span class=\"_ _2\"></span>ct crite<span class=\"_ _2\"></span>ria are not met<span class=\"_ _2\"></span>, the who<span class=\"_ _2\"></span>le contra<span class=\"_ _2\"></span>ct is ac<span class=\"_ _2\"></span>counted for w<span class=\"_ _2\"></span>ithin IFRS 17<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs625\">Level of ag<span class=\"_ _2\"></span>gre<span class=\"_ _2\"></span>gatio<span class=\"_ _2\"></span>n<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs626\">The Gro<span class=\"_ _2\"></span>up is require<span class=\"_ _2\"></span>d to divide it<span class=\"_ _2\"></span>s busine<span class=\"_ _2\"></span>ss into groups fo<span class=\"_ _2\"></span>r the purpo<span class=\"_ _2\"></span>ses of rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n and mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s is firs<span class=\"_ _2\"></span>tly split </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs627\">into por<span class=\"_ _2\"></span>tfoli<span class=\"_ _2\"></span>os. Por<span class=\"_ _2\"></span>tfolio<span class=\"_ _2\"></span>s contain g<span class=\"_ _2\"></span>roups of contra<span class=\"_ _2\"></span>cts w<span class=\"_ _2\"></span>ith similar ris<span class=\"_ _2\"></span>ks, whic<span class=\"_ _2\"></span>h are mana<span class=\"_ _2\"></span>ged tog<span class=\"_ _2\"></span>ether. P<span class=\"_ _5\"></span>or<span class=\"_ _2\"></span>tfolio<span class=\"_ _2\"></span>s are fur<span class=\"_ _2\"></span>ther divid<span class=\"_ _2\"></span>ed bas<span class=\"_ _2\"></span>ed on </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs628\">expe<span class=\"_ _2\"></span>cted p<span class=\"_ _2\"></span>rofitabilit<span class=\"_ _2\"></span>y at inc<span class=\"_ _2\"></span>eption into thre<span class=\"_ _2\"></span>e categ<span class=\"_ _2\"></span>ories: on<span class=\"_ _2\"></span>erous c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, contrac<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t are profitabl<span class=\"_ _2\"></span>e at initial rec<span class=\"_ _2\"></span>ogniti<span class=\"_ _2\"></span>on and have no </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs629\">signifi<span class=\"_ _2\"></span>cant risk of be<span class=\"_ _2\"></span>comin<span class=\"_ _2\"></span>g onerou<span class=\"_ _2\"></span>s, an<span class=\"_ _2\"></span>d the remainin<span class=\"_ _2\"></span>g profitab<span class=\"_ _2\"></span>le contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>. For reinsur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts the s<span class=\"_ _2\"></span>ame three g<span class=\"_ _2\"></span>roups would b<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs62a\">identifi<span class=\"_ _2\"></span>ed with \u2018onero<span class=\"_ _2\"></span>us\u2019 being rep<span class=\"_ _2\"></span>lace<span class=\"_ _2\"></span>d with \u2018net gain\u2019 an<span class=\"_ _2\"></span>d \u2018<span class=\"_ _7\"></span>p<span class=\"_ _2\"></span>rofitable\u2019 b<span class=\"_ _2\"></span>eing rep<span class=\"_ _2\"></span>lace<span class=\"_ _2\"></span>d with \u2018net cost<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>. C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts whic<span class=\"_ _2\"></span>h are issu<span class=\"_ _2\"></span>ed more th<span class=\"_ _2\"></span>an </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs62b\">one yea<span class=\"_ _2\"></span>r apar<span class=\"_ _2\"></span>t are not per<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>d to be incl<span class=\"_ _2\"></span>uded with<span class=\"_ _2\"></span>in the same g<span class=\"_ _2\"></span>roup. Howeve<span class=\"_ _2\"></span>r as permi<span class=\"_ _2\"></span>tted by I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e groups of cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s for which the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs62c\">FVA has bee<span class=\"_ _2\"></span>n adopted o<span class=\"_ _2\"></span>n transiti<span class=\"_ _2\"></span>on includ<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts is<span class=\"_ _2\"></span>sued m<span class=\"_ _2\"></span>ore than on<span class=\"_ _2\"></span>e year apar<span class=\"_ _2\"></span>t.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs62d\">The Gro<span class=\"_ _2\"></span>up has defin<span class=\"_ _2\"></span>ed por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folios of insuran<span class=\"_ _2\"></span>ce and re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts i<span class=\"_ _2\"></span>ssue<span class=\"_ _2\"></span>d broadly b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on the pred<span class=\"_ _2\"></span>ominant ris<span class=\"_ _2\"></span>ks inherent in th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs62e\">produ<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>/<span class=\"_ _6\"></span>c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, for example<span class=\"_ _2\"></span>, longevi<span class=\"_ _2\"></span>ty, per<span class=\"_ _2\"></span>sisten<span class=\"_ _2\"></span>cy<span class=\"_ _5\"></span>, mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y, and by con<span class=\"_ _2\"></span>sidering w<span class=\"_ _2\"></span>hether g<span class=\"_ _2\"></span>roups of produ<span class=\"_ _2\"></span>cts are m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed tog<span class=\"_ _2\"></span>ether<span class=\"_ _5\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs62f\">The<span class=\"_ _2\"></span>se por<span class=\"_ _2\"></span>tfoli<span class=\"_ _2\"></span>os are fur<span class=\"_ _2\"></span>ther sp<span class=\"_ _2\"></span>lit by lega<span class=\"_ _2\"></span>l entit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, wi<span class=\"_ _2\"></span>th-profit fun<span class=\"_ _2\"></span>d and contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s subje<span class=\"_ _2\"></span>ct to dif<span class=\"_ _2\"></span>ferent IFRS 17 m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment mo<span class=\"_ _2\"></span>dels are gro<span class=\"_ _2\"></span>uped </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs630\">sep<span class=\"_ _2\"></span>arately. The po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folios are allo<span class=\"_ _2\"></span>cated to c<span class=\"_ _2\"></span>ohor<span class=\"_ _2\"></span>ts ba<span class=\"_ _2\"></span>sed on wh<span class=\"_ _2\"></span>ether th<span class=\"_ _2\"></span>ey are onero<span class=\"_ _2\"></span>us at incept<span class=\"_ _2\"></span>ion or bas<span class=\"_ _2\"></span>ed on the<span class=\"_ _2\"></span>ir expec<span class=\"_ _2\"></span>ted level of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs631\">profita<span class=\"_ _2\"></span>bility u<span class=\"_ _2\"></span>sing informatio<span class=\"_ _2\"></span>n available at inc<span class=\"_ _2\"></span>eption<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs632\">For reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d, por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folios are bas<span class=\"_ _2\"></span>ed upon s<span class=\"_ _2\"></span>imilar risks to tho<span class=\"_ _2\"></span>se of the unde<span class=\"_ _2\"></span>rlying c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts. T<span class=\"_ _2\"></span>he reinsur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s held a<span class=\"_ _2\"></span>re </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs633\">as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ed for ag<span class=\"_ _2\"></span>greg<span class=\"_ _2\"></span>ation require<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s on an individu<span class=\"_ _2\"></span>al contra<span class=\"_ _2\"></span>ct bas<span class=\"_ _2\"></span>is.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs634\">The gro<span class=\"_ _2\"></span>uping of the ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts are dete<span class=\"_ _2\"></span>rmined a<span class=\"_ _2\"></span>t initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n and are not sub<span class=\"_ _2\"></span>sequ<span class=\"_ _2\"></span>ently reas<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed<span class=\"_ _2\"></span>. Therefore<span class=\"_ _2\"></span>, a contrac<span class=\"_ _2\"></span>t will </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs635\">remain w<span class=\"_ _2\"></span>ithin the as<span class=\"_ _2\"></span>signe<span class=\"_ _2\"></span>d aggre<span class=\"_ _2\"></span>gation g<span class=\"_ _2\"></span>roup until it is de<span class=\"_ _2\"></span>recog<span class=\"_ _2\"></span>nised<span class=\"_ _2\"></span>, either by e<span class=\"_ _2\"></span>xpiry o<span class=\"_ _2\"></span>r modific<span class=\"_ _2\"></span>ation.<span class=\"_ _3bc\"> </span></div>Recogn<span class=\"_ _2\"></span>ition<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>s groups of insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts that it is<span class=\"_ _2\"></span>sues f<span class=\"_ _2\"></span>rom the earli<span class=\"_ _2\"></span>est of the follow<span class=\"_ _2\"></span>ing:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e beg<span class=\"_ _2\"></span>inning of the cove<span class=\"_ _2\"></span>rage p<span class=\"_ _2\"></span>eriod of the g<span class=\"_ _2\"></span>roup of contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>; \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e date when th<span class=\"_ _2\"></span>e first p<span class=\"_ _2\"></span>ayment from th<span class=\"_ _2\"></span>e policyh<span class=\"_ _2\"></span>older in th<span class=\"_ _2\"></span>e group is due o<span class=\"_ _2\"></span>r actu<span class=\"_ _2\"></span>ally rece<span class=\"_ _2\"></span>ived if there i<span class=\"_ _2\"></span>s no due date; or<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>for a g<span class=\"_ _2\"></span>roup of onero<span class=\"_ _2\"></span>us contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, as so<span class=\"_ _2\"></span>on as fac<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d circums<span class=\"_ _2\"></span>tance<span class=\"_ _2\"></span>s indica<span class=\"_ _2\"></span>te that the gro<span class=\"_ _2\"></span>up is onerou<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s with DPF a<span class=\"_ _2\"></span>re initially re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed at the d<span class=\"_ _2\"></span>ate when the G<span class=\"_ _2\"></span>roup bec<span class=\"_ _2\"></span>omes a p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y to the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t.<span class=\"_ _3bc\"> </span>Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts acq<span class=\"_ _2\"></span>uired in a bus<span class=\"_ _2\"></span>iness c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>n within the s<span class=\"_ _2\"></span>cope of IFR<span class=\"_ _2\"></span>S 3 Busine<span class=\"_ _2\"></span>ss Co<span class=\"_ _2\"></span>mbination<span class=\"_ _2\"></span>s or a por<span class=\"_ _2\"></span>tfolio t<span class=\"_ _2\"></span>ransfer a<span class=\"_ _2\"></span>re acc<span class=\"_ _2\"></span>ounted for a<span class=\"_ _2\"></span>s if they were entere<span class=\"_ _2\"></span>d into at the date of ac<span class=\"_ _2\"></span>quisition or tr<span class=\"_ _2\"></span>ansfer.<span class=\"_ _3bc\"> </span>Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d from the ea<span class=\"_ _2\"></span>rliest of th<span class=\"_ _2\"></span>e following:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e beg<span class=\"_ _2\"></span>inning of the cove<span class=\"_ _2\"></span>rage p<span class=\"_ _2\"></span>eriod of the g<span class=\"_ _2\"></span>roup of reinsura<span class=\"_ _2\"></span>nce co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>. However<span class=\"_ _5\"></span>, the Gro<span class=\"_ _2\"></span>up delays th<span class=\"_ _2\"></span>e recog<span class=\"_ _2\"></span>nition of a group of reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d that provide p<span class=\"_ _2\"></span>ropor<span class=\"_ _2\"></span>tionate cove<span class=\"_ _2\"></span>rage (for examp<span class=\"_ _2\"></span>le, throug<span class=\"_ _2\"></span>h a quota sh<span class=\"_ _2\"></span>are arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt) until the date wh<span class=\"_ _2\"></span>en any under<span class=\"_ _2\"></span>lying ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t is initially re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised<span class=\"_ _2\"></span>, if that date is late<span class=\"_ _2\"></span>r than the b<span class=\"_ _2\"></span>eginnin<span class=\"_ _2\"></span>g of the coverag<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d of the group of reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e date the Gro<span class=\"_ _2\"></span>up reco<span class=\"_ _2\"></span>gnises a<span class=\"_ _2\"></span>n onerous g<span class=\"_ _2\"></span>roup of underl<span class=\"_ _2\"></span>ying insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>ts if the Gro<span class=\"_ _2\"></span>up entered into th<span class=\"_ _2\"></span>e related rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act he<span class=\"_ _2\"></span>ld in the group of re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts h<span class=\"_ _2\"></span>eld at or befo<span class=\"_ _2\"></span>re that date.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up adds n<span class=\"_ _2\"></span>ew contra<span class=\"_ _2\"></span>cts to th<span class=\"_ _2\"></span>e group in the rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting perio<span class=\"_ _2\"></span>d in which th<span class=\"_ _2\"></span>at contrac<span class=\"_ _2\"></span>t mee<span class=\"_ _2\"></span>ts one of the c<span class=\"_ _2\"></span>riteria set o<span class=\"_ _2\"></span>ut above.<span class=\"_ _3bc\"> </span>Contract boundaries<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up includ<span class=\"_ _2\"></span>es in the me<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent of a group of insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s all the fu<span class=\"_ _2\"></span>ture cas<span class=\"_ _2\"></span>h flows within th<span class=\"_ _2\"></span>e bound<span class=\"_ _2\"></span>ary of e<span class=\"_ _2\"></span>ach contr<span class=\"_ _2\"></span>act in th<span class=\"_ _2\"></span>e group. C<span class=\"_ _2\"></span>ash flows a<span class=\"_ _2\"></span>re within the b<span class=\"_ _2\"></span>oundar<span class=\"_ _2\"></span>y of an insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t if they arise f<span class=\"_ _2\"></span>rom the right<span class=\"_ _2\"></span>s and oblig<span class=\"_ _2\"></span>ations th<span class=\"_ _2\"></span>at exist dur<span class=\"_ _2\"></span>ing the pe<span class=\"_ _2\"></span>riod in which th<span class=\"_ _2\"></span>e policyh<span class=\"_ _2\"></span>older is o<span class=\"_ _2\"></span>bligate<span class=\"_ _2\"></span>d to pay premiums o<span class=\"_ _2\"></span>r the Group h<span class=\"_ _2\"></span>as a subs<span class=\"_ _2\"></span>tantive oblig<span class=\"_ _2\"></span>ation to provide th<span class=\"_ _2\"></span>e policyh<span class=\"_ _2\"></span>older wi<span class=\"_ _2\"></span>th insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es. A s<span class=\"_ _2\"></span>ubsta<span class=\"_ _2\"></span>ntive obligati<span class=\"_ _2\"></span>on to provide insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ser<span class=\"_ _2\"></span>vices e<span class=\"_ _2\"></span>nds when<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s the pra<span class=\"_ _2\"></span>ctica<span class=\"_ _2\"></span>l abilit<span class=\"_ _2\"></span>y to reprice th<span class=\"_ _2\"></span>e risks of the par<span class=\"_ _2\"></span>ticul<span class=\"_ _2\"></span>ar policy<span class=\"_ _2\"></span>holder o<span class=\"_ _2\"></span>r chang<span class=\"_ _2\"></span>e the level of be<span class=\"_ _2\"></span>nefits s<span class=\"_ _2\"></span>o that the pr<span class=\"_ _2\"></span>ice fully refle<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>ose risks<span class=\"_ _2\"></span>; or \u2022 <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>oth of the following c<span class=\"_ _2\"></span>riteria are s<span class=\"_ _2\"></span>atisfie<span class=\"_ _2\"></span>d:<span class=\"_ _3bc\"> </span>\u2013 <span class=\"_ _1a\"> </span>the G<span class=\"_ _2\"></span>roup has th<span class=\"_ _2\"></span>e prac<span class=\"_ _2\"></span>tical abilit<span class=\"_ _2\"></span>y to rep<span class=\"_ _2\"></span>rice the co<span class=\"_ _2\"></span>ntract o<span class=\"_ _2\"></span>r a por<span class=\"_ _2\"></span>tfolio of co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s so that t<span class=\"_ _2\"></span>he price f<span class=\"_ _2\"></span>ully reflec<span class=\"_ _2\"></span>ts the re<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>d risk of that p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio; and \u2013 <span class=\"_ _1a\"> </span>the p<span class=\"_ _2\"></span>ricing of premi<span class=\"_ _2\"></span>ums up to the date whe<span class=\"_ _2\"></span>n risks are rea<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d does not refl<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>e risks relate<span class=\"_ _2\"></span>d to perio<span class=\"_ _2\"></span>ds beyond th<span class=\"_ _2\"></span>e reas<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment da<span class=\"_ _2\"></span>te.<span class=\"_ _3bc\"> </span>Where a<span class=\"_ _2\"></span>n expec<span class=\"_ _2\"></span>ted pre<span class=\"_ _2\"></span>mium or expe<span class=\"_ _2\"></span>cted c<span class=\"_ _2\"></span>laim is not within t<span class=\"_ _2\"></span>he contra<span class=\"_ _2\"></span>ct bo<span class=\"_ _2\"></span>undar<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, it is not re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as a c<span class=\"_ _2\"></span>ash flow of th<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t and is ins<span class=\"_ _2\"></span>tead con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d to relate to a future in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct and re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed wh<span class=\"_ _2\"></span>en those c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts me<span class=\"_ _2\"></span>et the re<span class=\"_ _2\"></span>cogniti<span class=\"_ _2\"></span>on criteria<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t bounda<span class=\"_ _2\"></span>ry is re<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ed at eac<span class=\"_ _2\"></span>h repor<span class=\"_ _2\"></span>ting date to in<span class=\"_ _2\"></span>clude the ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t of chang<span class=\"_ _2\"></span>es in circum<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces on th<span class=\"_ _2\"></span>e Group\u2019s substa<span class=\"_ _2\"></span>ntive right<span class=\"_ _2\"></span>s and oblig<span class=\"_ _2\"></span>ations an<span class=\"_ _2\"></span>d, therefore<span class=\"_ _2\"></span>, may chan<span class=\"_ _2\"></span>ge over time<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t bounda<span class=\"_ _2\"></span>ry for a re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act is de<span class=\"_ _2\"></span>pende<span class=\"_ _2\"></span>nt on the terms a<span class=\"_ _2\"></span>nd con<span class=\"_ _2\"></span>ditions of the rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct and th<span class=\"_ _2\"></span>erefore may not ne<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>sarily b<span class=\"_ _2\"></span>e the sam<span class=\"_ _2\"></span>e as for the unde<span class=\"_ _2\"></span>rlying c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts. W<span class=\"_ _2\"></span>here the rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct is ope<span class=\"_ _2\"></span>n to new busin<span class=\"_ _2\"></span>ess on a<span class=\"_ _2\"></span>gree<span class=\"_ _2\"></span>d terms for a peri<span class=\"_ _2\"></span>od of time, th<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t boun<span class=\"_ _2\"></span>dar<span class=\"_ _2\"></span>y may inclu<span class=\"_ _2\"></span>de estim<span class=\"_ _2\"></span>ates of reinsur<span class=\"_ _2\"></span>ance on in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>at have not yet be<span class=\"_ _2\"></span>en issu<span class=\"_ _2\"></span>ed or rep<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span>Measurement<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s in<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d without d<span class=\"_ _2\"></span>irect pa<span class=\"_ _2\"></span>rtic<span class=\"_ _2\"></span>ipation feat<span class=\"_ _2\"></span>ures are group<span class=\"_ _2\"></span>ed tog<span class=\"_ _2\"></span>ether und<span class=\"_ _2\"></span>er annuit<span class=\"_ _2\"></span>y, protectio<span class=\"_ _2\"></span>n and other non-lin<span class=\"_ _2\"></span>k<span class=\"_ _5\"></span>ed ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e busines<span class=\"_ _2\"></span>s. T<span class=\"_ _2\"></span>hese gro<span class=\"_ _2\"></span>ups of insura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d under th<span class=\"_ _2\"></span>e Gene<span class=\"_ _2\"></span>ral Mod<span class=\"_ _2\"></span>el (\u2018G<span class=\"_ _2\"></span>M\u2019<span class=\"_ _2\"></span>). Direc<span class=\"_ _2\"></span>t par<span class=\"_ _2\"></span>ticipatin<span class=\"_ _2\"></span>g contra<span class=\"_ _2\"></span>cts is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d by the Group are c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts with D<span class=\"_ _2\"></span>PF where th<span class=\"_ _2\"></span>e Group hol<span class=\"_ _2\"></span>ds the po<span class=\"_ _2\"></span>ol of underlyin<span class=\"_ _2\"></span>g ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>. Direct par<span class=\"_ _2\"></span>ticipat<span class=\"_ _2\"></span>ing insura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are group<span class=\"_ _2\"></span>ed toge<span class=\"_ _2\"></span>ther and re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted prim<span class=\"_ _2\"></span>arily as eith<span class=\"_ _2\"></span>er unit-linked or with-p<span class=\"_ _2\"></span>rofit busine<span class=\"_ _2\"></span>ss alth<span class=\"_ _2\"></span>ough s<span class=\"_ _2\"></span>ome protec<span class=\"_ _2\"></span>tion contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are consi<span class=\"_ _2\"></span>dered to have dire<span class=\"_ _2\"></span>ct par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>tion feature<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>se group<span class=\"_ _2\"></span>s of contrac<span class=\"_ _2\"></span>ts are me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d using the var<span class=\"_ _2\"></span>iable fee appro<span class=\"_ _2\"></span>ach (\u2018<span class=\"_ _2\"></span>VF<span class=\"_ _5\"></span>A<span class=\"_ _7\"></span>\u2019<span class=\"_ _2\"></span>), unle<span class=\"_ _2\"></span>ss they fa<span class=\"_ _2\"></span>il the eligibilit<span class=\"_ _2\"></span>y tes<span class=\"_ _2\"></span>t to be treate<span class=\"_ _2\"></span>d under thi<span class=\"_ _2\"></span>s approac<span class=\"_ _2\"></span>h, in suc<span class=\"_ _2\"></span>h circums<span class=\"_ _2\"></span>tanc<span class=\"_ _2\"></span>es they are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d under the G<span class=\"_ _2\"></span>M. Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d are mea<span class=\"_ _2\"></span>sured unde<span class=\"_ _2\"></span>r the GM irre<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>tive of the me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt mode<span class=\"_ _2\"></span>l used for th<span class=\"_ _2\"></span>e underly<span class=\"_ _2\"></span>ing contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>. Ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in with-p<span class=\"_ _2\"></span>rofit funds with<span class=\"_ _2\"></span>in the Group h<span class=\"_ _2\"></span>old non-p<span class=\"_ _2\"></span>rofit insuran<span class=\"_ _2\"></span>ce busin<span class=\"_ _2\"></span>ess s<span class=\"_ _2\"></span>uch as ann<span class=\"_ _2\"></span>uities. T<span class=\"_ _2\"></span>his busin<span class=\"_ _2\"></span>ess will al<span class=\"_ _2\"></span>so be me<span class=\"_ _2\"></span>asured un<span class=\"_ _2\"></span>der the G<span class=\"_ _2\"></span>M.<span class=\"_ _3bc\"> </span>Initial measurement \u2013<span class=\"_ _5\"></span> Insurance contract<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>On initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, the Group m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>s a group of insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s as the tota<span class=\"_ _2\"></span>l of (<span class=\"_ _5\"></span>a) the fulfilm<span class=\"_ _2\"></span>ent ca<span class=\"_ _2\"></span>sh flows<span class=\"_ _2\"></span>, which com<span class=\"_ _2\"></span>prise es<span class=\"_ _2\"></span>timates of future c<span class=\"_ _2\"></span>ash flows<span class=\"_ _2\"></span>, ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d to reflec<span class=\"_ _2\"></span>t the time valu<span class=\"_ _2\"></span>e of money and t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>ociate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l risks<span class=\"_ _2\"></span>, and a risk ad<span class=\"_ _2\"></span>just<span class=\"_ _2\"></span>ment for non<span class=\"_ _2\"></span>-financ<span class=\"_ _2\"></span>ial risk<span class=\"_ _2\"></span>; and (b) the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual se<span class=\"_ _2\"></span>rvi<span class=\"_ _2\"></span>ce margin (<span class=\"_ _2\"></span>\u2018CS<span class=\"_ _2\"></span>M\u2019<span class=\"_ _2\"></span>). The fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows of a group of ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts do not refl<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>e Group\u2019s non-<span class=\"_ _3bc\"> </span>per<span class=\"_ _2\"></span>formance risk.<span class=\"_ _3bc\"> </span>The f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows co<span class=\"_ _2\"></span>mprise:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>un<span class=\"_ _2\"></span>biase<span class=\"_ _2\"></span>d and proba<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>y-weighte<span class=\"_ _2\"></span>d estim<span class=\"_ _2\"></span>ates of future c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s that are within th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct boun<span class=\"_ _2\"></span>dar<span class=\"_ _2\"></span>y plus an a<span class=\"_ _2\"></span>djust<span class=\"_ _2\"></span>ment to refle<span class=\"_ _2\"></span>ct the time val<span class=\"_ _2\"></span>ue of money an<span class=\"_ _2\"></span>d the finan<span class=\"_ _2\"></span>cial risks rel<span class=\"_ _2\"></span>ated to future c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s, to the ex<span class=\"_ _2\"></span>tent th<span class=\"_ _2\"></span>at the finan<span class=\"_ _2\"></span>cial risks are n<span class=\"_ _2\"></span>ot include<span class=\"_ _2\"></span>d in the es<span class=\"_ _2\"></span>timates of future c<span class=\"_ _2\"></span>ash flows (<span class=\"_ _2\"></span>\u2018B<span class=\"_ _2\"></span>EL<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>); an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a r<span class=\"_ _2\"></span>isk adju<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt for non-fin<span class=\"_ _2\"></span>ancial ris<span class=\"_ _2\"></span>k<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs637\">The m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent of fulfilme<span class=\"_ _2\"></span>nt cash flo<span class=\"_ _2\"></span>ws includ<span class=\"_ _2\"></span>es insura<span class=\"_ _2\"></span>nce ac<span class=\"_ _2\"></span>quisition c<span class=\"_ _2\"></span>ash flows wh<span class=\"_ _2\"></span>ich are alloc<span class=\"_ _2\"></span>ated as a p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ion of premium to profit o<span class=\"_ _2\"></span>r </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs638\">los<span class=\"_ _2\"></span>s (<span class=\"_ _5\"></span>throu<span class=\"_ _2\"></span>gh insura<span class=\"_ _2\"></span>nce reven<span class=\"_ _2\"></span>ue) ov<span class=\"_ _5\"></span>er th<span class=\"_ _2\"></span>e period of th<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t in a sys<span class=\"_ _2\"></span>tematic an<span class=\"_ _2\"></span>d rationa<span class=\"_ _2\"></span>l way base<span class=\"_ _2\"></span>d on the pas<span class=\"_ _2\"></span>sag<span class=\"_ _2\"></span>e of time.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs639\">The ris<span class=\"_ _2\"></span>k adjus<span class=\"_ _2\"></span>tment for n<span class=\"_ _2\"></span>on-fina<span class=\"_ _2\"></span>ncial ris<span class=\"_ _2\"></span>k for a group of insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s, de<span class=\"_ _2\"></span>termine<span class=\"_ _2\"></span>d separ<span class=\"_ _2\"></span>ately from the oth<span class=\"_ _2\"></span>er es<span class=\"_ _2\"></span>timates<span class=\"_ _2\"></span>, is the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs63a\">comp<span class=\"_ _2\"></span>ensa<span class=\"_ _2\"></span>tion require<span class=\"_ _2\"></span>d for bear<span class=\"_ _2\"></span>ing unce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>inty ab<span class=\"_ _2\"></span>out the am<span class=\"_ _2\"></span>ount and tim<span class=\"_ _2\"></span>ing of the ca<span class=\"_ _2\"></span>sh flows that a<span class=\"_ _2\"></span>rises from n<span class=\"_ _2\"></span>on-fina<span class=\"_ _2\"></span>ncial ris<span class=\"_ _2\"></span>k. The Gro<span class=\"_ _2\"></span>up </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs63b\">applie<span class=\"_ _2\"></span>s a confide<span class=\"_ _2\"></span>nce level te<span class=\"_ _2\"></span>chnique<span class=\"_ _2\"></span>. The risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment is allo<span class=\"_ _2\"></span>cated to g<span class=\"_ _2\"></span>roups of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s base<span class=\"_ _2\"></span>d on an anal<span class=\"_ _2\"></span>ysis of the risk profil<span class=\"_ _2\"></span>es of the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs63c\">group<span class=\"_ _2\"></span>s, refle<span class=\"_ _2\"></span>cting th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>cts of the di<span class=\"_ _2\"></span>versific<span class=\"_ _2\"></span>ation ben<span class=\"_ _2\"></span>efits be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en Group ent<span class=\"_ _2\"></span>ities to the ex<span class=\"_ _2\"></span>tent that th<span class=\"_ _2\"></span>e Group inc<span class=\"_ _2\"></span>ludes it wh<span class=\"_ _2\"></span>en determin<span class=\"_ _2\"></span>ing </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs63d\">the co<span class=\"_ _2\"></span>mpens<span class=\"_ _2\"></span>ation req<span class=\"_ _2\"></span>uired to bea<span class=\"_ _2\"></span>r that risk<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up include<span class=\"_ _2\"></span>s diversific<span class=\"_ _2\"></span>ation be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en Group enti<span class=\"_ _2\"></span>ties which u<span class=\"_ _2\"></span>se the Gro<span class=\"_ _2\"></span>up Internal M<span class=\"_ _2\"></span>odel </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs63e\">for man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent deci<span class=\"_ _2\"></span>sion-mak<span class=\"_ _2\"></span>ing. Wh<span class=\"_ _2\"></span>ere a Stand<span class=\"_ _2\"></span>ard Formula ap<span class=\"_ _2\"></span>proach is u<span class=\"_ _2\"></span>sed<span class=\"_ _2\"></span>, no diversifi<span class=\"_ _2\"></span>cation wit<span class=\"_ _2\"></span>h other entitie<span class=\"_ _2\"></span>s within the G<span class=\"_ _2\"></span>roup is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs63f\">allowed fo<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>. The G<span class=\"_ _2\"></span>roup determin<span class=\"_ _2\"></span>es the ris<span class=\"_ _2\"></span>k adjus<span class=\"_ _2\"></span>tment us<span class=\"_ _2\"></span>ing a one<span class=\"_ _2\"></span>-year time h<span class=\"_ _2\"></span>orizon, con<span class=\"_ _2\"></span>sistent wi<span class=\"_ _2\"></span>th the time ho<span class=\"_ _2\"></span>riz<span class=\"_ _5\"></span>on use<span class=\"_ _2\"></span>d for Sol<span class=\"_ _2\"></span>vency I<span class=\"_ _2\"></span>I, a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs640\">key metric unde<span class=\"_ _2\"></span>rlying h<span class=\"_ _2\"></span>ow the Group is m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs641\">The C<span class=\"_ _2\"></span>SM of a group of ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts rep<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>s the unea<span class=\"_ _2\"></span>rned profit t<span class=\"_ _2\"></span>hat the Gro<span class=\"_ _2\"></span>up will reco<span class=\"_ _2\"></span>gnise over th<span class=\"_ _2\"></span>e life o<span class=\"_ _5\"></span>f the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t as </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs642\">insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt-related se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es are provide<span class=\"_ _2\"></span>d. For profit<span class=\"_ _2\"></span>able group<span class=\"_ _2\"></span>s of insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>e CSM i<span class=\"_ _2\"></span>s esta<span class=\"_ _2\"></span>blishe<span class=\"_ _2\"></span>d to ensure tha<span class=\"_ _2\"></span>t no </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs643\">profit or lo<span class=\"_ _2\"></span>ss is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed at inc<span class=\"_ _2\"></span>eption and c<span class=\"_ _2\"></span>onse<span class=\"_ _2\"></span>quently it of<span class=\"_ _2\"></span>fset<span class=\"_ _2\"></span>s the net p<span class=\"_ _2\"></span>resent val<span class=\"_ _2\"></span>ue of the expe<span class=\"_ _2\"></span>cted c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s (includin<span class=\"_ _2\"></span>g initial prem<span class=\"_ _2\"></span>ium </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs644\">and ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e acquisi<span class=\"_ _2\"></span>tion cas<span class=\"_ _2\"></span>h flows) and the ri<span class=\"_ _2\"></span>sk adju<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt. For a group of ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t are onerou<span class=\"_ _2\"></span>s, the C<span class=\"_ _2\"></span>SM is s<span class=\"_ _2\"></span>et to nil and a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs645\">los<span class=\"_ _2\"></span>s is immedi<span class=\"_ _2\"></span>ately rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in profit or lo<span class=\"_ _2\"></span>ss. A l<span class=\"_ _2\"></span>oss com<span class=\"_ _2\"></span>ponent of th<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y for remainin<span class=\"_ _2\"></span>g coverag<span class=\"_ _2\"></span>e (\u2018<span class=\"_ _2\"></span>LRC<span class=\"_ _2\"></span>\u2019) is e<span class=\"_ _2\"></span>stabli<span class=\"_ _2\"></span>shed for th<span class=\"_ _2\"></span>e amount of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs646\">los<span class=\"_ _2\"></span>s reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs647\">The init<span class=\"_ _2\"></span>ial reco<span class=\"_ _2\"></span>gnition of the C<span class=\"_ _2\"></span>SM is c<span class=\"_ _2\"></span>onsiste<span class=\"_ _2\"></span>nt for insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s applyin<span class=\"_ _2\"></span>g the GM an<span class=\"_ _2\"></span>d VF<span class=\"_ _7\"></span>A me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt approa<span class=\"_ _2\"></span>ches<span class=\"_ _2\"></span>, however th<span class=\"_ _2\"></span>ere </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs648\">are key differe<span class=\"_ _2\"></span>nces for s<span class=\"_ _2\"></span>ubseq<span class=\"_ _2\"></span>uent mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of the CSM un<span class=\"_ _2\"></span>der the<span class=\"_ _2\"></span>se mea<span class=\"_ _2\"></span>surement m<span class=\"_ _2\"></span>odels<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs649\">For group<span class=\"_ _2\"></span>s of contrac<span class=\"_ _2\"></span>ts ac<span class=\"_ _2\"></span>quired in a tra<span class=\"_ _2\"></span>nsfer of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s or a busin<span class=\"_ _2\"></span>ess co<span class=\"_ _2\"></span>mbination<span class=\"_ _2\"></span>, the con<span class=\"_ _2\"></span>sidera<span class=\"_ _2\"></span>tion rece<span class=\"_ _2\"></span>ived for the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts is incl<span class=\"_ _2\"></span>uded </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs64a\">in the fulfi<span class=\"_ _2\"></span>lment ca<span class=\"_ _2\"></span>sh flows as a prox<span class=\"_ _2\"></span>y for the p<span class=\"_ _2\"></span>remiums re<span class=\"_ _2\"></span>ceived at th<span class=\"_ _2\"></span>e date of acquis<span class=\"_ _2\"></span>ition. In a b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s combin<span class=\"_ _2\"></span>ation, t<span class=\"_ _2\"></span>he consi<span class=\"_ _2\"></span>deration </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs64b\">rec<span class=\"_ _2\"></span>eived is the f<span class=\"_ _2\"></span>air value of the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts at that da<span class=\"_ _2\"></span>te.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls69 ws5e gs64c\">With-profit estate<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs64d\">The Gro<span class=\"_ _2\"></span>up has a num<span class=\"_ _2\"></span>ber of with-p<span class=\"_ _2\"></span>rofit funds wh<span class=\"_ _2\"></span>ere surplus<span class=\"_ _2\"></span>es are sh<span class=\"_ _2\"></span>ared bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n policyh<span class=\"_ _2\"></span>older<span class=\"_ _2\"></span>s and sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>rs. A<span class=\"_ _2\"></span>ll such fun<span class=\"_ _2\"></span>ds are close<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs64e\">to new bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>se fund<span class=\"_ _2\"></span>s typi<span class=\"_ _2\"></span>cally have an e<span class=\"_ _2\"></span>state<span class=\"_ _2\"></span>, being a sur<span class=\"_ _2\"></span>plus of ass<span class=\"_ _2\"></span>ets over th<span class=\"_ _2\"></span>ose ne<span class=\"_ _2\"></span>eded to m<span class=\"_ _2\"></span>eet the lia<span class=\"_ _2\"></span>bilities of curre<span class=\"_ _2\"></span>nt </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs64f\">polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs. A<span class=\"_ _2\"></span>s these f<span class=\"_ _2\"></span>unds are cl<span class=\"_ _2\"></span>osed to ne<span class=\"_ _2\"></span>w busine<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, the surplu<span class=\"_ _2\"></span>s is expe<span class=\"_ _2\"></span>cted to be di<span class=\"_ _2\"></span>stribute<span class=\"_ _2\"></span>d to existin<span class=\"_ _2\"></span>g policy<span class=\"_ _2\"></span>holder<span class=\"_ _2\"></span>s over time and t<span class=\"_ _2\"></span>he </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs650\">Group h<span class=\"_ _2\"></span>as determin<span class=\"_ _2\"></span>ed it app<span class=\"_ _2\"></span>ropriate to alloc<span class=\"_ _2\"></span>ate the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d future p<span class=\"_ _2\"></span>olicyhol<span class=\"_ _2\"></span>der payme<span class=\"_ _2\"></span>nts from th<span class=\"_ _2\"></span>e esta<span class=\"_ _2\"></span>te to specifi<span class=\"_ _2\"></span>c groups of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs651\">within th<span class=\"_ _2\"></span>e meas<span class=\"_ _2\"></span>urement of the b<span class=\"_ _2\"></span>est e<span class=\"_ _2\"></span>stimate c<span class=\"_ _2\"></span>ash flows<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls16 ws14 gs652\">Subsequent<span class=\"_ _7\"></span> measurement<span class=\"_ _5\"></span> \u2013 Insu<span class=\"_ _5\"></span>rance con<span class=\"_ _5\"></span>tracts<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs653\">The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of a group of insura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s at each re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting date is th<span class=\"_ _2\"></span>e sum of the LRC an<span class=\"_ _2\"></span>d the liabilit<span class=\"_ _2\"></span>y for inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>LIC<span class=\"_ _2\"></span>\u2019). </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs654\">The LRC c<span class=\"_ _2\"></span>ompris<span class=\"_ _2\"></span>es the BEL<span class=\"_ _2\"></span>, risk ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent and any re<span class=\"_ _2\"></span>maining C<span class=\"_ _2\"></span>SM at that d<span class=\"_ _2\"></span>ate. The LIC in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>s the BEL an<span class=\"_ _2\"></span>d risk adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt (the fulfilment </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs655\">ca<span class=\"_ _2\"></span>sh flows for inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s and exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s that have not yet be<span class=\"_ _2\"></span>en paid<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g claims th<span class=\"_ _2\"></span>at have bee<span class=\"_ _2\"></span>n incurre<span class=\"_ _2\"></span>d but not yet rep<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d). There </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs656\">is no C<span class=\"_ _2\"></span>SM as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with the LI<span class=\"_ _2\"></span>C, and a<span class=\"_ _2\"></span>s a result<span class=\"_ _2\"></span>, any chang<span class=\"_ _2\"></span>es in the LI<span class=\"_ _2\"></span>C are taken direc<span class=\"_ _2\"></span>tly to profit or los<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs657\">The f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows of group<span class=\"_ _2\"></span>s of insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts a<span class=\"_ _2\"></span>re meas<span class=\"_ _2\"></span>ured at the rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting date using c<span class=\"_ _2\"></span>urrent es<span class=\"_ _2\"></span>timates of fut<span class=\"_ _2\"></span>ure cash fl<span class=\"_ _2\"></span>ows, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs658\">current di<span class=\"_ _2\"></span>scount r<span class=\"_ _2\"></span>ates and cur<span class=\"_ _2\"></span>rent estim<span class=\"_ _2\"></span>ates of the risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for n<span class=\"_ _2\"></span>on-finan<span class=\"_ _2\"></span>cial risk<span class=\"_ _2\"></span>. Chang<span class=\"_ _2\"></span>es in fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows are </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs659\">rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d as follows<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff7 fs7 fc1 sc0 ls0 ws0 gs65a\">Cha<span class=\"_ _2\"></span>nges r<span class=\"_ _2\"></span>elatin<span class=\"_ _2\"></span>g to futur<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vices i<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>ance<span class=\"_ _2aa\"> </span><span class=\"ff3\">A<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted aga<span class=\"_ _2\"></span>inst the C<span class=\"_ _2\"></span>SM (or rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the ins<span class=\"_ _2\"></span>urance s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs65b\">result in p<span class=\"_ _2\"></span>rofit or los<span class=\"_ _2\"></span>s if the group is on<span class=\"_ _2\"></span>erous)<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff7 fs7 fc1 sc0 ls0 ws0 gs65c\">Cha<span class=\"_ _2\"></span>nges r<span class=\"_ _2\"></span>elatin<span class=\"_ _2\"></span>g to curre<span class=\"_ _2\"></span>nt or pas<span class=\"_ _2\"></span>t ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s<span class=\"_ _2ba\"> </span><span class=\"ff3\">Rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the ins<span class=\"_ _2\"></span>urance s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice resul<span class=\"_ _2\"></span>t in profit or los<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff7 fs7 fc1 sc0 ls0 ws0 gs65d\">Effe<span class=\"_ _2\"></span>cts of t<span class=\"_ _2\"></span>he time va<span class=\"_ _2\"></span>lue of mo<span class=\"_ _2\"></span>ney, financ<span class=\"_ _2\"></span>ial risk a<span class=\"_ _2\"></span>nd cha<span class=\"_ _2\"></span>nges<span class=\"_ _7b\"> </span><span class=\"ff3\">Re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e financ<span class=\"_ _2\"></span>e income o<span class=\"_ _2\"></span>r expens<span class=\"_ _2\"></span>es there<span class=\"_ _2\"></span>in on </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs65e\">es<span class=\"_ _2\"></span>timated fu<span class=\"_ _2\"></span>ture cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs65f\">Where<span class=\"_ _2\"></span>, during the c<span class=\"_ _2\"></span>overag<span class=\"_ _2\"></span>e period<span class=\"_ _2\"></span>, a group of ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts be<span class=\"_ _2\"></span>come<span class=\"_ _2\"></span>s onerou<span class=\"_ _2\"></span>s, the G<span class=\"_ _2\"></span>roup reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>s a loss in profi<span class=\"_ _2\"></span>t or loss for th<span class=\"_ _2\"></span>e net </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs660\">out<span class=\"_ _2\"></span>flow, resultin<span class=\"_ _2\"></span>g in the car<span class=\"_ _2\"></span>ryin<span class=\"_ _2\"></span>g amount of the li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y for the group b<span class=\"_ _2\"></span>eing eq<span class=\"_ _2\"></span>ual to the fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows. A l<span class=\"_ _2\"></span>oss co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nt is esta<span class=\"_ _2\"></span>blishe<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs661\">by the Gro<span class=\"_ _2\"></span>up for the liabilit<span class=\"_ _2\"></span>y for rem<span class=\"_ _2\"></span>aining cover<span class=\"_ _2\"></span>age for su<span class=\"_ _2\"></span>ch groups of on<span class=\"_ _2\"></span>erous co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s repres<span class=\"_ _2\"></span>enting the l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs662\">The C<span class=\"_ _2\"></span>SM of eac<span class=\"_ _2\"></span>h group of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s is calc<span class=\"_ _2\"></span>ulated at ea<span class=\"_ _2\"></span>ch repor<span class=\"_ _2\"></span>ting d<span class=\"_ _2\"></span>ate as follows:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls16 ws14 gs663\">Insurance<span class=\"_ _7\"></span> contracts measured<span class=\"_ _7\"></span> under GM<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs664\">For insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s mea<span class=\"_ _2\"></span>sured und<span class=\"_ _2\"></span>er the GM ap<span class=\"_ _2\"></span>proach<span class=\"_ _2\"></span>, the CS<span class=\"_ _2\"></span>M is adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d by applying l<span class=\"_ _2\"></span>ocked-in disc<span class=\"_ _2\"></span>ount rates<span class=\"_ _2\"></span>, while th<span class=\"_ _2\"></span>e BEL and ris<span class=\"_ _2\"></span>k </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs665\">adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt are adj<span class=\"_ _2\"></span>usted us<span class=\"_ _2\"></span>ing current di<span class=\"_ _2\"></span>scount r<span class=\"_ _2\"></span>ates.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs666\">The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of the CSM a<span class=\"_ _2\"></span>t each rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting date is the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt at the st<span class=\"_ _2\"></span>art of th<span class=\"_ _2\"></span>e year<span class=\"_ _5\"></span>, adj<span class=\"_ _2\"></span>usted fo<span class=\"_ _2\"></span>r:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs667\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e CSM of any n<span class=\"_ _2\"></span>ew contra<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>at are adde<span class=\"_ _2\"></span>d to the group in th<span class=\"_ _2\"></span>e year;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs668\">\u2022 <span class=\"_ _9\"> </span>inte<span class=\"_ _2\"></span>rest ac<span class=\"_ _2\"></span>creted on t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mount of the CS<span class=\"_ _2\"></span>M during th<span class=\"_ _2\"></span>e year;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs669\">\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in fulfilme<span class=\"_ _2\"></span>nt cash flo<span class=\"_ _2\"></span>ws that relate to f<span class=\"_ _2\"></span>uture ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s, exc<span class=\"_ _2\"></span>ept to the ex<span class=\"_ _2\"></span>tent that<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs66a\">\u2013 <span class=\"_ _1a\"> </span>any inc<span class=\"_ _2\"></span>rease<span class=\"_ _2\"></span>s in the fulfilme<span class=\"_ _2\"></span>nt cash fl<span class=\"_ _2\"></span>ows excee<span class=\"_ _2\"></span>d the ca<span class=\"_ _2\"></span>rryin<span class=\"_ _2\"></span>g amount of the C<span class=\"_ _2\"></span>SM<span class=\"_ _2\"></span>, in which c<span class=\"_ _2\"></span>ase the exc<span class=\"_ _2\"></span>ess is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised a<span class=\"_ _2\"></span>s a loss in profit </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs66b\">or los<span class=\"_ _2\"></span>s and cre<span class=\"_ _2\"></span>ates a loss c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ent; or<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs66c\">\u2013 <span class=\"_ _1a\"> </span>any de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>es in the fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows are allo<span class=\"_ _2\"></span>cated to th<span class=\"_ _2\"></span>e loss c<span class=\"_ _2\"></span>ompone<span class=\"_ _2\"></span>nt, revers<span class=\"_ _2\"></span>ing los<span class=\"_ _2\"></span>ses previo<span class=\"_ _2\"></span>usly rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in profit or l<span class=\"_ _2\"></span>oss;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs66d\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ct of any curren<span class=\"_ _2\"></span>cy exchan<span class=\"_ _2\"></span>ge dif<span class=\"_ _2\"></span>ference<span class=\"_ _2\"></span>s on the CS<span class=\"_ _2\"></span>M; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs66e\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e amount re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e revenue b<span class=\"_ _2\"></span>eca<span class=\"_ _2\"></span>use of the se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es provide<span class=\"_ _2\"></span>d in the year (se<span class=\"_ _2\"></span>e the \u2018<span class=\"_ _2\"></span>Insura<span class=\"_ _2\"></span>nce revenu<span class=\"_ _2\"></span>e\u2019 acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>y in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs66f\">note C1 for f<span class=\"_ _2\"></span>urth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s)<span class=\"_ _3bc\"> </span><span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span></div>Chan<span class=\"_ _2\"></span>ges in fulfilm<span class=\"_ _2\"></span>ent ca<span class=\"_ _2\"></span>sh flows relat<span class=\"_ _2\"></span>ing to future s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice that a<span class=\"_ _2\"></span>djust t<span class=\"_ _2\"></span>he CS<span class=\"_ _2\"></span>M compris<span class=\"_ _2\"></span>e:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>ex<span class=\"_ _2\"></span>perien<span class=\"_ _2\"></span>ce adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ents aris<span class=\"_ _2\"></span>ing from the dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>e bet<span class=\"_ _2\"></span>ween pre<span class=\"_ _2\"></span>miums rec<span class=\"_ _2\"></span>eived an<span class=\"_ _2\"></span>d the expe<span class=\"_ _2\"></span>cted a<span class=\"_ _2\"></span>mounts e<span class=\"_ _2\"></span>stima<span class=\"_ _2\"></span>ted at the be<span class=\"_ _2\"></span>ginning of the pe<span class=\"_ _2\"></span>riod, th<span class=\"_ _2\"></span>at relate to fut<span class=\"_ _2\"></span>ure ser<span class=\"_ _2\"></span>vice, a<span class=\"_ _2\"></span>long with any a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated ac<span class=\"_ _2\"></span>quisition c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in est<span class=\"_ _2\"></span>imates of the pre<span class=\"_ _2\"></span>sent value of f<span class=\"_ _2\"></span>uture cas<span class=\"_ _2\"></span>h flows in the B<span class=\"_ _2\"></span>EL and risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>dif<span class=\"_ _2\"></span>feren<span class=\"_ _2\"></span>ces bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n any investme<span class=\"_ _2\"></span>nt compo<span class=\"_ _2\"></span>nent exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d to beco<span class=\"_ _2\"></span>me payable in th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d and the a<span class=\"_ _2\"></span>ctual inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ent that becom<span class=\"_ _2\"></span>es payable;<span class=\"_ _5\"></span> and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for n<span class=\"_ _2\"></span>on-finan<span class=\"_ _2\"></span>cial risk th<span class=\"_ _2\"></span>at relate to fut<span class=\"_ _2\"></span>ure ser<span class=\"_ _2\"></span>vice.<span class=\"_ _3bc\"> </span>The imp<span class=\"_ _2\"></span>act of disc<span class=\"_ _2\"></span>ounting th<span class=\"_ _2\"></span>e risk adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ent for busine<span class=\"_ _2\"></span>ss me<span class=\"_ _2\"></span>asured un<span class=\"_ _2\"></span>der GM is di<span class=\"_ _2\"></span>sagg<span class=\"_ _2\"></span>regate<span class=\"_ _2\"></span>d and rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed within N<span class=\"_ _2\"></span>et financ<span class=\"_ _2\"></span>e incom<span class=\"_ _2\"></span>e or exp<span class=\"_ _2\"></span>enses f<span class=\"_ _2\"></span>rom insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s within the inc<span class=\"_ _2\"></span>ome s<span class=\"_ _2\"></span>tatement<span class=\"_ _2\"></span>. Insurance<span class=\"_ _7\"></span> contracts measured<span class=\"_ _7\"></span> under VF<span class=\"_ _6\"></span>A model<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s un<span class=\"_ _2\"></span>it-link<span class=\"_ _5\"></span>ed an<span class=\"_ _2\"></span>d with-profit b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s that me<span class=\"_ _2\"></span>ets th<span class=\"_ _2\"></span>e VF<span class=\"_ _7\"></span>A elig<span class=\"_ _2\"></span>ibility c<span class=\"_ _2\"></span>riteria are dire<span class=\"_ _2\"></span>ct par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>ting contr<span class=\"_ _2\"></span>acts un<span class=\"_ _2\"></span>der whic<span class=\"_ _2\"></span>h the Group\u2019s obliga<span class=\"_ _2\"></span>tion to the polic<span class=\"_ _2\"></span>yhold<span class=\"_ _2\"></span>er is the net of<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e obligat<span class=\"_ _2\"></span>ion to pay the po<span class=\"_ _2\"></span>licyhol<span class=\"_ _2\"></span>der an amo<span class=\"_ _2\"></span>unt equal to th<span class=\"_ _2\"></span>e fair value of the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g items; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a va<span class=\"_ _2\"></span>riable fee in e<span class=\"_ _2\"></span>xchang<span class=\"_ _2\"></span>e for future se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es provide<span class=\"_ _2\"></span>d by the contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, b<span class=\"_ _2\"></span>eing the am<span class=\"_ _2\"></span>ount of the Group\u2019s share of th<span class=\"_ _2\"></span>e fair value of the under<span class=\"_ _2\"></span>lying item<span class=\"_ _2\"></span>s less f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows th<span class=\"_ _2\"></span>at do not var<span class=\"_ _2\"></span>y bas<span class=\"_ _2\"></span>ed on the ret<span class=\"_ _2\"></span>urns on unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e Group provide<span class=\"_ _2\"></span>s investme<span class=\"_ _2\"></span>nt ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s under th<span class=\"_ _2\"></span>ese cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s by giving a ret<span class=\"_ _2\"></span>urn base<span class=\"_ _2\"></span>d on unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s, in ad<span class=\"_ _2\"></span>dition to insur<span class=\"_ _2\"></span>ance cover<span class=\"_ _2\"></span>age.<span class=\"_ _3bc\"> </span>For unit-linked and wi<span class=\"_ _2\"></span>th-profit cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s that are me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d under the VFA<span class=\"_ _2\"></span>, interest is n<span class=\"_ _2\"></span>ot accrete<span class=\"_ _2\"></span>d on the CS<span class=\"_ _2\"></span>M using a lo<span class=\"_ _2\"></span>cked-in disc<span class=\"_ _2\"></span>ount rate, ins<span class=\"_ _2\"></span>tead it is dete<span class=\"_ _2\"></span>rmined wi<span class=\"_ _2\"></span>th reference to th<span class=\"_ _2\"></span>e underl<span class=\"_ _2\"></span>ying items<span class=\"_ _2\"></span>, refle<span class=\"_ _2\"></span>cting th<span class=\"_ _2\"></span>at on thes<span class=\"_ _2\"></span>e typ<span class=\"_ _2\"></span>es of insura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s the Group fe<span class=\"_ _2\"></span>es for providing inve<span class=\"_ _2\"></span>stment-re<span class=\"_ _2\"></span>lated ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es are determ<span class=\"_ _2\"></span>ined with refere<span class=\"_ _2\"></span>nce to the v<span class=\"_ _2\"></span>alue of the invest<span class=\"_ _2\"></span>ments a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated with t<span class=\"_ _2\"></span>he polic<span class=\"_ _2\"></span>yholder<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>olicy. For examp<span class=\"_ _2\"></span>le, annua<span class=\"_ _2\"></span>l manag<span class=\"_ _2\"></span>ement c<span class=\"_ _2\"></span>harge<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _7\"></span>AM<span class=\"_ _2\"></span>C\u2019<span class=\"_ _2\"></span>) are dete<span class=\"_ _2\"></span>rmined by refere<span class=\"_ _2\"></span>nce to the va<span class=\"_ _2\"></span>lue of the polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r\u2019<span class=\"_ _5\"></span>s fun<span class=\"_ _2\"></span>d value and th<span class=\"_ _2\"></span>e share<span class=\"_ _2\"></span>holde<span class=\"_ _2\"></span>r\u2019<span class=\"_ _5\"></span>s share of b<span class=\"_ _2\"></span>onuse<span class=\"_ _2\"></span>s on a with-profit p<span class=\"_ _2\"></span>olicy in a 9<span class=\"_ _2\"></span>0:10 fun<span class=\"_ _2\"></span>d is determin<span class=\"_ _2\"></span>ed bas<span class=\"_ _2\"></span>ed on the p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e of the with-profit f<span class=\"_ _2\"></span>und.<span class=\"_ _3bc\"> </span>The var<span class=\"_ _2\"></span>iable fee e<span class=\"_ _2\"></span>arned by th<span class=\"_ _2\"></span>e Group is co<span class=\"_ _2\"></span>nseq<span class=\"_ _2\"></span>uently the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s sha<span class=\"_ _2\"></span>re of the fair value of und<span class=\"_ _2\"></span>erlying ite<span class=\"_ _2\"></span>ms les<span class=\"_ _2\"></span>s fulfilment c<span class=\"_ _2\"></span>ash flows t<span class=\"_ _2\"></span>hat do not var<span class=\"_ _2\"></span>y bas<span class=\"_ _2\"></span>ed on ret<span class=\"_ _2\"></span>urns of the unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>For unit-linked contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e underlyin<span class=\"_ _2\"></span>g items are f<span class=\"_ _2\"></span>unds that th<span class=\"_ _2\"></span>e unit price of the inve<span class=\"_ _2\"></span>stment c<span class=\"_ _2\"></span>hose<span class=\"_ _2\"></span>n by the polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r varies with<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>For with-p<span class=\"_ _2\"></span>rofits contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e underlyin<span class=\"_ _2\"></span>g items are t<span class=\"_ _2\"></span>ypic<span class=\"_ _2\"></span>ally the ne<span class=\"_ _2\"></span>t asset<span class=\"_ _2\"></span>s of the releva<span class=\"_ _2\"></span>nt with-profit fun<span class=\"_ _2\"></span>d, incl<span class=\"_ _2\"></span>uding the e<span class=\"_ _2\"></span>state an<span class=\"_ _2\"></span>d the fair value of no<span class=\"_ _2\"></span>n-profit contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s within the f<span class=\"_ _2\"></span>und. With-p<span class=\"_ _2\"></span>rofit funds c<span class=\"_ _2\"></span>an var<span class=\"_ _2\"></span>y in their na<span class=\"_ _2\"></span>ture and op<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span>, therefore will b<span class=\"_ _2\"></span>e depe<span class=\"_ _2\"></span>ndent on fa<span class=\"_ _2\"></span>cts and circ<span class=\"_ _2\"></span>umst<span class=\"_ _2\"></span>ances<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>When m<span class=\"_ _2\"></span>easur<span class=\"_ _2\"></span>ing a group of unit-linked an<span class=\"_ _2\"></span>d with-profit co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>ts using th<span class=\"_ _2\"></span>e VF<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup adj<span class=\"_ _2\"></span>usts t<span class=\"_ _2\"></span>he fulfilme<span class=\"_ _2\"></span>nt cash flow<span class=\"_ _2\"></span>s for the whol<span class=\"_ _2\"></span>e of the ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the oblig<span class=\"_ _2\"></span>ation to pay polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs an am<span class=\"_ _2\"></span>ount equa<span class=\"_ _2\"></span>l to the fair value of th<span class=\"_ _2\"></span>e underly<span class=\"_ _2\"></span>ing items<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e chang<span class=\"_ _2\"></span>es do not re<span class=\"_ _2\"></span>late to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices an<span class=\"_ _2\"></span>d are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in profit or los<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e Group the<span class=\"_ _2\"></span>n adjus<span class=\"_ _2\"></span>ts any CS<span class=\"_ _2\"></span>M for cha<span class=\"_ _2\"></span>nges in th<span class=\"_ _2\"></span>e amount of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s sha<span class=\"_ _2\"></span>re of the fair value of the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g items<span class=\"_ _2\"></span>, which rela<span class=\"_ _2\"></span>te to future ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es, a<span class=\"_ _2\"></span>s explaine<span class=\"_ _2\"></span>d below.<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of the CSM a<span class=\"_ _2\"></span>t each rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting date is the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt at the st<span class=\"_ _2\"></span>art of th<span class=\"_ _2\"></span>e year<span class=\"_ _5\"></span>, adj<span class=\"_ _2\"></span>usted fo<span class=\"_ _2\"></span>r:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e CSM of any n<span class=\"_ _2\"></span>ew contra<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>at are adde<span class=\"_ _2\"></span>d to the group in th<span class=\"_ _2\"></span>e year;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e chan<span class=\"_ _2\"></span>ge in the am<span class=\"_ _2\"></span>ount of the Group\u2019s share of the f<span class=\"_ _2\"></span>air value of the un<span class=\"_ _2\"></span>derlying i<span class=\"_ _2\"></span>tems and ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in fulfilment c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s that relate to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>, except to th<span class=\"_ _2\"></span>e extent th<span class=\"_ _2\"></span>at:<span class=\"_ _3bc\"> </span>\u2013 <span class=\"_ _1a\"> </span>the G<span class=\"_ _2\"></span>roup has ap<span class=\"_ _2\"></span>plied the r<span class=\"_ _2\"></span>isk mitiga<span class=\"_ _2\"></span>tion option to exclu<span class=\"_ _2\"></span>de from the CS<span class=\"_ _2\"></span>M cha<span class=\"_ _2\"></span>nges in th<span class=\"_ _2\"></span>e effec<span class=\"_ _2\"></span>t of financi<span class=\"_ _2\"></span>al risk on the a<span class=\"_ _2\"></span>mount of its s<span class=\"_ _2\"></span>hare of the unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s or fulfilme<span class=\"_ _2\"></span>nt cash fl<span class=\"_ _2\"></span>ows;<span class=\"_ _3bc\"> </span>\u2013 <span class=\"_ _1a\"> </span>a de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in the amount of th<span class=\"_ _2\"></span>e Group\u2019s share of the fair va<span class=\"_ _2\"></span>lue of the unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s, or an in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in the fulfilme<span class=\"_ _2\"></span>nt cash fl<span class=\"_ _2\"></span>ows that rela<span class=\"_ _2\"></span>te to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>, excee<span class=\"_ _2\"></span>ds the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of the CSM<span class=\"_ _2\"></span>, givin<span class=\"_ _2\"></span>g rise to a los<span class=\"_ _2\"></span>s in profit or los<span class=\"_ _2\"></span>s (inclu<span class=\"_ _2\"></span>ded in insur<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>ervi<span class=\"_ _2\"></span>ce expe<span class=\"_ _2\"></span>nses) and cre<span class=\"_ _2\"></span>ating a los<span class=\"_ _2\"></span>s comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>; or<span class=\"_ _3bc\"> </span>\u2013 <span class=\"_ _1a\"> </span>an inc<span class=\"_ _2\"></span>rease in th<span class=\"_ _2\"></span>e amount of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s sha<span class=\"_ _2\"></span>re of the fair value of th<span class=\"_ _2\"></span>e underlyin<span class=\"_ _2\"></span>g items<span class=\"_ _2\"></span>, or a dec<span class=\"_ _2\"></span>rease in th<span class=\"_ _2\"></span>e fulfilment c<span class=\"_ _2\"></span>ash flows t<span class=\"_ _2\"></span>hat relate to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>, is alloc<span class=\"_ _2\"></span>ated to the l<span class=\"_ _2\"></span>oss com<span class=\"_ _2\"></span>ponent<span class=\"_ _2\"></span>, reversin<span class=\"_ _2\"></span>g loss<span class=\"_ _2\"></span>es previou<span class=\"_ _2\"></span>sly rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in profit or los<span class=\"_ _2\"></span>s (inclu<span class=\"_ _2\"></span>ded in ins<span class=\"_ _2\"></span>urance service expenses);<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ct of any curren<span class=\"_ _2\"></span>cy exchan<span class=\"_ _2\"></span>ge dif<span class=\"_ _2\"></span>ference<span class=\"_ _2\"></span>s on the CS<span class=\"_ _2\"></span>M; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e amount re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e revenue b<span class=\"_ _2\"></span>eca<span class=\"_ _2\"></span>use of the se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es provide<span class=\"_ _2\"></span>d in the year (se<span class=\"_ _2\"></span>e the \u2018<span class=\"_ _2\"></span>Insura<span class=\"_ _2\"></span>nce revenu<span class=\"_ _2\"></span>e\u2019 acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>y in note C1 for f<span class=\"_ _2\"></span>urth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s)<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>Chan<span class=\"_ _2\"></span>ges in fulfilm<span class=\"_ _2\"></span>ent ca<span class=\"_ _2\"></span>sh flows that re<span class=\"_ _2\"></span>late to future s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice inclu<span class=\"_ _2\"></span>de the cha<span class=\"_ _2\"></span>nges re<span class=\"_ _2\"></span>lating to fut<span class=\"_ _2\"></span>ure ser<span class=\"_ _2\"></span>vices s<span class=\"_ _2\"></span>pecifi<span class=\"_ _2\"></span>ed above for co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s witho<span class=\"_ _2\"></span>ut direc<span class=\"_ _2\"></span>t par<span class=\"_ _2\"></span>ticipation fe<span class=\"_ _2\"></span>atures (mea<span class=\"_ _2\"></span>sured at cur<span class=\"_ _2\"></span>rent disco<span class=\"_ _2\"></span>unt rates) and ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the ef<span class=\"_ _2\"></span>fect of the tim<span class=\"_ _2\"></span>e value of mon<span class=\"_ _2\"></span>ey and finan<span class=\"_ _2\"></span>cial risks th<span class=\"_ _2\"></span>at do not arise f<span class=\"_ _2\"></span>rom underl<span class=\"_ _2\"></span>ying items<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up does n<span class=\"_ _2\"></span>ot currently a<span class=\"_ _2\"></span>pply the ris<span class=\"_ _2\"></span>k mitigati<span class=\"_ _2\"></span>on option to any mater<span class=\"_ _2\"></span>ial exte<span class=\"_ _2\"></span>nt.<span class=\"_ _3bc\"> </span>Loss co<span class=\"_ _2\"></span>mponent<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>A los<span class=\"_ _2\"></span>s compo<span class=\"_ _2\"></span>nent repre<span class=\"_ _2\"></span>sents a n<span class=\"_ _2\"></span>otional re<span class=\"_ _2\"></span>cord of the los<span class=\"_ _2\"></span>ses at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utable to e<span class=\"_ _2\"></span>ach group of on<span class=\"_ _2\"></span>erous ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. The los<span class=\"_ _2\"></span>s compo<span class=\"_ _2\"></span>nent is rele<span class=\"_ _2\"></span>ased b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n a system<span class=\"_ _2\"></span>atic alloc<span class=\"_ _2\"></span>ation of the s<span class=\"_ _2\"></span>ubsequ<span class=\"_ _2\"></span>ent chan<span class=\"_ _2\"></span>ges rel<span class=\"_ _2\"></span>ating to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice in the f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows to (i) the lo<span class=\"_ _2\"></span>ss comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>; and (ii) the lia<span class=\"_ _2\"></span>bility fo<span class=\"_ _2\"></span>r remaining c<span class=\"_ _2\"></span>overag<span class=\"_ _2\"></span>e excluding th<span class=\"_ _2\"></span>e loss co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nt. The lo<span class=\"_ _2\"></span>ss com<span class=\"_ _2\"></span>ponent is a<span class=\"_ _2\"></span>lso upda<span class=\"_ _2\"></span>ted for subs<span class=\"_ _2\"></span>equent chan<span class=\"_ _2\"></span>ges in e<span class=\"_ _2\"></span>stimates of th<span class=\"_ _2\"></span>e fulfilment c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s and the ris<span class=\"_ _2\"></span>k adjus<span class=\"_ _2\"></span>tment re<span class=\"_ _2\"></span>lating to fut<span class=\"_ _2\"></span>ure ser<span class=\"_ _2\"></span>vice. Th<span class=\"_ _2\"></span>e syste<span class=\"_ _2\"></span>matic allo<span class=\"_ _2\"></span>cation of sub<span class=\"_ _2\"></span>seque<span class=\"_ _2\"></span>nt chan<span class=\"_ _2\"></span>ges to th<span class=\"_ _2\"></span>e loss co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nt results in t<span class=\"_ _2\"></span>he total amo<span class=\"_ _2\"></span>unts allo<span class=\"_ _2\"></span>cated to th<span class=\"_ _2\"></span>e loss c<span class=\"_ _2\"></span>ompone<span class=\"_ _2\"></span>nt being e<span class=\"_ _2\"></span>qual to zero by the en<span class=\"_ _2\"></span>d of the covera<span class=\"_ _2\"></span>ge peri<span class=\"_ _2\"></span>od of a group of insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts. T<span class=\"_ _2\"></span>he Group us<span class=\"_ _2\"></span>es covera<span class=\"_ _2\"></span>ge units a<span class=\"_ _2\"></span>s the meth<span class=\"_ _2\"></span>od of sys<span class=\"_ _2\"></span>tematic allo<span class=\"_ _2\"></span>cation<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Reinsu<span class=\"_ _5\"></span>rance con<span class=\"_ _7\"></span>tracts held \u2013 me<span class=\"_ _5\"></span>asuremen<span class=\"_ _5\"></span>t<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of a group of reinsur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s at eac<span class=\"_ _2\"></span>h repor<span class=\"_ _2\"></span>ting date is t<span class=\"_ _2\"></span>he sum of the as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>/liabilit<span class=\"_ _2\"></span>y for remain<span class=\"_ _2\"></span>ing covera<span class=\"_ _2\"></span>ge and th<span class=\"_ _2\"></span>e as<span class=\"_ _2\"></span>set/li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y for incurre<span class=\"_ _2\"></span>d claims<span class=\"_ _2\"></span>. The as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>/liabilit<span class=\"_ _2\"></span>y for remainin<span class=\"_ _2\"></span>g coverag<span class=\"_ _2\"></span>e comp<span class=\"_ _2\"></span>rises (a) the fulfilm<span class=\"_ _2\"></span>ent ca<span class=\"_ _2\"></span>sh flows that re<span class=\"_ _2\"></span>late to ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s that will be re<span class=\"_ _2\"></span>ceived un<span class=\"_ _2\"></span>der the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts in fut<span class=\"_ _2\"></span>ure period<span class=\"_ _2\"></span>s and (b) any remain<span class=\"_ _2\"></span>ing CS<span class=\"_ _2\"></span>M at that date.<span class=\"_ _3bc\"> </span>The m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent of reinsur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts held a<span class=\"_ _2\"></span>t initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n follows the sa<span class=\"_ _2\"></span>me princ<span class=\"_ _2\"></span>iples as th<span class=\"_ _2\"></span>ose for insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts iss<span class=\"_ _2\"></span>ued, w<span class=\"_ _2\"></span>ith the exce<span class=\"_ _2\"></span>ption of the followin<span class=\"_ _2\"></span>g:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment of the c<span class=\"_ _2\"></span>ash flows in<span class=\"_ _2\"></span>clude an all<span class=\"_ _2\"></span>owance on a p<span class=\"_ _2\"></span>robabilit<span class=\"_ _2\"></span>y-we<span class=\"_ _2\"></span>ighted ba<span class=\"_ _2\"></span>sis for the ef<span class=\"_ _2\"></span>fect of any no<span class=\"_ _2\"></span>n-per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce by the reins<span class=\"_ _2\"></span>urers<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g the effe<span class=\"_ _2\"></span>cts of c<span class=\"_ _2\"></span>ollateral;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e risk ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent for non-<span class=\"_ _2\"></span>financia<span class=\"_ _2\"></span>l risk is determ<span class=\"_ _2\"></span>ined so t<span class=\"_ _2\"></span>hat it repre<span class=\"_ _2\"></span>sents th<span class=\"_ _2\"></span>e amount of ris<span class=\"_ _2\"></span>k being tr<span class=\"_ _2\"></span>ansferre<span class=\"_ _2\"></span>d to the reins<span class=\"_ _2\"></span>urer; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>es both g<span class=\"_ _2\"></span>ains and lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s at initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n in the st<span class=\"_ _2\"></span>atement of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial positi<span class=\"_ _2\"></span>on as CS<span class=\"_ _2\"></span>M and rele<span class=\"_ _2\"></span>ases this to profit or l<span class=\"_ _2\"></span>oss as th<span class=\"_ _2\"></span>e reinsurer re<span class=\"_ _2\"></span>nder<span class=\"_ _2\"></span>s ser<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>, except for a<span class=\"_ _2\"></span>ny por<span class=\"_ _2\"></span>tion of a loss th<span class=\"_ _2\"></span>at relates to event<span class=\"_ _2\"></span>s before initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>. Where the Gro<span class=\"_ _2\"></span>up reco<span class=\"_ _2\"></span>gnises a l<span class=\"_ _2\"></span>oss on init<span class=\"_ _2\"></span>ial reco<span class=\"_ _2\"></span>gnition of an on<span class=\"_ _2\"></span>erous gro<span class=\"_ _2\"></span>up of underlyin<span class=\"_ _2\"></span>g contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, it es<span class=\"_ _2\"></span>tablish<span class=\"_ _2\"></span>es a los<span class=\"_ _2\"></span>s-rec<span class=\"_ _2\"></span>overy c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ent of the as<span class=\"_ _2\"></span>set for rem<span class=\"_ _2\"></span>aining cover<span class=\"_ _2\"></span>age de<span class=\"_ _2\"></span>picting th<span class=\"_ _2\"></span>e recover<span class=\"_ _2\"></span>y of los<span class=\"_ _2\"></span>ses re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed.<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>o deter<span class=\"_ _2\"></span>mine the risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts h<span class=\"_ _2\"></span>eld, th<span class=\"_ _2\"></span>e Group will app<span class=\"_ _2\"></span>ly the appro<span class=\"_ _2\"></span>ach set o<span class=\"_ _2\"></span>ut above for ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts both gros<span class=\"_ _2\"></span>s and net of rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e and deter<span class=\"_ _2\"></span>mine the am<span class=\"_ _2\"></span>ount of risk bein<span class=\"_ _2\"></span>g trans<span class=\"_ _2\"></span>ferred to the re<span class=\"_ _2\"></span>insurer as t<span class=\"_ _2\"></span>he differe<span class=\"_ _2\"></span>nce be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en the t<span class=\"_ _2\"></span>wo result<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The lo<span class=\"_ _2\"></span>ss-re<span class=\"_ _2\"></span>cover<span class=\"_ _2\"></span>y comp<span class=\"_ _2\"></span>onent dete<span class=\"_ _2\"></span>rmines the a<span class=\"_ _2\"></span>mounts t<span class=\"_ _2\"></span>hat are subs<span class=\"_ _2\"></span>equent<span class=\"_ _2\"></span>ly prese<span class=\"_ _2\"></span>nted in profit or lo<span class=\"_ _2\"></span>ss as rever<span class=\"_ _2\"></span>sals of rec<span class=\"_ _2\"></span>overies of los<span class=\"_ _2\"></span>ses from rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d are exclude<span class=\"_ _2\"></span>d from the allo<span class=\"_ _2\"></span>cation of rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e premium<span class=\"_ _2\"></span>s paid. It is a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted to refle<span class=\"_ _2\"></span>ct chan<span class=\"_ _2\"></span>ges in th<span class=\"_ _2\"></span>e loss comp<span class=\"_ _2\"></span>onent of the o<span class=\"_ _2\"></span>nerous g<span class=\"_ _2\"></span>roup of underl<span class=\"_ _2\"></span>ying contr<span class=\"_ _2\"></span>acts<span class=\"_ _2\"></span>, but i<span class=\"_ _2\"></span>t cannot exc<span class=\"_ _2\"></span>eed th<span class=\"_ _2\"></span>e por<span class=\"_ _2\"></span>tion of the los<span class=\"_ _2\"></span>s comp<span class=\"_ _2\"></span>onent of the on<span class=\"_ _2\"></span>erous gro<span class=\"_ _2\"></span>up of under<span class=\"_ _2\"></span>lying cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s that the G<span class=\"_ _2\"></span>roup expe<span class=\"_ _2\"></span>cts to re<span class=\"_ _2\"></span>cover from th<span class=\"_ _2\"></span>e reinsura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up adju<span class=\"_ _2\"></span>sts th<span class=\"_ _2\"></span>e CSM of th<span class=\"_ _2\"></span>e group to which a re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act be<span class=\"_ _2\"></span>longs a<span class=\"_ _2\"></span>nd as a resul<span class=\"_ _2\"></span>t recog<span class=\"_ _2\"></span>nises in<span class=\"_ _2\"></span>come wh<span class=\"_ _2\"></span>en it reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>s a loss on initia<span class=\"_ _2\"></span>l recog<span class=\"_ _2\"></span>nition of onero<span class=\"_ _2\"></span>us under<span class=\"_ _2\"></span>lying contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, if th<span class=\"_ _2\"></span>e reinsuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act is e<span class=\"_ _2\"></span>ntered into before or a<span class=\"_ _2\"></span>t the sam<span class=\"_ _2\"></span>e time as the on<span class=\"_ _2\"></span>erous under<span class=\"_ _2\"></span>lying cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d. The a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment to the C<span class=\"_ _2\"></span>SM is dete<span class=\"_ _2\"></span>rmined by m<span class=\"_ _2\"></span>ultiplying<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e amount of the l<span class=\"_ _2\"></span>oss tha<span class=\"_ _2\"></span>t relates to the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g contrac<span class=\"_ _2\"></span>ts; a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e perce<span class=\"_ _2\"></span>ntag<span class=\"_ _2\"></span>e of claims on the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g contrac<span class=\"_ _2\"></span>ts th<span class=\"_ _2\"></span>at the Group ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ts to rec<span class=\"_ _2\"></span>over from the reins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. The s<span class=\"_ _2\"></span>ubsequ<span class=\"_ _2\"></span>ent mea<span class=\"_ _2\"></span>surement of rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts h<span class=\"_ _2\"></span>eld follows th<span class=\"_ _2\"></span>e same prin<span class=\"_ _2\"></span>ciples a<span class=\"_ _2\"></span>s those for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d, with the excepti<span class=\"_ _2\"></span>on of the following:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows are rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in profit or lo<span class=\"_ _2\"></span>ss if the re<span class=\"_ _2\"></span>lated cha<span class=\"_ _2\"></span>nges a<span class=\"_ _2\"></span>rising from th<span class=\"_ _2\"></span>e underly<span class=\"_ _2\"></span>ing ced<span class=\"_ _2\"></span>ed contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s have be<span class=\"_ _2\"></span>en reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in profit or los<span class=\"_ _2\"></span>s. Alte<span class=\"_ _2\"></span>rnatively, chan<span class=\"_ _2\"></span>ges in the f<span class=\"_ _2\"></span>ulfilment c<span class=\"_ _2\"></span>ash flows a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>t the CS<span class=\"_ _2\"></span>M; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows that re<span class=\"_ _2\"></span>sult from ch<span class=\"_ _2\"></span>anges in t<span class=\"_ _2\"></span>he risk of non-<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e by the iss<span class=\"_ _2\"></span>uer of a reinsur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract h<span class=\"_ _2\"></span>eld do not ad<span class=\"_ _2\"></span>just th<span class=\"_ _2\"></span>e CSM a<span class=\"_ _2\"></span>s they do not re<span class=\"_ _2\"></span>late to future se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e. The ef<span class=\"_ _2\"></span>fect of th<span class=\"_ _2\"></span>e non-pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>k of the reinsure<span class=\"_ _2\"></span>r is ass<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>d at eac<span class=\"_ _2\"></span>h repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g date and the ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t of chang<span class=\"_ _2\"></span>es in the non<span class=\"_ _2\"></span>-per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e risk is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in profit or l<span class=\"_ _2\"></span>oss<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Modification and derecognition<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up derec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>es insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d reinsuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s when: \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e rights a<span class=\"_ _2\"></span>nd obliga<span class=\"_ _2\"></span>tions relatin<span class=\"_ _2\"></span>g to the contr<span class=\"_ _2\"></span>act are ex<span class=\"_ _2\"></span>ting<span class=\"_ _2\"></span>uishe<span class=\"_ _2\"></span>d (i.e. disch<span class=\"_ _2\"></span>arge<span class=\"_ _2\"></span>d, can<span class=\"_ _2\"></span>celle<span class=\"_ _2\"></span>d or expired)<span class=\"_ _2\"></span>; or<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct is mo<span class=\"_ _2\"></span>dified suc<span class=\"_ _2\"></span>h that the m<span class=\"_ _2\"></span>odificat<span class=\"_ _2\"></span>ion result<span class=\"_ _2\"></span>s in a chang<span class=\"_ _2\"></span>e in the me<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent mode<span class=\"_ _2\"></span>l, or the ap<span class=\"_ _2\"></span>plicabl<span class=\"_ _2\"></span>e stan<span class=\"_ _2\"></span>dard for me<span class=\"_ _2\"></span>asuring a comp<span class=\"_ _2\"></span>onent of the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t. In su<span class=\"_ _2\"></span>ch cas<span class=\"_ _2\"></span>es, th<span class=\"_ _2\"></span>e Group dere<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nises th<span class=\"_ _2\"></span>e initial cont<span class=\"_ _2\"></span>ract an<span class=\"_ _2\"></span>d reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>s the modifi<span class=\"_ _2\"></span>ed contr<span class=\"_ _2\"></span>act as a new contract<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Disclosure Groups The Gro<span class=\"_ _2\"></span>up disag<span class=\"_ _2\"></span>greg<span class=\"_ _2\"></span>ates informatio<span class=\"_ _2\"></span>n for the purpo<span class=\"_ _2\"></span>ses of makin<span class=\"_ _2\"></span>g the disc<span class=\"_ _2\"></span>losures re<span class=\"_ _2\"></span>quired by I<span class=\"_ _2\"></span>FRS 17 into the followin<span class=\"_ _2\"></span>g disclos<span class=\"_ _2\"></span>ure groups:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">Retirement<span class=\"_ _7\"></span> S<span class=\"_ _2\"></span>olut<span class=\"_ _5\"></span>ions;<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">Pensions &amp;<span class=\"_ _5\"></span> Savings;<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span>W<span class=\"_ _2\"></span>ith-Profit<span class=\"_ _2\"></span>s; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Euro<span class=\"_ _2\"></span>pe &amp; Oth<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span>The dis<span class=\"_ _2\"></span>closure g<span class=\"_ _2\"></span>roups are align<span class=\"_ _2\"></span>ed to the s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nts use<span class=\"_ _2\"></span>d for seg<span class=\"_ _2\"></span>mental re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting in note B1<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Defined contribution<span class=\"_ _5\"></span> pension schemes<span class=\"_ _3bc\"> </span>Oblig<span class=\"_ _2\"></span>ations for c<span class=\"_ _2\"></span>ontributio<span class=\"_ _2\"></span>ns to defined c<span class=\"_ _2\"></span>ontributi<span class=\"_ _2\"></span>on pensi<span class=\"_ _2\"></span>on sche<span class=\"_ _2\"></span>mes are re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed as an ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>e in the cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d income st<span class=\"_ _2\"></span>atement as in<span class=\"_ _2\"></span>curred<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Defined benefit pension schemes<span class=\"_ _3bc\"> </span>The n<span class=\"_ _2\"></span>et surplus or d<span class=\"_ _2\"></span>eficit (the ec<span class=\"_ _2\"></span>onomic s<span class=\"_ _2\"></span>urplus or defic<span class=\"_ _2\"></span>it) in resp<span class=\"_ _2\"></span>ect of the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s is calc<span class=\"_ _2\"></span>ulated by es<span class=\"_ _2\"></span>timating th<span class=\"_ _2\"></span>e amo<span class=\"_ _2\"></span>unt of future ben<span class=\"_ _2\"></span>efit that em<span class=\"_ _2\"></span>ployees h<span class=\"_ _2\"></span>ave earned in re<span class=\"_ _2\"></span>turn for their s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice in the cur<span class=\"_ _2\"></span>rent and prio<span class=\"_ _2\"></span>r years; t<span class=\"_ _2\"></span>hat ben<span class=\"_ _2\"></span>efit is disco<span class=\"_ _2\"></span>unted to determin<span class=\"_ _2\"></span>e its pre<span class=\"_ _2\"></span>sent value a<span class=\"_ _2\"></span>nd the fair va<span class=\"_ _2\"></span>lue of any sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>ets is de<span class=\"_ _2\"></span>ducte<span class=\"_ _2\"></span>d. The e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic surplus or d<span class=\"_ _2\"></span>eficit is subs<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>ntly adj<span class=\"_ _2\"></span>usted to e<span class=\"_ _2\"></span>liminate<span class=\"_ gs132\"> </span>on con<span class=\"_ _2\"></span>solidatio<span class=\"_ _2\"></span>n the carr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g value of insura<span class=\"_ _2\"></span>nce po<span class=\"_ _2\"></span>licies is<span class=\"_ _2\"></span>sued by Group e<span class=\"_ _2\"></span>ntities to the de<span class=\"_ _2\"></span>fined be<span class=\"_ _2\"></span>nefit pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>hemes (the<span class=\"_ gs132\"> </span>re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted surpl<span class=\"_ _2\"></span>us or deficit<span class=\"_ _2\"></span>). A corresp<span class=\"_ _2\"></span>onding a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment is ma<span class=\"_ _2\"></span>de to the ca<span class=\"_ _2\"></span>rryin<span class=\"_ _2\"></span>g value<span class=\"_ _2\"></span>s of insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct liabiliti<span class=\"_ _2\"></span>es and inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>As re<span class=\"_ _2\"></span>quired by IFR<span class=\"_ _2\"></span>IC 14<span class=\"_ _2\"></span>, IAS 19 \u2013\u2018<span class=\"_ _2\"></span>The limi<span class=\"_ _2\"></span>t on a Define<span class=\"_ _2\"></span>d Benefi<span class=\"_ _2\"></span>t Asse<span class=\"_ _2\"></span>t, Minimum Fun<span class=\"_ _2\"></span>ding Require<span class=\"_ _2\"></span>ments a<span class=\"_ _2\"></span>nd their Inte<span class=\"_ _2\"></span>racti<span class=\"_ _2\"></span>on\u2019<span class=\"_ _7\"></span>, to the ex<span class=\"_ _2\"></span>tent that the e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c surplus (pr<span class=\"_ _2\"></span>ior to the elimin<span class=\"_ _2\"></span>ation of the ins<span class=\"_ _2\"></span>urance p<span class=\"_ _2\"></span>olicies is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d by Group entitie<span class=\"_ _2\"></span>s) will be available a<span class=\"_ _2\"></span>s a refund, t<span class=\"_ _2\"></span>he econ<span class=\"_ _2\"></span>omic surplu<span class=\"_ _2\"></span>s is state<span class=\"_ _2\"></span>d afte<span class=\"_ _2\"></span>r a provision for ta<span class=\"_ _2\"></span>x that woul<span class=\"_ _2\"></span>d be borne by t<span class=\"_ _2\"></span>he<span class=\"_ gs132\"> </span>sche<span class=\"_ _2\"></span>me adminis<span class=\"_ _2\"></span>trator<span class=\"_ _2\"></span>s when the ref<span class=\"_ _2\"></span>und is ma<span class=\"_ _2\"></span>de. The Gro<span class=\"_ _2\"></span>up reco<span class=\"_ _2\"></span>gnises a pen<span class=\"_ _2\"></span>sion surpl<span class=\"_ _2\"></span>us on the bas<span class=\"_ _2\"></span>is that it is ent<span class=\"_ _2\"></span>itled to the s<span class=\"_ _2\"></span>urplus of eac<span class=\"_ _2\"></span>h sche<span class=\"_ _2\"></span>me in the event of a gr<span class=\"_ _2\"></span>adual se<span class=\"_ _2\"></span>ttle<span class=\"_ _2\"></span>ment of the liab<span class=\"_ _2\"></span>ilities<span class=\"_ _2\"></span>, due to its abilit<span class=\"_ _2\"></span>y to order a win<span class=\"_ _2\"></span>ding up of the T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>st.<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7b3\">Addition<span class=\"_ _2\"></span>ally unde<span class=\"_ _2\"></span>r IFRI<span class=\"_ _2\"></span>C 14 pens<span class=\"_ _2\"></span>ion fundin<span class=\"_ _2\"></span>g contributi<span class=\"_ _2\"></span>ons are con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d to be a minimum fun<span class=\"_ _2\"></span>ding requ<span class=\"_ _2\"></span>irement an<span class=\"_ _2\"></span>d, to the ex<span class=\"_ _2\"></span>tent that th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7b4\">contrib<span class=\"_ _2\"></span>utions paya<span class=\"_ _2\"></span>ble will not be ava<span class=\"_ _2\"></span>ilable to the Gro<span class=\"_ _2\"></span>up after t<span class=\"_ _2\"></span>hey are paid into th<span class=\"_ _2\"></span>e Sche<span class=\"_ _2\"></span>me, a liab<span class=\"_ _2\"></span>ility is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised wh<span class=\"_ _2\"></span>en the oblig<span class=\"_ _2\"></span>ation aris<span class=\"_ _2\"></span>es. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7b5\">The n<span class=\"_ _2\"></span>et pensio<span class=\"_ _2\"></span>n sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>et/lia<span class=\"_ _2\"></span>bility re<span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nts the<span class=\"_ gs132\"> </span>e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c surplus ne<span class=\"_ _2\"></span>t of all adjus<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s noted ab<span class=\"_ _2\"></span>ove.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7b6\">The Gro<span class=\"_ _2\"></span>up determin<span class=\"_ _2\"></span>es the net inte<span class=\"_ _2\"></span>rest exp<span class=\"_ _2\"></span>ense or in<span class=\"_ _2\"></span>come o<span class=\"_ _2\"></span>n the<span class=\"_ gs132\"> </span>net<span class=\"_ gs132\"> </span>pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>/liabilit<span class=\"_ _2\"></span>y for the p<span class=\"_ _2\"></span>eriod by app<span class=\"_ _2\"></span>lying the di<span class=\"_ _2\"></span>scount </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7b7\">rate us<span class=\"_ _2\"></span>ed to mea<span class=\"_ _2\"></span>sure the defin<span class=\"_ _2\"></span>ed ben<span class=\"_ _2\"></span>efit obliga<span class=\"_ _2\"></span>tion at the be<span class=\"_ _2\"></span>ginning of th<span class=\"_ _2\"></span>e annual p<span class=\"_ _2\"></span>eriod to th<span class=\"_ _2\"></span>e openin<span class=\"_ _2\"></span>g net pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>eme as<span class=\"_ _2\"></span>set/<span class=\"_ _2\"></span>liabilit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7b8\">The dis<span class=\"_ _2\"></span>count rate is t<span class=\"_ _2\"></span>he yield at th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d end on A<span class=\"_ _2\"></span>A credit r<span class=\"_ _2\"></span>ated bon<span class=\"_ _2\"></span>ds that have ma<span class=\"_ _2\"></span>turit<span class=\"_ _2\"></span>y dates app<span class=\"_ _2\"></span>roximating to the te<span class=\"_ _2\"></span>rms of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7b9\">oblig<span class=\"_ _2\"></span>ations<span class=\"_ _2\"></span>. The ca<span class=\"_ _2\"></span>lculation is p<span class=\"_ _2\"></span>erfo<span class=\"_ _2\"></span>rmed by a qu<span class=\"_ _2\"></span>alified ac<span class=\"_ _2\"></span>tuar<span class=\"_ _2\"></span>y using t<span class=\"_ _2\"></span>he proje<span class=\"_ _2\"></span>cted un<span class=\"_ _2\"></span>it credit m<span class=\"_ _2\"></span>ethod.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7ba\">The m<span class=\"_ _2\"></span>ovement in the n<span class=\"_ _2\"></span>et pensi<span class=\"_ _2\"></span>on sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>et/lia<span class=\"_ _2\"></span>bility i<span class=\"_ _2\"></span>s analys<span class=\"_ _2\"></span>ed bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the ser<span class=\"_ _2\"></span>vice c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>, past s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice cos<span class=\"_ _2\"></span>t, cur<span class=\"_ _2\"></span>tailm<span class=\"_ _2\"></span>ents an<span class=\"_ _2\"></span>d set<span class=\"_ _2\"></span>tlement<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7bb\">(all reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d within admin<span class=\"_ _2\"></span>istrati<span class=\"_ _2\"></span>ve expens<span class=\"_ _2\"></span>es in the co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment), th<span class=\"_ _2\"></span>e net interes<span class=\"_ _2\"></span>t cost o<span class=\"_ _2\"></span>n the net pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>/<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7bc\">liabilit<span class=\"_ _2\"></span>y, including a<span class=\"_ _2\"></span>ny reimburs<span class=\"_ _2\"></span>ement as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s (recogn<span class=\"_ _2\"></span>ised wit<span class=\"_ _2\"></span>hin net investm<span class=\"_ _2\"></span>ent inco<span class=\"_ _2\"></span>me in the co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e<span class=\"_ gs132\"> </span>state<span class=\"_ _2\"></span>ment), </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7bd\">reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ents of the ne<span class=\"_ _2\"></span>t pensio<span class=\"_ _2\"></span>n sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>et/lia<span class=\"_ _2\"></span>bility (re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in othe<span class=\"_ _2\"></span>r compreh<span class=\"_ _2\"></span>ensive inc<span class=\"_ _2\"></span>ome) and<span class=\"_ gs132\"> </span>em<span class=\"_ _2\"></span>ployer contrib<span class=\"_ _2\"></span>utions<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div>Good<span class=\"_ _2\"></span>will<span class=\"_ _3bc\"> </span>Busin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>ns are acc<span class=\"_ _2\"></span>ounted for by app<span class=\"_ _2\"></span>lying the a<span class=\"_ _2\"></span>cquisiti<span class=\"_ _2\"></span>on metho<span class=\"_ _2\"></span>d. Goo<span class=\"_ _2\"></span>dwill repres<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>e differe<span class=\"_ _2\"></span>nce bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the cos<span class=\"_ _2\"></span>t of the acq<span class=\"_ _2\"></span>uisition an<span class=\"_ _2\"></span>d the fair value of th<span class=\"_ _2\"></span>e net identifi<span class=\"_ _2\"></span>able as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>cquired<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Goo<span class=\"_ _2\"></span>dwill is me<span class=\"_ _2\"></span>asured on in<span class=\"_ _2\"></span>itial rec<span class=\"_ _2\"></span>ognition a<span class=\"_ _2\"></span>t cost<span class=\"_ _2\"></span>. Following initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, goo<span class=\"_ _2\"></span>dwill is st<span class=\"_ _2\"></span>ated at cos<span class=\"_ _2\"></span>t les<span class=\"_ _2\"></span>s any accum<span class=\"_ _2\"></span>ulated impa<span class=\"_ _2\"></span>irment los<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>. Good<span class=\"_ _2\"></span>will is not amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d but is tes<span class=\"_ _2\"></span>ted for imp<span class=\"_ _2\"></span>airment ann<span class=\"_ _2\"></span>ually or wh<span class=\"_ _2\"></span>en there is ev<span class=\"_ _2\"></span>idence of p<span class=\"_ _2\"></span>ossibl<span class=\"_ _2\"></span>e impairme<span class=\"_ _2\"></span>nt. For impair<span class=\"_ _2\"></span>ment test<span class=\"_ _2\"></span>ing, g<span class=\"_ _2\"></span>oodwill i<span class=\"_ _2\"></span>s allocate<span class=\"_ _2\"></span>d to relevant c<span class=\"_ _2\"></span>ash ge<span class=\"_ _2\"></span>neratin<span class=\"_ _2\"></span>g units<span class=\"_ _2\"></span>. Good<span class=\"_ _2\"></span>will is impaire<span class=\"_ _2\"></span>d when the re<span class=\"_ _2\"></span>coverab<span class=\"_ _2\"></span>le amount is le<span class=\"_ _2\"></span>ss tha<span class=\"_ _2\"></span>n the carr<span class=\"_ _2\"></span>ying value.<span class=\"_ _3bc\"> </span>In ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in acquisi<span class=\"_ _2\"></span>tions an exce<span class=\"_ _2\"></span>ss of the ac<span class=\"_ _2\"></span>quirer\u2019s interes<span class=\"_ _2\"></span>t in the net fair va<span class=\"_ _2\"></span>lue of the acq<span class=\"_ _2\"></span>uiree\u2019s identifiabl<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts, li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>, contin<span class=\"_ _2\"></span>gent liabilitie<span class=\"_ _2\"></span>s and non<span class=\"_ _2\"></span>-controllin<span class=\"_ _2\"></span>g interest<span class=\"_ _2\"></span>s over cos<span class=\"_ _2\"></span>t may arise<span class=\"_ _2\"></span>. Where this o<span class=\"_ _2\"></span>ccur<span class=\"_ _2\"></span>s, the s<span class=\"_ _2\"></span>urplus of the fa<span class=\"_ _2\"></span>ir value of net as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>cquire<span class=\"_ _2\"></span>d over the fair value of the c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>ration is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Acquire<span class=\"_ _2\"></span>d in-force busin<span class=\"_ _2\"></span>ess<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s withou<span class=\"_ _2\"></span>t DPF ac<span class=\"_ _2\"></span>quired in bus<span class=\"_ _2\"></span>iness c<span class=\"_ _2\"></span>ombinati<span class=\"_ _2\"></span>ons and p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio tran<span class=\"_ _2\"></span>sfers are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair valu<span class=\"_ _2\"></span>e at the time of acq<span class=\"_ _2\"></span>uisition<span class=\"_ _2\"></span>. The diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the fair va<span class=\"_ _2\"></span>lue of the contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al rights a<span class=\"_ _2\"></span>cquire<span class=\"_ _2\"></span>d and oblig<span class=\"_ _2\"></span>ations as<span class=\"_ _2\"></span>sume<span class=\"_ _2\"></span>d and the liab<span class=\"_ _2\"></span>ility m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value wh<span class=\"_ _2\"></span>ich is determin<span class=\"_ _2\"></span>ed usin<span class=\"_ _2\"></span>g a valuation te<span class=\"_ _2\"></span>chnique to provi<span class=\"_ _2\"></span>de a reliable e<span class=\"_ _2\"></span>stimate of th<span class=\"_ _2\"></span>e amount for whi<span class=\"_ _2\"></span>ch the liabilit<span class=\"_ _2\"></span>y co<span class=\"_ _2\"></span>uld be tran<span class=\"_ _2\"></span>sferre<span class=\"_ _2\"></span>d in an orde<span class=\"_ _2\"></span>rly trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n bet<span class=\"_ _2\"></span>ween ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>nts at the m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent date, s<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to a minimum e<span class=\"_ _2\"></span>qual to the sur<span class=\"_ _2\"></span>render va<span class=\"_ _2\"></span>lue. This acq<span class=\"_ _2\"></span>uired in-force bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s is amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d on a diminishin<span class=\"_ _2\"></span>g balanc<span class=\"_ _2\"></span>e basis<span class=\"_ _2\"></span>. An impair<span class=\"_ _2\"></span>ment review is p<span class=\"_ _2\"></span>erfo<span class=\"_ _2\"></span>rmed wh<span class=\"_ _2\"></span>enever the<span class=\"_ _2\"></span>re is an indic<span class=\"_ _2\"></span>ation of impairm<span class=\"_ _2\"></span>ent. Wh<span class=\"_ _2\"></span>en the rec<span class=\"_ _2\"></span>overable am<span class=\"_ _2\"></span>ount is les<span class=\"_ _2\"></span>s than th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>ying value<span class=\"_ _2\"></span>, an impairme<span class=\"_ _2\"></span>nt loss is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt. The a<span class=\"_ _2\"></span>cquired in-forc<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss is allo<span class=\"_ _2\"></span>cated to rel<span class=\"_ _2\"></span>evant cas<span class=\"_ _2\"></span>h gene<span class=\"_ _2\"></span>rating unit<span class=\"_ _2\"></span>s for the purp<span class=\"_ _2\"></span>oses of imp<span class=\"_ _2\"></span>airment tes<span class=\"_ _2\"></span>ting.<span class=\"_ _3bc\"> </span>Bra<span class=\"_ _2\"></span>nds Bran<span class=\"_ _2\"></span>ds are mea<span class=\"_ _2\"></span>sured on ini<span class=\"_ _2\"></span>tial rec<span class=\"_ _2\"></span>ognition at c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. The cos<span class=\"_ _2\"></span>t of an intang<span class=\"_ _2\"></span>ible as<span class=\"_ _2\"></span>set acq<span class=\"_ _2\"></span>uired in a busin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>n is the fair valu<span class=\"_ _2\"></span>e as at the date of the ac<span class=\"_ _2\"></span>quisition<span class=\"_ _2\"></span>. The co<span class=\"_ _2\"></span>st of an intan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>set ac<span class=\"_ _2\"></span>quired in exch<span class=\"_ _2\"></span>ange for a n<span class=\"_ _2\"></span>on-mone<span class=\"_ _2\"></span>tar<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>et is mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue as at the d<span class=\"_ _2\"></span>ate of the tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion. Follo<span class=\"_ _2\"></span>wing initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition, th<span class=\"_ _2\"></span>e brand an<span class=\"_ _2\"></span>d other co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ual arran<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent intang<span class=\"_ _2\"></span>ible ass<span class=\"_ _2\"></span>ets are c<span class=\"_ _2\"></span>arried a<span class=\"_ _2\"></span>t cost le<span class=\"_ _2\"></span>ss acc<span class=\"_ _2\"></span>umulated a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tisation a<span class=\"_ _2\"></span>nd any acc<span class=\"_ _2\"></span>umulated imp<span class=\"_ _2\"></span>airment lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation is cal<span class=\"_ _2\"></span>culated us<span class=\"_ _2\"></span>ing the st<span class=\"_ _2\"></span>raight-line me<span class=\"_ _2\"></span>thod to allo<span class=\"_ _2\"></span>cate the c<span class=\"_ _2\"></span>ost of bran<span class=\"_ _2\"></span>ds over their e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>d useful live<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>y are teste<span class=\"_ _2\"></span>d for impairm<span class=\"_ _2\"></span>ent when<span class=\"_ _2\"></span>ever there is ev<span class=\"_ _2\"></span>idenc<span class=\"_ _2\"></span>e of possib<span class=\"_ _2\"></span>le impairme<span class=\"_ _2\"></span>nt. For impair<span class=\"_ _2\"></span>ment tes<span class=\"_ _2\"></span>ting, t<span class=\"_ _2\"></span>hey are alloc<span class=\"_ _2\"></span>ated to the re<span class=\"_ _2\"></span>levant ca<span class=\"_ _2\"></span>sh gene<span class=\"_ _2\"></span>rating unit<span class=\"_ _2\"></span>. Bran<span class=\"_ _2\"></span>ds are impaire<span class=\"_ _2\"></span>d when th<span class=\"_ _2\"></span>e recovera<span class=\"_ _2\"></span>ble amo<span class=\"_ _2\"></span>unt is less th<span class=\"_ _2\"></span>an the ca<span class=\"_ _2\"></span>rry<span class=\"_ _2\"></span>ing value<span class=\"_ _3bc\"> </span>Own<span class=\"_ _2\"></span>er-oc<span class=\"_ _2\"></span>cupied p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y is state<span class=\"_ _2\"></span>d at its reval<span class=\"_ _2\"></span>ued amo<span class=\"_ _2\"></span>unt, be<span class=\"_ _2\"></span>ing its fa<span class=\"_ _2\"></span>ir<span class=\"_ gs132\"> </span>value at the da<span class=\"_ _2\"></span>te of the revaluation l<span class=\"_ _2\"></span>ess any sub<span class=\"_ _2\"></span>seque<span class=\"_ _2\"></span>nt accum<span class=\"_ _2\"></span>ulated depre<span class=\"_ _2\"></span>ciation an<span class=\"_ _2\"></span>d impairm<span class=\"_ _2\"></span>ent. O<span class=\"_ _2\"></span>wner-o<span class=\"_ _2\"></span>ccupie<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y is depre<span class=\"_ _2\"></span>ciated over i<span class=\"_ _2\"></span>ts es<span class=\"_ _2\"></span>timated us<span class=\"_ _2\"></span>eful life, which i<span class=\"_ _2\"></span>s taken as 20 \u2013 50<span class=\"_ gs132\"> </span>yea<span class=\"_ _2\"></span>rs. L<span class=\"_ _2\"></span>and is not dep<span class=\"_ _2\"></span>reciate<span class=\"_ _2\"></span>d. Accum<span class=\"_ _2\"></span>ulated de<span class=\"_ _2\"></span>preciati<span class=\"_ _2\"></span>on as at the reval<span class=\"_ _2\"></span>uation date is elim<span class=\"_ _2\"></span>inated ag<span class=\"_ _2\"></span>ains<span class=\"_ _2\"></span>t the gros<span class=\"_ _2\"></span>s carr<span class=\"_ _2\"></span>ying am<span class=\"_ _2\"></span>ount of the owne<span class=\"_ _2\"></span>r-occ<span class=\"_ _2\"></span>upied prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y and th<span class=\"_ _2\"></span>e net amo<span class=\"_ _2\"></span>unt is rest<span class=\"_ _2\"></span>ated to the reval<span class=\"_ _2\"></span>ued amo<span class=\"_ _2\"></span>unt of the as<span class=\"_ _2\"></span>set. Ga<span class=\"_ _2\"></span>ins and los<span class=\"_ _2\"></span>ses on ow<span class=\"_ _2\"></span>ner-o<span class=\"_ _2\"></span>ccupie<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y are rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other<span class=\"_ _5\"></span> comprehensiv<span class=\"_ _7\"></span>e income. The rig<span class=\"_ _2\"></span>ht-of<span class=\"_ _5\"></span>-us<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets are initia<span class=\"_ _2\"></span>lly meas<span class=\"_ _2\"></span>ured at co<span class=\"_ _2\"></span>st, an<span class=\"_ _2\"></span>d subse<span class=\"_ _2\"></span>quently a<span class=\"_ _2\"></span>t cost le<span class=\"_ _2\"></span>ss any ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d deprec<span class=\"_ _2\"></span>iation and im<span class=\"_ _2\"></span>pairment<span class=\"_ _2\"></span>s, a<span class=\"_ _2\"></span>nd adj<span class=\"_ _2\"></span>usted fo<span class=\"_ _2\"></span>r cer<span class=\"_ _2\"></span>tain reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ents of the l<span class=\"_ _2\"></span>ease liab<span class=\"_ _2\"></span>ility. The rig<span class=\"_ _2\"></span>ht-of<span class=\"_ _5\"></span>-us<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts are dep<span class=\"_ _2\"></span>reciate<span class=\"_ _2\"></span>d over the remain<span class=\"_ _2\"></span>ing leas<span class=\"_ _2\"></span>e term which is bet<span class=\"_ _2\"></span>ween 1 a<span class=\"_ _2\"></span>nd 11 year<span class=\"_ _2\"></span>s (2022: 1 an<span class=\"_ _2\"></span>d 11 years).<span class=\"_ _3bc\"> </span>Equipme<span class=\"_ _2\"></span>nt consis<span class=\"_ _2\"></span>ts prim<span class=\"_ _2\"></span>arily of comp<span class=\"_ _2\"></span>uter equip<span class=\"_ _2\"></span>ment and fi<span class=\"_ _2\"></span>ttin<span class=\"_ _2\"></span>gs. Equip<span class=\"_ _2\"></span>ment is s<span class=\"_ _2\"></span>tated at his<span class=\"_ _2\"></span>torica<span class=\"_ _2\"></span>l cost l<span class=\"_ _2\"></span>ess de<span class=\"_ _2\"></span>precat<span class=\"_ _2\"></span>ion. Whe<span class=\"_ _2\"></span>re acquire<span class=\"_ _2\"></span>d in a busin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>ombination<span class=\"_ _2\"></span>, histo<span class=\"_ _2\"></span>rical co<span class=\"_ _2\"></span>st eq<span class=\"_ _2\"></span>uates to the fair va<span class=\"_ _2\"></span>lue at the ac<span class=\"_ _2\"></span>quisition d<span class=\"_ _2\"></span>ate. Depre<span class=\"_ _2\"></span>ciation o<span class=\"_ _2\"></span>n equipme<span class=\"_ _2\"></span>nt is charg<span class=\"_ _2\"></span>ed to the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d income s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent over its e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>d useful life of bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n 2 and 15 ye<span class=\"_ _2\"></span>ars<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8ed\">Oth<span class=\"_ _2\"></span>er rec<span class=\"_ _2\"></span>eivables a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d when due an<span class=\"_ _2\"></span>d meas<span class=\"_ _2\"></span>ured on initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition at th<span class=\"_ _2\"></span>e fair value of the am<span class=\"_ _2\"></span>ount rec<span class=\"_ _2\"></span>eivable. S<span class=\"_ _2\"></span>ubse<span class=\"_ _2\"></span>quent to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8ee\">initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition, th<span class=\"_ _2\"></span>ese re<span class=\"_ _2\"></span>ceivable<span class=\"_ _2\"></span>s are mea<span class=\"_ _2\"></span>sured at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised co<span class=\"_ _2\"></span>st usin<span class=\"_ _2\"></span>g the effe<span class=\"_ _2\"></span>ctive interes<span class=\"_ _2\"></span>t rate met<span class=\"_ _2\"></span>hod.<span class=\"_ _3bc\"> </span></div>Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents co<span class=\"_ _2\"></span>mprise c<span class=\"_ _2\"></span>ash bal<span class=\"_ _2\"></span>ances a<span class=\"_ _2\"></span>nd shor<span class=\"_ _2\"></span>t-term dep<span class=\"_ _2\"></span>osits wit<span class=\"_ _2\"></span>h an origina<span class=\"_ _2\"></span>l maturit<span class=\"_ _2\"></span>y term of thre<span class=\"_ _2\"></span>e months or le<span class=\"_ _2\"></span>ss at the d<span class=\"_ _2\"></span>ate of plac<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>. Bank overdr<span class=\"_ _2\"></span>aft<span class=\"_ _2\"></span>s that are repaya<span class=\"_ _2\"></span>ble on dem<span class=\"_ _2\"></span>and and form a<span class=\"_ _2\"></span>n integral p<span class=\"_ _2\"></span>art of th<span class=\"_ _2\"></span>e Group\u2019s cash man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>ment are de<span class=\"_ _2\"></span>ducte<span class=\"_ _2\"></span>d from cas<span class=\"_ _2\"></span>h and c<span class=\"_ _2\"></span>ash eq<span class=\"_ _2\"></span>uivalent<span class=\"_ _2\"></span>s for the purpo<span class=\"_ _2\"></span>se of the st<span class=\"_ _2\"></span>atement of c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8f9\">A provision i<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised w<span class=\"_ _2\"></span>hen the Gro<span class=\"_ _2\"></span>up has a pre<span class=\"_ _2\"></span>sent le<span class=\"_ _2\"></span>gal or co<span class=\"_ _2\"></span>nstru<span class=\"_ _2\"></span>ctive oblig<span class=\"_ _2\"></span>ation, a<span class=\"_ _2\"></span>s a result of a pas<span class=\"_ _2\"></span>t event, wh<span class=\"_ _2\"></span>ich is likely to result in an </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8fa\">out<span class=\"_ _2\"></span>flow of reso<span class=\"_ _2\"></span>urces an<span class=\"_ _2\"></span>d where a relia<span class=\"_ _2\"></span>ble est<span class=\"_ _2\"></span>imate of the amo<span class=\"_ _2\"></span>unt of the obliga<span class=\"_ _2\"></span>tion can b<span class=\"_ _2\"></span>e made. If t<span class=\"_ _2\"></span>he effe<span class=\"_ _2\"></span>ct is mate<span class=\"_ _2\"></span>rial, the p<span class=\"_ _2\"></span>rovision is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8fb\">determin<span class=\"_ _2\"></span>ed by disc<span class=\"_ _2\"></span>ounting th<span class=\"_ _2\"></span>e expec<span class=\"_ _2\"></span>ted fut<span class=\"_ _2\"></span>ure cash fl<span class=\"_ _2\"></span>ows at a pre-t<span class=\"_ _2\"></span>ax rate that re<span class=\"_ _2\"></span>flect<span class=\"_ _2\"></span>s current m<span class=\"_ _2\"></span>arket asse<span class=\"_ _2\"></span>ssme<span class=\"_ _2\"></span>nts of the tim<span class=\"_ _2\"></span>e value of money </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8fc\">and<span class=\"_ _2\"></span>, where app<span class=\"_ _2\"></span>ropriate, th<span class=\"_ _2\"></span>e risks spe<span class=\"_ _2\"></span>cific to the liab<span class=\"_ _2\"></span>ility. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8fd\">A provision i<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised fo<span class=\"_ _2\"></span>r onerous c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts whe<span class=\"_ _2\"></span>n the expe<span class=\"_ _2\"></span>cted b<span class=\"_ _2\"></span>enefit<span class=\"_ _2\"></span>s to be derive<span class=\"_ _2\"></span>d from the co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s are les<span class=\"_ _2\"></span>s than the re<span class=\"_ _2\"></span>lated </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8fe\">unavoidab<span class=\"_ _2\"></span>le cos<span class=\"_ _2\"></span>ts. T<span class=\"_ _2\"></span>he unavoidabl<span class=\"_ _2\"></span>e cost<span class=\"_ _2\"></span>s reflec<span class=\"_ _2\"></span>t the net c<span class=\"_ _2\"></span>ost of exitin<span class=\"_ _2\"></span>g the contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>, which is the lo<span class=\"_ _2\"></span>wer of the cos<span class=\"_ _2\"></span>t of fulfilling it an<span class=\"_ _2\"></span>d any </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8ff\">comp<span class=\"_ _2\"></span>ensa<span class=\"_ _2\"></span>tion or pen<span class=\"_ _2\"></span>alties ari<span class=\"_ _2\"></span>sing from fail<span class=\"_ _2\"></span>ure to fulfil it. C<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s that me<span class=\"_ _2\"></span>et the require<span class=\"_ _2\"></span>ments to b<span class=\"_ _2\"></span>e clas<span class=\"_ _2\"></span>sified as a p<span class=\"_ _2\"></span>rovision but a<span class=\"_ _2\"></span>re determine<span class=\"_ _2\"></span>d to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs900\">be dire<span class=\"_ _2\"></span>ctly at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts and inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts with D<span class=\"_ _2\"></span>PF are clas<span class=\"_ _2\"></span>sified wit<span class=\"_ _2\"></span>hin the insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs901\">and lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs902\">Where i<span class=\"_ _2\"></span>t is expe<span class=\"_ _2\"></span>cted th<span class=\"_ _2\"></span>at a par<span class=\"_ _2\"></span>t of the expen<span class=\"_ _2\"></span>diture requ<span class=\"_ _2\"></span>ired to set<span class=\"_ _2\"></span>tle a provisio<span class=\"_ _2\"></span>n will be reimb<span class=\"_ _2\"></span>ursed by a t<span class=\"_ _2\"></span>hird par<span class=\"_ _2\"></span>ty th<span class=\"_ _2\"></span>e reimbur<span class=\"_ _2\"></span>sement i<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs903\">rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d when<span class=\"_ _2\"></span>, and onl<span class=\"_ _2\"></span>y when<span class=\"_ _2\"></span>, it is virt<span class=\"_ _2\"></span>ually ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in that the reim<span class=\"_ _2\"></span>burse<span class=\"_ _2\"></span>ment will be re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d. This reimb<span class=\"_ _2\"></span>urse<span class=\"_ _2\"></span>ment is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed as a se<span class=\"_ _2\"></span>parate </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs904\">as<span class=\"_ _2\"></span>set within othe<span class=\"_ _2\"></span>r recei<span class=\"_ _2\"></span>vables an<span class=\"_ _2\"></span>d will not exce<span class=\"_ _2\"></span>ed the am<span class=\"_ _2\"></span>ount of the provisio<span class=\"_ _2\"></span>n.<span class=\"_ _3bc\"> </span></div>Deferre<span class=\"_ _2\"></span>d tax is p<span class=\"_ _2\"></span>rovided for on te<span class=\"_ _2\"></span>mporar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mounts of as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabiliti<span class=\"_ _2\"></span>es for finan<span class=\"_ _2\"></span>cial repo<span class=\"_ _2\"></span>rting p<span class=\"_ _2\"></span>urpos<span class=\"_ _2\"></span>es and th<span class=\"_ _2\"></span>e amount<span class=\"_ _2\"></span>s used for t<span class=\"_ _2\"></span>axation p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>s. Defe<span class=\"_ _2\"></span>rred ta<span class=\"_ _2\"></span>x is not provide<span class=\"_ _2\"></span>d in respe<span class=\"_ _2\"></span>ct of temp<span class=\"_ _2\"></span>orar<span class=\"_ _2\"></span>y differe<span class=\"_ _2\"></span>nces a<span class=\"_ _2\"></span>rising from th<span class=\"_ _2\"></span>e initial rec<span class=\"_ _2\"></span>ognition of g<span class=\"_ _2\"></span>oodwill a<span class=\"_ _2\"></span>nd the initia<span class=\"_ _2\"></span>l recog<span class=\"_ _2\"></span>nition of as<span class=\"_ _2\"></span>sets or li<span class=\"_ _2\"></span>abilities in a tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion that is n<span class=\"_ _2\"></span>ot a busine<span class=\"_ _2\"></span>ss com<span class=\"_ _2\"></span>bination an<span class=\"_ _2\"></span>d that, at t<span class=\"_ _2\"></span>he time of the tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion, af<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>s neith<span class=\"_ _2\"></span>er acc<span class=\"_ _2\"></span>ounting no<span class=\"_ _2\"></span>r taxabl<span class=\"_ _2\"></span>e profit. Th<span class=\"_ _2\"></span>e amount of deferre<span class=\"_ _2\"></span>d tax p<span class=\"_ _2\"></span>rovided is ba<span class=\"_ _2\"></span>sed on t<span class=\"_ _2\"></span>he expe<span class=\"_ _2\"></span>cted m<span class=\"_ _2\"></span>anner of realis<span class=\"_ _2\"></span>ation or se<span class=\"_ _2\"></span>ttle<span class=\"_ _2\"></span>ment of the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of asset<span class=\"_ _2\"></span>s and liabilit<span class=\"_ _2\"></span>ies, u<span class=\"_ _2\"></span>sing ta<span class=\"_ _2\"></span>x rates and l<span class=\"_ _2\"></span>aws enac<span class=\"_ _2\"></span>ted or sub<span class=\"_ _2\"></span>stanti<span class=\"_ _2\"></span>vely ena<span class=\"_ _2\"></span>cted at the peri<span class=\"_ _5\"></span>od end.<span class=\"_ _3bc\"> </span>A deferre<span class=\"_ _2\"></span>d tax as<span class=\"_ _2\"></span>set is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed onl<span class=\"_ _2\"></span>y to the ex<span class=\"_ _2\"></span>tent that it is prob<span class=\"_ _2\"></span>able tha<span class=\"_ _2\"></span>t future ta<span class=\"_ _2\"></span>xable profit<span class=\"_ _2\"></span>s will be availab<span class=\"_ _2\"></span>le again<span class=\"_ _2\"></span>st which t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>et can be utilis<span class=\"_ _2\"></span>ed. D<span class=\"_ _2\"></span>eferred ta<span class=\"_ _2\"></span>x ass<span class=\"_ _2\"></span>ets are re<span class=\"_ _2\"></span>duce<span class=\"_ _2\"></span>d to the exte<span class=\"_ _2\"></span>nt that it is no lo<span class=\"_ _2\"></span>nger p<span class=\"_ _2\"></span>robable th<span class=\"_ _2\"></span>at the relate<span class=\"_ _2\"></span>d tax b<span class=\"_ _2\"></span>enefit will b<span class=\"_ _2\"></span>e realise<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>The le<span class=\"_ _2\"></span>ase liabili<span class=\"_ _2\"></span>ty is ini<span class=\"_ _2\"></span>tially me<span class=\"_ _2\"></span>asured at th<span class=\"_ _2\"></span>e prese<span class=\"_ _2\"></span>nt value of the le<span class=\"_ _2\"></span>ase payme<span class=\"_ _2\"></span>nts that a<span class=\"_ _2\"></span>re not paid at th<span class=\"_ _2\"></span>e comme<span class=\"_ _2\"></span>ncem<span class=\"_ _2\"></span>ent date, dis<span class=\"_ _2\"></span>counted using th<span class=\"_ _2\"></span>e Group\u2019s increme<span class=\"_ _2\"></span>ntal bor<span class=\"_ _2\"></span>rowing rate as th<span class=\"_ _2\"></span>e interest r<span class=\"_ _2\"></span>ate implicit in the l<span class=\"_ _2\"></span>ease c<span class=\"_ _2\"></span>annot be re<span class=\"_ _2\"></span>adily dete<span class=\"_ _2\"></span>rmined<span class=\"_ _2\"></span>. For ground re<span class=\"_ _2\"></span>nt lease<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e incre<span class=\"_ _2\"></span>mental b<span class=\"_ _2\"></span>orrowing ra<span class=\"_ _2\"></span>te of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment fun<span class=\"_ _2\"></span>ds holding t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>ociate<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt proper<span class=\"_ _2\"></span>ties is u<span class=\"_ _2\"></span>sed as th<span class=\"_ _2\"></span>e disco<span class=\"_ _2\"></span>unt rate. The le<span class=\"_ _2\"></span>ase liab<span class=\"_ _2\"></span>ility is subs<span class=\"_ _2\"></span>equentl<span class=\"_ _2\"></span>y increa<span class=\"_ _2\"></span>sed by the inte<span class=\"_ _2\"></span>rest co<span class=\"_ _2\"></span>st on the l<span class=\"_ _2\"></span>ease lia<span class=\"_ _2\"></span>bility a<span class=\"_ _2\"></span>nd decre<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d by lease p<span class=\"_ _2\"></span>ayment<span class=\"_ _2\"></span>s made. It i<span class=\"_ _2\"></span>s remea<span class=\"_ _2\"></span>sured whe<span class=\"_ _2\"></span>n there is a chan<span class=\"_ _2\"></span>ge in fut<span class=\"_ _2\"></span>ure lease p<span class=\"_ _2\"></span>ayment<span class=\"_ _2\"></span>s arising from<span class=\"_ _2\"></span>, for exampl<span class=\"_ _2\"></span>e, rent review<span class=\"_ _2\"></span>s or from chan<span class=\"_ _2\"></span>ges in th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ssme<span class=\"_ _2\"></span>nt of whether a te<span class=\"_ _2\"></span>rmination o<span class=\"_ _2\"></span>ption is reas<span class=\"_ _2\"></span>onably c<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>tain not to be exe<span class=\"_ _2\"></span>rcised<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up has applie<span class=\"_ _2\"></span>d judg<span class=\"_ _2\"></span>ement to de<span class=\"_ _2\"></span>termine the l<span class=\"_ _2\"></span>ease ter<span class=\"_ _2\"></span>m for some le<span class=\"_ _2\"></span>ase cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s with break clauses<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs997\">This note a<span class=\"_ _2\"></span>nalyse<span class=\"_ _2\"></span>s the Group\u2019s acc<span class=\"_ _2\"></span>ruals an<span class=\"_ _2\"></span>d deferred inc<span class=\"_ _2\"></span>ome at the e<span class=\"_ _2\"></span>nd of the year.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs999\">Oth<span class=\"_ _2\"></span>er payable<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d when du<span class=\"_ _2\"></span>e and are me<span class=\"_ _2\"></span>asured o<span class=\"_ _2\"></span>n initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n at the fair valu<span class=\"_ _2\"></span>e of the consi<span class=\"_ _2\"></span>deration p<span class=\"_ _2\"></span>ayable. S<span class=\"_ _2\"></span>ubseq<span class=\"_ _2\"></span>uent to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs99a\">initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition, th<span class=\"_ _2\"></span>ese payab<span class=\"_ _2\"></span>les are me<span class=\"_ _2\"></span>asured a<span class=\"_ _2\"></span>t amor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost us<span class=\"_ _2\"></span>ing the ef<span class=\"_ _2\"></span>fective intere<span class=\"_ _2\"></span>st rate m<span class=\"_ _2\"></span>ethod<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs99c\">Subs<span class=\"_ _2\"></span>idiaries are c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated from th<span class=\"_ _2\"></span>e date that ef<span class=\"_ _2\"></span>fecti<span class=\"_ _2\"></span>ve control is obta<span class=\"_ _2\"></span>ined by the G<span class=\"_ _2\"></span>roup (see b<span class=\"_ _2\"></span>asis of cons<span class=\"_ _2\"></span>olidation in n<span class=\"_ _2\"></span>ote A<span class=\"_ _7\"></span>1) a<span class=\"_ _2\"></span>nd are </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs99d\">exclude<span class=\"_ _2\"></span>d from con<span class=\"_ _2\"></span>solidati<span class=\"_ _2\"></span>on from the date th<span class=\"_ _2\"></span>ey ceas<span class=\"_ _2\"></span>e to be subsi<span class=\"_ _2\"></span>diary un<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>taking<span class=\"_ _2\"></span>s. For s<span class=\"_ _2\"></span>ubsidiarie<span class=\"_ _2\"></span>s dispos<span class=\"_ _2\"></span>ed of during th<span class=\"_ _2\"></span>e year<span class=\"_ _7\"></span>, a<span class=\"_ _2\"></span>ny </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs99e\">diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the ne<span class=\"_ _2\"></span>t proce<span class=\"_ _2\"></span>eds<span class=\"_ _2\"></span>, plus the fa<span class=\"_ _2\"></span>ir value of any retain<span class=\"_ _2\"></span>ed interes<span class=\"_ _2\"></span>t, and t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mount of the sub<span class=\"_ _2\"></span>sidiar<span class=\"_ _2\"></span>y inclu<span class=\"_ _2\"></span>ding </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs99f\">non-<span class=\"_ _2\"></span>controlling inte<span class=\"_ _2\"></span>rest<span class=\"_ _2\"></span>s, is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9a0\">The Gro<span class=\"_ _2\"></span>up uses th<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition meth<span class=\"_ _2\"></span>od to acc<span class=\"_ _2\"></span>ount for the ac<span class=\"_ _2\"></span>quisition of s<span class=\"_ _2\"></span>ubsidiarie<span class=\"_ _2\"></span>s. The c<span class=\"_ _2\"></span>ost of an ac<span class=\"_ _2\"></span>quisition i<span class=\"_ _2\"></span>s meas<span class=\"_ _2\"></span>ured at the fair v<span class=\"_ _2\"></span>alue of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9a1\">the co<span class=\"_ _2\"></span>nsider<span class=\"_ _2\"></span>ation. Any exc<span class=\"_ _2\"></span>ess of the c<span class=\"_ _2\"></span>ost of ac<span class=\"_ _2\"></span>quisition over th<span class=\"_ _2\"></span>e fair value of the n<span class=\"_ _2\"></span>et ass<span class=\"_ _2\"></span>ets ac<span class=\"_ _2\"></span>quired is re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed as g<span class=\"_ _2\"></span>oodwill<span class=\"_ _2\"></span>. In cer<span class=\"_ _2\"></span>tain </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9a2\">acq<span class=\"_ _2\"></span>uisitions an e<span class=\"_ _2\"></span>xcess of th<span class=\"_ _2\"></span>e acquirer<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>s inte<span class=\"_ _2\"></span>rest in th<span class=\"_ _2\"></span>e net fair value of th<span class=\"_ _2\"></span>e acquire<span class=\"_ _2\"></span>e\u2019<span class=\"_ _5\"></span>s identifi<span class=\"_ _2\"></span>able as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, liabilitie<span class=\"_ _2\"></span>s, c<span class=\"_ _2\"></span>ontingent li<span class=\"_ _2\"></span>abilities an<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9a3\">non-<span class=\"_ _2\"></span>controlling inte<span class=\"_ _2\"></span>rest<span class=\"_ _2\"></span>s over cost m<span class=\"_ _2\"></span>ay arise. W<span class=\"_ _2\"></span>here this o<span class=\"_ _2\"></span>ccurs<span class=\"_ _2\"></span>, the sur<span class=\"_ _2\"></span>plus of the fair va<span class=\"_ _2\"></span>lue of net as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>cquired over th<span class=\"_ _2\"></span>e fair value of th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9a4\">con<span class=\"_ _2\"></span>sideratio<span class=\"_ _2\"></span>n is reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d income s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9a5\">Direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able ac<span class=\"_ _2\"></span>quisition co<span class=\"_ _2\"></span>sts a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d within admin<span class=\"_ _2\"></span>istrati<span class=\"_ _2\"></span>ve expens<span class=\"_ _2\"></span>es, e<span class=\"_ _2\"></span>xcept for ac<span class=\"_ _2\"></span>quisitions un<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>taken prior to 20<span class=\"_ _2\"></span>10 when t<span class=\"_ _2\"></span>hey </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9a6\">are incl<span class=\"_ _2\"></span>uded with<span class=\"_ _2\"></span>in the cos<span class=\"_ _2\"></span>t of the acq<span class=\"_ _2\"></span>uisition. C<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s direc<span class=\"_ _2\"></span>tly related to th<span class=\"_ _2\"></span>e issuin<span class=\"_ _2\"></span>g of debt or eq<span class=\"_ _2\"></span>uity s<span class=\"_ _2\"></span>ecuriti<span class=\"_ _2\"></span>es are inclu<span class=\"_ _2\"></span>ded within t<span class=\"_ _2\"></span>he initial </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9a7\">car<span class=\"_ _2\"></span>ryin<span class=\"_ _2\"></span>g amount of debt o<span class=\"_ _2\"></span>r equit<span class=\"_ _2\"></span>y sec<span class=\"_ _2\"></span>urities wh<span class=\"_ _2\"></span>ere thes<span class=\"_ _2\"></span>e are not ca<span class=\"_ _2\"></span>rried at fair va<span class=\"_ _2\"></span>lue. Intra<span class=\"_ _2\"></span>-group b<span class=\"_ _2\"></span>alance<span class=\"_ _2\"></span>s and inc<span class=\"_ _2\"></span>ome and ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es arising </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9a8\">from intra<span class=\"_ _2\"></span>-group tr<span class=\"_ _2\"></span>ansac<span class=\"_ _2\"></span>tions are e<span class=\"_ _2\"></span>liminated in p<span class=\"_ _2\"></span>reparing th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated fin<span class=\"_ _2\"></span>ancial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9a9\">The Gro<span class=\"_ _2\"></span>up has inves<span class=\"_ _2\"></span>ted in a numb<span class=\"_ _2\"></span>er of colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes s<span class=\"_ _2\"></span>uch as Op<span class=\"_ _2\"></span>en-en<span class=\"_ _2\"></span>ded Inves<span class=\"_ _2\"></span>tment C<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s (\u2018O<span class=\"_ _2\"></span>EICs\u2019), uni<span class=\"_ _2\"></span>t trust<span class=\"_ _2\"></span>s, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9aa\">So<span class=\"_ _2\"></span>ci\u00e9t\u00e9 d\u2019<span class=\"_ _2\"></span>Invest<span class=\"_ _2\"></span>issem<span class=\"_ _2\"></span>ent \u00e0 Capi<span class=\"_ _2\"></span>tal V<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>iable (\u2018<span class=\"_ _2\"></span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>s\u2019<span class=\"_ _2\"></span>), investm<span class=\"_ _2\"></span>ent trus<span class=\"_ _2\"></span>ts and p<span class=\"_ _2\"></span>rivate equit<span class=\"_ _2\"></span>y fun<span class=\"_ _2\"></span>ds. Th<span class=\"_ _2\"></span>ese inves<span class=\"_ _2\"></span>t mainly in e<span class=\"_ _2\"></span>quities<span class=\"_ _2\"></span>, bond<span class=\"_ _2\"></span>s, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9ab\">prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y and c<span class=\"_ _2\"></span>ash an<span class=\"_ _2\"></span>d cash e<span class=\"_ _2\"></span>quivalent<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e Group\u2019s percent<span class=\"_ _2\"></span>age own<span class=\"_ _2\"></span>ership in th<span class=\"_ _2\"></span>ese co<span class=\"_ _2\"></span>llecti<span class=\"_ _2\"></span>ve inv<span class=\"_ _5\"></span>es<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s can fluc<span class=\"_ _2\"></span>tuate ac<span class=\"_ _2\"></span>cording </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9ac\">to the level of Gro<span class=\"_ _2\"></span>up and third p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>tion in the st<span class=\"_ _2\"></span>ruct<span class=\"_ _2\"></span>ures.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9ad\">When a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssing c<span class=\"_ _2\"></span>ontrol over colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e Group con<span class=\"_ _2\"></span>siders t<span class=\"_ _2\"></span>hose fa<span class=\"_ _2\"></span>ctors de<span class=\"_ _2\"></span>scrib<span class=\"_ _2\"></span>ed unde<span class=\"_ _2\"></span>r the \u2018B<span class=\"_ _2\"></span>asis of con<span class=\"_ _2\"></span>solidatio<span class=\"_ _2\"></span>n\u2019 in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9ae\">note A1. In par<span class=\"_ _2\"></span>ticul<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e Group con<span class=\"_ _2\"></span>siders t<span class=\"_ _2\"></span>he scop<span class=\"_ _2\"></span>e of its de<span class=\"_ _2\"></span>cision-m<span class=\"_ _2\"></span>aking auth<span class=\"_ _2\"></span>orit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, in<span class=\"_ _2\"></span>cluding t<span class=\"_ _2\"></span>he existe<span class=\"_ _2\"></span>nce of subs<span class=\"_ _2\"></span>tantive right<span class=\"_ _2\"></span>s (such as </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9af\">power of veto, li<span class=\"_ _2\"></span>quidation rig<span class=\"_ _2\"></span>hts and th<span class=\"_ _2\"></span>e right to remove the f<span class=\"_ _2\"></span>und man<span class=\"_ _2\"></span>ager) that g<span class=\"_ _2\"></span>ive it the abilit<span class=\"_ _2\"></span>y to direc<span class=\"_ _2\"></span>t the releva<span class=\"_ _2\"></span>nt activit<span class=\"_ _2\"></span>ies of the investe<span class=\"_ _2\"></span>e. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9b0\">The as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of wh<span class=\"_ _2\"></span>ether rig<span class=\"_ _2\"></span>hts are subs<span class=\"_ _2\"></span>tantive rig<span class=\"_ _2\"></span>hts<span class=\"_ _2\"></span>, and the circ<span class=\"_ _2\"></span>umsta<span class=\"_ _2\"></span>nces un<span class=\"_ _2\"></span>der which th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s the prac<span class=\"_ _2\"></span>tica<span class=\"_ _2\"></span>l abilit<span class=\"_ _2\"></span>y to exercise </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9b1\">them<span class=\"_ _2\"></span>, require<span class=\"_ _2\"></span>s the exercis<span class=\"_ _2\"></span>e of judge<span class=\"_ _2\"></span>ment. T<span class=\"_ _2\"></span>his ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent inclu<span class=\"_ _2\"></span>des a qualit<span class=\"_ _2\"></span>ative cons<span class=\"_ _2\"></span>ideratio<span class=\"_ _2\"></span>n of the rights h<span class=\"_ _2\"></span>eld by the Gro<span class=\"_ _2\"></span>up that are </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9b2\">at<span class=\"_ _2\"></span>tach<span class=\"_ _2\"></span>ed to its h<span class=\"_ _2\"></span>oldings in th<span class=\"_ _2\"></span>e colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes<span class=\"_ _2\"></span>, right<span class=\"_ _2\"></span>s that aris<span class=\"_ _2\"></span>e from contra<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e Group and th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9b3\">entit<span class=\"_ _2\"></span>y or fun<span class=\"_ _2\"></span>d manag<span class=\"_ _2\"></span>er and th<span class=\"_ _2\"></span>e rights h<span class=\"_ _2\"></span>eld by third par<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. In ad<span class=\"_ _2\"></span>dition, c<span class=\"_ _2\"></span>onsider<span class=\"_ _2\"></span>ation is ma<span class=\"_ _2\"></span>de of whethe<span class=\"_ _2\"></span>r the Group h<span class=\"_ _2\"></span>as de fac<span class=\"_ _2\"></span>to power<span class=\"_ _5\"></span>, for </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9b4\">exampl<span class=\"_ _2\"></span>e, where th<span class=\"_ _2\"></span>ird par<span class=\"_ _2\"></span>ty inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s in the colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s are widely dis<span class=\"_ _2\"></span>pers<span class=\"_ _2\"></span>ed.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9b5\">Where G<span class=\"_ _2\"></span>roup comp<span class=\"_ _2\"></span>anies are de<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>d to control su<span class=\"_ _2\"></span>ch colle<span class=\"_ _2\"></span>ctive invest<span class=\"_ _2\"></span>ment sch<span class=\"_ _2\"></span>emes th<span class=\"_ _2\"></span>ey are cons<span class=\"_ _2\"></span>olidated in t<span class=\"_ _2\"></span>he Group fina<span class=\"_ _2\"></span>ncial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9b6\">with the inte<span class=\"_ _2\"></span>rest<span class=\"_ _2\"></span>s of extern<span class=\"_ _2\"></span>al third par<span class=\"_ _2\"></span>ties re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as<span class=\"_ gs132\"> </span>a li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y (see the a<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g policy for \u2018<span class=\"_ _2\"></span>Ne<span class=\"_ _2\"></span>t asset v<span class=\"_ _2\"></span>alue at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to unithold<span class=\"_ _2\"></span>ers\u2019 in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9b7\">note E1 for fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r details).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9b8\">Ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in of the colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes h<span class=\"_ _2\"></span>ave non-coter<span class=\"_ _2\"></span>minous p<span class=\"_ _2\"></span>eriod en<span class=\"_ _2\"></span>ds and are c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated on the b<span class=\"_ _2\"></span>asis of addit<span class=\"_ _2\"></span>ional finan<span class=\"_ _2\"></span>cial </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9b9\">st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s prepare<span class=\"_ _2\"></span>d to the peri<span class=\"_ _2\"></span>od end<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs9ba\">Portfolio transfers<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls12c ws0 gs9bb\">When c<span class=\"_ _2\"></span>ompletin<span class=\"_ _2\"></span>g an acq<span class=\"_ _2\"></span>uisition, t<span class=\"_ _2\"></span>he Group fir<span class=\"_ _2\"></span>st con<span class=\"_ _2\"></span>siders w<span class=\"_ _2\"></span>hether th<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition me<span class=\"_ _2\"></span>ets the defin<span class=\"_ _2\"></span>ition of a busine<span class=\"_ _2\"></span>ss co<span class=\"_ _2\"></span>mbination un<span class=\"_ _2\"></span>der IFR<span class=\"_ _2\"></span>S </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls12c ws0 gs9bc\">3 Busin<span class=\"_ _2\"></span>ess C<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>ns. I<span class=\"_ _2\"></span>FRS 3<span class=\"_ _2\"></span>, and the us<span class=\"_ _2\"></span>e of acquisit<span class=\"_ _2\"></span>ion acc<span class=\"_ _2\"></span>ounting<span class=\"_ _2\"></span>, does n<span class=\"_ _2\"></span>ot apply in circ<span class=\"_ _2\"></span>umsta<span class=\"_ _2\"></span>nces wh<span class=\"_ _2\"></span>ere the ac<span class=\"_ _2\"></span>quisition of an a<span class=\"_ _2\"></span>sset or a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls12c ws0 gs9bd\">group of as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s does not c<span class=\"_ _2\"></span>onsti<span class=\"_ _2\"></span>tute a busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>, and is ins<span class=\"_ _2\"></span>tead a p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio of as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabilities<span class=\"_ _2\"></span>. In suc<span class=\"_ _2\"></span>h case<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e Group\u2019s policy is to re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>se </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls12c ws0 gs9be\">and m<span class=\"_ _2\"></span>easure th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts acq<span class=\"_ _2\"></span>uired and lia<span class=\"_ _2\"></span>bilities as<span class=\"_ _2\"></span>sume<span class=\"_ _2\"></span>d in accor<span class=\"_ _2\"></span>dance wi<span class=\"_ _2\"></span>th the Group\u2019s acc<span class=\"_ _2\"></span>ounting poli<span class=\"_ _2\"></span>cies for tho<span class=\"_ _2\"></span>se ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabilities<span class=\"_ _2\"></span>. The </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls12c ws0 gs9bf\">diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the co<span class=\"_ _2\"></span>nsider<span class=\"_ _2\"></span>ation and th<span class=\"_ _2\"></span>e net ass<span class=\"_ _2\"></span>ets or lia<span class=\"_ _2\"></span>bilities ac<span class=\"_ _2\"></span>quired is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9fa\">The Gro<span class=\"_ _2\"></span>up clas<span class=\"_ _2\"></span>sifies disp<span class=\"_ _2\"></span>osal g<span class=\"_ _2\"></span>roups as he<span class=\"_ _2\"></span>ld for sale if th<span class=\"_ _2\"></span>eir carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mounts w<span class=\"_ _2\"></span>ill be recovere<span class=\"_ _2\"></span>d princ<span class=\"_ _2\"></span>ipally throu<span class=\"_ _2\"></span>gh a sale tr<span class=\"_ _2\"></span>ansa<span class=\"_ _2\"></span>ction rath<span class=\"_ _2\"></span>er </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9fb\">than th<span class=\"_ _2\"></span>rough co<span class=\"_ _2\"></span>ntinuing use<span class=\"_ _2\"></span>. Dispo<span class=\"_ _2\"></span>sal group<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sified as h<span class=\"_ _2\"></span>eld for sal<span class=\"_ _2\"></span>e are meas<span class=\"_ _2\"></span>ured at the lo<span class=\"_ _2\"></span>wer of their ca<span class=\"_ _2\"></span>rryin<span class=\"_ _2\"></span>g amount an<span class=\"_ _2\"></span>d fair value le<span class=\"_ _2\"></span>ss </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9fc\">cos<span class=\"_ _2\"></span>ts to se<span class=\"_ _2\"></span>ll. Cos<span class=\"_ _2\"></span>ts to sell a<span class=\"_ _2\"></span>re the increm<span class=\"_ _2\"></span>ental c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s directl<span class=\"_ _2\"></span>y attrib<span class=\"_ _2\"></span>utable to th<span class=\"_ _2\"></span>e dispos<span class=\"_ _2\"></span>al of the dispo<span class=\"_ _2\"></span>sal gro<span class=\"_ _2\"></span>up, excluding fin<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>sts a<span class=\"_ _2\"></span>nd </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9fd\">inco<span class=\"_ _2\"></span>me tax ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>e. Ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabilities cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as hel<span class=\"_ _2\"></span>d for sale are p<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d separ<span class=\"_ _2\"></span>ately in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls18 ws16 gs9fe\">financial position.<span class=\"_ _3bc\"> </span></div>Equit<span class=\"_ _2\"></span>y-s<span class=\"_ _2\"></span>ettle<span class=\"_ _2\"></span>d share<span class=\"_ _2\"></span>-bas<span class=\"_ _2\"></span>ed payme<span class=\"_ _2\"></span>nts to empl<span class=\"_ _2\"></span>oyees and oth<span class=\"_ _2\"></span>ers providin<span class=\"_ _2\"></span>g ser<span class=\"_ _2\"></span>vices a<span class=\"_ _2\"></span>re meas<span class=\"_ _2\"></span>ured at the fa<span class=\"_ _2\"></span>ir value of the eq<span class=\"_ _2\"></span>uity in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents at the gr<span class=\"_ _2\"></span>ant date. The f<span class=\"_ _2\"></span>air value exclu<span class=\"_ _2\"></span>des the ef<span class=\"_ _2\"></span>fect of n<span class=\"_ _2\"></span>on-market-bas<span class=\"_ _2\"></span>ed vestin<span class=\"_ _2\"></span>g condit<span class=\"_ _2\"></span>ions. Fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>etails reg<span class=\"_ _2\"></span>arding th<span class=\"_ _2\"></span>e determinat<span class=\"_ _2\"></span>ion of the fair valu<span class=\"_ _2\"></span>e of equit<span class=\"_ _2\"></span>y-se<span class=\"_ _2\"></span>ttle<span class=\"_ _2\"></span>d share<span class=\"_ _2\"></span>-base<span class=\"_ _2\"></span>d trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ons are set o<span class=\"_ _2\"></span>ut below.<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir value determ<span class=\"_ _2\"></span>ined at the g<span class=\"_ _2\"></span>rant date of the e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y-set<span class=\"_ _2\"></span>tle<span class=\"_ _2\"></span>d share<span class=\"_ _2\"></span>-base<span class=\"_ _2\"></span>d payment<span class=\"_ _2\"></span>s is expe<span class=\"_ _2\"></span>nsed o<span class=\"_ _2\"></span>n a straig<span class=\"_ _2\"></span>ht-line basis over th<span class=\"_ _2\"></span>e vesting peri<span class=\"_ _2\"></span>od, ba<span class=\"_ _2\"></span>sed on th<span class=\"_ _2\"></span>e Group\u2019s estimate of e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y instr<span class=\"_ _2\"></span>uments th<span class=\"_ _2\"></span>at will eventua<span class=\"_ _2\"></span>lly vest<span class=\"_ _2\"></span>. At each pe<span class=\"_ _2\"></span>riod end<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up revises it<span class=\"_ _2\"></span>s estim<span class=\"_ _2\"></span>ate of the numb<span class=\"_ _2\"></span>er of equit<span class=\"_ _2\"></span>y ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s expe<span class=\"_ _2\"></span>cted to ves<span class=\"_ _2\"></span>t as a result of th<span class=\"_ _2\"></span>e effec<span class=\"_ _2\"></span>t of non-m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et-bas<span class=\"_ _2\"></span>ed ves<span class=\"_ _2\"></span>ting con<span class=\"_ _2\"></span>ditions<span class=\"_ _2\"></span>. The impa<span class=\"_ _2\"></span>ct of the revisio<span class=\"_ _2\"></span>n of the orig<span class=\"_ _2\"></span>inal es<span class=\"_ _2\"></span>timates<span class=\"_ _2\"></span>, if any<span class=\"_ _5\"></span>, is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated inco<span class=\"_ _2\"></span>me sta<span class=\"_ _2\"></span>tement su<span class=\"_ _2\"></span>ch that the c<span class=\"_ _2\"></span>umulative exp<span class=\"_ _2\"></span>ense refl<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s the revise<span class=\"_ _2\"></span>d es<span class=\"_ _2\"></span>timate with a co<span class=\"_ _2\"></span>rrespon<span class=\"_ _2\"></span>ding adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ent to equit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>Ope<span class=\"_ _2\"></span>rating c<span class=\"_ _2\"></span>ash flows in<span class=\"_ _2\"></span>clude p<span class=\"_ _2\"></span>urchase<span class=\"_ _2\"></span>s and sal<span class=\"_ _2\"></span>es of investme<span class=\"_ _2\"></span>nt proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y and fina<span class=\"_ _2\"></span>ncial inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s as the purc<span class=\"_ _2\"></span>hases a<span class=\"_ _2\"></span>re funde<span class=\"_ _2\"></span>d from cas<span class=\"_ _2\"></span>h flows as<span class=\"_ _2\"></span>soc<span class=\"_ _2\"></span>iated with th<span class=\"_ _2\"></span>e originati<span class=\"_ _2\"></span>on of insuran<span class=\"_ _2\"></span>ce and inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s, n<span class=\"_ _2\"></span>et of payment<span class=\"_ _2\"></span>s of related b<span class=\"_ _2\"></span>enefits a<span class=\"_ _2\"></span>nd claim<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing analy<span class=\"_ _2\"></span>sis gives fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r detail b<span class=\"_ _2\"></span>ehind the \u2018ca<span class=\"_ _2\"></span>sh (utilised)/<span class=\"_ _7\"></span>g<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>ated by oper<span class=\"_ _2\"></span>ations\u2019 figure in t<span class=\"_ _2\"></span>he sta<span class=\"_ _2\"></span>tement of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d cash flo<span class=\"_ _2\"></span>ws.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s c<span class=\"_ _2\"></span>apita<span class=\"_ _2\"></span>l manag<span class=\"_ _2\"></span>ement i<span class=\"_ _2\"></span>s base<span class=\"_ _2\"></span>d on the So<span class=\"_ _2\"></span>lvency I<span class=\"_ _2\"></span>I framewo<span class=\"_ _2\"></span>rk as imple<span class=\"_ _2\"></span>mented in th<span class=\"_ _2\"></span>e UK. T<span class=\"_ _2\"></span>his involves a valuat<span class=\"_ _2\"></span>ion in line with Sol<span class=\"_ _2\"></span>vency I<span class=\"_ _2\"></span>I principle<span class=\"_ _2\"></span>s of the Group\u2019s Own Funds a<span class=\"_ _2\"></span>nd risk-base<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y Capita<span class=\"_ _2\"></span>l Requirem<span class=\"_ _2\"></span>ent (\u2018<span class=\"_ _2\"></span>SCR<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>).<span class=\"_ _3bc\"> </span>This note s<span class=\"_ _2\"></span>ets out t<span class=\"_ _2\"></span>he Group\u2019s approa<span class=\"_ _2\"></span>ch to manag<span class=\"_ _2\"></span>ing cap<span class=\"_ _2\"></span>ital and p<span class=\"_ _2\"></span>rovides an an<span class=\"_ _2\"></span>alysis of Ow<span class=\"_ _2\"></span>n Funds and SC<span class=\"_ _2\"></span>R<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Where t<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s a pos<span class=\"_ _2\"></span>sible future o<span class=\"_ _2\"></span>bligatio<span class=\"_ _2\"></span>n as a result of a pa<span class=\"_ _2\"></span>st event, o<span class=\"_ _2\"></span>r a present l<span class=\"_ _2\"></span>egal o<span class=\"_ _2\"></span>r cons<span class=\"_ _2\"></span>tructive o<span class=\"_ _2\"></span>bligation b<span class=\"_ _2\"></span>ut it is not prob<span class=\"_ _2\"></span>able that th<span class=\"_ _2\"></span>ere will be an o<span class=\"_ _2\"></span>utflow of re<span class=\"_ _2\"></span>source<span class=\"_ _2\"></span>s to set<span class=\"_ _2\"></span>tle the oblig<span class=\"_ _2\"></span>ation or the a<span class=\"_ _2\"></span>mount ca<span class=\"_ _2\"></span>nnot be reli<span class=\"_ _2\"></span>ably es<span class=\"_ _2\"></span>timated<span class=\"_ _2\"></span>, this is disc<span class=\"_ _2\"></span>losed a<span class=\"_ _2\"></span>s a contin<span class=\"_ _2\"></span>gent liabili<span class=\"_ _2\"></span>ty<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-600": {
   "value": "A<span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>. Basi<span class=\"_ _5\"></span>s of<span class=\"_ _5\"></span> preparation<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s for the year e<span class=\"_ _2\"></span>nded 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>3 set out on p<span class=\"_ _2\"></span>ages 1<span class=\"_ _2\"></span>64 to 2<span class=\"_ _2\"></span>90 c<span class=\"_ _2\"></span>omprise t<span class=\"_ _2\"></span>he financ<span class=\"_ _2\"></span>ial sta<span class=\"_ _2\"></span>tement<span class=\"_ _2\"></span>s of Phoe<span class=\"_ _2\"></span>nix Group H<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s plc (\u2018t<span class=\"_ _2\"></span>he Comp<span class=\"_ _2\"></span>any\u2019) a<span class=\"_ _2\"></span>nd its sub<span class=\"_ _2\"></span>sidiaries (tog<span class=\"_ _2\"></span>ether refer<span class=\"_ _2\"></span>red to as \u2018th<span class=\"_ _2\"></span>e Group\u2019<span class=\"_ _2\"></span>), and were au<span class=\"_ _2\"></span>thorise<span class=\"_ _2\"></span>d by the Bo<span class=\"_ _2\"></span>ard of Direc<span class=\"_ _2\"></span>tors for is<span class=\"_ _2\"></span>sue on 2<span class=\"_ _2\"></span>1 March 2024. The c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s have bee<span class=\"_ _2\"></span>n prepare<span class=\"_ _2\"></span>d under th<span class=\"_ _2\"></span>e historic<span class=\"_ _2\"></span>al cos<span class=\"_ _2\"></span>t convention exc<span class=\"_ _2\"></span>ept for investm<span class=\"_ _2\"></span>ent prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y, owner-<span class=\"_ _3bc\"> </span>occ<span class=\"_ _2\"></span>upied pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty a<span class=\"_ _2\"></span>nd thos<span class=\"_ _2\"></span>e financia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts and fin<span class=\"_ _2\"></span>ancial lia<span class=\"_ _2\"></span>bilities (inc<span class=\"_ _2\"></span>luding der<span class=\"_ _2\"></span>ivative instr<span class=\"_ _2\"></span>ument<span class=\"_ _2\"></span>s) that have bee<span class=\"_ _2\"></span>n meas<span class=\"_ _2\"></span>ured at fair val<span class=\"_ _2\"></span>ue.<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s are prese<span class=\"_ _2\"></span>nted in ste<span class=\"_ _2\"></span>rling (\u00a3) roun<span class=\"_ _2\"></span>ded to the n<span class=\"_ _2\"></span>eares<span class=\"_ _2\"></span>t million except w<span class=\"_ _2\"></span>here other<span class=\"_ _2\"></span>wis<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span>As<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabilities a<span class=\"_ _2\"></span>re offs<span class=\"_ _2\"></span>et and the n<span class=\"_ _2\"></span>et amount rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ted in the s<span class=\"_ _2\"></span>tatement of c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial pos<span class=\"_ _2\"></span>ition only wh<span class=\"_ _2\"></span>en there is a l<span class=\"_ _2\"></span>egall<span class=\"_ _2\"></span>y enforce<span class=\"_ _2\"></span>able right to of<span class=\"_ _2\"></span>fset th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d amount<span class=\"_ _2\"></span>s and there i<span class=\"_ _2\"></span>s an intention to set<span class=\"_ _2\"></span>tle on a ne<span class=\"_ _2\"></span>t basis<span class=\"_ _2\"></span>, or to realis<span class=\"_ _2\"></span>e the as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d set<span class=\"_ _2\"></span>tle the liabili<span class=\"_ _2\"></span>ty simult<span class=\"_ _2\"></span>aneo<span class=\"_ _2\"></span>usly. Incom<span class=\"_ _2\"></span>e and expe<span class=\"_ _2\"></span>nses are n<span class=\"_ _2\"></span>ot offs<span class=\"_ _2\"></span>et in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent unles<span class=\"_ _2\"></span>s require<span class=\"_ _2\"></span>d or perm<span class=\"_ _2\"></span>itte<span class=\"_ _2\"></span>d by an Internatio<span class=\"_ _2\"></span>nal Finan<span class=\"_ _2\"></span>cial Rep<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ing Stan<span class=\"_ _2\"></span>dard (\u2018<span class=\"_ _2\"></span>IFRS<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>) or interpret<span class=\"_ _2\"></span>ation, a<span class=\"_ _2\"></span>s spec<span class=\"_ _2\"></span>ifically di<span class=\"_ _2\"></span>sclos<span class=\"_ _2\"></span>ed in the ac<span class=\"_ _2\"></span>countin<span class=\"_ _2\"></span>g policie<span class=\"_ _2\"></span>s of the Group.<span class=\"_ _3bc\"> </span>Statement of complianc<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s have bee<span class=\"_ _2\"></span>n prepare<span class=\"_ _2\"></span>d in acco<span class=\"_ _2\"></span>rdance w<span class=\"_ _2\"></span>ith UK<span class=\"_ _7\"></span>-a<span class=\"_ _2\"></span>dopted intern<span class=\"_ _2\"></span>ational a<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g stan<span class=\"_ _2\"></span>dards (<span class=\"_ _2\"></span>\u2018IAS<span class=\"_ _2\"></span>s\u2019) and t<span class=\"_ _2\"></span>he leg<span class=\"_ _2\"></span>al require<span class=\"_ _2\"></span>ments of th<span class=\"_ _2\"></span>e Compa<span class=\"_ _2\"></span>nies Act 2<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>Basis of consolidati<span class=\"_ _5\"></span>on<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s include t<span class=\"_ _2\"></span>he financ<span class=\"_ _2\"></span>ial sta<span class=\"_ _2\"></span>tement<span class=\"_ _2\"></span>s of the Comp<span class=\"_ _2\"></span>any and its s<span class=\"_ _2\"></span>ubsidiar<span class=\"_ _2\"></span>y unde<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>kings<span class=\"_ _2\"></span>, inclu<span class=\"_ _2\"></span>ding colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes<span class=\"_ _2\"></span>, where th<span class=\"_ _2\"></span>e Group exerci<span class=\"_ _2\"></span>ses overall c<span class=\"_ _2\"></span>ontrol. In a<span class=\"_ _2\"></span>ccorda<span class=\"_ _2\"></span>nce with th<span class=\"_ _2\"></span>e principl<span class=\"_ _2\"></span>es set ou<span class=\"_ _2\"></span>t in IFRS 1<span class=\"_ _2\"></span>0 Cons<span class=\"_ _2\"></span>olidated Fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l Statem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up controls an inve<span class=\"_ _2\"></span>stee if an<span class=\"_ _2\"></span>d only if the Gro<span class=\"_ _2\"></span>up has all th<span class=\"_ _2\"></span>e following:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>p<span class=\"_ _2\"></span>ower over the inves<span class=\"_ _2\"></span>tee;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>ex<span class=\"_ _2\"></span>posure<span class=\"_ _2\"></span>, or rights<span class=\"_ _2\"></span>, to variab<span class=\"_ _2\"></span>le returns from i<span class=\"_ _2\"></span>ts involveme<span class=\"_ _2\"></span>nt with the inves<span class=\"_ _2\"></span>tee; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e abilit<span class=\"_ _2\"></span>y to use it<span class=\"_ _2\"></span>s power over the inves<span class=\"_ _2\"></span>tee to af<span class=\"_ _2\"></span>fect it<span class=\"_ _2\"></span>s returns<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up consi<span class=\"_ _2\"></span>ders all re<span class=\"_ _2\"></span>levant fac<span class=\"_ _2\"></span>ts and c<span class=\"_ _2\"></span>ircumst<span class=\"_ _2\"></span>ance<span class=\"_ _2\"></span>s in asse<span class=\"_ _2\"></span>ssing w<span class=\"_ _2\"></span>hether it h<span class=\"_ _2\"></span>as power over a<span class=\"_ _2\"></span>n investee<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g relevant ac<span class=\"_ _2\"></span>tivities<span class=\"_ _2\"></span>, subs<span class=\"_ _2\"></span>tantive an<span class=\"_ _2\"></span>d<span class=\"_ gs132\"> </span>protective ri<span class=\"_ _2\"></span>ghts<span class=\"_ _2\"></span>, voting rights a<span class=\"_ _2\"></span>nd purp<span class=\"_ _2\"></span>ose and de<span class=\"_ _2\"></span>sign of an inves<span class=\"_ _2\"></span>tee. The G<span class=\"_ _2\"></span>roup reas<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>ses whe<span class=\"_ _2\"></span>ther or not it c<span class=\"_ _2\"></span>ontrols an investe<span class=\"_ _2\"></span>e if fact<span class=\"_ _2\"></span>s and circ<span class=\"_ _2\"></span>umsta<span class=\"_ _2\"></span>nces in<span class=\"_ _2\"></span>dicate that t<span class=\"_ _2\"></span>here are ch<span class=\"_ _2\"></span>anges to o<span class=\"_ _2\"></span>ne or more of the th<span class=\"_ _2\"></span>ree ele<span class=\"_ _2\"></span>ments of co<span class=\"_ _2\"></span>ntrol. Furt<span class=\"_ _2\"></span>her deta<span class=\"_ _2\"></span>ils about t<span class=\"_ _2\"></span>he con<span class=\"_ _2\"></span>solidation of s<span class=\"_ _2\"></span>ubsidiarie<span class=\"_ _2\"></span>s, inc<span class=\"_ _2\"></span>luding co<span class=\"_ _2\"></span>llecti<span class=\"_ _2\"></span>ve inv<span class=\"_ _5\"></span>es<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s, are in<span class=\"_ _2\"></span>cluded in n<span class=\"_ _2\"></span>ote H1<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>Going co<span class=\"_ _5\"></span>ncern<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s have bee<span class=\"_ _2\"></span>n prepare<span class=\"_ _2\"></span>d on a going c<span class=\"_ _2\"></span>once<span class=\"_ _2\"></span>rn basis<span class=\"_ _2\"></span>. The Dire<span class=\"_ _2\"></span>ctors h<span class=\"_ _2\"></span>ave, at the time of ap<span class=\"_ _2\"></span>proving the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l statem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, a reas<span class=\"_ _2\"></span>onable ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tation th<span class=\"_ _2\"></span>at the Com<span class=\"_ _2\"></span>pany and the G<span class=\"_ _2\"></span>roup have ade<span class=\"_ _2\"></span>quate res<span class=\"_ _2\"></span>ources to co<span class=\"_ _2\"></span>ntinue in ope<span class=\"_ _2\"></span>rational ex<span class=\"_ _2\"></span>isten<span class=\"_ _2\"></span>ce for the pe<span class=\"_ _2\"></span>riod covere<span class=\"_ _2\"></span>d by the as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment havin<span class=\"_ _2\"></span>g ass<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>d the prin<span class=\"_ _2\"></span>cipal risks<span class=\"_ _2\"></span>, forec<span class=\"_ _2\"></span>ast<span class=\"_ _2\"></span>s, pro<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>tions an<span class=\"_ _2\"></span>d other releva<span class=\"_ _2\"></span>nt eviden<span class=\"_ _2\"></span>ce for the p<span class=\"_ _2\"></span>eriod to 31 M<span class=\"_ _2\"></span>arch 2025<span class=\"_ _2\"></span>. Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s of the going c<span class=\"_ _2\"></span>once<span class=\"_ _2\"></span>rn asse<span class=\"_ _2\"></span>ssm<span class=\"_ _2\"></span>ent are inclu<span class=\"_ _2\"></span>ded in the D<span class=\"_ _2\"></span>irector<span class=\"_ _2\"></span>s\u2019 Repor<span class=\"_ _2\"></span>t on pag<span class=\"_ _2\"></span>e 143<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-1": {
   "value": "Phoenix Group Holdings plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-639": {
   "value": "<div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs131\">The c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s are prese<span class=\"_ _2\"></span>nted in ste<span class=\"_ _2\"></span>rling (\u00a3) roun<span class=\"_ _2\"></span>ded to the n<span class=\"_ _2\"></span>eares<span class=\"_ _2\"></span>t million except w<span class=\"_ _2\"></span>here other<span class=\"_ _2\"></span>wis<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-640": {
   "value": "Statement of complianc<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s have bee<span class=\"_ _2\"></span>n prepare<span class=\"_ _2\"></span>d in acco<span class=\"_ _2\"></span>rdance w<span class=\"_ _2\"></span>ith UK<span class=\"_ _7\"></span>-a<span class=\"_ _2\"></span>dopted intern<span class=\"_ _2\"></span>ational a<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g stan<span class=\"_ _2\"></span>dards (<span class=\"_ _2\"></span>\u2018IAS<span class=\"_ _2\"></span>s\u2019) and t<span class=\"_ _2\"></span>he leg<span class=\"_ _2\"></span>al require<span class=\"_ _2\"></span>ments of th<span class=\"_ _2\"></span>e Compa<span class=\"_ _2\"></span>nies Act 2<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-641": {
   "value": "Basis of consolidati<span class=\"_ _5\"></span>on<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s include t<span class=\"_ _2\"></span>he financ<span class=\"_ _2\"></span>ial sta<span class=\"_ _2\"></span>tement<span class=\"_ _2\"></span>s of the Comp<span class=\"_ _2\"></span>any and its s<span class=\"_ _2\"></span>ubsidiar<span class=\"_ _2\"></span>y unde<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>kings<span class=\"_ _2\"></span>, inclu<span class=\"_ _2\"></span>ding colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes<span class=\"_ _2\"></span>, where th<span class=\"_ _2\"></span>e Group exerci<span class=\"_ _2\"></span>ses overall c<span class=\"_ _2\"></span>ontrol. In a<span class=\"_ _2\"></span>ccorda<span class=\"_ _2\"></span>nce with th<span class=\"_ _2\"></span>e principl<span class=\"_ _2\"></span>es set ou<span class=\"_ _2\"></span>t in IFRS 1<span class=\"_ _2\"></span>0 Cons<span class=\"_ _2\"></span>olidated Fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l Statem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up controls an inve<span class=\"_ _2\"></span>stee if an<span class=\"_ _2\"></span>d only if the Gro<span class=\"_ _2\"></span>up has all th<span class=\"_ _2\"></span>e following:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>p<span class=\"_ _2\"></span>ower over the inves<span class=\"_ _2\"></span>tee;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>ex<span class=\"_ _2\"></span>posure<span class=\"_ _2\"></span>, or rights<span class=\"_ _2\"></span>, to variab<span class=\"_ _2\"></span>le returns from i<span class=\"_ _2\"></span>ts involveme<span class=\"_ _2\"></span>nt with the inves<span class=\"_ _2\"></span>tee; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e abilit<span class=\"_ _2\"></span>y to use it<span class=\"_ _2\"></span>s power over the inves<span class=\"_ _2\"></span>tee to af<span class=\"_ _2\"></span>fect it<span class=\"_ _2\"></span>s returns<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up consi<span class=\"_ _2\"></span>ders all re<span class=\"_ _2\"></span>levant fac<span class=\"_ _2\"></span>ts and c<span class=\"_ _2\"></span>ircumst<span class=\"_ _2\"></span>ance<span class=\"_ _2\"></span>s in asse<span class=\"_ _2\"></span>ssing w<span class=\"_ _2\"></span>hether it h<span class=\"_ _2\"></span>as power over a<span class=\"_ _2\"></span>n investee<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g relevant ac<span class=\"_ _2\"></span>tivities<span class=\"_ _2\"></span>, subs<span class=\"_ _2\"></span>tantive an<span class=\"_ _2\"></span>d<span class=\"_ gs132\"> </span>protective ri<span class=\"_ _2\"></span>ghts<span class=\"_ _2\"></span>, voting rights a<span class=\"_ _2\"></span>nd purp<span class=\"_ _2\"></span>ose and de<span class=\"_ _2\"></span>sign of an inves<span class=\"_ _2\"></span>tee. The G<span class=\"_ _2\"></span>roup reas<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>ses whe<span class=\"_ _2\"></span>ther or not it c<span class=\"_ _2\"></span>ontrols an investe<span class=\"_ _2\"></span>e if fact<span class=\"_ _2\"></span>s and circ<span class=\"_ _2\"></span>umsta<span class=\"_ _2\"></span>nces in<span class=\"_ _2\"></span>dicate that t<span class=\"_ _2\"></span>here are ch<span class=\"_ _2\"></span>anges to o<span class=\"_ _2\"></span>ne or more of the th<span class=\"_ _2\"></span>ree ele<span class=\"_ _2\"></span>ments of co<span class=\"_ _2\"></span>ntrol. Furt<span class=\"_ _2\"></span>her deta<span class=\"_ _2\"></span>ils about t<span class=\"_ _2\"></span>he con<span class=\"_ _2\"></span>solidation of s<span class=\"_ _2\"></span>ubsidiarie<span class=\"_ _2\"></span>s, inc<span class=\"_ _2\"></span>luding co<span class=\"_ _2\"></span>llecti<span class=\"_ _2\"></span>ve inv<span class=\"_ _5\"></span>es<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s, are in<span class=\"_ _2\"></span>cluded in n<span class=\"_ _2\"></span>ote H1<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-642": {
   "value": "Going co<span class=\"_ _5\"></span>ncern<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s have bee<span class=\"_ _2\"></span>n prepare<span class=\"_ _2\"></span>d on a going c<span class=\"_ _2\"></span>once<span class=\"_ _2\"></span>rn basis<span class=\"_ _2\"></span>. The Dire<span class=\"_ _2\"></span>ctors h<span class=\"_ _2\"></span>ave, at the time of ap<span class=\"_ _2\"></span>proving the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l statem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, a reas<span class=\"_ _2\"></span>onable ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tation th<span class=\"_ _2\"></span>at the Com<span class=\"_ _2\"></span>pany and the G<span class=\"_ _2\"></span>roup have ade<span class=\"_ _2\"></span>quate res<span class=\"_ _2\"></span>ources to co<span class=\"_ _2\"></span>ntinue in ope<span class=\"_ _2\"></span>rational ex<span class=\"_ _2\"></span>isten<span class=\"_ _2\"></span>ce for the pe<span class=\"_ _2\"></span>riod covere<span class=\"_ _2\"></span>d by the as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment havin<span class=\"_ _2\"></span>g ass<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>d the prin<span class=\"_ _2\"></span>cipal risks<span class=\"_ _2\"></span>, forec<span class=\"_ _2\"></span>ast<span class=\"_ _2\"></span>s, pro<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>tions an<span class=\"_ _2\"></span>d other releva<span class=\"_ _2\"></span>nt eviden<span class=\"_ _2\"></span>ce for the p<span class=\"_ _2\"></span>eriod to 31 M<span class=\"_ _2\"></span>arch 2025<span class=\"_ _2\"></span>. Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s of the going c<span class=\"_ _2\"></span>once<span class=\"_ _2\"></span>rn asse<span class=\"_ _2\"></span>ssm<span class=\"_ _2\"></span>ent are inclu<span class=\"_ _2\"></span>ded in the D<span class=\"_ _2\"></span>irector<span class=\"_ _2\"></span>s\u2019 Repor<span class=\"_ _2\"></span>t on pag<span class=\"_ _2\"></span>e 143<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-601": {
   "value": "<div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs134\">A2<span class=\"_ _2\"></span>. Ado<span class=\"_ _2\"></span>ption o<span class=\"_ _2\"></span>f new ac<span class=\"_ _2\"></span>count<span class=\"_ _2\"></span>ing pr<span class=\"_ _2\"></span>onou<span class=\"_ _2\"></span>ncem<span class=\"_ _2\"></span>ents i<span class=\"_ _2\"></span>n 2023<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs135\">In prep<span class=\"_ _2\"></span>aring the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s adopted th<span class=\"_ _2\"></span>e following s<span class=\"_ _2\"></span>tandar<span class=\"_ _2\"></span>ds and ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s effe<span class=\"_ _2\"></span>ctive from 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs136\">2023 an<span class=\"_ _2\"></span>d which have be<span class=\"_ _2\"></span>en end<span class=\"_ _2\"></span>orse<span class=\"_ _2\"></span>d by the UK En<span class=\"_ _2\"></span>dorse<span class=\"_ _2\"></span>ment Bo<span class=\"_ _2\"></span>ard (\u2018<span class=\"_ _2\"></span>UKEB<span class=\"_ _2\"></span>\u2019):<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs137\">\u2022 <span class=\"_ _9\"> </span>I<span class=\"_ _2\"></span>FRS 17 </div><div class=\"t m1e3 h205 ff3 fs174 fc1 sc0 ls0 ws0 gs138\">Insur<span class=\"_ _2\"></span>ance C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts</div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs139\"> \u2013 se<span class=\"_ _2\"></span>e note A2.1; </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs13a\">\u2022 <span class=\"_ _9\"> </span>I<span class=\"_ _2\"></span>FRS 9 </div><div class=\"t m1e3 h205 ff3 fs174 fc1 sc0 ls0 ws0 gs13b\">Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts</div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs13c\"> \u2013 se<span class=\"_ _2\"></span>e note A2.<span class=\"_ _2\"></span>2; </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs13d\">\u2022 <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>isclos<span class=\"_ _2\"></span>ure of Accountin<span class=\"_ _2\"></span>g Policies (A<span class=\"_ _2\"></span>mendm<span class=\"_ _2\"></span>ents to IAS 1 </div><div class=\"t m1e3 h205 ff3 fs174 fc1 sc0 ls0 ws0 gs13e\">Prese<span class=\"_ _2\"></span>ntation of Fin<span class=\"_ _2\"></span>ancial St<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s</div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs13f\"> and I<span class=\"_ _2\"></span>FRS Prac<span class=\"_ _2\"></span>tice Sta<span class=\"_ _2\"></span>tement 2 </div><div class=\"t m1e3 h205 ff3 fs174 fc1 sc0 ls0 ws0 gs140\">Makin<span class=\"_ _2\"></span>g </div><div class=\"t m1e3 h205 ff3 fs174 fc1 sc0 ls1ce ws1cf gs141\">Materia<span class=\"_ _5\"></span>lity Judgements<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs142\">). The ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s are intende<span class=\"_ _2\"></span>d to assi<span class=\"_ _2\"></span>st entitie<span class=\"_ _2\"></span>s in decidin<span class=\"_ _2\"></span>g which ac<span class=\"_ _2\"></span>countin<span class=\"_ _2\"></span>g policies to di<span class=\"_ _2\"></span>sclos<span class=\"_ _2\"></span>e in their finan<span class=\"_ _2\"></span>cial </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs143\">st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s and requ<span class=\"_ _2\"></span>ires an entit<span class=\"_ _2\"></span>y to<span class=\"_ gs132\"> </span>discl<span class=\"_ _2\"></span>ose \u2018material a<span class=\"_ _2\"></span>ccount<span class=\"_ _2\"></span>ing polic<span class=\"_ _2\"></span>y information\u2019 ins<span class=\"_ _2\"></span>tead of its \u2018sig<span class=\"_ _2\"></span>nificant a<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g policie<span class=\"_ _2\"></span>s\u2019<span class=\"_ _6\"></span>. A<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs144\">polic<span class=\"_ _2\"></span>y information is m<span class=\"_ _2\"></span>aterial if, when c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>red toge<span class=\"_ _2\"></span>ther with oth<span class=\"_ _2\"></span>er information in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d in an entit<span class=\"_ _2\"></span>y\u2019s financial s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, it can re<span class=\"_ _2\"></span>asona<span class=\"_ _2\"></span>bly </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs145\">be exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d to influenc<span class=\"_ _2\"></span>e decis<span class=\"_ _2\"></span>ions that th<span class=\"_ _2\"></span>e primar<span class=\"_ _2\"></span>y use<span class=\"_ _2\"></span>rs of gen<span class=\"_ _2\"></span>eral purp<span class=\"_ _2\"></span>ose fina<span class=\"_ _2\"></span>ncial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts make on the ba<span class=\"_ _2\"></span>sis of thos<span class=\"_ _2\"></span>e financia<span class=\"_ _2\"></span>l </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs146\">st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s. The I<span class=\"_ _2\"></span>ASB ha<span class=\"_ _2\"></span>s also develo<span class=\"_ _2\"></span>ped g<span class=\"_ _2\"></span>uidanc<span class=\"_ _2\"></span>e and exampl<span class=\"_ _2\"></span>es to explain an<span class=\"_ _2\"></span>d demon<span class=\"_ _2\"></span>strate th<span class=\"_ _2\"></span>e applic<span class=\"_ _2\"></span>ation of the \u2018<span class=\"_ _2\"></span>four-s<span class=\"_ _2\"></span>tep materi<span class=\"_ _2\"></span>ality </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs147\">proc<span class=\"_ _2\"></span>ess\u2019 des<span class=\"_ _2\"></span>cribe<span class=\"_ _2\"></span>d in IFRS Pra<span class=\"_ _2\"></span>ctice S<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt 2;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs148\">\u2022 <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>efinition of Acc<span class=\"_ _2\"></span>ounting E<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>s (Amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s to IAS 8</div><div class=\"t m1e3 h205 ff3 fs174 fc1 sc0 ls0 ws0 gs149\"> Acc<span class=\"_ _2\"></span>ounting Policie<span class=\"_ _2\"></span>s, Cha<span class=\"_ _2\"></span>nges in A<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g Estim<span class=\"_ _2\"></span>ates and Erro<span class=\"_ _2\"></span>rs</div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs14a\">). The </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs14b\">ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s replac<span class=\"_ _2\"></span>e the definitio<span class=\"_ _2\"></span>n of a \u2018<span class=\"_ _7\"></span>c<span class=\"_ _2\"></span>hange in a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>unting est<span class=\"_ _2\"></span>imates\u2019 with a defini<span class=\"_ _2\"></span>tion of \u2018<span class=\"_ _5\"></span>ac<span class=\"_ _2\"></span>counting e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>s\u2019<span class=\"_ _6\"></span>. U<span class=\"_ _2\"></span>nder the n<span class=\"_ _2\"></span>ew definition<span class=\"_ _2\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs14c\">acc<span class=\"_ _2\"></span>ounting e<span class=\"_ _2\"></span>stimates a<span class=\"_ _2\"></span>re \u2018<span class=\"_ _5\"></span>mon<span class=\"_ _2\"></span>etar<span class=\"_ _2\"></span>y amount<span class=\"_ _2\"></span>s in financ<span class=\"_ _2\"></span>ial sta<span class=\"_ _2\"></span>tements t<span class=\"_ _2\"></span>hat are subj<span class=\"_ _2\"></span>ect to m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment unc<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>aint<span class=\"_ _2\"></span>y\u2019<span class=\"_ _7\"></span>. The B<span class=\"_ _2\"></span>oard has re<span class=\"_ _2\"></span>taine<span class=\"_ _2\"></span>d the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs14d\">con<span class=\"_ _2\"></span>cept of chan<span class=\"_ _2\"></span>ges in ac<span class=\"_ _2\"></span>countin<span class=\"_ _2\"></span>g estim<span class=\"_ _2\"></span>ates in the s<span class=\"_ _2\"></span>tandard by in<span class=\"_ _2\"></span>cluding a n<span class=\"_ _2\"></span>umber of cla<span class=\"_ _2\"></span>rificatio<span class=\"_ _2\"></span>ns; </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs14e\">\u2022 <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>eferred T<span class=\"_ _7\"></span>a<span class=\"_ _2\"></span>x related to A<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and Liabili<span class=\"_ _2\"></span>ties arisin<span class=\"_ _2\"></span>g from a Sing<span class=\"_ _2\"></span>le T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ansac<span class=\"_ _2\"></span>tion (A<span class=\"_ _2\"></span>mendme<span class=\"_ _2\"></span>nts to IAS 12 In<span class=\"_ _2\"></span>come T<span class=\"_ _7\"></span>a<span class=\"_ _2\"></span>xes). The ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s narrow </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs14f\">the sc<span class=\"_ _2\"></span>ope of the re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>tion exemption in p<span class=\"_ _2\"></span>aragr<span class=\"_ _2\"></span>aphs 15 a<span class=\"_ _2\"></span>nd 2<span class=\"_ _5\"></span>4 of IAS 12 so th<span class=\"_ _2\"></span>at it no lon<span class=\"_ _2\"></span>ger app<span class=\"_ _2\"></span>lies to trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ons that<span class=\"_ _2\"></span>, on<span class=\"_ gs132\"> </span>initial re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>tion, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs150\">give ris<span class=\"_ _2\"></span>e to equal t<span class=\"_ _2\"></span>axable an<span class=\"_ _2\"></span>d deduc<span class=\"_ _2\"></span>tible temp<span class=\"_ _2\"></span>orar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>ference<span class=\"_ _2\"></span>s. The I<span class=\"_ _2\"></span>ASB exp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s that the a<span class=\"_ _2\"></span>mendm<span class=\"_ _2\"></span>ents will re<span class=\"_ _2\"></span>duce diver<span class=\"_ _2\"></span>sit<span class=\"_ _2\"></span>y in repor<span class=\"_ _2\"></span>ting and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs151\">align th<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting for deferre<span class=\"_ _2\"></span>d tax on s<span class=\"_ _2\"></span>uch tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ions with th<span class=\"_ _2\"></span>e gener<span class=\"_ _2\"></span>al princip<span class=\"_ _2\"></span>le in IAS 12 of rec<span class=\"_ _2\"></span>ognisin<span class=\"_ _2\"></span>g deferred t<span class=\"_ _2\"></span>ax for tempo<span class=\"_ _2\"></span>rar<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls12 ws10 gs152\">differ<span class=\"_ _5\"></span>ences; and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs153\">\u2022 <span class=\"_ _9\"> </span>I<span class=\"_ _2\"></span>nternation<span class=\"_ _2\"></span>al T<span class=\"_ _7\"></span>ax Reform<span class=\"_ _2\"></span>\u2014Pillar T<span class=\"_ _7\"></span>wo M<span class=\"_ _2\"></span>odel Rule<span class=\"_ _2\"></span>s (Ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s to IAS 12 </div><div class=\"t m1e3 h205 ff3 fs174 fc1 sc0 ls1cf ws1d0 gs154\">Income T<span class=\"_ _6\"></span>axes<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs155\">). The sc<span class=\"_ _2\"></span>ope of IAS 12 ha<span class=\"_ _2\"></span>s been a<span class=\"_ _2\"></span>mende<span class=\"_ _2\"></span>d to clarif<span class=\"_ _2\"></span>y that </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs156\">the s<span class=\"_ _2\"></span>tanda<span class=\"_ _2\"></span>rd applies to in<span class=\"_ _2\"></span>come ta<span class=\"_ _2\"></span>xes arisin<span class=\"_ _2\"></span>g from tax la<span class=\"_ _2\"></span>w enac<span class=\"_ _2\"></span>ted or subs<span class=\"_ _2\"></span>tantivel<span class=\"_ _2\"></span>y enac<span class=\"_ _2\"></span>ted to imple<span class=\"_ _2\"></span>ment the Pilla<span class=\"_ _2\"></span>r T<span class=\"_ _6\"></span>wo m<span class=\"_ _2\"></span>odel rul<span class=\"_ _2\"></span>es publish<span class=\"_ _2\"></span>ed </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs157\">by the O<span class=\"_ _2\"></span>E<span class=\"_ _5\"></span>CD, in<span class=\"_ _2\"></span>cluding t<span class=\"_ _2\"></span>ax law tha<span class=\"_ _2\"></span>t impleme<span class=\"_ _2\"></span>nts qualifi<span class=\"_ _2\"></span>ed dome<span class=\"_ _2\"></span>stic minim<span class=\"_ _2\"></span>um top-up t<span class=\"_ _2\"></span>axes des<span class=\"_ _2\"></span>cribe<span class=\"_ _2\"></span>d in those r<span class=\"_ _2\"></span>ules. T<span class=\"_ _2\"></span>he amen<span class=\"_ _2\"></span>dments </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs158\">introdu<span class=\"_ _2\"></span>ce a tempor<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y exception to th<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting require<span class=\"_ _2\"></span>ments fo<span class=\"_ _2\"></span>r deferred ta<span class=\"_ _2\"></span>xes in IAS 12, s<span class=\"_ _2\"></span>o that an enti<span class=\"_ _2\"></span>ty wo<span class=\"_ _2\"></span>uld neithe<span class=\"_ _2\"></span>r reco<span class=\"_ _2\"></span>gnise no<span class=\"_ _2\"></span>r </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs159\">discl<span class=\"_ _2\"></span>ose informatio<span class=\"_ _2\"></span>n about d<span class=\"_ _2\"></span>eferred ta<span class=\"_ _2\"></span>x ass<span class=\"_ _2\"></span>ets and li<span class=\"_ _2\"></span>abilities rel<span class=\"_ _2\"></span>ated to Pillar T<span class=\"_ _7\"></span>wo inc<span class=\"_ _2\"></span>ome ta<span class=\"_ _2\"></span>xes. Th<span class=\"_ _2\"></span>e Group co<span class=\"_ _2\"></span>nfirms that it h<span class=\"_ _2\"></span>as applie<span class=\"_ _2\"></span>d this </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs15a\">excepti<span class=\"_ _2\"></span>on during the p<span class=\"_ _2\"></span>eriod<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws6b gs15b\">The n<span class=\"_ _2\"></span>ature and imp<span class=\"_ _2\"></span>act of the a<span class=\"_ _2\"></span>doption of IFR<span class=\"_ _2\"></span>S 17 and IFR<span class=\"_ _2\"></span>S 9 are disclo<span class=\"_ _2\"></span>sed in note<span class=\"_ _2\"></span>s A2.1 and A2<span class=\"_ _2\"></span>.2 be<span class=\"_ _2\"></span>low. The remainin<span class=\"_ _2\"></span>g amen<span class=\"_ _2\"></span>dments to s<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ards </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs15c\">are not c<span class=\"_ _2\"></span>onsidere<span class=\"_ _2\"></span>d to have a materia<span class=\"_ _2\"></span>l effec<span class=\"_ _2\"></span>t on thes<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated fin<span class=\"_ _2\"></span>ancial s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div>A2<span class=\"_ _2\"></span>.1 Adop<span class=\"_ _2\"></span>tion of I<span class=\"_ _2\"></span>FRS 17 Insurance Contracts<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has ad<span class=\"_ _2\"></span>opted IFR<span class=\"_ _2\"></span>S 17 effec<span class=\"_ _2\"></span>tive from 1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 2023 and c<span class=\"_ _2\"></span>omparat<span class=\"_ _2\"></span>ive information for th<span class=\"_ _2\"></span>e year ende<span class=\"_ _2\"></span>d 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2022 ha<span class=\"_ _2\"></span>s bee<span class=\"_ _2\"></span>n retrosp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ively res<span class=\"_ _2\"></span>tated. I<span class=\"_ _2\"></span>FRS 17 repla<span class=\"_ _2\"></span>ces I<span class=\"_ _2\"></span>FRS 4 Insur<span class=\"_ _2\"></span>ance C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts and sig<span class=\"_ _2\"></span>nificantl<span class=\"_ _2\"></span>y chang<span class=\"_ _2\"></span>es the way th<span class=\"_ _2\"></span>e Group rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>es, m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>s, pres<span class=\"_ _2\"></span>ents an<span class=\"_ _2\"></span>d disclos<span class=\"_ _2\"></span>es its in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>cts w<span class=\"_ _2\"></span>ith discreti<span class=\"_ _2\"></span>onar<span class=\"_ _2\"></span>y par<span class=\"_ _2\"></span>ticipatio<span class=\"_ _2\"></span>n features (<span class=\"_ _2\"></span>\u2018D<span class=\"_ _2\"></span>PF\u2019<span class=\"_ _2\"></span>) and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts held<span class=\"_ _2\"></span>. It introduc<span class=\"_ _2\"></span>es a mo<span class=\"_ _2\"></span>del that me<span class=\"_ _2\"></span>asures g<span class=\"_ _2\"></span>roups of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s base<span class=\"_ _2\"></span>d on the pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture cas<span class=\"_ _2\"></span>h flows with an ex<span class=\"_ _2\"></span>plicit risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for non-<span class=\"_ _2\"></span>financia<span class=\"_ _2\"></span>l risk and a c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e margin (<span class=\"_ _2\"></span>\u2018CSM<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>), repres<span class=\"_ _2\"></span>enting the un<span class=\"_ _2\"></span>earne<span class=\"_ _2\"></span>d profit to be re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in profit or l<span class=\"_ _2\"></span>oss over the coverage<span class=\"_ _5\"></span> period.<span class=\"_ _3bc\"> </span>New a<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g policie<span class=\"_ _2\"></span>s adopted fo<span class=\"_ _2\"></span>llowing the imp<span class=\"_ _2\"></span>lement<span class=\"_ _2\"></span>ation of IFRS 17 a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d within note F1 a<span class=\"_ _2\"></span>nd critic<span class=\"_ _2\"></span>al acc<span class=\"_ _2\"></span>ounting es<span class=\"_ _2\"></span>timates an<span class=\"_ _2\"></span>d judg<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s applie<span class=\"_ _2\"></span>d are detail<span class=\"_ _2\"></span>ed in note A4<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A2<span class=\"_ _2\"></span>.<span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _7\"></span>1 T<span class=\"_ _7\"></span>ransition approach<span class=\"_ _3bc\"> </span>Chan<span class=\"_ _2\"></span>ges in ac<span class=\"_ _2\"></span>countin<span class=\"_ _2\"></span>g policies re<span class=\"_ _2\"></span>sulting fro<span class=\"_ _2\"></span>m the adopti<span class=\"_ _2\"></span>on of IFRS 17 have be<span class=\"_ _2\"></span>en appli<span class=\"_ _2\"></span>ed using a f<span class=\"_ _2\"></span>ully retrosp<span class=\"_ _2\"></span>ective a<span class=\"_ _2\"></span>pproach (<span class=\"_ _2\"></span>\u2018FR<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>) to the ex<span class=\"_ _2\"></span>tent prac<span class=\"_ _2\"></span>ticab<span class=\"_ _2\"></span>le and usin<span class=\"_ _2\"></span>g a Fair V<span class=\"_ _7\"></span>alue Ap<span class=\"_ _2\"></span>proach (<span class=\"_ _2\"></span>\u2018F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>) approac<span class=\"_ _2\"></span>h where the F<span class=\"_ _2\"></span>RA was c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>red impr<span class=\"_ _2\"></span>actic<span class=\"_ _2\"></span>able. Th<span class=\"_ _2\"></span>e FRA re<span class=\"_ _2\"></span>quires the Gro<span class=\"_ _2\"></span>up to: \u2022 <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>dentif<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise and m<span class=\"_ _2\"></span>easure e<span class=\"_ _2\"></span>ach group of in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts as if I<span class=\"_ _2\"></span>FRS 17 had a<span class=\"_ _2\"></span>lways applie<span class=\"_ _2\"></span>d; \u2022 <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ereco<span class=\"_ _2\"></span>gnise any ex<span class=\"_ _2\"></span>isting b<span class=\"_ _2\"></span>alance<span class=\"_ _2\"></span>s that woul<span class=\"_ _2\"></span>d not exist h<span class=\"_ _2\"></span>ad IFR<span class=\"_ _2\"></span>S 17 always applie<span class=\"_ _2\"></span>d; and \u2022 <span class=\"_ _9\"> </span>re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise any resul<span class=\"_ _2\"></span>ting net dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>e in equit<span class=\"_ _2\"></span>y.<span class=\"_ _3bc\"> </span>In deter<span class=\"_ _2\"></span>mining wheth<span class=\"_ _2\"></span>er it was pr<span class=\"_ _2\"></span>actic<span class=\"_ _2\"></span>able for th<span class=\"_ _2\"></span>e FRA tr<span class=\"_ _2\"></span>ansition m<span class=\"_ _2\"></span>ethod to b<span class=\"_ _2\"></span>e applied<span class=\"_ _2\"></span>, the Group h<span class=\"_ _2\"></span>as cons<span class=\"_ _2\"></span>idered th<span class=\"_ _2\"></span>e following key fac<span class=\"_ _2\"></span>tors:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e abilit<span class=\"_ _2\"></span>y to obtain as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s and dat<span class=\"_ _2\"></span>a at the require<span class=\"_ _2\"></span>d level of gran<span class=\"_ _2\"></span>ularit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, witho<span class=\"_ _2\"></span>ut the mate<span class=\"_ _2\"></span>rial use of hind<span class=\"_ _2\"></span>sight, p<span class=\"_ _2\"></span>artic<span class=\"_ _2\"></span>ularly in rel<span class=\"_ _2\"></span>ation to contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s within acq<span class=\"_ _2\"></span>uired busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es and wh<span class=\"_ _2\"></span>ere the Group\u2019s finan<span class=\"_ _2\"></span>cial repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g metric<span class=\"_ _2\"></span>s did not require s<span class=\"_ _2\"></span>uch informatio<span class=\"_ _2\"></span>n;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e availabilit<span class=\"_ _2\"></span>y and us<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y of historic d<span class=\"_ _2\"></span>ata given th<span class=\"_ _2\"></span>e signific<span class=\"_ _2\"></span>ant integrat<span class=\"_ _2\"></span>ion work per<span class=\"_ _2\"></span>forme<span class=\"_ _2\"></span>d by the Group o<span class=\"_ _2\"></span>n both its p<span class=\"_ _2\"></span>olicy adm<span class=\"_ _2\"></span>inistrat<span class=\"_ _2\"></span>ion and a<span class=\"_ _2\"></span>ctuari<span class=\"_ _2\"></span>al mode<span class=\"_ _2\"></span>lling sys<span class=\"_ _2\"></span>tems whe<span class=\"_ _2\"></span>re re-plat<span class=\"_ _2\"></span>forming fro<span class=\"_ _2\"></span>m lega<span class=\"_ _2\"></span>cy sys<span class=\"_ _2\"></span>tems onto a unifie<span class=\"_ _2\"></span>d plat<span class=\"_ _2\"></span>form has b<span class=\"_ _2\"></span>een c<span class=\"_ _2\"></span>arried ou<span class=\"_ _2\"></span>t; and \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e signific<span class=\"_ _2\"></span>ant level of reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y chang<span class=\"_ _2\"></span>e exper<span class=\"_ _2\"></span>ience<span class=\"_ _2\"></span>d by the insur<span class=\"_ _2\"></span>ance ind<span class=\"_ _2\"></span>ustr<span class=\"_ _2\"></span>y, such as S<span class=\"_ _2\"></span>olvency I<span class=\"_ _2\"></span>I, wh<span class=\"_ _2\"></span>ich impac<span class=\"_ _2\"></span>ts on th<span class=\"_ _2\"></span>e level of chang<span class=\"_ _2\"></span>e under<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>n on both le<span class=\"_ _2\"></span>gacy a<span class=\"_ _2\"></span>nd current p<span class=\"_ _2\"></span>olicy adm<span class=\"_ _2\"></span>inistrat<span class=\"_ _2\"></span>ion and ac<span class=\"_ _2\"></span>tuaria<span class=\"_ _2\"></span>l modellin<span class=\"_ _2\"></span>g syste<span class=\"_ _2\"></span>ms.<span class=\"_ _3bc\"> </span>The FR<span class=\"_ _2\"></span>A has b<span class=\"_ _2\"></span>een ap<span class=\"_ _2\"></span>plied to the foll<span class=\"_ _2\"></span>owing insur<span class=\"_ _2\"></span>ance bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s on transi<span class=\"_ _2\"></span>tion to IFRS 17:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>ulk purcha<span class=\"_ _2\"></span>se annuiti<span class=\"_ _2\"></span>es;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>nnuities a<span class=\"_ _2\"></span>nd unit-linked polici<span class=\"_ _2\"></span>es that orig<span class=\"_ _2\"></span>inated from 1 J<span class=\"_ _2\"></span>anuar<span class=\"_ _2\"></span>y 2021 o<span class=\"_ _2\"></span>nwards for the a<span class=\"_ _2\"></span>cquired S<span class=\"_ _2\"></span>tandar<span class=\"_ _2\"></span>d Life Assura<span class=\"_ _2\"></span>nce bu<span class=\"_ _2\"></span>siness e<span class=\"_ _2\"></span>ntities;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>S<span class=\"_ _2\"></span>unLife polic<span class=\"_ _2\"></span>ies that or<span class=\"_ _2\"></span>iginated p<span class=\"_ _2\"></span>ost 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y 201<span class=\"_ _2\"></span>8; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Re<span class=\"_ _2\"></span>Ass<span class=\"_ _2\"></span>ure Assur<span class=\"_ _2\"></span>ance Limite<span class=\"_ _2\"></span>d annuitie<span class=\"_ _2\"></span>s and non<span class=\"_ _2\"></span>-profit polic<span class=\"_ _2\"></span>ies from ac<span class=\"_ _2\"></span>quisition date of th<span class=\"_ _2\"></span>e ReAss<span class=\"_ _2\"></span>ure entities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A ha<span class=\"_ _2\"></span>s been a<span class=\"_ _2\"></span>pplied to the G<span class=\"_ _2\"></span>roup\u2019s remaining ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss. O<span class=\"_ _2\"></span>n transit<span class=\"_ _2\"></span>ion, 58<span class=\"_ _2\"></span>% of the CS<span class=\"_ _2\"></span>M (<span class=\"_ _5\"></span>net of rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e) is calcul<span class=\"_ _2\"></span>ated unde<span class=\"_ _2\"></span>r the FR<span class=\"_ _2\"></span>A and 42<span class=\"_ _2\"></span>% under the F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>. However, of the busin<span class=\"_ _2\"></span>ess tr<span class=\"_ _2\"></span>ansition<span class=\"_ _2\"></span>ed unde<span class=\"_ _2\"></span>r FRA a sig<span class=\"_ _2\"></span>nificant am<span class=\"_ _2\"></span>ount of the CS<span class=\"_ _2\"></span>M relates to th<span class=\"_ _2\"></span>e ReAs<span class=\"_ _2\"></span>sure busin<span class=\"_ _2\"></span>ess a<span class=\"_ _2\"></span>cquired in 20<span class=\"_ _2\"></span>20 and fair va<span class=\"_ _2\"></span>lued at th<span class=\"_ _2\"></span>at date. Man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent therefore c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>rs c.<span class=\"_ _2\"></span>95% of the li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>, equ<span class=\"_ _2\"></span>ating to c.<span class=\"_ _2\"></span>84% of the C<span class=\"_ _2\"></span>SM<span class=\"_ _2\"></span>, to be a mo<span class=\"_ _2\"></span>re accur<span class=\"_ _2\"></span>ate reflec<span class=\"_ _2\"></span>tion of the use of the F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>. In appl<span class=\"_ _2\"></span>ying the F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>, the C<span class=\"_ _2\"></span>SM (or los<span class=\"_ _2\"></span>s compo<span class=\"_ _2\"></span>nent) ha<span class=\"_ _2\"></span>s been d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d at 1 Janua<span class=\"_ _2\"></span>ry 20<span class=\"_ _2\"></span>22 as the dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>e bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e fair value of a group of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and the pre<span class=\"_ _2\"></span>sent value of ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted future c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s includin<span class=\"_ _2\"></span>g acquisi<span class=\"_ _2\"></span>tion cos<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, plus an expli<span class=\"_ _2\"></span>cit risk ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent. In d<span class=\"_ _2\"></span>etermining th<span class=\"_ _2\"></span>e fair value<span class=\"_ _2\"></span>, the Group h<span class=\"_ _2\"></span>as applie<span class=\"_ _2\"></span>d the require<span class=\"_ _2\"></span>ments of I<span class=\"_ _2\"></span>FRS 13 Fair V<span class=\"_ _7\"></span>a<span class=\"_ _2\"></span>lue Mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt<span class=\"_ _3bc\"> </span>, except for t<span class=\"_ _2\"></span>he deman<span class=\"_ _2\"></span>d depos<span class=\"_ _2\"></span>it floor re<span class=\"_ _2\"></span>quireme<span class=\"_ _2\"></span>nt, as req<span class=\"_ _2\"></span>uired by IFRS 17<span class=\"_ _5\"></span>. The f<span class=\"_ _2\"></span>air value deter<span class=\"_ _2\"></span>mined by th<span class=\"_ _2\"></span>e Group use<span class=\"_ _2\"></span>s cash fl<span class=\"_ _2\"></span>ows with contr<span class=\"_ _2\"></span>act b<span class=\"_ _2\"></span>oundarie<span class=\"_ _2\"></span>s consi<span class=\"_ _2\"></span>stent with I<span class=\"_ _2\"></span>FRS 17 require<span class=\"_ _2\"></span>ments<span class=\"_ _2\"></span>. The mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of the fair value of co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s inclu<span class=\"_ _2\"></span>des items t<span class=\"_ _2\"></span>aken into conside<span class=\"_ _2\"></span>ration by a ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>nt but which are n<span class=\"_ _2\"></span>ot includ<span class=\"_ _2\"></span>ed in the I<span class=\"_ _2\"></span>FRS 17 mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of contrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, such as a ri<span class=\"_ _2\"></span>sk premium to refle<span class=\"_ _2\"></span>ct a ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>nt\u2019s view of unce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>inty inh<span class=\"_ _2\"></span>erent in the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t cash fl<span class=\"_ _2\"></span>ows being value<span class=\"_ _2\"></span>d and a profit m<span class=\"_ _2\"></span>argin. S<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt judge<span class=\"_ _2\"></span>ments a<span class=\"_ _2\"></span>nd est<span class=\"_ _2\"></span>imates use<span class=\"_ _2\"></span>d in determinin<span class=\"_ _2\"></span>g the fair val<span class=\"_ _2\"></span>ue have bee<span class=\"_ _2\"></span>n set out in n<span class=\"_ _2\"></span>ote A4.1.<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir value for the gro<span class=\"_ _2\"></span>ups of with-profit<span class=\"_ _2\"></span>s contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, has b<span class=\"_ _2\"></span>een de<span class=\"_ _2\"></span>termine<span class=\"_ _2\"></span>d at transiti<span class=\"_ _2\"></span>on date as the s<span class=\"_ _2\"></span>um of the bes<span class=\"_ _2\"></span>t estim<span class=\"_ _2\"></span>ate liabilit<span class=\"_ _2\"></span>y (\u2018<span class=\"_ _2\"></span>BEL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>); the polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs\u2019 share of the e<span class=\"_ _2\"></span>state; a r<span class=\"_ _2\"></span>isk premium; a<span class=\"_ _2\"></span>nd other fa<span class=\"_ _2\"></span>ir value adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, i.e. profit<span class=\"_ _2\"></span>s on annuiti<span class=\"_ _2\"></span>es vestin<span class=\"_ _2\"></span>g into the non-p<span class=\"_ _2\"></span>rofit fund.<span class=\"_ _3bc\"> </span>The tre<span class=\"_ _2\"></span>atment for rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts h<span class=\"_ _2\"></span>eld at tran<span class=\"_ _2\"></span>sition is simil<span class=\"_ _2\"></span>ar to that for ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts with a few exc<span class=\"_ _2\"></span>eptions<span class=\"_ _2\"></span>. The rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e BEL is cal<span class=\"_ _2\"></span>culated us<span class=\"_ _2\"></span>ing the IFR<span class=\"_ _2\"></span>S 17 disco<span class=\"_ _2\"></span>unted proba<span class=\"_ _2\"></span>bility<span class=\"_ _2\"></span>-weighte<span class=\"_ _2\"></span>d expec<span class=\"_ _2\"></span>ted pre<span class=\"_ _2\"></span>sent value of th<span class=\"_ _2\"></span>e<span class=\"_ gs132\"> </span>cash fl<span class=\"_ _2\"></span>ows on trans<span class=\"_ _2\"></span>ition date. Th<span class=\"_ _2\"></span>e cash fl<span class=\"_ _2\"></span>ows under the rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct are st<span class=\"_ _2\"></span>resse<span class=\"_ _2\"></span>d in order to c<span class=\"_ _2\"></span>alculate th<span class=\"_ _2\"></span>e risk premi<span class=\"_ _2\"></span>um, plus an a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment is m<span class=\"_ _2\"></span>ade for risk of rein<span class=\"_ _2\"></span>surer defa<span class=\"_ _2\"></span>ult (i.e. addi<span class=\"_ _2\"></span>tional risk of cla<span class=\"_ _2\"></span>ims rece<span class=\"_ _2\"></span>ived bein<span class=\"_ _2\"></span>g lower than th<span class=\"_ _2\"></span>e bes<span class=\"_ _2\"></span>t estim<span class=\"_ _2\"></span>ate) in the risk premi<span class=\"_ _2\"></span>um<span class=\"_ _3bc\"> </span>A2.1.<span class=\"_ _2\"></span>2 I<span class=\"_ _5\"></span>mpact of transi<span class=\"_ _5\"></span>tion<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l equit<span class=\"_ _2\"></span>y at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>table t<span class=\"_ _2\"></span>o owner<span class=\"_ _2\"></span>s of the par<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has dete<span class=\"_ _2\"></span>rmined th<span class=\"_ _2\"></span>e quantita<span class=\"_ _2\"></span>tive impac<span class=\"_ _2\"></span>t of moving to IFRS 17 o<span class=\"_ _2\"></span>n 1 Januar<span class=\"_ _2\"></span>y 202<span class=\"_ _2\"></span>2 to be a dec<span class=\"_ _2\"></span>rease in th<span class=\"_ _2\"></span>e total equit<span class=\"_ _2\"></span>y at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to owner<span class=\"_ _2\"></span>s of the parent of \u00a348 millio<span class=\"_ _2\"></span>n, from \u00a35<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>15 million to \u00a35<span class=\"_ _2\"></span>,767 million<span class=\"_ _2\"></span>. The main dr<span class=\"_ _2\"></span>ivers of this re<span class=\"_ _2\"></span>duction a<span class=\"_ _2\"></span>re:<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span><table class=\"s w218 h293\" id=\"_08b61238-49a3-413f-9591-acb9b30f71e7\"><tr><td class=\"t m0 x240 hd y5685 ff3 fs7 fc1 sc0 ls0 ws0\">Dere<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nition of intang<span class=\"_ _2\"></span>ible </td><td class=\"t m0 x47f hd y5686 ff3 fs7 fc1 sc0 ls0 ws0\">On ad<span class=\"_ _2\"></span>option of IFRS 17, the acquire<span class=\"_ _2\"></span>d in force busin<span class=\"_ _2\"></span>ess (<span class=\"_ _2\"></span>\u2018<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F\u2019<span class=\"_ _2\"></span>) and cus<span class=\"_ _2\"></span>tomer re<span class=\"_ _2\"></span>lationship </td><td></td><td class=\"t m0 x23f hd y5687 ff3 fs7 fc1 sc0 ls8b ws114\">(2,03<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5688 ff3 fs7 fc1 sc0 ls0 ws0\">as<span class=\"_ _2\"></span>sets rel<span class=\"_ _2\"></span>ated to contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s </td><td class=\"t m0 x47f hd y5689 ff3 fs7 fc1 sc0 ls0 ws0\">intan<span class=\"_ _2\"></span>gibles an<span class=\"_ _2\"></span>d deferred a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n cost a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s ass<span class=\"_ _2\"></span>ociate<span class=\"_ _2\"></span>d with the ac<span class=\"_ _2\"></span>quisition of ins<span class=\"_ _2\"></span>urance </td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y568a ff3 fs7 fc1 sc0 ls0 ws0\">mea<span class=\"_ _2\"></span>sured und<span class=\"_ _2\"></span>er IFRS 17<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x47f hd y568b ff3 fs7 fc1 sc0 ls0 ws0\">contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are no long<span class=\"_ _2\"></span>er hel<span class=\"_ _2\"></span>d as sepa<span class=\"_ _2\"></span>rate ass<span class=\"_ _2\"></span>ets and in<span class=\"_ _2\"></span>stea<span class=\"_ _2\"></span>d are includ<span class=\"_ _2\"></span>ed implicit<span class=\"_ _2\"></span>ly in the </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x47f hd y568c ff3 fs7 fc1 sc0 ls0 ws0\">mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabilities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y568d ff3 fs7 fc1 sc0 ls0 ws0\">Reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent of </td><td class=\"t m0 x480 hd y568e ff3 fs7 fc1 sc0 ls0 ws0\">The rem<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment of insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities p<span class=\"_ _2\"></span>rimarily inc<span class=\"_ _2\"></span>ludes th<span class=\"_ _2\"></span>e following item<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x481 hd y568f ff3 fs7 fc1 sc0 ls1bd ws1bc\">5,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5690 ff3 fs7 fc1 sc0 ls0 ws0\">insur<span class=\"_ _2\"></span>ance<span class=\"_ gs132\"> </span>co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities </td><td class=\"c n x482 y5691 w219 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2022<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x483 y5691 w21a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">re<span class=\"_ _2\"></span>moval of IFRS 4 m<span class=\"_ _2\"></span>argins as I<span class=\"_ _2\"></span>FRS 17 req<span class=\"_ _2\"></span>uires cas<span class=\"_ _2\"></span>h flows to be me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d on a bes<span class=\"_ _2\"></span>t estim<span class=\"_ _2\"></span>ate<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x240 hd y5692 ff3 fs7 fc1 sc0 ls0 ws0\">(net\ue01dof reinsur<span class=\"_ _2\"></span>ance)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x484 hd y5693 ff3 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">basi<span class=\"_ _2\"></span>s with the ad<span class=\"_ _2\"></span>dition of an explici<span class=\"_ _2\"></span>t adjus<span class=\"_ _2\"></span>tment for ri<span class=\"_ _2\"></span>sk;<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"c n x482 y5694 w219 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2022<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x483 y5694 w21b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">in<span class=\"_ _2\"></span>clusion of f<span class=\"_ _2\"></span>uture share<span class=\"_ _2\"></span>holder p<span class=\"_ _2\"></span>rofits from wit<span class=\"_ _2\"></span>h-profit and uni<span class=\"_ _2\"></span>t-link<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>d busin<span class=\"_ _2\"></span>ess tha<span class=\"_ _2\"></span>t are not<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x484 hd y5695 ff3 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">fully re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed und<span class=\"_ _2\"></span>er IFRS 4<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"c n x482 y5696 w219 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2022<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x483 y5696 w21c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the disc<span class=\"_ _2\"></span>ount rate, m<span class=\"_ _2\"></span>ost ma<span class=\"_ _2\"></span>terially imp<span class=\"_ _2\"></span>acting a<span class=\"_ _2\"></span>nnuit<span class=\"_ _2\"></span>y contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y5697 ff3 fs7 fc1 sc0 ls0 ws0\">Also in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d is the impa<span class=\"_ _2\"></span>ct of a chan<span class=\"_ _2\"></span>ge in treatm<span class=\"_ _2\"></span>ent in resp<span class=\"_ _2\"></span>ect of hybrid c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. These a<span class=\"_ _2\"></span>re </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y5698 ff3 fs7 fc1 sc0 ls0 ws0\">t<span class=\"_ _2\"></span>ypicall<span class=\"_ _2\"></span>y contrac<span class=\"_ _2\"></span>ts whic<span class=\"_ _2\"></span>h contain e<span class=\"_ _2\"></span>lement<span class=\"_ _2\"></span>s of unit-link<span class=\"_ _5\"></span>ed a<span class=\"_ _2\"></span>nd with-profit<span class=\"_ _2\"></span>s. Un<span class=\"_ _2\"></span>der IFR<span class=\"_ _2\"></span>S 4 these </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y5699 ff3 fs7 fc1 sc0 ls0 ws0\">comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>s were sep<span class=\"_ _2\"></span>arated an<span class=\"_ _2\"></span>d repor<span class=\"_ _2\"></span>ted und<span class=\"_ _2\"></span>er IAS 39 a<span class=\"_ _2\"></span>nd IFRS 4 re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ctively. Unde<span class=\"_ _2\"></span>r IFRS </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569a ff3 fs7 fc1 sc0 ls0 ws0\">17 if the co<span class=\"_ _2\"></span>ntract a<span class=\"_ _2\"></span>s a whole me<span class=\"_ _2\"></span>ets th<span class=\"_ _2\"></span>e definition of an inves<span class=\"_ _2\"></span>tment wit<span class=\"_ _2\"></span>h DPF contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>, the whole </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569b ff3 fs7 fc1 sc0 ls0 ws0\">contr<span class=\"_ _2\"></span>act fall<span class=\"_ _2\"></span>s within the sc<span class=\"_ _2\"></span>ope of IFR<span class=\"_ _2\"></span>S 17 unless t<span class=\"_ _2\"></span>he criteria fo<span class=\"_ _2\"></span>r a distinc<span class=\"_ _2\"></span>t investme<span class=\"_ _2\"></span>nt comp<span class=\"_ _2\"></span>onent </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569c ff3 fs7 fc1 sc0 ls0 ws0\">is met<span class=\"_ _2\"></span>. If it doe<span class=\"_ _2\"></span>s not, the wh<span class=\"_ _2\"></span>ole contr<span class=\"_ _2\"></span>act fa<span class=\"_ _2\"></span>lls within the s<span class=\"_ _2\"></span>cope of IFR<span class=\"_ _2\"></span>S 9. On tra<span class=\"_ _2\"></span>nsition a </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569d ff3 fs7 fc1 sc0 ls0 ws0\">signifi<span class=\"_ _2\"></span>cant prop<span class=\"_ _2\"></span>ortio<span class=\"_ _2\"></span>n of the Group\u2019s hybrid contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s were determin<span class=\"_ _2\"></span>ed to fall within t<span class=\"_ _2\"></span>he scop<span class=\"_ _2\"></span>e </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569e ff3 fs7 fc1 sc0 ls0 ws0\">of IFRS 17 an<span class=\"_ _2\"></span>d did not me<span class=\"_ _2\"></span>et the crite<span class=\"_ _2\"></span>ria to be sep<span class=\"_ _2\"></span>arated into it<span class=\"_ _2\"></span>s comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>s. A sma<span class=\"_ _2\"></span>ll por<span class=\"_ _2\"></span>tion of </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569f ff3 fs7 fc1 sc0 ls0 ws0\">hybrid co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s are ac<span class=\"_ _2\"></span>counted for un<span class=\"_ _2\"></span>der IFR<span class=\"_ _2\"></span>S 9.<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y56a0 ff3 fs7 fc1 sc0 ls1c ws1a\">Reco<span class=\"_ _2\"></span>gnition of a<span class=\"_ _5\"></span> risk adju<span class=\"_ _2\"></span>stment </td><td class=\"t m0 x480 hd y56a0 ff3 fs7 fc1 sc0 ls0 ws0\">IFR<span class=\"_ _2\"></span>S 17 requires an ex<span class=\"_ _2\"></span>plicit ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent in resp<span class=\"_ _2\"></span>ect of no<span class=\"_ _2\"></span>n-financ<span class=\"_ _2\"></span>ial risk<span class=\"_ _2\"></span>, this repla<span class=\"_ _2\"></span>ces so<span class=\"_ _2\"></span>me of the </td><td></td><td class=\"t m0 x485 hd y56a0 ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>61<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56a1 ff3 fs7 fc1 sc0 ls0 ws0\">(net of reinsur<span class=\"_ _2\"></span>ance)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x480 hd y56a1 ff3 fs7 fc1 sc0 ls0 ws0\">margin<span class=\"_ _2\"></span>s for uncer<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>inty imp<span class=\"_ _2\"></span>licitly incl<span class=\"_ _2\"></span>uded in th<span class=\"_ _2\"></span>e meas<span class=\"_ _2\"></span>urement of ca<span class=\"_ _2\"></span>sh flows und<span class=\"_ _2\"></span>er IFRS 4<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y56a2 ff3 fs7 fc1 sc0 ls0 ws0\">Rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n of a  </td><td class=\"t m0 x480 hd y56a3 ff3 fs7 fc1 sc0 ls0 ws0\">The c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e margin refle<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s the unear<span class=\"_ _2\"></span>ned profit to b<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in profit or los<span class=\"_ _2\"></span>s as </td><td></td><td class=\"t m0 x485 hd y56a3 ff3 fs7 fc1 sc0 ls8b ws114\">(2,430<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56a4 ff3 fs7 fc1 sc0 ls0 ws0\">contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al ser<span class=\"_ _2\"></span>vice ma<span class=\"_ _2\"></span>rgin<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x480 hd y56a5 ff3 fs7 fc1 sc0 ls0 ws0\">ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s are provide<span class=\"_ _2\"></span>d. </td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y56a6 ff3 fs7 fc1 sc0 ls0 ws0\">(net of reinsur<span class=\"_ _2\"></span>ance)<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y56a7 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in defer<span class=\"_ _2\"></span>red tax </td><td></td><td></td><td class=\"t m0 x486 hd y56a7 ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56a8 ff3 fs7 fc1 sc0 ls0 ws0\">from<span class=\"_ gs132\"> </span>the a<span class=\"_ _2\"></span>bove items<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y56a9 ff3 fs7 fc1 sc0 lsd6 ws0\">Chan<span class=\"_ _2\"></span>ge in total e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y </td><td></td><td></td><td class=\"t m0 x487 hd y56aa ff3 fs7 fc1 sc0 ls38 ws35\">(48)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y55ef w21d h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 lsd6 ws0\">at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to owner<span class=\"_ _2\"></span>s of<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws195\">the<span class=\"_ gs132\"> </span>pa<span class=\"_ _2\"></span>rent<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td></tr></table>In add<span class=\"_ _2\"></span>ition to the ab<span class=\"_ _2\"></span>ove IFRS 17 has im<span class=\"_ _2\"></span>pacte<span class=\"_ _2\"></span>d how insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d reinsura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act-rela<span class=\"_ _2\"></span>ted balan<span class=\"_ _2\"></span>ces are p<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d in the st<span class=\"_ _2\"></span>atement of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l position<span class=\"_ _2\"></span>. Cer<span class=\"_ _2\"></span>tain a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liab<span class=\"_ _2\"></span>ilities previo<span class=\"_ _2\"></span>usly rep<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d separ<span class=\"_ _2\"></span>ately are now in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d within IFR<span class=\"_ _2\"></span>S 17 balanc<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, these inclu<span class=\"_ _2\"></span>de balan<span class=\"_ _2\"></span>ces suc<span class=\"_ _2\"></span>h as unallo<span class=\"_ _2\"></span>cated s<span class=\"_ _2\"></span>urplus<span class=\"_ _2\"></span>, depos<span class=\"_ _2\"></span>its rec<span class=\"_ _2\"></span>eived from re<span class=\"_ _2\"></span>insurer<span class=\"_ _2\"></span>s and insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>/<span class=\"_ _7\"></span>re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce payable<span class=\"_ _2\"></span>s/<span class=\"_ _7\"></span>re<span class=\"_ _2\"></span>ceivab<span class=\"_ _2\"></span>les and payable<span class=\"_ _2\"></span>s related to dire<span class=\"_ _2\"></span>ct ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. Othe<span class=\"_ _2\"></span>r liabilities an<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>ets have be<span class=\"_ _2\"></span>en par<span class=\"_ _2\"></span>tly re<span class=\"_ _2\"></span>class<span class=\"_ _2\"></span>ified within I<span class=\"_ _2\"></span>FRS 17 liabilit<span class=\"_ _2\"></span>ies and as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s where thes<span class=\"_ _2\"></span>e balan<span class=\"_ _2\"></span>ces rela<span class=\"_ _2\"></span>te to insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, such a<span class=\"_ _2\"></span>s provisions<span class=\"_ _2\"></span>, loan<span class=\"_ _2\"></span>s and dep<span class=\"_ _2\"></span>osits (p<span class=\"_ _2\"></span>olicy lo<span class=\"_ _2\"></span>ans), other payab<span class=\"_ _2\"></span>les and oth<span class=\"_ _2\"></span>er rece<span class=\"_ _2\"></span>ivables<span class=\"_ _2\"></span>. Cos<span class=\"_ _2\"></span>ts that are a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d as direc<span class=\"_ _2\"></span>tly att<span class=\"_ _2\"></span>ributab<span class=\"_ _2\"></span>le to insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are acco<span class=\"_ _2\"></span>unted for unde<span class=\"_ _2\"></span>r IFRS 17 an<span class=\"_ _2\"></span>d this inclu<span class=\"_ _2\"></span>des thos<span class=\"_ _2\"></span>e that woul<span class=\"_ _2\"></span>d have previo<span class=\"_ _2\"></span>usly determ<span class=\"_ _2\"></span>ined in ac<span class=\"_ _2\"></span>cordan<span class=\"_ _2\"></span>ce with the re<span class=\"_ _2\"></span>quireme<span class=\"_ _2\"></span>nts of IAS 37 Provision<span class=\"_ _2\"></span>s, C<span class=\"_ _2\"></span>ontinge<span class=\"_ _2\"></span>nt Liabilities an<span class=\"_ _2\"></span>d Contin<span class=\"_ _2\"></span>gent As<span class=\"_ _2\"></span>sets to b<span class=\"_ _2\"></span>e includ<span class=\"_ _2\"></span>ed in provision<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>The imp<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s on the key line items in th<span class=\"_ _2\"></span>e Group\u2019s statem<span class=\"_ _2\"></span>ent of cons<span class=\"_ _2\"></span>olidated fin<span class=\"_ _2\"></span>ancial p<span class=\"_ _2\"></span>osition are s<span class=\"_ _2\"></span>et out be<span class=\"_ _2\"></span>low:<span class=\"_ _3bc\"> </span><table class=\"s wc6 h294\" id=\"_f7b5abd9-9bf6-47fc-abe7-e47aa8bea2ad\"><tr><td></td><td class=\"t m0 x488 h16 y56ab ff3 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r 2021 </td><td class=\"t m0 x489 h16 y56ab ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act o<span class=\"_ _2\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x48a h16 y56ac ff3 fsf fc1 sc0 lse4 wsce\">as previously<span class=\"_ _7\"></span> </td><td class=\"t m0 x48b h16 y56ac ff3 fsf fc1 sc0 ls0 ws0\">imp<span class=\"_ _2\"></span>leme<span class=\"_ _2\"></span>ntat<span class=\"_ _2\"></span>ion of </td><td class=\"t m0 x260 h16 y56ac ff3 fsf fc1 sc0 ls0 ws0\">1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 202<span class=\"_ _2\"></span>2 </td></tr><tr><td></td><td class=\"t m0 x48c h16 y56ad ff3 fsf fc1 sc0 ls0 ws0\">rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ted \u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x48d h16 y56ad ff3 fsf fc1 sc0 ls0 ws0\">IFR<span class=\"_ _2\"></span>S 17 \u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x48e h16 y56ad ff3 fsf fc1 sc0 ls0 ws0\">res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y56ae w21e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Intan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x48f y56ae w21f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">4,565<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x490 y56ae w220 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>28)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x491 y56ae wde h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">2<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56af w221 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x492 y56af w222 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">293,1<span class=\"_ _2\"></span>92<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x493 y56af w223 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x494 y56af w106 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">293,<span class=\"_ _2\"></span>161<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b0 w107 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x495 y56b0 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1fe y56b0 w8d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">65<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x496 y56b0 w8d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">65<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b1 w10a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x497 y56b1 w224 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">8,<span class=\"_ _2\"></span>587<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x498 y56b1 w225 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,<span class=\"_ _2\"></span>867<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x499 y56b1 w1ca h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b2 w226 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er insur<span class=\"_ _2\"></span>ance/<span class=\"_ _5\"></span>reins<span class=\"_ _2\"></span>urance re<span class=\"_ _2\"></span>ceiva<span class=\"_ _2\"></span>bles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49a y56b2 w227 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">139<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49b y56b2 w228 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(139)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49c y56b2 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b3 w229 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49d y56b3 w22a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49e y56b3 w22b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49f y56b3 w22c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5616 w22d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">To<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> a<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a0 y5616 w22e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">333,<span class=\"_ _7\"></span>799<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a1 y5616 w22f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a2 y5616 w12c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">3<span class=\"_ _3\"></span>2<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b4 w151 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a3 y56b4 w230 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">12<span class=\"_ _7\"></span>8,86<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a4 y56b4 w162 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,6<span class=\"_ _2\"></span>33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a5 y56b4 w155 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bf ws1be\">1<span class=\"_ _2\"></span>32,<span class=\"_ _2\"></span>497<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b5 w231 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Unallocated surplus<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a6 y56b5 w232 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">1<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a7 y56b5 w233 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>01)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a8 y56b5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y56b6 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y56b7 w15b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a9 y56b7 w234 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">1<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>417<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4aa y56b7 w8e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(2,<span class=\"_ _2\"></span>968)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ab y56b7 w235 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">157<span class=\"_ _6\"></span>,<span class=\"_ _2\"></span>449<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ea w236 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Dep<span class=\"_ _2\"></span>osits re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d from reinsure<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ac y55ea w237 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,<span class=\"_ _2\"></span>569<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ad y55ea w238 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,56<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2ab y55ea w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55eb w170 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Provisions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ae y55eb w239 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">235<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4af y55eb w23a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b0 y55eb wdb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">184<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b8 w174 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b1 y56b8 w23b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">1<span class=\"_ _2\"></span>,39<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b2 y56b8 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b3 y56b8 w128 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>407<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b9 w23c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er insur<span class=\"_ _2\"></span>ance/<span class=\"_ _5\"></span>reins<span class=\"_ _2\"></span>urance p<span class=\"_ _2\"></span>ayables<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b4 y56b9 w103 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">2,0<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b5 y56b9 w23d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>07)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b6 y56b9 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5684 w23e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er liabilitie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b7 y5684 w23f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">28<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>38<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b8 y5684 w240 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">772<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b9 y5684 w241 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">2<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,51<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w242 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ba y561e w243 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">3<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4bb y561e w244 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>98<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4bc y561e w245 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">32<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w246 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4bd y55ef w247 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb3 wsf4\">6,<span class=\"_ _7\"></span>769<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4be y55ef w1c4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(48)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4bf y55ef we6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">6<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td></tr></table>Los<span class=\"_ _2\"></span>s attri<span class=\"_ _2\"></span>butab<span class=\"_ _2\"></span>le to owne<span class=\"_ _2\"></span>rs for the ye<span class=\"_ _2\"></span>ar end<span class=\"_ _2\"></span>ed 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2022<span class=\"_ _3bc\"> </span>As a res<span class=\"_ _2\"></span>ult of adopting I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e loss af<span class=\"_ _2\"></span>ter ta<span class=\"_ _2\"></span>x attrib<span class=\"_ _2\"></span>utable to ow<span class=\"_ _2\"></span>ners for th<span class=\"_ _2\"></span>e year end<span class=\"_ _2\"></span>ed 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2022 in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>ed by \u00a38<span class=\"_ _2\"></span>95 million f<span class=\"_ _2\"></span>rom a<span class=\"_ gs132\"> </span>los<span class=\"_ _2\"></span>s of \u00a31,76<span class=\"_ _2\"></span>2 million to a los<span class=\"_ _2\"></span>s of \u00a32,6<span class=\"_ _2\"></span>57 million<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><table class=\"s w248 h295\" id=\"_bcc1e9c5-047a-4ccb-a765-7ca069908a64\"><tr><td></td><td class=\"t m0 x4c0 h16 y56ba ff3 fsf fc1 sc0 lse4 wsce\">As previously<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x4c1 h16 y56bb ff3 fsf fc1 sc0 lsf3 wsdf\">repor<span class=\"_ _2\"></span>ted<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x261 h16 y56bb ff3 fsf fc1 sc0 lsf3 wsdf\">Rest<span class=\"_ _2\"></span>ated<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 h16 y56bb ff3 fsf fc1 sc0 ls84 ws79\">Change<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x4c3 h16 y56bc ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h16 y56bc ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y56bc ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y56bd w249 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit before ta<span class=\"_ _2\"></span>x<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c4 y56bd w24a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>24<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c5 y56bd w119 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c3 ws1c3\">544<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c6 y56bd w24b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>701)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56be w24c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Economic variances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c7 y56be w24d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(2,673)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c8 y56be w238 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,30<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c9 y56be w24e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">(<span class=\"_ _2\"></span>636)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56bf w7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation and imp<span class=\"_ _2\"></span>airment of ac<span class=\"_ _2\"></span>quired in-force b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ca y56bf w24b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">(5<span class=\"_ _2\"></span>01)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cb y56bf w24f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cc y56bf w112 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">154<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c0 w250 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation and imp<span class=\"_ _2\"></span>airment of othe<span class=\"_ _2\"></span>r intangib<span class=\"_ _2\"></span>les<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cd y56c0 w251 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">(<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ce y56c0 w252 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cf y56c0 wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">15<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c1 w253 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other non-operat<span class=\"_ _5\"></span>ing it<span class=\"_ _5\"></span>ems<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d0 y56c1 w254 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d1 y56c1 w56 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>262)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d2 y56c1 w1da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(8<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c2 w255 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>ce cos<span class=\"_ _2\"></span>ts at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to owne<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d3 y56c2 w50 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(19<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d4 y56c2 w50 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(19<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d5 y56c2 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c3 w256 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Loss b<span class=\"_ _2\"></span>efore tax at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>table to owne<span class=\"_ _2\"></span>rs of the pare<span class=\"_ _2\"></span>nt<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d6 y56c3 w257 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">(2<span class=\"_ _2\"></span>,328<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d7 y56c3 w258 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(3,579)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d8 y56c3 w259 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>251<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c4 w25a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Profit before t<span class=\"_ _2\"></span>ax at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to non-c<span class=\"_ _2\"></span>ontrolling intere<span class=\"_ _2\"></span>st<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d9 y56c4 wa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">67<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4da y56c4 wa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">67<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4db y56c4 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c5 w25b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Loss b<span class=\"_ _2\"></span>efore tax at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>table to owne<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4dc y56c5 w25c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(2<span class=\"_ _2\"></span>,261<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4dd y56c5 w25d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>512<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4de y56c5 w25e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>251<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c6 w9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ax c<span class=\"_ _2\"></span>redit at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to owner<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4df y56c6 w91 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">499<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e0 y56c6 w9c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">855<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x224 y56c6 w239 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">356<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c7 w25f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">Los<span class=\"_ _2\"></span>s afte<span class=\"_ _2\"></span>r tax at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>tabl<span class=\"_ _2\"></span>e to owner<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e1 y56c7 w260 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e2 y56c7 w261 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(2<span class=\"_ _2\"></span>,657<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e3 y56c7 w50 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(895<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table>Det<span class=\"_ _2\"></span>ails of the adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d operatin<span class=\"_ _2\"></span>g profit meth<span class=\"_ _2\"></span>odolo<span class=\"_ _2\"></span>gy followin<span class=\"_ _2\"></span>g the trans<span class=\"_ _2\"></span>ition to IFRS 17 i<span class=\"_ _2\"></span>s set out in note B1<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The m<span class=\"_ _2\"></span>ain drivers of this re<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>n are:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e chan<span class=\"_ _2\"></span>ge in profit rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n pat<span class=\"_ _2\"></span>tern. Un<span class=\"_ _2\"></span>der IFRS 17 p<span class=\"_ _2\"></span>rofits are sp<span class=\"_ _2\"></span>read over the life of co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s as se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e is provided<span class=\"_ _2\"></span>. This incl<span class=\"_ _2\"></span>udes the deferra<span class=\"_ _2\"></span>l of new busin<span class=\"_ _2\"></span>ess profit<span class=\"_ _2\"></span>s from annui<span class=\"_ _2\"></span>ty c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts writ<span class=\"_ _2\"></span>ten in the p<span class=\"_ _2\"></span>eriod;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>cono<span class=\"_ _2\"></span>mic varianc<span class=\"_ _2\"></span>es have incre<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d in relation to th<span class=\"_ _2\"></span>e Solven<span class=\"_ _2\"></span>cy II he<span class=\"_ _2\"></span>dging in p<span class=\"_ _2\"></span>lace. Th<span class=\"_ _2\"></span>e interest r<span class=\"_ _2\"></span>ate sensi<span class=\"_ _2\"></span>tive liabilities re<span class=\"_ _2\"></span>duce c<span class=\"_ _2\"></span>ompare<span class=\"_ _2\"></span>d to IFR<span class=\"_ _2\"></span>S 4 as the ma<span class=\"_ _2\"></span>jorit<span class=\"_ _2\"></span>y of the Group\u2019s CS<span class=\"_ _2\"></span>M uses lo<span class=\"_ _2\"></span>ck<span class=\"_ _5\"></span>ed<span class=\"_ _2\"></span>-in discount r<span class=\"_ _2\"></span>ates resultin<span class=\"_ _2\"></span>g in a higher l<span class=\"_ _2\"></span>evel of \u2018<span class=\"_ _5\"></span>over-he<span class=\"_ _2\"></span>dging\u2019. In addition<span class=\"_ _2\"></span>, the off<span class=\"_ _2\"></span>set to the los<span class=\"_ _2\"></span>ses p<span class=\"_ _2\"></span>rimarily from inte<span class=\"_ _2\"></span>rest ra<span class=\"_ _2\"></span>te hedgin<span class=\"_ _2\"></span>g from gain<span class=\"_ _2\"></span>s arising on e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y hedg<span class=\"_ _2\"></span>es in the prev<span class=\"_ _2\"></span>iously re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted numb<span class=\"_ _2\"></span>ers is re<span class=\"_ _2\"></span>duced<span class=\"_ _2\"></span>, as unde<span class=\"_ _2\"></span>r IFR<span class=\"_ _2\"></span>S 17 these h<span class=\"_ _2\"></span>edge<span class=\"_ _2\"></span>s now par<span class=\"_ _2\"></span>tially of<span class=\"_ _2\"></span>fset a<span class=\"_ _2\"></span>dverse m<span class=\"_ _2\"></span>arket impact<span class=\"_ _2\"></span>s arisin<span class=\"_ _2\"></span>g in the incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment from unit-linked an<span class=\"_ _2\"></span>d with-profit<span class=\"_ _2\"></span>s busine<span class=\"_ _2\"></span>ss which h<span class=\"_ _2\"></span>ave a loss com<span class=\"_ _2\"></span>ponent<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a re<span class=\"_ _2\"></span>ducti<span class=\"_ _2\"></span>on in amor<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on of the elem<span class=\"_ _2\"></span>ent of acquire<span class=\"_ _2\"></span>d in-force (\u2018<span class=\"_ _5\"></span>A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F\u2019<span class=\"_ _2\"></span>) busines<span class=\"_ _2\"></span>s as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts which is d<span class=\"_ _2\"></span>ereco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d on<span class=\"_ gs132\"> </span>tran<span class=\"_ _2\"></span>sition to IFR<span class=\"_ _2\"></span>S 17<span class=\"_ _5\"></span>; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>oth<span class=\"_ _2\"></span>er non-<span class=\"_ _2\"></span>opera<span class=\"_ _2\"></span>ting items h<span class=\"_ _2\"></span>ave reduce<span class=\"_ _2\"></span>d due to cos<span class=\"_ _2\"></span>ts that h<span class=\"_ _2\"></span>ave been a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>sed a<span class=\"_ _2\"></span>s direct<span class=\"_ _2\"></span>ly attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts b<span class=\"_ _2\"></span>eing inc<span class=\"_ _2\"></span>luded in<span class=\"_ gs132\"> </span>the c<span class=\"_ _2\"></span>alculatio<span class=\"_ _2\"></span>n of the CSM<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2 Adop<span class=\"_ _2\"></span>tion of I<span class=\"_ _2\"></span>FRS 9 Financial Ins<span class=\"_ _2\"></span>truments<span class=\"_ _3bc\"> </span>IFR<span class=\"_ _2\"></span>S 9 replac<span class=\"_ _2\"></span>ed IAS 3<span class=\"_ _2\"></span>9 Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts: Re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition and M<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment for annu<span class=\"_ _2\"></span>al perio<span class=\"_ _2\"></span>ds beg<span class=\"_ _2\"></span>inning on or af<span class=\"_ _2\"></span>ter 1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 2018<span class=\"_ _2\"></span>. The Group e<span class=\"_ _2\"></span>lecte<span class=\"_ _2\"></span>d, unde<span class=\"_ _2\"></span>r the ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s to IFRS 4<span class=\"_ _2\"></span>, to apply th<span class=\"_ _2\"></span>e tempora<span class=\"_ _2\"></span>ry exem<span class=\"_ _2\"></span>ption from IFR<span class=\"_ _2\"></span>S 9, to defer the in<span class=\"_ _2\"></span>itial applic<span class=\"_ _2\"></span>ation date of I<span class=\"_ _2\"></span>FRS 9 to align wit<span class=\"_ _2\"></span>h the initial ap<span class=\"_ _2\"></span>plicatio<span class=\"_ _2\"></span>n of IFRS 17<span class=\"_ _7\"></span>. Th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s therefore ado<span class=\"_ _2\"></span>pted the re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s of IFRS 9 from 1 J<span class=\"_ _2\"></span>anuar<span class=\"_ _2\"></span>y 2023 an<span class=\"_ _2\"></span>d in acco<span class=\"_ _2\"></span>rdance with the t<span class=\"_ _2\"></span>ransitio<span class=\"_ _2\"></span>n provisions in th<span class=\"_ _2\"></span>e stan<span class=\"_ _2\"></span>dard, c<span class=\"_ _2\"></span>omparati<span class=\"_ _2\"></span>ves have not be<span class=\"_ _2\"></span>en rest<span class=\"_ _2\"></span>ated. IFR<span class=\"_ _2\"></span>S 9 introduce<span class=\"_ _2\"></span>s new require<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s for clas<span class=\"_ _2\"></span>sifyin<span class=\"_ _2\"></span>g and me<span class=\"_ _2\"></span>asuring fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liabili<span class=\"_ _2\"></span>ties, im<span class=\"_ _2\"></span>pairme<span class=\"_ _2\"></span>nt method<span class=\"_ _2\"></span>ology, and g<span class=\"_ _2\"></span>enera<span class=\"_ _2\"></span>l hedg<span class=\"_ _2\"></span>e acc<span class=\"_ _2\"></span>ounting r<span class=\"_ _2\"></span>ules and rep<span class=\"_ _2\"></span>lace<span class=\"_ _2\"></span>d the corre<span class=\"_ _2\"></span>spondin<span class=\"_ _2\"></span>g sec<span class=\"_ _2\"></span>tions of IAS 3<span class=\"_ _2\"></span>9. New a<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g policie<span class=\"_ _2\"></span>s adopted fo<span class=\"_ _2\"></span>llowing the imp<span class=\"_ _2\"></span>lement<span class=\"_ _2\"></span>ation of IFRS 9 a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d within note E1<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A2<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>.<span class=\"_ _7\"></span>1 Classification and<span class=\"_ _5\"></span> measurement of<span class=\"_ _7\"></span> finan<span class=\"_ _2\"></span>cial<span class=\"_ _5\"></span> instruments<span class=\"_ _3bc\"> </span>Financial assets<span class=\"_ _3bc\"> </span>IFR<span class=\"_ _2\"></span>S 9 requires all fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s to be as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed ba<span class=\"_ _2\"></span>sed on a c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>n of the Group\u2019s busine<span class=\"_ _2\"></span>ss mod<span class=\"_ _2\"></span>el for man<span class=\"_ _2\"></span>aging th<span class=\"_ _2\"></span>e asset<span class=\"_ _2\"></span>s and th<span class=\"_ _2\"></span>e ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s\u2019 contrac<span class=\"_ _2\"></span>tual c<span class=\"_ _2\"></span>ash flow ch<span class=\"_ _2\"></span>arac<span class=\"_ _2\"></span>teristic<span class=\"_ _2\"></span>s. A<span class=\"_ _2\"></span>s a result of ado<span class=\"_ _2\"></span>pting IFR<span class=\"_ _2\"></span>S 9 on 1 Januar<span class=\"_ _2\"></span>y 202<span class=\"_ _2\"></span>3, ce<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ain loans an<span class=\"_ _2\"></span>d depo<span class=\"_ _2\"></span>sits and c<span class=\"_ _2\"></span>ash an<span class=\"_ _2\"></span>d ca<span class=\"_ _2\"></span>sh equival<span class=\"_ _2\"></span>ents inves<span class=\"_ _2\"></span>tment as<span class=\"_ _2\"></span>set bal<span class=\"_ _2\"></span>ances<span class=\"_ _2\"></span>, previo<span class=\"_ _2\"></span>usly cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t, have now b<span class=\"_ _2\"></span>een re<span class=\"_ _2\"></span>clas<span class=\"_ _2\"></span>sified at fair va<span class=\"_ _2\"></span>lue throug<span class=\"_ _2\"></span>h profit or los<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>FV<span class=\"_ _2\"></span>TPL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>) (mandator<span class=\"_ _2\"></span>y) cate<span class=\"_ _2\"></span>gor<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>. The c<span class=\"_ _2\"></span>lassifi<span class=\"_ _2\"></span>cation a<span class=\"_ _2\"></span>dopted is driven by th<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss mo<span class=\"_ _2\"></span>del as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment whic<span class=\"_ _2\"></span>h determine<span class=\"_ _2\"></span>d that the<span class=\"_ _2\"></span>se as<span class=\"_ _2\"></span>sets are man<span class=\"_ _2\"></span>aged a<span class=\"_ _2\"></span>nd evaluate<span class=\"_ _2\"></span>d on a fair value b<span class=\"_ _2\"></span>asis<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e financia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts, w<span class=\"_ _2\"></span>hich bac<span class=\"_ _2\"></span>k policyh<span class=\"_ _2\"></span>older lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>, are acti<span class=\"_ _2\"></span>vely mana<span class=\"_ _2\"></span>ged a<span class=\"_ _2\"></span>nd therefore supp<span class=\"_ _2\"></span>ort th<span class=\"_ _2\"></span>e wider ob<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>tive of the Group to ma<span class=\"_ _2\"></span>ximise S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II hea<span class=\"_ _2\"></span>droom<span class=\"_ _2\"></span>. The recl<span class=\"_ _2\"></span>assific<span class=\"_ _2\"></span>ation of the<span class=\"_ _2\"></span>se ass<span class=\"_ _2\"></span>ets ha<span class=\"_ _2\"></span>s not resulte<span class=\"_ _2\"></span>d in an adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt to equit<span class=\"_ _2\"></span>y at 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y 2023 as th<span class=\"_ _2\"></span>e fair value of the<span class=\"_ _2\"></span>se as<span class=\"_ _2\"></span>sets at th<span class=\"_ _2\"></span>is date was eq<span class=\"_ _2\"></span>ual to the amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t.<span class=\"_ _3bc\"> </span>Unde<span class=\"_ _2\"></span>r IAS 39<span class=\"_ _2\"></span>, cer<span class=\"_ _2\"></span>tain und<span class=\"_ _2\"></span>erlying ite<span class=\"_ _2\"></span>ms of par<span class=\"_ _2\"></span>ticipatin<span class=\"_ _2\"></span>g contrac<span class=\"_ _2\"></span>ts were de<span class=\"_ _2\"></span>signate<span class=\"_ _2\"></span>d as at FV<span class=\"_ _2\"></span>TPL b<span class=\"_ _2\"></span>eca<span class=\"_ _2\"></span>use the G<span class=\"_ _2\"></span>roup mana<span class=\"_ _2\"></span>ged th<span class=\"_ _2\"></span>em and evaluate<span class=\"_ _2\"></span>d their p<span class=\"_ _2\"></span>erform<span class=\"_ _2\"></span>ance on a f<span class=\"_ _2\"></span>air value ba<span class=\"_ _2\"></span>sis in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with a docum<span class=\"_ _2\"></span>ented inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>. U<span class=\"_ _2\"></span>nder I<span class=\"_ _2\"></span>FRS 9, por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folios of thes<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts are man<span class=\"_ _2\"></span>datorily me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d at FV<span class=\"_ _2\"></span>TPL as th<span class=\"_ _2\"></span>e busines<span class=\"_ _2\"></span>s mod<span class=\"_ _2\"></span>el ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent con<span class=\"_ _2\"></span>cludes th<span class=\"_ _2\"></span>at they are m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>d and eval<span class=\"_ _2\"></span>uated on a fair va<span class=\"_ _2\"></span>lue basi<span class=\"_ _2\"></span>s and con<span class=\"_ _2\"></span>seque<span class=\"_ _2\"></span>ntly the cla<span class=\"_ _2\"></span>ssific<span class=\"_ _2\"></span>ation as F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL remains un<span class=\"_ _2\"></span>chan<span class=\"_ _2\"></span>ged upo<span class=\"_ _2\"></span>n adoption of I<span class=\"_ _2\"></span>FRS 9.<span class=\"_ _3bc\"> </span>All other fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s that are n<span class=\"_ _2\"></span>ot activel<span class=\"_ _2\"></span>y manag<span class=\"_ _2\"></span>ed suc<span class=\"_ _2\"></span>h as cer<span class=\"_ _2\"></span>tain c<span class=\"_ _2\"></span>ash an<span class=\"_ _2\"></span>d cash e<span class=\"_ _2\"></span>quivalent<span class=\"_ _2\"></span>s, re<span class=\"_ _2\"></span>ceivab<span class=\"_ _2\"></span>les and lo<span class=\"_ _2\"></span>ans and de<span class=\"_ _2\"></span>posit<span class=\"_ _2\"></span>s, are t<span class=\"_ _2\"></span>ypicall<span class=\"_ _2\"></span>y held to coll<span class=\"_ _2\"></span>ect c<span class=\"_ _2\"></span>ash flows a<span class=\"_ _2\"></span>nd therefore c<span class=\"_ _2\"></span>ontinue to be c<span class=\"_ _2\"></span>lassifi<span class=\"_ _2\"></span>ed as amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t under I<span class=\"_ _2\"></span>FRS 9.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has not e<span class=\"_ _2\"></span>lecte<span class=\"_ _2\"></span>d to meas<span class=\"_ _2\"></span>ure any equit<span class=\"_ _2\"></span>y se<span class=\"_ _2\"></span>curities fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s at fair valu<span class=\"_ _2\"></span>e through oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income (<span class=\"_ _2\"></span>\u2018F<span class=\"_ _2\"></span>VOCI<span class=\"_ _2\"></span>\u2019). Furt<span class=\"_ _2\"></span>her<span class=\"_ _5\"></span>, no othe<span class=\"_ _2\"></span>r debt se<span class=\"_ _2\"></span>curities fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s are clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s FVOCI on a<span class=\"_ _2\"></span>doption of IFR<span class=\"_ _2\"></span>S 9.<span class=\"_ _3bc\"> </span>Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span>IFR<span class=\"_ _2\"></span>S 9 has not ha<span class=\"_ _2\"></span>d a signific<span class=\"_ _2\"></span>ant effe<span class=\"_ _2\"></span>ct on the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s acc<span class=\"_ _2\"></span>ounting p<span class=\"_ _2\"></span>olicies for fin<span class=\"_ _2\"></span>ancial lia<span class=\"_ _2\"></span>bilities as th<span class=\"_ _2\"></span>e clas<span class=\"_ _2\"></span>sificatio<span class=\"_ _2\"></span>n and mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of financial liabilitie<span class=\"_ _2\"></span>s remains l<span class=\"_ _2\"></span>argely un<span class=\"_ _2\"></span>chang<span class=\"_ _2\"></span>ed from IA<span class=\"_ _2\"></span>S 39. Fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l liabilities are e<span class=\"_ _2\"></span>ither cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t or at FV<span class=\"_ _2\"></span>TPL<span class=\"_ _2\"></span>. Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s withou<span class=\"_ _2\"></span>t DPF<span class=\"_ _7\"></span>, whic<span class=\"_ _2\"></span>h do not tran<span class=\"_ _2\"></span>sfer signi<span class=\"_ _2\"></span>ficant ins<span class=\"_ _2\"></span>urance ri<span class=\"_ _2\"></span>sk, co<span class=\"_ _2\"></span>ntinue to be ac<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d for as a financ<span class=\"_ _2\"></span>ial liabilit<span class=\"_ _2\"></span>y and desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL on the ba<span class=\"_ _2\"></span>sis that th<span class=\"_ _2\"></span>ese liabilit<span class=\"_ _2\"></span>ies are both m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>d on a fair valu<span class=\"_ _2\"></span>e basis an<span class=\"_ _2\"></span>d are desig<span class=\"_ _2\"></span>nated as s<span class=\"_ _2\"></span>uch to avoid an acc<span class=\"_ _2\"></span>ounting mism<span class=\"_ _2\"></span>atch with the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s held to ba<span class=\"_ _2\"></span>ck them<span class=\"_ _2\"></span>. On tra<span class=\"_ _2\"></span>nsition to I<span class=\"_ _2\"></span>FRS 17 and I<span class=\"_ _2\"></span>FRS 9, dep<span class=\"_ _2\"></span>osits fro<span class=\"_ _2\"></span>m reinsurer<span class=\"_ _2\"></span>s are no lon<span class=\"_ _2\"></span>ger cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as finan<span class=\"_ _2\"></span>cial liabilitie<span class=\"_ _2\"></span>s under I<span class=\"_ _2\"></span>FRS 9 in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with the IFR<span class=\"_ _2\"></span>S 17 requirem<span class=\"_ _2\"></span>ents for \u2018premium wit<span class=\"_ _2\"></span>hheld<span class=\"_ _2\"></span>\u2019 arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e premiums w<span class=\"_ _2\"></span>ithheld h<span class=\"_ _2\"></span>ave now bec<span class=\"_ _2\"></span>ome a com<span class=\"_ _2\"></span>ponent of f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows an<span class=\"_ _2\"></span>d for contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s with depo<span class=\"_ _2\"></span>sit bac<span class=\"_ _2\"></span>k arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e present<span class=\"_ _2\"></span>ation of the de<span class=\"_ _2\"></span>posit ba<span class=\"_ _2\"></span>ck liabilit<span class=\"_ _2\"></span>y has n<span class=\"_ _2\"></span>ow chang<span class=\"_ _2\"></span>ed to be s<span class=\"_ _2\"></span>hown as an of<span class=\"_ _2\"></span>fset to th<span class=\"_ _2\"></span>e reins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed th<span class=\"_ _2\"></span>e IFRS 9 re<span class=\"_ _2\"></span>quirement t<span class=\"_ _2\"></span>hat chan<span class=\"_ _2\"></span>ges in fair va<span class=\"_ _2\"></span>lue of financ<span class=\"_ _2\"></span>ial liabilitie<span class=\"_ _2\"></span>s relating to cre<span class=\"_ _2\"></span>dit risk b<span class=\"_ _2\"></span>e presente<span class=\"_ _2\"></span>d in OCI<span class=\"_ _2\"></span>, with the ba<span class=\"_ _2\"></span>lance of the c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e in fair value to b<span class=\"_ _2\"></span>e presente<span class=\"_ _2\"></span>d in profit and lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, unless t<span class=\"_ _2\"></span>his treatme<span class=\"_ _2\"></span>nt would cre<span class=\"_ _2\"></span>ate or enlarg<span class=\"_ _2\"></span>e an acc<span class=\"_ _2\"></span>ounting mism<span class=\"_ _2\"></span>atch in profit an<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>. Base<span class=\"_ _2\"></span>d on this as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment<span class=\"_ _2\"></span>, no finan<span class=\"_ _2\"></span>cial liabiliti<span class=\"_ _2\"></span>es were identi<span class=\"_ _2\"></span>fied as re<span class=\"_ _2\"></span>quiring split p<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>ation of moveme<span class=\"_ _2\"></span>nts bet<span class=\"_ _2\"></span>ween O<span class=\"_ _2\"></span>CI an<span class=\"_ _2\"></span>d profit an<span class=\"_ _2\"></span>d loss as th<span class=\"_ _2\"></span>is would cre<span class=\"_ _2\"></span>ate an acco<span class=\"_ _2\"></span>unting mism<span class=\"_ _2\"></span>atch as the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s held to ba<span class=\"_ _2\"></span>ck thes<span class=\"_ _2\"></span>e liabilities a<span class=\"_ _2\"></span>re at FV<span class=\"_ _2\"></span>TPL. The val<span class=\"_ _2\"></span>uation of investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties witho<span class=\"_ _2\"></span>ut DPF are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at the fair va<span class=\"_ _2\"></span>lue of the relate<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>ets and lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>. The liabilit<span class=\"_ _2\"></span>y is th<span class=\"_ _2\"></span>e sum of the inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities pl<span class=\"_ _2\"></span>us an additi<span class=\"_ _2\"></span>onal amo<span class=\"_ _2\"></span>unt to cover the pre<span class=\"_ _2\"></span>sent valu<span class=\"_ _2\"></span>e of the exces<span class=\"_ _2\"></span>s of future poli<span class=\"_ _2\"></span>cy cos<span class=\"_ _2\"></span>ts over futur<span class=\"_ _5\"></span>e charges.<span class=\"_ _3bc\"> </span>The ap<span class=\"_ _2\"></span>plicatio<span class=\"_ _2\"></span>n of the clas<span class=\"_ _2\"></span>sificatio<span class=\"_ _2\"></span>n and mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt requirem<span class=\"_ _2\"></span>ents in IF<span class=\"_ _2\"></span>RS 9 at 1 Janu<span class=\"_ _2\"></span>ary 2<span class=\"_ _2\"></span>023 resulte<span class=\"_ _2\"></span>d in the following reclassific<span class=\"_ _2\"></span>ation adjustments:<span class=\"_ _3bc\"> </span><table class=\"s w262 h296\" id=\"_21eb348f-0149-4e73-a848-e22da847ece9\"><tr><td></td><td></td><td class=\"c n x4e4 y56c8 w263 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">IAS 3<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x4e5 y56c8 w264 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">IFR<span class=\"_ _2\"></span>S 9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x4e6 h16 y56c9 ff3 fsf fc1 sc0 ls82 ws77\">Carr<span class=\"_ _2\"></span>ying amount<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x4e7 h16 y56c9 ff3 fsf fc1 sc0 ls82 ws77\">Carr<span class=\"_ _2\"></span>ying amount<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y56ca w265 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">Financial asset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e8 y56ca w266 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">Meas<span class=\"_ _2\"></span>urement categ<span class=\"_ _2\"></span>ory<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e9 y56ca w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ea y56ca w267 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">Me<span class=\"_ _2\"></span>asurement c<span class=\"_ _2\"></span>ategor<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x2c6 h16 y56cb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56cc ff3 fs7 fc1 sc0 ls8c ws5e\">Loans and deposits<span class=\"_ _3bc\"> </span></td><td class=\"c n x4eb y55ee w268 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls69 ws11\">Amortised cost<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ec y55ee w269 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ed y55ee w26a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">FVTPL<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ee y55ee we1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y56cd ff3 fs7 fc1 sc0 lsd6 ws0\">Cas<span class=\"_ _2\"></span>h and ca<span class=\"_ _2\"></span>sh equiva<span class=\"_ _2\"></span>lent<span class=\"_ _3bc\"> </span></td><td class=\"c n x4eb y55ef w268 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls69 ws11\">Amortised cost<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ef y55ef w26b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>423<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f0 y55ef w26a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">FVTPL<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f1 y55ef w49 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">8,<span class=\"_ _2\"></span>42<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Ac<span class=\"_ _2\"></span>tive<span class=\"_ _2\"></span>ly man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d inve<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ent as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>A2.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>2 Impair<span class=\"_ _5\"></span>ment<span class=\"_ _3bc\"> </span>The a<span class=\"_ _2\"></span>doption of IFR<span class=\"_ _2\"></span>S 9 has cha<span class=\"_ _2\"></span>nged t<span class=\"_ _2\"></span>he Group\u2019s acco<span class=\"_ _2\"></span>unting for impair<span class=\"_ _2\"></span>ment los<span class=\"_ _2\"></span>ses for fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s held at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost by repl<span class=\"_ _2\"></span>acing IAS 39<span class=\"_ _2\"></span>\u2019s incurre<span class=\"_ _2\"></span>d loss app<span class=\"_ _2\"></span>roach wit<span class=\"_ _2\"></span>h a forward<span class=\"_ _2\"></span>-lookin<span class=\"_ _2\"></span>g expec<span class=\"_ _2\"></span>ted cre<span class=\"_ _2\"></span>dit loss (<span class=\"_ _2\"></span>\u2018EC<span class=\"_ _2\"></span>L<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>) approa<span class=\"_ _2\"></span>ch. The n<span class=\"_ _2\"></span>ew impairm<span class=\"_ _2\"></span>ent mod<span class=\"_ _2\"></span>el applies to t<span class=\"_ _2\"></span>he Group\u2019s finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets c<span class=\"_ _2\"></span>arried at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. A signifi<span class=\"_ _2\"></span>cant por<span class=\"_ _2\"></span>tion of Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s are car<span class=\"_ _2\"></span>ried at F<span class=\"_ _2\"></span>VTP<span class=\"_ _2\"></span>L under IFR<span class=\"_ _2\"></span>S 9 and are th<span class=\"_ _2\"></span>erefore not subj<span class=\"_ _2\"></span>ect to EC<span class=\"_ _2\"></span>L asse<span class=\"_ _2\"></span>ssm<span class=\"_ _2\"></span>ent. The oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t and sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to ECL mainly re<span class=\"_ _2\"></span>late to cer<span class=\"_ _2\"></span>tain loa<span class=\"_ _2\"></span>n asse<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, other rec<span class=\"_ _2\"></span>eivable<span class=\"_ _2\"></span>s and cer<span class=\"_ _2\"></span>tain c<span class=\"_ _2\"></span>ash an<span class=\"_ _2\"></span>d cash equivalents balance<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>In ac<span class=\"_ _2\"></span>cordan<span class=\"_ _2\"></span>ce with IFR<span class=\"_ _2\"></span>S 9, the Gro<span class=\"_ _2\"></span>up has app<span class=\"_ _2\"></span>lied the ECL m<span class=\"_ _2\"></span>odel to fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s meas<span class=\"_ _2\"></span>ured at amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t. For the<span class=\"_ _2\"></span>se in-s<span class=\"_ _2\"></span>cope fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>sets at th<span class=\"_ _2\"></span>e repor<span class=\"_ _2\"></span>ting date e<span class=\"_ _2\"></span>ither the lifetim<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>cted cre<span class=\"_ _2\"></span>dit los<span class=\"_ _2\"></span>s or a 12-month exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d credit l<span class=\"_ _2\"></span>oss is provi<span class=\"_ _2\"></span>ded for, dependin<span class=\"_ _2\"></span>g on the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ment of wheth<span class=\"_ _2\"></span>er the cre<span class=\"_ _2\"></span>dit risk as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ated with the s<span class=\"_ _2\"></span>pecifi<span class=\"_ _2\"></span>c asse<span class=\"_ _2\"></span>t has incre<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d signific<span class=\"_ _2\"></span>antly sinc<span class=\"_ _2\"></span>e initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _5\"></span>s current credi<span class=\"_ _2\"></span>t risk gra<span class=\"_ _2\"></span>ding fram<span class=\"_ _2\"></span>ework comp<span class=\"_ _2\"></span>rises th<span class=\"_ _2\"></span>e following ca<span class=\"_ _2\"></span>tegorie<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span><table class=\"s w26c h298\" id=\"_3ddaf8a9-8881-4310-bbb0-b940d1959c2f\"><tr><td class=\"c n x1ea y56ce w26d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">Cat<span class=\"_ _2\"></span>ego<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f2 y56ce w26e h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">Des<span class=\"_ _2\"></span>cription<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f3 y56ce w26f h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>sis for r<span class=\"_ _2\"></span>eco<span class=\"_ _2\"></span>gnis<span class=\"_ _2\"></span>ing EC<span class=\"_ _2\"></span>L<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56cf w270 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">Performing<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f4 y56cf w271 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">The c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y has a low ri<span class=\"_ _2\"></span>sk of default an<span class=\"_ _2\"></span>d does not h<span class=\"_ _2\"></span>ave any past-du<span class=\"_ _2\"></span>e amount<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f5 y56cf w272 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">12 m<span class=\"_ _2\"></span>onth ECL<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56d0 w273 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18 ws16\">Doubt<span class=\"_ _2\"></span>ful<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f6 y56d0 w274 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>here has b<span class=\"_ _2\"></span>een a si<span class=\"_ _2\"></span>gnificant in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in credit ris<span class=\"_ _2\"></span>k since initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f7 y56d0 w275 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Lifet<span class=\"_ _2\"></span>ime ECL \u2013 not cre<span class=\"_ _2\"></span>dit<span class=\"_ gs132\"> </span>impaire<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56d1 w276 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18 ws16\">In default<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f8 y56d1 w277 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">There i<span class=\"_ _2\"></span>s evidenc<span class=\"_ _2\"></span>e indicat<span class=\"_ _2\"></span>ing the as<span class=\"_ _2\"></span>set is cre<span class=\"_ _2\"></span>dit impaire<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f9 y56d1 w278 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Lifetime ECL \u2013 cre<span class=\"_ _2\"></span>dit<span class=\"_ gs132\"> </span>impaire<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56d2 w279 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c ws1a\">Write-off<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f4 y56d2 w27a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">The<span class=\"_ _2\"></span>re is eviden<span class=\"_ _2\"></span>ce indic<span class=\"_ _2\"></span>ating that th<span class=\"_ _2\"></span>e counterp<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y is in seve<span class=\"_ _2\"></span>re financia<span class=\"_ _2\"></span>l diffic<span class=\"_ _2\"></span>ulty<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x4fa hd y56d3 ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt is writte<span class=\"_ _2\"></span>n off<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x4fb hd y56d4 ff3 fs7 fc1 sc0 ls0 ws0\">and<span class=\"_ gs132\"> </span>th<span class=\"_ _2\"></span>e Group has n<span class=\"_ _2\"></span>o realis<span class=\"_ _2\"></span>tic prosp<span class=\"_ _2\"></span>ect of rec<span class=\"_ _2\"></span>over<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></td><td></td></tr></table>The fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s held at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost are as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed at t<span class=\"_ _2\"></span>ransitio<span class=\"_ _2\"></span>n as \u2018<span class=\"_ _5\"></span>pe<span class=\"_ _2\"></span>rformin<span class=\"_ _2\"></span>g\u2019 and this a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>sme<span class=\"_ _2\"></span>nt is summaris<span class=\"_ _2\"></span>ed be<span class=\"_ _2\"></span>low. Loans an<span class=\"_ _2\"></span>d depo<span class=\"_ _2\"></span>sits \u2013 the G<span class=\"_ _2\"></span>roup has as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed t<span class=\"_ _2\"></span>he estim<span class=\"_ _2\"></span>ated cre<span class=\"_ _2\"></span>dit loss<span class=\"_ _2\"></span>es of thes<span class=\"_ _2\"></span>e loans an<span class=\"_ _2\"></span>d depos<span class=\"_ _2\"></span>its as low du<span class=\"_ _2\"></span>e to the exte<span class=\"_ _2\"></span>rnal cre<span class=\"_ _2\"></span>dit rating<span class=\"_ _2\"></span>s of the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>ties re<span class=\"_ _2\"></span>sulting in low cre<span class=\"_ _2\"></span>dit risk an<span class=\"_ _2\"></span>d there be<span class=\"_ _2\"></span>ing no pa<span class=\"_ _2\"></span>st-due am<span class=\"_ _2\"></span>ounts<span class=\"_ _2\"></span>. Oth<span class=\"_ _2\"></span>er rec<span class=\"_ _2\"></span>eivables \u2013 t<span class=\"_ _2\"></span>hese b<span class=\"_ _2\"></span>alance<span class=\"_ _2\"></span>s relate to investm<span class=\"_ _2\"></span>ent broker bala<span class=\"_ _2\"></span>nces a<span class=\"_ _2\"></span>nd other re<span class=\"_ _2\"></span>gular re<span class=\"_ _2\"></span>ceivable<span class=\"_ _2\"></span>s due to the Gro<span class=\"_ _2\"></span>up in the norm<span class=\"_ _2\"></span>al cour<span class=\"_ _2\"></span>se of busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>. Ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted credi<span class=\"_ _2\"></span>t losse<span class=\"_ _2\"></span>s are ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ed as be<span class=\"_ _2\"></span>ing immate<span class=\"_ _2\"></span>rial given th<span class=\"_ _2\"></span>e typi<span class=\"_ _2\"></span>cally sh<span class=\"_ _2\"></span>ort-term n<span class=\"_ _2\"></span>ature of thes<span class=\"_ _2\"></span>e balanc<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span>Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents \u2013 the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s ca<span class=\"_ _2\"></span>sh and c<span class=\"_ _2\"></span>ash equiv<span class=\"_ _2\"></span>alents are h<span class=\"_ _2\"></span>eld with b<span class=\"_ _2\"></span>anks and fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>titutio<span class=\"_ _2\"></span>ns, wh<span class=\"_ _2\"></span>ich have investm<span class=\"_ _2\"></span>ent gra<span class=\"_ _2\"></span>de credi<span class=\"_ _2\"></span>t ratings of \u201c<span class=\"_ _2\"></span>BB<span class=\"_ _2\"></span>B\u201d or ab<span class=\"_ _2\"></span>ove. The Gro<span class=\"_ _2\"></span>up conside<span class=\"_ _2\"></span>rs that it<span class=\"_ _2\"></span>s cas<span class=\"_ _2\"></span>h and ca<span class=\"_ _2\"></span>sh equiva<span class=\"_ _2\"></span>lents have low c<span class=\"_ _2\"></span>redit risk b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the ex<span class=\"_ _2\"></span>ternal cre<span class=\"_ _2\"></span>dit rating<span class=\"_ _2\"></span>s of the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>ties an<span class=\"_ _2\"></span>d no histor<span class=\"_ _2\"></span>y of defa<span class=\"_ _2\"></span>ult. The imp<span class=\"_ _2\"></span>act to th<span class=\"_ _2\"></span>e net carr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g amount s<span class=\"_ _2\"></span>tated in the t<span class=\"_ _2\"></span>able ab<span class=\"_ _2\"></span>ove is therefore con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d not to be mate<span class=\"_ _2\"></span>rial.<span class=\"_ _3bc\"> </span>Bas<span class=\"_ _2\"></span>ed on the a<span class=\"_ _2\"></span>bove ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent, an imm<span class=\"_ _2\"></span>aterial cre<span class=\"_ _2\"></span>dit los<span class=\"_ _2\"></span>s balanc<span class=\"_ _2\"></span>e has be<span class=\"_ _2\"></span>en determ<span class=\"_ _2\"></span>ined due to t<span class=\"_ _2\"></span>hese fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s being pre<span class=\"_ _2\"></span>domina<span class=\"_ _2\"></span>ntly shor<span class=\"_ _2\"></span>t-term and h<span class=\"_ _2\"></span>aving low cre<span class=\"_ _2\"></span>dit risk.<span class=\"_ _3bc\"> </span>A2.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>3 Hedge<span class=\"_ _7\"></span> accounting<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has app<span class=\"_ _2\"></span>lied IFR<span class=\"_ _2\"></span>S 9\u2019s hedg<span class=\"_ _2\"></span>e acc<span class=\"_ _2\"></span>ounting re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e Group use<span class=\"_ _2\"></span>s cross c<span class=\"_ _2\"></span>urrenc<span class=\"_ _2\"></span>y swaps to he<span class=\"_ _2\"></span>dge th<span class=\"_ _2\"></span>e currenc<span class=\"_ _2\"></span>y risk arisin<span class=\"_ _2\"></span>g from borrow<span class=\"_ _2\"></span>ings den<span class=\"_ _2\"></span>ominate<span class=\"_ _2\"></span>d in foreign curre<span class=\"_ _2\"></span>ncies<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up has ca<span class=\"_ _2\"></span>rried over th<span class=\"_ _2\"></span>e current he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>s as cas<span class=\"_ _2\"></span>h flow hed<span class=\"_ _2\"></span>ges unde<span class=\"_ _2\"></span>r IFRS 9. The I<span class=\"_ _2\"></span>FRS 9 hed<span class=\"_ _2\"></span>ge acc<span class=\"_ _2\"></span>ounting m<span class=\"_ _2\"></span>odel re<span class=\"_ _2\"></span>quires the ex<span class=\"_ _2\"></span>tende<span class=\"_ _2\"></span>d doc<span class=\"_ _2\"></span>umentatio<span class=\"_ _2\"></span>n of each he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>. The Group h<span class=\"_ _2\"></span>as update<span class=\"_ _2\"></span>d the exis<span class=\"_ _2\"></span>ting hed<span class=\"_ _2\"></span>ging do<span class=\"_ _2\"></span>cument<span class=\"_ _2\"></span>ation to reflec<span class=\"_ _2\"></span>t the ch<span class=\"_ _2\"></span>anges to th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ctivene<span class=\"_ _2\"></span>ss tes<span class=\"_ _2\"></span>ting proc<span class=\"_ _2\"></span>ess to in<span class=\"_ _2\"></span>clude qua<span class=\"_ _2\"></span>litative tes<span class=\"_ _2\"></span>ting on a pros<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tive basis inc<span class=\"_ _2\"></span>luding the an<span class=\"_ _2\"></span>alysis of the e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic relation<span class=\"_ _2\"></span>ship bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ed item an<span class=\"_ _2\"></span>d hedg<span class=\"_ _2\"></span>ing ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>, analys<span class=\"_ _2\"></span>is of source of he<span class=\"_ _2\"></span>dge inef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tivenes<span class=\"_ _2\"></span>s, determin<span class=\"_ _2\"></span>ing the he<span class=\"_ _2\"></span>dge rat<span class=\"_ _2\"></span>io and as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of wheth<span class=\"_ _2\"></span>er the ef<span class=\"_ _2\"></span>fect of cre<span class=\"_ _2\"></span>dit risk do<span class=\"_ _2\"></span>minates the va<span class=\"_ _2\"></span>lue chan<span class=\"_ _2\"></span>ges th<span class=\"_ _2\"></span>at result from th<span class=\"_ _2\"></span>e econ<span class=\"_ _2\"></span>omic relatio<span class=\"_ _2\"></span>nship. Th<span class=\"_ _2\"></span>e current he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>s are stra<span class=\"_ _2\"></span>ightfor<span class=\"_ _2\"></span>ward arr<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>ments w<span class=\"_ _2\"></span>hereby the c<span class=\"_ _2\"></span>ross cur<span class=\"_ _2\"></span>rency s<span class=\"_ _2\"></span>waps fully h<span class=\"_ _2\"></span>edge th<span class=\"_ _2\"></span>e underl<span class=\"_ _2\"></span>ying hed<span class=\"_ _2\"></span>ged ite<span class=\"_ _2\"></span>m and they are a<span class=\"_ _2\"></span>ll fully collate<span class=\"_ _2\"></span>ralise<span class=\"_ _2\"></span>d. A5. N<span class=\"_ _2\"></span>ew acc<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>ing pr<span class=\"_ _2\"></span>onou<span class=\"_ _2\"></span>ncem<span class=\"_ _2\"></span>ents n<span class=\"_ _2\"></span>ot yet ef<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>ive The IAS<span class=\"_ _2\"></span>B has is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d the following s<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ards or ame<span class=\"_ _2\"></span>nded s<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ards and interp<span class=\"_ _2\"></span>retation<span class=\"_ _2\"></span>s which appl<span class=\"_ _2\"></span>y from the dates s<span class=\"_ _2\"></span>hown. T<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s dec<span class=\"_ _2\"></span>ided not to e<span class=\"_ _2\"></span>arly adopt a<span class=\"_ _2\"></span>ny of these s<span class=\"_ _2\"></span>tandar<span class=\"_ _2\"></span>ds, am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts or interpre<span class=\"_ _2\"></span>tations wh<span class=\"_ _2\"></span>ere this is p<span class=\"_ _2\"></span>ermit<span class=\"_ _2\"></span>ted.<span class=\"_ _3bc\"> </span>Clas<span class=\"_ _2\"></span>sific<span class=\"_ _2\"></span>ation of Lia<span class=\"_ _2\"></span>bilitie<span class=\"_ _2\"></span>s as Curre<span class=\"_ _2\"></span>nt and N<span class=\"_ _2\"></span>on-c<span class=\"_ _2\"></span>urrent Lia<span class=\"_ _2\"></span>bilitie<span class=\"_ _2\"></span>s with Coven<span class=\"_ _2\"></span>ants (<span class=\"_ _2\"></span>Amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s to IAS 1 Presentation of Financial Statem<span class=\"_ _2\"></span>ents) (1 January 202<span class=\"_ _5\"></span>4)<span class=\"_ _3bc\"> </span>The init<span class=\"_ _2\"></span>ial amen<span class=\"_ _2\"></span>dments c<span class=\"_ _2\"></span>larif<span class=\"_ _2\"></span>y rather t<span class=\"_ _2\"></span>han chan<span class=\"_ _2\"></span>ge exis<span class=\"_ _2\"></span>ting req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>s and aim to as<span class=\"_ _2\"></span>sist ent<span class=\"_ _2\"></span>ities in determ<span class=\"_ _2\"></span>ining wheth<span class=\"_ _2\"></span>er debt an<span class=\"_ _2\"></span>d other liabilitie<span class=\"_ _2\"></span>s with an unc<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>ain set<span class=\"_ _2\"></span>tlem<span class=\"_ _2\"></span>ent date sho<span class=\"_ _2\"></span>uld be clas<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>d as current or n<span class=\"_ _2\"></span>on-curre<span class=\"_ _2\"></span>nt. It is c<span class=\"_ _2\"></span>urrently not exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d that the<span class=\"_ _2\"></span>re will be any recl<span class=\"_ _2\"></span>assific<span class=\"_ _2\"></span>ations a<span class=\"_ _2\"></span>s a result of this cl<span class=\"_ _2\"></span>arificati<span class=\"_ _2\"></span>on.<span class=\"_ _3bc\"> </span>Non<span class=\"_ _2\"></span>-curr<span class=\"_ _2\"></span>ent Liabi<span class=\"_ _2\"></span>lities wit<span class=\"_ _2\"></span>h Covena<span class=\"_ _2\"></span>nts (Am<span class=\"_ _2\"></span>endm<span class=\"_ _2\"></span>ents to IA<span class=\"_ _2\"></span>S 1 Presentation of Financial Statem<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span>) (1 Janu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y 2024)<span class=\"_ _3bc\"> </span>Furth<span class=\"_ _2\"></span>er amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s were then ma<span class=\"_ _2\"></span>de which sp<span class=\"_ _2\"></span>ecif<span class=\"_ _2\"></span>y that c<span class=\"_ _2\"></span>ovenants of lo<span class=\"_ _2\"></span>an arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts which an e<span class=\"_ _2\"></span>ntit<span class=\"_ _2\"></span>y must c<span class=\"_ _2\"></span>omply with o<span class=\"_ _2\"></span>nly afte<span class=\"_ _2\"></span>r the repor<span class=\"_ _2\"></span>ting<span class=\"_ _2\"></span> date would n<span class=\"_ _2\"></span>ot affec<span class=\"_ _2\"></span>t clas<span class=\"_ _2\"></span>sificat<span class=\"_ _2\"></span>ion of a liabilit<span class=\"_ _2\"></span>y as curre<span class=\"_ _2\"></span>nt or non-c<span class=\"_ _2\"></span>urrent at the rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting date. Howe<span class=\"_ _2\"></span>ver<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>ose coven<span class=\"_ _2\"></span>ants that a<span class=\"_ _2\"></span>n entit<span class=\"_ _2\"></span>y is require<span class=\"_ _2\"></span>d to comp<span class=\"_ _2\"></span>ly with on or b<span class=\"_ _2\"></span>efore the repor<span class=\"_ _2\"></span>ting d<span class=\"_ _2\"></span>ate would af<span class=\"_ _2\"></span>fect cl<span class=\"_ _2\"></span>assific<span class=\"_ _2\"></span>ation as c<span class=\"_ _2\"></span>urrent or non-<span class=\"_ _2\"></span>current<span class=\"_ _2\"></span>, even if the coven<span class=\"_ _2\"></span>ant is only as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed af<span class=\"_ _2\"></span>ter the<span class=\"_ _2\"></span> entit<span class=\"_ _2\"></span>y\u2019s repor<span class=\"_ _2\"></span>ting date<span class=\"_ _2\"></span>. The amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s also introd<span class=\"_ _2\"></span>uce addit<span class=\"_ _2\"></span>ional dis<span class=\"_ _2\"></span>closure re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s. Wh<span class=\"_ _2\"></span>en an entit<span class=\"_ _2\"></span>y cla<span class=\"_ _2\"></span>ssifies a li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y arising from a l<span class=\"_ _2\"></span>oan arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt as non-<span class=\"_ _2\"></span>current an<span class=\"_ _2\"></span>d that liabilit<span class=\"_ _2\"></span>y is sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to the covena<span class=\"_ _2\"></span>nts which an e<span class=\"_ _2\"></span>ntit<span class=\"_ _2\"></span>y is require<span class=\"_ _2\"></span>d to comply wit<span class=\"_ _2\"></span>h within 12<span class=\"_ gs132\"> </span>month<span class=\"_ _2\"></span>s of the repor<span class=\"_ _2\"></span>ting date, th<span class=\"_ _2\"></span>e entit<span class=\"_ _2\"></span>y shall dis<span class=\"_ _2\"></span>close inform<span class=\"_ _2\"></span>ation in the note<span class=\"_ _2\"></span>s that ena<span class=\"_ _2\"></span>bles use<span class=\"_ _2\"></span>rs of financ<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s to unders<span class=\"_ _2\"></span>tand t<span class=\"_ _2\"></span>he risk that t<span class=\"_ _2\"></span>he liabilit<span class=\"_ _2\"></span>y coul<span class=\"_ _2\"></span>d be<span class=\"_ _2\"></span>come rep<span class=\"_ _2\"></span>ayable within 12 m<span class=\"_ _2\"></span>onths of the rep<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ing perio<span class=\"_ _2\"></span>d. The<span class=\"_ _2\"></span>se amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s are not expe<span class=\"_ _2\"></span>cted to h<span class=\"_ _2\"></span>ave any impact o<span class=\"_ _2\"></span>n the Group.<span class=\"_ _3bc\"> </span>Leas<span class=\"_ _2\"></span>e Liabil<span class=\"_ _2\"></span>ity in a S<span class=\"_ _2\"></span>ale an<span class=\"_ _2\"></span>d Leas<span class=\"_ _2\"></span>ebac<span class=\"_ _2\"></span>k (Amen<span class=\"_ _2\"></span>dmen<span class=\"_ _2\"></span>ts to IFR<span class=\"_ _2\"></span>S 16 Lease<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>) (1 Janu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y 2024)<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts relate to h<span class=\"_ _2\"></span>ow a seller-l<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>e acc<span class=\"_ _2\"></span>ounts for var<span class=\"_ _2\"></span>iable lea<span class=\"_ _2\"></span>se payme<span class=\"_ _2\"></span>nts that ar<span class=\"_ _2\"></span>ise in a sale a<span class=\"_ _2\"></span>nd leas<span class=\"_ _2\"></span>ebac<span class=\"_ _2\"></span>k trans<span class=\"_ _2\"></span>action<span class=\"_ _2\"></span>. On initia<span class=\"_ _2\"></span>l rec<span class=\"_ _2\"></span>ognition<span class=\"_ _2\"></span>, the<span class=\"_ gs132\"> </span>se<span class=\"_ _2\"></span>ller-les<span class=\"_ _2\"></span>see i<span class=\"_ _2\"></span>s required to in<span class=\"_ _2\"></span>clude vari<span class=\"_ _2\"></span>able lea<span class=\"_ _2\"></span>se payme<span class=\"_ _2\"></span>nts when m<span class=\"_ _2\"></span>easurin<span class=\"_ _2\"></span>g a leas<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y arising fro<span class=\"_ _2\"></span>m a sale<span class=\"_ _2\"></span>-and-le<span class=\"_ _2\"></span>aseb<span class=\"_ _2\"></span>ack tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion. Af<span class=\"_ _2\"></span>ter initial re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion, they a<span class=\"_ _2\"></span>re require<span class=\"_ _2\"></span>d to apply the g<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>al requirem<span class=\"_ _2\"></span>ents for sub<span class=\"_ _2\"></span>sequ<span class=\"_ _2\"></span>ent acc<span class=\"_ _2\"></span>ounting of the le<span class=\"_ _2\"></span>ase liabili<span class=\"_ _2\"></span>ty su<span class=\"_ _2\"></span>ch that n<span class=\"_ _2\"></span>o gain or los<span class=\"_ _2\"></span>s relatin<span class=\"_ _2\"></span>g to the retaine<span class=\"_ _2\"></span>d right of use is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised<span class=\"_ _2\"></span>. Selle<span class=\"_ _2\"></span>r-less<span class=\"_ _2\"></span>ees are re<span class=\"_ _2\"></span>quired to re<span class=\"_ _2\"></span>asse<span class=\"_ _2\"></span>ss and p<span class=\"_ _2\"></span>otentially re<span class=\"_ _2\"></span>state s<span class=\"_ _2\"></span>ale-a<span class=\"_ _2\"></span>nd-<span class=\"_ _3bc\"> </span>lea<span class=\"_ _2\"></span>sebac<span class=\"_ _2\"></span>k trans<span class=\"_ _2\"></span>action<span class=\"_ _2\"></span>s entered into sin<span class=\"_ _2\"></span>ce the imp<span class=\"_ _2\"></span>lement<span class=\"_ _2\"></span>ation. Th<span class=\"_ _2\"></span>ese am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts are not exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d to have any impac<span class=\"_ _2\"></span>t on the Gro<span class=\"_ _2\"></span>up.<span class=\"_ _3bc\"> </span>Sup<span class=\"_ _2\"></span>plier F<span class=\"_ _2\"></span>inanc<span class=\"_ _2\"></span>e Arran<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ents (<span class=\"_ _2\"></span>Amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s to IAS 7 Sta<span class=\"_ _2\"></span>tement of C<span class=\"_ _2\"></span>ash Flow<span class=\"_ _2\"></span>s and I<span class=\"_ _2\"></span>FRS 7 Financial Instruments: Disclosures) (1 January 202<span class=\"_ _5\"></span>4)<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts add a di<span class=\"_ _2\"></span>sclosure o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tive to IAS 7 st<span class=\"_ _2\"></span>ating that a<span class=\"_ _2\"></span>n entit<span class=\"_ _2\"></span>y is require<span class=\"_ _2\"></span>d to disclos<span class=\"_ _2\"></span>e information ab<span class=\"_ _2\"></span>out it<span class=\"_ _2\"></span>s supplier fin<span class=\"_ _2\"></span>ance arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts that e<span class=\"_ _2\"></span>nable<span class=\"_ _2\"></span>s users of fin<span class=\"_ _2\"></span>ancial s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ents to as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>s the effe<span class=\"_ _2\"></span>cts of th<span class=\"_ _2\"></span>ose arra<span class=\"_ _2\"></span>ngem<span class=\"_ _2\"></span>ents on th<span class=\"_ _2\"></span>e entit<span class=\"_ _2\"></span>y\u2019s liabilities and c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s. In addit<span class=\"_ _2\"></span>ion, IFR<span class=\"_ _2\"></span>S 7 was ame<span class=\"_ _2\"></span>nded to a<span class=\"_ _2\"></span>dd supplie<span class=\"_ _2\"></span>r finance a<span class=\"_ _2\"></span>rrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s as an examp<span class=\"_ _2\"></span>le within the re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s to disclo<span class=\"_ _2\"></span>se informatio<span class=\"_ _2\"></span>n about an entit<span class=\"_ _2\"></span>y\u2019s exposure to c<span class=\"_ _2\"></span>once<span class=\"_ _2\"></span>ntration of liquidit<span class=\"_ _2\"></span>y ris<span class=\"_ _2\"></span>k These a<span class=\"_ _2\"></span>mendm<span class=\"_ _2\"></span>ents are not ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted to have any impa<span class=\"_ _2\"></span>ct on the G<span class=\"_ _2\"></span>roup.<span class=\"_ _3bc\"> </span>Lac<span class=\"_ _2\"></span>k of Exc<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>eabil<span class=\"_ _2\"></span>ity (<span class=\"_ _2\"></span>Amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s to IAS 21 Th<span class=\"_ _2\"></span>e Effec<span class=\"_ _2\"></span>ts of Ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in Foreign E<span class=\"_ _2\"></span>xcha<span class=\"_ _2\"></span>nge R<span class=\"_ _2\"></span>ates) (1 Janu<span class=\"_ _2\"></span>ary 2<span class=\"_ _2\"></span>025)<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts clarif<span class=\"_ _2\"></span>y how a<span class=\"_ _2\"></span>n entit<span class=\"_ _2\"></span>y should a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ss whet<span class=\"_ _2\"></span>her a curren<span class=\"_ _2\"></span>cy is exch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>able and h<span class=\"_ _2\"></span>ow it should d<span class=\"_ _2\"></span>etermine a sp<span class=\"_ _2\"></span>ot exchang<span class=\"_ _2\"></span>e rate when exc<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>eabilit<span class=\"_ _2\"></span>y is lack<span class=\"_ _2\"></span>ing, a<span class=\"_ _2\"></span>s well as require t<span class=\"_ _2\"></span>he disclo<span class=\"_ _2\"></span>sure of information th<span class=\"_ _2\"></span>at enabl<span class=\"_ _2\"></span>es user<span class=\"_ _2\"></span>s of financia<span class=\"_ _2\"></span>l statem<span class=\"_ _2\"></span>ents to un<span class=\"_ _2\"></span>ders<span class=\"_ _2\"></span>tand the impac<span class=\"_ _2\"></span>t of a curren<span class=\"_ _2\"></span>cy not be<span class=\"_ _2\"></span>ing exchan<span class=\"_ _2\"></span>geabl<span class=\"_ _2\"></span>e. Thes<span class=\"_ _2\"></span>e amendm<span class=\"_ _2\"></span>ents are n<span class=\"_ _2\"></span>ot expec<span class=\"_ _2\"></span>ted to have any imp<span class=\"_ _2\"></span>act on th<span class=\"_ _2\"></span>e Group.<span class=\"_ _3bc\"> </span>Sa<span class=\"_ _2\"></span>le or Co<span class=\"_ _2\"></span>ntributi<span class=\"_ _2\"></span>on of Ass<span class=\"_ _2\"></span>ets b<span class=\"_ _2\"></span>etw<span class=\"_ _2\"></span>een an Inve<span class=\"_ _2\"></span>stor an<span class=\"_ _2\"></span>d its A<span class=\"_ _2\"></span>ssoc<span class=\"_ _2\"></span>iate or J<span class=\"_ _2\"></span>oint V<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>nture (A<span class=\"_ _2\"></span>mendm<span class=\"_ _2\"></span>ents t<span class=\"_ _2\"></span>o IFRS 10 a<span class=\"_ _2\"></span>nd IAS 28<span class=\"_ _2\"></span>) (Ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive<span class=\"_ gs234\"> </span>da<span class=\"_ _2\"></span>te defe<span class=\"_ _2\"></span>rre<span class=\"_ _2\"></span>d)<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts addre<span class=\"_ _2\"></span>ss the c<span class=\"_ _2\"></span>onflict b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en IFRS 1<span class=\"_ _2\"></span>0 and IAS 2<span class=\"_ _2\"></span>8 in dealing wi<span class=\"_ _2\"></span>th the los<span class=\"_ _2\"></span>s of control of a subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y that is sol<span class=\"_ _2\"></span>d or contribu<span class=\"_ _2\"></span>ted to<span class=\"_ gs132\"> </span>an as<span class=\"_ _2\"></span>sociate o<span class=\"_ _2\"></span>r joint venture. T<span class=\"_ _2\"></span>hese am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts are not exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ted to have any impac<span class=\"_ _2\"></span>t on the Gro<span class=\"_ _2\"></span>up.<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing amen<span class=\"_ _2\"></span>dments to s<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ards liste<span class=\"_ _2\"></span>d above have be<span class=\"_ _2\"></span>en endo<span class=\"_ _2\"></span>rse<span class=\"_ _2\"></span>d for use in the U<span class=\"_ _2\"></span>K by the UK En<span class=\"_ _2\"></span>dorse<span class=\"_ _2\"></span>ment Bo<span class=\"_ _2\"></span>ard:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>lassifi<span class=\"_ _2\"></span>cation of Liabilit<span class=\"_ _2\"></span>ies as Curre<span class=\"_ _2\"></span>nt and Non-<span class=\"_ _2\"></span>current (<span class=\"_ _2\"></span>Amendm<span class=\"_ _2\"></span>ents to IAS 1)<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>N<span class=\"_ _2\"></span>on-cur<span class=\"_ _2\"></span>rent Liabilitie<span class=\"_ _2\"></span>s with Covena<span class=\"_ _2\"></span>nts (Am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts to IAS 1); \u2022 <span class=\"_ _9\"> </span>Le<span class=\"_ _2\"></span>ase Liabilit<span class=\"_ _2\"></span>y in a S<span class=\"_ _2\"></span>ale and Lea<span class=\"_ _2\"></span>seba<span class=\"_ _2\"></span>ck (Ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s to IFRS 1<span class=\"_ _2\"></span>6 Lea<span class=\"_ _2\"></span>ses); and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>S<span class=\"_ _2\"></span>upplier F<span class=\"_ _2\"></span>inanc<span class=\"_ _2\"></span>e Arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s (Amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s to IAS 7 State<span class=\"_ _2\"></span>ment of Cash Fl<span class=\"_ _2\"></span>ows and I<span class=\"_ _2\"></span>FRS 7 Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts: D<span class=\"_ _2\"></span>isclos<span class=\"_ _2\"></span>ures)<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-643": {
   "value": "A2<span class=\"_ _2\"></span>. Ado<span class=\"_ _2\"></span>ption o<span class=\"_ _2\"></span>f new ac<span class=\"_ _2\"></span>count<span class=\"_ _2\"></span>ing pr<span class=\"_ _2\"></span>onou<span class=\"_ _2\"></span>ncem<span class=\"_ _2\"></span>ents i<span class=\"_ _2\"></span>n 2023<span class=\"_ _3bc\"> </span>In prep<span class=\"_ _2\"></span>aring the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s adopted th<span class=\"_ _2\"></span>e following s<span class=\"_ _2\"></span>tandar<span class=\"_ _2\"></span>ds and ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s effe<span class=\"_ _2\"></span>ctive from 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y 2023 an<span class=\"_ _2\"></span>d which have be<span class=\"_ _2\"></span>en end<span class=\"_ _2\"></span>orse<span class=\"_ _2\"></span>d by the UK En<span class=\"_ _2\"></span>dorse<span class=\"_ _2\"></span>ment Bo<span class=\"_ _2\"></span>ard (\u2018<span class=\"_ _2\"></span>UKEB<span class=\"_ _2\"></span>\u2019):<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>I<span class=\"_ _2\"></span>FRS 17 Insur<span class=\"_ _2\"></span>ance C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts \u2013 se<span class=\"_ _2\"></span>e note A2.1; \u2022 <span class=\"_ _9\"> </span>I<span class=\"_ _2\"></span>FRS 9 Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts \u2013 se<span class=\"_ _2\"></span>e note A2.<span class=\"_ _2\"></span>2; \u2022 <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>isclos<span class=\"_ _2\"></span>ure of Accountin<span class=\"_ _2\"></span>g Policies (A<span class=\"_ _2\"></span>mendm<span class=\"_ _2\"></span>ents to IAS 1 Prese<span class=\"_ _2\"></span>ntation of Fin<span class=\"_ _2\"></span>ancial St<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s and I<span class=\"_ _2\"></span>FRS Prac<span class=\"_ _2\"></span>tice Sta<span class=\"_ _2\"></span>tement 2 Makin<span class=\"_ _2\"></span>g Materia<span class=\"_ _5\"></span>lity Judgements<span class=\"_ _3bc\"> </span>). The ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s are intende<span class=\"_ _2\"></span>d to assi<span class=\"_ _2\"></span>st entitie<span class=\"_ _2\"></span>s in decidin<span class=\"_ _2\"></span>g which ac<span class=\"_ _2\"></span>countin<span class=\"_ _2\"></span>g policies to di<span class=\"_ _2\"></span>sclos<span class=\"_ _2\"></span>e in their finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s and requ<span class=\"_ _2\"></span>ires an entit<span class=\"_ _2\"></span>y to<span class=\"_ gs132\"> </span>discl<span class=\"_ _2\"></span>ose \u2018material a<span class=\"_ _2\"></span>ccount<span class=\"_ _2\"></span>ing polic<span class=\"_ _2\"></span>y information\u2019 ins<span class=\"_ _2\"></span>tead of its \u2018sig<span class=\"_ _2\"></span>nificant a<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g policie<span class=\"_ _2\"></span>s\u2019<span class=\"_ _6\"></span>. A<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>y information is m<span class=\"_ _2\"></span>aterial if, when c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>red toge<span class=\"_ _2\"></span>ther with oth<span class=\"_ _2\"></span>er information in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d in an entit<span class=\"_ _2\"></span>y\u2019s financial s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, it can re<span class=\"_ _2\"></span>asona<span class=\"_ _2\"></span>bly be exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d to influenc<span class=\"_ _2\"></span>e decis<span class=\"_ _2\"></span>ions that th<span class=\"_ _2\"></span>e primar<span class=\"_ _2\"></span>y use<span class=\"_ _2\"></span>rs of gen<span class=\"_ _2\"></span>eral purp<span class=\"_ _2\"></span>ose fina<span class=\"_ _2\"></span>ncial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts make on the ba<span class=\"_ _2\"></span>sis of thos<span class=\"_ _2\"></span>e financia<span class=\"_ _2\"></span>l st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s. The I<span class=\"_ _2\"></span>ASB ha<span class=\"_ _2\"></span>s also develo<span class=\"_ _2\"></span>ped g<span class=\"_ _2\"></span>uidanc<span class=\"_ _2\"></span>e and exampl<span class=\"_ _2\"></span>es to explain an<span class=\"_ _2\"></span>d demon<span class=\"_ _2\"></span>strate th<span class=\"_ _2\"></span>e applic<span class=\"_ _2\"></span>ation of the \u2018<span class=\"_ _2\"></span>four-s<span class=\"_ _2\"></span>tep materi<span class=\"_ _2\"></span>ality proc<span class=\"_ _2\"></span>ess\u2019 des<span class=\"_ _2\"></span>cribe<span class=\"_ _2\"></span>d in IFRS Pra<span class=\"_ _2\"></span>ctice S<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt 2;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>efinition of Acc<span class=\"_ _2\"></span>ounting E<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>s (Amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s to IAS 8 Acc<span class=\"_ _2\"></span>ounting Policie<span class=\"_ _2\"></span>s, Cha<span class=\"_ _2\"></span>nges in A<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g Estim<span class=\"_ _2\"></span>ates and Erro<span class=\"_ _2\"></span>rs). The ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s replac<span class=\"_ _2\"></span>e the definitio<span class=\"_ _2\"></span>n of a \u2018<span class=\"_ _7\"></span>c<span class=\"_ _2\"></span>hange in a<span class=\"_ _2\"></span>cco<span class=\"_ _2\"></span>unting est<span class=\"_ _2\"></span>imates\u2019 with a defini<span class=\"_ _2\"></span>tion of \u2018<span class=\"_ _5\"></span>ac<span class=\"_ _2\"></span>counting e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>s\u2019<span class=\"_ _6\"></span>. U<span class=\"_ _2\"></span>nder the n<span class=\"_ _2\"></span>ew definition<span class=\"_ _2\"></span>, acc<span class=\"_ _2\"></span>ounting e<span class=\"_ _2\"></span>stimates a<span class=\"_ _2\"></span>re \u2018<span class=\"_ _5\"></span>mon<span class=\"_ _2\"></span>etar<span class=\"_ _2\"></span>y amount<span class=\"_ _2\"></span>s in financ<span class=\"_ _2\"></span>ial sta<span class=\"_ _2\"></span>tements t<span class=\"_ _2\"></span>hat are subj<span class=\"_ _2\"></span>ect to m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment unc<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>aint<span class=\"_ _2\"></span>y\u2019<span class=\"_ _7\"></span>. The B<span class=\"_ _2\"></span>oard has re<span class=\"_ _2\"></span>taine<span class=\"_ _2\"></span>d the con<span class=\"_ _2\"></span>cept of chan<span class=\"_ _2\"></span>ges in ac<span class=\"_ _2\"></span>countin<span class=\"_ _2\"></span>g estim<span class=\"_ _2\"></span>ates in the s<span class=\"_ _2\"></span>tandard by in<span class=\"_ _2\"></span>cluding a n<span class=\"_ _2\"></span>umber of cla<span class=\"_ _2\"></span>rificatio<span class=\"_ _2\"></span>ns; \u2022 <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>eferred T<span class=\"_ _7\"></span>a<span class=\"_ _2\"></span>x related to A<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and Liabili<span class=\"_ _2\"></span>ties arisin<span class=\"_ _2\"></span>g from a Sing<span class=\"_ _2\"></span>le T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ansac<span class=\"_ _2\"></span>tion (A<span class=\"_ _2\"></span>mendme<span class=\"_ _2\"></span>nts to IAS 12 In<span class=\"_ _2\"></span>come T<span class=\"_ _7\"></span>a<span class=\"_ _2\"></span>xes). The ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s narrow the sc<span class=\"_ _2\"></span>ope of the re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>tion exemption in p<span class=\"_ _2\"></span>aragr<span class=\"_ _2\"></span>aphs 15 a<span class=\"_ _2\"></span>nd 2<span class=\"_ _5\"></span>4 of IAS 12 so th<span class=\"_ _2\"></span>at it no lon<span class=\"_ _2\"></span>ger app<span class=\"_ _2\"></span>lies to trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ons that<span class=\"_ _2\"></span>, on<span class=\"_ gs132\"> </span>initial re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>tion, give ris<span class=\"_ _2\"></span>e to equal t<span class=\"_ _2\"></span>axable an<span class=\"_ _2\"></span>d deduc<span class=\"_ _2\"></span>tible temp<span class=\"_ _2\"></span>orar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>ference<span class=\"_ _2\"></span>s. The I<span class=\"_ _2\"></span>ASB exp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s that the a<span class=\"_ _2\"></span>mendm<span class=\"_ _2\"></span>ents will re<span class=\"_ _2\"></span>duce diver<span class=\"_ _2\"></span>sit<span class=\"_ _2\"></span>y in repor<span class=\"_ _2\"></span>ting and align th<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting for deferre<span class=\"_ _2\"></span>d tax on s<span class=\"_ _2\"></span>uch tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ions with th<span class=\"_ _2\"></span>e gener<span class=\"_ _2\"></span>al princip<span class=\"_ _2\"></span>le in IAS 12 of rec<span class=\"_ _2\"></span>ognisin<span class=\"_ _2\"></span>g deferred t<span class=\"_ _2\"></span>ax for tempo<span class=\"_ _2\"></span>rar<span class=\"_ _2\"></span>y differ<span class=\"_ _5\"></span>ences; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>I<span class=\"_ _2\"></span>nternation<span class=\"_ _2\"></span>al T<span class=\"_ _7\"></span>ax Reform<span class=\"_ _2\"></span>\u2014Pillar T<span class=\"_ _7\"></span>wo M<span class=\"_ _2\"></span>odel Rule<span class=\"_ _2\"></span>s (Ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s to IAS 12 Income T<span class=\"_ _6\"></span>axes<span class=\"_ _3bc\"> </span>). The sc<span class=\"_ _2\"></span>ope of IAS 12 ha<span class=\"_ _2\"></span>s been a<span class=\"_ _2\"></span>mende<span class=\"_ _2\"></span>d to clarif<span class=\"_ _2\"></span>y that the s<span class=\"_ _2\"></span>tanda<span class=\"_ _2\"></span>rd applies to in<span class=\"_ _2\"></span>come ta<span class=\"_ _2\"></span>xes arisin<span class=\"_ _2\"></span>g from tax la<span class=\"_ _2\"></span>w enac<span class=\"_ _2\"></span>ted or subs<span class=\"_ _2\"></span>tantivel<span class=\"_ _2\"></span>y enac<span class=\"_ _2\"></span>ted to imple<span class=\"_ _2\"></span>ment the Pilla<span class=\"_ _2\"></span>r T<span class=\"_ _6\"></span>wo m<span class=\"_ _2\"></span>odel rul<span class=\"_ _2\"></span>es publish<span class=\"_ _2\"></span>ed by the O<span class=\"_ _2\"></span>E<span class=\"_ _5\"></span>CD, in<span class=\"_ _2\"></span>cluding t<span class=\"_ _2\"></span>ax law tha<span class=\"_ _2\"></span>t impleme<span class=\"_ _2\"></span>nts qualifi<span class=\"_ _2\"></span>ed dome<span class=\"_ _2\"></span>stic minim<span class=\"_ _2\"></span>um top-up t<span class=\"_ _2\"></span>axes des<span class=\"_ _2\"></span>cribe<span class=\"_ _2\"></span>d in those r<span class=\"_ _2\"></span>ules. T<span class=\"_ _2\"></span>he amen<span class=\"_ _2\"></span>dments introdu<span class=\"_ _2\"></span>ce a tempor<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y exception to th<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting require<span class=\"_ _2\"></span>ments fo<span class=\"_ _2\"></span>r deferred ta<span class=\"_ _2\"></span>xes in IAS 12, s<span class=\"_ _2\"></span>o that an enti<span class=\"_ _2\"></span>ty wo<span class=\"_ _2\"></span>uld neithe<span class=\"_ _2\"></span>r reco<span class=\"_ _2\"></span>gnise no<span class=\"_ _2\"></span>r discl<span class=\"_ _2\"></span>ose informatio<span class=\"_ _2\"></span>n about d<span class=\"_ _2\"></span>eferred ta<span class=\"_ _2\"></span>x ass<span class=\"_ _2\"></span>ets and li<span class=\"_ _2\"></span>abilities rel<span class=\"_ _2\"></span>ated to Pillar T<span class=\"_ _7\"></span>wo inc<span class=\"_ _2\"></span>ome ta<span class=\"_ _2\"></span>xes. Th<span class=\"_ _2\"></span>e Group co<span class=\"_ _2\"></span>nfirms that it h<span class=\"_ _2\"></span>as applie<span class=\"_ _2\"></span>d this excepti<span class=\"_ _2\"></span>on during the p<span class=\"_ _2\"></span>eriod<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The n<span class=\"_ _2\"></span>ature and imp<span class=\"_ _2\"></span>act of the a<span class=\"_ _2\"></span>doption of IFR<span class=\"_ _2\"></span>S 17 and IFR<span class=\"_ _2\"></span>S 9 are disclo<span class=\"_ _2\"></span>sed in note<span class=\"_ _2\"></span>s A2.1 and A2<span class=\"_ _2\"></span>.2 be<span class=\"_ _2\"></span>low. The remainin<span class=\"_ _2\"></span>g amen<span class=\"_ _2\"></span>dments to s<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ards are not c<span class=\"_ _2\"></span>onsidere<span class=\"_ _2\"></span>d to have a materia<span class=\"_ _2\"></span>l effec<span class=\"_ _2\"></span>t on thes<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated fin<span class=\"_ _2\"></span>ancial s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs15e\">A2<span class=\"_ _2\"></span>.1 Adop<span class=\"_ _2\"></span>tion of I<span class=\"_ _2\"></span>FRS 17 </div><div class=\"t m1e3 h206 ff2 fs174 fc1 sc0 ls1cf ws1d0 gs15f\">Insurance Contracts<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs160\">The Gro<span class=\"_ _2\"></span>up has ad<span class=\"_ _2\"></span>opted IFR<span class=\"_ _2\"></span>S 17 effec<span class=\"_ _2\"></span>tive from 1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 2023 and c<span class=\"_ _2\"></span>omparat<span class=\"_ _2\"></span>ive information for th<span class=\"_ _2\"></span>e year ende<span class=\"_ _2\"></span>d 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2022 ha<span class=\"_ _2\"></span>s bee<span class=\"_ _2\"></span>n </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs161\">retrosp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ively res<span class=\"_ _2\"></span>tated. I<span class=\"_ _2\"></span>FRS 17 repla<span class=\"_ _2\"></span>ces I<span class=\"_ _2\"></span>FRS 4 </div><div class=\"t m1e3 h205 ff3 fs174 fc1 sc0 ls0 ws0 gs162\">Insur<span class=\"_ _2\"></span>ance C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts</div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs163\"> and sig<span class=\"_ _2\"></span>nificantl<span class=\"_ _2\"></span>y chang<span class=\"_ _2\"></span>es the way th<span class=\"_ _2\"></span>e Group rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>es, m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>s, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs164\">pres<span class=\"_ _2\"></span>ents an<span class=\"_ _2\"></span>d disclos<span class=\"_ _2\"></span>es its in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>cts w<span class=\"_ _2\"></span>ith discreti<span class=\"_ _2\"></span>onar<span class=\"_ _2\"></span>y par<span class=\"_ _2\"></span>ticipatio<span class=\"_ _2\"></span>n features (<span class=\"_ _2\"></span>\u2018D<span class=\"_ _2\"></span>PF\u2019<span class=\"_ _2\"></span>) and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs165\">held<span class=\"_ _2\"></span>. It introduc<span class=\"_ _2\"></span>es a mo<span class=\"_ _2\"></span>del that me<span class=\"_ _2\"></span>asures g<span class=\"_ _2\"></span>roups of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s base<span class=\"_ _2\"></span>d on the pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture cas<span class=\"_ _2\"></span>h flows with an ex<span class=\"_ _2\"></span>plicit risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs166\">non-<span class=\"_ _2\"></span>financia<span class=\"_ _2\"></span>l risk and a c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e margin (<span class=\"_ _2\"></span>\u2018CSM<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>), repres<span class=\"_ _2\"></span>enting the un<span class=\"_ _2\"></span>earne<span class=\"_ _2\"></span>d profit to be re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in profit or l<span class=\"_ _2\"></span>oss over the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls12 ws10 gs167\">coverage<span class=\"_ _5\"></span> period.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs168\">New a<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g policie<span class=\"_ _2\"></span>s adopted fo<span class=\"_ _2\"></span>llowing the imp<span class=\"_ _2\"></span>lement<span class=\"_ _2\"></span>ation of IFRS 17 a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d within note F1 a<span class=\"_ _2\"></span>nd critic<span class=\"_ _2\"></span>al acc<span class=\"_ _2\"></span>ounting es<span class=\"_ _2\"></span>timates an<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs169\">judg<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s applie<span class=\"_ _2\"></span>d are detail<span class=\"_ _2\"></span>ed in note A4<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls13 ws11 gs16a\">A2<span class=\"_ _2\"></span>.<span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _7\"></span>1 T<span class=\"_ _7\"></span>ransition approach<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs16b\">Chan<span class=\"_ _2\"></span>ges in ac<span class=\"_ _2\"></span>countin<span class=\"_ _2\"></span>g policies re<span class=\"_ _2\"></span>sulting fro<span class=\"_ _2\"></span>m the adopti<span class=\"_ _2\"></span>on of IFRS 17 have be<span class=\"_ _2\"></span>en appli<span class=\"_ _2\"></span>ed using a f<span class=\"_ _2\"></span>ully retrosp<span class=\"_ _2\"></span>ective a<span class=\"_ _2\"></span>pproach (<span class=\"_ _2\"></span>\u2018FR<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>) to the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs16c\">ex<span class=\"_ _2\"></span>tent prac<span class=\"_ _2\"></span>ticab<span class=\"_ _2\"></span>le and usin<span class=\"_ _2\"></span>g a Fair V<span class=\"_ _7\"></span>alue Ap<span class=\"_ _2\"></span>proach (<span class=\"_ _2\"></span>\u2018F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>) approac<span class=\"_ _2\"></span>h where the F<span class=\"_ _2\"></span>RA was c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>red impr<span class=\"_ _2\"></span>actic<span class=\"_ _2\"></span>able. Th<span class=\"_ _2\"></span>e FRA re<span class=\"_ _2\"></span>quires </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs16d\">the Gro<span class=\"_ _2\"></span>up to: </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs16e\">\u2022 <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>dentif<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise and m<span class=\"_ _2\"></span>easure e<span class=\"_ _2\"></span>ach group of in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts as if I<span class=\"_ _2\"></span>FRS 17 had a<span class=\"_ _2\"></span>lways applie<span class=\"_ _2\"></span>d; </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs16f\">\u2022 <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>ereco<span class=\"_ _2\"></span>gnise any ex<span class=\"_ _2\"></span>isting b<span class=\"_ _2\"></span>alance<span class=\"_ _2\"></span>s that woul<span class=\"_ _2\"></span>d not exist h<span class=\"_ _2\"></span>ad IFR<span class=\"_ _2\"></span>S 17 always applie<span class=\"_ _2\"></span>d; and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs170\">\u2022 <span class=\"_ _9\"> </span>re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise any resul<span class=\"_ _2\"></span>ting net dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>e in equit<span class=\"_ _2\"></span>y.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs171\">In deter<span class=\"_ _2\"></span>mining wheth<span class=\"_ _2\"></span>er it was pr<span class=\"_ _2\"></span>actic<span class=\"_ _2\"></span>able for th<span class=\"_ _2\"></span>e FRA tr<span class=\"_ _2\"></span>ansition m<span class=\"_ _2\"></span>ethod to b<span class=\"_ _2\"></span>e applied<span class=\"_ _2\"></span>, the Group h<span class=\"_ _2\"></span>as cons<span class=\"_ _2\"></span>idered th<span class=\"_ _2\"></span>e following key fac<span class=\"_ _2\"></span>tors:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs172\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e abilit<span class=\"_ _2\"></span>y to obtain as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s and dat<span class=\"_ _2\"></span>a at the require<span class=\"_ _2\"></span>d level of gran<span class=\"_ _2\"></span>ularit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, witho<span class=\"_ _2\"></span>ut the mate<span class=\"_ _2\"></span>rial use of hind<span class=\"_ _2\"></span>sight, p<span class=\"_ _2\"></span>artic<span class=\"_ _2\"></span>ularly in rel<span class=\"_ _2\"></span>ation to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs173\">contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s within acq<span class=\"_ _2\"></span>uired busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es and wh<span class=\"_ _2\"></span>ere the Group\u2019s finan<span class=\"_ _2\"></span>cial repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g metric<span class=\"_ _2\"></span>s did not require s<span class=\"_ _2\"></span>uch informatio<span class=\"_ _2\"></span>n;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs174\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e availabilit<span class=\"_ _2\"></span>y and us<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y of historic d<span class=\"_ _2\"></span>ata given th<span class=\"_ _2\"></span>e signific<span class=\"_ _2\"></span>ant integrat<span class=\"_ _2\"></span>ion work per<span class=\"_ _2\"></span>forme<span class=\"_ _2\"></span>d by the Group o<span class=\"_ _2\"></span>n both its p<span class=\"_ _2\"></span>olicy adm<span class=\"_ _2\"></span>inistrat<span class=\"_ _2\"></span>ion </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs175\">and a<span class=\"_ _2\"></span>ctuari<span class=\"_ _2\"></span>al mode<span class=\"_ _2\"></span>lling sys<span class=\"_ _2\"></span>tems whe<span class=\"_ _2\"></span>re re-plat<span class=\"_ _2\"></span>forming fro<span class=\"_ _2\"></span>m lega<span class=\"_ _2\"></span>cy sys<span class=\"_ _2\"></span>tems onto a unifie<span class=\"_ _2\"></span>d plat<span class=\"_ _2\"></span>form has b<span class=\"_ _2\"></span>een c<span class=\"_ _2\"></span>arried ou<span class=\"_ _2\"></span>t; and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs176\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e signific<span class=\"_ _2\"></span>ant level of reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y chang<span class=\"_ _2\"></span>e exper<span class=\"_ _2\"></span>ience<span class=\"_ _2\"></span>d by the insur<span class=\"_ _2\"></span>ance ind<span class=\"_ _2\"></span>ustr<span class=\"_ _2\"></span>y, such as S<span class=\"_ _2\"></span>olvency I<span class=\"_ _2\"></span>I, wh<span class=\"_ _2\"></span>ich impac<span class=\"_ _2\"></span>ts on th<span class=\"_ _2\"></span>e level of chang<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs177\">under<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>n on both le<span class=\"_ _2\"></span>gacy a<span class=\"_ _2\"></span>nd current p<span class=\"_ _2\"></span>olicy adm<span class=\"_ _2\"></span>inistrat<span class=\"_ _2\"></span>ion and ac<span class=\"_ _2\"></span>tuaria<span class=\"_ _2\"></span>l modellin<span class=\"_ _2\"></span>g syste<span class=\"_ _2\"></span>ms.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs178\">The FR<span class=\"_ _2\"></span>A has b<span class=\"_ _2\"></span>een ap<span class=\"_ _2\"></span>plied to the foll<span class=\"_ _2\"></span>owing insur<span class=\"_ _2\"></span>ance bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s on transi<span class=\"_ _2\"></span>tion to IFRS 17:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs179\">\u2022 <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>ulk purcha<span class=\"_ _2\"></span>se annuiti<span class=\"_ _2\"></span>es;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs17a\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>nnuities a<span class=\"_ _2\"></span>nd unit-linked polici<span class=\"_ _2\"></span>es that orig<span class=\"_ _2\"></span>inated from 1 J<span class=\"_ _2\"></span>anuar<span class=\"_ _2\"></span>y 2021 o<span class=\"_ _2\"></span>nwards for the a<span class=\"_ _2\"></span>cquired S<span class=\"_ _2\"></span>tandar<span class=\"_ _2\"></span>d Life Assura<span class=\"_ _2\"></span>nce bu<span class=\"_ _2\"></span>siness e<span class=\"_ _2\"></span>ntities;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs17b\">\u2022 <span class=\"_ _9\"> </span>S<span class=\"_ _2\"></span>unLife polic<span class=\"_ _2\"></span>ies that or<span class=\"_ _2\"></span>iginated p<span class=\"_ _2\"></span>ost 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y 201<span class=\"_ _2\"></span>8; and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs17c\">\u2022 <span class=\"_ _9\"> </span>Re<span class=\"_ _2\"></span>Ass<span class=\"_ _2\"></span>ure Assur<span class=\"_ _2\"></span>ance Limite<span class=\"_ _2\"></span>d annuitie<span class=\"_ _2\"></span>s and non<span class=\"_ _2\"></span>-profit polic<span class=\"_ _2\"></span>ies from ac<span class=\"_ _2\"></span>quisition date of th<span class=\"_ _2\"></span>e ReAss<span class=\"_ _2\"></span>ure entities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs17d\">The F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A ha<span class=\"_ _2\"></span>s been a<span class=\"_ _2\"></span>pplied to the G<span class=\"_ _2\"></span>roup\u2019s remaining ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss. O<span class=\"_ _2\"></span>n transit<span class=\"_ _2\"></span>ion, 58<span class=\"_ _2\"></span>% of the CS<span class=\"_ _2\"></span>M (<span class=\"_ _5\"></span>net of rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e) is calcul<span class=\"_ _2\"></span>ated unde<span class=\"_ _2\"></span>r </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs17e\">the FR<span class=\"_ _2\"></span>A and 42<span class=\"_ _2\"></span>% under the F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>. However, of the busin<span class=\"_ _2\"></span>ess tr<span class=\"_ _2\"></span>ansition<span class=\"_ _2\"></span>ed unde<span class=\"_ _2\"></span>r FRA a sig<span class=\"_ _2\"></span>nificant am<span class=\"_ _2\"></span>ount of the CS<span class=\"_ _2\"></span>M relates to th<span class=\"_ _2\"></span>e ReAs<span class=\"_ _2\"></span>sure </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs17f\">busin<span class=\"_ _2\"></span>ess a<span class=\"_ _2\"></span>cquired in 20<span class=\"_ _2\"></span>20 and fair va<span class=\"_ _2\"></span>lued at th<span class=\"_ _2\"></span>at date. Man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent therefore c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>rs c.<span class=\"_ _2\"></span>95% of the li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>, equ<span class=\"_ _2\"></span>ating to c.<span class=\"_ _2\"></span>84% of the C<span class=\"_ _2\"></span>SM<span class=\"_ _2\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs180\">to be a mo<span class=\"_ _2\"></span>re accur<span class=\"_ _2\"></span>ate reflec<span class=\"_ _2\"></span>tion of the use of the F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs181\">In appl<span class=\"_ _2\"></span>ying the F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>, the C<span class=\"_ _2\"></span>SM (or los<span class=\"_ _2\"></span>s compo<span class=\"_ _2\"></span>nent) ha<span class=\"_ _2\"></span>s been d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d at 1 Janua<span class=\"_ _2\"></span>ry 20<span class=\"_ _2\"></span>22 as the dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>e bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e fair value of a group of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs182\">contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and the pre<span class=\"_ _2\"></span>sent value of ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted future c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s includin<span class=\"_ _2\"></span>g acquisi<span class=\"_ _2\"></span>tion cos<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, plus an expli<span class=\"_ _2\"></span>cit risk ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent. In d<span class=\"_ _2\"></span>etermining th<span class=\"_ _2\"></span>e fair </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs183\">value<span class=\"_ _2\"></span>, the Group h<span class=\"_ _2\"></span>as applie<span class=\"_ _2\"></span>d the require<span class=\"_ _2\"></span>ments of I<span class=\"_ _2\"></span>FRS 13 </div><div class=\"t m1e3 h205 ff3 fs174 fc1 sc0 ls0 ws0 gs184\">Fair V<span class=\"_ _7\"></span>a<span class=\"_ _2\"></span>lue Mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs185\">, except for t<span class=\"_ _2\"></span>he deman<span class=\"_ _2\"></span>d depos<span class=\"_ _2\"></span>it floor re<span class=\"_ _2\"></span>quireme<span class=\"_ _2\"></span>nt, as req<span class=\"_ _2\"></span>uired </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs186\">by IFRS 17<span class=\"_ _5\"></span>. The f<span class=\"_ _2\"></span>air value deter<span class=\"_ _2\"></span>mined by th<span class=\"_ _2\"></span>e Group use<span class=\"_ _2\"></span>s cash fl<span class=\"_ _2\"></span>ows with contr<span class=\"_ _2\"></span>act b<span class=\"_ _2\"></span>oundarie<span class=\"_ _2\"></span>s consi<span class=\"_ _2\"></span>stent with I<span class=\"_ _2\"></span>FRS 17 require<span class=\"_ _2\"></span>ments<span class=\"_ _2\"></span>. The </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs187\">mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of the fair value of co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s inclu<span class=\"_ _2\"></span>des items t<span class=\"_ _2\"></span>aken into conside<span class=\"_ _2\"></span>ration by a ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>nt but which are n<span class=\"_ _2\"></span>ot includ<span class=\"_ _2\"></span>ed in the I<span class=\"_ _2\"></span>FRS </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs188\">17 mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of contrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, such as a ri<span class=\"_ _2\"></span>sk premium to refle<span class=\"_ _2\"></span>ct a ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>nt\u2019s view of unce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>inty inh<span class=\"_ _2\"></span>erent in the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t cash fl<span class=\"_ _2\"></span>ows being </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs189\">value<span class=\"_ _2\"></span>d and a profit m<span class=\"_ _2\"></span>argin. S<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt judge<span class=\"_ _2\"></span>ments a<span class=\"_ _2\"></span>nd est<span class=\"_ _2\"></span>imates use<span class=\"_ _2\"></span>d in determinin<span class=\"_ _2\"></span>g the fair val<span class=\"_ _2\"></span>ue have bee<span class=\"_ _2\"></span>n set out in n<span class=\"_ _2\"></span>ote A4.1.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs18a\">The fa<span class=\"_ _2\"></span>ir value for the gro<span class=\"_ _2\"></span>ups of with-profit<span class=\"_ _2\"></span>s contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, has b<span class=\"_ _2\"></span>een de<span class=\"_ _2\"></span>termine<span class=\"_ _2\"></span>d at transiti<span class=\"_ _2\"></span>on date as the s<span class=\"_ _2\"></span>um of the bes<span class=\"_ _2\"></span>t estim<span class=\"_ _2\"></span>ate liabilit<span class=\"_ _2\"></span>y (\u2018<span class=\"_ _2\"></span>BEL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>); the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs18b\">polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs\u2019 share of the e<span class=\"_ _2\"></span>state; a r<span class=\"_ _2\"></span>isk premium; a<span class=\"_ _2\"></span>nd other fa<span class=\"_ _2\"></span>ir value adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, i.e. profit<span class=\"_ _2\"></span>s on annuiti<span class=\"_ _2\"></span>es vestin<span class=\"_ _2\"></span>g into the non-p<span class=\"_ _2\"></span>rofit fund.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs18c\">The tre<span class=\"_ _2\"></span>atment for rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts h<span class=\"_ _2\"></span>eld at tran<span class=\"_ _2\"></span>sition is simil<span class=\"_ _2\"></span>ar to that for ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts with a few exc<span class=\"_ _2\"></span>eptions<span class=\"_ _2\"></span>. The rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e BEL is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs18d\">cal<span class=\"_ _2\"></span>culated us<span class=\"_ _2\"></span>ing the IFR<span class=\"_ _2\"></span>S 17 disco<span class=\"_ _2\"></span>unted proba<span class=\"_ _2\"></span>bility<span class=\"_ _2\"></span>-weighte<span class=\"_ _2\"></span>d expec<span class=\"_ _2\"></span>ted pre<span class=\"_ _2\"></span>sent value of th<span class=\"_ _2\"></span>e<span class=\"_ gs132\"> </span>cash fl<span class=\"_ _2\"></span>ows on trans<span class=\"_ _2\"></span>ition date. Th<span class=\"_ _2\"></span>e cash fl<span class=\"_ _2\"></span>ows under </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs18e\">the rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct are st<span class=\"_ _2\"></span>resse<span class=\"_ _2\"></span>d in order to c<span class=\"_ _2\"></span>alculate th<span class=\"_ _2\"></span>e risk premi<span class=\"_ _2\"></span>um, plus an a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment is m<span class=\"_ _2\"></span>ade for risk of rein<span class=\"_ _2\"></span>surer defa<span class=\"_ _2\"></span>ult (i.e. addi<span class=\"_ _2\"></span>tional </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs18f\">risk of cla<span class=\"_ _2\"></span>ims rece<span class=\"_ _2\"></span>ived bein<span class=\"_ _2\"></span>g lower than th<span class=\"_ _2\"></span>e bes<span class=\"_ _2\"></span>t estim<span class=\"_ _2\"></span>ate) in the risk premi<span class=\"_ _2\"></span>um<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls60 ws57 gs191\">A2.1.<span class=\"_ _2\"></span>2 I<span class=\"_ _5\"></span>mpact of transi<span class=\"_ _5\"></span>tion<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs192\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l equit<span class=\"_ _2\"></span>y at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>table t<span class=\"_ _2\"></span>o owner<span class=\"_ _2\"></span>s of the par<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs193\">The Gro<span class=\"_ _2\"></span>up has dete<span class=\"_ _2\"></span>rmined th<span class=\"_ _2\"></span>e quantita<span class=\"_ _2\"></span>tive impac<span class=\"_ _2\"></span>t of moving to IFRS 17 o<span class=\"_ _2\"></span>n 1 Januar<span class=\"_ _2\"></span>y 202<span class=\"_ _2\"></span>2 to be a dec<span class=\"_ _2\"></span>rease in th<span class=\"_ _2\"></span>e total equit<span class=\"_ _2\"></span>y at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs194\">owner<span class=\"_ _2\"></span>s of the parent of \u00a348 millio<span class=\"_ _2\"></span>n, from \u00a35<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>15 million to \u00a35<span class=\"_ _2\"></span>,767 million<span class=\"_ _2\"></span>. The main dr<span class=\"_ _2\"></span>ivers of this re<span class=\"_ _2\"></span>duction a<span class=\"_ _2\"></span>re:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 lsf2 wsdc gs195\">\u00a3m<span class=\"_ _3bc\"> </span></div><div class=\"gs196\"><table class=\"s w218 h293\" id=\"_08b61238-49a3-413f-9591-acb9b30f71e7\"><tr><td class=\"t m0 x240 hd y5685 ff3 fs7 fc1 sc0 ls0 ws0\">Dere<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nition of intang<span class=\"_ _2\"></span>ible </td><td class=\"t m0 x47f hd y5686 ff3 fs7 fc1 sc0 ls0 ws0\">On ad<span class=\"_ _2\"></span>option of IFRS 17, the acquire<span class=\"_ _2\"></span>d in force busin<span class=\"_ _2\"></span>ess (<span class=\"_ _2\"></span>\u2018<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F\u2019<span class=\"_ _2\"></span>) and cus<span class=\"_ _2\"></span>tomer re<span class=\"_ _2\"></span>lationship </td><td></td><td class=\"t m0 x23f hd y5687 ff3 fs7 fc1 sc0 ls8b ws114\">(2,03<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5688 ff3 fs7 fc1 sc0 ls0 ws0\">as<span class=\"_ _2\"></span>sets rel<span class=\"_ _2\"></span>ated to contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s </td><td class=\"t m0 x47f hd y5689 ff3 fs7 fc1 sc0 ls0 ws0\">intan<span class=\"_ _2\"></span>gibles an<span class=\"_ _2\"></span>d deferred a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n cost a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s ass<span class=\"_ _2\"></span>ociate<span class=\"_ _2\"></span>d with the ac<span class=\"_ _2\"></span>quisition of ins<span class=\"_ _2\"></span>urance </td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y568a ff3 fs7 fc1 sc0 ls0 ws0\">mea<span class=\"_ _2\"></span>sured und<span class=\"_ _2\"></span>er IFRS 17<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x47f hd y568b ff3 fs7 fc1 sc0 ls0 ws0\">contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are no long<span class=\"_ _2\"></span>er hel<span class=\"_ _2\"></span>d as sepa<span class=\"_ _2\"></span>rate ass<span class=\"_ _2\"></span>ets and in<span class=\"_ _2\"></span>stea<span class=\"_ _2\"></span>d are includ<span class=\"_ _2\"></span>ed implicit<span class=\"_ _2\"></span>ly in the </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x47f hd y568c ff3 fs7 fc1 sc0 ls0 ws0\">mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabilities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y568d ff3 fs7 fc1 sc0 ls0 ws0\">Reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent of </td><td class=\"t m0 x480 hd y568e ff3 fs7 fc1 sc0 ls0 ws0\">The rem<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment of insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities p<span class=\"_ _2\"></span>rimarily inc<span class=\"_ _2\"></span>ludes th<span class=\"_ _2\"></span>e following item<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x481 hd y568f ff3 fs7 fc1 sc0 ls1bd ws1bc\">5,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5690 ff3 fs7 fc1 sc0 ls0 ws0\">insur<span class=\"_ _2\"></span>ance<span class=\"_ gs132\"> </span>co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities </td><td class=\"c n x482 y5691 w219 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2022<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x483 y5691 w21a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">re<span class=\"_ _2\"></span>moval of IFRS 4 m<span class=\"_ _2\"></span>argins as I<span class=\"_ _2\"></span>FRS 17 req<span class=\"_ _2\"></span>uires cas<span class=\"_ _2\"></span>h flows to be me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d on a bes<span class=\"_ _2\"></span>t estim<span class=\"_ _2\"></span>ate<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x240 hd y5692 ff3 fs7 fc1 sc0 ls0 ws0\">(net\ue01dof reinsur<span class=\"_ _2\"></span>ance)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x484 hd y5693 ff3 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">basi<span class=\"_ _2\"></span>s with the ad<span class=\"_ _2\"></span>dition of an explici<span class=\"_ _2\"></span>t adjus<span class=\"_ _2\"></span>tment for ri<span class=\"_ _2\"></span>sk;<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"c n x482 y5694 w219 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2022<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x483 y5694 w21b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">in<span class=\"_ _2\"></span>clusion of f<span class=\"_ _2\"></span>uture share<span class=\"_ _2\"></span>holder p<span class=\"_ _2\"></span>rofits from wit<span class=\"_ _2\"></span>h-profit and uni<span class=\"_ _2\"></span>t-link<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>d busin<span class=\"_ _2\"></span>ess tha<span class=\"_ _2\"></span>t are not<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x484 hd y5695 ff3 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">fully re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed und<span class=\"_ _2\"></span>er IFRS 4<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"c n x482 y5696 w219 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2022<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x483 y5696 w21c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the disc<span class=\"_ _2\"></span>ount rate, m<span class=\"_ _2\"></span>ost ma<span class=\"_ _2\"></span>terially imp<span class=\"_ _2\"></span>acting a<span class=\"_ _2\"></span>nnuit<span class=\"_ _2\"></span>y contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y5697 ff3 fs7 fc1 sc0 ls0 ws0\">Also in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d is the impa<span class=\"_ _2\"></span>ct of a chan<span class=\"_ _2\"></span>ge in treatm<span class=\"_ _2\"></span>ent in resp<span class=\"_ _2\"></span>ect of hybrid c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. These a<span class=\"_ _2\"></span>re </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y5698 ff3 fs7 fc1 sc0 ls0 ws0\">t<span class=\"_ _2\"></span>ypicall<span class=\"_ _2\"></span>y contrac<span class=\"_ _2\"></span>ts whic<span class=\"_ _2\"></span>h contain e<span class=\"_ _2\"></span>lement<span class=\"_ _2\"></span>s of unit-link<span class=\"_ _5\"></span>ed a<span class=\"_ _2\"></span>nd with-profit<span class=\"_ _2\"></span>s. Un<span class=\"_ _2\"></span>der IFR<span class=\"_ _2\"></span>S 4 these </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y5699 ff3 fs7 fc1 sc0 ls0 ws0\">comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>s were sep<span class=\"_ _2\"></span>arated an<span class=\"_ _2\"></span>d repor<span class=\"_ _2\"></span>ted und<span class=\"_ _2\"></span>er IAS 39 a<span class=\"_ _2\"></span>nd IFRS 4 re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ctively. Unde<span class=\"_ _2\"></span>r IFRS </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569a ff3 fs7 fc1 sc0 ls0 ws0\">17 if the co<span class=\"_ _2\"></span>ntract a<span class=\"_ _2\"></span>s a whole me<span class=\"_ _2\"></span>ets th<span class=\"_ _2\"></span>e definition of an inves<span class=\"_ _2\"></span>tment wit<span class=\"_ _2\"></span>h DPF contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>, the whole </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569b ff3 fs7 fc1 sc0 ls0 ws0\">contr<span class=\"_ _2\"></span>act fall<span class=\"_ _2\"></span>s within the sc<span class=\"_ _2\"></span>ope of IFR<span class=\"_ _2\"></span>S 17 unless t<span class=\"_ _2\"></span>he criteria fo<span class=\"_ _2\"></span>r a distinc<span class=\"_ _2\"></span>t investme<span class=\"_ _2\"></span>nt comp<span class=\"_ _2\"></span>onent </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569c ff3 fs7 fc1 sc0 ls0 ws0\">is met<span class=\"_ _2\"></span>. If it doe<span class=\"_ _2\"></span>s not, the wh<span class=\"_ _2\"></span>ole contr<span class=\"_ _2\"></span>act fa<span class=\"_ _2\"></span>lls within the s<span class=\"_ _2\"></span>cope of IFR<span class=\"_ _2\"></span>S 9. On tra<span class=\"_ _2\"></span>nsition a </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569d ff3 fs7 fc1 sc0 ls0 ws0\">signifi<span class=\"_ _2\"></span>cant prop<span class=\"_ _2\"></span>ortio<span class=\"_ _2\"></span>n of the Group\u2019s hybrid contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s were determin<span class=\"_ _2\"></span>ed to fall within t<span class=\"_ _2\"></span>he scop<span class=\"_ _2\"></span>e </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569e ff3 fs7 fc1 sc0 ls0 ws0\">of IFRS 17 an<span class=\"_ _2\"></span>d did not me<span class=\"_ _2\"></span>et the crite<span class=\"_ _2\"></span>ria to be sep<span class=\"_ _2\"></span>arated into it<span class=\"_ _2\"></span>s comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>s. A sma<span class=\"_ _2\"></span>ll por<span class=\"_ _2\"></span>tion of </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x480 hd y569f ff3 fs7 fc1 sc0 ls0 ws0\">hybrid co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s are ac<span class=\"_ _2\"></span>counted for un<span class=\"_ _2\"></span>der IFR<span class=\"_ _2\"></span>S 9.<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y56a0 ff3 fs7 fc1 sc0 ls1c ws1a\">Reco<span class=\"_ _2\"></span>gnition of a<span class=\"_ _5\"></span> risk adju<span class=\"_ _2\"></span>stment </td><td class=\"t m0 x480 hd y56a0 ff3 fs7 fc1 sc0 ls0 ws0\">IFR<span class=\"_ _2\"></span>S 17 requires an ex<span class=\"_ _2\"></span>plicit ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent in resp<span class=\"_ _2\"></span>ect of no<span class=\"_ _2\"></span>n-financ<span class=\"_ _2\"></span>ial risk<span class=\"_ _2\"></span>, this repla<span class=\"_ _2\"></span>ces so<span class=\"_ _2\"></span>me of the </td><td></td><td class=\"t m0 x485 hd y56a0 ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>61<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56a1 ff3 fs7 fc1 sc0 ls0 ws0\">(net of reinsur<span class=\"_ _2\"></span>ance)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x480 hd y56a1 ff3 fs7 fc1 sc0 ls0 ws0\">margin<span class=\"_ _2\"></span>s for uncer<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>inty imp<span class=\"_ _2\"></span>licitly incl<span class=\"_ _2\"></span>uded in th<span class=\"_ _2\"></span>e meas<span class=\"_ _2\"></span>urement of ca<span class=\"_ _2\"></span>sh flows und<span class=\"_ _2\"></span>er IFRS 4<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y56a2 ff3 fs7 fc1 sc0 ls0 ws0\">Rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n of a  </td><td class=\"t m0 x480 hd y56a3 ff3 fs7 fc1 sc0 ls0 ws0\">The c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e margin refle<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s the unear<span class=\"_ _2\"></span>ned profit to b<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in profit or los<span class=\"_ _2\"></span>s as </td><td></td><td class=\"t m0 x485 hd y56a3 ff3 fs7 fc1 sc0 ls8b ws114\">(2,430<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56a4 ff3 fs7 fc1 sc0 ls0 ws0\">contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al ser<span class=\"_ _2\"></span>vice ma<span class=\"_ _2\"></span>rgin<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x480 hd y56a5 ff3 fs7 fc1 sc0 ls0 ws0\">ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s are provide<span class=\"_ _2\"></span>d. </td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y56a6 ff3 fs7 fc1 sc0 ls0 ws0\">(net of reinsur<span class=\"_ _2\"></span>ance)<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y56a7 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in defer<span class=\"_ _2\"></span>red tax </td><td></td><td></td><td class=\"t m0 x486 hd y56a7 ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56a8 ff3 fs7 fc1 sc0 ls0 ws0\">from<span class=\"_ gs132\"> </span>the a<span class=\"_ _2\"></span>bove items<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y56a9 ff3 fs7 fc1 sc0 lsd6 ws0\">Chan<span class=\"_ _2\"></span>ge in total e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y </td><td></td><td></td><td class=\"t m0 x487 hd y56aa ff3 fs7 fc1 sc0 ls38 ws35\">(48)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y55ef w21d h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 lsd6 ws0\">at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to owner<span class=\"_ _2\"></span>s of<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws195\">the<span class=\"_ gs132\"> </span>pa<span class=\"_ _2\"></span>rent<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs197\">In add<span class=\"_ _2\"></span>ition to the ab<span class=\"_ _2\"></span>ove IFRS 17 has im<span class=\"_ _2\"></span>pacte<span class=\"_ _2\"></span>d how insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d reinsura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act-rela<span class=\"_ _2\"></span>ted balan<span class=\"_ _2\"></span>ces are p<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d in the st<span class=\"_ _2\"></span>atement of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs198\">con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l position<span class=\"_ _2\"></span>. Cer<span class=\"_ _2\"></span>tain a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liab<span class=\"_ _2\"></span>ilities previo<span class=\"_ _2\"></span>usly rep<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d separ<span class=\"_ _2\"></span>ately are now in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d within IFR<span class=\"_ _2\"></span>S 17 balanc<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, these </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs199\">inclu<span class=\"_ _2\"></span>de balan<span class=\"_ _2\"></span>ces suc<span class=\"_ _2\"></span>h as unallo<span class=\"_ _2\"></span>cated s<span class=\"_ _2\"></span>urplus<span class=\"_ _2\"></span>, depos<span class=\"_ _2\"></span>its rec<span class=\"_ _2\"></span>eived from re<span class=\"_ _2\"></span>insurer<span class=\"_ _2\"></span>s and insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>/<span class=\"_ _7\"></span>re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce payable<span class=\"_ _2\"></span>s/<span class=\"_ _7\"></span>re<span class=\"_ _2\"></span>ceivab<span class=\"_ _2\"></span>les and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs19a\">payable<span class=\"_ _2\"></span>s related to dire<span class=\"_ _2\"></span>ct ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. Othe<span class=\"_ _2\"></span>r liabilities an<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>ets have be<span class=\"_ _2\"></span>en par<span class=\"_ _2\"></span>tly re<span class=\"_ _2\"></span>class<span class=\"_ _2\"></span>ified within I<span class=\"_ _2\"></span>FRS 17 liabilit<span class=\"_ _2\"></span>ies and as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s where </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs19b\">thes<span class=\"_ _2\"></span>e balan<span class=\"_ _2\"></span>ces rela<span class=\"_ _2\"></span>te to insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, such a<span class=\"_ _2\"></span>s provisions<span class=\"_ _2\"></span>, loan<span class=\"_ _2\"></span>s and dep<span class=\"_ _2\"></span>osits (p<span class=\"_ _2\"></span>olicy lo<span class=\"_ _2\"></span>ans), other payab<span class=\"_ _2\"></span>les and oth<span class=\"_ _2\"></span>er rece<span class=\"_ _2\"></span>ivables<span class=\"_ _2\"></span>. Cos<span class=\"_ _2\"></span>ts </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs19c\">that are a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d as direc<span class=\"_ _2\"></span>tly att<span class=\"_ _2\"></span>ributab<span class=\"_ _2\"></span>le to insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are acco<span class=\"_ _2\"></span>unted for unde<span class=\"_ _2\"></span>r IFRS 17 an<span class=\"_ _2\"></span>d this inclu<span class=\"_ _2\"></span>des thos<span class=\"_ _2\"></span>e that woul<span class=\"_ _2\"></span>d have </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs19d\">previo<span class=\"_ _2\"></span>usly determ<span class=\"_ _2\"></span>ined in ac<span class=\"_ _2\"></span>cordan<span class=\"_ _2\"></span>ce with the re<span class=\"_ _2\"></span>quireme<span class=\"_ _2\"></span>nts of IAS 37 Provision<span class=\"_ _2\"></span>s, C<span class=\"_ _2\"></span>ontinge<span class=\"_ _2\"></span>nt Liabilities an<span class=\"_ _2\"></span>d Contin<span class=\"_ _2\"></span>gent As<span class=\"_ _2\"></span>sets to b<span class=\"_ _2\"></span>e includ<span class=\"_ _2\"></span>ed </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs19e\">in provision<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div>The imp<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s on the key line items in th<span class=\"_ _2\"></span>e Group\u2019s statem<span class=\"_ _2\"></span>ent of cons<span class=\"_ _2\"></span>olidated fin<span class=\"_ _2\"></span>ancial p<span class=\"_ _2\"></span>osition are s<span class=\"_ _2\"></span>et out be<span class=\"_ _2\"></span>low:<span class=\"_ _3bc\"> </span><table class=\"s wc6 h294\" id=\"_f7b5abd9-9bf6-47fc-abe7-e47aa8bea2ad\"><tr><td></td><td class=\"t m0 x488 h16 y56ab ff3 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r 2021 </td><td class=\"t m0 x489 h16 y56ab ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act o<span class=\"_ _2\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x48a h16 y56ac ff3 fsf fc1 sc0 lse4 wsce\">as previously<span class=\"_ _7\"></span> </td><td class=\"t m0 x48b h16 y56ac ff3 fsf fc1 sc0 ls0 ws0\">imp<span class=\"_ _2\"></span>leme<span class=\"_ _2\"></span>ntat<span class=\"_ _2\"></span>ion of </td><td class=\"t m0 x260 h16 y56ac ff3 fsf fc1 sc0 ls0 ws0\">1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 202<span class=\"_ _2\"></span>2 </td></tr><tr><td></td><td class=\"t m0 x48c h16 y56ad ff3 fsf fc1 sc0 ls0 ws0\">rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ted \u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x48d h16 y56ad ff3 fsf fc1 sc0 ls0 ws0\">IFR<span class=\"_ _2\"></span>S 17 \u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x48e h16 y56ad ff3 fsf fc1 sc0 ls0 ws0\">res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y56ae w21e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Intan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x48f y56ae w21f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">4,565<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x490 y56ae w220 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>28)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x491 y56ae wde h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">2<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56af w221 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x492 y56af w222 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">293,1<span class=\"_ _2\"></span>92<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x493 y56af w223 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x494 y56af w106 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">293,<span class=\"_ _2\"></span>161<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b0 w107 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x495 y56b0 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1fe y56b0 w8d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">65<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x496 y56b0 w8d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">65<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b1 w10a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x497 y56b1 w224 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">8,<span class=\"_ _2\"></span>587<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x498 y56b1 w225 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,<span class=\"_ _2\"></span>867<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x499 y56b1 w1ca h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b2 w226 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er insur<span class=\"_ _2\"></span>ance/<span class=\"_ _5\"></span>reins<span class=\"_ _2\"></span>urance re<span class=\"_ _2\"></span>ceiva<span class=\"_ _2\"></span>bles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49a y56b2 w227 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">139<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49b y56b2 w228 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(139)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49c y56b2 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b3 w229 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49d y56b3 w22a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49e y56b3 w22b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49f y56b3 w22c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5616 w22d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">To<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> a<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a0 y5616 w22e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">333,<span class=\"_ _7\"></span>799<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a1 y5616 w22f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a2 y5616 w12c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">3<span class=\"_ _3\"></span>2<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b4 w151 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a3 y56b4 w230 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">12<span class=\"_ _7\"></span>8,86<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a4 y56b4 w162 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,6<span class=\"_ _2\"></span>33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a5 y56b4 w155 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bf ws1be\">1<span class=\"_ _2\"></span>32,<span class=\"_ _2\"></span>497<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b5 w231 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Unallocated surplus<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a6 y56b5 w232 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">1<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a7 y56b5 w233 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>01)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a8 y56b5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y56b6 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y56b7 w15b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a9 y56b7 w234 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">1<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>417<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4aa y56b7 w8e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(2,<span class=\"_ _2\"></span>968)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ab y56b7 w235 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">157<span class=\"_ _6\"></span>,<span class=\"_ _2\"></span>449<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ea w236 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Dep<span class=\"_ _2\"></span>osits re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d from reinsure<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ac y55ea w237 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,<span class=\"_ _2\"></span>569<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ad y55ea w238 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,56<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2ab y55ea w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55eb w170 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Provisions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ae y55eb w239 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">235<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4af y55eb w23a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b0 y55eb wdb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">184<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b8 w174 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b1 y56b8 w23b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">1<span class=\"_ _2\"></span>,39<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b2 y56b8 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b3 y56b8 w128 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>407<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b9 w23c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er insur<span class=\"_ _2\"></span>ance/<span class=\"_ _5\"></span>reins<span class=\"_ _2\"></span>urance p<span class=\"_ _2\"></span>ayables<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b4 y56b9 w103 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">2,0<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b5 y56b9 w23d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>07)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b6 y56b9 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5684 w23e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er liabilitie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b7 y5684 w23f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">28<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>38<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b8 y5684 w240 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">772<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b9 y5684 w241 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">2<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,51<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w242 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ba y561e w243 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">3<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4bb y561e w244 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>98<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4bc y561e w245 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">32<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w246 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4bd y55ef w247 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb3 wsf4\">6,<span class=\"_ _7\"></span>769<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4be y55ef w1c4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(48)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4bf y55ef we6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">6<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td></tr></table>Los<span class=\"_ _2\"></span>s attri<span class=\"_ _2\"></span>butab<span class=\"_ _2\"></span>le to owne<span class=\"_ _2\"></span>rs for the ye<span class=\"_ _2\"></span>ar end<span class=\"_ _2\"></span>ed 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2022<span class=\"_ _3bc\"> </span>As a res<span class=\"_ _2\"></span>ult of adopting I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e loss af<span class=\"_ _2\"></span>ter ta<span class=\"_ _2\"></span>x attrib<span class=\"_ _2\"></span>utable to ow<span class=\"_ _2\"></span>ners for th<span class=\"_ _2\"></span>e year end<span class=\"_ _2\"></span>ed 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2022 in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>ed by \u00a38<span class=\"_ _2\"></span>95 million f<span class=\"_ _2\"></span>rom a<span class=\"_ gs132\"> </span>los<span class=\"_ _2\"></span>s of \u00a31,76<span class=\"_ _2\"></span>2 million to a los<span class=\"_ _2\"></span>s of \u00a32,6<span class=\"_ _2\"></span>57 million<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><table class=\"s w248 h295\" id=\"_bcc1e9c5-047a-4ccb-a765-7ca069908a64\"><tr><td></td><td class=\"t m0 x4c0 h16 y56ba ff3 fsf fc1 sc0 lse4 wsce\">As previously<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x4c1 h16 y56bb ff3 fsf fc1 sc0 lsf3 wsdf\">repor<span class=\"_ _2\"></span>ted<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x261 h16 y56bb ff3 fsf fc1 sc0 lsf3 wsdf\">Rest<span class=\"_ _2\"></span>ated<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 h16 y56bb ff3 fsf fc1 sc0 ls84 ws79\">Change<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x4c3 h16 y56bc ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h16 y56bc ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y56bc ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y56bd w249 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit before ta<span class=\"_ _2\"></span>x<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c4 y56bd w24a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>24<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c5 y56bd w119 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c3 ws1c3\">544<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c6 y56bd w24b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>701)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56be w24c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Economic variances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c7 y56be w24d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(2,673)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c8 y56be w238 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,30<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4c9 y56be w24e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">(<span class=\"_ _2\"></span>636)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56bf w7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation and imp<span class=\"_ _2\"></span>airment of ac<span class=\"_ _2\"></span>quired in-force b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ca y56bf w24b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">(5<span class=\"_ _2\"></span>01)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cb y56bf w24f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cc y56bf w112 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">154<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c0 w250 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation and imp<span class=\"_ _2\"></span>airment of othe<span class=\"_ _2\"></span>r intangib<span class=\"_ _2\"></span>les<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cd y56c0 w251 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">(<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ce y56c0 w252 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cf y56c0 wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">15<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c1 w253 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other non-operat<span class=\"_ _5\"></span>ing it<span class=\"_ _5\"></span>ems<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d0 y56c1 w254 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d1 y56c1 w56 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>262)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d2 y56c1 w1da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(8<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c2 w255 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>ce cos<span class=\"_ _2\"></span>ts at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to owne<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d3 y56c2 w50 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(19<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d4 y56c2 w50 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(19<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d5 y56c2 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c3 w256 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Loss b<span class=\"_ _2\"></span>efore tax at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>table to owne<span class=\"_ _2\"></span>rs of the pare<span class=\"_ _2\"></span>nt<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d6 y56c3 w257 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">(2<span class=\"_ _2\"></span>,328<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d7 y56c3 w258 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(3,579)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d8 y56c3 w259 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>251<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c4 w25a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Profit before t<span class=\"_ _2\"></span>ax at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to non-c<span class=\"_ _2\"></span>ontrolling intere<span class=\"_ _2\"></span>st<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d9 y56c4 wa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">67<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4da y56c4 wa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">67<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4db y56c4 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c5 w25b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Loss b<span class=\"_ _2\"></span>efore tax at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>table to owne<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4dc y56c5 w25c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(2<span class=\"_ _2\"></span>,261<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4dd y56c5 w25d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>512<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4de y56c5 w25e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>251<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c6 w9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ax c<span class=\"_ _2\"></span>redit at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to owner<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4df y56c6 w91 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">499<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e0 y56c6 w9c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">855<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x224 y56c6 w239 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">356<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56c7 w25f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">Los<span class=\"_ _2\"></span>s afte<span class=\"_ _2\"></span>r tax at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>tabl<span class=\"_ _2\"></span>e to owner<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e1 y56c7 w260 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e2 y56c7 w261 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(2<span class=\"_ _2\"></span>,657<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e3 y56c7 w50 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(895<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table>Det<span class=\"_ _2\"></span>ails of the adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d operatin<span class=\"_ _2\"></span>g profit meth<span class=\"_ _2\"></span>odolo<span class=\"_ _2\"></span>gy followin<span class=\"_ _2\"></span>g the trans<span class=\"_ _2\"></span>ition to IFRS 17 i<span class=\"_ _2\"></span>s set out in note B1<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The m<span class=\"_ _2\"></span>ain drivers of this re<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>n are:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e chan<span class=\"_ _2\"></span>ge in profit rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n pat<span class=\"_ _2\"></span>tern. Un<span class=\"_ _2\"></span>der IFRS 17 p<span class=\"_ _2\"></span>rofits are sp<span class=\"_ _2\"></span>read over the life of co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s as se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e is provided<span class=\"_ _2\"></span>. This incl<span class=\"_ _2\"></span>udes the deferra<span class=\"_ _2\"></span>l of new busin<span class=\"_ _2\"></span>ess profit<span class=\"_ _2\"></span>s from annui<span class=\"_ _2\"></span>ty c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts writ<span class=\"_ _2\"></span>ten in the p<span class=\"_ _2\"></span>eriod;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>cono<span class=\"_ _2\"></span>mic varianc<span class=\"_ _2\"></span>es have incre<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d in relation to th<span class=\"_ _2\"></span>e Solven<span class=\"_ _2\"></span>cy II he<span class=\"_ _2\"></span>dging in p<span class=\"_ _2\"></span>lace. Th<span class=\"_ _2\"></span>e interest r<span class=\"_ _2\"></span>ate sensi<span class=\"_ _2\"></span>tive liabilities re<span class=\"_ _2\"></span>duce c<span class=\"_ _2\"></span>ompare<span class=\"_ _2\"></span>d to IFR<span class=\"_ _2\"></span>S 4 as the ma<span class=\"_ _2\"></span>jorit<span class=\"_ _2\"></span>y of the Group\u2019s CS<span class=\"_ _2\"></span>M uses lo<span class=\"_ _2\"></span>ck<span class=\"_ _5\"></span>ed<span class=\"_ _2\"></span>-in discount r<span class=\"_ _2\"></span>ates resultin<span class=\"_ _2\"></span>g in a higher l<span class=\"_ _2\"></span>evel of \u2018<span class=\"_ _5\"></span>over-he<span class=\"_ _2\"></span>dging\u2019. In addition<span class=\"_ _2\"></span>, the off<span class=\"_ _2\"></span>set to the los<span class=\"_ _2\"></span>ses p<span class=\"_ _2\"></span>rimarily from inte<span class=\"_ _2\"></span>rest ra<span class=\"_ _2\"></span>te hedgin<span class=\"_ _2\"></span>g from gain<span class=\"_ _2\"></span>s arising on e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y hedg<span class=\"_ _2\"></span>es in the prev<span class=\"_ _2\"></span>iously re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted numb<span class=\"_ _2\"></span>ers is re<span class=\"_ _2\"></span>duced<span class=\"_ _2\"></span>, as unde<span class=\"_ _2\"></span>r IFR<span class=\"_ _2\"></span>S 17 these h<span class=\"_ _2\"></span>edge<span class=\"_ _2\"></span>s now par<span class=\"_ _2\"></span>tially of<span class=\"_ _2\"></span>fset a<span class=\"_ _2\"></span>dverse m<span class=\"_ _2\"></span>arket impact<span class=\"_ _2\"></span>s arisin<span class=\"_ _2\"></span>g in the incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment from unit-linked an<span class=\"_ _2\"></span>d with-profit<span class=\"_ _2\"></span>s busine<span class=\"_ _2\"></span>ss which h<span class=\"_ _2\"></span>ave a loss com<span class=\"_ _2\"></span>ponent<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a re<span class=\"_ _2\"></span>ducti<span class=\"_ _2\"></span>on in amor<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on of the elem<span class=\"_ _2\"></span>ent of acquire<span class=\"_ _2\"></span>d in-force (\u2018<span class=\"_ _5\"></span>A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F\u2019<span class=\"_ _2\"></span>) busines<span class=\"_ _2\"></span>s as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts which is d<span class=\"_ _2\"></span>ereco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d on<span class=\"_ gs132\"> </span>tran<span class=\"_ _2\"></span>sition to IFR<span class=\"_ _2\"></span>S 17<span class=\"_ _5\"></span>; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>oth<span class=\"_ _2\"></span>er non-<span class=\"_ _2\"></span>opera<span class=\"_ _2\"></span>ting items h<span class=\"_ _2\"></span>ave reduce<span class=\"_ _2\"></span>d due to cos<span class=\"_ _2\"></span>ts that h<span class=\"_ _2\"></span>ave been a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>sed a<span class=\"_ _2\"></span>s direct<span class=\"_ _2\"></span>ly attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts b<span class=\"_ _2\"></span>eing inc<span class=\"_ _2\"></span>luded in<span class=\"_ gs132\"> </span>the c<span class=\"_ _2\"></span>alculatio<span class=\"_ _2\"></span>n of the CSM<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2 Adop<span class=\"_ _2\"></span>tion of I<span class=\"_ _2\"></span>FRS 9 Financial Ins<span class=\"_ _2\"></span>truments<span class=\"_ _3bc\"> </span>IFR<span class=\"_ _2\"></span>S 9 replac<span class=\"_ _2\"></span>ed IAS 3<span class=\"_ _2\"></span>9 Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts: Re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition and M<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment for annu<span class=\"_ _2\"></span>al perio<span class=\"_ _2\"></span>ds beg<span class=\"_ _2\"></span>inning on or af<span class=\"_ _2\"></span>ter 1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 2018<span class=\"_ _2\"></span>. The Group e<span class=\"_ _2\"></span>lecte<span class=\"_ _2\"></span>d, unde<span class=\"_ _2\"></span>r the ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s to IFRS 4<span class=\"_ _2\"></span>, to apply th<span class=\"_ _2\"></span>e tempora<span class=\"_ _2\"></span>ry exem<span class=\"_ _2\"></span>ption from IFR<span class=\"_ _2\"></span>S 9, to defer the in<span class=\"_ _2\"></span>itial applic<span class=\"_ _2\"></span>ation date of I<span class=\"_ _2\"></span>FRS 9 to align wit<span class=\"_ _2\"></span>h the initial ap<span class=\"_ _2\"></span>plicatio<span class=\"_ _2\"></span>n of IFRS 17<span class=\"_ _7\"></span>. Th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s therefore ado<span class=\"_ _2\"></span>pted the re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s of IFRS 9 from 1 J<span class=\"_ _2\"></span>anuar<span class=\"_ _2\"></span>y 2023 an<span class=\"_ _2\"></span>d in acco<span class=\"_ _2\"></span>rdance with the t<span class=\"_ _2\"></span>ransitio<span class=\"_ _2\"></span>n provisions in th<span class=\"_ _2\"></span>e stan<span class=\"_ _2\"></span>dard, c<span class=\"_ _2\"></span>omparati<span class=\"_ _2\"></span>ves have not be<span class=\"_ _2\"></span>en rest<span class=\"_ _2\"></span>ated. IFR<span class=\"_ _2\"></span>S 9 introduce<span class=\"_ _2\"></span>s new require<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s for clas<span class=\"_ _2\"></span>sifyin<span class=\"_ _2\"></span>g and me<span class=\"_ _2\"></span>asuring fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liabili<span class=\"_ _2\"></span>ties, im<span class=\"_ _2\"></span>pairme<span class=\"_ _2\"></span>nt method<span class=\"_ _2\"></span>ology, and g<span class=\"_ _2\"></span>enera<span class=\"_ _2\"></span>l hedg<span class=\"_ _2\"></span>e acc<span class=\"_ _2\"></span>ounting r<span class=\"_ _2\"></span>ules and rep<span class=\"_ _2\"></span>lace<span class=\"_ _2\"></span>d the corre<span class=\"_ _2\"></span>spondin<span class=\"_ _2\"></span>g sec<span class=\"_ _2\"></span>tions of IAS 3<span class=\"_ _2\"></span>9. New a<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g policie<span class=\"_ _2\"></span>s adopted fo<span class=\"_ _2\"></span>llowing the imp<span class=\"_ _2\"></span>lement<span class=\"_ _2\"></span>ation of IFRS 9 a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d within note E1<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A2<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>.<span class=\"_ _7\"></span>1 Classification and<span class=\"_ _5\"></span> measurement of<span class=\"_ _7\"></span> finan<span class=\"_ _2\"></span>cial<span class=\"_ _5\"></span> instruments<span class=\"_ _3bc\"> </span>Financial assets<span class=\"_ _3bc\"> </span>IFR<span class=\"_ _2\"></span>S 9 requires all fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s to be as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed ba<span class=\"_ _2\"></span>sed on a c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>n of the Group\u2019s busine<span class=\"_ _2\"></span>ss mod<span class=\"_ _2\"></span>el for man<span class=\"_ _2\"></span>aging th<span class=\"_ _2\"></span>e asset<span class=\"_ _2\"></span>s and th<span class=\"_ _2\"></span>e ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s\u2019 contrac<span class=\"_ _2\"></span>tual c<span class=\"_ _2\"></span>ash flow ch<span class=\"_ _2\"></span>arac<span class=\"_ _2\"></span>teristic<span class=\"_ _2\"></span>s. A<span class=\"_ _2\"></span>s a result of ado<span class=\"_ _2\"></span>pting IFR<span class=\"_ _2\"></span>S 9 on 1 Januar<span class=\"_ _2\"></span>y 202<span class=\"_ _2\"></span>3, ce<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ain loans an<span class=\"_ _2\"></span>d depo<span class=\"_ _2\"></span>sits and c<span class=\"_ _2\"></span>ash an<span class=\"_ _2\"></span>d ca<span class=\"_ _2\"></span>sh equival<span class=\"_ _2\"></span>ents inves<span class=\"_ _2\"></span>tment as<span class=\"_ _2\"></span>set bal<span class=\"_ _2\"></span>ances<span class=\"_ _2\"></span>, previo<span class=\"_ _2\"></span>usly cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t, have now b<span class=\"_ _2\"></span>een re<span class=\"_ _2\"></span>clas<span class=\"_ _2\"></span>sified at fair va<span class=\"_ _2\"></span>lue throug<span class=\"_ _2\"></span>h profit or los<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>FV<span class=\"_ _2\"></span>TPL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>) (mandator<span class=\"_ _2\"></span>y) cate<span class=\"_ _2\"></span>gor<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>. The c<span class=\"_ _2\"></span>lassifi<span class=\"_ _2\"></span>cation a<span class=\"_ _2\"></span>dopted is driven by th<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss mo<span class=\"_ _2\"></span>del as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment whic<span class=\"_ _2\"></span>h determine<span class=\"_ _2\"></span>d that the<span class=\"_ _2\"></span>se as<span class=\"_ _2\"></span>sets are man<span class=\"_ _2\"></span>aged a<span class=\"_ _2\"></span>nd evaluate<span class=\"_ _2\"></span>d on a fair value b<span class=\"_ _2\"></span>asis<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e financia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts, w<span class=\"_ _2\"></span>hich bac<span class=\"_ _2\"></span>k policyh<span class=\"_ _2\"></span>older lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>, are acti<span class=\"_ _2\"></span>vely mana<span class=\"_ _2\"></span>ged a<span class=\"_ _2\"></span>nd therefore supp<span class=\"_ _2\"></span>ort th<span class=\"_ _2\"></span>e wider ob<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>tive of the Group to ma<span class=\"_ _2\"></span>ximise S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II hea<span class=\"_ _2\"></span>droom<span class=\"_ _2\"></span>. The recl<span class=\"_ _2\"></span>assific<span class=\"_ _2\"></span>ation of the<span class=\"_ _2\"></span>se ass<span class=\"_ _2\"></span>ets ha<span class=\"_ _2\"></span>s not resulte<span class=\"_ _2\"></span>d in an adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt to equit<span class=\"_ _2\"></span>y at 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y 2023 as th<span class=\"_ _2\"></span>e fair value of the<span class=\"_ _2\"></span>se as<span class=\"_ _2\"></span>sets at th<span class=\"_ _2\"></span>is date was eq<span class=\"_ _2\"></span>ual to the amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t.<span class=\"_ _3bc\"> </span>Unde<span class=\"_ _2\"></span>r IAS 39<span class=\"_ _2\"></span>, cer<span class=\"_ _2\"></span>tain und<span class=\"_ _2\"></span>erlying ite<span class=\"_ _2\"></span>ms of par<span class=\"_ _2\"></span>ticipatin<span class=\"_ _2\"></span>g contrac<span class=\"_ _2\"></span>ts were de<span class=\"_ _2\"></span>signate<span class=\"_ _2\"></span>d as at FV<span class=\"_ _2\"></span>TPL b<span class=\"_ _2\"></span>eca<span class=\"_ _2\"></span>use the G<span class=\"_ _2\"></span>roup mana<span class=\"_ _2\"></span>ged th<span class=\"_ _2\"></span>em and evaluate<span class=\"_ _2\"></span>d their p<span class=\"_ _2\"></span>erform<span class=\"_ _2\"></span>ance on a f<span class=\"_ _2\"></span>air value ba<span class=\"_ _2\"></span>sis in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with a docum<span class=\"_ _2\"></span>ented inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>. U<span class=\"_ _2\"></span>nder I<span class=\"_ _2\"></span>FRS 9, por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folios of thes<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts are man<span class=\"_ _2\"></span>datorily me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d at FV<span class=\"_ _2\"></span>TPL as th<span class=\"_ _2\"></span>e busines<span class=\"_ _2\"></span>s mod<span class=\"_ _2\"></span>el ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent con<span class=\"_ _2\"></span>cludes th<span class=\"_ _2\"></span>at they are m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>d and eval<span class=\"_ _2\"></span>uated on a fair va<span class=\"_ _2\"></span>lue basi<span class=\"_ _2\"></span>s and con<span class=\"_ _2\"></span>seque<span class=\"_ _2\"></span>ntly the cla<span class=\"_ _2\"></span>ssific<span class=\"_ _2\"></span>ation as F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL remains un<span class=\"_ _2\"></span>chan<span class=\"_ _2\"></span>ged upo<span class=\"_ _2\"></span>n adoption of I<span class=\"_ _2\"></span>FRS 9.<span class=\"_ _3bc\"> </span>All other fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s that are n<span class=\"_ _2\"></span>ot activel<span class=\"_ _2\"></span>y manag<span class=\"_ _2\"></span>ed suc<span class=\"_ _2\"></span>h as cer<span class=\"_ _2\"></span>tain c<span class=\"_ _2\"></span>ash an<span class=\"_ _2\"></span>d cash e<span class=\"_ _2\"></span>quivalent<span class=\"_ _2\"></span>s, re<span class=\"_ _2\"></span>ceivab<span class=\"_ _2\"></span>les and lo<span class=\"_ _2\"></span>ans and de<span class=\"_ _2\"></span>posit<span class=\"_ _2\"></span>s, are t<span class=\"_ _2\"></span>ypicall<span class=\"_ _2\"></span>y held to coll<span class=\"_ _2\"></span>ect c<span class=\"_ _2\"></span>ash flows a<span class=\"_ _2\"></span>nd therefore c<span class=\"_ _2\"></span>ontinue to be c<span class=\"_ _2\"></span>lassifi<span class=\"_ _2\"></span>ed as amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t under I<span class=\"_ _2\"></span>FRS 9.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has not e<span class=\"_ _2\"></span>lecte<span class=\"_ _2\"></span>d to meas<span class=\"_ _2\"></span>ure any equit<span class=\"_ _2\"></span>y se<span class=\"_ _2\"></span>curities fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s at fair valu<span class=\"_ _2\"></span>e through oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income (<span class=\"_ _2\"></span>\u2018F<span class=\"_ _2\"></span>VOCI<span class=\"_ _2\"></span>\u2019). Furt<span class=\"_ _2\"></span>her<span class=\"_ _5\"></span>, no othe<span class=\"_ _2\"></span>r debt se<span class=\"_ _2\"></span>curities fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s are clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s FVOCI on a<span class=\"_ _2\"></span>doption of IFR<span class=\"_ _2\"></span>S 9.<span class=\"_ _3bc\"> </span>Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span>IFR<span class=\"_ _2\"></span>S 9 has not ha<span class=\"_ _2\"></span>d a signific<span class=\"_ _2\"></span>ant effe<span class=\"_ _2\"></span>ct on the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s acc<span class=\"_ _2\"></span>ounting p<span class=\"_ _2\"></span>olicies for fin<span class=\"_ _2\"></span>ancial lia<span class=\"_ _2\"></span>bilities as th<span class=\"_ _2\"></span>e clas<span class=\"_ _2\"></span>sificatio<span class=\"_ _2\"></span>n and mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of financial liabilitie<span class=\"_ _2\"></span>s remains l<span class=\"_ _2\"></span>argely un<span class=\"_ _2\"></span>chang<span class=\"_ _2\"></span>ed from IA<span class=\"_ _2\"></span>S 39. Fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l liabilities are e<span class=\"_ _2\"></span>ither cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t or at FV<span class=\"_ _2\"></span>TPL<span class=\"_ _2\"></span>. Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s withou<span class=\"_ _2\"></span>t DPF<span class=\"_ _7\"></span>, whic<span class=\"_ _2\"></span>h do not tran<span class=\"_ _2\"></span>sfer signi<span class=\"_ _2\"></span>ficant ins<span class=\"_ _2\"></span>urance ri<span class=\"_ _2\"></span>sk, co<span class=\"_ _2\"></span>ntinue to be ac<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d for as a financ<span class=\"_ _2\"></span>ial liabilit<span class=\"_ _2\"></span>y and desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL on the ba<span class=\"_ _2\"></span>sis that th<span class=\"_ _2\"></span>ese liabilit<span class=\"_ _2\"></span>ies are both m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>d on a fair valu<span class=\"_ _2\"></span>e basis an<span class=\"_ _2\"></span>d are desig<span class=\"_ _2\"></span>nated as s<span class=\"_ _2\"></span>uch to avoid an acc<span class=\"_ _2\"></span>ounting mism<span class=\"_ _2\"></span>atch with the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s held to ba<span class=\"_ _2\"></span>ck them<span class=\"_ _2\"></span>. On tra<span class=\"_ _2\"></span>nsition to I<span class=\"_ _2\"></span>FRS 17 and I<span class=\"_ _2\"></span>FRS 9, dep<span class=\"_ _2\"></span>osits fro<span class=\"_ _2\"></span>m reinsurer<span class=\"_ _2\"></span>s are no lon<span class=\"_ _2\"></span>ger cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as finan<span class=\"_ _2\"></span>cial liabilitie<span class=\"_ _2\"></span>s under I<span class=\"_ _2\"></span>FRS 9 in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with the IFR<span class=\"_ _2\"></span>S 17 requirem<span class=\"_ _2\"></span>ents for \u2018premium wit<span class=\"_ _2\"></span>hheld<span class=\"_ _2\"></span>\u2019 arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e premiums w<span class=\"_ _2\"></span>ithheld h<span class=\"_ _2\"></span>ave now bec<span class=\"_ _2\"></span>ome a com<span class=\"_ _2\"></span>ponent of f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows an<span class=\"_ _2\"></span>d for contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s with depo<span class=\"_ _2\"></span>sit bac<span class=\"_ _2\"></span>k arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e present<span class=\"_ _2\"></span>ation of the de<span class=\"_ _2\"></span>posit ba<span class=\"_ _2\"></span>ck liabilit<span class=\"_ _2\"></span>y has n<span class=\"_ _2\"></span>ow chang<span class=\"_ _2\"></span>ed to be s<span class=\"_ _2\"></span>hown as an of<span class=\"_ _2\"></span>fset to th<span class=\"_ _2\"></span>e reins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed th<span class=\"_ _2\"></span>e IFRS 9 re<span class=\"_ _2\"></span>quirement t<span class=\"_ _2\"></span>hat chan<span class=\"_ _2\"></span>ges in fair va<span class=\"_ _2\"></span>lue of financ<span class=\"_ _2\"></span>ial liabilitie<span class=\"_ _2\"></span>s relating to cre<span class=\"_ _2\"></span>dit risk b<span class=\"_ _2\"></span>e presente<span class=\"_ _2\"></span>d in OCI<span class=\"_ _2\"></span>, with the ba<span class=\"_ _2\"></span>lance of the c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e in fair value to b<span class=\"_ _2\"></span>e presente<span class=\"_ _2\"></span>d in profit and lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, unless t<span class=\"_ _2\"></span>his treatme<span class=\"_ _2\"></span>nt would cre<span class=\"_ _2\"></span>ate or enlarg<span class=\"_ _2\"></span>e an acc<span class=\"_ _2\"></span>ounting mism<span class=\"_ _2\"></span>atch in profit an<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>. Base<span class=\"_ _2\"></span>d on this as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment<span class=\"_ _2\"></span>, no finan<span class=\"_ _2\"></span>cial liabiliti<span class=\"_ _2\"></span>es were identi<span class=\"_ _2\"></span>fied as re<span class=\"_ _2\"></span>quiring split p<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>ation of moveme<span class=\"_ _2\"></span>nts bet<span class=\"_ _2\"></span>ween O<span class=\"_ _2\"></span>CI an<span class=\"_ _2\"></span>d profit an<span class=\"_ _2\"></span>d loss as th<span class=\"_ _2\"></span>is would cre<span class=\"_ _2\"></span>ate an acco<span class=\"_ _2\"></span>unting mism<span class=\"_ _2\"></span>atch as the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s held to ba<span class=\"_ _2\"></span>ck thes<span class=\"_ _2\"></span>e liabilities a<span class=\"_ _2\"></span>re at FV<span class=\"_ _2\"></span>TPL. The val<span class=\"_ _2\"></span>uation of investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties witho<span class=\"_ _2\"></span>ut DPF are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at the fair va<span class=\"_ _2\"></span>lue of the relate<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>ets and lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>. The liabilit<span class=\"_ _2\"></span>y is th<span class=\"_ _2\"></span>e sum of the inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities pl<span class=\"_ _2\"></span>us an additi<span class=\"_ _2\"></span>onal amo<span class=\"_ _2\"></span>unt to cover the pre<span class=\"_ _2\"></span>sent valu<span class=\"_ _2\"></span>e of the exces<span class=\"_ _2\"></span>s of future poli<span class=\"_ _2\"></span>cy cos<span class=\"_ _2\"></span>ts over futur<span class=\"_ _5\"></span>e charges.<span class=\"_ _3bc\"> </span>The ap<span class=\"_ _2\"></span>plicatio<span class=\"_ _2\"></span>n of the clas<span class=\"_ _2\"></span>sificatio<span class=\"_ _2\"></span>n and mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt requirem<span class=\"_ _2\"></span>ents in IF<span class=\"_ _2\"></span>RS 9 at 1 Janu<span class=\"_ _2\"></span>ary 2<span class=\"_ _2\"></span>023 resulte<span class=\"_ _2\"></span>d in the following reclassific<span class=\"_ _2\"></span>ation adjustments:<span class=\"_ _3bc\"> </span><table class=\"s w262 h296\" id=\"_21eb348f-0149-4e73-a848-e22da847ece9\"><tr><td></td><td></td><td class=\"c n x4e4 y56c8 w263 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">IAS 3<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x4e5 y56c8 w264 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">IFR<span class=\"_ _2\"></span>S 9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x4e6 h16 y56c9 ff3 fsf fc1 sc0 ls82 ws77\">Carr<span class=\"_ _2\"></span>ying amount<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x4e7 h16 y56c9 ff3 fsf fc1 sc0 ls82 ws77\">Carr<span class=\"_ _2\"></span>ying amount<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y56ca w265 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">Financial asset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e8 y56ca w266 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">Meas<span class=\"_ _2\"></span>urement categ<span class=\"_ _2\"></span>ory<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4e9 y56ca w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ea y56ca w267 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">Me<span class=\"_ _2\"></span>asurement c<span class=\"_ _2\"></span>ategor<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x2c6 h16 y56cb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56cc ff3 fs7 fc1 sc0 ls8c ws5e\">Loans and deposits<span class=\"_ _3bc\"> </span></td><td class=\"c n x4eb y55ee w268 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls69 ws11\">Amortised cost<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ec y55ee w269 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ed y55ee w26a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">FVTPL<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ee y55ee we1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y56cd ff3 fs7 fc1 sc0 lsd6 ws0\">Cas<span class=\"_ _2\"></span>h and ca<span class=\"_ _2\"></span>sh equiva<span class=\"_ _2\"></span>lent<span class=\"_ _3bc\"> </span></td><td class=\"c n x4eb y55ef w268 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls69 ws11\">Amortised cost<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ef y55ef w26b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>423<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f0 y55ef w26a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">FVTPL<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f1 y55ef w49 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">8,<span class=\"_ _2\"></span>42<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Ac<span class=\"_ _2\"></span>tive<span class=\"_ _2\"></span>ly man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d inve<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ent as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>A2.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>2 Impair<span class=\"_ _5\"></span>ment<span class=\"_ _3bc\"> </span>The a<span class=\"_ _2\"></span>doption of IFR<span class=\"_ _2\"></span>S 9 has cha<span class=\"_ _2\"></span>nged t<span class=\"_ _2\"></span>he Group\u2019s acco<span class=\"_ _2\"></span>unting for impair<span class=\"_ _2\"></span>ment los<span class=\"_ _2\"></span>ses for fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s held at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost by repl<span class=\"_ _2\"></span>acing IAS 39<span class=\"_ _2\"></span>\u2019s incurre<span class=\"_ _2\"></span>d loss app<span class=\"_ _2\"></span>roach wit<span class=\"_ _2\"></span>h a forward<span class=\"_ _2\"></span>-lookin<span class=\"_ _2\"></span>g expec<span class=\"_ _2\"></span>ted cre<span class=\"_ _2\"></span>dit loss (<span class=\"_ _2\"></span>\u2018EC<span class=\"_ _2\"></span>L<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>) approa<span class=\"_ _2\"></span>ch. The n<span class=\"_ _2\"></span>ew impairm<span class=\"_ _2\"></span>ent mod<span class=\"_ _2\"></span>el applies to t<span class=\"_ _2\"></span>he Group\u2019s finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets c<span class=\"_ _2\"></span>arried at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. A signifi<span class=\"_ _2\"></span>cant por<span class=\"_ _2\"></span>tion of Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s are car<span class=\"_ _2\"></span>ried at F<span class=\"_ _2\"></span>VTP<span class=\"_ _2\"></span>L under IFR<span class=\"_ _2\"></span>S 9 and are th<span class=\"_ _2\"></span>erefore not subj<span class=\"_ _2\"></span>ect to EC<span class=\"_ _2\"></span>L asse<span class=\"_ _2\"></span>ssm<span class=\"_ _2\"></span>ent. The oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t and sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to ECL mainly re<span class=\"_ _2\"></span>late to cer<span class=\"_ _2\"></span>tain loa<span class=\"_ _2\"></span>n asse<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, other rec<span class=\"_ _2\"></span>eivable<span class=\"_ _2\"></span>s and cer<span class=\"_ _2\"></span>tain c<span class=\"_ _2\"></span>ash an<span class=\"_ _2\"></span>d cash equivalents balance<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>In ac<span class=\"_ _2\"></span>cordan<span class=\"_ _2\"></span>ce with IFR<span class=\"_ _2\"></span>S 9, the Gro<span class=\"_ _2\"></span>up has app<span class=\"_ _2\"></span>lied the ECL m<span class=\"_ _2\"></span>odel to fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s meas<span class=\"_ _2\"></span>ured at amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t. For the<span class=\"_ _2\"></span>se in-s<span class=\"_ _2\"></span>cope fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>sets at th<span class=\"_ _2\"></span>e repor<span class=\"_ _2\"></span>ting date e<span class=\"_ _2\"></span>ither the lifetim<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>cted cre<span class=\"_ _2\"></span>dit los<span class=\"_ _2\"></span>s or a 12-month exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d credit l<span class=\"_ _2\"></span>oss is provi<span class=\"_ _2\"></span>ded for, dependin<span class=\"_ _2\"></span>g on the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ment of wheth<span class=\"_ _2\"></span>er the cre<span class=\"_ _2\"></span>dit risk as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ated with the s<span class=\"_ _2\"></span>pecifi<span class=\"_ _2\"></span>c asse<span class=\"_ _2\"></span>t has incre<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d signific<span class=\"_ _2\"></span>antly sinc<span class=\"_ _2\"></span>e initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _5\"></span>s current credi<span class=\"_ _2\"></span>t risk gra<span class=\"_ _2\"></span>ding fram<span class=\"_ _2\"></span>ework comp<span class=\"_ _2\"></span>rises th<span class=\"_ _2\"></span>e following ca<span class=\"_ _2\"></span>tegorie<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span><table class=\"s w26c h298\" id=\"_3ddaf8a9-8881-4310-bbb0-b940d1959c2f\"><tr><td class=\"c n x1ea y56ce w26d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">Cat<span class=\"_ _2\"></span>ego<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f2 y56ce w26e h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">Des<span class=\"_ _2\"></span>cription<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f3 y56ce w26f h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">Ba<span class=\"_ _2\"></span>sis for r<span class=\"_ _2\"></span>eco<span class=\"_ _2\"></span>gnis<span class=\"_ _2\"></span>ing EC<span class=\"_ _2\"></span>L<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56cf w270 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">Performing<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f4 y56cf w271 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">The c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y has a low ri<span class=\"_ _2\"></span>sk of default an<span class=\"_ _2\"></span>d does not h<span class=\"_ _2\"></span>ave any past-du<span class=\"_ _2\"></span>e amount<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f5 y56cf w272 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">12 m<span class=\"_ _2\"></span>onth ECL<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56d0 w273 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18 ws16\">Doubt<span class=\"_ _2\"></span>ful<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f6 y56d0 w274 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>here has b<span class=\"_ _2\"></span>een a si<span class=\"_ _2\"></span>gnificant in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in credit ris<span class=\"_ _2\"></span>k since initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f7 y56d0 w275 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Lifet<span class=\"_ _2\"></span>ime ECL \u2013 not cre<span class=\"_ _2\"></span>dit<span class=\"_ gs132\"> </span>impaire<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56d1 w276 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18 ws16\">In default<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f8 y56d1 w277 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">There i<span class=\"_ _2\"></span>s evidenc<span class=\"_ _2\"></span>e indicat<span class=\"_ _2\"></span>ing the as<span class=\"_ _2\"></span>set is cre<span class=\"_ _2\"></span>dit impaire<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f9 y56d1 w278 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Lifetime ECL \u2013 cre<span class=\"_ _2\"></span>dit<span class=\"_ gs132\"> </span>impaire<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56d2 w279 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c ws1a\">Write-off<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4f4 y56d2 w27a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">The<span class=\"_ _2\"></span>re is eviden<span class=\"_ _2\"></span>ce indic<span class=\"_ _2\"></span>ating that th<span class=\"_ _2\"></span>e counterp<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y is in seve<span class=\"_ _2\"></span>re financia<span class=\"_ _2\"></span>l diffic<span class=\"_ _2\"></span>ulty<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x4fa hd y56d3 ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt is writte<span class=\"_ _2\"></span>n off<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x4fb hd y56d4 ff3 fs7 fc1 sc0 ls0 ws0\">and<span class=\"_ gs132\"> </span>th<span class=\"_ _2\"></span>e Group has n<span class=\"_ _2\"></span>o realis<span class=\"_ _2\"></span>tic prosp<span class=\"_ _2\"></span>ect of rec<span class=\"_ _2\"></span>over<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></td><td></td></tr></table>The fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s held at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost are as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed at t<span class=\"_ _2\"></span>ransitio<span class=\"_ _2\"></span>n as \u2018<span class=\"_ _5\"></span>pe<span class=\"_ _2\"></span>rformin<span class=\"_ _2\"></span>g\u2019 and this a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>sme<span class=\"_ _2\"></span>nt is summaris<span class=\"_ _2\"></span>ed be<span class=\"_ _2\"></span>low. Loans an<span class=\"_ _2\"></span>d depo<span class=\"_ _2\"></span>sits \u2013 the G<span class=\"_ _2\"></span>roup has as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed t<span class=\"_ _2\"></span>he estim<span class=\"_ _2\"></span>ated cre<span class=\"_ _2\"></span>dit loss<span class=\"_ _2\"></span>es of thes<span class=\"_ _2\"></span>e loans an<span class=\"_ _2\"></span>d depos<span class=\"_ _2\"></span>its as low du<span class=\"_ _2\"></span>e to the exte<span class=\"_ _2\"></span>rnal cre<span class=\"_ _2\"></span>dit rating<span class=\"_ _2\"></span>s of the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>ties re<span class=\"_ _2\"></span>sulting in low cre<span class=\"_ _2\"></span>dit risk an<span class=\"_ _2\"></span>d there be<span class=\"_ _2\"></span>ing no pa<span class=\"_ _2\"></span>st-due am<span class=\"_ _2\"></span>ounts<span class=\"_ _2\"></span>. Oth<span class=\"_ _2\"></span>er rec<span class=\"_ _2\"></span>eivables \u2013 t<span class=\"_ _2\"></span>hese b<span class=\"_ _2\"></span>alance<span class=\"_ _2\"></span>s relate to investm<span class=\"_ _2\"></span>ent broker bala<span class=\"_ _2\"></span>nces a<span class=\"_ _2\"></span>nd other re<span class=\"_ _2\"></span>gular re<span class=\"_ _2\"></span>ceivable<span class=\"_ _2\"></span>s due to the Gro<span class=\"_ _2\"></span>up in the norm<span class=\"_ _2\"></span>al cour<span class=\"_ _2\"></span>se of busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>. Ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted credi<span class=\"_ _2\"></span>t losse<span class=\"_ _2\"></span>s are ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ed as be<span class=\"_ _2\"></span>ing immate<span class=\"_ _2\"></span>rial given th<span class=\"_ _2\"></span>e typi<span class=\"_ _2\"></span>cally sh<span class=\"_ _2\"></span>ort-term n<span class=\"_ _2\"></span>ature of thes<span class=\"_ _2\"></span>e balanc<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span>Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents \u2013 the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s ca<span class=\"_ _2\"></span>sh and c<span class=\"_ _2\"></span>ash equiv<span class=\"_ _2\"></span>alents are h<span class=\"_ _2\"></span>eld with b<span class=\"_ _2\"></span>anks and fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>titutio<span class=\"_ _2\"></span>ns, wh<span class=\"_ _2\"></span>ich have investm<span class=\"_ _2\"></span>ent gra<span class=\"_ _2\"></span>de credi<span class=\"_ _2\"></span>t ratings of \u201c<span class=\"_ _2\"></span>BB<span class=\"_ _2\"></span>B\u201d or ab<span class=\"_ _2\"></span>ove. The Gro<span class=\"_ _2\"></span>up conside<span class=\"_ _2\"></span>rs that it<span class=\"_ _2\"></span>s cas<span class=\"_ _2\"></span>h and ca<span class=\"_ _2\"></span>sh equiva<span class=\"_ _2\"></span>lents have low c<span class=\"_ _2\"></span>redit risk b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the ex<span class=\"_ _2\"></span>ternal cre<span class=\"_ _2\"></span>dit rating<span class=\"_ _2\"></span>s of the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>ties an<span class=\"_ _2\"></span>d no histor<span class=\"_ _2\"></span>y of defa<span class=\"_ _2\"></span>ult. The imp<span class=\"_ _2\"></span>act to th<span class=\"_ _2\"></span>e net carr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g amount s<span class=\"_ _2\"></span>tated in the t<span class=\"_ _2\"></span>able ab<span class=\"_ _2\"></span>ove is therefore con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d not to be mate<span class=\"_ _2\"></span>rial.<span class=\"_ _3bc\"> </span>Bas<span class=\"_ _2\"></span>ed on the a<span class=\"_ _2\"></span>bove ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent, an imm<span class=\"_ _2\"></span>aterial cre<span class=\"_ _2\"></span>dit los<span class=\"_ _2\"></span>s balanc<span class=\"_ _2\"></span>e has be<span class=\"_ _2\"></span>en determ<span class=\"_ _2\"></span>ined due to t<span class=\"_ _2\"></span>hese fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s being pre<span class=\"_ _2\"></span>domina<span class=\"_ _2\"></span>ntly shor<span class=\"_ _2\"></span>t-term and h<span class=\"_ _2\"></span>aving low cre<span class=\"_ _2\"></span>dit risk.<span class=\"_ _3bc\"> </span>A2.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>3 Hedge<span class=\"_ _7\"></span> accounting<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has app<span class=\"_ _2\"></span>lied IFR<span class=\"_ _2\"></span>S 9\u2019s hedg<span class=\"_ _2\"></span>e acc<span class=\"_ _2\"></span>ounting re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e Group use<span class=\"_ _2\"></span>s cross c<span class=\"_ _2\"></span>urrenc<span class=\"_ _2\"></span>y swaps to he<span class=\"_ _2\"></span>dge th<span class=\"_ _2\"></span>e currenc<span class=\"_ _2\"></span>y risk arisin<span class=\"_ _2\"></span>g from borrow<span class=\"_ _2\"></span>ings den<span class=\"_ _2\"></span>ominate<span class=\"_ _2\"></span>d in foreign curre<span class=\"_ _2\"></span>ncies<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up has ca<span class=\"_ _2\"></span>rried over th<span class=\"_ _2\"></span>e current he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>s as cas<span class=\"_ _2\"></span>h flow hed<span class=\"_ _2\"></span>ges unde<span class=\"_ _2\"></span>r IFRS 9. The I<span class=\"_ _2\"></span>FRS 9 hed<span class=\"_ _2\"></span>ge acc<span class=\"_ _2\"></span>ounting m<span class=\"_ _2\"></span>odel re<span class=\"_ _2\"></span>quires the ex<span class=\"_ _2\"></span>tende<span class=\"_ _2\"></span>d doc<span class=\"_ _2\"></span>umentatio<span class=\"_ _2\"></span>n of each he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>. The Group h<span class=\"_ _2\"></span>as update<span class=\"_ _2\"></span>d the exis<span class=\"_ _2\"></span>ting hed<span class=\"_ _2\"></span>ging do<span class=\"_ _2\"></span>cument<span class=\"_ _2\"></span>ation to reflec<span class=\"_ _2\"></span>t the ch<span class=\"_ _2\"></span>anges to th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ctivene<span class=\"_ _2\"></span>ss tes<span class=\"_ _2\"></span>ting proc<span class=\"_ _2\"></span>ess to in<span class=\"_ _2\"></span>clude qua<span class=\"_ _2\"></span>litative tes<span class=\"_ _2\"></span>ting on a pros<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tive basis inc<span class=\"_ _2\"></span>luding the an<span class=\"_ _2\"></span>alysis of the e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic relation<span class=\"_ _2\"></span>ship bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ed item an<span class=\"_ _2\"></span>d hedg<span class=\"_ _2\"></span>ing ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>, analys<span class=\"_ _2\"></span>is of source of he<span class=\"_ _2\"></span>dge inef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tivenes<span class=\"_ _2\"></span>s, determin<span class=\"_ _2\"></span>ing the he<span class=\"_ _2\"></span>dge rat<span class=\"_ _2\"></span>io and as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of wheth<span class=\"_ _2\"></span>er the ef<span class=\"_ _2\"></span>fect of cre<span class=\"_ _2\"></span>dit risk do<span class=\"_ _2\"></span>minates the va<span class=\"_ _2\"></span>lue chan<span class=\"_ _2\"></span>ges th<span class=\"_ _2\"></span>at result from th<span class=\"_ _2\"></span>e econ<span class=\"_ _2\"></span>omic relatio<span class=\"_ _2\"></span>nship. Th<span class=\"_ _2\"></span>e current he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>s are stra<span class=\"_ _2\"></span>ightfor<span class=\"_ _2\"></span>ward arr<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>ments w<span class=\"_ _2\"></span>hereby the c<span class=\"_ _2\"></span>ross cur<span class=\"_ _2\"></span>rency s<span class=\"_ _2\"></span>waps fully h<span class=\"_ _2\"></span>edge th<span class=\"_ _2\"></span>e underl<span class=\"_ _2\"></span>ying hed<span class=\"_ _2\"></span>ged ite<span class=\"_ _2\"></span>m and they are a<span class=\"_ _2\"></span>ll fully collate<span class=\"_ _2\"></span>ralise<span class=\"_ _2\"></span>d. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-604": {
   "value": "A3.1<span class=\"_ _5\"></span> Forei<span class=\"_ _5\"></span>gn currency transactions<span class=\"_ _3bc\"> </span>Items in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d in the finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s of each of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s entitie<span class=\"_ _2\"></span>s are mea<span class=\"_ _2\"></span>sured usin<span class=\"_ _2\"></span>g the curre<span class=\"_ _2\"></span>ncy of the prim<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y econ<span class=\"_ _2\"></span>omic environm<span class=\"_ _2\"></span>ent in which th<span class=\"_ _2\"></span>e entit<span class=\"_ _2\"></span>y oper<span class=\"_ _2\"></span>ates (the \u2018<span class=\"_ _2\"></span>func<span class=\"_ _2\"></span>tional cur<span class=\"_ _2\"></span>rency\u2019<span class=\"_ _2\"></span>). The co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted financ<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s are prese<span class=\"_ _2\"></span>nted in ster<span class=\"_ _2\"></span>ling, wh<span class=\"_ _2\"></span>ich is the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s pres<span class=\"_ _2\"></span>entation c<span class=\"_ _2\"></span>urrenc<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>The re<span class=\"_ _2\"></span>sults an<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l positio<span class=\"_ _2\"></span>n of all Group comp<span class=\"_ _2\"></span>anies th<span class=\"_ _2\"></span>at have a func<span class=\"_ _2\"></span>tional cur<span class=\"_ _2\"></span>rency dif<span class=\"_ _2\"></span>ferent from th<span class=\"_ _2\"></span>e prese<span class=\"_ _2\"></span>ntation cur<span class=\"_ _2\"></span>rency are tr<span class=\"_ _2\"></span>anslate<span class=\"_ _2\"></span>d into the pre<span class=\"_ _2\"></span>sentatio<span class=\"_ _2\"></span>n currenc<span class=\"_ _2\"></span>y as follows:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liabili<span class=\"_ _2\"></span>ties are tran<span class=\"_ _2\"></span>slated at th<span class=\"_ _2\"></span>e closin<span class=\"_ _2\"></span>g rate at the pe<span class=\"_ _2\"></span>riod end;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>come<span class=\"_ _2\"></span>, expens<span class=\"_ _2\"></span>es and c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s denomin<span class=\"_ _2\"></span>ated in foreign c<span class=\"_ _2\"></span>urrencie<span class=\"_ _2\"></span>s are trans<span class=\"_ _2\"></span>lated at avera<span class=\"_ _2\"></span>ge excha<span class=\"_ _2\"></span>nge rate<span class=\"_ _2\"></span>s; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>ll resulting exc<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e differen<span class=\"_ _2\"></span>ces are re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised thro<span class=\"_ _2\"></span>ugh the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of conso<span class=\"_ _2\"></span>lidated co<span class=\"_ _2\"></span>mprehe<span class=\"_ _2\"></span>nsive incom<span class=\"_ _2\"></span>e.<span class=\"_ _3bc\"> </span>Foreign c<span class=\"_ _2\"></span>urrency t<span class=\"_ _2\"></span>ransa<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s are transl<span class=\"_ _2\"></span>ated into the fun<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>al currenc<span class=\"_ _2\"></span>y of the tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ing Group ent<span class=\"_ _2\"></span>ity us<span class=\"_ _2\"></span>ing exchan<span class=\"_ _2\"></span>ge rates p<span class=\"_ _2\"></span>revailing at the date of the tra<span class=\"_ _2\"></span>nslation<span class=\"_ _2\"></span>. Foreign exch<span class=\"_ _2\"></span>ange g<span class=\"_ _2\"></span>ains and l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s resultin<span class=\"_ _2\"></span>g from the set<span class=\"_ _2\"></span>tlem<span class=\"_ _2\"></span>ent of such tr<span class=\"_ _2\"></span>ansac<span class=\"_ _2\"></span>tions an<span class=\"_ _2\"></span>d from the tra<span class=\"_ _2\"></span>nslation of m<span class=\"_ _2\"></span>onetar<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabilities d<span class=\"_ _2\"></span>enomin<span class=\"_ _2\"></span>ated in foreign c<span class=\"_ _2\"></span>urrencie<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent. T<span class=\"_ _7\"></span>ra<span class=\"_ _2\"></span>nslation dif<span class=\"_ _2\"></span>feren<span class=\"_ _2\"></span>ces on non-m<span class=\"_ _2\"></span>oneta<span class=\"_ _2\"></span>ry ite<span class=\"_ _2\"></span>ms at fair value t<span class=\"_ _2\"></span>hrough profi<span class=\"_ _2\"></span>t or loss are re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted as pa<span class=\"_ _2\"></span>rt of the f<span class=\"_ _2\"></span>air value gain o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-602": {
   "value": "A3.2 Other operating income Other operating income includes income from all other operating activities which are incidental to the principal activities of the Group. ",
   "dimensions": {
    "concept": "pheonixgroupholdings:DescriptionOfAccountingPolicyForOtherOperatingIncome",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-603": {
   "value": "A4. Cri<span class=\"_ _5\"></span>tical accounting<span class=\"_ _5\"></span> estimates and judgemen<span class=\"_ _5\"></span>ts<span class=\"_ _3bc\"> </span>The pre<span class=\"_ _2\"></span>paratio<span class=\"_ _2\"></span>n of financial s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ents req<span class=\"_ _2\"></span>uires man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent to make judg<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s, es<span class=\"_ _2\"></span>timates an<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>umptions tha<span class=\"_ _2\"></span>t affec<span class=\"_ _2\"></span>t the appli<span class=\"_ _2\"></span>cation of polic<span class=\"_ _2\"></span>ies and rep<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d amount<span class=\"_ _2\"></span>s of ass<span class=\"_ _2\"></span>ets and li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>, incom<span class=\"_ _2\"></span>e and exp<span class=\"_ _2\"></span>enses<span class=\"_ _2\"></span>. Dis<span class=\"_ _2\"></span>closures of j<span class=\"_ _2\"></span>udgem<span class=\"_ _2\"></span>ents m<span class=\"_ _2\"></span>ade by mana<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent in applyin<span class=\"_ _2\"></span>g the Group\u2019s acc<span class=\"_ _2\"></span>ounting po<span class=\"_ _2\"></span>licies incl<span class=\"_ _2\"></span>ude thos<span class=\"_ _2\"></span>e that have the m<span class=\"_ _2\"></span>ost sig<span class=\"_ _2\"></span>nificant ef<span class=\"_ _2\"></span>fect o<span class=\"_ _2\"></span>n the amo<span class=\"_ _2\"></span>unts that are re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated fin<span class=\"_ _2\"></span>ancial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s. Dis<span class=\"_ _2\"></span>closure<span class=\"_ _2\"></span>s of estimate<span class=\"_ _2\"></span>s and as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>ted ass<span class=\"_ _2\"></span>umptions in<span class=\"_ _2\"></span>clude tho<span class=\"_ _2\"></span>se that h<span class=\"_ _2\"></span>ave a significant r<span class=\"_ _2\"></span>isk of resultin<span class=\"_ _2\"></span>g in a material c<span class=\"_ _2\"></span>hange to th<span class=\"_ _2\"></span>e car<span class=\"_ _2\"></span>ryin<span class=\"_ _2\"></span>g value of ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabilities wi<span class=\"_ _2\"></span>thin the nex<span class=\"_ _2\"></span>t year. The estim<span class=\"_ _2\"></span>ates and a<span class=\"_ _2\"></span>ssoc<span class=\"_ _2\"></span>iated as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on histo<span class=\"_ _2\"></span>rical exp<span class=\"_ _2\"></span>erien<span class=\"_ _2\"></span>ce and variou<span class=\"_ _2\"></span>s other fac<span class=\"_ _2\"></span>tors th<span class=\"_ _2\"></span>at are believe<span class=\"_ _2\"></span>d to be reas<span class=\"_ _2\"></span>onable un<span class=\"_ _2\"></span>der the circ<span class=\"_ _2\"></span>umst<span class=\"_ _2\"></span>ances<span class=\"_ _2\"></span>, the re<span class=\"_ _2\"></span>sults of whic<span class=\"_ _2\"></span>h form the bas<span class=\"_ _2\"></span>is of the judg<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s as to the car<span class=\"_ _2\"></span>ryin<span class=\"_ _2\"></span>g values of as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s that are not re<span class=\"_ _2\"></span>adily app<span class=\"_ _2\"></span>arent from othe<span class=\"_ _2\"></span>r source<span class=\"_ _2\"></span>s. Ac<span class=\"_ _2\"></span>tual resul<span class=\"_ _2\"></span>ts may dif<span class=\"_ _2\"></span>fer from the<span class=\"_ _2\"></span>se es<span class=\"_ _2\"></span>timates<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Critic<span class=\"_ _2\"></span>al acc<span class=\"_ _2\"></span>ounting es<span class=\"_ _2\"></span>timates a<span class=\"_ _2\"></span>re those whi<span class=\"_ _2\"></span>ch involve the mos<span class=\"_ _2\"></span>t compl<span class=\"_ _2\"></span>ex or subje<span class=\"_ _2\"></span>ctive j<span class=\"_ _2\"></span>udgem<span class=\"_ _2\"></span>ents or a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>sment<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e areas of the G<span class=\"_ _2\"></span>roup\u2019s busin<span class=\"_ _2\"></span>ess th<span class=\"_ _2\"></span>at typ<span class=\"_ _2\"></span>ically re<span class=\"_ _2\"></span>quire such e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>s are the me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt of insuran<span class=\"_ _2\"></span>ce and inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities with D<span class=\"_ _2\"></span>PF<span class=\"_ _7\"></span>, deter<span class=\"_ _2\"></span>mination of the fair valu<span class=\"_ _2\"></span>e of cer<span class=\"_ _2\"></span>tain finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabilities<span class=\"_ _2\"></span>, and va<span class=\"_ _2\"></span>luation of pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabiliti<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span>The ap<span class=\"_ _2\"></span>plicatio<span class=\"_ _2\"></span>n of critical a<span class=\"_ _2\"></span>ccount<span class=\"_ _2\"></span>ing judg<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s that co<span class=\"_ _2\"></span>uld have the mos<span class=\"_ _2\"></span>t signific<span class=\"_ _2\"></span>ant ef<span class=\"_ _2\"></span>fect on th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d amount<span class=\"_ _2\"></span>s include c<span class=\"_ _2\"></span>lassifi<span class=\"_ _2\"></span>cation of<span class=\"_ gs132\"> </span>contra<span class=\"_ _2\"></span>cts to b<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unted for as ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e or investme<span class=\"_ _2\"></span>nt contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, the dete<span class=\"_ _2\"></span>rmination of ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d oper<span class=\"_ _2\"></span>ating profit<span class=\"_ _2\"></span>, the reco<span class=\"_ _2\"></span>gnition of an investm<span class=\"_ _2\"></span>ent as an as<span class=\"_ _2\"></span>soc<span class=\"_ _2\"></span>iate and determ<span class=\"_ _2\"></span>ination of cont<span class=\"_ _2\"></span>rol with reg<span class=\"_ _2\"></span>ard to underl<span class=\"_ _2\"></span>ying entitie<span class=\"_ _2\"></span>s. Det<span class=\"_ _2\"></span>ails of all critic<span class=\"_ _2\"></span>al acc<span class=\"_ _2\"></span>ounting es<span class=\"_ _2\"></span>timates a<span class=\"_ _2\"></span>nd judg<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s are inclu<span class=\"_ _2\"></span>ded be<span class=\"_ _2\"></span>low<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>A4.1 In<span class=\"_ _2\"></span>sura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct an<span class=\"_ _2\"></span>d invest<span class=\"_ _2\"></span>ment c<span class=\"_ _2\"></span>ontr<span class=\"_ _2\"></span>act w<span class=\"_ _2\"></span>ith DPF l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up applies s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt judge<span class=\"_ _2\"></span>ment an<span class=\"_ _2\"></span>d estim<span class=\"_ _2\"></span>ation when c<span class=\"_ _2\"></span>lassif<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>nd mea<span class=\"_ _2\"></span>suring ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g determina<span class=\"_ _2\"></span>tion of the input<span class=\"_ _2\"></span>s, a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns and tec<span class=\"_ _2\"></span>hnique<span class=\"_ _2\"></span>s it uses to dete<span class=\"_ _2\"></span>rmine the B<span class=\"_ _2\"></span>EL, risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment and C<span class=\"_ _2\"></span>SM at e<span class=\"_ _2\"></span>ach repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g period to m<span class=\"_ _2\"></span>easure th<span class=\"_ _2\"></span>e insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act an<span class=\"_ _2\"></span>d reinsuran<span class=\"_ _2\"></span>ce cont<span class=\"_ _2\"></span>act liab<span class=\"_ _2\"></span>ilities/<span class=\"_ _5\"></span>ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>. The main a<span class=\"_ _2\"></span>reas whe<span class=\"_ _2\"></span>re signific<span class=\"_ _2\"></span>ant judg<span class=\"_ _2\"></span>ement an<span class=\"_ _2\"></span>d estim<span class=\"_ _2\"></span>ation were req<span class=\"_ _2\"></span>uired are:<span class=\"_ _3bc\"> </span>Contrac<span class=\"_ _2\"></span>t classification Clas<span class=\"_ _2\"></span>sificat<span class=\"_ _2\"></span>ion of contrac<span class=\"_ _2\"></span>ts as in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e (or reinsuran<span class=\"_ _2\"></span>ce) is bas<span class=\"_ _2\"></span>ed upon an a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssme<span class=\"_ _2\"></span>nt of the signific<span class=\"_ _2\"></span>ance of in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e risk tran<span class=\"_ _2\"></span>sferred to th<span class=\"_ _2\"></span>e Group. I<span class=\"_ _2\"></span>nsuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are defined by I<span class=\"_ _2\"></span>FRS 17 as th<span class=\"_ _2\"></span>ose cont<span class=\"_ _2\"></span>aining sign<span class=\"_ _2\"></span>ificant ins<span class=\"_ _2\"></span>urance r<span class=\"_ _2\"></span>isk if, and only if, an insure<span class=\"_ _2\"></span>d event coul<span class=\"_ _2\"></span>d caus<span class=\"_ _2\"></span>e an insure<span class=\"_ _2\"></span>r to make significa<span class=\"_ _2\"></span>nt addition<span class=\"_ _2\"></span>al payment<span class=\"_ _2\"></span>s in any sce<span class=\"_ _2\"></span>nario, excl<span class=\"_ _2\"></span>uding sc<span class=\"_ _2\"></span>enarios t<span class=\"_ _2\"></span>hat lack c<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial subs<span class=\"_ _2\"></span>tance<span class=\"_ _2\"></span>, at the inc<span class=\"_ _2\"></span>eption of the contrac<span class=\"_ _2\"></span>t.<span class=\"_ _3bc\"> </span>Clas<span class=\"_ _2\"></span>sificat<span class=\"_ _2\"></span>ion of contrac<span class=\"_ _2\"></span>ts as inves<span class=\"_ _2\"></span>tment w<span class=\"_ _2\"></span>ith DPF is ba<span class=\"_ _2\"></span>sed up<span class=\"_ _2\"></span>on an ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ment of wheth<span class=\"_ _2\"></span>er the disc<span class=\"_ _2\"></span>retionar<span class=\"_ _2\"></span>y amo<span class=\"_ _2\"></span>unt of benefit<span class=\"_ _2\"></span>s is expe<span class=\"_ _2\"></span>cted to be a sig<span class=\"_ _2\"></span>nificant am<span class=\"_ _2\"></span>ount of the total b<span class=\"_ _2\"></span>enefit<span class=\"_ _2\"></span>s. Meas<span class=\"_ _2\"></span>urement of insura<span class=\"_ _2\"></span>nce contrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span>In appl<span class=\"_ _2\"></span>ying IFR<span class=\"_ _2\"></span>S 17 requirem<span class=\"_ _2\"></span>ents for th<span class=\"_ _2\"></span>e measure<span class=\"_ _2\"></span>ment of insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _2\"></span>, the follow<span class=\"_ _2\"></span>ing input<span class=\"_ _2\"></span>s and meth<span class=\"_ _2\"></span>ods were us<span class=\"_ _2\"></span>ed that in<span class=\"_ _2\"></span>clude signi<span class=\"_ _5\"></span>ficant est<span class=\"_ _5\"></span>imat<span class=\"_ _5\"></span>es:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e prese<span class=\"_ _2\"></span>nt value of future c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s is estim<span class=\"_ _2\"></span>ated using d<span class=\"_ _2\"></span>eterminis<span class=\"_ _2\"></span>tic sce<span class=\"_ _2\"></span>narios<span class=\"_ _2\"></span>, except wh<span class=\"_ _2\"></span>ere stoc<span class=\"_ _2\"></span>hast<span class=\"_ _2\"></span>ic modellin<span class=\"_ _2\"></span>g involves proj<span class=\"_ _2\"></span>ectin<span class=\"_ _2\"></span>g future ca<span class=\"_ _2\"></span>sh flows unde<span class=\"_ _2\"></span>r a large num<span class=\"_ _2\"></span>ber of pos<span class=\"_ _2\"></span>sible e<span class=\"_ _2\"></span>conomic s<span class=\"_ _2\"></span>cena<span class=\"_ _2\"></span>rios for market varia<span class=\"_ _2\"></span>bles suc<span class=\"_ _2\"></span>h as interes<span class=\"_ _2\"></span>t rates and e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y returns a<span class=\"_ _2\"></span>nd where th<span class=\"_ _2\"></span>e ca<span class=\"_ _2\"></span>sh flows refle<span class=\"_ _2\"></span>ct a se<span class=\"_ _2\"></span>ries of interrelate<span class=\"_ _2\"></span>d options th<span class=\"_ _2\"></span>at are implicit o<span class=\"_ _2\"></span>r explicit<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e approa<span class=\"_ _2\"></span>ch and as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s used to de<span class=\"_ _2\"></span>rive disco<span class=\"_ _2\"></span>unt rates<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g any illiquid premi<span class=\"_ _2\"></span>ums (see note F<span class=\"_ _2\"></span>11.<span class=\"_ _2\"></span>2.1);<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e approa<span class=\"_ _2\"></span>ch and co<span class=\"_ _2\"></span>nfidenc<span class=\"_ _2\"></span>e level for es<span class=\"_ _2\"></span>timating ris<span class=\"_ _2\"></span>k adjus<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s for non-fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l risk (see n<span class=\"_ _2\"></span>ote F11.<span class=\"_ _2\"></span>2.2)<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>umptions ab<span class=\"_ _2\"></span>out fut<span class=\"_ _2\"></span>ure cash flow<span class=\"_ _2\"></span>s relating to m<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, m<span class=\"_ _2\"></span>orbidit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, polic<span class=\"_ _2\"></span>yhold<span class=\"_ _2\"></span>er behavi<span class=\"_ _2\"></span>our<span class=\"_ _7\"></span>, a<span class=\"_ _2\"></span>nd expe<span class=\"_ _2\"></span>nse inflatio<span class=\"_ _2\"></span>n (see note F11<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>.3). Det<span class=\"_ _2\"></span>ails of how insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities are a<span class=\"_ _2\"></span>ccounte<span class=\"_ _2\"></span>d for are incl<span class=\"_ _2\"></span>uded with<span class=\"_ _2\"></span>in the acc<span class=\"_ _2\"></span>ounting po<span class=\"_ _2\"></span>licies in note F1<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ation of t<span class=\"_ _2\"></span>he CSM<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up applies j<span class=\"_ _2\"></span>udge<span class=\"_ _2\"></span>ments w<span class=\"_ _2\"></span>hen determ<span class=\"_ _2\"></span>ining the am<span class=\"_ _2\"></span>ount of the CS<span class=\"_ _2\"></span>M for a group of ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts to be re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in profit o<span class=\"_ _2\"></span>r loss as insur<span class=\"_ _2\"></span>ance reven<span class=\"_ _2\"></span>ue in each p<span class=\"_ _2\"></span>eriod to refl<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>e insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es provide<span class=\"_ _2\"></span>d in that pe<span class=\"_ _2\"></span>riod. Th<span class=\"_ _2\"></span>e amount is de<span class=\"_ _2\"></span>termined by c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>ring for eac<span class=\"_ _2\"></span>h group of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s the quantit<span class=\"_ _2\"></span>y of the b<span class=\"_ _2\"></span>enefit<span class=\"_ _2\"></span>s provided an<span class=\"_ _2\"></span>d its exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d coverag<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d. Deter<span class=\"_ _2\"></span>mining the c<span class=\"_ _2\"></span>overage uni<span class=\"_ _2\"></span>t requires signifi<span class=\"_ _2\"></span>cant jud<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt, takin<span class=\"_ _2\"></span>g into consid<span class=\"_ _2\"></span>eration a n<span class=\"_ _2\"></span>umber of area<span class=\"_ _2\"></span>s, inc<span class=\"_ _2\"></span>luding: \u2022 <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>dentifica<span class=\"_ _2\"></span>tion of a coverag<span class=\"_ _2\"></span>e unit that is d<span class=\"_ _2\"></span>eeme<span class=\"_ _2\"></span>d to be a suit<span class=\"_ _2\"></span>able prox<span class=\"_ _2\"></span>y for the se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e provided<span class=\"_ _2\"></span>. This is par<span class=\"_ _2\"></span>ticul<span class=\"_ _2\"></span>arly relevant for p<span class=\"_ _2\"></span>roduc<span class=\"_ _2\"></span>ts that provide a c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>n of different t<span class=\"_ _2\"></span>ype<span class=\"_ _2\"></span>s of insuranc<span class=\"_ _2\"></span>e covera<span class=\"_ _2\"></span>ge, inves<span class=\"_ _2\"></span>tment-relate<span class=\"_ _2\"></span>d ser<span class=\"_ _2\"></span>vice an<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt-return ser<span class=\"_ _2\"></span>vice; a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e allowanc<span class=\"_ _2\"></span>e for time value of m<span class=\"_ _2\"></span>oney in the re<span class=\"_ _2\"></span>lease of th<span class=\"_ _2\"></span>e coverag<span class=\"_ _2\"></span>e unit (i.e. whe<span class=\"_ _2\"></span>ther or not th<span class=\"_ _2\"></span>e coverag<span class=\"_ _2\"></span>e units sh<span class=\"_ _2\"></span>ould be di<span class=\"_ _2\"></span>scounte<span class=\"_ _2\"></span>d).<span class=\"_ _3bc\"> </span>For deferre<span class=\"_ _2\"></span>d annuitie<span class=\"_ _2\"></span>s the weightin<span class=\"_ _2\"></span>g bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e deferral ph<span class=\"_ _2\"></span>ase and t<span class=\"_ _2\"></span>he payment p<span class=\"_ _2\"></span>hase c<span class=\"_ _2\"></span>overage uni<span class=\"_ _2\"></span>ts is ca<span class=\"_ _2\"></span>lculated s<span class=\"_ _2\"></span>o that the s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices provide<span class=\"_ _2\"></span>d in the deferr<span class=\"_ _2\"></span>al phas<span class=\"_ _2\"></span>e reflect t<span class=\"_ _2\"></span>he investm<span class=\"_ _2\"></span>ent return an<span class=\"_ _2\"></span>d those in th<span class=\"_ _2\"></span>e payment ph<span class=\"_ _2\"></span>ase refle<span class=\"_ _2\"></span>ct the a<span class=\"_ _2\"></span>nnuit<span class=\"_ _2\"></span>y payment w<span class=\"_ _2\"></span>ith the total s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices adj<span class=\"_ _2\"></span>usted to p<span class=\"_ _2\"></span>rovide a cons<span class=\"_ _2\"></span>istent level of s<span class=\"_ _2\"></span>ervi<span class=\"_ _2\"></span>ce when tr<span class=\"_ _2\"></span>ansition<span class=\"_ _2\"></span>ing bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e deferral ph<span class=\"_ _2\"></span>ase an<span class=\"_ _2\"></span>d the payme<span class=\"_ _2\"></span>nt phase<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Following a<span class=\"_ _2\"></span>n asse<span class=\"_ _2\"></span>ssme<span class=\"_ _2\"></span>nt, the G<span class=\"_ _2\"></span>roup has dete<span class=\"_ _2\"></span>rmined t<span class=\"_ _2\"></span>he quantit<span class=\"_ _2\"></span>y of the be<span class=\"_ _2\"></span>nefits p<span class=\"_ _2\"></span>rovided und<span class=\"_ _2\"></span>er each c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t to be a suit<span class=\"_ _2\"></span>able prox<span class=\"_ _2\"></span>y for the ser<span class=\"_ _2\"></span>vice p<span class=\"_ _2\"></span>rovided as foll<span class=\"_ _2\"></span>ows:<span class=\"_ _3bc\"> </span><table class=\"s w27b h299\" id=\"_e6ea032a-7505-45be-8a82-06761aaff273\"><tr><td class=\"c n x1ea y56d5 w27c h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of busi<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span>s/prod<span class=\"_ _2\"></span>uct<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4fc y56d5 w27d h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">Cov<span class=\"_ _2\"></span>erag<span class=\"_ _2\"></span>e unit (q<span class=\"_ _2\"></span>uant<span class=\"_ _2\"></span>ity o<span class=\"_ _2\"></span>f bene<span class=\"_ _2\"></span>fits)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y56d6 ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>erm life as<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4fd hd y56d7 ff3 fs7 fc1 sc0 ls0 ws0\">Sum a<span class=\"_ _2\"></span>ssure<span class=\"_ _2\"></span>d in force<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56d8 ff3 fs7 fc1 sc0 lsb2 wse8\">Endowm<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td class=\"t m0 x240 hd y56d9 ff3 fs7 fc1 sc0 ls0 ws0\">Non-<span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>icipating wh<span class=\"_ _2\"></span>ole-life<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td class=\"t m0 x240 hd y56da ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er protec<span class=\"_ _2\"></span>tion prod<span class=\"_ _2\"></span>ucts<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td class=\"c n x1ea y56cf w27e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8c ws6b\">Imme<span class=\"_ _2\"></span>diate annuit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4fe y56cf w27f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">Annuit<span class=\"_ _2\"></span>y payments<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56d0 w280 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d annuit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4fc y56d0 w281 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Fund size during deferre<span class=\"_ _2\"></span>d perio<span class=\"_ _2\"></span>d and ann<span class=\"_ _2\"></span>uity p<span class=\"_ _2\"></span>ayments fo<span class=\"_ _2\"></span>r the<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x4fd hd y56db ff3 fs7 fc1 sc0 ls12 ws10\">paymen<span class=\"_ _5\"></span>t period<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y56dc w282 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Unit linked<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4ff y56dc w283 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Annual managemen<span class=\"_ _5\"></span>t char<span class=\"_ _5\"></span>ge and i<span class=\"_ _5\"></span>nsurance c<span class=\"_ _5\"></span>harges<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w284 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Conventional with-profits (<span class=\"_ _2\"></span>\u2018CWP<span class=\"_ _2\"></span>\u2019) &amp; Unitised with-profit<span class=\"_ _2\"></span>s (\u2018U<span class=\"_ _2\"></span>WP\u2019<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x500 y55ef w285 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">M<span class=\"_ _2\"></span>aximum of th<span class=\"_ _2\"></span>e guara<span class=\"_ _2\"></span>nteed be<span class=\"_ _2\"></span>nefit and a<span class=\"_ _2\"></span>sset s<span class=\"_ _2\"></span>hare<span class=\"_ _3bc\"> </span></div></td></tr></table>In relat<span class=\"_ _2\"></span>ion to the applic<span class=\"_ _2\"></span>ation of disc<span class=\"_ _2\"></span>ount rate in dete<span class=\"_ _2\"></span>rmining the c<span class=\"_ _2\"></span>overage un<span class=\"_ _2\"></span>its<span class=\"_ _2\"></span>, the Group h<span class=\"_ _2\"></span>as elec<span class=\"_ _2\"></span>ted to app<span class=\"_ _2\"></span>ly disco<span class=\"_ _2\"></span>unting as this g<span class=\"_ _2\"></span>ives a more even allo<span class=\"_ _2\"></span>cation of profit a<span class=\"_ _2\"></span>s ser<span class=\"_ _2\"></span>vices a<span class=\"_ _2\"></span>re provided over th<span class=\"_ _2\"></span>e life of a group of contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>. The dis<span class=\"_ _2\"></span>count rate is th<span class=\"_ _2\"></span>e locked-in ra<span class=\"_ _2\"></span>te for insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s meas<span class=\"_ _2\"></span>ured under t<span class=\"_ _2\"></span>he gen<span class=\"_ _2\"></span>eral mo<span class=\"_ _2\"></span>del (\u2018G<span class=\"_ _2\"></span>M\u2019<span class=\"_ _2\"></span>) and c<span class=\"_ _2\"></span>urrent rates for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d under th<span class=\"_ _2\"></span>e variable fe<span class=\"_ _2\"></span>e approac<span class=\"_ _2\"></span>h (\u2018<span class=\"_ _2\"></span>VF<span class=\"_ _7\"></span>A\u2019). In add<span class=\"_ _2\"></span>ition, th<span class=\"_ _2\"></span>e sec<span class=\"_ _2\"></span>tions note<span class=\"_ _2\"></span>d below are are<span class=\"_ _2\"></span>as where s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt judge<span class=\"_ _2\"></span>ment and e<span class=\"_ _2\"></span>stima<span class=\"_ _2\"></span>tion has b<span class=\"_ _2\"></span>een req<span class=\"_ _2\"></span>uired on tra<span class=\"_ _2\"></span>nsition to IF<span class=\"_ _2\"></span>RS 17<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>Determination o<span class=\"_ _5\"></span>f transition method and<span class=\"_ _5\"></span> its application<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up exercise<span class=\"_ _2\"></span>d signific<span class=\"_ _2\"></span>ant judg<span class=\"_ _2\"></span>ement in d<span class=\"_ _2\"></span>etermining wh<span class=\"_ _2\"></span>ich trans<span class=\"_ _2\"></span>ition meth<span class=\"_ _2\"></span>od was app<span class=\"_ _2\"></span>lied for ea<span class=\"_ _2\"></span>ch group of ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, con<span class=\"_ _2\"></span>sidering th<span class=\"_ _2\"></span>e imprac<span class=\"_ _2\"></span>ticab<span class=\"_ _2\"></span>ility a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>sme<span class=\"_ _2\"></span>nt for the applic<span class=\"_ _2\"></span>ation of the FR<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, inclu<span class=\"_ _2\"></span>ding determin<span class=\"_ _2\"></span>ing whethe<span class=\"_ _2\"></span>r suf<span class=\"_ _2\"></span>ficient rea<span class=\"_ _2\"></span>sonabl<span class=\"_ _2\"></span>e and supp<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>able informatio<span class=\"_ _2\"></span>n was availabl<span class=\"_ _2\"></span>e to apply the FR<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>. Where i<span class=\"_ _2\"></span>t was ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ed that a FR<span class=\"_ _2\"></span>A was im<span class=\"_ _2\"></span>pract<span class=\"_ _2\"></span>icable<span class=\"_ _2\"></span>, the Group d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d, in line with the optio<span class=\"_ _2\"></span>ns available in I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>, to us<span class=\"_ _2\"></span>e the FV<span class=\"_ _5\"></span>A<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>In appl<span class=\"_ _2\"></span>ying the F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up has us<span class=\"_ _2\"></span>ed reas<span class=\"_ _2\"></span>onable a<span class=\"_ _2\"></span>nd supp<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>able informatio<span class=\"_ _2\"></span>n at the tran<span class=\"_ _2\"></span>sition date in orde<span class=\"_ _2\"></span>r to identif<span class=\"_ _2\"></span>y groups of in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and to determin<span class=\"_ _2\"></span>e whethe<span class=\"_ _2\"></span>r any contra<span class=\"_ _2\"></span>cts are c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>red to be dire<span class=\"_ _2\"></span>ct par<span class=\"_ _2\"></span>ticipatin<span class=\"_ _2\"></span>g contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, which m<span class=\"_ _2\"></span>eet the VFA eligibilit<span class=\"_ _2\"></span>y criter<span class=\"_ _2\"></span>ia. For<span class=\"_ gs132\"> </span>group<span class=\"_ _2\"></span>s of contrac<span class=\"_ _2\"></span>ts me<span class=\"_ _2\"></span>asured u<span class=\"_ _2\"></span>sing the F<span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up has ag<span class=\"_ _2\"></span>greg<span class=\"_ _2\"></span>ated contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s issue<span class=\"_ _2\"></span>d more tha<span class=\"_ _2\"></span>n one year ap<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>In es<span class=\"_ _2\"></span>timating th<span class=\"_ _2\"></span>e fair value<span class=\"_ _2\"></span>, the Group h<span class=\"_ _2\"></span>as use<span class=\"_ _2\"></span>d signific<span class=\"_ _2\"></span>ant judg<span class=\"_ _2\"></span>ement to dete<span class=\"_ _2\"></span>rmine adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ents req<span class=\"_ _2\"></span>uired to refle<span class=\"_ _2\"></span>ct a market par<span class=\"_ _2\"></span>ticip<span class=\"_ _2\"></span>ant\u2019s view, and al<span class=\"_ _2\"></span>so to alloc<span class=\"_ _2\"></span>ate fair value b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en group<span class=\"_ _2\"></span>s of insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>o<span class=\"_ _2\"></span>nly relevant f<span class=\"_ _2\"></span>uture ca<span class=\"_ _2\"></span>sh flows within t<span class=\"_ _2\"></span>he boun<span class=\"_ _2\"></span>daries of the in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts were in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d in the fair valu<span class=\"_ _2\"></span>e estim<span class=\"_ _2\"></span>ation; \u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>ssumpti<span class=\"_ _2\"></span>ons abo<span class=\"_ _2\"></span>ut BEL were ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d and simp<span class=\"_ _2\"></span>lified by appl<span class=\"_ _2\"></span>ying IFR<span class=\"_ _2\"></span>S 17 parame<span class=\"_ _2\"></span>ters i.e. dis<span class=\"_ _2\"></span>count ra<span class=\"_ _2\"></span>te, expen<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>, contra<span class=\"_ _2\"></span>ct bo<span class=\"_ _2\"></span>undar<span class=\"_ _2\"></span>y plus inco<span class=\"_ _2\"></span>rporatin<span class=\"_ _2\"></span>g the risk pre<span class=\"_ _2\"></span>mium to reflec<span class=\"_ _2\"></span>t the view of a ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>nt;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span>scount r<span class=\"_ _2\"></span>ates were determ<span class=\"_ _2\"></span>ined at the t<span class=\"_ _2\"></span>ransitio<span class=\"_ _2\"></span>n date, bas<span class=\"_ _2\"></span>ed on the r<span class=\"_ _2\"></span>isk-<span class=\"_ _5\"></span>free r<span class=\"_ _2\"></span>ate with an allowan<span class=\"_ _2\"></span>ce for illiquid pre<span class=\"_ _2\"></span>mium taken into acc<span class=\"_ _2\"></span>ount; \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e risk prem<span class=\"_ _2\"></span>ium was calib<span class=\"_ _2\"></span>rated to a ma<span class=\"_ _2\"></span>rk<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t par<span class=\"_ _2\"></span>ticipant view of an a<span class=\"_ _2\"></span>ppropriate c<span class=\"_ _2\"></span>ost of ca<span class=\"_ _2\"></span>pital rate; a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a p<span class=\"_ _2\"></span>ropor<span class=\"_ _2\"></span>tional a<span class=\"_ _2\"></span>pproach w<span class=\"_ _2\"></span>as use<span class=\"_ _2\"></span>d to allocate th<span class=\"_ _2\"></span>e risk prem<span class=\"_ _2\"></span>ium to each gro<span class=\"_ _2\"></span>up of insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Eligi<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent for us<span class=\"_ _2\"></span>e of VF<span class=\"_ _7\"></span>A<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has is<span class=\"_ _2\"></span>sued uni<span class=\"_ _2\"></span>t-link<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>d and with<span class=\"_ _2\"></span>-profits c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts, w<span class=\"_ _2\"></span>hich fall with<span class=\"_ _2\"></span>in the scop<span class=\"_ _2\"></span>e of IFRS 17<span class=\"_ _7\"></span>, w<span class=\"_ _2\"></span>here the ret<span class=\"_ _2\"></span>urn on the unde<span class=\"_ _2\"></span>rlying ite<span class=\"_ _2\"></span>ms is share<span class=\"_ _2\"></span>d with poli<span class=\"_ _2\"></span>cyhold<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>. Underl<span class=\"_ _2\"></span>ying items c<span class=\"_ _2\"></span>ompris<span class=\"_ _2\"></span>e mainly sp<span class=\"_ _2\"></span>ecifie<span class=\"_ _2\"></span>d por<span class=\"_ _2\"></span>tfolio<span class=\"_ _2\"></span>s of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment as<span class=\"_ _2\"></span>sets fo<span class=\"_ _2\"></span>r unit-link<span class=\"_ _5\"></span>ed c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts and th<span class=\"_ _2\"></span>e net as<span class=\"_ _2\"></span>sets of a with-profit<span class=\"_ _2\"></span>s fund for wi<span class=\"_ _2\"></span>th-profits p<span class=\"_ _2\"></span>olicies th<span class=\"_ _2\"></span>at determin<span class=\"_ _2\"></span>e amount<span class=\"_ _2\"></span>s payable to po<span class=\"_ _2\"></span>licyhold<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>. The Group h<span class=\"_ _2\"></span>as exercis<span class=\"_ _2\"></span>ed signifi<span class=\"_ _2\"></span>cant jud<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt to ass<span class=\"_ _2\"></span>ess wh<span class=\"_ _2\"></span>ether th<span class=\"_ _2\"></span>e amount<span class=\"_ _2\"></span>s expec<span class=\"_ _2\"></span>ted to be p<span class=\"_ _2\"></span>aid to the polic<span class=\"_ _2\"></span>yhold<span class=\"_ _2\"></span>er cons<span class=\"_ _2\"></span>titute a sub<span class=\"_ _2\"></span>stanti<span class=\"_ _2\"></span>al share of the fa<span class=\"_ _2\"></span>ir value return<span class=\"_ _2\"></span>s on the unde<span class=\"_ _2\"></span>rlying items<span class=\"_ _2\"></span>. The p<span class=\"_ _2\"></span>olicyhol<span class=\"_ _2\"></span>der\u2019s share of the fa<span class=\"_ _2\"></span>ir value return<span class=\"_ _2\"></span>s on underl<span class=\"_ _2\"></span>ying items in<span class=\"_ _2\"></span>cludes a<span class=\"_ _2\"></span>mounts d<span class=\"_ _2\"></span>educ<span class=\"_ _2\"></span>ted to cover non<span class=\"_ _2\"></span>-investme<span class=\"_ _2\"></span>nt ser<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>, e.g<span class=\"_ _2\"></span>. adminis<span class=\"_ _2\"></span>tration a<span class=\"_ _2\"></span>nd risk ch<span class=\"_ _2\"></span>arges<span class=\"_ _2\"></span>. The fair va<span class=\"_ _2\"></span>lue returns a<span class=\"_ _2\"></span>ssum<span class=\"_ _2\"></span>ed on the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g items also re<span class=\"_ _2\"></span>flect t<span class=\"_ _2\"></span>he expe<span class=\"_ _2\"></span>cted re<span class=\"_ _2\"></span>al world return<span class=\"_ _2\"></span>s over the duratio<span class=\"_ _2\"></span>n of the contra<span class=\"_ _2\"></span>ct or gro<span class=\"_ _2\"></span>up of insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts b<span class=\"_ _2\"></span>eing tes<span class=\"_ _2\"></span>ted.<span class=\"_ _3bc\"> </span>Determination o<span class=\"_ _5\"></span>f contract boundaries<span class=\"_ _3bc\"> </span>The as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of th<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t boun<span class=\"_ _2\"></span>dar<span class=\"_ _2\"></span>y defines wh<span class=\"_ _2\"></span>ich future c<span class=\"_ _2\"></span>ash flows a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d in the me<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent of a contrac<span class=\"_ _2\"></span>t. Thi<span class=\"_ _2\"></span>s requires judg<span class=\"_ _2\"></span>ement a<span class=\"_ _2\"></span>nd cons<span class=\"_ _2\"></span>ideratio<span class=\"_ _2\"></span>n of the Group\u2019s subst<span class=\"_ _2\"></span>antive rights a<span class=\"_ _2\"></span>nd oblig<span class=\"_ _2\"></span>ations unde<span class=\"_ _2\"></span>r the contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>. The Group exe<span class=\"_ _2\"></span>rcises sig<span class=\"_ _2\"></span>nificant j<span class=\"_ _2\"></span>udge<span class=\"_ _2\"></span>ment in determin<span class=\"_ _2\"></span>ing the app<span class=\"_ _2\"></span>ropriate cont<span class=\"_ _2\"></span>ract b<span class=\"_ _2\"></span>oundari<span class=\"_ _2\"></span>es, t<span class=\"_ _2\"></span>aking into con<span class=\"_ _2\"></span>siderat<span class=\"_ _2\"></span>ion a numbe<span class=\"_ _2\"></span>r of factor<span class=\"_ _2\"></span>s, inc<span class=\"_ _2\"></span>luding: fe<span class=\"_ _2\"></span>atures and te<span class=\"_ _2\"></span>rms and c<span class=\"_ _2\"></span>onditions of produ<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>; any implied s<span class=\"_ _2\"></span>ubsta<span class=\"_ _2\"></span>ntive obligatio<span class=\"_ _2\"></span>ns and rig<span class=\"_ _2\"></span>hts arisin<span class=\"_ _2\"></span>g from the feat<span class=\"_ _2\"></span>ures of the produ<span class=\"_ _2\"></span>ct or po<span class=\"_ _2\"></span>licyhol<span class=\"_ _2\"></span>der nee<span class=\"_ _2\"></span>ds it is me<span class=\"_ _2\"></span>eting; pr<span class=\"_ _2\"></span>icing prac<span class=\"_ _2\"></span>tices; and administr<span class=\"_ _2\"></span>ative practices<span class=\"_ _2\"></span>. Cas<span class=\"_ _2\"></span>h flows are within th<span class=\"_ _2\"></span>e bound<span class=\"_ _2\"></span>aries of invest<span class=\"_ _2\"></span>ment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s with DPF if th<span class=\"_ _2\"></span>ey result from a s<span class=\"_ _2\"></span>ubsta<span class=\"_ _2\"></span>ntive obligati<span class=\"_ _2\"></span>on of the Group to de<span class=\"_ _2\"></span>liver cas<span class=\"_ _2\"></span>h at a pres<span class=\"_ _2\"></span>ent or future d<span class=\"_ _2\"></span>ate.<span class=\"_ _3bc\"> </span>Separating distinct inv<span class=\"_ _5\"></span>estment components from insurance and reinsurance contracts<span class=\"_ _3bc\"> </span>When a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssing wh<span class=\"_ _2\"></span>ether an inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ent is distin<span class=\"_ _2\"></span>ct, t<span class=\"_ _2\"></span>he Group co<span class=\"_ _2\"></span>nsider<span class=\"_ _2\"></span>s the following<span class=\"_ _2\"></span>, which m<span class=\"_ _2\"></span>ay indicate th<span class=\"_ _2\"></span>at the insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>onent are hi<span class=\"_ _2\"></span>ghly interrel<span class=\"_ _2\"></span>ated:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e value of one c<span class=\"_ _2\"></span>ompone<span class=\"_ _2\"></span>nt varies wit<span class=\"_ _2\"></span>h the other c<span class=\"_ _2\"></span>ompone<span class=\"_ _2\"></span>nt;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>ex<span class=\"_ _2\"></span>isten<span class=\"_ _2\"></span>ce of an option to swi<span class=\"_ _2\"></span>tch bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e different c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ents;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span>s that spa<span class=\"_ _2\"></span>n both elem<span class=\"_ _2\"></span>ents e.<span class=\"_ _2\"></span>g. redu<span class=\"_ _2\"></span>ced as<span class=\"_ _2\"></span>set ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment cha<span class=\"_ _2\"></span>rges ba<span class=\"_ _2\"></span>sed on tot<span class=\"_ _2\"></span>al siz<span class=\"_ _5\"></span>e of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>oth<span class=\"_ _2\"></span>er interac<span class=\"_ _2\"></span>ting feat<span class=\"_ _2\"></span>ures, e<span class=\"_ _2\"></span>.g. ins<span class=\"_ _2\"></span>urance r<span class=\"_ _2\"></span>isk from prem<span class=\"_ _2\"></span>ium waivers<span class=\"_ _2\"></span>, return of pre<span class=\"_ _2\"></span>mium covering b<span class=\"_ _2\"></span>oth elem<span class=\"_ _2\"></span>ents of the p<span class=\"_ _2\"></span>olicy.<span class=\"_ _3bc\"> </span>Where t<span class=\"_ _2\"></span>he investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>onent is no<span class=\"_ _2\"></span>n-dist<span class=\"_ _2\"></span>inct<span class=\"_ _2\"></span>, the whole c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t is meas<span class=\"_ _2\"></span>ured unde<span class=\"_ _2\"></span>r IFRS 17<span class=\"_ _7\"></span>. D<span class=\"_ _2\"></span>istin<span class=\"_ _2\"></span>ct investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>s are sepa<span class=\"_ _2\"></span>rated from the h<span class=\"_ _2\"></span>ost ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and me<span class=\"_ _2\"></span>asured un<span class=\"_ _2\"></span>der IFR<span class=\"_ _2\"></span>S 9. A4.<span class=\"_ _2\"></span>2 Fair va<span class=\"_ _2\"></span>lue of fin<span class=\"_ _2\"></span>anci<span class=\"_ _2\"></span>al as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>ies<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s are mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue and ac<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d for as set ou<span class=\"_ _2\"></span>t in the acc<span class=\"_ _2\"></span>ounting po<span class=\"_ _2\"></span>licies in note E1<span class=\"_ _2\"></span>. Finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s value<span class=\"_ _2\"></span>d where val<span class=\"_ _2\"></span>uation tech<span class=\"_ _2\"></span>niques are b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on obser<span class=\"_ _2\"></span>vabl<span class=\"_ _2\"></span>e market data at the p<span class=\"_ _2\"></span>eriod e<span class=\"_ _2\"></span>nd are cate<span class=\"_ _2\"></span>goris<span class=\"_ _2\"></span>ed as Level 2 fin<span class=\"_ _2\"></span>ancial in<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>. Finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts value<span class=\"_ _2\"></span>d where valu<span class=\"_ _2\"></span>ation tech<span class=\"_ _2\"></span>niques are b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n non-ob<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>vable inp<span class=\"_ _2\"></span>uts are c<span class=\"_ _2\"></span>ategori<span class=\"_ _2\"></span>sed as Level 3 fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l instrum<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. Level 2 and Level 3 fin<span class=\"_ _2\"></span>ancial in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents the<span class=\"_ _2\"></span>refore involve the use of es<span class=\"_ _2\"></span>timates<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s of the estim<span class=\"_ _2\"></span>ates mad<span class=\"_ _2\"></span>e are includ<span class=\"_ _2\"></span>ed in note E2. I<span class=\"_ _2\"></span>n relation to th<span class=\"_ _2\"></span>e Level 3 financi<span class=\"_ _2\"></span>al instr<span class=\"_ _2\"></span>uments<span class=\"_ _2\"></span>, sen<span class=\"_ _2\"></span>sitivit<span class=\"_ _2\"></span>y anal<span class=\"_ _2\"></span>ysis is per<span class=\"_ _2\"></span>forme<span class=\"_ _2\"></span>d in resp<span class=\"_ _2\"></span>ect of<span class=\"_ gs132\"> </span>the key as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s used in th<span class=\"_ _2\"></span>e valuation of th<span class=\"_ _2\"></span>ese finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e details of thi<span class=\"_ _2\"></span>s sensiti<span class=\"_ _2\"></span>vity a<span class=\"_ _2\"></span>nalysis a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d in note E2.4<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A4.3 Pension scheme obli<span class=\"_ _5\"></span>gations<span class=\"_ _3bc\"> </span>The val<span class=\"_ _2\"></span>uation of pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>eme oblig<span class=\"_ _2\"></span>ations is d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d using ac<span class=\"_ _2\"></span>tuaria<span class=\"_ _2\"></span>l valuations t<span class=\"_ _2\"></span>hat depe<span class=\"_ _2\"></span>nd upon a n<span class=\"_ _2\"></span>umber of as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s, inc<span class=\"_ _2\"></span>luding disc<span class=\"_ _2\"></span>ount rate, infla<span class=\"_ _2\"></span>tion and lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y. Ex<span class=\"_ _2\"></span>ternal ac<span class=\"_ _2\"></span>tuaria<span class=\"_ _2\"></span>l advice is t<span class=\"_ _2\"></span>aken with reg<span class=\"_ _2\"></span>ard to set<span class=\"_ _2\"></span>ting the fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns to be use<span class=\"_ _2\"></span>d in the valuat<span class=\"_ _2\"></span>ion. As defin<span class=\"_ _2\"></span>ed ben<span class=\"_ _2\"></span>efit pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>emes are lo<span class=\"_ _2\"></span>ng-term in n<span class=\"_ _2\"></span>ature, suc<span class=\"_ _2\"></span>h assum<span class=\"_ _2\"></span>ptions ca<span class=\"_ _2\"></span>n be subj<span class=\"_ _2\"></span>ect to sig<span class=\"_ _2\"></span>nificant un<span class=\"_ _2\"></span>cer<span class=\"_ _2\"></span>taint<span class=\"_ _2\"></span>y. Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s of these e<span class=\"_ _2\"></span>stimates a<span class=\"_ _2\"></span>nd the se<span class=\"_ _2\"></span>nsitivit<span class=\"_ _2\"></span>y of the defin<span class=\"_ _2\"></span>ed be<span class=\"_ _2\"></span>nefit oblig<span class=\"_ _2\"></span>ation to key assumpt<span class=\"_ _2\"></span>ions are provide<span class=\"_ _2\"></span>d in note G1<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A4.<span class=\"_ _2\"></span>4 Adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d oper<span class=\"_ _2\"></span>atin<span class=\"_ _2\"></span>g profit<span class=\"_ _3bc\"> </span>Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit is the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s n<span class=\"_ _2\"></span>on-GA<span class=\"_ _2\"></span>AP mea<span class=\"_ _2\"></span>sure of per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e and provid<span class=\"_ _2\"></span>es sta<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>holde<span class=\"_ _2\"></span>rs with a co<span class=\"_ _2\"></span>mparabl<span class=\"_ _2\"></span>e meas<span class=\"_ _2\"></span>ure of the under<span class=\"_ _2\"></span>lying pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance of the G<span class=\"_ _2\"></span>roup. The Gro<span class=\"_ _2\"></span>up is require<span class=\"_ _2\"></span>d to make judge<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s as to the appro<span class=\"_ _2\"></span>priate long<span class=\"_ _2\"></span>er-term rate<span class=\"_ _2\"></span>s of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment retur<span class=\"_ _2\"></span>n for the dete<span class=\"_ _2\"></span>rmination of a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted oper<span class=\"_ _2\"></span>ating profit b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n yields at th<span class=\"_ _2\"></span>e star<span class=\"_ _2\"></span>t of the finan<span class=\"_ _2\"></span>cial year, as deta<span class=\"_ _2\"></span>iled in note B2, an<span class=\"_ _2\"></span>d as to wheth<span class=\"_ _2\"></span>er items are incl<span class=\"_ _2\"></span>uded with<span class=\"_ _2\"></span>in adjus<span class=\"_ _2\"></span>ted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit or exclude<span class=\"_ _2\"></span>d as an ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent to adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g profit in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with the ac<span class=\"_ _2\"></span>counting polic<span class=\"_ _2\"></span>y detaile<span class=\"_ _2\"></span>d in note B1. I<span class=\"_ _2\"></span>tems exclud<span class=\"_ _2\"></span>ed from ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d oper<span class=\"_ _2\"></span>ating profit are refer<span class=\"_ _2\"></span>red to as \u2018non-op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g items\u2019<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>A4.5 Control and consolidation<span class=\"_ _5\"></span> The Gro<span class=\"_ _2\"></span>up has inves<span class=\"_ _2\"></span>ted in a numb<span class=\"_ _2\"></span>er of colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes an<span class=\"_ _2\"></span>d other t<span class=\"_ _2\"></span>ype<span class=\"_ _2\"></span>s of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment whe<span class=\"_ _2\"></span>re judg<span class=\"_ _2\"></span>ement is ap<span class=\"_ _2\"></span>plied in dete<span class=\"_ _2\"></span>rmining wheth<span class=\"_ _2\"></span>er the Gro<span class=\"_ _2\"></span>up controls th<span class=\"_ _2\"></span>e activit<span class=\"_ _2\"></span>ies of thes<span class=\"_ _2\"></span>e entities<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e entities a<span class=\"_ _2\"></span>re typic<span class=\"_ _2\"></span>ally s<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ured in such a w<span class=\"_ _2\"></span>ay that owning th<span class=\"_ _2\"></span>e majo<span class=\"_ _2\"></span>rity of th<span class=\"_ _2\"></span>e voting right<span class=\"_ _2\"></span>s is not the c<span class=\"_ _2\"></span>onclus<span class=\"_ _2\"></span>ive factor in th<span class=\"_ _2\"></span>e determina<span class=\"_ _2\"></span>tion of control in line w<span class=\"_ _2\"></span>ith the req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>s of IFRS 10 Con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d Finan<span class=\"_ _2\"></span>cial Statemen<span class=\"_ _5\"></span>ts<span class=\"_ _3bc\"> </span>. The c<span class=\"_ _2\"></span>ontrol ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ment the<span class=\"_ _2\"></span>refore involves a numbe<span class=\"_ _2\"></span>r of furth<span class=\"_ _2\"></span>er cons<span class=\"_ _2\"></span>ideratio<span class=\"_ _2\"></span>ns such a<span class=\"_ _2\"></span>s whether t<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s a unilateral p<span class=\"_ _2\"></span>ower of veto in gen<span class=\"_ _2\"></span>eral me<span class=\"_ _2\"></span>eting<span class=\"_ _2\"></span>s and wheth<span class=\"_ _2\"></span>er the exis<span class=\"_ _2\"></span>tence of oth<span class=\"_ _2\"></span>er agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s restric<span class=\"_ _2\"></span>t the Gro<span class=\"_ _2\"></span>up from bein<span class=\"_ _2\"></span>g able to influen<span class=\"_ _2\"></span>ce the ac<span class=\"_ _2\"></span>tivitie<span class=\"_ _2\"></span>s. Furt<span class=\"_ _2\"></span>her deta<span class=\"_ _2\"></span>ils of these j<span class=\"_ _2\"></span>udgem<span class=\"_ _2\"></span>ents are g<span class=\"_ _2\"></span>iven in note H1<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs21e\">A4.<span class=\"_ _2\"></span>6 How cl<span class=\"_ _2\"></span>imate ri<span class=\"_ _2\"></span>sk af<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>s our a<span class=\"_ _2\"></span>ccou<span class=\"_ _2\"></span>nting j<span class=\"_ _2\"></span>udg<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s and es<span class=\"_ _2\"></span>tim<span class=\"_ _2\"></span>ates </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs21f\">In prep<span class=\"_ _2\"></span>aration of the<span class=\"_ _2\"></span>se finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e Group has c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>red the imp<span class=\"_ _2\"></span>act of clim<span class=\"_ _2\"></span>ate chang<span class=\"_ _2\"></span>e acros<span class=\"_ _2\"></span>s a numbe<span class=\"_ _2\"></span>r of areas<span class=\"_ _2\"></span>, predom<span class=\"_ _2\"></span>inantly </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs220\">in<span class=\"_ gs132\"> </span>resp<span class=\"_ _2\"></span>ect of<span class=\"_ gs132\"> </span>the v<span class=\"_ _2\"></span>aluation of fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts, in<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce and inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities an<span class=\"_ _2\"></span>d good<span class=\"_ _2\"></span>will and other int<span class=\"_ _2\"></span>angibl<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs221\">Many of the ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>ts arisin<span class=\"_ _2\"></span>g from climate ch<span class=\"_ _2\"></span>ange w<span class=\"_ _2\"></span>ill be long<span class=\"_ _2\"></span>er-term in nat<span class=\"_ _2\"></span>ure, with an inhe<span class=\"_ _2\"></span>rent level of unc<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>aint<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, an<span class=\"_ _2\"></span>d have bee<span class=\"_ _2\"></span>n asse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d as </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs222\">having a<span class=\"_ gs132\"> </span>lim<span class=\"_ _2\"></span>ited effe<span class=\"_ _2\"></span>ct on ac<span class=\"_ _2\"></span>countin<span class=\"_ _2\"></span>g judgm<span class=\"_ _2\"></span>ents an<span class=\"_ _2\"></span>d estim<span class=\"_ _2\"></span>ates for the curre<span class=\"_ _2\"></span>nt perio<span class=\"_ _2\"></span>d. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs223\">The m<span class=\"_ _2\"></span>ajorit<span class=\"_ _2\"></span>y of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s are hel<span class=\"_ _2\"></span>d at fair value an<span class=\"_ _2\"></span>d use quote<span class=\"_ _2\"></span>d market prices o<span class=\"_ _2\"></span>r obser<span class=\"_ _2\"></span>vable m<span class=\"_ _2\"></span>arket inputs in t<span class=\"_ _2\"></span>heir valuati<span class=\"_ _2\"></span>on. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs224\">The<span class=\"_ gs132\"> </span>us<span class=\"_ _2\"></span>e of quoted mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t prices an<span class=\"_ _2\"></span>d market input<span class=\"_ _2\"></span>s to determine f<span class=\"_ _2\"></span>air value refle<span class=\"_ _2\"></span>cts c<span class=\"_ _2\"></span>urrent informatio<span class=\"_ _2\"></span>n and market se<span class=\"_ _2\"></span>ntiment reg<span class=\"_ _2\"></span>arding th<span class=\"_ _2\"></span>e effec<span class=\"_ _2\"></span>t </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs225\">of climate ris<span class=\"_ _2\"></span>k. For the val<span class=\"_ _2\"></span>uation of level 3 fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>, there are no m<span class=\"_ _2\"></span>aterial uno<span class=\"_ _2\"></span>bser<span class=\"_ _2\"></span>vable inp<span class=\"_ _2\"></span>uts in rel<span class=\"_ _2\"></span>ation to climate ris<span class=\"_ _2\"></span>k. Note E6 </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs226\">provide<span class=\"_ _2\"></span>s furt<span class=\"_ _2\"></span>her risk m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>ment dis<span class=\"_ _2\"></span>closures in re<span class=\"_ _2\"></span>lation to finan<span class=\"_ _2\"></span>cial risks in<span class=\"_ _2\"></span>cluding s<span class=\"_ _2\"></span>ensitiv<span class=\"_ _2\"></span>ities in relati<span class=\"_ _2\"></span>on to credit an<span class=\"_ _2\"></span>d market risk. I<span class=\"_ _2\"></span>n addition<span class=\"_ _2\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs227\">fur<span class=\"_ _2\"></span>ther de<span class=\"_ _2\"></span>tails on ma<span class=\"_ _2\"></span>naging t<span class=\"_ _2\"></span>he related c<span class=\"_ _2\"></span>limate chan<span class=\"_ _2\"></span>ge risks are p<span class=\"_ _2\"></span>rovided in th<span class=\"_ _2\"></span>e T<span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>sk Force for Climate<span class=\"_ _2\"></span>-relate<span class=\"_ _2\"></span>d Financ<span class=\"_ _2\"></span>ial Disc<span class=\"_ _2\"></span>losures (<span class=\"_ _2\"></span>\u2018TCFD\u2019<span class=\"_ _2\"></span>) on </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs228\">pag<span class=\"_ _2\"></span>e 44 of th<span class=\"_ _2\"></span>e Annual Re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t and Acc<span class=\"_ _2\"></span>ounts<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs229\">Insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>ct liabiliti<span class=\"_ _2\"></span>es with DPF u<span class=\"_ _2\"></span>se ec<span class=\"_ _2\"></span>onomic as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s taking into a<span class=\"_ _2\"></span>ccount m<span class=\"_ _2\"></span>arket condition<span class=\"_ _2\"></span>s at the valua<span class=\"_ _2\"></span>tion date as </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs22a\">well as n<span class=\"_ _2\"></span>on-ec<span class=\"_ _2\"></span>onomic a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns such a<span class=\"_ _2\"></span>s future exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s, lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y and mo<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ality, which are s<span class=\"_ _2\"></span>et bas<span class=\"_ _2\"></span>ed on pas<span class=\"_ _2\"></span>t expe<span class=\"_ _2\"></span>rience<span class=\"_ _2\"></span>, market prac<span class=\"_ _2\"></span>tice, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs22b\">reg<span class=\"_ _2\"></span>ulations an<span class=\"_ _2\"></span>d expe<span class=\"_ _2\"></span>ctation<span class=\"_ _2\"></span>s about f<span class=\"_ _2\"></span>uture tren<span class=\"_ _2\"></span>ds. D<span class=\"_ _2\"></span>ue to the level of ann<span class=\"_ _2\"></span>uities writ<span class=\"_ _2\"></span>ten by the G<span class=\"_ _2\"></span>roup, it is par<span class=\"_ _2\"></span>ticul<span class=\"_ _2\"></span>arly expo<span class=\"_ _2\"></span>sed to lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y risk<span class=\"_ _2\"></span>. At </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs22c\">31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023 the<span class=\"_ _2\"></span>re<span class=\"_ gs132\"> </span>are no ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ents ma<span class=\"_ _2\"></span>de to the lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>umptions to sp<span class=\"_ _2\"></span>ecific<span class=\"_ _2\"></span>ally allow for th<span class=\"_ _2\"></span>e impac<span class=\"_ _2\"></span>t of climate chan<span class=\"_ _2\"></span>ge on </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs22d\">annuit<span class=\"_ _2\"></span>ant mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y. Furthe<span class=\"_ _2\"></span>r details as<span class=\"_ gs132\"> </span>to h<span class=\"_ _2\"></span>ow assum<span class=\"_ _2\"></span>ptions are s<span class=\"_ _2\"></span>et and of the se<span class=\"_ _2\"></span>nsitivit<span class=\"_ _2\"></span>y of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s re<span class=\"_ _2\"></span>sults to an<span class=\"_ _2\"></span>nuitant lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y and oth<span class=\"_ _2\"></span>er key </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs22e\">insur<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>ks are set out in n<span class=\"_ _2\"></span>ote F11. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs22f\">The as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of imp<span class=\"_ _2\"></span>airment for g<span class=\"_ _2\"></span>oodwill a<span class=\"_ _2\"></span>nd intang<span class=\"_ _2\"></span>ible as<span class=\"_ _2\"></span>sets is b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n value in use c<span class=\"_ _2\"></span>alculat<span class=\"_ _2\"></span>ions. Value in use rep<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>s the value of f<span class=\"_ _2\"></span>uture </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs230\">ca<span class=\"_ _2\"></span>sh flows and u<span class=\"_ _2\"></span>ses the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s three<span class=\"_ _2\"></span>-year a<span class=\"_ _2\"></span>nnual op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>lan and th<span class=\"_ _2\"></span>e expec<span class=\"_ _2\"></span>tation of lon<span class=\"_ _2\"></span>g-term ec<span class=\"_ _2\"></span>onomic g<span class=\"_ _2\"></span>rowth b<span class=\"_ _2\"></span>eyond this p<span class=\"_ _2\"></span>eriod. T<span class=\"_ _2\"></span>he </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs231\">three<span class=\"_ _2\"></span>-year a<span class=\"_ _2\"></span>nnual op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>lan reflec<span class=\"_ _2\"></span>ts ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>s c<span class=\"_ _2\"></span>urrent exp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ations on co<span class=\"_ _2\"></span>mpetitive<span class=\"_ _2\"></span>ness a<span class=\"_ _2\"></span>nd profitab<span class=\"_ _2\"></span>ility an<span class=\"_ _2\"></span>d reflec<span class=\"_ _2\"></span>ts the ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs232\">impac<span class=\"_ _2\"></span>ts of the p<span class=\"_ _2\"></span>roces<span class=\"_ _2\"></span>s of moving toward<span class=\"_ _2\"></span>s a low carb<span class=\"_ _2\"></span>on econ<span class=\"_ _2\"></span>omy<span class=\"_ _5\"></span>. Note G2 provid<span class=\"_ _2\"></span>es fur<span class=\"_ _2\"></span>ther det<span class=\"_ _2\"></span>ails on go<span class=\"_ _2\"></span>odwill an<span class=\"_ _2\"></span>d other intan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs233\">on impair<span class=\"_ _2\"></span>ment tes<span class=\"_ _2\"></span>ting per<span class=\"_ _2\"></span>forme<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-644": {
   "value": "A5. N<span class=\"_ _2\"></span>ew acc<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>ing pr<span class=\"_ _2\"></span>onou<span class=\"_ _2\"></span>ncem<span class=\"_ _2\"></span>ents n<span class=\"_ _2\"></span>ot yet ef<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>ive The IAS<span class=\"_ _2\"></span>B has is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d the following s<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ards or ame<span class=\"_ _2\"></span>nded s<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ards and interp<span class=\"_ _2\"></span>retation<span class=\"_ _2\"></span>s which appl<span class=\"_ _2\"></span>y from the dates s<span class=\"_ _2\"></span>hown. T<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s dec<span class=\"_ _2\"></span>ided not to e<span class=\"_ _2\"></span>arly adopt a<span class=\"_ _2\"></span>ny of these s<span class=\"_ _2\"></span>tandar<span class=\"_ _2\"></span>ds, am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts or interpre<span class=\"_ _2\"></span>tations wh<span class=\"_ _2\"></span>ere this is p<span class=\"_ _2\"></span>ermit<span class=\"_ _2\"></span>ted.<span class=\"_ _3bc\"> </span>Clas<span class=\"_ _2\"></span>sific<span class=\"_ _2\"></span>ation of Lia<span class=\"_ _2\"></span>bilitie<span class=\"_ _2\"></span>s as Curre<span class=\"_ _2\"></span>nt and N<span class=\"_ _2\"></span>on-c<span class=\"_ _2\"></span>urrent Lia<span class=\"_ _2\"></span>bilitie<span class=\"_ _2\"></span>s with Coven<span class=\"_ _2\"></span>ants (<span class=\"_ _2\"></span>Amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s to IAS 1 Presentation of Financial Statem<span class=\"_ _2\"></span>ents) (1 January 202<span class=\"_ _5\"></span>4)<span class=\"_ _3bc\"> </span>The init<span class=\"_ _2\"></span>ial amen<span class=\"_ _2\"></span>dments c<span class=\"_ _2\"></span>larif<span class=\"_ _2\"></span>y rather t<span class=\"_ _2\"></span>han chan<span class=\"_ _2\"></span>ge exis<span class=\"_ _2\"></span>ting req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>s and aim to as<span class=\"_ _2\"></span>sist ent<span class=\"_ _2\"></span>ities in determ<span class=\"_ _2\"></span>ining wheth<span class=\"_ _2\"></span>er debt an<span class=\"_ _2\"></span>d other liabilitie<span class=\"_ _2\"></span>s with an unc<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>ain set<span class=\"_ _2\"></span>tlem<span class=\"_ _2\"></span>ent date sho<span class=\"_ _2\"></span>uld be clas<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>d as current or n<span class=\"_ _2\"></span>on-curre<span class=\"_ _2\"></span>nt. It is c<span class=\"_ _2\"></span>urrently not exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d that the<span class=\"_ _2\"></span>re will be any recl<span class=\"_ _2\"></span>assific<span class=\"_ _2\"></span>ations a<span class=\"_ _2\"></span>s a result of this cl<span class=\"_ _2\"></span>arificati<span class=\"_ _2\"></span>on.<span class=\"_ _3bc\"> </span>Non<span class=\"_ _2\"></span>-curr<span class=\"_ _2\"></span>ent Liabi<span class=\"_ _2\"></span>lities wit<span class=\"_ _2\"></span>h Covena<span class=\"_ _2\"></span>nts (Am<span class=\"_ _2\"></span>endm<span class=\"_ _2\"></span>ents to IA<span class=\"_ _2\"></span>S 1 Presentation of Financial Statem<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span>) (1 Janu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y 2024)<span class=\"_ _3bc\"> </span>Furth<span class=\"_ _2\"></span>er amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s were then ma<span class=\"_ _2\"></span>de which sp<span class=\"_ _2\"></span>ecif<span class=\"_ _2\"></span>y that c<span class=\"_ _2\"></span>ovenants of lo<span class=\"_ _2\"></span>an arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts which an e<span class=\"_ _2\"></span>ntit<span class=\"_ _2\"></span>y must c<span class=\"_ _2\"></span>omply with o<span class=\"_ _2\"></span>nly afte<span class=\"_ _2\"></span>r the repor<span class=\"_ _2\"></span>ting<span class=\"_ _2\"></span> date would n<span class=\"_ _2\"></span>ot affec<span class=\"_ _2\"></span>t clas<span class=\"_ _2\"></span>sificat<span class=\"_ _2\"></span>ion of a liabilit<span class=\"_ _2\"></span>y as curre<span class=\"_ _2\"></span>nt or non-c<span class=\"_ _2\"></span>urrent at the rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting date. Howe<span class=\"_ _2\"></span>ver<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>ose coven<span class=\"_ _2\"></span>ants that a<span class=\"_ _2\"></span>n entit<span class=\"_ _2\"></span>y is require<span class=\"_ _2\"></span>d to comp<span class=\"_ _2\"></span>ly with on or b<span class=\"_ _2\"></span>efore the repor<span class=\"_ _2\"></span>ting d<span class=\"_ _2\"></span>ate would af<span class=\"_ _2\"></span>fect cl<span class=\"_ _2\"></span>assific<span class=\"_ _2\"></span>ation as c<span class=\"_ _2\"></span>urrent or non-<span class=\"_ _2\"></span>current<span class=\"_ _2\"></span>, even if the coven<span class=\"_ _2\"></span>ant is only as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed af<span class=\"_ _2\"></span>ter the<span class=\"_ _2\"></span> entit<span class=\"_ _2\"></span>y\u2019s repor<span class=\"_ _2\"></span>ting date<span class=\"_ _2\"></span>. The amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s also introd<span class=\"_ _2\"></span>uce addit<span class=\"_ _2\"></span>ional dis<span class=\"_ _2\"></span>closure re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s. Wh<span class=\"_ _2\"></span>en an entit<span class=\"_ _2\"></span>y cla<span class=\"_ _2\"></span>ssifies a li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y arising from a l<span class=\"_ _2\"></span>oan arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt as non-<span class=\"_ _2\"></span>current an<span class=\"_ _2\"></span>d that liabilit<span class=\"_ _2\"></span>y is sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to the covena<span class=\"_ _2\"></span>nts which an e<span class=\"_ _2\"></span>ntit<span class=\"_ _2\"></span>y is require<span class=\"_ _2\"></span>d to comply wit<span class=\"_ _2\"></span>h within 12<span class=\"_ gs132\"> </span>month<span class=\"_ _2\"></span>s of the repor<span class=\"_ _2\"></span>ting date, th<span class=\"_ _2\"></span>e entit<span class=\"_ _2\"></span>y shall dis<span class=\"_ _2\"></span>close inform<span class=\"_ _2\"></span>ation in the note<span class=\"_ _2\"></span>s that ena<span class=\"_ _2\"></span>bles use<span class=\"_ _2\"></span>rs of financ<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s to unders<span class=\"_ _2\"></span>tand t<span class=\"_ _2\"></span>he risk that t<span class=\"_ _2\"></span>he liabilit<span class=\"_ _2\"></span>y coul<span class=\"_ _2\"></span>d be<span class=\"_ _2\"></span>come rep<span class=\"_ _2\"></span>ayable within 12 m<span class=\"_ _2\"></span>onths of the rep<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ing perio<span class=\"_ _2\"></span>d. The<span class=\"_ _2\"></span>se amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s are not expe<span class=\"_ _2\"></span>cted to h<span class=\"_ _2\"></span>ave any impact o<span class=\"_ _2\"></span>n the Group.<span class=\"_ _3bc\"> </span>Leas<span class=\"_ _2\"></span>e Liabil<span class=\"_ _2\"></span>ity in a S<span class=\"_ _2\"></span>ale an<span class=\"_ _2\"></span>d Leas<span class=\"_ _2\"></span>ebac<span class=\"_ _2\"></span>k (Amen<span class=\"_ _2\"></span>dmen<span class=\"_ _2\"></span>ts to IFR<span class=\"_ _2\"></span>S 16 Lease<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>) (1 Janu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y 2024)<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts relate to h<span class=\"_ _2\"></span>ow a seller-l<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>e acc<span class=\"_ _2\"></span>ounts for var<span class=\"_ _2\"></span>iable lea<span class=\"_ _2\"></span>se payme<span class=\"_ _2\"></span>nts that ar<span class=\"_ _2\"></span>ise in a sale a<span class=\"_ _2\"></span>nd leas<span class=\"_ _2\"></span>ebac<span class=\"_ _2\"></span>k trans<span class=\"_ _2\"></span>action<span class=\"_ _2\"></span>. On initia<span class=\"_ _2\"></span>l rec<span class=\"_ _2\"></span>ognition<span class=\"_ _2\"></span>, the<span class=\"_ gs132\"> </span>se<span class=\"_ _2\"></span>ller-les<span class=\"_ _2\"></span>see i<span class=\"_ _2\"></span>s required to in<span class=\"_ _2\"></span>clude vari<span class=\"_ _2\"></span>able lea<span class=\"_ _2\"></span>se payme<span class=\"_ _2\"></span>nts when m<span class=\"_ _2\"></span>easurin<span class=\"_ _2\"></span>g a leas<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y arising fro<span class=\"_ _2\"></span>m a sale<span class=\"_ _2\"></span>-and-le<span class=\"_ _2\"></span>aseb<span class=\"_ _2\"></span>ack tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion. Af<span class=\"_ _2\"></span>ter initial re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion, they a<span class=\"_ _2\"></span>re require<span class=\"_ _2\"></span>d to apply the g<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>al requirem<span class=\"_ _2\"></span>ents for sub<span class=\"_ _2\"></span>sequ<span class=\"_ _2\"></span>ent acc<span class=\"_ _2\"></span>ounting of the le<span class=\"_ _2\"></span>ase liabili<span class=\"_ _2\"></span>ty su<span class=\"_ _2\"></span>ch that n<span class=\"_ _2\"></span>o gain or los<span class=\"_ _2\"></span>s relatin<span class=\"_ _2\"></span>g to the retaine<span class=\"_ _2\"></span>d right of use is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised<span class=\"_ _2\"></span>. Selle<span class=\"_ _2\"></span>r-less<span class=\"_ _2\"></span>ees are re<span class=\"_ _2\"></span>quired to re<span class=\"_ _2\"></span>asse<span class=\"_ _2\"></span>ss and p<span class=\"_ _2\"></span>otentially re<span class=\"_ _2\"></span>state s<span class=\"_ _2\"></span>ale-a<span class=\"_ _2\"></span>nd-<span class=\"_ _3bc\"> </span>lea<span class=\"_ _2\"></span>sebac<span class=\"_ _2\"></span>k trans<span class=\"_ _2\"></span>action<span class=\"_ _2\"></span>s entered into sin<span class=\"_ _2\"></span>ce the imp<span class=\"_ _2\"></span>lement<span class=\"_ _2\"></span>ation. Th<span class=\"_ _2\"></span>ese am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts are not exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d to have any impac<span class=\"_ _2\"></span>t on the Gro<span class=\"_ _2\"></span>up.<span class=\"_ _3bc\"> </span>Sup<span class=\"_ _2\"></span>plier F<span class=\"_ _2\"></span>inanc<span class=\"_ _2\"></span>e Arran<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ents (<span class=\"_ _2\"></span>Amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s to IAS 7 Sta<span class=\"_ _2\"></span>tement of C<span class=\"_ _2\"></span>ash Flow<span class=\"_ _2\"></span>s and I<span class=\"_ _2\"></span>FRS 7 Financial Instruments: Disclosures) (1 January 202<span class=\"_ _5\"></span>4)<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts add a di<span class=\"_ _2\"></span>sclosure o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tive to IAS 7 st<span class=\"_ _2\"></span>ating that a<span class=\"_ _2\"></span>n entit<span class=\"_ _2\"></span>y is require<span class=\"_ _2\"></span>d to disclos<span class=\"_ _2\"></span>e information ab<span class=\"_ _2\"></span>out it<span class=\"_ _2\"></span>s supplier fin<span class=\"_ _2\"></span>ance arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts that e<span class=\"_ _2\"></span>nable<span class=\"_ _2\"></span>s users of fin<span class=\"_ _2\"></span>ancial s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ents to as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>s the effe<span class=\"_ _2\"></span>cts of th<span class=\"_ _2\"></span>ose arra<span class=\"_ _2\"></span>ngem<span class=\"_ _2\"></span>ents on th<span class=\"_ _2\"></span>e entit<span class=\"_ _2\"></span>y\u2019s liabilities and c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s. In addit<span class=\"_ _2\"></span>ion, IFR<span class=\"_ _2\"></span>S 7 was ame<span class=\"_ _2\"></span>nded to a<span class=\"_ _2\"></span>dd supplie<span class=\"_ _2\"></span>r finance a<span class=\"_ _2\"></span>rrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s as an examp<span class=\"_ _2\"></span>le within the re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s to disclo<span class=\"_ _2\"></span>se informatio<span class=\"_ _2\"></span>n about an entit<span class=\"_ _2\"></span>y\u2019s exposure to c<span class=\"_ _2\"></span>once<span class=\"_ _2\"></span>ntration of liquidit<span class=\"_ _2\"></span>y ris<span class=\"_ _2\"></span>k These a<span class=\"_ _2\"></span>mendm<span class=\"_ _2\"></span>ents are not ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted to have any impa<span class=\"_ _2\"></span>ct on the G<span class=\"_ _2\"></span>roup.<span class=\"_ _3bc\"> </span>Lac<span class=\"_ _2\"></span>k of Exc<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>eabil<span class=\"_ _2\"></span>ity (<span class=\"_ _2\"></span>Amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s to IAS 21 Th<span class=\"_ _2\"></span>e Effec<span class=\"_ _2\"></span>ts of Ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in Foreign E<span class=\"_ _2\"></span>xcha<span class=\"_ _2\"></span>nge R<span class=\"_ _2\"></span>ates) (1 Janu<span class=\"_ _2\"></span>ary 2<span class=\"_ _2\"></span>025)<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts clarif<span class=\"_ _2\"></span>y how a<span class=\"_ _2\"></span>n entit<span class=\"_ _2\"></span>y should a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ss whet<span class=\"_ _2\"></span>her a curren<span class=\"_ _2\"></span>cy is exch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>able and h<span class=\"_ _2\"></span>ow it should d<span class=\"_ _2\"></span>etermine a sp<span class=\"_ _2\"></span>ot exchang<span class=\"_ _2\"></span>e rate when exc<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>eabilit<span class=\"_ _2\"></span>y is lack<span class=\"_ _2\"></span>ing, a<span class=\"_ _2\"></span>s well as require t<span class=\"_ _2\"></span>he disclo<span class=\"_ _2\"></span>sure of information th<span class=\"_ _2\"></span>at enabl<span class=\"_ _2\"></span>es user<span class=\"_ _2\"></span>s of financia<span class=\"_ _2\"></span>l statem<span class=\"_ _2\"></span>ents to un<span class=\"_ _2\"></span>ders<span class=\"_ _2\"></span>tand the impac<span class=\"_ _2\"></span>t of a curren<span class=\"_ _2\"></span>cy not be<span class=\"_ _2\"></span>ing exchan<span class=\"_ _2\"></span>geabl<span class=\"_ _2\"></span>e. Thes<span class=\"_ _2\"></span>e amendm<span class=\"_ _2\"></span>ents are n<span class=\"_ _2\"></span>ot expec<span class=\"_ _2\"></span>ted to have any imp<span class=\"_ _2\"></span>act on th<span class=\"_ _2\"></span>e Group.<span class=\"_ _3bc\"> </span>Sa<span class=\"_ _2\"></span>le or Co<span class=\"_ _2\"></span>ntributi<span class=\"_ _2\"></span>on of Ass<span class=\"_ _2\"></span>ets b<span class=\"_ _2\"></span>etw<span class=\"_ _2\"></span>een an Inve<span class=\"_ _2\"></span>stor an<span class=\"_ _2\"></span>d its A<span class=\"_ _2\"></span>ssoc<span class=\"_ _2\"></span>iate or J<span class=\"_ _2\"></span>oint V<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>nture (A<span class=\"_ _2\"></span>mendm<span class=\"_ _2\"></span>ents t<span class=\"_ _2\"></span>o IFRS 10 a<span class=\"_ _2\"></span>nd IAS 28<span class=\"_ _2\"></span>) (Ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive<span class=\"_ gs234\"> </span>da<span class=\"_ _2\"></span>te defe<span class=\"_ _2\"></span>rre<span class=\"_ _2\"></span>d)<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts addre<span class=\"_ _2\"></span>ss the c<span class=\"_ _2\"></span>onflict b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en IFRS 1<span class=\"_ _2\"></span>0 and IAS 2<span class=\"_ _2\"></span>8 in dealing wi<span class=\"_ _2\"></span>th the los<span class=\"_ _2\"></span>s of control of a subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y that is sol<span class=\"_ _2\"></span>d or contribu<span class=\"_ _2\"></span>ted to<span class=\"_ gs132\"> </span>an as<span class=\"_ _2\"></span>sociate o<span class=\"_ _2\"></span>r joint venture. T<span class=\"_ _2\"></span>hese am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts are not exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ted to have any impac<span class=\"_ _2\"></span>t on the Gro<span class=\"_ _2\"></span>up.<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing amen<span class=\"_ _2\"></span>dments to s<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ards liste<span class=\"_ _2\"></span>d above have be<span class=\"_ _2\"></span>en endo<span class=\"_ _2\"></span>rse<span class=\"_ _2\"></span>d for use in the U<span class=\"_ _2\"></span>K by the UK En<span class=\"_ _2\"></span>dorse<span class=\"_ _2\"></span>ment Bo<span class=\"_ _2\"></span>ard:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>lassifi<span class=\"_ _2\"></span>cation of Liabilit<span class=\"_ _2\"></span>ies as Curre<span class=\"_ _2\"></span>nt and Non-<span class=\"_ _2\"></span>current (<span class=\"_ _2\"></span>Amendm<span class=\"_ _2\"></span>ents to IAS 1)<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>N<span class=\"_ _2\"></span>on-cur<span class=\"_ _2\"></span>rent Liabilitie<span class=\"_ _2\"></span>s with Covena<span class=\"_ _2\"></span>nts (Am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts to IAS 1); \u2022 <span class=\"_ _9\"> </span>Le<span class=\"_ _2\"></span>ase Liabilit<span class=\"_ _2\"></span>y in a S<span class=\"_ _2\"></span>ale and Lea<span class=\"_ _2\"></span>seba<span class=\"_ _2\"></span>ck (Ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s to IFRS 1<span class=\"_ _2\"></span>6 Lea<span class=\"_ _2\"></span>ses); and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>S<span class=\"_ _2\"></span>upplier F<span class=\"_ _2\"></span>inanc<span class=\"_ _2\"></span>e Arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s (Amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s to IAS 7 State<span class=\"_ _2\"></span>ment of Cash Fl<span class=\"_ _2\"></span>ows and I<span class=\"_ _2\"></span>FRS 7 Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts: D<span class=\"_ _2\"></span>isclos<span class=\"_ _2\"></span>ures)<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-670": {
   "value": "B. Earni<span class=\"_ _5\"></span>ngs perfor<span class=\"_ _5\"></span>mance<span class=\"_ _3bc\"> </span>B1. Segmental analysis<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up defines a<span class=\"_ _2\"></span>nd prese<span class=\"_ _2\"></span>nts ope<span class=\"_ _2\"></span>rating s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nts in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with IFR<span class=\"_ _2\"></span>S 8 \u2018Oper<span class=\"_ _2\"></span>ating Se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>s\u2019 which req<span class=\"_ _2\"></span>uires such s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ents to be bas<span class=\"_ _2\"></span>ed on the inform<span class=\"_ _2\"></span>ation which i<span class=\"_ _2\"></span>s provided to th<span class=\"_ _2\"></span>e Board<span class=\"_ _2\"></span>, and therefore s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ental informat<span class=\"_ _2\"></span>ion in this note is pre<span class=\"_ _2\"></span>sented o<span class=\"_ _2\"></span>n a different b<span class=\"_ _2\"></span>asis from profit or l<span class=\"_ _2\"></span>oss in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial s<span class=\"_ _2\"></span>tatement<span class=\"_ _2\"></span>s. An ope<span class=\"_ _2\"></span>rating se<span class=\"_ _2\"></span>gme<span class=\"_ _2\"></span>nt is a compo<span class=\"_ _2\"></span>nent of the Gro<span class=\"_ _2\"></span>up that eng<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>s in busine<span class=\"_ _2\"></span>ss ac<span class=\"_ _2\"></span>tivities from w<span class=\"_ _2\"></span>hich it may ea<span class=\"_ _2\"></span>rn revenues a<span class=\"_ _2\"></span>nd incur ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es, inclu<span class=\"_ _2\"></span>ding revenue<span class=\"_ _2\"></span>s and exp<span class=\"_ _2\"></span>enses re<span class=\"_ _2\"></span>lating to tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tions with oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>s of the Group.<span class=\"_ _3bc\"> </span>For man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent purpo<span class=\"_ _2\"></span>ses the G<span class=\"_ _2\"></span>roup is orga<span class=\"_ _2\"></span>nised into val<span class=\"_ _2\"></span>ue centres<span class=\"_ _2\"></span>. Durin<span class=\"_ _2\"></span>g the per<span class=\"_ _2\"></span>iod the Gro<span class=\"_ _2\"></span>up reas<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ed it<span class=\"_ _2\"></span>s repor<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ents to refle<span class=\"_ _2\"></span>ct its tr<span class=\"_ _2\"></span>ansition to a p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>-led ret<span class=\"_ _2\"></span>irement sp<span class=\"_ _2\"></span>eciali<span class=\"_ _2\"></span>st and th<span class=\"_ _2\"></span>e comme<span class=\"_ _2\"></span>ncem<span class=\"_ _2\"></span>ent of the grow, optimis<span class=\"_ _2\"></span>e and enh<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>tage of o<span class=\"_ _2\"></span>ur strate<span class=\"_ _2\"></span>gic journ<span class=\"_ _2\"></span>ey<span class=\"_ _5\"></span>. The G<span class=\"_ _2\"></span>roup now has fi<span class=\"_ _2\"></span>ve operatin<span class=\"_ _2\"></span>g seg<span class=\"_ _2\"></span>ments c<span class=\"_ _2\"></span>omprisin<span class=\"_ _2\"></span>g Retireme<span class=\"_ _2\"></span>nt Solutio<span class=\"_ _2\"></span>ns, Pen<span class=\"_ _2\"></span>sions &amp; S<span class=\"_ _2\"></span>avings<span class=\"_ _2\"></span>, With-Profi<span class=\"_ _2\"></span>ts, S<span class=\"_ _2\"></span>unLife &amp; Protec<span class=\"_ _2\"></span>tion, and Europ<span class=\"_ _2\"></span>e &amp; Othe<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>. Th<span class=\"_ _2\"></span>e compar<span class=\"_ _2\"></span>ative information h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n rest<span class=\"_ _2\"></span>ated to reflec<span class=\"_ _2\"></span>t this ch<span class=\"_ _2\"></span>ange. For re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting purp<span class=\"_ _2\"></span>oses<span class=\"_ _2\"></span>, ope<span class=\"_ _2\"></span>rating se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>s are agg<span class=\"_ _2\"></span>regate<span class=\"_ _2\"></span>d where th<span class=\"_ _2\"></span>ey share simil<span class=\"_ _2\"></span>ar econ<span class=\"_ _2\"></span>omic cha<span class=\"_ _2\"></span>racte<span class=\"_ _2\"></span>ristic<span class=\"_ _2\"></span>s includin<span class=\"_ _2\"></span>g the nat<span class=\"_ _2\"></span>ure of product<span class=\"_ _2\"></span>s and se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, typ<span class=\"_ _2\"></span>es of cus<span class=\"_ _2\"></span>tomers a<span class=\"_ _2\"></span>nd the nature of th<span class=\"_ _2\"></span>e regulato<span class=\"_ _2\"></span>ry enviro<span class=\"_ _2\"></span>nment<span class=\"_ _2\"></span>. The Sun<span class=\"_ _2\"></span>Life &amp; Protection o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g segm<span class=\"_ _2\"></span>ent has b<span class=\"_ _2\"></span>een a<span class=\"_ _2\"></span>ggreg<span class=\"_ _2\"></span>ated with th<span class=\"_ _2\"></span>e Europe ope<span class=\"_ _2\"></span>rating s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nt into the Europe &amp; O<span class=\"_ _2\"></span>ther re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent.<span class=\"_ _3bc\"> </span>The Ret<span class=\"_ _2\"></span>irement S<span class=\"_ _2\"></span>olutions s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent includ<span class=\"_ _2\"></span>es new an<span class=\"_ _2\"></span>d in-force individu<span class=\"_ _2\"></span>al annuit<span class=\"_ _2\"></span>y and B<span class=\"_ _2\"></span>ulk Purchas<span class=\"_ _2\"></span>e Annuit<span class=\"_ _2\"></span>y contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten within share<span class=\"_ _2\"></span>holde<span class=\"_ _2\"></span>r funds<span class=\"_ _2\"></span>, with the exc<span class=\"_ _2\"></span>eption of individ<span class=\"_ _2\"></span>ual annuit<span class=\"_ _2\"></span>y co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten as a resul<span class=\"_ _2\"></span>t of Guarante<span class=\"_ _2\"></span>ed Annui<span class=\"_ _2\"></span>ty O<span class=\"_ _2\"></span>ptions on with<span class=\"_ _2\"></span>-profit contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s. Su<span class=\"_ _2\"></span>ch contra<span class=\"_ _2\"></span>cts re<span class=\"_ _2\"></span>main in the Wi<span class=\"_ _2\"></span>th-Profit<span class=\"_ _2\"></span>s segm<span class=\"_ _2\"></span>ent following th<span class=\"_ _2\"></span>e transiti<span class=\"_ _2\"></span>on to IFRS 17<span class=\"_ _7\"></span>, a<span class=\"_ _2\"></span>s they fall wit<span class=\"_ _2\"></span>hin the contr<span class=\"_ _2\"></span>act bo<span class=\"_ _2\"></span>undar<span class=\"_ _2\"></span>y of the origin<span class=\"_ _2\"></span>al saving<span class=\"_ _2\"></span>s or pens<span class=\"_ _2\"></span>ion contra<span class=\"_ _2\"></span>ct. T<span class=\"_ _2\"></span>he Retireme<span class=\"_ _2\"></span>nt Solut<span class=\"_ _2\"></span>ions se<span class=\"_ _2\"></span>gment als<span class=\"_ _2\"></span>o includ<span class=\"_ _2\"></span>es UK indi<span class=\"_ _2\"></span>vidual ann<span class=\"_ _2\"></span>uity b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten within th<span class=\"_ _2\"></span>e Stan<span class=\"_ _2\"></span>dard Life Heri<span class=\"_ _2\"></span>tage W<span class=\"_ _2\"></span>ith-Profit Fund a<span class=\"_ _2\"></span>s the profits a<span class=\"_ _2\"></span>re primarily at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utable to th<span class=\"_ _2\"></span>e shareh<span class=\"_ _2\"></span>older thro<span class=\"_ _2\"></span>ugh the Re<span class=\"_ _2\"></span>cour<span class=\"_ _2\"></span>se Cash Fl<span class=\"_ _2\"></span>ow me<span class=\"_ _2\"></span>chanism e<span class=\"_ _2\"></span>stab<span class=\"_ _2\"></span>lished o<span class=\"_ _2\"></span>n demutu<span class=\"_ _2\"></span>alisation<span class=\"_ _2\"></span>. The Pens<span class=\"_ _2\"></span>ions &amp; Savin<span class=\"_ _2\"></span>gs se<span class=\"_ _2\"></span>gment in<span class=\"_ _2\"></span>cludes n<span class=\"_ _2\"></span>ew and in-force life ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e and investm<span class=\"_ _2\"></span>ent unit-linked polic<span class=\"_ _2\"></span>ies in resp<span class=\"_ _2\"></span>ect of pe<span class=\"_ _2\"></span>nsions a<span class=\"_ _2\"></span>nd saving<span class=\"_ _2\"></span>s produc<span class=\"_ _2\"></span>ts th<span class=\"_ _2\"></span>at the Group c<span class=\"_ _2\"></span>ontinues to a<span class=\"_ _2\"></span>ctively m<span class=\"_ _2\"></span>arket to new and exis<span class=\"_ _2\"></span>ting po<span class=\"_ _2\"></span>licyhol<span class=\"_ _2\"></span>ders<span class=\"_ _2\"></span>. This incl<span class=\"_ _2\"></span>udes pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s such as wor<span class=\"_ _2\"></span>kplace pen<span class=\"_ _2\"></span>sions an<span class=\"_ _2\"></span>d Self-Inve<span class=\"_ _2\"></span>sted Per<span class=\"_ _2\"></span>sonal Pens<span class=\"_ _2\"></span>ion (\u2018<span class=\"_ _2\"></span>SI<span class=\"_ _2\"></span>PPs\u2019) dis<span class=\"_ _2\"></span>tributed th<span class=\"_ _2\"></span>rough the G<span class=\"_ _2\"></span>roup\u2019s Strategic Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship with a<span class=\"_ _2\"></span>brdn plc. I<span class=\"_ _2\"></span>n addition<span class=\"_ _2\"></span>, it inclu<span class=\"_ _2\"></span>des in-force ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e and investm<span class=\"_ _2\"></span>ent unit-linked prod<span class=\"_ _2\"></span>ucts fro<span class=\"_ _2\"></span>m lega<span class=\"_ _2\"></span>cy busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es which n<span class=\"_ _2\"></span>o longe<span class=\"_ _2\"></span>r activel<span class=\"_ _2\"></span>y sell pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s to polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs and wh<span class=\"_ _2\"></span>ich therefore r<span class=\"_ _2\"></span>un-off g<span class=\"_ _2\"></span>raduall<span class=\"_ _2\"></span>y over time. The Pen<span class=\"_ _2\"></span>sions &amp; S<span class=\"_ _2\"></span>avings se<span class=\"_ _2\"></span>gment a<span class=\"_ _2\"></span>lso incl<span class=\"_ _2\"></span>udes UK un<span class=\"_ _2\"></span>itised b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten in the St<span class=\"_ _2\"></span>andard Life He<span class=\"_ _2\"></span>ritag<span class=\"_ _2\"></span>e With-Profi<span class=\"_ _2\"></span>t funds<span class=\"_ _2\"></span>, as profit<span class=\"_ _2\"></span>s are primaril<span class=\"_ _2\"></span>y attrib<span class=\"_ _2\"></span>utable to th<span class=\"_ _2\"></span>e shareh<span class=\"_ _2\"></span>older th<span class=\"_ _2\"></span>rough the Re<span class=\"_ _2\"></span>cour<span class=\"_ _2\"></span>se Cas<span class=\"_ _2\"></span>h Flow me<span class=\"_ _2\"></span>chanism<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Wi<span class=\"_ _2\"></span>th-Profit<span class=\"_ _2\"></span>s segm<span class=\"_ _2\"></span>ent inclu<span class=\"_ _2\"></span>des all poli<span class=\"_ _2\"></span>cies writ<span class=\"_ _2\"></span>ten by the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s w<span class=\"_ _2\"></span>ith-profit fun<span class=\"_ _2\"></span>ds, wi<span class=\"_ _2\"></span>th the excepti<span class=\"_ _2\"></span>on of Standa<span class=\"_ _2\"></span>rd Life Herita<span class=\"_ _2\"></span>ge With-<span class=\"_ _3bc\"> </span>Profit Fund cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s reflec<span class=\"_ _2\"></span>ted in other s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ents as n<span class=\"_ _2\"></span>oted above for Retire<span class=\"_ _2\"></span>ment So<span class=\"_ _2\"></span>lutions an<span class=\"_ _2\"></span>d Pensions &amp; S<span class=\"_ _2\"></span>avings wh<span class=\"_ _2\"></span>ere profit<span class=\"_ _2\"></span>s are primaril<span class=\"_ _2\"></span>y at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to the sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>r through t<span class=\"_ _2\"></span>he Reco<span class=\"_ _2\"></span>urse C<span class=\"_ _2\"></span>ash Flow me<span class=\"_ _2\"></span>chanis<span class=\"_ _2\"></span>m. The Europ<span class=\"_ _2\"></span>e &amp; Othe<span class=\"_ _2\"></span>r segm<span class=\"_ _2\"></span>ent inclu<span class=\"_ _2\"></span>des bus<span class=\"_ _2\"></span>iness wr<span class=\"_ _2\"></span>itten in I<span class=\"_ _2\"></span>reland an<span class=\"_ _2\"></span>d Germa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>. Th<span class=\"_ _2\"></span>is includ<span class=\"_ _2\"></span>es produc<span class=\"_ _2\"></span>ts th<span class=\"_ _2\"></span>at are active<span class=\"_ _2\"></span>ly being m<span class=\"_ _2\"></span>arketed to new p<span class=\"_ _2\"></span>olicyhol<span class=\"_ _2\"></span>ders an<span class=\"_ _2\"></span>d lega<span class=\"_ _2\"></span>cy in-force pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s that are no l<span class=\"_ _2\"></span>onger b<span class=\"_ _2\"></span>eing so<span class=\"_ _2\"></span>ld to new cus<span class=\"_ _2\"></span>tomer<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e segm<span class=\"_ _2\"></span>ent also in<span class=\"_ _2\"></span>cludes p<span class=\"_ _2\"></span>rotection produ<span class=\"_ _2\"></span>cts an<span class=\"_ _2\"></span>d produc<span class=\"_ _2\"></span>ts so<span class=\"_ _2\"></span>ld under th<span class=\"_ _2\"></span>e SunLife br<span class=\"_ _2\"></span>and.<span class=\"_ _3bc\"> </span>The C<span class=\"_ _2\"></span>orpora<span class=\"_ _2\"></span>te Centre se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>, which is n<span class=\"_ _2\"></span>ot a repor<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent, prin<span class=\"_ _2\"></span>cipally c<span class=\"_ _2\"></span>omprise<span class=\"_ _2\"></span>s centra<span class=\"_ _2\"></span>l head of<span class=\"_ _2\"></span>fice co<span class=\"_ _2\"></span>sts th<span class=\"_ _2\"></span>at are not direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to the Group\u2019s insura<span class=\"_ _2\"></span>nce or inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts. M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices co<span class=\"_ _2\"></span>sts are n<span class=\"_ _2\"></span>ow alloc<span class=\"_ _2\"></span>ated to the four re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nts.<span class=\"_ _3bc\"> </span>Inter-s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>ns are set on an a<span class=\"_ _2\"></span>rm\u2019<span class=\"_ _7\"></span>s l<span class=\"_ _2\"></span>ength b<span class=\"_ _2\"></span>asis in a man<span class=\"_ _2\"></span>ner similar to tr<span class=\"_ _2\"></span>ansa<span class=\"_ _2\"></span>ctions w<span class=\"_ _2\"></span>ith third par<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. Se<span class=\"_ _2\"></span>gmenta<span class=\"_ _2\"></span>l results in<span class=\"_ _2\"></span>clude thos<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>fers bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n busine<span class=\"_ _2\"></span>ss se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>s which are the<span class=\"_ _2\"></span>n eliminate<span class=\"_ _2\"></span>d on cons<span class=\"_ _2\"></span>olidation<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Segmental<span class=\"_ _5\"></span> measure<span class=\"_ _5\"></span> of perf<span class=\"_ _5\"></span>ormance<span class=\"_ _5\"></span>: Adjust<span class=\"_ _5\"></span>ed operat<span class=\"_ _5\"></span>ing p<span class=\"_ _5\"></span>rofit<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up uses a n<span class=\"_ _2\"></span>on-<span class=\"_ _2\"></span>G<span class=\"_ _5\"></span>A<span class=\"_ _2\"></span>AP meas<span class=\"_ _2\"></span>ure of per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e, being a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profi<span class=\"_ _2\"></span>t, to evaluate s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>ntal pe<span class=\"_ _2\"></span>rforma<span class=\"_ _2\"></span>nce. Ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d ope<span class=\"_ _2\"></span>rating profit is c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>red to provide a c<span class=\"_ _2\"></span>ompara<span class=\"_ _2\"></span>ble mea<span class=\"_ _2\"></span>sure of the unde<span class=\"_ _2\"></span>rlying pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance of the b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s as it exclud<span class=\"_ _2\"></span>es the impa<span class=\"_ _2\"></span>ct of shor<span class=\"_ _2\"></span>t-term ec<span class=\"_ _2\"></span>onomic vol<span class=\"_ _2\"></span>atility a<span class=\"_ _2\"></span>nd other on<span class=\"_ _2\"></span>e-of<span class=\"_ _2\"></span>f items<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profi<span class=\"_ _2\"></span>t method<span class=\"_ _2\"></span>olog<span class=\"_ _2\"></span>y has be<span class=\"_ _2\"></span>en update<span class=\"_ _2\"></span>d since it wa<span class=\"_ _2\"></span>s disclo<span class=\"_ _2\"></span>sed in the 2<span class=\"_ _2\"></span>022 con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l statem<span class=\"_ _2\"></span>ents following th<span class=\"_ _2\"></span>e transi<span class=\"_ _2\"></span>tion to IFRS 17 Insur<span class=\"_ _2\"></span>ance C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts.<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing set<span class=\"_ _2\"></span>s out the ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d oper<span class=\"_ _2\"></span>ating profit me<span class=\"_ _2\"></span>thodol<span class=\"_ _2\"></span>ogy<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>For unit-linked bus<span class=\"_ _2\"></span>iness a<span class=\"_ _2\"></span>ccounte<span class=\"_ _2\"></span>d for under I<span class=\"_ _2\"></span>FRS 9, a<span class=\"_ _2\"></span>djuste<span class=\"_ _2\"></span>d oper<span class=\"_ _2\"></span>ating profit refl<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s the fees c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>ted from cu<span class=\"_ _2\"></span>stome<span class=\"_ _2\"></span>rs les<span class=\"_ _2\"></span>s operat<span class=\"_ _2\"></span>ing expe<span class=\"_ _2\"></span>nses in<span class=\"_ _2\"></span>cluding overh<span class=\"_ _2\"></span>eads<span class=\"_ _2\"></span>. For unit-linked and W<span class=\"_ _2\"></span>ith-Profit<span class=\"_ _2\"></span>s busine<span class=\"_ _2\"></span>ss ac<span class=\"_ _2\"></span>counted for un<span class=\"_ _2\"></span>der IFR<span class=\"_ _2\"></span>S 17<span class=\"_ _7\"></span>, adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit refle<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>e releas<span class=\"_ _2\"></span>e of the risk ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent, amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation of CSM<span class=\"_ _2\"></span>, and d<span class=\"_ _2\"></span>emog<span class=\"_ _2\"></span>raphic exp<span class=\"_ _2\"></span>erien<span class=\"_ _2\"></span>ce varian<span class=\"_ _2\"></span>ces in the p<span class=\"_ _2\"></span>eriod. For share<span class=\"_ _2\"></span>holde<span class=\"_ _2\"></span>r annuit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, other n<span class=\"_ _2\"></span>on-profit b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s and With-<span class=\"_ _2\"></span>Profits f<span class=\"_ _2\"></span>unds rec<span class=\"_ _2\"></span>eiving sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er suppo<span class=\"_ _2\"></span>rt ac<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d for under I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>, adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit inclu<span class=\"_ _2\"></span>des the re<span class=\"_ _2\"></span>lease of th<span class=\"_ _2\"></span>e risk adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt, amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ation of CS<span class=\"_ _2\"></span>M, an<span class=\"_ _2\"></span>d demo<span class=\"_ _2\"></span>graphic ex<span class=\"_ _2\"></span>perien<span class=\"_ _2\"></span>ce varian<span class=\"_ _2\"></span>ces in the peri<span class=\"_ _2\"></span>od. Adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit also in<span class=\"_ _2\"></span>corpo<span class=\"_ _2\"></span>rates an exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d return on the fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l investme<span class=\"_ _2\"></span>nts bac<span class=\"_ _2\"></span>king this bus<span class=\"_ _2\"></span>iness a<span class=\"_ _2\"></span>nd any surplu<span class=\"_ _2\"></span>s as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, with allowa<span class=\"_ _2\"></span>nce for the c<span class=\"_ _2\"></span>orresp<span class=\"_ _2\"></span>onding move<span class=\"_ _2\"></span>ment in liabiliti<span class=\"_ _2\"></span>es. Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit exclude<span class=\"_ _2\"></span>s the above item<span class=\"_ _2\"></span>s for non-profit b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten in a With-<span class=\"_ _2\"></span>Profits fun<span class=\"_ _2\"></span>d where the<span class=\"_ _2\"></span>se amo<span class=\"_ _2\"></span>unts do not a<span class=\"_ _2\"></span>ccrue direc<span class=\"_ _2\"></span>tly to the sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>. Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit includ<span class=\"_ _2\"></span>es the ef<span class=\"_ _2\"></span>fect of exp<span class=\"_ _2\"></span>erienc<span class=\"_ _2\"></span>e varianc<span class=\"_ _2\"></span>es relatin<span class=\"_ _2\"></span>g to the curre<span class=\"_ _2\"></span>nt period for n<span class=\"_ _2\"></span>on-e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c items<span class=\"_ _2\"></span>, such as m<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y and exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s. It al<span class=\"_ _2\"></span>so inco<span class=\"_ _2\"></span>rporates t<span class=\"_ _2\"></span>he impac<span class=\"_ _2\"></span>ts of as<span class=\"_ _2\"></span>set tradin<span class=\"_ _2\"></span>g and po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folio rebal<span class=\"_ _2\"></span>ancing wh<span class=\"_ _2\"></span>ere not refle<span class=\"_ _2\"></span>cted in th<span class=\"_ _2\"></span>e disco<span class=\"_ _2\"></span>unt rate use<span class=\"_ _2\"></span>d in cal<span class=\"_ _2\"></span>culating ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted return<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit is repor<span class=\"_ _2\"></span>ted n<span class=\"_ _2\"></span>et of policyh<span class=\"_ _2\"></span>older fin<span class=\"_ _2\"></span>ance ch<span class=\"_ _2\"></span>arges an<span class=\"_ _2\"></span>d policy<span class=\"_ _2\"></span>holder t<span class=\"_ _2\"></span>ax.<span class=\"_ _3bc\"> </span>Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit exclude<span class=\"_ _2\"></span>s the impac<span class=\"_ _2\"></span>ts of the follow<span class=\"_ _2\"></span>ing items<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>Economic vari<span class=\"_ _5\"></span>ances \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e differe<span class=\"_ _2\"></span>nce be<span class=\"_ _2\"></span>twee<span class=\"_ _2\"></span>n act<span class=\"_ _2\"></span>ual and exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d exper<span class=\"_ _2\"></span>ience for e<span class=\"_ _2\"></span>cono<span class=\"_ _2\"></span>mic items re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in the in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt, impa<span class=\"_ _2\"></span>cts of e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c as<span class=\"_ _2\"></span>sumptions on t<span class=\"_ _2\"></span>he valuatio<span class=\"_ _2\"></span>n of liabilities me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d under the G<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>al Mode<span class=\"_ _2\"></span>l and the ch<span class=\"_ _2\"></span>ange in va<span class=\"_ _2\"></span>lue of loss c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ents on V<span class=\"_ _5\"></span>ariab<span class=\"_ _2\"></span>le Fee Appro<span class=\"_ _2\"></span>ach busin<span class=\"_ _2\"></span>ess re<span class=\"_ _2\"></span>sulting from m<span class=\"_ _2\"></span>arket movement<span class=\"_ _2\"></span>s on underl<span class=\"_ _2\"></span>ying items<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>cono<span class=\"_ _2\"></span>mic volatilit<span class=\"_ _2\"></span>y arisin<span class=\"_ _2\"></span>g from the Group\u2019s hed<span class=\"_ _2\"></span>ging st<span class=\"_ _2\"></span>rategy w<span class=\"_ _2\"></span>hich is ca<span class=\"_ _2\"></span>librated to prote<span class=\"_ _2\"></span>ct the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II cap<span class=\"_ _2\"></span>ital pos<span class=\"_ _2\"></span>ition and c<span class=\"_ _2\"></span>ash gen<span class=\"_ _2\"></span>eration c<span class=\"_ _2\"></span>apabilit<span class=\"_ _2\"></span>y of the op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g compani<span class=\"_ _2\"></span>es;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting mism<span class=\"_ _2\"></span>atch result<span class=\"_ _2\"></span>ing from the ap<span class=\"_ _2\"></span>plicatio<span class=\"_ _2\"></span>n of IFRS 17 bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of non-profit bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s in a with-profit fun<span class=\"_ _2\"></span>d (noted ab<span class=\"_ _2\"></span>ove<span class=\"_ _5\"></span>) and th<span class=\"_ _2\"></span>e chang<span class=\"_ _2\"></span>e in fair value of this b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s inclu<span class=\"_ _2\"></span>ded within th<span class=\"_ _2\"></span>e meas<span class=\"_ _2\"></span>urement of the w<span class=\"_ _2\"></span>ith-profit co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s under th<span class=\"_ _2\"></span>e V<span class=\"_ _7\"></span>aria<span class=\"_ _2\"></span>ble Fee App<span class=\"_ _2\"></span>roach;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting mism<span class=\"_ _2\"></span>atch result<span class=\"_ _2\"></span>ing from buy<span class=\"_ _2\"></span>-in contra<span class=\"_ _2\"></span>cts b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>es and Pho<span class=\"_ _2\"></span>enix Life Limite<span class=\"_ _2\"></span>d, the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s m<span class=\"_ _2\"></span>ain insur<span class=\"_ _2\"></span>ance sub<span class=\"_ _2\"></span>sidiar<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>. The mi<span class=\"_ _2\"></span>smatch rep<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>s the diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the unwin<span class=\"_ _2\"></span>d of the IAS 19 di<span class=\"_ _2\"></span>scount r<span class=\"_ _2\"></span>ate calcul<span class=\"_ _2\"></span>ated with refere<span class=\"_ _2\"></span>nce to a A<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>-rate<span class=\"_ _2\"></span>d corpo<span class=\"_ _2\"></span>rate bond a<span class=\"_ _2\"></span>nd the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt returns on th<span class=\"_ _2\"></span>e backin<span class=\"_ _2\"></span>g ass<span class=\"_ _2\"></span>ets; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ct of the mism<span class=\"_ _2\"></span>atch bet<span class=\"_ _2\"></span>ween c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in es<span class=\"_ _2\"></span>timates of fut<span class=\"_ _2\"></span>ure cash flow<span class=\"_ _2\"></span>s on Gene<span class=\"_ _2\"></span>ral Mo<span class=\"_ _2\"></span>del contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s meas<span class=\"_ _2\"></span>ured at curre<span class=\"_ _2\"></span>nt discount rates an<span class=\"_ _2\"></span>d the cor<span class=\"_ _2\"></span>respon<span class=\"_ _2\"></span>ding adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt to the CS<span class=\"_ _2\"></span>M meas<span class=\"_ _2\"></span>ured at the dis<span class=\"_ _2\"></span>count rate l<span class=\"_ _2\"></span>ocked-in at inc<span class=\"_ _2\"></span>eption. Other<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tisation a<span class=\"_ _2\"></span>nd impairm<span class=\"_ _2\"></span>ent of intangib<span class=\"_ _2\"></span>le ass<span class=\"_ _2\"></span>ets (net of polic<span class=\"_ _2\"></span>yhold<span class=\"_ _2\"></span>er tax<span class=\"_ _2\"></span>);<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>fin<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s attrib<span class=\"_ _2\"></span>utable to own<span class=\"_ _2\"></span>ers;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>g<span class=\"_ _2\"></span>ains or los<span class=\"_ _2\"></span>ses o<span class=\"_ _2\"></span>n the acqu<span class=\"_ _2\"></span>isition or disp<span class=\"_ _2\"></span>osal of sub<span class=\"_ _2\"></span>sidiaries (ne<span class=\"_ _2\"></span>t of related co<span class=\"_ _2\"></span>sts);<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e financ<span class=\"_ _2\"></span>ial impac<span class=\"_ _2\"></span>ts of man<span class=\"_ _2\"></span>dator<span class=\"_ _2\"></span>y regulato<span class=\"_ _2\"></span>ry ch<span class=\"_ _2\"></span>ange;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e profit or los<span class=\"_ _2\"></span>s att<span class=\"_ _2\"></span>ributab<span class=\"_ _2\"></span>le to non-c<span class=\"_ _2\"></span>ontrolling intere<span class=\"_ _2\"></span>sts<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>inte<span class=\"_ _2\"></span>gration<span class=\"_ _2\"></span>, res<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>uring or other s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt one-<span class=\"_ _2\"></span>off proj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s impac<span class=\"_ _2\"></span>ting the in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>ny other items wh<span class=\"_ _2\"></span>ich, in the D<span class=\"_ _2\"></span>irecto<span class=\"_ _2\"></span>r\u2019<span class=\"_ _5\"></span>s view, sho<span class=\"_ _2\"></span>uld be disc<span class=\"_ _2\"></span>losed s<span class=\"_ _2\"></span>epara<span class=\"_ _2\"></span>tely by vir<span class=\"_ _2\"></span>tue of their na<span class=\"_ _2\"></span>ture or incid<span class=\"_ _2\"></span>ence to en<span class=\"_ _2\"></span>able a full under<span class=\"_ _2\"></span>sta<span class=\"_ _2\"></span>nding of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e. This is t<span class=\"_ _2\"></span>ypic<span class=\"_ _2\"></span>ally the c<span class=\"_ _2\"></span>ase whe<span class=\"_ _2\"></span>re the nature of the i<span class=\"_ _2\"></span>tem is not refle<span class=\"_ _2\"></span>ctive of the und<span class=\"_ _2\"></span>erlying per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce of the op<span class=\"_ _2\"></span>erating c<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s. The ite<span class=\"_ _2\"></span>ms exclude<span class=\"_ _2\"></span>d from adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit are referre<span class=\"_ _2\"></span>d to as \u2018non-op<span class=\"_ _2\"></span>erating ite<span class=\"_ _2\"></span>ms\u2019<span class=\"_ _7\"></span>. Whils<span class=\"_ _2\"></span>t the exclud<span class=\"_ _2\"></span>ed items are im<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tant to an as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ment of the co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted financ<span class=\"_ _2\"></span>ial per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce of the Gro<span class=\"_ _2\"></span>up, manag<span class=\"_ _2\"></span>ement c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>rs that th<span class=\"_ _2\"></span>e present<span class=\"_ _2\"></span>ation of adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit provide<span class=\"_ _2\"></span>s a good in<span class=\"_ _2\"></span>dicator of the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e of the Group\u2019s oper<span class=\"_ _2\"></span>ating se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>s and the Gro<span class=\"_ _2\"></span>up uses th<span class=\"_ _2\"></span>is, as p<span class=\"_ _2\"></span>art of a sui<span class=\"_ _2\"></span>te of mea<span class=\"_ _2\"></span>sures<span class=\"_ _2\"></span>, for decis<span class=\"_ _2\"></span>ion-makin<span class=\"_ _2\"></span>g and mon<span class=\"_ _2\"></span>itoring pe<span class=\"_ _2\"></span>rforma<span class=\"_ _2\"></span>nce. Th<span class=\"_ _2\"></span>e Group\u2019s adjus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profi<span class=\"_ _2\"></span>t should b<span class=\"_ _2\"></span>e read in co<span class=\"_ _2\"></span>njunc<span class=\"_ _2\"></span>tion with th<span class=\"_ _2\"></span>e IFR<span class=\"_ _2\"></span>S profit before ta<span class=\"_ _2\"></span>x.<span class=\"_ _3bc\"> </span>Revisions to methodolo<span class=\"_ _2\"></span>gy<span class=\"_ _3bc\"> </span>The m<span class=\"_ _2\"></span>ethodo<span class=\"_ _2\"></span>logy to dete<span class=\"_ _2\"></span>rmine ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d operat<span class=\"_ _2\"></span>ing profit has b<span class=\"_ _2\"></span>een revi<span class=\"_ _2\"></span>sed<span class=\"_ _2\"></span>, compare<span class=\"_ _2\"></span>d to that disc<span class=\"_ _2\"></span>lose<span class=\"_ _2\"></span>d in the Interim Fin<span class=\"_ _2\"></span>ancial Re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t 2023<span class=\"_ _2\"></span>, for the follow<span class=\"_ _2\"></span>ing items:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>A 1<span class=\"_ _2\"></span>-year (rath<span class=\"_ _2\"></span>er than a 1<span class=\"_ _2\"></span>5-ye<span class=\"_ _2\"></span>ar) risk<span class=\"_ _5\"></span>-free ra<span class=\"_ _2\"></span>te has be<span class=\"_ _2\"></span>en use<span class=\"_ _2\"></span>d to derive the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d investm<span class=\"_ _2\"></span>ent return as<span class=\"_ _2\"></span>sumption on a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s bac<span class=\"_ _2\"></span>king insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities to re<span class=\"_ _2\"></span>duce uninten<span class=\"_ _2\"></span>ded ec<span class=\"_ _2\"></span>onomic vol<span class=\"_ _2\"></span>atilit<span class=\"_ _2\"></span>y (see note B2.1); \u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>n adjus<span class=\"_ _2\"></span>tment to rem<span class=\"_ _2\"></span>ove mismatch<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween t<span class=\"_ _2\"></span>he disco<span class=\"_ _2\"></span>unt rate use<span class=\"_ _2\"></span>d within the val<span class=\"_ _2\"></span>uation of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e liabilities an<span class=\"_ _2\"></span>d the return<span class=\"_ _2\"></span>s on the unde<span class=\"_ _2\"></span>rlying as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, as n<span class=\"_ _2\"></span>oted within Econ<span class=\"_ _2\"></span>omic V<span class=\"_ _7\"></span>a<span class=\"_ _2\"></span>riance<span class=\"_ _2\"></span>s above; and \u2022 <span class=\"_ _9\"> </span>a refi<span class=\"_ _2\"></span>nement to th<span class=\"_ _2\"></span>e approa<span class=\"_ _2\"></span>ch used to q<span class=\"_ _2\"></span>uantif<span class=\"_ _2\"></span>y the level of tra<span class=\"_ _2\"></span>ding profits<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>ntal resul<span class=\"_ _2\"></span>t for the year en<span class=\"_ _2\"></span>ded 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 202<span class=\"_ _2\"></span>2 presente<span class=\"_ _2\"></span>d in note B1.1 inc<span class=\"_ _2\"></span>orporate<span class=\"_ _2\"></span>s these re<span class=\"_ _2\"></span>visions<span class=\"_ _2\"></span>. The impa<span class=\"_ _2\"></span>ct of thes<span class=\"_ _2\"></span>e revisions is to redu<span class=\"_ _2\"></span>ce total se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>al adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit by \u00a326 m<span class=\"_ _2\"></span>illion, and c<span class=\"_ _2\"></span>orresp<span class=\"_ _2\"></span>onding<span class=\"_ _2\"></span>ly to increa<span class=\"_ _2\"></span>se eco<span class=\"_ _2\"></span>nomic varia<span class=\"_ _2\"></span>nces by \u00a3<span class=\"_ _2\"></span>26 million<span class=\"_ _2\"></span>. There i<span class=\"_ _2\"></span>s no impac<span class=\"_ _2\"></span>t on the los<span class=\"_ _2\"></span>s before th<span class=\"_ _2\"></span>e tax at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to owner<span class=\"_ _2\"></span>s of the parent<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff2 fs7 fc1 sc0 ls16 ws14 gs273\">B1.1<span class=\"_ _7\"></span> S<span class=\"_ _2\"></span>egmental<span class=\"_ _7\"></span> result<span class=\"_ _3bc\"> </span></div><div class=\"gs274\"><table class=\"s w286 h29a\" id=\"_9de3cba0-4b3c-40e7-a031-94a9f76d6f72\"><tr><td></td><td></td><td></td><td class=\"t m0 x1e4 h16 y56dd ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x44d h3f y56de ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e5 h16 y56de ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x501 h16 y56df ff3 fsf fc1 sc0 lsf3 wsdf\">Notes<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y56df ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y56df ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y56e0 ff7 fs7 fc1 sc0 ls61 ws5f\">Adjus<span class=\"_ _2\"></span>ted opera<span class=\"_ _2\"></span>ting profit<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y56e1 w287 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Retirem<span class=\"_ _2\"></span>ent Solu<span class=\"_ _2\"></span>tions<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x502 y56e1 w55 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">378<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x503 y56e1 w91 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">349<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b1 w288 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pension<span class=\"_ _2\"></span>s &amp; Saving<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x504 y56b1 w289 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd6 ws195\">190<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x505 y56b1 w112 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">150<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b2 w28a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">With-Profits<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x506 y56b2 wd2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x507 y56b2 w28b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c3 ws1c3\">54<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e2 w28c h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Europe &amp; O<span class=\"_ _2\"></span>ther<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x508 y56e2 w240 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">132<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x509 y56e2 w201 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">60<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e3 w28d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Corp<span class=\"_ _2\"></span>orate Ce<span class=\"_ _2\"></span>ntre<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x50a y56e3 w28e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls4b ws122\">(93)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x50b y56e3 w28f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(69)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e4 w290 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16 ws14\">T<span class=\"_ _6\"></span>otal segmental<span class=\"_ _7\"></span> adjusted operati<span class=\"_ _5\"></span>ng pro<span class=\"_ _5\"></span>fit<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x50c y56e4 w291 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">617<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x50d y56e4 w119 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c3 ws1c3\">544<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e5 w24c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Economic variances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x50e y56e5 w292 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls71 ws1a9\">B2.2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x50f y56e5 w157 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">1<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x510 y56e5 w238 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,30<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e6 w7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation and imp<span class=\"_ _2\"></span>airment of ac<span class=\"_ _2\"></span>quired in-force b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x511 y56e6 w293 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(31<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x512 y56e6 w294 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">(<span class=\"_ _2\"></span>347<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b7 w295 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation and imp<span class=\"_ _2\"></span>airment of othe<span class=\"_ _2\"></span>r intangib<span class=\"_ _2\"></span>les and g<span class=\"_ _2\"></span>oodwill<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x513 y56b7 w7b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb3 wsf4\">G2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x514 y56b7 w7f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x515 y56b7 w80 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(6)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e7 w253 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other non-operat<span class=\"_ _5\"></span>ing it<span class=\"_ _5\"></span>ems<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x516 y56e7 w296 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(439)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f7 y56e7 w56 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>262)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fe w297 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>ce cos<span class=\"_ _2\"></span>ts on b<span class=\"_ _2\"></span>orrowing at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to owne<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x517 y55fe w52 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(19<span class=\"_ _2\"></span>5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x518 y55fe wb3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>99)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e8 w298 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">Los<span class=\"_ _2\"></span>s before th<span class=\"_ _2\"></span>e tax at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utabl<span class=\"_ _2\"></span>e to owner<span class=\"_ _2\"></span>s of the pa<span class=\"_ _2\"></span>rent<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x519 y56e8 w299 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>92)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x51a y56e8 w9f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">(3,<span class=\"_ _2\"></span>579)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e9 w29a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Profit before t<span class=\"_ _2\"></span>ax at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to non-c<span class=\"_ _2\"></span>ontrolling intere<span class=\"_ _2\"></span>sts<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x51b y56e9 wa4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x51c y56e9 wa5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">67<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w92 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">Los<span class=\"_ _2\"></span>s before th<span class=\"_ _2\"></span>e tax at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utabl<span class=\"_ _2\"></span>e to owner<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x225 y55ef w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(16<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x226 y55ef w93 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h1d6 ff3 fs172 fc1 sc0 ls0 ws0 gs275\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs276\">1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 </div><div class=\"t m1e2 h200 ff3 fs173 fc1 sc0 ls1bc ws1bb gs277\">Insurance Cont<span class=\"_ _5\"></span>racts</div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs278\"> (se<span class=\"_ _2\"></span>e note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs279\">Oth<span class=\"_ _2\"></span>er non-<span class=\"_ _2\"></span>opera<span class=\"_ _2\"></span>ting items in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of the year en<span class=\"_ _2\"></span>ded 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023 in<span class=\"_ _2\"></span>clude:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs27a\">\u2022 <span class=\"_ _9\"> </span>a g<span class=\"_ _2\"></span>ain on ac<span class=\"_ _2\"></span>quisition of \u00a36<span class=\"_ _2\"></span>6 million refle<span class=\"_ _2\"></span>ctin<span class=\"_ _2\"></span>g the exces<span class=\"_ _2\"></span>s of the fair valu<span class=\"_ _2\"></span>e of the net as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>cquired over t<span class=\"_ _2\"></span>he consi<span class=\"_ _2\"></span>deration p<span class=\"_ _2\"></span>aid for the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs27b\">acq<span class=\"_ _2\"></span>uisition of SLF of C<span class=\"_ _2\"></span>anada U<span class=\"_ _2\"></span>K Limited (se<span class=\"_ _2\"></span>e note H2 for fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>etails);<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs27c\">\u2022 <span class=\"_ _9\"> </span>\u00a3<span class=\"_ _2\"></span>16<span class=\"_ _2\"></span>9 million of cos<span class=\"_ _2\"></span>ts as<span class=\"_ _2\"></span>soc<span class=\"_ _2\"></span>iated with s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>ic growt<span class=\"_ _2\"></span>h initiatives<span class=\"_ _2\"></span>, inclu<span class=\"_ _2\"></span>ding investm<span class=\"_ _2\"></span>ent in digita<span class=\"_ _2\"></span>l and direc<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>et sourcin<span class=\"_ _2\"></span>g capab<span class=\"_ _2\"></span>ilities<span class=\"_ _2\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs27d\">es<span class=\"_ _2\"></span>tablishm<span class=\"_ _2\"></span>ent of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s B<span class=\"_ _2\"></span>ermuda<span class=\"_ _2\"></span>n reinsuran<span class=\"_ _2\"></span>ce ope<span class=\"_ _2\"></span>rations<span class=\"_ _2\"></span>, and tr<span class=\"_ _2\"></span>ansform<span class=\"_ _2\"></span>ation of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g model to s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>t </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs27e\">ef<span class=\"_ _2\"></span>ficient grow<span class=\"_ _2\"></span>th;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs27f\">\u2022 <span class=\"_ _9\"> </span>\u00a3<span class=\"_ _2\"></span>79 million of cos<span class=\"_ _2\"></span>ts as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with the de<span class=\"_ _2\"></span>liver<span class=\"_ _2\"></span>y of the Group T<span class=\"_ _7\"></span>arg<span class=\"_ _2\"></span>et Ope<span class=\"_ _2\"></span>rating M<span class=\"_ _2\"></span>odel for IT an<span class=\"_ _2\"></span>d Ope<span class=\"_ _2\"></span>rations<span class=\"_ _2\"></span>, inclu<span class=\"_ _2\"></span>ding the migr<span class=\"_ _2\"></span>ation of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs280\">polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r adminis<span class=\"_ _2\"></span>tration onto th<span class=\"_ _2\"></span>e T<span class=\"_ _6\"></span>at<span class=\"_ _2\"></span>a Cons<span class=\"_ _2\"></span>ultanc<span class=\"_ _2\"></span>y Ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>C<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>\u2019) plat<span class=\"_ _2\"></span>form. U<span class=\"_ _2\"></span>nder I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>, the ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted cos<span class=\"_ _2\"></span>ts in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of this activ<span class=\"_ _2\"></span>ity </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs281\">that are dire<span class=\"_ _2\"></span>ctly at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utable to ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts have be<span class=\"_ _2\"></span>en inc<span class=\"_ _2\"></span>luded wit<span class=\"_ _2\"></span>hin insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties; </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs282\">\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s of \u00a365 million a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated wit<span class=\"_ _2\"></span>h the implem<span class=\"_ _2\"></span>entatio<span class=\"_ _2\"></span>n of IFRS 17;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs283\">\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s of \u00a35<span class=\"_ _5\"></span>2 million a<span class=\"_ _2\"></span>ssoc<span class=\"_ _2\"></span>iated with fin<span class=\"_ _2\"></span>ance tr<span class=\"_ _2\"></span>ansform<span class=\"_ _2\"></span>ation ac<span class=\"_ _2\"></span>tivities<span class=\"_ _2\"></span>, inclu<span class=\"_ _2\"></span>ding the migr<span class=\"_ _2\"></span>ation to clo<span class=\"_ _2\"></span>ud-bas<span class=\"_ _2\"></span>ed sys<span class=\"_ _2\"></span>tems and e<span class=\"_ _2\"></span>nhanc<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs284\">ac<span class=\"_ _2\"></span>tuarial m<span class=\"_ _2\"></span>odelling c<span class=\"_ _2\"></span>apabilit<span class=\"_ _2\"></span>ies and th<span class=\"_ _2\"></span>e related c<span class=\"_ _2\"></span>ontrol environm<span class=\"_ _2\"></span>ent;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs285\">\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s of \u00a3<span class=\"_ _7\"></span>4<span class=\"_ _2\"></span>9 million as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>ted with the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ation by Par<span class=\"_ _2\"></span>t VII tran<span class=\"_ _2\"></span>sfer of four of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s Life C<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s into a single e<span class=\"_ _2\"></span>ntity, comp<span class=\"_ _2\"></span>leted </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs286\">in the se<span class=\"_ _2\"></span>cond h<span class=\"_ _2\"></span>alf of 2023;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs287\">\u2022 <span class=\"_ _9\"> </span>a \u00a3<span class=\"_ _2\"></span>36 millio<span class=\"_ _2\"></span>n advers<span class=\"_ _2\"></span>e impac<span class=\"_ _2\"></span>t from the st<span class=\"_ _2\"></span>rength<span class=\"_ _2\"></span>ening of ac<span class=\"_ _2\"></span>tuarial re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ves as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with the Par<span class=\"_ _2\"></span>t VII tr<span class=\"_ _2\"></span>ansfer of c<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>ain Europea<span class=\"_ _2\"></span>n busine<span class=\"_ _2\"></span>ss </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs288\">from the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s UK Life C<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s to a newly es<span class=\"_ _2\"></span>tablis<span class=\"_ _2\"></span>hed Europ<span class=\"_ _2\"></span>ean subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs289\">\u2022 <span class=\"_ _9\"> </span>\u00a3<span class=\"_ _2\"></span>32 million of cos<span class=\"_ _2\"></span>ts as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ated with on<span class=\"_ _2\"></span>going inte<span class=\"_ _2\"></span>gration pro<span class=\"_ _2\"></span>gramm<span class=\"_ _2\"></span>es;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs28a\">\u2022 <span class=\"_ _9\"> </span>\u00a3<span class=\"_ _2\"></span>12 million of pas<span class=\"_ _2\"></span>t ser<span class=\"_ _2\"></span>vice c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s in relation to a Gro<span class=\"_ _2\"></span>up pensi<span class=\"_ _2\"></span>on sche<span class=\"_ _2\"></span>me (see note G1 fo<span class=\"_ _2\"></span>r furt<span class=\"_ _2\"></span>her deta<span class=\"_ _2\"></span>ils); and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs28b\">\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>orpor<span class=\"_ _2\"></span>ate proje<span class=\"_ _2\"></span>ct cos<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d net other on<span class=\"_ _2\"></span>e-of<span class=\"_ _2\"></span>f items tota<span class=\"_ _2\"></span>lling a cos<span class=\"_ _2\"></span>t of \u00a311 million<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs28c\">Oth<span class=\"_ _2\"></span>er non-<span class=\"_ _2\"></span>opera<span class=\"_ _2\"></span>ting items in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of the year en<span class=\"_ _2\"></span>ded 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 202<span class=\"_ _2\"></span>2 include:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs28d\">\u2022 <span class=\"_ _9\"> </span>\u00a3<span class=\"_ _2\"></span>73 million of cos<span class=\"_ _2\"></span>ts as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with a str<span class=\"_ _2\"></span>ategic init<span class=\"_ _2\"></span>iative to enhan<span class=\"_ _2\"></span>ce cap<span class=\"_ _2\"></span>abilities to s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>t the move towards t<span class=\"_ _2\"></span>he Group\u2019s strate<span class=\"_ _2\"></span>gic as<span class=\"_ _2\"></span>set </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs28e\">alloc<span class=\"_ _2\"></span>ation alon<span class=\"_ _2\"></span>gside g<span class=\"_ _2\"></span>rowth de<span class=\"_ _2\"></span>livered thro<span class=\"_ _2\"></span>ugh bulk p<span class=\"_ _2\"></span>urchase a<span class=\"_ _2\"></span>nnuit<span class=\"_ _2\"></span>y trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>ns, inves<span class=\"_ _2\"></span>tment in dig<span class=\"_ _2\"></span>ital c<span class=\"_ _2\"></span>apabilit<span class=\"_ _2\"></span>y and tr<span class=\"_ _2\"></span>ansform<span class=\"_ _2\"></span>ation of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs28f\">ope<span class=\"_ _2\"></span>rating mo<span class=\"_ _2\"></span>del to supp<span class=\"_ _2\"></span>ort ef<span class=\"_ _2\"></span>ficie<span class=\"_ _2\"></span>nt growth<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs290\">\u2022 <span class=\"_ _9\"> </span>\u00a347 million relate<span class=\"_ _2\"></span>d to the incre<span class=\"_ _2\"></span>ase in exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d cost<span class=\"_ _2\"></span>s ass<span class=\"_ _2\"></span>ociate<span class=\"_ _2\"></span>d with the deli<span class=\"_ _2\"></span>very of th<span class=\"_ _2\"></span>e Group T<span class=\"_ _7\"></span>arg<span class=\"_ _2\"></span>et Oper<span class=\"_ _2\"></span>ating Mo<span class=\"_ _2\"></span>del for IT an<span class=\"_ _2\"></span>d Oper<span class=\"_ _2\"></span>ations<span class=\"_ _2\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs291\">following a s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>ic decis<span class=\"_ _2\"></span>ion to re-ph<span class=\"_ _2\"></span>ase the p<span class=\"_ _2\"></span>rogramm<span class=\"_ _2\"></span>e, tog<span class=\"_ _2\"></span>ether with th<span class=\"_ _2\"></span>e cost<span class=\"_ _2\"></span>s of migratin<span class=\"_ _2\"></span>g policy<span class=\"_ _2\"></span>holder a<span class=\"_ _2\"></span>dministr<span class=\"_ _2\"></span>ation onto the TCS </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs292\">plat<span class=\"_ _2\"></span>form for<span class=\"_ gs132\"> </span>cer<span class=\"_ _2\"></span>tain l<span class=\"_ _2\"></span>ega<span class=\"_ _2\"></span>cy por<span class=\"_ _2\"></span>tfo<span class=\"_ _2\"></span>lios of busine<span class=\"_ _2\"></span>ss;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs293\">\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s of \u00a331 million as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ated with the o<span class=\"_ _2\"></span>ngoin<span class=\"_ _2\"></span>g ReAss<span class=\"_ _2\"></span>ure integratio<span class=\"_ _2\"></span>n progra<span class=\"_ _2\"></span>mme;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs294\">\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s of \u00a315 millio<span class=\"_ _2\"></span>n asso<span class=\"_ _2\"></span>ciated wi<span class=\"_ _2\"></span>th the imple<span class=\"_ _2\"></span>mentatio<span class=\"_ _2\"></span>n of IFRS 17;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs295\">\u2022 <span class=\"_ _9\"> </span>\u00a3<span class=\"_ _2\"></span>15 millio<span class=\"_ _2\"></span>n of past se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e cos<span class=\"_ _2\"></span>ts in relatio<span class=\"_ _2\"></span>n to a Group pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>eme. Fur<span class=\"_ _2\"></span>ther det<span class=\"_ _2\"></span>ails are inc<span class=\"_ _2\"></span>luded in n<span class=\"_ _2\"></span>ote G1.1;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs296\">\u2022 <span class=\"_ _9\"> </span>\u00a3<span class=\"_ _2\"></span>14 million rela<span class=\"_ _2\"></span>ting to a suppo<span class=\"_ _2\"></span>rt pa<span class=\"_ _2\"></span>ckage to h<span class=\"_ _2\"></span>elp collea<span class=\"_ _2\"></span>gues n<span class=\"_ _2\"></span>avigate co<span class=\"_ _2\"></span>st of living ch<span class=\"_ _2\"></span>alleng<span class=\"_ _2\"></span>es, w<span class=\"_ _2\"></span>hich inclu<span class=\"_ _2\"></span>ded givin<span class=\"_ _2\"></span>g all colle<span class=\"_ _2\"></span>ague<span class=\"_ _2\"></span>s, exce<span class=\"_ _2\"></span>pt the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs297\">mos<span class=\"_ _2\"></span>t senior s<span class=\"_ _2\"></span>taf<span class=\"_ _2\"></span>f<span class=\"_ _5\"></span>, a one<span class=\"_ _2\"></span>-off n<span class=\"_ _2\"></span>et of tax paym<span class=\"_ _2\"></span>ent of \u00a31<span class=\"_ _2\"></span>,00<span class=\"_ _2\"></span>0 in Aug<span class=\"_ _2\"></span>ust 2022<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs298\">\u2022 <span class=\"_ _9\"> </span>\u00a3<span class=\"_ _2\"></span>12 million co<span class=\"_ _2\"></span>sts a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated with th<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition of SLF of Can<span class=\"_ _2\"></span>ada U<span class=\"_ _2\"></span>K Limited; and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs299\">\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>orpor<span class=\"_ _2\"></span>ate proje<span class=\"_ _2\"></span>ct cos<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d net other on<span class=\"_ _2\"></span>e-of<span class=\"_ _2\"></span>f items tota<span class=\"_ _2\"></span>lling a cos<span class=\"_ _2\"></span>t of \u00a355 million.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs29a\">Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s of the investm<span class=\"_ _2\"></span>ent return vari<span class=\"_ _2\"></span>ances a<span class=\"_ _2\"></span>nd eco<span class=\"_ _2\"></span>nomic as<span class=\"_ _2\"></span>sumption c<span class=\"_ _2\"></span>hange<span class=\"_ _2\"></span>s on long<span class=\"_ _2\"></span>-term busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>, and the va<span class=\"_ _2\"></span>riance o<span class=\"_ _2\"></span>n owners\u2019 fun<span class=\"_ _2\"></span>ds </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs29b\">are incl<span class=\"_ _2\"></span>uded in note B2<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls13 ws11 gs29d\">B1.2 Seg<span class=\"_ _2\"></span>mental<span class=\"_ _5\"></span> rev<span class=\"_ _5\"></span>enue<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls70 ws67 gs29e\">2023<span class=\"_ _3bc\"> </span></div><div class=\"gs29f\"><table class=\"s w29b h29b\" id=\"_006f0691-12b2-4730-97c3-28f5149aad46\"><tr><td></td><td class=\"t m0 x51d h3f y56ea ff7 fsf fc1 sc0 ls5b ws76\">Retirement </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x51e h3f y56eb ff7 fsf fc1 sc0 ls81 ws75\">Solutions<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x51f h3f y56eb ff7 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; Sav<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x520 h3f y56eb ff7 fsf fc1 sc0 lse2 wscc\">With-Pr<span class=\"_ _2\"></span>ofits<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x521 h3f y56eb ff7 fsf fc1 sc0 ls0 ws0\">Eur<span class=\"_ _2\"></span>ope &amp; O<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h3f y56eb ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td></td><td class=\"t m0 x522 h3f y56ec ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x523 h3f y56ec ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y56ec ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y56ec ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y56ec ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56ed ff3 fs7 fc1 sc0 ls18 ws16\">Revenue from e<span class=\"_ _5\"></span>x<span class=\"_ _2\"></span>ternal customers:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y56ee w46 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Insurance r<span class=\"_ _7\"></span>evenue<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x525 y56ee w29c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,751<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x526 y56ee w29d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x527 y56ee w91 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">267<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x528 y56ee w29e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1bf ws1be\">5<span class=\"_ _2\"></span>71<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x529 y56ee w29f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">4<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>61<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y56ef w57 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Fees and commissions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x52a y56ef w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x52b y56ef w1e1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">828<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x52c y56ef w2a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x52d y56ef w192 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x52e y56ef w59 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">9<span class=\"_ _2\"></span>67<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f0 w2a1 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls16 ws14\">T<span class=\"_ _6\"></span>otal segmental<span class=\"_ _7\"></span> revenue<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x52f y56f0 w2a2 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,75<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x530 y56f0 w2a3 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls8b ws114\">1<span class=\"_ _2\"></span>,10<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x531 y56f0 w2a4 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x532 y56f0 w2a5 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1c8 ws1c8\">658<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x533 y56f0 wdc h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls16f ws1ad\">5<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>28<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x534 h16 y56f1 ff3 fsf fc1 sc0 ls82 ws77\">Retireme<span class=\"_ _2\"></span>nt </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x535 h16 y56f2 ff3 fsf fc1 sc0 ls17 ws15\">Solutions<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x536 h16 y56f2 ff3 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; Savin<span class=\"_ _2\"></span>gs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x537 h16 y56f2 ff3 fsf fc1 sc0 lse9 wsd4\">With-Profit<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x538 h16 y56f2 ff3 fsf fc1 sc0 ls0 ws0\">Euro<span class=\"_ _2\"></span>pe &amp; Ot<span class=\"_ _2\"></span>her<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y56f2 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"c x1ea y56f4 w2a6 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y56f3 ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x522 h16 y56f5 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x523 h16 y56f5 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h16 y56f5 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y56f5 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y56f5 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56f6 ff3 fs7 fc1 sc0 ls18 ws16\">Revenue from e<span class=\"_ _5\"></span>x<span class=\"_ _2\"></span>ternal customers:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y561d w46 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Insurance r<span class=\"_ _7\"></span>evenue<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x53a y561d w2a7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,<span class=\"_ _2\"></span>54<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x53b y561d w2a8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">307<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x53c y561d w2a9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">636<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x53d y561d w9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">655<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x53e y561d w49 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">5<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y561e w57 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Fees and commissions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x53f y561e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x540 y561e w9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">733<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x541 y561e w137 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x542 y561e w2aa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x543 y561e w2ab h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls71 ws1a9\">858<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w2a1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16 ws14\">T<span class=\"_ _6\"></span>otal segmental<span class=\"_ _7\"></span> revenue<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x544 y55ef w237 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,5<span class=\"_ _2\"></span>44<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x545 y55ef w1b6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">1<span class=\"_ _2\"></span>,040<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x546 y55ef w2ac h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">6<span class=\"_ _2\"></span>71<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x547 y55ef w2ad h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bb ws1ba\">74<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x548 y55ef w2ae h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls48 wsa4\">6,<span class=\"_ _7\"></span>000<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs2a0\">1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17</div><div class=\"t m1e2 h200 ff3 fs173 fc1 sc0 ls1bc ws1bb gs2a1\"> Insurance Cont<span class=\"_ _5\"></span>racts</div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs2a2\"> (se<span class=\"_ _2\"></span>e note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2a3\">Of th<span class=\"_ _2\"></span>e revenue from ex<span class=\"_ _2\"></span>terna<span class=\"_ _2\"></span>l custom<span class=\"_ _2\"></span>ers pre<span class=\"_ _2\"></span>sented in th<span class=\"_ _2\"></span>e table a<span class=\"_ _2\"></span>bove, \u00a35<span class=\"_ _2\"></span>,58<span class=\"_ _2\"></span>3 million (202<span class=\"_ _2\"></span>2: \u00a35,79<span class=\"_ _2\"></span>2 million) is at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to cus<span class=\"_ _2\"></span>tomers in t<span class=\"_ _2\"></span>he </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2a4\">Unite<span class=\"_ _2\"></span>d Kingdom (<span class=\"_ _2\"></span>\u2018U<span class=\"_ _2\"></span>K\u2019<span class=\"_ _2\"></span>) and \u00a3245 millio<span class=\"_ _2\"></span>n (2022: \u00a3<span class=\"_ _2\"></span>208 million) to th<span class=\"_ _2\"></span>e rest of the wor<span class=\"_ _2\"></span>ld. No reven<span class=\"_ _2\"></span>ue trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n with a single c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>er exte<span class=\"_ _2\"></span>rnal to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2a5\">the Gro<span class=\"_ _2\"></span>up amount<span class=\"_ _2\"></span>s to greater th<span class=\"_ _2\"></span>an 10% of th<span class=\"_ _2\"></span>e Group\u2019s revenue. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2a6\">The Gro<span class=\"_ _2\"></span>up has total n<span class=\"_ _2\"></span>on-cur<span class=\"_ _2\"></span>rent ass<span class=\"_ _2\"></span>ets (other th<span class=\"_ _2\"></span>an financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>, deferred t<span class=\"_ _2\"></span>ax as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>emes an<span class=\"_ _2\"></span>d rights a<span class=\"_ _2\"></span>rising unde<span class=\"_ _2\"></span>r insuran<span class=\"_ _2\"></span>ce </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2a7\">contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s) o<span class=\"_ _5\"></span>f<span class=\"_ gs132\"> </span>\u00a33<span class=\"_ _2\"></span>,62<span class=\"_ _2\"></span>2 million (2022<span class=\"_ _2\"></span>: \u00a33,<span class=\"_ _2\"></span>622 milli<span class=\"_ _2\"></span>on) locate<span class=\"_ _2\"></span>d in the UK an<span class=\"_ _2\"></span>d \u00a329<span class=\"_ _2\"></span>9 million (20<span class=\"_ _2\"></span>22: \u00a33<span class=\"_ _2\"></span>52 million) locate<span class=\"_ _2\"></span>d in the res<span class=\"_ _2\"></span>t of the world.<span class=\"_ _3bc\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-605": {
   "value": "B. Earni<span class=\"_ _5\"></span>ngs perfor<span class=\"_ _5\"></span>mance<span class=\"_ _3bc\"> </span>B1. Segmental analysis<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up defines a<span class=\"_ _2\"></span>nd prese<span class=\"_ _2\"></span>nts ope<span class=\"_ _2\"></span>rating s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nts in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with IFR<span class=\"_ _2\"></span>S 8 \u2018Oper<span class=\"_ _2\"></span>ating Se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>s\u2019 which req<span class=\"_ _2\"></span>uires such s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ents to be bas<span class=\"_ _2\"></span>ed on the inform<span class=\"_ _2\"></span>ation which i<span class=\"_ _2\"></span>s provided to th<span class=\"_ _2\"></span>e Board<span class=\"_ _2\"></span>, and therefore s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ental informat<span class=\"_ _2\"></span>ion in this note is pre<span class=\"_ _2\"></span>sented o<span class=\"_ _2\"></span>n a different b<span class=\"_ _2\"></span>asis from profit or l<span class=\"_ _2\"></span>oss in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial s<span class=\"_ _2\"></span>tatement<span class=\"_ _2\"></span>s. An ope<span class=\"_ _2\"></span>rating se<span class=\"_ _2\"></span>gme<span class=\"_ _2\"></span>nt is a compo<span class=\"_ _2\"></span>nent of the Gro<span class=\"_ _2\"></span>up that eng<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>s in busine<span class=\"_ _2\"></span>ss ac<span class=\"_ _2\"></span>tivities from w<span class=\"_ _2\"></span>hich it may ea<span class=\"_ _2\"></span>rn revenues a<span class=\"_ _2\"></span>nd incur ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es, inclu<span class=\"_ _2\"></span>ding revenue<span class=\"_ _2\"></span>s and exp<span class=\"_ _2\"></span>enses re<span class=\"_ _2\"></span>lating to tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tions with oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>s of the Group.<span class=\"_ _3bc\"> </span>For man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent purpo<span class=\"_ _2\"></span>ses the G<span class=\"_ _2\"></span>roup is orga<span class=\"_ _2\"></span>nised into val<span class=\"_ _2\"></span>ue centres<span class=\"_ _2\"></span>. Durin<span class=\"_ _2\"></span>g the per<span class=\"_ _2\"></span>iod the Gro<span class=\"_ _2\"></span>up reas<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ed it<span class=\"_ _2\"></span>s repor<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ents to refle<span class=\"_ _2\"></span>ct its tr<span class=\"_ _2\"></span>ansition to a p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>-led ret<span class=\"_ _2\"></span>irement sp<span class=\"_ _2\"></span>eciali<span class=\"_ _2\"></span>st and th<span class=\"_ _2\"></span>e comme<span class=\"_ _2\"></span>ncem<span class=\"_ _2\"></span>ent of the grow, optimis<span class=\"_ _2\"></span>e and enh<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>tage of o<span class=\"_ _2\"></span>ur strate<span class=\"_ _2\"></span>gic journ<span class=\"_ _2\"></span>ey<span class=\"_ _5\"></span>. The G<span class=\"_ _2\"></span>roup now has fi<span class=\"_ _2\"></span>ve operatin<span class=\"_ _2\"></span>g seg<span class=\"_ _2\"></span>ments c<span class=\"_ _2\"></span>omprisin<span class=\"_ _2\"></span>g Retireme<span class=\"_ _2\"></span>nt Solutio<span class=\"_ _2\"></span>ns, Pen<span class=\"_ _2\"></span>sions &amp; S<span class=\"_ _2\"></span>avings<span class=\"_ _2\"></span>, With-Profi<span class=\"_ _2\"></span>ts, S<span class=\"_ _2\"></span>unLife &amp; Protec<span class=\"_ _2\"></span>tion, and Europ<span class=\"_ _2\"></span>e &amp; Othe<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>. Th<span class=\"_ _2\"></span>e compar<span class=\"_ _2\"></span>ative information h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n rest<span class=\"_ _2\"></span>ated to reflec<span class=\"_ _2\"></span>t this ch<span class=\"_ _2\"></span>ange. For re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting purp<span class=\"_ _2\"></span>oses<span class=\"_ _2\"></span>, ope<span class=\"_ _2\"></span>rating se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>s are agg<span class=\"_ _2\"></span>regate<span class=\"_ _2\"></span>d where th<span class=\"_ _2\"></span>ey share simil<span class=\"_ _2\"></span>ar econ<span class=\"_ _2\"></span>omic cha<span class=\"_ _2\"></span>racte<span class=\"_ _2\"></span>ristic<span class=\"_ _2\"></span>s includin<span class=\"_ _2\"></span>g the nat<span class=\"_ _2\"></span>ure of product<span class=\"_ _2\"></span>s and se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, typ<span class=\"_ _2\"></span>es of cus<span class=\"_ _2\"></span>tomers a<span class=\"_ _2\"></span>nd the nature of th<span class=\"_ _2\"></span>e regulato<span class=\"_ _2\"></span>ry enviro<span class=\"_ _2\"></span>nment<span class=\"_ _2\"></span>. The Sun<span class=\"_ _2\"></span>Life &amp; Protection o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g segm<span class=\"_ _2\"></span>ent has b<span class=\"_ _2\"></span>een a<span class=\"_ _2\"></span>ggreg<span class=\"_ _2\"></span>ated with th<span class=\"_ _2\"></span>e Europe ope<span class=\"_ _2\"></span>rating s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nt into the Europe &amp; O<span class=\"_ _2\"></span>ther re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent.<span class=\"_ _3bc\"> </span>The Ret<span class=\"_ _2\"></span>irement S<span class=\"_ _2\"></span>olutions s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent includ<span class=\"_ _2\"></span>es new an<span class=\"_ _2\"></span>d in-force individu<span class=\"_ _2\"></span>al annuit<span class=\"_ _2\"></span>y and B<span class=\"_ _2\"></span>ulk Purchas<span class=\"_ _2\"></span>e Annuit<span class=\"_ _2\"></span>y contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten within share<span class=\"_ _2\"></span>holde<span class=\"_ _2\"></span>r funds<span class=\"_ _2\"></span>, with the exc<span class=\"_ _2\"></span>eption of individ<span class=\"_ _2\"></span>ual annuit<span class=\"_ _2\"></span>y co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten as a resul<span class=\"_ _2\"></span>t of Guarante<span class=\"_ _2\"></span>ed Annui<span class=\"_ _2\"></span>ty O<span class=\"_ _2\"></span>ptions on with<span class=\"_ _2\"></span>-profit contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s. Su<span class=\"_ _2\"></span>ch contra<span class=\"_ _2\"></span>cts re<span class=\"_ _2\"></span>main in the Wi<span class=\"_ _2\"></span>th-Profit<span class=\"_ _2\"></span>s segm<span class=\"_ _2\"></span>ent following th<span class=\"_ _2\"></span>e transiti<span class=\"_ _2\"></span>on to IFRS 17<span class=\"_ _7\"></span>, a<span class=\"_ _2\"></span>s they fall wit<span class=\"_ _2\"></span>hin the contr<span class=\"_ _2\"></span>act bo<span class=\"_ _2\"></span>undar<span class=\"_ _2\"></span>y of the origin<span class=\"_ _2\"></span>al saving<span class=\"_ _2\"></span>s or pens<span class=\"_ _2\"></span>ion contra<span class=\"_ _2\"></span>ct. T<span class=\"_ _2\"></span>he Retireme<span class=\"_ _2\"></span>nt Solut<span class=\"_ _2\"></span>ions se<span class=\"_ _2\"></span>gment als<span class=\"_ _2\"></span>o includ<span class=\"_ _2\"></span>es UK indi<span class=\"_ _2\"></span>vidual ann<span class=\"_ _2\"></span>uity b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten within th<span class=\"_ _2\"></span>e Stan<span class=\"_ _2\"></span>dard Life Heri<span class=\"_ _2\"></span>tage W<span class=\"_ _2\"></span>ith-Profit Fund a<span class=\"_ _2\"></span>s the profits a<span class=\"_ _2\"></span>re primarily at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utable to th<span class=\"_ _2\"></span>e shareh<span class=\"_ _2\"></span>older thro<span class=\"_ _2\"></span>ugh the Re<span class=\"_ _2\"></span>cour<span class=\"_ _2\"></span>se Cash Fl<span class=\"_ _2\"></span>ow me<span class=\"_ _2\"></span>chanism e<span class=\"_ _2\"></span>stab<span class=\"_ _2\"></span>lished o<span class=\"_ _2\"></span>n demutu<span class=\"_ _2\"></span>alisation<span class=\"_ _2\"></span>. The Pens<span class=\"_ _2\"></span>ions &amp; Savin<span class=\"_ _2\"></span>gs se<span class=\"_ _2\"></span>gment in<span class=\"_ _2\"></span>cludes n<span class=\"_ _2\"></span>ew and in-force life ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e and investm<span class=\"_ _2\"></span>ent unit-linked polic<span class=\"_ _2\"></span>ies in resp<span class=\"_ _2\"></span>ect of pe<span class=\"_ _2\"></span>nsions a<span class=\"_ _2\"></span>nd saving<span class=\"_ _2\"></span>s produc<span class=\"_ _2\"></span>ts th<span class=\"_ _2\"></span>at the Group c<span class=\"_ _2\"></span>ontinues to a<span class=\"_ _2\"></span>ctively m<span class=\"_ _2\"></span>arket to new and exis<span class=\"_ _2\"></span>ting po<span class=\"_ _2\"></span>licyhol<span class=\"_ _2\"></span>ders<span class=\"_ _2\"></span>. This incl<span class=\"_ _2\"></span>udes pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s such as wor<span class=\"_ _2\"></span>kplace pen<span class=\"_ _2\"></span>sions an<span class=\"_ _2\"></span>d Self-Inve<span class=\"_ _2\"></span>sted Per<span class=\"_ _2\"></span>sonal Pens<span class=\"_ _2\"></span>ion (\u2018<span class=\"_ _2\"></span>SI<span class=\"_ _2\"></span>PPs\u2019) dis<span class=\"_ _2\"></span>tributed th<span class=\"_ _2\"></span>rough the G<span class=\"_ _2\"></span>roup\u2019s Strategic Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship with a<span class=\"_ _2\"></span>brdn plc. I<span class=\"_ _2\"></span>n addition<span class=\"_ _2\"></span>, it inclu<span class=\"_ _2\"></span>des in-force ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e and investm<span class=\"_ _2\"></span>ent unit-linked prod<span class=\"_ _2\"></span>ucts fro<span class=\"_ _2\"></span>m lega<span class=\"_ _2\"></span>cy busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es which n<span class=\"_ _2\"></span>o longe<span class=\"_ _2\"></span>r activel<span class=\"_ _2\"></span>y sell pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s to polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs and wh<span class=\"_ _2\"></span>ich therefore r<span class=\"_ _2\"></span>un-off g<span class=\"_ _2\"></span>raduall<span class=\"_ _2\"></span>y over time. The Pen<span class=\"_ _2\"></span>sions &amp; S<span class=\"_ _2\"></span>avings se<span class=\"_ _2\"></span>gment a<span class=\"_ _2\"></span>lso incl<span class=\"_ _2\"></span>udes UK un<span class=\"_ _2\"></span>itised b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten in the St<span class=\"_ _2\"></span>andard Life He<span class=\"_ _2\"></span>ritag<span class=\"_ _2\"></span>e With-Profi<span class=\"_ _2\"></span>t funds<span class=\"_ _2\"></span>, as profit<span class=\"_ _2\"></span>s are primaril<span class=\"_ _2\"></span>y attrib<span class=\"_ _2\"></span>utable to th<span class=\"_ _2\"></span>e shareh<span class=\"_ _2\"></span>older th<span class=\"_ _2\"></span>rough the Re<span class=\"_ _2\"></span>cour<span class=\"_ _2\"></span>se Cas<span class=\"_ _2\"></span>h Flow me<span class=\"_ _2\"></span>chanism<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Wi<span class=\"_ _2\"></span>th-Profit<span class=\"_ _2\"></span>s segm<span class=\"_ _2\"></span>ent inclu<span class=\"_ _2\"></span>des all poli<span class=\"_ _2\"></span>cies writ<span class=\"_ _2\"></span>ten by the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s w<span class=\"_ _2\"></span>ith-profit fun<span class=\"_ _2\"></span>ds, wi<span class=\"_ _2\"></span>th the excepti<span class=\"_ _2\"></span>on of Standa<span class=\"_ _2\"></span>rd Life Herita<span class=\"_ _2\"></span>ge With-<span class=\"_ _3bc\"> </span>Profit Fund cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s reflec<span class=\"_ _2\"></span>ted in other s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ents as n<span class=\"_ _2\"></span>oted above for Retire<span class=\"_ _2\"></span>ment So<span class=\"_ _2\"></span>lutions an<span class=\"_ _2\"></span>d Pensions &amp; S<span class=\"_ _2\"></span>avings wh<span class=\"_ _2\"></span>ere profit<span class=\"_ _2\"></span>s are primaril<span class=\"_ _2\"></span>y at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to the sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>r through t<span class=\"_ _2\"></span>he Reco<span class=\"_ _2\"></span>urse C<span class=\"_ _2\"></span>ash Flow me<span class=\"_ _2\"></span>chanis<span class=\"_ _2\"></span>m. The Europ<span class=\"_ _2\"></span>e &amp; Othe<span class=\"_ _2\"></span>r segm<span class=\"_ _2\"></span>ent inclu<span class=\"_ _2\"></span>des bus<span class=\"_ _2\"></span>iness wr<span class=\"_ _2\"></span>itten in I<span class=\"_ _2\"></span>reland an<span class=\"_ _2\"></span>d Germa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>. Th<span class=\"_ _2\"></span>is includ<span class=\"_ _2\"></span>es produc<span class=\"_ _2\"></span>ts th<span class=\"_ _2\"></span>at are active<span class=\"_ _2\"></span>ly being m<span class=\"_ _2\"></span>arketed to new p<span class=\"_ _2\"></span>olicyhol<span class=\"_ _2\"></span>ders an<span class=\"_ _2\"></span>d lega<span class=\"_ _2\"></span>cy in-force pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s that are no l<span class=\"_ _2\"></span>onger b<span class=\"_ _2\"></span>eing so<span class=\"_ _2\"></span>ld to new cus<span class=\"_ _2\"></span>tomer<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e segm<span class=\"_ _2\"></span>ent also in<span class=\"_ _2\"></span>cludes p<span class=\"_ _2\"></span>rotection produ<span class=\"_ _2\"></span>cts an<span class=\"_ _2\"></span>d produc<span class=\"_ _2\"></span>ts so<span class=\"_ _2\"></span>ld under th<span class=\"_ _2\"></span>e SunLife br<span class=\"_ _2\"></span>and.<span class=\"_ _3bc\"> </span>The C<span class=\"_ _2\"></span>orpora<span class=\"_ _2\"></span>te Centre se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>, which is n<span class=\"_ _2\"></span>ot a repor<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent, prin<span class=\"_ _2\"></span>cipally c<span class=\"_ _2\"></span>omprise<span class=\"_ _2\"></span>s centra<span class=\"_ _2\"></span>l head of<span class=\"_ _2\"></span>fice co<span class=\"_ _2\"></span>sts th<span class=\"_ _2\"></span>at are not direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to the Group\u2019s insura<span class=\"_ _2\"></span>nce or inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts. M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices co<span class=\"_ _2\"></span>sts are n<span class=\"_ _2\"></span>ow alloc<span class=\"_ _2\"></span>ated to the four re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nts.<span class=\"_ _3bc\"> </span>Inter-s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>ns are set on an a<span class=\"_ _2\"></span>rm\u2019<span class=\"_ _7\"></span>s l<span class=\"_ _2\"></span>ength b<span class=\"_ _2\"></span>asis in a man<span class=\"_ _2\"></span>ner similar to tr<span class=\"_ _2\"></span>ansa<span class=\"_ _2\"></span>ctions w<span class=\"_ _2\"></span>ith third par<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. Se<span class=\"_ _2\"></span>gmenta<span class=\"_ _2\"></span>l results in<span class=\"_ _2\"></span>clude thos<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>fers bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n busine<span class=\"_ _2\"></span>ss se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>s which are the<span class=\"_ _2\"></span>n eliminate<span class=\"_ _2\"></span>d on cons<span class=\"_ _2\"></span>olidation<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Segmental<span class=\"_ _5\"></span> measure<span class=\"_ _5\"></span> of perf<span class=\"_ _5\"></span>ormance<span class=\"_ _5\"></span>: Adjust<span class=\"_ _5\"></span>ed operat<span class=\"_ _5\"></span>ing p<span class=\"_ _5\"></span>rofit<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up uses a n<span class=\"_ _2\"></span>on-<span class=\"_ _2\"></span>G<span class=\"_ _5\"></span>A<span class=\"_ _2\"></span>AP meas<span class=\"_ _2\"></span>ure of per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e, being a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profi<span class=\"_ _2\"></span>t, to evaluate s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>ntal pe<span class=\"_ _2\"></span>rforma<span class=\"_ _2\"></span>nce. Ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d ope<span class=\"_ _2\"></span>rating profit is c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>red to provide a c<span class=\"_ _2\"></span>ompara<span class=\"_ _2\"></span>ble mea<span class=\"_ _2\"></span>sure of the unde<span class=\"_ _2\"></span>rlying pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance of the b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s as it exclud<span class=\"_ _2\"></span>es the impa<span class=\"_ _2\"></span>ct of shor<span class=\"_ _2\"></span>t-term ec<span class=\"_ _2\"></span>onomic vol<span class=\"_ _2\"></span>atility a<span class=\"_ _2\"></span>nd other on<span class=\"_ _2\"></span>e-of<span class=\"_ _2\"></span>f items<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profi<span class=\"_ _2\"></span>t method<span class=\"_ _2\"></span>olog<span class=\"_ _2\"></span>y has be<span class=\"_ _2\"></span>en update<span class=\"_ _2\"></span>d since it wa<span class=\"_ _2\"></span>s disclo<span class=\"_ _2\"></span>sed in the 2<span class=\"_ _2\"></span>022 con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l statem<span class=\"_ _2\"></span>ents following th<span class=\"_ _2\"></span>e transi<span class=\"_ _2\"></span>tion to IFRS 17 Insur<span class=\"_ _2\"></span>ance C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts.<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing set<span class=\"_ _2\"></span>s out the ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d oper<span class=\"_ _2\"></span>ating profit me<span class=\"_ _2\"></span>thodol<span class=\"_ _2\"></span>ogy<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>For unit-linked bus<span class=\"_ _2\"></span>iness a<span class=\"_ _2\"></span>ccounte<span class=\"_ _2\"></span>d for under I<span class=\"_ _2\"></span>FRS 9, a<span class=\"_ _2\"></span>djuste<span class=\"_ _2\"></span>d oper<span class=\"_ _2\"></span>ating profit refl<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s the fees c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>ted from cu<span class=\"_ _2\"></span>stome<span class=\"_ _2\"></span>rs les<span class=\"_ _2\"></span>s operat<span class=\"_ _2\"></span>ing expe<span class=\"_ _2\"></span>nses in<span class=\"_ _2\"></span>cluding overh<span class=\"_ _2\"></span>eads<span class=\"_ _2\"></span>. For unit-linked and W<span class=\"_ _2\"></span>ith-Profit<span class=\"_ _2\"></span>s busine<span class=\"_ _2\"></span>ss ac<span class=\"_ _2\"></span>counted for un<span class=\"_ _2\"></span>der IFR<span class=\"_ _2\"></span>S 17<span class=\"_ _7\"></span>, adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit refle<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>e releas<span class=\"_ _2\"></span>e of the risk ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent, amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation of CSM<span class=\"_ _2\"></span>, and d<span class=\"_ _2\"></span>emog<span class=\"_ _2\"></span>raphic exp<span class=\"_ _2\"></span>erien<span class=\"_ _2\"></span>ce varian<span class=\"_ _2\"></span>ces in the p<span class=\"_ _2\"></span>eriod. For share<span class=\"_ _2\"></span>holde<span class=\"_ _2\"></span>r annuit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, other n<span class=\"_ _2\"></span>on-profit b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s and With-<span class=\"_ _2\"></span>Profits f<span class=\"_ _2\"></span>unds rec<span class=\"_ _2\"></span>eiving sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er suppo<span class=\"_ _2\"></span>rt ac<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d for under I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>, adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit inclu<span class=\"_ _2\"></span>des the re<span class=\"_ _2\"></span>lease of th<span class=\"_ _2\"></span>e risk adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt, amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ation of CS<span class=\"_ _2\"></span>M, an<span class=\"_ _2\"></span>d demo<span class=\"_ _2\"></span>graphic ex<span class=\"_ _2\"></span>perien<span class=\"_ _2\"></span>ce varian<span class=\"_ _2\"></span>ces in the peri<span class=\"_ _2\"></span>od. Adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit also in<span class=\"_ _2\"></span>corpo<span class=\"_ _2\"></span>rates an exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d return on the fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l investme<span class=\"_ _2\"></span>nts bac<span class=\"_ _2\"></span>king this bus<span class=\"_ _2\"></span>iness a<span class=\"_ _2\"></span>nd any surplu<span class=\"_ _2\"></span>s as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, with allowa<span class=\"_ _2\"></span>nce for the c<span class=\"_ _2\"></span>orresp<span class=\"_ _2\"></span>onding move<span class=\"_ _2\"></span>ment in liabiliti<span class=\"_ _2\"></span>es. Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit exclude<span class=\"_ _2\"></span>s the above item<span class=\"_ _2\"></span>s for non-profit b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten in a With-<span class=\"_ _2\"></span>Profits fun<span class=\"_ _2\"></span>d where the<span class=\"_ _2\"></span>se amo<span class=\"_ _2\"></span>unts do not a<span class=\"_ _2\"></span>ccrue direc<span class=\"_ _2\"></span>tly to the sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>. Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit includ<span class=\"_ _2\"></span>es the ef<span class=\"_ _2\"></span>fect of exp<span class=\"_ _2\"></span>erienc<span class=\"_ _2\"></span>e varianc<span class=\"_ _2\"></span>es relatin<span class=\"_ _2\"></span>g to the curre<span class=\"_ _2\"></span>nt period for n<span class=\"_ _2\"></span>on-e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c items<span class=\"_ _2\"></span>, such as m<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y and exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s. It al<span class=\"_ _2\"></span>so inco<span class=\"_ _2\"></span>rporates t<span class=\"_ _2\"></span>he impac<span class=\"_ _2\"></span>ts of as<span class=\"_ _2\"></span>set tradin<span class=\"_ _2\"></span>g and po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folio rebal<span class=\"_ _2\"></span>ancing wh<span class=\"_ _2\"></span>ere not refle<span class=\"_ _2\"></span>cted in th<span class=\"_ _2\"></span>e disco<span class=\"_ _2\"></span>unt rate use<span class=\"_ _2\"></span>d in cal<span class=\"_ _2\"></span>culating ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted return<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit is repor<span class=\"_ _2\"></span>ted n<span class=\"_ _2\"></span>et of policyh<span class=\"_ _2\"></span>older fin<span class=\"_ _2\"></span>ance ch<span class=\"_ _2\"></span>arges an<span class=\"_ _2\"></span>d policy<span class=\"_ _2\"></span>holder t<span class=\"_ _2\"></span>ax.<span class=\"_ _3bc\"> </span>Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit exclude<span class=\"_ _2\"></span>s the impac<span class=\"_ _2\"></span>ts of the follow<span class=\"_ _2\"></span>ing items<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>Economic vari<span class=\"_ _5\"></span>ances \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e differe<span class=\"_ _2\"></span>nce be<span class=\"_ _2\"></span>twee<span class=\"_ _2\"></span>n act<span class=\"_ _2\"></span>ual and exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d exper<span class=\"_ _2\"></span>ience for e<span class=\"_ _2\"></span>cono<span class=\"_ _2\"></span>mic items re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in the in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt, impa<span class=\"_ _2\"></span>cts of e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c as<span class=\"_ _2\"></span>sumptions on t<span class=\"_ _2\"></span>he valuatio<span class=\"_ _2\"></span>n of liabilities me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d under the G<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>al Mode<span class=\"_ _2\"></span>l and the ch<span class=\"_ _2\"></span>ange in va<span class=\"_ _2\"></span>lue of loss c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ents on V<span class=\"_ _5\"></span>ariab<span class=\"_ _2\"></span>le Fee Appro<span class=\"_ _2\"></span>ach busin<span class=\"_ _2\"></span>ess re<span class=\"_ _2\"></span>sulting from m<span class=\"_ _2\"></span>arket movement<span class=\"_ _2\"></span>s on underl<span class=\"_ _2\"></span>ying items<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>cono<span class=\"_ _2\"></span>mic volatilit<span class=\"_ _2\"></span>y arisin<span class=\"_ _2\"></span>g from the Group\u2019s hed<span class=\"_ _2\"></span>ging st<span class=\"_ _2\"></span>rategy w<span class=\"_ _2\"></span>hich is ca<span class=\"_ _2\"></span>librated to prote<span class=\"_ _2\"></span>ct the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II cap<span class=\"_ _2\"></span>ital pos<span class=\"_ _2\"></span>ition and c<span class=\"_ _2\"></span>ash gen<span class=\"_ _2\"></span>eration c<span class=\"_ _2\"></span>apabilit<span class=\"_ _2\"></span>y of the op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g compani<span class=\"_ _2\"></span>es;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting mism<span class=\"_ _2\"></span>atch result<span class=\"_ _2\"></span>ing from the ap<span class=\"_ _2\"></span>plicatio<span class=\"_ _2\"></span>n of IFRS 17 bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of non-profit bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s in a with-profit fun<span class=\"_ _2\"></span>d (noted ab<span class=\"_ _2\"></span>ove<span class=\"_ _5\"></span>) and th<span class=\"_ _2\"></span>e chang<span class=\"_ _2\"></span>e in fair value of this b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s inclu<span class=\"_ _2\"></span>ded within th<span class=\"_ _2\"></span>e meas<span class=\"_ _2\"></span>urement of the w<span class=\"_ _2\"></span>ith-profit co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s under th<span class=\"_ _2\"></span>e V<span class=\"_ _7\"></span>aria<span class=\"_ _2\"></span>ble Fee App<span class=\"_ _2\"></span>roach;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting mism<span class=\"_ _2\"></span>atch result<span class=\"_ _2\"></span>ing from buy<span class=\"_ _2\"></span>-in contra<span class=\"_ _2\"></span>cts b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>es and Pho<span class=\"_ _2\"></span>enix Life Limite<span class=\"_ _2\"></span>d, the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s m<span class=\"_ _2\"></span>ain insur<span class=\"_ _2\"></span>ance sub<span class=\"_ _2\"></span>sidiar<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>. The mi<span class=\"_ _2\"></span>smatch rep<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>s the diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the unwin<span class=\"_ _2\"></span>d of the IAS 19 di<span class=\"_ _2\"></span>scount r<span class=\"_ _2\"></span>ate calcul<span class=\"_ _2\"></span>ated with refere<span class=\"_ _2\"></span>nce to a A<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>-rate<span class=\"_ _2\"></span>d corpo<span class=\"_ _2\"></span>rate bond a<span class=\"_ _2\"></span>nd the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt returns on th<span class=\"_ _2\"></span>e backin<span class=\"_ _2\"></span>g ass<span class=\"_ _2\"></span>ets; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ct of the mism<span class=\"_ _2\"></span>atch bet<span class=\"_ _2\"></span>ween c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in es<span class=\"_ _2\"></span>timates of fut<span class=\"_ _2\"></span>ure cash flow<span class=\"_ _2\"></span>s on Gene<span class=\"_ _2\"></span>ral Mo<span class=\"_ _2\"></span>del contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s meas<span class=\"_ _2\"></span>ured at curre<span class=\"_ _2\"></span>nt discount rates an<span class=\"_ _2\"></span>d the cor<span class=\"_ _2\"></span>respon<span class=\"_ _2\"></span>ding adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt to the CS<span class=\"_ _2\"></span>M meas<span class=\"_ _2\"></span>ured at the dis<span class=\"_ _2\"></span>count rate l<span class=\"_ _2\"></span>ocked-in at inc<span class=\"_ _2\"></span>eption. Other<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tisation a<span class=\"_ _2\"></span>nd impairm<span class=\"_ _2\"></span>ent of intangib<span class=\"_ _2\"></span>le ass<span class=\"_ _2\"></span>ets (net of polic<span class=\"_ _2\"></span>yhold<span class=\"_ _2\"></span>er tax<span class=\"_ _2\"></span>);<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>fin<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s attrib<span class=\"_ _2\"></span>utable to own<span class=\"_ _2\"></span>ers;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>g<span class=\"_ _2\"></span>ains or los<span class=\"_ _2\"></span>ses o<span class=\"_ _2\"></span>n the acqu<span class=\"_ _2\"></span>isition or disp<span class=\"_ _2\"></span>osal of sub<span class=\"_ _2\"></span>sidiaries (ne<span class=\"_ _2\"></span>t of related co<span class=\"_ _2\"></span>sts);<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e financ<span class=\"_ _2\"></span>ial impac<span class=\"_ _2\"></span>ts of man<span class=\"_ _2\"></span>dator<span class=\"_ _2\"></span>y regulato<span class=\"_ _2\"></span>ry ch<span class=\"_ _2\"></span>ange;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e profit or los<span class=\"_ _2\"></span>s att<span class=\"_ _2\"></span>ributab<span class=\"_ _2\"></span>le to non-c<span class=\"_ _2\"></span>ontrolling intere<span class=\"_ _2\"></span>sts<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>inte<span class=\"_ _2\"></span>gration<span class=\"_ _2\"></span>, res<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>uring or other s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt one-<span class=\"_ _2\"></span>off proj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s impac<span class=\"_ _2\"></span>ting the in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>ny other items wh<span class=\"_ _2\"></span>ich, in the D<span class=\"_ _2\"></span>irecto<span class=\"_ _2\"></span>r\u2019<span class=\"_ _5\"></span>s view, sho<span class=\"_ _2\"></span>uld be disc<span class=\"_ _2\"></span>losed s<span class=\"_ _2\"></span>epara<span class=\"_ _2\"></span>tely by vir<span class=\"_ _2\"></span>tue of their na<span class=\"_ _2\"></span>ture or incid<span class=\"_ _2\"></span>ence to en<span class=\"_ _2\"></span>able a full under<span class=\"_ _2\"></span>sta<span class=\"_ _2\"></span>nding of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e. This is t<span class=\"_ _2\"></span>ypic<span class=\"_ _2\"></span>ally the c<span class=\"_ _2\"></span>ase whe<span class=\"_ _2\"></span>re the nature of the i<span class=\"_ _2\"></span>tem is not refle<span class=\"_ _2\"></span>ctive of the und<span class=\"_ _2\"></span>erlying per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce of the op<span class=\"_ _2\"></span>erating c<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s. The ite<span class=\"_ _2\"></span>ms exclude<span class=\"_ _2\"></span>d from adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit are referre<span class=\"_ _2\"></span>d to as \u2018non-op<span class=\"_ _2\"></span>erating ite<span class=\"_ _2\"></span>ms\u2019<span class=\"_ _7\"></span>. Whils<span class=\"_ _2\"></span>t the exclud<span class=\"_ _2\"></span>ed items are im<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tant to an as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ment of the co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted financ<span class=\"_ _2\"></span>ial per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce of the Gro<span class=\"_ _2\"></span>up, manag<span class=\"_ _2\"></span>ement c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>rs that th<span class=\"_ _2\"></span>e present<span class=\"_ _2\"></span>ation of adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit provide<span class=\"_ _2\"></span>s a good in<span class=\"_ _2\"></span>dicator of the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e of the Group\u2019s oper<span class=\"_ _2\"></span>ating se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>s and the Gro<span class=\"_ _2\"></span>up uses th<span class=\"_ _2\"></span>is, as p<span class=\"_ _2\"></span>art of a sui<span class=\"_ _2\"></span>te of mea<span class=\"_ _2\"></span>sures<span class=\"_ _2\"></span>, for decis<span class=\"_ _2\"></span>ion-makin<span class=\"_ _2\"></span>g and mon<span class=\"_ _2\"></span>itoring pe<span class=\"_ _2\"></span>rforma<span class=\"_ _2\"></span>nce. Th<span class=\"_ _2\"></span>e Group\u2019s adjus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profi<span class=\"_ _2\"></span>t should b<span class=\"_ _2\"></span>e read in co<span class=\"_ _2\"></span>njunc<span class=\"_ _2\"></span>tion with th<span class=\"_ _2\"></span>e IFR<span class=\"_ _2\"></span>S profit before ta<span class=\"_ _2\"></span>x.<span class=\"_ _3bc\"> </span>Revisions to methodolo<span class=\"_ _2\"></span>gy<span class=\"_ _3bc\"> </span>The m<span class=\"_ _2\"></span>ethodo<span class=\"_ _2\"></span>logy to dete<span class=\"_ _2\"></span>rmine ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d operat<span class=\"_ _2\"></span>ing profit has b<span class=\"_ _2\"></span>een revi<span class=\"_ _2\"></span>sed<span class=\"_ _2\"></span>, compare<span class=\"_ _2\"></span>d to that disc<span class=\"_ _2\"></span>lose<span class=\"_ _2\"></span>d in the Interim Fin<span class=\"_ _2\"></span>ancial Re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t 2023<span class=\"_ _2\"></span>, for the follow<span class=\"_ _2\"></span>ing items:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>A 1<span class=\"_ _2\"></span>-year (rath<span class=\"_ _2\"></span>er than a 1<span class=\"_ _2\"></span>5-ye<span class=\"_ _2\"></span>ar) risk<span class=\"_ _5\"></span>-free ra<span class=\"_ _2\"></span>te has be<span class=\"_ _2\"></span>en use<span class=\"_ _2\"></span>d to derive the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d investm<span class=\"_ _2\"></span>ent return as<span class=\"_ _2\"></span>sumption on a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s bac<span class=\"_ _2\"></span>king insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities to re<span class=\"_ _2\"></span>duce uninten<span class=\"_ _2\"></span>ded ec<span class=\"_ _2\"></span>onomic vol<span class=\"_ _2\"></span>atilit<span class=\"_ _2\"></span>y (see note B2.1); \u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>n adjus<span class=\"_ _2\"></span>tment to rem<span class=\"_ _2\"></span>ove mismatch<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween t<span class=\"_ _2\"></span>he disco<span class=\"_ _2\"></span>unt rate use<span class=\"_ _2\"></span>d within the val<span class=\"_ _2\"></span>uation of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e liabilities an<span class=\"_ _2\"></span>d the return<span class=\"_ _2\"></span>s on the unde<span class=\"_ _2\"></span>rlying as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, as n<span class=\"_ _2\"></span>oted within Econ<span class=\"_ _2\"></span>omic V<span class=\"_ _7\"></span>a<span class=\"_ _2\"></span>riance<span class=\"_ _2\"></span>s above; and \u2022 <span class=\"_ _9\"> </span>a refi<span class=\"_ _2\"></span>nement to th<span class=\"_ _2\"></span>e approa<span class=\"_ _2\"></span>ch used to q<span class=\"_ _2\"></span>uantif<span class=\"_ _2\"></span>y the level of tra<span class=\"_ _2\"></span>ding profits<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>ntal resul<span class=\"_ _2\"></span>t for the year en<span class=\"_ _2\"></span>ded 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 202<span class=\"_ _2\"></span>2 presente<span class=\"_ _2\"></span>d in note B1.1 inc<span class=\"_ _2\"></span>orporate<span class=\"_ _2\"></span>s these re<span class=\"_ _2\"></span>visions<span class=\"_ _2\"></span>. The impa<span class=\"_ _2\"></span>ct of thes<span class=\"_ _2\"></span>e revisions is to redu<span class=\"_ _2\"></span>ce total se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>al adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit by \u00a326 m<span class=\"_ _2\"></span>illion, and c<span class=\"_ _2\"></span>orresp<span class=\"_ _2\"></span>onding<span class=\"_ _2\"></span>ly to increa<span class=\"_ _2\"></span>se eco<span class=\"_ _2\"></span>nomic varia<span class=\"_ _2\"></span>nces by \u00a3<span class=\"_ _2\"></span>26 million<span class=\"_ _2\"></span>. There i<span class=\"_ _2\"></span>s no impac<span class=\"_ _2\"></span>t on the los<span class=\"_ _2\"></span>s before th<span class=\"_ _2\"></span>e tax at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to owner<span class=\"_ _2\"></span>s of the parent<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>B1.1<span class=\"_ _7\"></span> S<span class=\"_ _2\"></span>egmental<span class=\"_ _7\"></span> result<span class=\"_ _3bc\"> </span><table class=\"s w286 h29a\" id=\"_9de3cba0-4b3c-40e7-a031-94a9f76d6f72\"><tr><td></td><td></td><td></td><td class=\"t m0 x1e4 h16 y56dd ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x44d h3f y56de ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e5 h16 y56de ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x501 h16 y56df ff3 fsf fc1 sc0 lsf3 wsdf\">Notes<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y56df ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y56df ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y56e0 ff7 fs7 fc1 sc0 ls61 ws5f\">Adjus<span class=\"_ _2\"></span>ted opera<span class=\"_ _2\"></span>ting profit<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y56e1 w287 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Retirem<span class=\"_ _2\"></span>ent Solu<span class=\"_ _2\"></span>tions<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x502 y56e1 w55 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">378<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x503 y56e1 w91 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">349<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b1 w288 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pension<span class=\"_ _2\"></span>s &amp; Saving<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x504 y56b1 w289 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd6 ws195\">190<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x505 y56b1 w112 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">150<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b2 w28a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">With-Profits<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x506 y56b2 wd2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x507 y56b2 w28b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c3 ws1c3\">54<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e2 w28c h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Europe &amp; O<span class=\"_ _2\"></span>ther<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x508 y56e2 w240 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">132<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x509 y56e2 w201 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">60<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e3 w28d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Corp<span class=\"_ _2\"></span>orate Ce<span class=\"_ _2\"></span>ntre<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x50a y56e3 w28e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls4b ws122\">(93)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x50b y56e3 w28f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(69)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e4 w290 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16 ws14\">T<span class=\"_ _6\"></span>otal segmental<span class=\"_ _7\"></span> adjusted operati<span class=\"_ _5\"></span>ng pro<span class=\"_ _5\"></span>fit<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x50c y56e4 w291 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">617<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x50d y56e4 w119 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c3 ws1c3\">544<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e5 w24c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Economic variances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x50e y56e5 w292 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls71 ws1a9\">B2.2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x50f y56e5 w157 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">1<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x510 y56e5 w238 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,30<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e6 w7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation and imp<span class=\"_ _2\"></span>airment of ac<span class=\"_ _2\"></span>quired in-force b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x511 y56e6 w293 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(31<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x512 y56e6 w294 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">(<span class=\"_ _2\"></span>347<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b7 w295 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation and imp<span class=\"_ _2\"></span>airment of othe<span class=\"_ _2\"></span>r intangib<span class=\"_ _2\"></span>les and g<span class=\"_ _2\"></span>oodwill<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x513 y56b7 w7b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb3 wsf4\">G2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x514 y56b7 w7f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x515 y56b7 w80 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(6)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e7 w253 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other non-operat<span class=\"_ _5\"></span>ing it<span class=\"_ _5\"></span>ems<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x516 y56e7 w296 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(439)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f7 y56e7 w56 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>262)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fe w297 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>ce cos<span class=\"_ _2\"></span>ts on b<span class=\"_ _2\"></span>orrowing at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to owne<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x517 y55fe w52 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(19<span class=\"_ _2\"></span>5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x518 y55fe wb3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>99)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e8 w298 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">Los<span class=\"_ _2\"></span>s before th<span class=\"_ _2\"></span>e tax at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utabl<span class=\"_ _2\"></span>e to owner<span class=\"_ _2\"></span>s of the pa<span class=\"_ _2\"></span>rent<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x519 y56e8 w299 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>92)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x51a y56e8 w9f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">(3,<span class=\"_ _2\"></span>579)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e9 w29a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Profit before t<span class=\"_ _2\"></span>ax at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to non-c<span class=\"_ _2\"></span>ontrolling intere<span class=\"_ _2\"></span>sts<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x51b y56e9 wa4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x51c y56e9 wa5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">67<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w92 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">Los<span class=\"_ _2\"></span>s before th<span class=\"_ _2\"></span>e tax at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utabl<span class=\"_ _2\"></span>e to owner<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x225 y55ef w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(16<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x226 y55ef w93 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 Insurance Cont<span class=\"_ _5\"></span>racts (se<span class=\"_ _2\"></span>e note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s).<span class=\"_ _3bc\"> </span>Oth<span class=\"_ _2\"></span>er non-<span class=\"_ _2\"></span>opera<span class=\"_ _2\"></span>ting items in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of the year en<span class=\"_ _2\"></span>ded 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023 in<span class=\"_ _2\"></span>clude:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a g<span class=\"_ _2\"></span>ain on ac<span class=\"_ _2\"></span>quisition of \u00a36<span class=\"_ _2\"></span>6 million refle<span class=\"_ _2\"></span>ctin<span class=\"_ _2\"></span>g the exces<span class=\"_ _2\"></span>s of the fair valu<span class=\"_ _2\"></span>e of the net as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>cquired over t<span class=\"_ _2\"></span>he consi<span class=\"_ _2\"></span>deration p<span class=\"_ _2\"></span>aid for the acq<span class=\"_ _2\"></span>uisition of SLF of C<span class=\"_ _2\"></span>anada U<span class=\"_ _2\"></span>K Limited (se<span class=\"_ _2\"></span>e note H2 for fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>etails);<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>\u00a3<span class=\"_ _2\"></span>16<span class=\"_ _2\"></span>9 million of cos<span class=\"_ _2\"></span>ts as<span class=\"_ _2\"></span>soc<span class=\"_ _2\"></span>iated with s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>ic growt<span class=\"_ _2\"></span>h initiatives<span class=\"_ _2\"></span>, inclu<span class=\"_ _2\"></span>ding investm<span class=\"_ _2\"></span>ent in digita<span class=\"_ _2\"></span>l and direc<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>et sourcin<span class=\"_ _2\"></span>g capab<span class=\"_ _2\"></span>ilities<span class=\"_ _2\"></span>, es<span class=\"_ _2\"></span>tablishm<span class=\"_ _2\"></span>ent of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s B<span class=\"_ _2\"></span>ermuda<span class=\"_ _2\"></span>n reinsuran<span class=\"_ _2\"></span>ce ope<span class=\"_ _2\"></span>rations<span class=\"_ _2\"></span>, and tr<span class=\"_ _2\"></span>ansform<span class=\"_ _2\"></span>ation of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g model to s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>t ef<span class=\"_ _2\"></span>ficient grow<span class=\"_ _2\"></span>th;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>\u00a3<span class=\"_ _2\"></span>79 million of cos<span class=\"_ _2\"></span>ts as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with the de<span class=\"_ _2\"></span>liver<span class=\"_ _2\"></span>y of the Group T<span class=\"_ _7\"></span>arg<span class=\"_ _2\"></span>et Ope<span class=\"_ _2\"></span>rating M<span class=\"_ _2\"></span>odel for IT an<span class=\"_ _2\"></span>d Ope<span class=\"_ _2\"></span>rations<span class=\"_ _2\"></span>, inclu<span class=\"_ _2\"></span>ding the migr<span class=\"_ _2\"></span>ation of polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r adminis<span class=\"_ _2\"></span>tration onto th<span class=\"_ _2\"></span>e T<span class=\"_ _6\"></span>at<span class=\"_ _2\"></span>a Cons<span class=\"_ _2\"></span>ultanc<span class=\"_ _2\"></span>y Ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>C<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>\u2019) plat<span class=\"_ _2\"></span>form. U<span class=\"_ _2\"></span>nder I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>, the ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted cos<span class=\"_ _2\"></span>ts in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of this activ<span class=\"_ _2\"></span>ity that are dire<span class=\"_ _2\"></span>ctly at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utable to ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts have be<span class=\"_ _2\"></span>en inc<span class=\"_ _2\"></span>luded wit<span class=\"_ _2\"></span>hin insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties; \u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s of \u00a365 million a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated wit<span class=\"_ _2\"></span>h the implem<span class=\"_ _2\"></span>entatio<span class=\"_ _2\"></span>n of IFRS 17;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s of \u00a35<span class=\"_ _5\"></span>2 million a<span class=\"_ _2\"></span>ssoc<span class=\"_ _2\"></span>iated with fin<span class=\"_ _2\"></span>ance tr<span class=\"_ _2\"></span>ansform<span class=\"_ _2\"></span>ation ac<span class=\"_ _2\"></span>tivities<span class=\"_ _2\"></span>, inclu<span class=\"_ _2\"></span>ding the migr<span class=\"_ _2\"></span>ation to clo<span class=\"_ _2\"></span>ud-bas<span class=\"_ _2\"></span>ed sys<span class=\"_ _2\"></span>tems and e<span class=\"_ _2\"></span>nhanc<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s to ac<span class=\"_ _2\"></span>tuarial m<span class=\"_ _2\"></span>odelling c<span class=\"_ _2\"></span>apabilit<span class=\"_ _2\"></span>ies and th<span class=\"_ _2\"></span>e related c<span class=\"_ _2\"></span>ontrol environm<span class=\"_ _2\"></span>ent;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s of \u00a3<span class=\"_ _7\"></span>4<span class=\"_ _2\"></span>9 million as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>ted with the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ation by Par<span class=\"_ _2\"></span>t VII tran<span class=\"_ _2\"></span>sfer of four of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s Life C<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s into a single e<span class=\"_ _2\"></span>ntity, comp<span class=\"_ _2\"></span>leted in the se<span class=\"_ _2\"></span>cond h<span class=\"_ _2\"></span>alf of 2023;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a \u00a3<span class=\"_ _2\"></span>36 millio<span class=\"_ _2\"></span>n advers<span class=\"_ _2\"></span>e impac<span class=\"_ _2\"></span>t from the st<span class=\"_ _2\"></span>rength<span class=\"_ _2\"></span>ening of ac<span class=\"_ _2\"></span>tuarial re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ves as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with the Par<span class=\"_ _2\"></span>t VII tr<span class=\"_ _2\"></span>ansfer of c<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>ain Europea<span class=\"_ _2\"></span>n busine<span class=\"_ _2\"></span>ss from the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s UK Life C<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s to a newly es<span class=\"_ _2\"></span>tablis<span class=\"_ _2\"></span>hed Europ<span class=\"_ _2\"></span>ean subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>\u00a3<span class=\"_ _2\"></span>32 million of cos<span class=\"_ _2\"></span>ts as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ated with on<span class=\"_ _2\"></span>going inte<span class=\"_ _2\"></span>gration pro<span class=\"_ _2\"></span>gramm<span class=\"_ _2\"></span>es;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>\u00a3<span class=\"_ _2\"></span>12 million of pas<span class=\"_ _2\"></span>t ser<span class=\"_ _2\"></span>vice c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s in relation to a Gro<span class=\"_ _2\"></span>up pensi<span class=\"_ _2\"></span>on sche<span class=\"_ _2\"></span>me (see note G1 fo<span class=\"_ _2\"></span>r furt<span class=\"_ _2\"></span>her deta<span class=\"_ _2\"></span>ils); and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>orpor<span class=\"_ _2\"></span>ate proje<span class=\"_ _2\"></span>ct cos<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d net other on<span class=\"_ _2\"></span>e-of<span class=\"_ _2\"></span>f items tota<span class=\"_ _2\"></span>lling a cos<span class=\"_ _2\"></span>t of \u00a311 million<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Oth<span class=\"_ _2\"></span>er non-<span class=\"_ _2\"></span>opera<span class=\"_ _2\"></span>ting items in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of the year en<span class=\"_ _2\"></span>ded 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 202<span class=\"_ _2\"></span>2 include:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>\u00a3<span class=\"_ _2\"></span>73 million of cos<span class=\"_ _2\"></span>ts as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with a str<span class=\"_ _2\"></span>ategic init<span class=\"_ _2\"></span>iative to enhan<span class=\"_ _2\"></span>ce cap<span class=\"_ _2\"></span>abilities to s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>t the move towards t<span class=\"_ _2\"></span>he Group\u2019s strate<span class=\"_ _2\"></span>gic as<span class=\"_ _2\"></span>set alloc<span class=\"_ _2\"></span>ation alon<span class=\"_ _2\"></span>gside g<span class=\"_ _2\"></span>rowth de<span class=\"_ _2\"></span>livered thro<span class=\"_ _2\"></span>ugh bulk p<span class=\"_ _2\"></span>urchase a<span class=\"_ _2\"></span>nnuit<span class=\"_ _2\"></span>y trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>ns, inves<span class=\"_ _2\"></span>tment in dig<span class=\"_ _2\"></span>ital c<span class=\"_ _2\"></span>apabilit<span class=\"_ _2\"></span>y and tr<span class=\"_ _2\"></span>ansform<span class=\"_ _2\"></span>ation of ope<span class=\"_ _2\"></span>rating mo<span class=\"_ _2\"></span>del to supp<span class=\"_ _2\"></span>ort ef<span class=\"_ _2\"></span>ficie<span class=\"_ _2\"></span>nt growth<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>\u00a347 million relate<span class=\"_ _2\"></span>d to the incre<span class=\"_ _2\"></span>ase in exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d cost<span class=\"_ _2\"></span>s ass<span class=\"_ _2\"></span>ociate<span class=\"_ _2\"></span>d with the deli<span class=\"_ _2\"></span>very of th<span class=\"_ _2\"></span>e Group T<span class=\"_ _7\"></span>arg<span class=\"_ _2\"></span>et Oper<span class=\"_ _2\"></span>ating Mo<span class=\"_ _2\"></span>del for IT an<span class=\"_ _2\"></span>d Oper<span class=\"_ _2\"></span>ations<span class=\"_ _2\"></span>, following a s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>ic decis<span class=\"_ _2\"></span>ion to re-ph<span class=\"_ _2\"></span>ase the p<span class=\"_ _2\"></span>rogramm<span class=\"_ _2\"></span>e, tog<span class=\"_ _2\"></span>ether with th<span class=\"_ _2\"></span>e cost<span class=\"_ _2\"></span>s of migratin<span class=\"_ _2\"></span>g policy<span class=\"_ _2\"></span>holder a<span class=\"_ _2\"></span>dministr<span class=\"_ _2\"></span>ation onto the TCS plat<span class=\"_ _2\"></span>form for<span class=\"_ gs132\"> </span>cer<span class=\"_ _2\"></span>tain l<span class=\"_ _2\"></span>ega<span class=\"_ _2\"></span>cy por<span class=\"_ _2\"></span>tfo<span class=\"_ _2\"></span>lios of busine<span class=\"_ _2\"></span>ss;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s of \u00a331 million as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ated with the o<span class=\"_ _2\"></span>ngoin<span class=\"_ _2\"></span>g ReAss<span class=\"_ _2\"></span>ure integratio<span class=\"_ _2\"></span>n progra<span class=\"_ _2\"></span>mme;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s of \u00a315 millio<span class=\"_ _2\"></span>n asso<span class=\"_ _2\"></span>ciated wi<span class=\"_ _2\"></span>th the imple<span class=\"_ _2\"></span>mentatio<span class=\"_ _2\"></span>n of IFRS 17;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>\u00a3<span class=\"_ _2\"></span>15 millio<span class=\"_ _2\"></span>n of past se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e cos<span class=\"_ _2\"></span>ts in relatio<span class=\"_ _2\"></span>n to a Group pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>eme. Fur<span class=\"_ _2\"></span>ther det<span class=\"_ _2\"></span>ails are inc<span class=\"_ _2\"></span>luded in n<span class=\"_ _2\"></span>ote G1.1;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>\u00a3<span class=\"_ _2\"></span>14 million rela<span class=\"_ _2\"></span>ting to a suppo<span class=\"_ _2\"></span>rt pa<span class=\"_ _2\"></span>ckage to h<span class=\"_ _2\"></span>elp collea<span class=\"_ _2\"></span>gues n<span class=\"_ _2\"></span>avigate co<span class=\"_ _2\"></span>st of living ch<span class=\"_ _2\"></span>alleng<span class=\"_ _2\"></span>es, w<span class=\"_ _2\"></span>hich inclu<span class=\"_ _2\"></span>ded givin<span class=\"_ _2\"></span>g all colle<span class=\"_ _2\"></span>ague<span class=\"_ _2\"></span>s, exce<span class=\"_ _2\"></span>pt the mos<span class=\"_ _2\"></span>t senior s<span class=\"_ _2\"></span>taf<span class=\"_ _2\"></span>f<span class=\"_ _5\"></span>, a one<span class=\"_ _2\"></span>-off n<span class=\"_ _2\"></span>et of tax paym<span class=\"_ _2\"></span>ent of \u00a31<span class=\"_ _2\"></span>,00<span class=\"_ _2\"></span>0 in Aug<span class=\"_ _2\"></span>ust 2022<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>\u00a3<span class=\"_ _2\"></span>12 million co<span class=\"_ _2\"></span>sts a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated with th<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition of SLF of Can<span class=\"_ _2\"></span>ada U<span class=\"_ _2\"></span>K Limited; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>orpor<span class=\"_ _2\"></span>ate proje<span class=\"_ _2\"></span>ct cos<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d net other on<span class=\"_ _2\"></span>e-of<span class=\"_ _2\"></span>f items tota<span class=\"_ _2\"></span>lling a cos<span class=\"_ _2\"></span>t of \u00a355 million.<span class=\"_ _3bc\"> </span>Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s of the investm<span class=\"_ _2\"></span>ent return vari<span class=\"_ _2\"></span>ances a<span class=\"_ _2\"></span>nd eco<span class=\"_ _2\"></span>nomic as<span class=\"_ _2\"></span>sumption c<span class=\"_ _2\"></span>hange<span class=\"_ _2\"></span>s on long<span class=\"_ _2\"></span>-term busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>, and the va<span class=\"_ _2\"></span>riance o<span class=\"_ _2\"></span>n owners\u2019 fun<span class=\"_ _2\"></span>ds are incl<span class=\"_ _2\"></span>uded in note B2<span class=\"_ _3bc\"> </span>B1.2 Seg<span class=\"_ _2\"></span>mental<span class=\"_ _5\"></span> rev<span class=\"_ _5\"></span>enue<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span><table class=\"s w29b h29b\" id=\"_006f0691-12b2-4730-97c3-28f5149aad46\"><tr><td></td><td class=\"t m0 x51d h3f y56ea ff7 fsf fc1 sc0 ls5b ws76\">Retirement </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x51e h3f y56eb ff7 fsf fc1 sc0 ls81 ws75\">Solutions<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x51f h3f y56eb ff7 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; Sav<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x520 h3f y56eb ff7 fsf fc1 sc0 lse2 wscc\">With-Pr<span class=\"_ _2\"></span>ofits<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x521 h3f y56eb ff7 fsf fc1 sc0 ls0 ws0\">Eur<span class=\"_ _2\"></span>ope &amp; O<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h3f y56eb ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td></td><td class=\"t m0 x522 h3f y56ec ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x523 h3f y56ec ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y56ec ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y56ec ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y56ec ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56ed ff3 fs7 fc1 sc0 ls18 ws16\">Revenue from e<span class=\"_ _5\"></span>x<span class=\"_ _2\"></span>ternal customers:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y56ee w46 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Insurance r<span class=\"_ _7\"></span>evenue<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x525 y56ee w29c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,751<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x526 y56ee w29d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x527 y56ee w91 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">267<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x528 y56ee w29e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1bf ws1be\">5<span class=\"_ _2\"></span>71<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x529 y56ee w29f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">4<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>61<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y56ef w57 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Fees and commissions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x52a y56ef w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x52b y56ef w1e1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">828<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x52c y56ef w2a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x52d y56ef w192 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x52e y56ef w59 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">9<span class=\"_ _2\"></span>67<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f0 w2a1 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls16 ws14\">T<span class=\"_ _6\"></span>otal segmental<span class=\"_ _7\"></span> revenue<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x52f y56f0 w2a2 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,75<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x530 y56f0 w2a3 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls8b ws114\">1<span class=\"_ _2\"></span>,10<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x531 y56f0 w2a4 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x532 y56f0 w2a5 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1c8 ws1c8\">658<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x533 y56f0 wdc h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls16f ws1ad\">5<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>28<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x534 h16 y56f1 ff3 fsf fc1 sc0 ls82 ws77\">Retireme<span class=\"_ _2\"></span>nt </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x535 h16 y56f2 ff3 fsf fc1 sc0 ls17 ws15\">Solutions<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x536 h16 y56f2 ff3 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; Savin<span class=\"_ _2\"></span>gs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x537 h16 y56f2 ff3 fsf fc1 sc0 lse9 wsd4\">With-Profit<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x538 h16 y56f2 ff3 fsf fc1 sc0 ls0 ws0\">Euro<span class=\"_ _2\"></span>pe &amp; Ot<span class=\"_ _2\"></span>her<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y56f2 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"c x1ea y56f4 w2a6 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y56f3 ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x522 h16 y56f5 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x523 h16 y56f5 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h16 y56f5 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y56f5 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y56f5 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y56f6 ff3 fs7 fc1 sc0 ls18 ws16\">Revenue from e<span class=\"_ _5\"></span>x<span class=\"_ _2\"></span>ternal customers:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y561d w46 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Insurance r<span class=\"_ _7\"></span>evenue<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x53a y561d w2a7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,<span class=\"_ _2\"></span>54<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x53b y561d w2a8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">307<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x53c y561d w2a9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">636<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x53d y561d w9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">655<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x53e y561d w49 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">5<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y561e w57 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Fees and commissions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x53f y561e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x540 y561e w9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">733<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x541 y561e w137 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x542 y561e w2aa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x543 y561e w2ab h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls71 ws1a9\">858<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w2a1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16 ws14\">T<span class=\"_ _6\"></span>otal segmental<span class=\"_ _7\"></span> revenue<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x544 y55ef w237 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,5<span class=\"_ _2\"></span>44<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x545 y55ef w1b6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">1<span class=\"_ _2\"></span>,040<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x546 y55ef w2ac h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">6<span class=\"_ _2\"></span>71<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x547 y55ef w2ad h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bb ws1ba\">74<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x548 y55ef w2ae h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls48 wsa4\">6,<span class=\"_ _7\"></span>000<span class=\"_ _3bc\"> </span></div></td></tr></table>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 Insurance Cont<span class=\"_ _5\"></span>racts (se<span class=\"_ _2\"></span>e note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s).<span class=\"_ _3bc\"> </span>Of th<span class=\"_ _2\"></span>e revenue from ex<span class=\"_ _2\"></span>terna<span class=\"_ _2\"></span>l custom<span class=\"_ _2\"></span>ers pre<span class=\"_ _2\"></span>sented in th<span class=\"_ _2\"></span>e table a<span class=\"_ _2\"></span>bove, \u00a35<span class=\"_ _2\"></span>,58<span class=\"_ _2\"></span>3 million (202<span class=\"_ _2\"></span>2: \u00a35,79<span class=\"_ _2\"></span>2 million) is at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to cus<span class=\"_ _2\"></span>tomers in t<span class=\"_ _2\"></span>he Unite<span class=\"_ _2\"></span>d Kingdom (<span class=\"_ _2\"></span>\u2018U<span class=\"_ _2\"></span>K\u2019<span class=\"_ _2\"></span>) and \u00a3245 millio<span class=\"_ _2\"></span>n (2022: \u00a3<span class=\"_ _2\"></span>208 million) to th<span class=\"_ _2\"></span>e rest of the wor<span class=\"_ _2\"></span>ld. No reven<span class=\"_ _2\"></span>ue trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n with a single c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>er exte<span class=\"_ _2\"></span>rnal to the Gro<span class=\"_ _2\"></span>up amount<span class=\"_ _2\"></span>s to greater th<span class=\"_ _2\"></span>an 10% of th<span class=\"_ _2\"></span>e Group\u2019s revenue. The Gro<span class=\"_ _2\"></span>up has total n<span class=\"_ _2\"></span>on-cur<span class=\"_ _2\"></span>rent ass<span class=\"_ _2\"></span>ets (other th<span class=\"_ _2\"></span>an financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>, deferred t<span class=\"_ _2\"></span>ax as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>emes an<span class=\"_ _2\"></span>d rights a<span class=\"_ _2\"></span>rising unde<span class=\"_ _2\"></span>r insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s) o<span class=\"_ _5\"></span>f<span class=\"_ gs132\"> </span>\u00a33<span class=\"_ _2\"></span>,62<span class=\"_ _2\"></span>2 million (2022<span class=\"_ _2\"></span>: \u00a33,<span class=\"_ _2\"></span>622 milli<span class=\"_ _2\"></span>on) locate<span class=\"_ _2\"></span>d in the UK an<span class=\"_ _2\"></span>d \u00a329<span class=\"_ _2\"></span>9 million (20<span class=\"_ _2\"></span>22: \u00a33<span class=\"_ _2\"></span>52 million) locate<span class=\"_ _2\"></span>d in the res<span class=\"_ _2\"></span>t of the world.<span class=\"_ _3bc\"> </span>B2<span class=\"_ _2\"></span>. Inves<span class=\"_ _2\"></span>tmen<span class=\"_ _2\"></span>t retur<span class=\"_ _2\"></span>n varian<span class=\"_ _2\"></span>ces an<span class=\"_ _2\"></span>d eco<span class=\"_ _2\"></span>nomi<span class=\"_ _2\"></span>c assu<span class=\"_ _2\"></span>mpti<span class=\"_ _2\"></span>on cha<span class=\"_ _2\"></span>nges<span class=\"_ _3bc\"> </span>The lo<span class=\"_ _2\"></span>ng-term na<span class=\"_ _2\"></span>ture of much of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s ope<span class=\"_ _2\"></span>rations m<span class=\"_ _2\"></span>eans tha<span class=\"_ _2\"></span>t, for interna<span class=\"_ _2\"></span>l per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e manag<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt, the ef<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>s of shor<span class=\"_ _2\"></span>t-term ec<span class=\"_ _2\"></span>onomic volat<span class=\"_ _2\"></span>ility are t<span class=\"_ _2\"></span>reated as n<span class=\"_ _2\"></span>on-op<span class=\"_ _2\"></span>erating ite<span class=\"_ _2\"></span>ms. Th<span class=\"_ _2\"></span>e Group foc<span class=\"_ _2\"></span>uses ins<span class=\"_ _2\"></span>tead on a<span class=\"_ _2\"></span>n adjus<span class=\"_ _2\"></span>ted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit meas<span class=\"_ _2\"></span>ure that inco<span class=\"_ _2\"></span>rporate<span class=\"_ _2\"></span>s an exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d return on inves<span class=\"_ _2\"></span>tments s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>ting it<span class=\"_ _2\"></span>s long-te<span class=\"_ _2\"></span>rm busine<span class=\"_ _2\"></span>ss. T<span class=\"_ _2\"></span>he acc<span class=\"_ _2\"></span>ounting po<span class=\"_ _2\"></span>licy ado<span class=\"_ _2\"></span>pted in the c<span class=\"_ _2\"></span>alculation of a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profit is det<span class=\"_ _2\"></span>ailed in n<span class=\"_ _2\"></span>ote B1. The m<span class=\"_ _2\"></span>ethodo<span class=\"_ _2\"></span>logy for th<span class=\"_ _2\"></span>e determin<span class=\"_ _2\"></span>ation of the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt return is expl<span class=\"_ _2\"></span>ained b<span class=\"_ _2\"></span>elow toge<span class=\"_ _2\"></span>ther with an anal<span class=\"_ _2\"></span>ysis of investm<span class=\"_ _2\"></span>ent return vari<span class=\"_ _2\"></span>ances a<span class=\"_ _2\"></span>nd eco<span class=\"_ _2\"></span>nomic as<span class=\"_ _2\"></span>sumption c<span class=\"_ _2\"></span>hange<span class=\"_ _2\"></span>s reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d outsi<span class=\"_ _2\"></span>de of adjus<span class=\"_ _2\"></span>ted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit.<span class=\"_ _3bc\"> </span>B2<span class=\"_ _2\"></span>.1 Calcu<span class=\"_ _2\"></span>latio<span class=\"_ _2\"></span>n of the l<span class=\"_ _2\"></span>ong<span class=\"_ _2\"></span>-ter<span class=\"_ _2\"></span>m invest<span class=\"_ _2\"></span>ment re<span class=\"_ _2\"></span>turn<span class=\"_ _3bc\"> </span>Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit for life ass<span class=\"_ _2\"></span>urance b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s is bas<span class=\"_ _2\"></span>ed on exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt returns on fin<span class=\"_ _2\"></span>ancial inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s backin<span class=\"_ _2\"></span>g shareh<span class=\"_ _2\"></span>older, annuit<span class=\"_ _2\"></span>y, other non<span class=\"_ _2\"></span>-profit busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>, With-<span class=\"_ _2\"></span>Profit funds re<span class=\"_ _2\"></span>ceivin<span class=\"_ _2\"></span>g shareh<span class=\"_ _2\"></span>older sup<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t and surpl<span class=\"_ _2\"></span>us ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>, with allowan<span class=\"_ _2\"></span>ce for the co<span class=\"_ _2\"></span>rrespo<span class=\"_ _2\"></span>nding moveme<span class=\"_ _2\"></span>nts in liabilit<span class=\"_ _2\"></span>ies. The m<span class=\"_ _2\"></span>ethodo<span class=\"_ _2\"></span>logy to dete<span class=\"_ _2\"></span>rmine the ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted investm<span class=\"_ _2\"></span>ent returns o<span class=\"_ _2\"></span>n financi<span class=\"_ _2\"></span>al investme<span class=\"_ _2\"></span>nts has b<span class=\"_ _2\"></span>een revi<span class=\"_ _2\"></span>sed, c<span class=\"_ _2\"></span>ompare<span class=\"_ _2\"></span>d to that disc<span class=\"_ _2\"></span>losed in t<span class=\"_ _2\"></span>he Interim Fin<span class=\"_ _2\"></span>ancial R<span class=\"_ _2\"></span>epor<span class=\"_ _2\"></span>t 2023<span class=\"_ _2\"></span>, to use the 1<span class=\"_ _2\"></span>-year (rath<span class=\"_ _2\"></span>er than 1<span class=\"_ _2\"></span>5-ye<span class=\"_ _2\"></span>ar) risk-<span class=\"_ _5\"></span>free r<span class=\"_ _2\"></span>ate for deriving th<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>cted inves<span class=\"_ _2\"></span>tment ret<span class=\"_ _2\"></span>urn assum<span class=\"_ _2\"></span>ption on as<span class=\"_ _2\"></span>sets ba<span class=\"_ _2\"></span>cking th<span class=\"_ _2\"></span>e insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>ct liabilit<span class=\"_ _2\"></span>ies to reduc<span class=\"_ _2\"></span>e unintende<span class=\"_ _2\"></span>d econ<span class=\"_ _2\"></span>omic volatilit<span class=\"_ _2\"></span>y as s<span class=\"_ _2\"></span>et out in note B1<span class=\"_ _2\"></span>. The informat<span class=\"_ _2\"></span>ion below for th<span class=\"_ _2\"></span>e year ende<span class=\"_ _2\"></span>d 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2022 in<span class=\"_ _2\"></span>cludes th<span class=\"_ _2\"></span>ese revis<span class=\"_ _2\"></span>ions and is p<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d on a consis<span class=\"_ _2\"></span>tent bas<span class=\"_ _2\"></span>is to that at 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The lo<span class=\"_ _2\"></span>ng-term ris<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>-fre<span class=\"_ _2\"></span>e rate use<span class=\"_ _2\"></span>d as the ba<span class=\"_ _2\"></span>sis for derivin<span class=\"_ _2\"></span>g the long<span class=\"_ _2\"></span>-term investm<span class=\"_ _2\"></span>ent return is c<span class=\"_ _2\"></span>onsis<span class=\"_ _2\"></span>tent with that s<span class=\"_ _2\"></span>et out in note F11<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2.1 at the 1-yea<span class=\"_ _2\"></span>r duratio<span class=\"_ _2\"></span>n for ass<span class=\"_ _2\"></span>ets bac<span class=\"_ _2\"></span>king the ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t liabilitie<span class=\"_ _2\"></span>s and surpl<span class=\"_ _2\"></span>us cash a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s, a<span class=\"_ _2\"></span>nd at the 1<span class=\"_ _2\"></span>5-yea<span class=\"_ _2\"></span>r duration for s<span class=\"_ _2\"></span>urplus non-<span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>h asset<span class=\"_ _2\"></span>s. A risk pre<span class=\"_ _2\"></span>mium of 38<span class=\"_ _2\"></span>0 bps is ad<span class=\"_ _2\"></span>ded to the ris<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>-fre<span class=\"_ _2\"></span>e yield for e<span class=\"_ _2\"></span>quities (31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 202<span class=\"_ _2\"></span>2: 370 bps), 50 bps for pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ties (31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2022<span class=\"_ _2\"></span>: 28<span class=\"_ _2\"></span>0 bps) and 13<span class=\"_ _2\"></span>0bps for de<span class=\"_ _2\"></span>bt sec<span class=\"_ _2\"></span>urities (31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2022<span class=\"_ _2\"></span>: 80 bps). The pr<span class=\"_ _2\"></span>incipal as<span class=\"_ _2\"></span>sumptio<span class=\"_ _2\"></span>ns, de<span class=\"_ _2\"></span>termined a<span class=\"_ _2\"></span>s at 1 Janua<span class=\"_ _2\"></span>ry of ea<span class=\"_ _2\"></span>ch repor<span class=\"_ _2\"></span>ting p<span class=\"_ _2\"></span>eriod<span class=\"_ _2\"></span>, underly<span class=\"_ _2\"></span>ing the c<span class=\"_ _2\"></span>alculation of th<span class=\"_ _2\"></span>e long-ter<span class=\"_ _2\"></span>m investme<span class=\"_ _2\"></span>nt return for surpl<span class=\"_ _2\"></span>us ass<span class=\"_ _2\"></span>ets are:<span class=\"_ _3bc\"> </span><table class=\"s w2af h29c\" id=\"_8dae3384-543c-4003-a8d6-ba7c65298461\"><tr><td></td><td class=\"t m0 x549 h3f y56f7 ff7 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>3 </td><td class=\"t m0 x23e h16 y56f7 ff3 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>2 </td></tr><tr><td></td><td class=\"t m0 x54a h3f y56f8 ff7 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x54b h16 y56f8 ff3 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y56f9 wef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x54c y56f9 w2b0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1d6 ws1d6\">7.<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x54d y56f9 w2b1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">4.6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee w2b2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x54e y55ee w2b3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">4.1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x54f y55ee w2b4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d7 ws1d7\">3.7<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x550 y55ef w2b3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">4.9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x551 y55ef w2b5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d7 ws1d7\">1<span class=\"_ _3\"></span>.7<span class=\"_ _3bc\"> </span></div></td></tr></table>Durin<span class=\"_ _2\"></span>g 2022 UK inte<span class=\"_ _2\"></span>rest ra<span class=\"_ _2\"></span>tes increa<span class=\"_ _2\"></span>sed sig<span class=\"_ _2\"></span>nificantl<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, t<span class=\"_ _2\"></span>his had the im<span class=\"_ _2\"></span>pact of in<span class=\"_ _2\"></span>creasin<span class=\"_ _2\"></span>g the risk-free yiel<span class=\"_ _2\"></span>d at the 15<span class=\"_ _2\"></span>-year p<span class=\"_ _2\"></span>oint by 271bps fro<span class=\"_ _2\"></span>m 0.91% t<span class=\"_ _5\"></span>o 3.62%.<span class=\"_ _3bc\"> </span>B2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2 Life ass<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce bus<span class=\"_ _2\"></span>ines<span class=\"_ _2\"></span>s The e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic varianc<span class=\"_ _2\"></span>es exclude<span class=\"_ _2\"></span>d from the lo<span class=\"_ _2\"></span>ng-term b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s opera<span class=\"_ _2\"></span>ting profit are as foll<span class=\"_ _2\"></span>ows:<span class=\"_ _3bc\"> </span><table class=\"s w2b6 h29d\" id=\"_675816d2-2784-4b52-b7be-bdbb609efa36\"><tr><td></td><td class=\"t m0 x549 h3f y56fa ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h16 y56fa ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x552 h3f y56fb ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x553 h16 y56fb ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ef w24c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Economic variances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x554 y55ef w2b7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">1<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x555 y55ef w225 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,<span class=\"_ _2\"></span>309<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table>The n<span class=\"_ _2\"></span>et favourable e<span class=\"_ _2\"></span>cono<span class=\"_ _2\"></span>mic varianc<span class=\"_ _2\"></span>es of \u00a3147 million (20<span class=\"_ _2\"></span>22: adver<span class=\"_ _2\"></span>se \u00a33<span class=\"_ _2\"></span>,3<span class=\"_ _2\"></span>09 m<span class=\"_ _2\"></span>illion) have primaril<span class=\"_ _2\"></span>y arisen a<span class=\"_ _2\"></span>s a result of a more s<span class=\"_ _2\"></span>table m<span class=\"_ _2\"></span>arket environm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>ared with th<span class=\"_ _2\"></span>e signific<span class=\"_ _2\"></span>ant volatilit<span class=\"_ _2\"></span>y expe<span class=\"_ _2\"></span>rience d<span class=\"_ _2\"></span>uring 2022<span class=\"_ _2\"></span>. The impac<span class=\"_ _2\"></span>t of positi<span class=\"_ _2\"></span>ve chang<span class=\"_ _2\"></span>es to disco<span class=\"_ _2\"></span>unt rates<span class=\"_ _2\"></span>, primaril<span class=\"_ _2\"></span>y on annuit<span class=\"_ _2\"></span>ies and in<span class=\"_ _2\"></span>cluding th<span class=\"_ _2\"></span>e impact of m<span class=\"_ _2\"></span>ethodo<span class=\"_ _2\"></span>logy refin<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s (see note B2.1), mo<span class=\"_ _2\"></span>re than off<span class=\"_ _2\"></span>sets t<span class=\"_ _2\"></span>he loss<span class=\"_ _2\"></span>es arisin<span class=\"_ _2\"></span>g from the impa<span class=\"_ _2\"></span>ct of pos<span class=\"_ _2\"></span>itive equi<span class=\"_ _2\"></span>ty ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et movem<span class=\"_ _2\"></span>ents on th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>es the Gro<span class=\"_ _2\"></span>up holds to prote<span class=\"_ _2\"></span>ct the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II pos<span class=\"_ _2\"></span>ition. As t<span class=\"_ _2\"></span>he full value of f<span class=\"_ _2\"></span>uture profits im<span class=\"_ _2\"></span>pacte<span class=\"_ _2\"></span>d by equi<span class=\"_ _2\"></span>ty ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>ets i<span class=\"_ _2\"></span>s not held on th<span class=\"_ _2\"></span>e IFRS b<span class=\"_ _2\"></span>alance s<span class=\"_ _2\"></span>heet<span class=\"_ _2\"></span>, this result<span class=\"_ _2\"></span>s in volatilit<span class=\"_ _2\"></span>y in the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s I<span class=\"_ _2\"></span>FRS res<span class=\"_ _2\"></span>ults<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff2 fs7 fc1 sc0 ls13 ws11 gs2ca\">B3. Earnings per<span class=\"_ _5\"></span> share<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2cb\">T<span class=\"_ _3bc\"> </span>he Gro<span class=\"_ _2\"></span>up calc<span class=\"_ _2\"></span>ulates its b<span class=\"_ _2\"></span>asic ea<span class=\"_ _2\"></span>rnings p<span class=\"_ _2\"></span>er share b<span class=\"_ _2\"></span>ased on t<span class=\"_ _2\"></span>he prese<span class=\"_ _2\"></span>nt shares in i<span class=\"_ _2\"></span>ssue us<span class=\"_ _2\"></span>ing the ear<span class=\"_ _2\"></span>nings at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to ordin<span class=\"_ _2\"></span>ary e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2cc\">hold<span class=\"_ _2\"></span>ers of the pa<span class=\"_ _2\"></span>rent, divid<span class=\"_ _2\"></span>ed by the weig<span class=\"_ _2\"></span>hted averag<span class=\"_ _2\"></span>e numbe<span class=\"_ _2\"></span>r of ordinar<span class=\"_ _2\"></span>y shares in i<span class=\"_ _2\"></span>ssue dur<span class=\"_ _2\"></span>ing the year. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2cd\">Dilute<span class=\"_ _2\"></span>d earning<span class=\"_ _2\"></span>s per sh<span class=\"_ _2\"></span>are are cal<span class=\"_ _2\"></span>culated b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the potentia<span class=\"_ _2\"></span>l future sh<span class=\"_ _2\"></span>ares in iss<span class=\"_ _2\"></span>ue ass<span class=\"_ _2\"></span>uming the c<span class=\"_ _2\"></span>onversion of all p<span class=\"_ _2\"></span>otentially dilutive </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2ce\">ordinar<span class=\"_ _2\"></span>y sh<span class=\"_ _2\"></span>ares. T<span class=\"_ _2\"></span>he weighte<span class=\"_ _2\"></span>d average n<span class=\"_ _2\"></span>umber of ordin<span class=\"_ _2\"></span>ary s<span class=\"_ _2\"></span>hares in is<span class=\"_ _2\"></span>sue is ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d to assum<span class=\"_ _2\"></span>e convers<span class=\"_ _2\"></span>ion of dilutive share aw<span class=\"_ _2\"></span>ards grante<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1a ws2f gs2cf\">to em<span class=\"_ _2\"></span>ploye<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2d0\">The b<span class=\"_ _2\"></span>asic and dilu<span class=\"_ _2\"></span>ted earnin<span class=\"_ _2\"></span>gs per s<span class=\"_ _2\"></span>hare ca<span class=\"_ _2\"></span>lculation<span class=\"_ _2\"></span>s are also pre<span class=\"_ _2\"></span>sented b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the Group\u2019s adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g earning<span class=\"_ _2\"></span>s net of finan<span class=\"_ _2\"></span>cing </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2d1\">cos<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. Adjus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profit is a n<span class=\"_ _2\"></span>on-<span class=\"_ _2\"></span>G<span class=\"_ _5\"></span>A<span class=\"_ _2\"></span>AP per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce mea<span class=\"_ _2\"></span>sure that is co<span class=\"_ _2\"></span>nsidere<span class=\"_ _2\"></span>d to provide a co<span class=\"_ _2\"></span>mparabl<span class=\"_ _2\"></span>e meas<span class=\"_ _2\"></span>ure of the underl<span class=\"_ _2\"></span>ying </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2d2\">per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce of the bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s as it exclude<span class=\"_ _2\"></span>s the impa<span class=\"_ _2\"></span>ct of shor<span class=\"_ _2\"></span>t-term eco<span class=\"_ _2\"></span>nomic volatili<span class=\"_ _2\"></span>ty an<span class=\"_ _2\"></span>d other one<span class=\"_ _2\"></span>-of<span class=\"_ _2\"></span>f items<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls96 ws0 gs2d3\">The re<span class=\"_ _2\"></span>sult at<span class=\"_ _2\"></span>tributab<span class=\"_ _2\"></span>le to ordinar<span class=\"_ _2\"></span>y equi<span class=\"_ _2\"></span>ty h<span class=\"_ _2\"></span>olders of th<span class=\"_ _2\"></span>e parent for the p<span class=\"_ _2\"></span>urpos<span class=\"_ _2\"></span>es of determinin<span class=\"_ _2\"></span>g earning<span class=\"_ _2\"></span>s per sh<span class=\"_ _2\"></span>are has b<span class=\"_ _2\"></span>een ca<span class=\"_ _2\"></span>lculated a<span class=\"_ _2\"></span>s set out b<span class=\"_ _2\"></span>elow.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls70 ws67 gs2d4\">2023<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls51 ws4b gs2d5\">Adjusted<span class=\"_ _5\"></span> </div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls0 ws0 gs2d6\">op<span class=\"_ _2\"></span>erat<span class=\"_ _2\"></span>ing<span class=\"_ gs2d7\"> </span>p<span class=\"_ _2\"></span>rofit </div><div class=\"t m0 h3f ff7 fsf fc1 sc0 lsa8 ws98 gs2d8\">\u00a3m<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls51 ws4b gs2d9\">Financing<span class=\"_ _7\"></span> cost<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 lsa8 ws98 gs2da\">\u00a3m<span class=\"_ _3bc\"> </span></div><div class=\"gs2db\"><table class=\"s w2b8 h29e\" id=\"_a78d3cb4-4f76-4d11-ad39-e4186bf50b75\"><tr><td></td><td></td><td></td><td class=\"t m0 x556 h3f y56fc ff7 fsf fc1 sc0 ls51 ws4b\">Adjusted<span class=\"_ _5\"></span> operating<span class=\"_ _5\"></span> </td><td class=\"t m0 x557 h3f y56fc ff7 fsf fc1 sc0 ls0 ws0\">Ot<span class=\"_ _2\"></span>her </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x558 h3f y56fd ff7 fsf fc1 sc0 ls0 ws0\">ea<span class=\"_ _2\"></span>rnin<span class=\"_ _2\"></span>gs ne<span class=\"_ _2\"></span>t of </td><td class=\"t m0 x559 h3f y56fd ff7 fsf fc1 sc0 ls51 ws4b\">non-operati<span class=\"_ _5\"></span>ng </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x55a h3f y56fe ff7 fsf fc1 sc0 ls51 ws4b\">financing<span class=\"_ _5\"></span> costs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x44d h3f y56fe ff7 fsf fc1 sc0 ls70 ws67\">items<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h3f y56fe ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x4c3 h3f y56ff ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y56ff ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y56ff ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5700 w2b9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Profit<span class=\"_ _2\"></span>/<span class=\"_ _7\"></span>(l<span class=\"_ _2\"></span>oss) before th<span class=\"_ _2\"></span>e tax at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to owne<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x55b y5700 w2ba h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">617<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x55c y5700 wc2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(195<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x55d y5700 w85 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">422<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x55e y5700 w2bb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">(586)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x55f y5700 w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(16<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5701 w2bc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ax (cha<span class=\"_ _2\"></span>rge)/<span class=\"_ _6\"></span>cre<span class=\"_ _2\"></span>dit at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to owner<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x560 y5701 w2bd h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(119)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x561 y5701 w194 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls25 ws23\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x562 y5701 w1ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(7<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x563 y5701 wf5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x564 y5701 w9b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">76<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5702 w2be h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">Profit<span class=\"_ _2\"></span>/<span class=\"_ _5\"></span>(los<span class=\"_ _2\"></span>s) for the yea<span class=\"_ _2\"></span>r attri<span class=\"_ _2\"></span>butab<span class=\"_ _2\"></span>le to owne<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x565 y5702 w1b7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">498<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x566 y5702 w2bf h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(149<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x567 y5702 w1b7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">349<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x568 y5702 w2c0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>437<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x569 y5702 w2c1 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">(88<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5703 w2c2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Co<span class=\"_ _2\"></span>upon paid o<span class=\"_ _2\"></span>n Tier 1 note<span class=\"_ _2\"></span>s, net of t<span class=\"_ _2\"></span>ax relief<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x56a y5703 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x56b y5703 w175 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x56c y5703 w2c3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x56d y5703 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x56e y5703 w2c4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(22)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5704 w2c5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c3 ws0\">De<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>: Share of res<span class=\"_ _2\"></span>ult att<span class=\"_ _2\"></span>ributab<span class=\"_ _2\"></span>le to non-c<span class=\"_ _2\"></span>ontrolling intere<span class=\"_ _2\"></span>sts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x56f y5704 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x570 y5704 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x571 y5704 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x572 y5704 w2c6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>28)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x573 y5704 w2c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>28)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5705 ff7 fs7 fc1 sc0 ls0 ws0\">Profit<span class=\"_ _2\"></span>/<span class=\"_ _5\"></span>(los<span class=\"_ _2\"></span>s) for the yea<span class=\"_ _2\"></span>r attri<span class=\"_ _2\"></span>butab<span class=\"_ _2\"></span>le to ord<span class=\"_ _2\"></span>inar<span class=\"_ _2\"></span>y equi<span class=\"_ _2\"></span>ty </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5706 w2c8 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">holders of the<span class=\"_ _5\"></span> parent<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x574 y5706 w2c9 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">498<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x575 y5706 w2ca h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>171<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x576 y5706 w1a7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">3<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x577 y5706 w2cb h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(46<span class=\"_ _2\"></span>5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x578 y5706 wc2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">(138<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x579 h16 y5707 ff3 fsf fc1 sc0 ls0 ws0\">Adj<span class=\"_ _2\"></span>ust<span class=\"_ _2\"></span>ed op<span class=\"_ _2\"></span>erat<span class=\"_ _2\"></span>ing </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x57a h16 y5708 ff3 fsf fc1 sc0 ls0 ws0\">Adj<span class=\"_ _2\"></span>ust<span class=\"_ _2\"></span>ed </td><td></td><td class=\"t m0 x57b h16 y5708 ff3 fsf fc1 sc0 ls0 ws0\">ea<span class=\"_ _2\"></span>rning<span class=\"_ _2\"></span>s net of </td><td class=\"t m0 x57c h16 y5708 ff3 fsf fc1 sc0 ls83 ws78\">Other </td><td></td></tr><tr><td></td><td class=\"t m0 x57d h16 y5709 ff3 fsf fc1 sc0 ls0 ws0\">op<span class=\"_ _2\"></span>erat<span class=\"_ _2\"></span>ing<span class=\"_ gs2dc\"> </span>pro<span class=\"_ _2\"></span>fit<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x57e h16 y5709 ff3 fsf fc1 sc0 ls84 ws79\">Financing<span class=\"_ _7\"></span> cost<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x57b h16 y5709 ff3 fsf fc1 sc0 ls84 ws79\">financing<span class=\"_ _7\"></span> cos<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x57f h16 y5709 ff3 fsf fc1 sc0 ls17 ws15\">non-operating items<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5709 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y570b w2cc h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 (<span class=\"_ _7\"></span>restated)</div><div class=\"t m0 x580 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x581 h16 y570c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x582 h16 y570c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h16 y570c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h16 y570c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y570c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y570d w2b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Profit<span class=\"_ _2\"></span>/<span class=\"_ _7\"></span>(l<span class=\"_ _2\"></span>oss) before th<span class=\"_ _2\"></span>e tax at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to owne<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x583 y570d w119 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c3 ws1c3\">544<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x584 y570d w2cd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>99)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x585 y570d w197 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">3<span class=\"_ _2\"></span>45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x586 y570d w87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">(3,857)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x587 y570d w259 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y570e w2bc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ax (cha<span class=\"_ _2\"></span>rge)/<span class=\"_ _6\"></span>cre<span class=\"_ _2\"></span>dit at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to owner<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x560 y570e w2cd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(11<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x588 y570e w2ce h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">43<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x589 y570e w2cf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>76<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x554 y570e wf7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">9<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x58a y570e w9c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">855<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y570f w2be h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">Profit<span class=\"_ _2\"></span>/<span class=\"_ _5\"></span>(los<span class=\"_ _2\"></span>s) for the yea<span class=\"_ _2\"></span>r attri<span class=\"_ _2\"></span>butab<span class=\"_ _2\"></span>le to owne<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x58b y570f w2ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">425<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x58c y570f w228 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(156)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x58d y570f we9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">269<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x58e y570f w2d0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>926)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x58f y570f w9f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(2,6<span class=\"_ _2\"></span>57)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y566a w2d1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Co<span class=\"_ _2\"></span>upon paid on T<span class=\"_ _2\"></span>ier 1 note<span class=\"_ _2\"></span>s, net of t<span class=\"_ _2\"></span>ax relief<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x590 y566a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x591 y566a w1dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x592 y566a w135 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x593 y566a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x594 y566a w135 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>22)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5710 w2c5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c3 ws0\">De<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>: Share of res<span class=\"_ _2\"></span>ult att<span class=\"_ _2\"></span>ributab<span class=\"_ _2\"></span>le to non-c<span class=\"_ _2\"></span>ontrolling intere<span class=\"_ _2\"></span>sts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x595 y5710 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x596 y5710 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x597 y5710 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x598 y5710 w2c7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(67<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x599 y5710 w2c7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(67<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5711 ff7 fs7 fc1 sc0 ls0 ws0\">Profit<span class=\"_ _2\"></span>/<span class=\"_ _5\"></span>(los<span class=\"_ _2\"></span>s) for the yea<span class=\"_ _2\"></span>r attri<span class=\"_ _2\"></span>butab<span class=\"_ _2\"></span>le to ord<span class=\"_ _2\"></span>inar<span class=\"_ _2\"></span>y equi<span class=\"_ _2\"></span>ty </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ef w2c8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">holders of the<span class=\"_ _5\"></span> parent<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x59a y55ef w2ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">425<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x59b y55ef w2d2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>178<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x59c y55ef w2d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x59d y55ef w2d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(2<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>93)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x59e y55ef w2d5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,74<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs2dd\">1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.1 fo<span class=\"_ _2\"></span>r fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>ils).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2de\">The wei<span class=\"_ _2\"></span>ghted averag<span class=\"_ _2\"></span>e numbe<span class=\"_ _2\"></span>r of ordinar<span class=\"_ _2\"></span>y share<span class=\"_ _2\"></span>s outs<span class=\"_ _2\"></span>tandin<span class=\"_ _2\"></span>g during the p<span class=\"_ _2\"></span>eriod is c<span class=\"_ _2\"></span>alculate<span class=\"_ _2\"></span>d as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"gs2df\"><table class=\"s w286 h29f\" id=\"_e50836bf-3696-433e-9dd0-d657596984a2\"><tr><td></td><td class=\"t m0 x44d h3f y5712 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5712 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x261 h3f y5713 ff7 fsf fc1 sc0 lse3 wscd\">Number<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x59f h16 y5713 ff3 fsf fc1 sc0 ls82 ws77\">Numbe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x5a0 h3f y5714 ff7 fsf fc1 sc0 lse3 wscd\">million<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5a1 h16 y5714 ff3 fsf fc1 sc0 ls82 ws77\">million<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y561b w2d6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Is<span class=\"_ _2\"></span>sued ord<span class=\"_ _2\"></span>inar<span class=\"_ _2\"></span>y shares at b<span class=\"_ _2\"></span>eginn<span class=\"_ _2\"></span>ing of the year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a2 y561b w2d7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls48 wsa4\">1,<span class=\"_ _7\"></span>000<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a3 y561b w2d8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls48 wsa4\">1,<span class=\"_ _7\"></span>000<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w2d9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Effe<span class=\"_ _2\"></span>ct of ordinar<span class=\"_ _2\"></span>y sh<span class=\"_ _2\"></span>ares iss<span class=\"_ _2\"></span>ued<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a4 y561c wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a5 y561c w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 w2da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Effe<span class=\"_ _2\"></span>ct of non-<span class=\"_ _2\"></span>conting<span class=\"_ _2\"></span>ently is<span class=\"_ _2\"></span>suable sh<span class=\"_ _2\"></span>ares in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of Group's long-term in<span class=\"_ _2\"></span>centive pl<span class=\"_ _2\"></span>an<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a6 y5600 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a7 y5600 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w2db h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Own s<span class=\"_ _2\"></span>hares he<span class=\"_ _2\"></span>ld by the emp<span class=\"_ _2\"></span>loyee ben<span class=\"_ _2\"></span>efit trus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a8 y561e w2dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a9 y561e w2dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w2de h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">Weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e numb<span class=\"_ _2\"></span>er of ordi<span class=\"_ _2\"></span>nar<span class=\"_ _2\"></span>y shar<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5aa y55ef w2df h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5ab y55ef w1b5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">999<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c3 ws0 gs2e0\">The dilu<span class=\"_ _2\"></span>ted weighte<span class=\"_ _2\"></span>d average n<span class=\"_ _2\"></span>umber of ordina<span class=\"_ _2\"></span>ry sh<span class=\"_ _2\"></span>ares out<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>anding durin<span class=\"_ _2\"></span>g the peri<span class=\"_ _2\"></span>od is 1<span class=\"_ _2\"></span>,003 millio<span class=\"_ _2\"></span>n (2022: 1<span class=\"_ _2\"></span>,00<span class=\"_ _2\"></span>1 million). The Group\u2019s long<span class=\"_ _2\"></span>-term </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c3 ws0 gs2e1\">ince<span class=\"_ _2\"></span>ntive plan<span class=\"_ _2\"></span>, deferred b<span class=\"_ _2\"></span>onus sha<span class=\"_ _2\"></span>re schem<span class=\"_ _2\"></span>e and sha<span class=\"_ _2\"></span>resave sch<span class=\"_ _2\"></span>emes in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>ed the weig<span class=\"_ _2\"></span>hted averag<span class=\"_ _2\"></span>e numbe<span class=\"_ _2\"></span>r of shares on a dilu<span class=\"_ _2\"></span>ted basi<span class=\"_ _2\"></span>s by </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c3 ws0 gs2e2\">2,<span class=\"_ _2\"></span>259,<span class=\"_ _2\"></span>377 s<span class=\"_ _2\"></span>hares for th<span class=\"_ _2\"></span>e year ende<span class=\"_ _2\"></span>d 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023 (202<span class=\"_ _2\"></span>2: 1,<span class=\"_ _2\"></span>841<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>8 shares). As lo<span class=\"_ _2\"></span>sses h<span class=\"_ _2\"></span>ave an anti-diluti<span class=\"_ _2\"></span>ve effec<span class=\"_ _2\"></span>t, non<span class=\"_ _2\"></span>e of the share<span class=\"_ _2\"></span>-base<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c3 ws0 gs2e3\">awards h<span class=\"_ _2\"></span>ad a dilutive ef<span class=\"_ _2\"></span>fect in th<span class=\"_ _2\"></span>e calc<span class=\"_ _2\"></span>ulation of basi<span class=\"_ _2\"></span>c earning<span class=\"_ _2\"></span>s per sh<span class=\"_ _2\"></span>are for eithe<span class=\"_ _2\"></span>r of the years e<span class=\"_ _2\"></span>nded 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>2 or 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2e4\">Earnin<span class=\"_ _2\"></span>gs pe<span class=\"_ _2\"></span>r share disc<span class=\"_ _2\"></span>losures are a<span class=\"_ _2\"></span>s follows:<span class=\"_ _3bc\"> </span></div><div class=\"gs2e5\"><table class=\"s w286 h2a0\" id=\"_a54ace55-da39-4c8c-9844-2e926ba318e4\"><tr><td></td><td></td><td class=\"t m0 x1e4 h16 y5715 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x44d h3f y5716 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x59f h16 y5716 ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x5ac h3f y5717 ff7 fsf fc1 sc0 ls51 ws4b\">pence<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5a1 h16 y5717 ff3 fsf fc1 sc0 ls83 ws78\">pence<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5718 w2e0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Basi<span class=\"_ _2\"></span>c earning<span class=\"_ _2\"></span>s per sh<span class=\"_ _2\"></span>are<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5ad y5718 w2e1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(13.<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5ae y5718 w2e2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _2\"></span>274<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5719 w2e3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Dilute<span class=\"_ _2\"></span>d earning<span class=\"_ _2\"></span>s per sh<span class=\"_ _2\"></span>are<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5af y5719 w166 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(13.<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5b0 y5719 w2e2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _2\"></span>274<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y571a w2e4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Basi<span class=\"_ _2\"></span>c adjus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating e<span class=\"_ _2\"></span>arnings n<span class=\"_ _2\"></span>et of financin<span class=\"_ _2\"></span>g cos<span class=\"_ _2\"></span>ts per s<span class=\"_ _2\"></span>hare<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5b1 y571a w2e5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1d8 ws1d8\">32<span class=\"_ _2\"></span>.7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5b2 y571a w2e6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>.7<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w2e7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Dilute<span class=\"_ _2\"></span>d adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating e<span class=\"_ _2\"></span>arning<span class=\"_ _2\"></span>s net of financ<span class=\"_ _2\"></span>ing cos<span class=\"_ _2\"></span>ts per s<span class=\"_ _2\"></span>hare<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49e y55ef w2e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">32<span class=\"_ _2\"></span>.6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5b2 y55ef w2e6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>.7<span class=\"_ _3bc\"> </span></div></td></tr></table></div>B4. Dividends<span class=\"_ _3bc\"> </span>Final di<span class=\"_ _2\"></span>vidends o<span class=\"_ _2\"></span>n ordinar<span class=\"_ _2\"></span>y share<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as a liabilit<span class=\"_ _2\"></span>y and d<span class=\"_ _2\"></span>educ<span class=\"_ _2\"></span>ted from eq<span class=\"_ _2\"></span>uity w<span class=\"_ _2\"></span>hen they are a<span class=\"_ _2\"></span>pproved by the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s owner<span class=\"_ _2\"></span>s. Interim divi<span class=\"_ _2\"></span>dends are d<span class=\"_ _2\"></span>educ<span class=\"_ _2\"></span>ted from eq<span class=\"_ _2\"></span>uity wh<span class=\"_ _2\"></span>en they are p<span class=\"_ _2\"></span>aid. Divid<span class=\"_ _2\"></span>ends for the ye<span class=\"_ _2\"></span>ar that are ap<span class=\"_ _2\"></span>proved af<span class=\"_ _2\"></span>ter the repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g perio<span class=\"_ _2\"></span>d are dealt wit<span class=\"_ _2\"></span>h as an event af<span class=\"_ _2\"></span>ter the rep<span class=\"_ _2\"></span>ortin<span class=\"_ _2\"></span>g perio<span class=\"_ _2\"></span>d. Dec<span class=\"_ _2\"></span>lared divi<span class=\"_ _2\"></span>dends are tho<span class=\"_ _2\"></span>se that are ap<span class=\"_ _2\"></span>propriatel<span class=\"_ _2\"></span>y authori<span class=\"_ _2\"></span>sed an<span class=\"_ _2\"></span>d are no long<span class=\"_ _2\"></span>er at the dis<span class=\"_ _2\"></span>cretion of the e<span class=\"_ _2\"></span>ntity.<span class=\"_ _3bc\"> </span><table class=\"s w2e9 h2a1\" id=\"_ff0011c5-a822-43c9-a73d-41c661c503b8\"><tr><td></td><td class=\"t m0 x549 h3f y571b ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h16 y571b ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x552 h3f y571c ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x553 h16 y571c ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ef w2ea h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Divid<span class=\"_ _2\"></span>ends de<span class=\"_ _2\"></span>clared a<span class=\"_ _2\"></span>nd paid in th<span class=\"_ _2\"></span>e year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x563 y55ef w2eb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">52<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5b3 y55ef w59 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">49<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr></table>On 1<span class=\"_ _2\"></span>0 March 202<span class=\"_ _2\"></span>3, th<span class=\"_ _2\"></span>e Board re<span class=\"_ _2\"></span>comme<span class=\"_ _2\"></span>nded a fin<span class=\"_ _2\"></span>al dividen<span class=\"_ _2\"></span>d of 26.0<span class=\"_ _2\"></span>p per sh<span class=\"_ _2\"></span>are in respe<span class=\"_ _2\"></span>ct of the yea<span class=\"_ _2\"></span>r ende<span class=\"_ _2\"></span>d 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2022. Th<span class=\"_ _2\"></span>e dividend was app<span class=\"_ _2\"></span>roved at the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s A<span class=\"_ _2\"></span>nnual Ge<span class=\"_ _2\"></span>neral M<span class=\"_ _2\"></span>eetin<span class=\"_ _2\"></span>g, which w<span class=\"_ _2\"></span>as held on 4 M<span class=\"_ _2\"></span>ay 2023<span class=\"_ _2\"></span>. The divide<span class=\"_ _2\"></span>nd amo<span class=\"_ _2\"></span>unted to \u00a326<span class=\"_ _2\"></span>0 million an<span class=\"_ _2\"></span>d was paid on 10 M<span class=\"_ _2\"></span>ay 2023<span class=\"_ _2\"></span>. On 1<span class=\"_ _2\"></span>5 Septem<span class=\"_ _2\"></span>ber 2023<span class=\"_ _2\"></span>, the B<span class=\"_ _2\"></span>oard de<span class=\"_ _2\"></span>clared an inte<span class=\"_ _2\"></span>rim dividen<span class=\"_ _2\"></span>d of 26.0<span class=\"_ _2\"></span>p per sh<span class=\"_ _2\"></span>are for the half ye<span class=\"_ _2\"></span>ar ende<span class=\"_ _2\"></span>d 30 Jun<span class=\"_ _2\"></span>e 2023. T<span class=\"_ _2\"></span>he divide<span class=\"_ _2\"></span>nd amo<span class=\"_ _2\"></span>unted to \u00a326<span class=\"_ _2\"></span>0 million an<span class=\"_ _2\"></span>d was paid on 2<span class=\"_ _2\"></span>3 Octob<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>.",
   "dimensions": {
    "concept": "pheonixgroupholdings:DisclosureOfEarningsPerformance",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-688": {
   "value": "The Gro<span class=\"_ _2\"></span>up defines a<span class=\"_ _2\"></span>nd prese<span class=\"_ _2\"></span>nts ope<span class=\"_ _2\"></span>rating s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nts in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with IFR<span class=\"_ _2\"></span>S 8 \u2018Oper<span class=\"_ _2\"></span>ating Se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>s\u2019 which req<span class=\"_ _2\"></span>uires such s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ents to be bas<span class=\"_ _2\"></span>ed on the inform<span class=\"_ _2\"></span>ation which i<span class=\"_ _2\"></span>s provided to th<span class=\"_ _2\"></span>e Board<span class=\"_ _2\"></span>, and therefore s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ental informat<span class=\"_ _2\"></span>ion in this note is pre<span class=\"_ _2\"></span>sented o<span class=\"_ _2\"></span>n a different b<span class=\"_ _2\"></span>asis from profit or l<span class=\"_ _2\"></span>oss in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial s<span class=\"_ _2\"></span>tatement<span class=\"_ _2\"></span>s. An ope<span class=\"_ _2\"></span>rating se<span class=\"_ _2\"></span>gme<span class=\"_ _2\"></span>nt is a compo<span class=\"_ _2\"></span>nent of the Gro<span class=\"_ _2\"></span>up that eng<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>s in busine<span class=\"_ _2\"></span>ss ac<span class=\"_ _2\"></span>tivities from w<span class=\"_ _2\"></span>hich it may ea<span class=\"_ _2\"></span>rn revenues a<span class=\"_ _2\"></span>nd incur ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es, inclu<span class=\"_ _2\"></span>ding revenue<span class=\"_ _2\"></span>s and exp<span class=\"_ _2\"></span>enses re<span class=\"_ _2\"></span>lating to tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tions with oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>s of the Group.<span class=\"_ _3bc\"> </span>For man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent purpo<span class=\"_ _2\"></span>ses the G<span class=\"_ _2\"></span>roup is orga<span class=\"_ _2\"></span>nised into val<span class=\"_ _2\"></span>ue centres<span class=\"_ _2\"></span>. Durin<span class=\"_ _2\"></span>g the per<span class=\"_ _2\"></span>iod the Gro<span class=\"_ _2\"></span>up reas<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ed it<span class=\"_ _2\"></span>s repor<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ents to refle<span class=\"_ _2\"></span>ct its tr<span class=\"_ _2\"></span>ansition to a p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>-led ret<span class=\"_ _2\"></span>irement sp<span class=\"_ _2\"></span>eciali<span class=\"_ _2\"></span>st and th<span class=\"_ _2\"></span>e comme<span class=\"_ _2\"></span>ncem<span class=\"_ _2\"></span>ent of the grow, optimis<span class=\"_ _2\"></span>e and enh<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>tage of o<span class=\"_ _2\"></span>ur strate<span class=\"_ _2\"></span>gic journ<span class=\"_ _2\"></span>ey<span class=\"_ _5\"></span>. The G<span class=\"_ _2\"></span>roup now has fi<span class=\"_ _2\"></span>ve operatin<span class=\"_ _2\"></span>g seg<span class=\"_ _2\"></span>ments c<span class=\"_ _2\"></span>omprisin<span class=\"_ _2\"></span>g Retireme<span class=\"_ _2\"></span>nt Solutio<span class=\"_ _2\"></span>ns, Pen<span class=\"_ _2\"></span>sions &amp; S<span class=\"_ _2\"></span>avings<span class=\"_ _2\"></span>, With-Profi<span class=\"_ _2\"></span>ts, S<span class=\"_ _2\"></span>unLife &amp; Protec<span class=\"_ _2\"></span>tion, and Europ<span class=\"_ _2\"></span>e &amp; Othe<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>. Th<span class=\"_ _2\"></span>e compar<span class=\"_ _2\"></span>ative information h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n rest<span class=\"_ _2\"></span>ated to reflec<span class=\"_ _2\"></span>t this ch<span class=\"_ _2\"></span>ange. For re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting purp<span class=\"_ _2\"></span>oses<span class=\"_ _2\"></span>, ope<span class=\"_ _2\"></span>rating se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>s are agg<span class=\"_ _2\"></span>regate<span class=\"_ _2\"></span>d where th<span class=\"_ _2\"></span>ey share simil<span class=\"_ _2\"></span>ar econ<span class=\"_ _2\"></span>omic cha<span class=\"_ _2\"></span>racte<span class=\"_ _2\"></span>ristic<span class=\"_ _2\"></span>s includin<span class=\"_ _2\"></span>g the nat<span class=\"_ _2\"></span>ure of product<span class=\"_ _2\"></span>s and se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, typ<span class=\"_ _2\"></span>es of cus<span class=\"_ _2\"></span>tomers a<span class=\"_ _2\"></span>nd the nature of th<span class=\"_ _2\"></span>e regulato<span class=\"_ _2\"></span>ry enviro<span class=\"_ _2\"></span>nment<span class=\"_ _2\"></span>. The Sun<span class=\"_ _2\"></span>Life &amp; Protection o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g segm<span class=\"_ _2\"></span>ent has b<span class=\"_ _2\"></span>een a<span class=\"_ _2\"></span>ggreg<span class=\"_ _2\"></span>ated with th<span class=\"_ _2\"></span>e Europe ope<span class=\"_ _2\"></span>rating s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nt into the Europe &amp; O<span class=\"_ _2\"></span>ther re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent.<span class=\"_ _3bc\"> </span>The Ret<span class=\"_ _2\"></span>irement S<span class=\"_ _2\"></span>olutions s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent includ<span class=\"_ _2\"></span>es new an<span class=\"_ _2\"></span>d in-force individu<span class=\"_ _2\"></span>al annuit<span class=\"_ _2\"></span>y and B<span class=\"_ _2\"></span>ulk Purchas<span class=\"_ _2\"></span>e Annuit<span class=\"_ _2\"></span>y contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten within share<span class=\"_ _2\"></span>holde<span class=\"_ _2\"></span>r funds<span class=\"_ _2\"></span>, with the exc<span class=\"_ _2\"></span>eption of individ<span class=\"_ _2\"></span>ual annuit<span class=\"_ _2\"></span>y co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten as a resul<span class=\"_ _2\"></span>t of Guarante<span class=\"_ _2\"></span>ed Annui<span class=\"_ _2\"></span>ty O<span class=\"_ _2\"></span>ptions on with<span class=\"_ _2\"></span>-profit contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s. Su<span class=\"_ _2\"></span>ch contra<span class=\"_ _2\"></span>cts re<span class=\"_ _2\"></span>main in the Wi<span class=\"_ _2\"></span>th-Profit<span class=\"_ _2\"></span>s segm<span class=\"_ _2\"></span>ent following th<span class=\"_ _2\"></span>e transiti<span class=\"_ _2\"></span>on to IFRS 17<span class=\"_ _7\"></span>, a<span class=\"_ _2\"></span>s they fall wit<span class=\"_ _2\"></span>hin the contr<span class=\"_ _2\"></span>act bo<span class=\"_ _2\"></span>undar<span class=\"_ _2\"></span>y of the origin<span class=\"_ _2\"></span>al saving<span class=\"_ _2\"></span>s or pens<span class=\"_ _2\"></span>ion contra<span class=\"_ _2\"></span>ct. T<span class=\"_ _2\"></span>he Retireme<span class=\"_ _2\"></span>nt Solut<span class=\"_ _2\"></span>ions se<span class=\"_ _2\"></span>gment als<span class=\"_ _2\"></span>o includ<span class=\"_ _2\"></span>es UK indi<span class=\"_ _2\"></span>vidual ann<span class=\"_ _2\"></span>uity b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten within th<span class=\"_ _2\"></span>e Stan<span class=\"_ _2\"></span>dard Life Heri<span class=\"_ _2\"></span>tage W<span class=\"_ _2\"></span>ith-Profit Fund a<span class=\"_ _2\"></span>s the profits a<span class=\"_ _2\"></span>re primarily at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utable to th<span class=\"_ _2\"></span>e shareh<span class=\"_ _2\"></span>older thro<span class=\"_ _2\"></span>ugh the Re<span class=\"_ _2\"></span>cour<span class=\"_ _2\"></span>se Cash Fl<span class=\"_ _2\"></span>ow me<span class=\"_ _2\"></span>chanism e<span class=\"_ _2\"></span>stab<span class=\"_ _2\"></span>lished o<span class=\"_ _2\"></span>n demutu<span class=\"_ _2\"></span>alisation<span class=\"_ _2\"></span>. The Pens<span class=\"_ _2\"></span>ions &amp; Savin<span class=\"_ _2\"></span>gs se<span class=\"_ _2\"></span>gment in<span class=\"_ _2\"></span>cludes n<span class=\"_ _2\"></span>ew and in-force life ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e and investm<span class=\"_ _2\"></span>ent unit-linked polic<span class=\"_ _2\"></span>ies in resp<span class=\"_ _2\"></span>ect of pe<span class=\"_ _2\"></span>nsions a<span class=\"_ _2\"></span>nd saving<span class=\"_ _2\"></span>s produc<span class=\"_ _2\"></span>ts th<span class=\"_ _2\"></span>at the Group c<span class=\"_ _2\"></span>ontinues to a<span class=\"_ _2\"></span>ctively m<span class=\"_ _2\"></span>arket to new and exis<span class=\"_ _2\"></span>ting po<span class=\"_ _2\"></span>licyhol<span class=\"_ _2\"></span>ders<span class=\"_ _2\"></span>. This incl<span class=\"_ _2\"></span>udes pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s such as wor<span class=\"_ _2\"></span>kplace pen<span class=\"_ _2\"></span>sions an<span class=\"_ _2\"></span>d Self-Inve<span class=\"_ _2\"></span>sted Per<span class=\"_ _2\"></span>sonal Pens<span class=\"_ _2\"></span>ion (\u2018<span class=\"_ _2\"></span>SI<span class=\"_ _2\"></span>PPs\u2019) dis<span class=\"_ _2\"></span>tributed th<span class=\"_ _2\"></span>rough the G<span class=\"_ _2\"></span>roup\u2019s Strategic Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship with a<span class=\"_ _2\"></span>brdn plc. I<span class=\"_ _2\"></span>n addition<span class=\"_ _2\"></span>, it inclu<span class=\"_ _2\"></span>des in-force ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e and investm<span class=\"_ _2\"></span>ent unit-linked prod<span class=\"_ _2\"></span>ucts fro<span class=\"_ _2\"></span>m lega<span class=\"_ _2\"></span>cy busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es which n<span class=\"_ _2\"></span>o longe<span class=\"_ _2\"></span>r activel<span class=\"_ _2\"></span>y sell pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s to polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs and wh<span class=\"_ _2\"></span>ich therefore r<span class=\"_ _2\"></span>un-off g<span class=\"_ _2\"></span>raduall<span class=\"_ _2\"></span>y over time. The Pen<span class=\"_ _2\"></span>sions &amp; S<span class=\"_ _2\"></span>avings se<span class=\"_ _2\"></span>gment a<span class=\"_ _2\"></span>lso incl<span class=\"_ _2\"></span>udes UK un<span class=\"_ _2\"></span>itised b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten in the St<span class=\"_ _2\"></span>andard Life He<span class=\"_ _2\"></span>ritag<span class=\"_ _2\"></span>e With-Profi<span class=\"_ _2\"></span>t funds<span class=\"_ _2\"></span>, as profit<span class=\"_ _2\"></span>s are primaril<span class=\"_ _2\"></span>y attrib<span class=\"_ _2\"></span>utable to th<span class=\"_ _2\"></span>e shareh<span class=\"_ _2\"></span>older th<span class=\"_ _2\"></span>rough the Re<span class=\"_ _2\"></span>cour<span class=\"_ _2\"></span>se Cas<span class=\"_ _2\"></span>h Flow me<span class=\"_ _2\"></span>chanism<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Wi<span class=\"_ _2\"></span>th-Profit<span class=\"_ _2\"></span>s segm<span class=\"_ _2\"></span>ent inclu<span class=\"_ _2\"></span>des all poli<span class=\"_ _2\"></span>cies writ<span class=\"_ _2\"></span>ten by the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s w<span class=\"_ _2\"></span>ith-profit fun<span class=\"_ _2\"></span>ds, wi<span class=\"_ _2\"></span>th the excepti<span class=\"_ _2\"></span>on of Standa<span class=\"_ _2\"></span>rd Life Herita<span class=\"_ _2\"></span>ge With-<span class=\"_ _3bc\"> </span>Profit Fund cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s reflec<span class=\"_ _2\"></span>ted in other s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ents as n<span class=\"_ _2\"></span>oted above for Retire<span class=\"_ _2\"></span>ment So<span class=\"_ _2\"></span>lutions an<span class=\"_ _2\"></span>d Pensions &amp; S<span class=\"_ _2\"></span>avings wh<span class=\"_ _2\"></span>ere profit<span class=\"_ _2\"></span>s are primaril<span class=\"_ _2\"></span>y at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to the sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>r through t<span class=\"_ _2\"></span>he Reco<span class=\"_ _2\"></span>urse C<span class=\"_ _2\"></span>ash Flow me<span class=\"_ _2\"></span>chanis<span class=\"_ _2\"></span>m. The Europ<span class=\"_ _2\"></span>e &amp; Othe<span class=\"_ _2\"></span>r segm<span class=\"_ _2\"></span>ent inclu<span class=\"_ _2\"></span>des bus<span class=\"_ _2\"></span>iness wr<span class=\"_ _2\"></span>itten in I<span class=\"_ _2\"></span>reland an<span class=\"_ _2\"></span>d Germa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>. Th<span class=\"_ _2\"></span>is includ<span class=\"_ _2\"></span>es produc<span class=\"_ _2\"></span>ts th<span class=\"_ _2\"></span>at are active<span class=\"_ _2\"></span>ly being m<span class=\"_ _2\"></span>arketed to new p<span class=\"_ _2\"></span>olicyhol<span class=\"_ _2\"></span>ders an<span class=\"_ _2\"></span>d lega<span class=\"_ _2\"></span>cy in-force pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s that are no l<span class=\"_ _2\"></span>onger b<span class=\"_ _2\"></span>eing so<span class=\"_ _2\"></span>ld to new cus<span class=\"_ _2\"></span>tomer<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e segm<span class=\"_ _2\"></span>ent also in<span class=\"_ _2\"></span>cludes p<span class=\"_ _2\"></span>rotection produ<span class=\"_ _2\"></span>cts an<span class=\"_ _2\"></span>d produc<span class=\"_ _2\"></span>ts so<span class=\"_ _2\"></span>ld under th<span class=\"_ _2\"></span>e SunLife br<span class=\"_ _2\"></span>and.<span class=\"_ _3bc\"> </span>The C<span class=\"_ _2\"></span>orpora<span class=\"_ _2\"></span>te Centre se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>, which is n<span class=\"_ _2\"></span>ot a repor<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent, prin<span class=\"_ _2\"></span>cipally c<span class=\"_ _2\"></span>omprise<span class=\"_ _2\"></span>s centra<span class=\"_ _2\"></span>l head of<span class=\"_ _2\"></span>fice co<span class=\"_ _2\"></span>sts th<span class=\"_ _2\"></span>at are not direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to the Group\u2019s insura<span class=\"_ _2\"></span>nce or inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts. M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices co<span class=\"_ _2\"></span>sts are n<span class=\"_ _2\"></span>ow alloc<span class=\"_ _2\"></span>ated to the four re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nts.<span class=\"_ _3bc\"> </span>Inter-s<span class=\"_ _2\"></span>egm<span class=\"_ _2\"></span>ent trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>ns are set on an a<span class=\"_ _2\"></span>rm\u2019<span class=\"_ _7\"></span>s l<span class=\"_ _2\"></span>ength b<span class=\"_ _2\"></span>asis in a man<span class=\"_ _2\"></span>ner similar to tr<span class=\"_ _2\"></span>ansa<span class=\"_ _2\"></span>ctions w<span class=\"_ _2\"></span>ith third par<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. Se<span class=\"_ _2\"></span>gmenta<span class=\"_ _2\"></span>l results in<span class=\"_ _2\"></span>clude thos<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>fers bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n busine<span class=\"_ _2\"></span>ss se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>s which are the<span class=\"_ _2\"></span>n eliminate<span class=\"_ _2\"></span>d on cons<span class=\"_ _2\"></span>olidation<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Segmental<span class=\"_ _5\"></span> measure<span class=\"_ _5\"></span> of perf<span class=\"_ _5\"></span>ormance<span class=\"_ _5\"></span>: Adjust<span class=\"_ _5\"></span>ed operat<span class=\"_ _5\"></span>ing p<span class=\"_ _5\"></span>rofit<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up uses a n<span class=\"_ _2\"></span>on-<span class=\"_ _2\"></span>G<span class=\"_ _5\"></span>A<span class=\"_ _2\"></span>AP meas<span class=\"_ _2\"></span>ure of per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e, being a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profi<span class=\"_ _2\"></span>t, to evaluate s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>ntal pe<span class=\"_ _2\"></span>rforma<span class=\"_ _2\"></span>nce. Ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d ope<span class=\"_ _2\"></span>rating profit is c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>red to provide a c<span class=\"_ _2\"></span>ompara<span class=\"_ _2\"></span>ble mea<span class=\"_ _2\"></span>sure of the unde<span class=\"_ _2\"></span>rlying pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance of the b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s as it exclud<span class=\"_ _2\"></span>es the impa<span class=\"_ _2\"></span>ct of shor<span class=\"_ _2\"></span>t-term ec<span class=\"_ _2\"></span>onomic vol<span class=\"_ _2\"></span>atility a<span class=\"_ _2\"></span>nd other on<span class=\"_ _2\"></span>e-of<span class=\"_ _2\"></span>f items<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profi<span class=\"_ _2\"></span>t method<span class=\"_ _2\"></span>olog<span class=\"_ _2\"></span>y has be<span class=\"_ _2\"></span>en update<span class=\"_ _2\"></span>d since it wa<span class=\"_ _2\"></span>s disclo<span class=\"_ _2\"></span>sed in the 2<span class=\"_ _2\"></span>022 con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l statem<span class=\"_ _2\"></span>ents following th<span class=\"_ _2\"></span>e transi<span class=\"_ _2\"></span>tion to IFRS 17 Insur<span class=\"_ _2\"></span>ance C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts.<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing set<span class=\"_ _2\"></span>s out the ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d oper<span class=\"_ _2\"></span>ating profit me<span class=\"_ _2\"></span>thodol<span class=\"_ _2\"></span>ogy<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>For unit-linked bus<span class=\"_ _2\"></span>iness a<span class=\"_ _2\"></span>ccounte<span class=\"_ _2\"></span>d for under I<span class=\"_ _2\"></span>FRS 9, a<span class=\"_ _2\"></span>djuste<span class=\"_ _2\"></span>d oper<span class=\"_ _2\"></span>ating profit refl<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s the fees c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>ted from cu<span class=\"_ _2\"></span>stome<span class=\"_ _2\"></span>rs les<span class=\"_ _2\"></span>s operat<span class=\"_ _2\"></span>ing expe<span class=\"_ _2\"></span>nses in<span class=\"_ _2\"></span>cluding overh<span class=\"_ _2\"></span>eads<span class=\"_ _2\"></span>. For unit-linked and W<span class=\"_ _2\"></span>ith-Profit<span class=\"_ _2\"></span>s busine<span class=\"_ _2\"></span>ss ac<span class=\"_ _2\"></span>counted for un<span class=\"_ _2\"></span>der IFR<span class=\"_ _2\"></span>S 17<span class=\"_ _7\"></span>, adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit refle<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>e releas<span class=\"_ _2\"></span>e of the risk ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent, amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation of CSM<span class=\"_ _2\"></span>, and d<span class=\"_ _2\"></span>emog<span class=\"_ _2\"></span>raphic exp<span class=\"_ _2\"></span>erien<span class=\"_ _2\"></span>ce varian<span class=\"_ _2\"></span>ces in the p<span class=\"_ _2\"></span>eriod. For share<span class=\"_ _2\"></span>holde<span class=\"_ _2\"></span>r annuit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, other n<span class=\"_ _2\"></span>on-profit b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s and With-<span class=\"_ _2\"></span>Profits f<span class=\"_ _2\"></span>unds rec<span class=\"_ _2\"></span>eiving sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er suppo<span class=\"_ _2\"></span>rt ac<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d for under I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>, adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit inclu<span class=\"_ _2\"></span>des the re<span class=\"_ _2\"></span>lease of th<span class=\"_ _2\"></span>e risk adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt, amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ation of CS<span class=\"_ _2\"></span>M, an<span class=\"_ _2\"></span>d demo<span class=\"_ _2\"></span>graphic ex<span class=\"_ _2\"></span>perien<span class=\"_ _2\"></span>ce varian<span class=\"_ _2\"></span>ces in the peri<span class=\"_ _2\"></span>od. Adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit also in<span class=\"_ _2\"></span>corpo<span class=\"_ _2\"></span>rates an exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d return on the fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l investme<span class=\"_ _2\"></span>nts bac<span class=\"_ _2\"></span>king this bus<span class=\"_ _2\"></span>iness a<span class=\"_ _2\"></span>nd any surplu<span class=\"_ _2\"></span>s as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, with allowa<span class=\"_ _2\"></span>nce for the c<span class=\"_ _2\"></span>orresp<span class=\"_ _2\"></span>onding move<span class=\"_ _2\"></span>ment in liabiliti<span class=\"_ _2\"></span>es. Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit exclude<span class=\"_ _2\"></span>s the above item<span class=\"_ _2\"></span>s for non-profit b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten in a With-<span class=\"_ _2\"></span>Profits fun<span class=\"_ _2\"></span>d where the<span class=\"_ _2\"></span>se amo<span class=\"_ _2\"></span>unts do not a<span class=\"_ _2\"></span>ccrue direc<span class=\"_ _2\"></span>tly to the sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>. Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit includ<span class=\"_ _2\"></span>es the ef<span class=\"_ _2\"></span>fect of exp<span class=\"_ _2\"></span>erienc<span class=\"_ _2\"></span>e varianc<span class=\"_ _2\"></span>es relatin<span class=\"_ _2\"></span>g to the curre<span class=\"_ _2\"></span>nt period for n<span class=\"_ _2\"></span>on-e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c items<span class=\"_ _2\"></span>, such as m<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y and exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s. It al<span class=\"_ _2\"></span>so inco<span class=\"_ _2\"></span>rporates t<span class=\"_ _2\"></span>he impac<span class=\"_ _2\"></span>ts of as<span class=\"_ _2\"></span>set tradin<span class=\"_ _2\"></span>g and po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folio rebal<span class=\"_ _2\"></span>ancing wh<span class=\"_ _2\"></span>ere not refle<span class=\"_ _2\"></span>cted in th<span class=\"_ _2\"></span>e disco<span class=\"_ _2\"></span>unt rate use<span class=\"_ _2\"></span>d in cal<span class=\"_ _2\"></span>culating ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted return<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit is repor<span class=\"_ _2\"></span>ted n<span class=\"_ _2\"></span>et of policyh<span class=\"_ _2\"></span>older fin<span class=\"_ _2\"></span>ance ch<span class=\"_ _2\"></span>arges an<span class=\"_ _2\"></span>d policy<span class=\"_ _2\"></span>holder t<span class=\"_ _2\"></span>ax.<span class=\"_ _3bc\"> </span>Adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating p<span class=\"_ _2\"></span>rofit exclude<span class=\"_ _2\"></span>s the impac<span class=\"_ _2\"></span>ts of the follow<span class=\"_ _2\"></span>ing items<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>Economic vari<span class=\"_ _5\"></span>ances \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e differe<span class=\"_ _2\"></span>nce be<span class=\"_ _2\"></span>twee<span class=\"_ _2\"></span>n act<span class=\"_ _2\"></span>ual and exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d exper<span class=\"_ _2\"></span>ience for e<span class=\"_ _2\"></span>cono<span class=\"_ _2\"></span>mic items re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in the in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt, impa<span class=\"_ _2\"></span>cts of e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c as<span class=\"_ _2\"></span>sumptions on t<span class=\"_ _2\"></span>he valuatio<span class=\"_ _2\"></span>n of liabilities me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d under the G<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>al Mode<span class=\"_ _2\"></span>l and the ch<span class=\"_ _2\"></span>ange in va<span class=\"_ _2\"></span>lue of loss c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ents on V<span class=\"_ _5\"></span>ariab<span class=\"_ _2\"></span>le Fee Appro<span class=\"_ _2\"></span>ach busin<span class=\"_ _2\"></span>ess re<span class=\"_ _2\"></span>sulting from m<span class=\"_ _2\"></span>arket movement<span class=\"_ _2\"></span>s on underl<span class=\"_ _2\"></span>ying items<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>e<span class=\"_ _2\"></span>cono<span class=\"_ _2\"></span>mic volatilit<span class=\"_ _2\"></span>y arisin<span class=\"_ _2\"></span>g from the Group\u2019s hed<span class=\"_ _2\"></span>ging st<span class=\"_ _2\"></span>rategy w<span class=\"_ _2\"></span>hich is ca<span class=\"_ _2\"></span>librated to prote<span class=\"_ _2\"></span>ct the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II cap<span class=\"_ _2\"></span>ital pos<span class=\"_ _2\"></span>ition and c<span class=\"_ _2\"></span>ash gen<span class=\"_ _2\"></span>eration c<span class=\"_ _2\"></span>apabilit<span class=\"_ _2\"></span>y of the op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g compani<span class=\"_ _2\"></span>es;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting mism<span class=\"_ _2\"></span>atch result<span class=\"_ _2\"></span>ing from the ap<span class=\"_ _2\"></span>plicatio<span class=\"_ _2\"></span>n of IFRS 17 bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of non-profit bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s in a with-profit fun<span class=\"_ _2\"></span>d (noted ab<span class=\"_ _2\"></span>ove<span class=\"_ _5\"></span>) and th<span class=\"_ _2\"></span>e chang<span class=\"_ _2\"></span>e in fair value of this b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s inclu<span class=\"_ _2\"></span>ded within th<span class=\"_ _2\"></span>e meas<span class=\"_ _2\"></span>urement of the w<span class=\"_ _2\"></span>ith-profit co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s under th<span class=\"_ _2\"></span>e V<span class=\"_ _7\"></span>aria<span class=\"_ _2\"></span>ble Fee App<span class=\"_ _2\"></span>roach;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting mism<span class=\"_ _2\"></span>atch result<span class=\"_ _2\"></span>ing from buy<span class=\"_ _2\"></span>-in contra<span class=\"_ _2\"></span>cts b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>es and Pho<span class=\"_ _2\"></span>enix Life Limite<span class=\"_ _2\"></span>d, the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s m<span class=\"_ _2\"></span>ain insur<span class=\"_ _2\"></span>ance sub<span class=\"_ _2\"></span>sidiar<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>. The mi<span class=\"_ _2\"></span>smatch rep<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>s the diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the unwin<span class=\"_ _2\"></span>d of the IAS 19 di<span class=\"_ _2\"></span>scount r<span class=\"_ _2\"></span>ate calcul<span class=\"_ _2\"></span>ated with refere<span class=\"_ _2\"></span>nce to a A<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>-rate<span class=\"_ _2\"></span>d corpo<span class=\"_ _2\"></span>rate bond a<span class=\"_ _2\"></span>nd the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt returns on th<span class=\"_ _2\"></span>e backin<span class=\"_ _2\"></span>g ass<span class=\"_ _2\"></span>ets; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ct of the mism<span class=\"_ _2\"></span>atch bet<span class=\"_ _2\"></span>ween c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in es<span class=\"_ _2\"></span>timates of fut<span class=\"_ _2\"></span>ure cash flow<span class=\"_ _2\"></span>s on Gene<span class=\"_ _2\"></span>ral Mo<span class=\"_ _2\"></span>del contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s meas<span class=\"_ _2\"></span>ured at curre<span class=\"_ _2\"></span>nt discount rates an<span class=\"_ _2\"></span>d the cor<span class=\"_ _2\"></span>respon<span class=\"_ _2\"></span>ding adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt to the CS<span class=\"_ _2\"></span>M meas<span class=\"_ _2\"></span>ured at the dis<span class=\"_ _2\"></span>count rate l<span class=\"_ _2\"></span>ocked-in at inc<span class=\"_ _2\"></span>eption. Other<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tisation a<span class=\"_ _2\"></span>nd impairm<span class=\"_ _2\"></span>ent of intangib<span class=\"_ _2\"></span>le ass<span class=\"_ _2\"></span>ets (net of polic<span class=\"_ _2\"></span>yhold<span class=\"_ _2\"></span>er tax<span class=\"_ _2\"></span>);<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>fin<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s attrib<span class=\"_ _2\"></span>utable to own<span class=\"_ _2\"></span>ers;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>g<span class=\"_ _2\"></span>ains or los<span class=\"_ _2\"></span>ses o<span class=\"_ _2\"></span>n the acqu<span class=\"_ _2\"></span>isition or disp<span class=\"_ _2\"></span>osal of sub<span class=\"_ _2\"></span>sidiaries (ne<span class=\"_ _2\"></span>t of related co<span class=\"_ _2\"></span>sts);<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e financ<span class=\"_ _2\"></span>ial impac<span class=\"_ _2\"></span>ts of man<span class=\"_ _2\"></span>dator<span class=\"_ _2\"></span>y regulato<span class=\"_ _2\"></span>ry ch<span class=\"_ _2\"></span>ange;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e profit or los<span class=\"_ _2\"></span>s att<span class=\"_ _2\"></span>ributab<span class=\"_ _2\"></span>le to non-c<span class=\"_ _2\"></span>ontrolling intere<span class=\"_ _2\"></span>sts<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>inte<span class=\"_ _2\"></span>gration<span class=\"_ _2\"></span>, res<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>uring or other s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt one-<span class=\"_ _2\"></span>off proj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s impac<span class=\"_ _2\"></span>ting the in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>ny other items wh<span class=\"_ _2\"></span>ich, in the D<span class=\"_ _2\"></span>irecto<span class=\"_ _2\"></span>r\u2019<span class=\"_ _5\"></span>s view, sho<span class=\"_ _2\"></span>uld be disc<span class=\"_ _2\"></span>losed s<span class=\"_ _2\"></span>epara<span class=\"_ _2\"></span>tely by vir<span class=\"_ _2\"></span>tue of their na<span class=\"_ _2\"></span>ture or incid<span class=\"_ _2\"></span>ence to en<span class=\"_ _2\"></span>able a full under<span class=\"_ _2\"></span>sta<span class=\"_ _2\"></span>nding of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e. This is t<span class=\"_ _2\"></span>ypic<span class=\"_ _2\"></span>ally the c<span class=\"_ _2\"></span>ase whe<span class=\"_ _2\"></span>re the nature of the i<span class=\"_ _2\"></span>tem is not refle<span class=\"_ _2\"></span>ctive of the und<span class=\"_ _2\"></span>erlying per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce of the op<span class=\"_ _2\"></span>erating c<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s. The ite<span class=\"_ _2\"></span>ms exclude<span class=\"_ _2\"></span>d from adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit are referre<span class=\"_ _2\"></span>d to as \u2018non-op<span class=\"_ _2\"></span>erating ite<span class=\"_ _2\"></span>ms\u2019<span class=\"_ _7\"></span>. Whils<span class=\"_ _2\"></span>t the exclud<span class=\"_ _2\"></span>ed items are im<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tant to an as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ment of the co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted financ<span class=\"_ _2\"></span>ial per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce of the Gro<span class=\"_ _2\"></span>up, manag<span class=\"_ _2\"></span>ement c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>rs that th<span class=\"_ _2\"></span>e present<span class=\"_ _2\"></span>ation of adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit provide<span class=\"_ _2\"></span>s a good in<span class=\"_ _2\"></span>dicator of the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e of the Group\u2019s oper<span class=\"_ _2\"></span>ating se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>s and the Gro<span class=\"_ _2\"></span>up uses th<span class=\"_ _2\"></span>is, as p<span class=\"_ _2\"></span>art of a sui<span class=\"_ _2\"></span>te of mea<span class=\"_ _2\"></span>sures<span class=\"_ _2\"></span>, for decis<span class=\"_ _2\"></span>ion-makin<span class=\"_ _2\"></span>g and mon<span class=\"_ _2\"></span>itoring pe<span class=\"_ _2\"></span>rforma<span class=\"_ _2\"></span>nce. Th<span class=\"_ _2\"></span>e Group\u2019s adjus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profi<span class=\"_ _2\"></span>t should b<span class=\"_ _2\"></span>e read in co<span class=\"_ _2\"></span>njunc<span class=\"_ _2\"></span>tion with th<span class=\"_ _2\"></span>e IFR<span class=\"_ _2\"></span>S profit before ta<span class=\"_ _2\"></span>x.<span class=\"_ _3bc\"> </span>Revisions to methodolo<span class=\"_ _2\"></span>gy<span class=\"_ _3bc\"> </span>The m<span class=\"_ _2\"></span>ethodo<span class=\"_ _2\"></span>logy to dete<span class=\"_ _2\"></span>rmine ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d operat<span class=\"_ _2\"></span>ing profit has b<span class=\"_ _2\"></span>een revi<span class=\"_ _2\"></span>sed<span class=\"_ _2\"></span>, compare<span class=\"_ _2\"></span>d to that disc<span class=\"_ _2\"></span>lose<span class=\"_ _2\"></span>d in the Interim Fin<span class=\"_ _2\"></span>ancial Re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t 2023<span class=\"_ _2\"></span>, for the follow<span class=\"_ _2\"></span>ing items:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>A 1<span class=\"_ _2\"></span>-year (rath<span class=\"_ _2\"></span>er than a 1<span class=\"_ _2\"></span>5-ye<span class=\"_ _2\"></span>ar) risk<span class=\"_ _5\"></span>-free ra<span class=\"_ _2\"></span>te has be<span class=\"_ _2\"></span>en use<span class=\"_ _2\"></span>d to derive the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d investm<span class=\"_ _2\"></span>ent return as<span class=\"_ _2\"></span>sumption on a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s bac<span class=\"_ _2\"></span>king insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities to re<span class=\"_ _2\"></span>duce uninten<span class=\"_ _2\"></span>ded ec<span class=\"_ _2\"></span>onomic vol<span class=\"_ _2\"></span>atilit<span class=\"_ _2\"></span>y (see note B2.1); \u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>n adjus<span class=\"_ _2\"></span>tment to rem<span class=\"_ _2\"></span>ove mismatch<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween t<span class=\"_ _2\"></span>he disco<span class=\"_ _2\"></span>unt rate use<span class=\"_ _2\"></span>d within the val<span class=\"_ _2\"></span>uation of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e liabilities an<span class=\"_ _2\"></span>d the return<span class=\"_ _2\"></span>s on the unde<span class=\"_ _2\"></span>rlying as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, as n<span class=\"_ _2\"></span>oted within Econ<span class=\"_ _2\"></span>omic V<span class=\"_ _7\"></span>a<span class=\"_ _2\"></span>riance<span class=\"_ _2\"></span>s above; and \u2022 <span class=\"_ _9\"> </span>a refi<span class=\"_ _2\"></span>nement to th<span class=\"_ _2\"></span>e approa<span class=\"_ _2\"></span>ch used to q<span class=\"_ _2\"></span>uantif<span class=\"_ _2\"></span>y the level of tra<span class=\"_ _2\"></span>ding profits<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>ntal resul<span class=\"_ _2\"></span>t for the year en<span class=\"_ _2\"></span>ded 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 202<span class=\"_ _2\"></span>2 presente<span class=\"_ _2\"></span>d in note B1.1 inc<span class=\"_ _2\"></span>orporate<span class=\"_ _2\"></span>s these re<span class=\"_ _2\"></span>visions<span class=\"_ _2\"></span>. The impa<span class=\"_ _2\"></span>ct of thes<span class=\"_ _2\"></span>e revisions is to redu<span class=\"_ _2\"></span>ce total se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>al adj<span class=\"_ _2\"></span>usted o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g profit by \u00a326 m<span class=\"_ _2\"></span>illion, and c<span class=\"_ _2\"></span>orresp<span class=\"_ _2\"></span>onding<span class=\"_ _2\"></span>ly to increa<span class=\"_ _2\"></span>se eco<span class=\"_ _2\"></span>nomic varia<span class=\"_ _2\"></span>nces by \u00a3<span class=\"_ _2\"></span>26 million<span class=\"_ _2\"></span>. There i<span class=\"_ _2\"></span>s no impac<span class=\"_ _2\"></span>t on the los<span class=\"_ _2\"></span>s before th<span class=\"_ _2\"></span>e tax at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to owner<span class=\"_ _2\"></span>s of the parent<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-646": {
   "value": "B2. Investment return variances and economic assumption changes The long-term nature of much of the Group\u2019s operations means that, for internal performance management, the effects of short-term economic volatility are treated as non-operating items. The Group focuses instead on an adjusted operating profit measure that incorporates an expected return on investments supporting its long-term business. The accounting policy adopted in the calculation of adjusted operating profit is detailed in note B1. The methodology for the determination of the expected investment return is explained below together with an analysis of investment return variances and economic assumption changes recognised outside of adjusted operating profit. ",
   "dimensions": {
    "concept": "pheonixgroupholdings:DisclosureForInvestmentReturnVariancesAndEconomicAssumptionChanges",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-645": {
   "value": "B2.1 Calculation of the long-term investment return Adjusted operating profit for life assurance business is based on expected investment returns on financial investments backing shareholder, annuity, other non-profit business, With-Profit funds receiving shareholder support and surplus assets, with allowance for the corresponding movements in liabilities. The methodology to determine the expected investment returns on financial investments has been revised, compared to that disclosed in the Interim Financial Report 2023, to use the 1-year (rather than 15-year) risk-free rate for deriving the expected investment return assumption on assets backing the insurance contract liabilities to reduce unintended economic volatility as set out in note B1. The information below for the year ended 31 December 2022 includes these revisions and is presented on a consistent basis to that at 31 December 2023. The long-term risk-free rate used as the basis for deriving the long-term investment return is consistent with that set out in note F11.2.1 at the 1-year duration for assets backing the insurance contract liabilities and surplus cash assets, and at the 15-year duration for surplus non-cash assets. A risk premium of 380 bps is added to the risk-free yield for equities (31 December 2022: 370 bps), 50 bps for properties (31 December 2022: 280 bps) and 130bps for debt securities (31 December 2022: 80 bps). The principal assumptions, determined as at 1 January of each reporting period, underlying the calculation of the long-term investment return for surplus assets are: 2023 2022 % % Equities 7.4 4.6 Properties 4.1 3.7 Debt securities 4.9 1.7 During 2022 UK interest rates increased significantly, this had the impact of increasing the risk-free yield at the 15-year point by 271bps from 0.91% to 3.62%. B2.2 Life assurance business The economic variances excluded from the long-term business operating profit are as follows: 2023 2022 \u00a3m \u00a3m Economic variances 147 (3,309) The net favourable economic variances of \u00a3147 million (2022: adverse \u00a33,309 million) have primarily arisen as a result of a more stable market environment compared with the significant volatility experience during 2022. The impact of positive changes to discount rates, primarily on annuities and including the impact of methodology refinements (see note B2.1), more than offsets the losses arising from the impact of positive equity market movements on the hedges the Group holds to protect the Solvency II position. As the full value of future profits impacted by equity markets is not held on the IFRS balance sheet, this results in volatility in the Group\u2019s IFRS results .",
   "dimensions": {
    "concept": "pheonixgroupholdings:DisclosureOfCalculationOfTheLongTermInvestmentReturn",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-647": {
   "value": "B3. Earnings per<span class=\"_ _5\"></span> share<span class=\"_ _3bc\"> </span>T<span class=\"_ _3bc\"> </span>he Gro<span class=\"_ _2\"></span>up calc<span class=\"_ _2\"></span>ulates its b<span class=\"_ _2\"></span>asic ea<span class=\"_ _2\"></span>rnings p<span class=\"_ _2\"></span>er share b<span class=\"_ _2\"></span>ased on t<span class=\"_ _2\"></span>he prese<span class=\"_ _2\"></span>nt shares in i<span class=\"_ _2\"></span>ssue us<span class=\"_ _2\"></span>ing the ear<span class=\"_ _2\"></span>nings at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to ordin<span class=\"_ _2\"></span>ary e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y hold<span class=\"_ _2\"></span>ers of the pa<span class=\"_ _2\"></span>rent, divid<span class=\"_ _2\"></span>ed by the weig<span class=\"_ _2\"></span>hted averag<span class=\"_ _2\"></span>e numbe<span class=\"_ _2\"></span>r of ordinar<span class=\"_ _2\"></span>y shares in i<span class=\"_ _2\"></span>ssue dur<span class=\"_ _2\"></span>ing the year. Dilute<span class=\"_ _2\"></span>d earning<span class=\"_ _2\"></span>s per sh<span class=\"_ _2\"></span>are are cal<span class=\"_ _2\"></span>culated b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the potentia<span class=\"_ _2\"></span>l future sh<span class=\"_ _2\"></span>ares in iss<span class=\"_ _2\"></span>ue ass<span class=\"_ _2\"></span>uming the c<span class=\"_ _2\"></span>onversion of all p<span class=\"_ _2\"></span>otentially dilutive ordinar<span class=\"_ _2\"></span>y sh<span class=\"_ _2\"></span>ares. T<span class=\"_ _2\"></span>he weighte<span class=\"_ _2\"></span>d average n<span class=\"_ _2\"></span>umber of ordin<span class=\"_ _2\"></span>ary s<span class=\"_ _2\"></span>hares in is<span class=\"_ _2\"></span>sue is ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d to assum<span class=\"_ _2\"></span>e convers<span class=\"_ _2\"></span>ion of dilutive share aw<span class=\"_ _2\"></span>ards grante<span class=\"_ _2\"></span>d to em<span class=\"_ _2\"></span>ploye<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The b<span class=\"_ _2\"></span>asic and dilu<span class=\"_ _2\"></span>ted earnin<span class=\"_ _2\"></span>gs per s<span class=\"_ _2\"></span>hare ca<span class=\"_ _2\"></span>lculation<span class=\"_ _2\"></span>s are also pre<span class=\"_ _2\"></span>sented b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the Group\u2019s adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g earning<span class=\"_ _2\"></span>s net of finan<span class=\"_ _2\"></span>cing cos<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. Adjus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profit is a n<span class=\"_ _2\"></span>on-<span class=\"_ _2\"></span>G<span class=\"_ _5\"></span>A<span class=\"_ _2\"></span>AP per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce mea<span class=\"_ _2\"></span>sure that is co<span class=\"_ _2\"></span>nsidere<span class=\"_ _2\"></span>d to provide a co<span class=\"_ _2\"></span>mparabl<span class=\"_ _2\"></span>e meas<span class=\"_ _2\"></span>ure of the underl<span class=\"_ _2\"></span>ying per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce of the bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s as it exclude<span class=\"_ _2\"></span>s the impa<span class=\"_ _2\"></span>ct of shor<span class=\"_ _2\"></span>t-term eco<span class=\"_ _2\"></span>nomic volatili<span class=\"_ _2\"></span>ty an<span class=\"_ _2\"></span>d other one<span class=\"_ _2\"></span>-of<span class=\"_ _2\"></span>f items<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>The re<span class=\"_ _2\"></span>sult at<span class=\"_ _2\"></span>tributab<span class=\"_ _2\"></span>le to ordinar<span class=\"_ _2\"></span>y equi<span class=\"_ _2\"></span>ty h<span class=\"_ _2\"></span>olders of th<span class=\"_ _2\"></span>e parent for the p<span class=\"_ _2\"></span>urpos<span class=\"_ _2\"></span>es of determinin<span class=\"_ _2\"></span>g earning<span class=\"_ _2\"></span>s per sh<span class=\"_ _2\"></span>are has b<span class=\"_ _2\"></span>een ca<span class=\"_ _2\"></span>lculated a<span class=\"_ _2\"></span>s set out b<span class=\"_ _2\"></span>elow.<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span>Adjusted<span class=\"_ _5\"></span> op<span class=\"_ _2\"></span>erat<span class=\"_ _2\"></span>ing<span class=\"_ gs2d7\"> </span>p<span class=\"_ _2\"></span>rofit \u00a3m<span class=\"_ _3bc\"> </span>Financing<span class=\"_ _7\"></span> cost<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span><table class=\"s w2b8 h29e\" id=\"_a78d3cb4-4f76-4d11-ad39-e4186bf50b75\"><tr><td></td><td></td><td></td><td class=\"t m0 x556 h3f y56fc ff7 fsf fc1 sc0 ls51 ws4b\">Adjusted<span class=\"_ _5\"></span> operating<span class=\"_ _5\"></span> </td><td class=\"t m0 x557 h3f y56fc ff7 fsf fc1 sc0 ls0 ws0\">Ot<span class=\"_ _2\"></span>her </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x558 h3f y56fd ff7 fsf fc1 sc0 ls0 ws0\">ea<span class=\"_ _2\"></span>rnin<span class=\"_ _2\"></span>gs ne<span class=\"_ _2\"></span>t of </td><td class=\"t m0 x559 h3f y56fd ff7 fsf fc1 sc0 ls51 ws4b\">non-operati<span class=\"_ _5\"></span>ng </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x55a h3f y56fe ff7 fsf fc1 sc0 ls51 ws4b\">financing<span class=\"_ _5\"></span> costs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x44d h3f y56fe ff7 fsf fc1 sc0 ls70 ws67\">items<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h3f y56fe ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x4c3 h3f y56ff ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y56ff ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y56ff ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5700 w2b9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Profit<span class=\"_ _2\"></span>/<span class=\"_ _7\"></span>(l<span class=\"_ _2\"></span>oss) before th<span class=\"_ _2\"></span>e tax at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to owne<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x55b y5700 w2ba h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">617<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x55c y5700 wc2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(195<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x55d y5700 w85 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">422<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x55e y5700 w2bb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">(586)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x55f y5700 w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(16<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5701 w2bc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ax (cha<span class=\"_ _2\"></span>rge)/<span class=\"_ _6\"></span>cre<span class=\"_ _2\"></span>dit at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to owner<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x560 y5701 w2bd h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(119)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x561 y5701 w194 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls25 ws23\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x562 y5701 w1ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(7<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x563 y5701 wf5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x564 y5701 w9b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">76<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5702 w2be h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">Profit<span class=\"_ _2\"></span>/<span class=\"_ _5\"></span>(los<span class=\"_ _2\"></span>s) for the yea<span class=\"_ _2\"></span>r attri<span class=\"_ _2\"></span>butab<span class=\"_ _2\"></span>le to owne<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x565 y5702 w1b7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">498<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x566 y5702 w2bf h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(149<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x567 y5702 w1b7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">349<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x568 y5702 w2c0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>437<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x569 y5702 w2c1 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">(88<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5703 w2c2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Co<span class=\"_ _2\"></span>upon paid o<span class=\"_ _2\"></span>n Tier 1 note<span class=\"_ _2\"></span>s, net of t<span class=\"_ _2\"></span>ax relief<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x56a y5703 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x56b y5703 w175 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x56c y5703 w2c3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x56d y5703 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x56e y5703 w2c4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(22)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5704 w2c5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c3 ws0\">De<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>: Share of res<span class=\"_ _2\"></span>ult att<span class=\"_ _2\"></span>ributab<span class=\"_ _2\"></span>le to non-c<span class=\"_ _2\"></span>ontrolling intere<span class=\"_ _2\"></span>sts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x56f y5704 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x570 y5704 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x571 y5704 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x572 y5704 w2c6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>28)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x573 y5704 w2c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>28)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5705 ff7 fs7 fc1 sc0 ls0 ws0\">Profit<span class=\"_ _2\"></span>/<span class=\"_ _5\"></span>(los<span class=\"_ _2\"></span>s) for the yea<span class=\"_ _2\"></span>r attri<span class=\"_ _2\"></span>butab<span class=\"_ _2\"></span>le to ord<span class=\"_ _2\"></span>inar<span class=\"_ _2\"></span>y equi<span class=\"_ _2\"></span>ty </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5706 w2c8 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">holders of the<span class=\"_ _5\"></span> parent<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x574 y5706 w2c9 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">498<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x575 y5706 w2ca h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>171<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x576 y5706 w1a7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">3<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x577 y5706 w2cb h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(46<span class=\"_ _2\"></span>5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x578 y5706 wc2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">(138<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x579 h16 y5707 ff3 fsf fc1 sc0 ls0 ws0\">Adj<span class=\"_ _2\"></span>ust<span class=\"_ _2\"></span>ed op<span class=\"_ _2\"></span>erat<span class=\"_ _2\"></span>ing </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x57a h16 y5708 ff3 fsf fc1 sc0 ls0 ws0\">Adj<span class=\"_ _2\"></span>ust<span class=\"_ _2\"></span>ed </td><td></td><td class=\"t m0 x57b h16 y5708 ff3 fsf fc1 sc0 ls0 ws0\">ea<span class=\"_ _2\"></span>rning<span class=\"_ _2\"></span>s net of </td><td class=\"t m0 x57c h16 y5708 ff3 fsf fc1 sc0 ls83 ws78\">Other </td><td></td></tr><tr><td></td><td class=\"t m0 x57d h16 y5709 ff3 fsf fc1 sc0 ls0 ws0\">op<span class=\"_ _2\"></span>erat<span class=\"_ _2\"></span>ing<span class=\"_ gs2dc\"> </span>pro<span class=\"_ _2\"></span>fit<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x57e h16 y5709 ff3 fsf fc1 sc0 ls84 ws79\">Financing<span class=\"_ _7\"></span> cost<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x57b h16 y5709 ff3 fsf fc1 sc0 ls84 ws79\">financing<span class=\"_ _7\"></span> cos<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x57f h16 y5709 ff3 fsf fc1 sc0 ls17 ws15\">non-operating items<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5709 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y570b w2cc h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 (<span class=\"_ _7\"></span>restated)</div><div class=\"t m0 x580 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x581 h16 y570c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x582 h16 y570c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h16 y570c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h16 y570c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y570c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y570d w2b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Profit<span class=\"_ _2\"></span>/<span class=\"_ _7\"></span>(l<span class=\"_ _2\"></span>oss) before th<span class=\"_ _2\"></span>e tax at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to owne<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x583 y570d w119 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c3 ws1c3\">544<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x584 y570d w2cd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>99)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x585 y570d w197 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">3<span class=\"_ _2\"></span>45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x586 y570d w87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">(3,857)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x587 y570d w259 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y570e w2bc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ax (cha<span class=\"_ _2\"></span>rge)/<span class=\"_ _6\"></span>cre<span class=\"_ _2\"></span>dit at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to owner<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x560 y570e w2cd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(11<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x588 y570e w2ce h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">43<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x589 y570e w2cf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>76<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x554 y570e wf7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">9<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x58a y570e w9c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">855<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y570f w2be h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">Profit<span class=\"_ _2\"></span>/<span class=\"_ _5\"></span>(los<span class=\"_ _2\"></span>s) for the yea<span class=\"_ _2\"></span>r attri<span class=\"_ _2\"></span>butab<span class=\"_ _2\"></span>le to owne<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x58b y570f w2ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">425<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x58c y570f w228 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(156)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x58d y570f we9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">269<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x58e y570f w2d0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>926)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x58f y570f w9f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(2,6<span class=\"_ _2\"></span>57)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y566a w2d1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Co<span class=\"_ _2\"></span>upon paid on T<span class=\"_ _2\"></span>ier 1 note<span class=\"_ _2\"></span>s, net of t<span class=\"_ _2\"></span>ax relief<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x590 y566a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x591 y566a w1dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x592 y566a w135 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x593 y566a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x594 y566a w135 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>22)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5710 w2c5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c3 ws0\">De<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>: Share of res<span class=\"_ _2\"></span>ult att<span class=\"_ _2\"></span>ributab<span class=\"_ _2\"></span>le to non-c<span class=\"_ _2\"></span>ontrolling intere<span class=\"_ _2\"></span>sts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x595 y5710 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x596 y5710 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x597 y5710 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x598 y5710 w2c7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(67<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x599 y5710 w2c7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(67<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5711 ff7 fs7 fc1 sc0 ls0 ws0\">Profit<span class=\"_ _2\"></span>/<span class=\"_ _5\"></span>(los<span class=\"_ _2\"></span>s) for the yea<span class=\"_ _2\"></span>r attri<span class=\"_ _2\"></span>butab<span class=\"_ _2\"></span>le to ord<span class=\"_ _2\"></span>inar<span class=\"_ _2\"></span>y equi<span class=\"_ _2\"></span>ty </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ef w2c8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">holders of the<span class=\"_ _5\"></span> parent<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x59a y55ef w2ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">425<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x59b y55ef w2d2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>178<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x59c y55ef w2d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x59d y55ef w2d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(2<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>93)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x59e y55ef w2d5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,74<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.1 fo<span class=\"_ _2\"></span>r fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>ils).<span class=\"_ _3bc\"> </span>The wei<span class=\"_ _2\"></span>ghted averag<span class=\"_ _2\"></span>e numbe<span class=\"_ _2\"></span>r of ordinar<span class=\"_ _2\"></span>y share<span class=\"_ _2\"></span>s outs<span class=\"_ _2\"></span>tandin<span class=\"_ _2\"></span>g during the p<span class=\"_ _2\"></span>eriod is c<span class=\"_ _2\"></span>alculate<span class=\"_ _2\"></span>d as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span><table class=\"s w286 h29f\" id=\"_e50836bf-3696-433e-9dd0-d657596984a2\"><tr><td></td><td class=\"t m0 x44d h3f y5712 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5712 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x261 h3f y5713 ff7 fsf fc1 sc0 lse3 wscd\">Number<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x59f h16 y5713 ff3 fsf fc1 sc0 ls82 ws77\">Numbe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x5a0 h3f y5714 ff7 fsf fc1 sc0 lse3 wscd\">million<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5a1 h16 y5714 ff3 fsf fc1 sc0 ls82 ws77\">million<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y561b w2d6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Is<span class=\"_ _2\"></span>sued ord<span class=\"_ _2\"></span>inar<span class=\"_ _2\"></span>y shares at b<span class=\"_ _2\"></span>eginn<span class=\"_ _2\"></span>ing of the year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a2 y561b w2d7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls48 wsa4\">1,<span class=\"_ _7\"></span>000<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a3 y561b w2d8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls48 wsa4\">1,<span class=\"_ _7\"></span>000<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w2d9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Effe<span class=\"_ _2\"></span>ct of ordinar<span class=\"_ _2\"></span>y sh<span class=\"_ _2\"></span>ares iss<span class=\"_ _2\"></span>ued<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a4 y561c wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a5 y561c w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 w2da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Effe<span class=\"_ _2\"></span>ct of non-<span class=\"_ _2\"></span>conting<span class=\"_ _2\"></span>ently is<span class=\"_ _2\"></span>suable sh<span class=\"_ _2\"></span>ares in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of Group's long-term in<span class=\"_ _2\"></span>centive pl<span class=\"_ _2\"></span>an<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a6 y5600 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a7 y5600 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w2db h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Own s<span class=\"_ _2\"></span>hares he<span class=\"_ _2\"></span>ld by the emp<span class=\"_ _2\"></span>loyee ben<span class=\"_ _2\"></span>efit trus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a8 y561e w2dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a9 y561e w2dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w2de h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">Weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e numb<span class=\"_ _2\"></span>er of ordi<span class=\"_ _2\"></span>nar<span class=\"_ _2\"></span>y shar<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5aa y55ef w2df h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5ab y55ef w1b5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">999<span class=\"_ _3bc\"> </span></div></td></tr></table>The dilu<span class=\"_ _2\"></span>ted weighte<span class=\"_ _2\"></span>d average n<span class=\"_ _2\"></span>umber of ordina<span class=\"_ _2\"></span>ry sh<span class=\"_ _2\"></span>ares out<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>anding durin<span class=\"_ _2\"></span>g the peri<span class=\"_ _2\"></span>od is 1<span class=\"_ _2\"></span>,003 millio<span class=\"_ _2\"></span>n (2022: 1<span class=\"_ _2\"></span>,00<span class=\"_ _2\"></span>1 million). The Group\u2019s long<span class=\"_ _2\"></span>-term ince<span class=\"_ _2\"></span>ntive plan<span class=\"_ _2\"></span>, deferred b<span class=\"_ _2\"></span>onus sha<span class=\"_ _2\"></span>re schem<span class=\"_ _2\"></span>e and sha<span class=\"_ _2\"></span>resave sch<span class=\"_ _2\"></span>emes in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>ed the weig<span class=\"_ _2\"></span>hted averag<span class=\"_ _2\"></span>e numbe<span class=\"_ _2\"></span>r of shares on a dilu<span class=\"_ _2\"></span>ted basi<span class=\"_ _2\"></span>s by 2,<span class=\"_ _2\"></span>259,<span class=\"_ _2\"></span>377 s<span class=\"_ _2\"></span>hares for th<span class=\"_ _2\"></span>e year ende<span class=\"_ _2\"></span>d 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023 (202<span class=\"_ _2\"></span>2: 1,<span class=\"_ _2\"></span>841<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>8 shares). As lo<span class=\"_ _2\"></span>sses h<span class=\"_ _2\"></span>ave an anti-diluti<span class=\"_ _2\"></span>ve effec<span class=\"_ _2\"></span>t, non<span class=\"_ _2\"></span>e of the share<span class=\"_ _2\"></span>-base<span class=\"_ _2\"></span>d awards h<span class=\"_ _2\"></span>ad a dilutive ef<span class=\"_ _2\"></span>fect in th<span class=\"_ _2\"></span>e calc<span class=\"_ _2\"></span>ulation of basi<span class=\"_ _2\"></span>c earning<span class=\"_ _2\"></span>s per sh<span class=\"_ _2\"></span>are for eithe<span class=\"_ _2\"></span>r of the years e<span class=\"_ _2\"></span>nded 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>2 or 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Earnin<span class=\"_ _2\"></span>gs pe<span class=\"_ _2\"></span>r share disc<span class=\"_ _2\"></span>losures are a<span class=\"_ _2\"></span>s follows:<span class=\"_ _3bc\"> </span><table class=\"s w286 h2a0\" id=\"_a54ace55-da39-4c8c-9844-2e926ba318e4\"><tr><td></td><td></td><td class=\"t m0 x1e4 h16 y5715 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x44d h3f y5716 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x59f h16 y5716 ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x5ac h3f y5717 ff7 fsf fc1 sc0 ls51 ws4b\">pence<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5a1 h16 y5717 ff3 fsf fc1 sc0 ls83 ws78\">pence<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5718 w2e0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Basi<span class=\"_ _2\"></span>c earning<span class=\"_ _2\"></span>s per sh<span class=\"_ _2\"></span>are<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5ad y5718 w2e1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(13.<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5ae y5718 w2e2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _2\"></span>274<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5719 w2e3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Dilute<span class=\"_ _2\"></span>d earning<span class=\"_ _2\"></span>s per sh<span class=\"_ _2\"></span>are<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5af y5719 w166 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(13.<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5b0 y5719 w2e2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _2\"></span>274<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y571a w2e4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Basi<span class=\"_ _2\"></span>c adjus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating e<span class=\"_ _2\"></span>arnings n<span class=\"_ _2\"></span>et of financin<span class=\"_ _2\"></span>g cos<span class=\"_ _2\"></span>ts per s<span class=\"_ _2\"></span>hare<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5b1 y571a w2e5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1d8 ws1d8\">32<span class=\"_ _2\"></span>.7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5b2 y571a w2e6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>.7<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w2e7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Dilute<span class=\"_ _2\"></span>d adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>erating e<span class=\"_ _2\"></span>arning<span class=\"_ _2\"></span>s net of financ<span class=\"_ _2\"></span>ing cos<span class=\"_ _2\"></span>ts per s<span class=\"_ _2\"></span>hare<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49e y55ef w2e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">32<span class=\"_ _2\"></span>.6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5b2 y55ef w2e6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>.7<span class=\"_ _3bc\"> </span></div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-689": {
   "value": "he Gro<span class=\"_ _2\"></span>up calc<span class=\"_ _2\"></span>ulates its b<span class=\"_ _2\"></span>asic ea<span class=\"_ _2\"></span>rnings p<span class=\"_ _2\"></span>er share b<span class=\"_ _2\"></span>ased on t<span class=\"_ _2\"></span>he prese<span class=\"_ _2\"></span>nt shares in i<span class=\"_ _2\"></span>ssue us<span class=\"_ _2\"></span>ing the ear<span class=\"_ _2\"></span>nings at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to ordin<span class=\"_ _2\"></span>ary e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y hold<span class=\"_ _2\"></span>ers of the pa<span class=\"_ _2\"></span>rent, divid<span class=\"_ _2\"></span>ed by the weig<span class=\"_ _2\"></span>hted averag<span class=\"_ _2\"></span>e numbe<span class=\"_ _2\"></span>r of ordinar<span class=\"_ _2\"></span>y shares in i<span class=\"_ _2\"></span>ssue dur<span class=\"_ _2\"></span>ing the year. Dilute<span class=\"_ _2\"></span>d earning<span class=\"_ _2\"></span>s per sh<span class=\"_ _2\"></span>are are cal<span class=\"_ _2\"></span>culated b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the potentia<span class=\"_ _2\"></span>l future sh<span class=\"_ _2\"></span>ares in iss<span class=\"_ _2\"></span>ue ass<span class=\"_ _2\"></span>uming the c<span class=\"_ _2\"></span>onversion of all p<span class=\"_ _2\"></span>otentially dilutive ordinar<span class=\"_ _2\"></span>y sh<span class=\"_ _2\"></span>ares. T<span class=\"_ _2\"></span>he weighte<span class=\"_ _2\"></span>d average n<span class=\"_ _2\"></span>umber of ordin<span class=\"_ _2\"></span>ary s<span class=\"_ _2\"></span>hares in is<span class=\"_ _2\"></span>sue is ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d to assum<span class=\"_ _2\"></span>e convers<span class=\"_ _2\"></span>ion of dilutive share aw<span class=\"_ _2\"></span>ards grante<span class=\"_ _2\"></span>d to em<span class=\"_ _2\"></span>ploye<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The b<span class=\"_ _2\"></span>asic and dilu<span class=\"_ _2\"></span>ted earnin<span class=\"_ _2\"></span>gs per s<span class=\"_ _2\"></span>hare ca<span class=\"_ _2\"></span>lculation<span class=\"_ _2\"></span>s are also pre<span class=\"_ _2\"></span>sented b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the Group\u2019s adju<span class=\"_ _2\"></span>sted op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g earning<span class=\"_ _2\"></span>s net of finan<span class=\"_ _2\"></span>cing cos<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. Adjus<span class=\"_ _2\"></span>ted ope<span class=\"_ _2\"></span>rating profit is a n<span class=\"_ _2\"></span>on-<span class=\"_ _2\"></span>G<span class=\"_ _5\"></span>A<span class=\"_ _2\"></span>AP per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce mea<span class=\"_ _2\"></span>sure that is co<span class=\"_ _2\"></span>nsidere<span class=\"_ _2\"></span>d to provide a co<span class=\"_ _2\"></span>mparabl<span class=\"_ _2\"></span>e meas<span class=\"_ _2\"></span>ure of the underl<span class=\"_ _2\"></span>ying per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce of the bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s as it exclude<span class=\"_ _2\"></span>s the impa<span class=\"_ _2\"></span>ct of shor<span class=\"_ _2\"></span>t-term eco<span class=\"_ _2\"></span>nomic volatili<span class=\"_ _2\"></span>ty an<span class=\"_ _2\"></span>d other one<span class=\"_ _2\"></span>-of<span class=\"_ _2\"></span>f items<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-648": {
   "value": "B4. Dividends<span class=\"_ _3bc\"> </span>Final di<span class=\"_ _2\"></span>vidends o<span class=\"_ _2\"></span>n ordinar<span class=\"_ _2\"></span>y share<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as a liabilit<span class=\"_ _2\"></span>y and d<span class=\"_ _2\"></span>educ<span class=\"_ _2\"></span>ted from eq<span class=\"_ _2\"></span>uity w<span class=\"_ _2\"></span>hen they are a<span class=\"_ _2\"></span>pproved by the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s owner<span class=\"_ _2\"></span>s. Interim divi<span class=\"_ _2\"></span>dends are d<span class=\"_ _2\"></span>educ<span class=\"_ _2\"></span>ted from eq<span class=\"_ _2\"></span>uity wh<span class=\"_ _2\"></span>en they are p<span class=\"_ _2\"></span>aid. Divid<span class=\"_ _2\"></span>ends for the ye<span class=\"_ _2\"></span>ar that are ap<span class=\"_ _2\"></span>proved af<span class=\"_ _2\"></span>ter the repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g perio<span class=\"_ _2\"></span>d are dealt wit<span class=\"_ _2\"></span>h as an event af<span class=\"_ _2\"></span>ter the rep<span class=\"_ _2\"></span>ortin<span class=\"_ _2\"></span>g perio<span class=\"_ _2\"></span>d. Dec<span class=\"_ _2\"></span>lared divi<span class=\"_ _2\"></span>dends are tho<span class=\"_ _2\"></span>se that are ap<span class=\"_ _2\"></span>propriatel<span class=\"_ _2\"></span>y authori<span class=\"_ _2\"></span>sed an<span class=\"_ _2\"></span>d are no long<span class=\"_ _2\"></span>er at the dis<span class=\"_ _2\"></span>cretion of the e<span class=\"_ _2\"></span>ntity.<span class=\"_ _3bc\"> </span><table class=\"s w2e9 h2a1\" id=\"_ff0011c5-a822-43c9-a73d-41c661c503b8\"><tr><td></td><td class=\"t m0 x549 h3f y571b ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h16 y571b ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x552 h3f y571c ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x553 h16 y571c ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ef w2ea h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Divid<span class=\"_ _2\"></span>ends de<span class=\"_ _2\"></span>clared a<span class=\"_ _2\"></span>nd paid in th<span class=\"_ _2\"></span>e year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x563 y55ef w2eb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">52<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5b3 y55ef w59 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">49<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr></table>On 1<span class=\"_ _2\"></span>0 March 202<span class=\"_ _2\"></span>3, th<span class=\"_ _2\"></span>e Board re<span class=\"_ _2\"></span>comme<span class=\"_ _2\"></span>nded a fin<span class=\"_ _2\"></span>al dividen<span class=\"_ _2\"></span>d of 26.0<span class=\"_ _2\"></span>p per sh<span class=\"_ _2\"></span>are in respe<span class=\"_ _2\"></span>ct of the yea<span class=\"_ _2\"></span>r ende<span class=\"_ _2\"></span>d 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2022. Th<span class=\"_ _2\"></span>e dividend was app<span class=\"_ _2\"></span>roved at the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s A<span class=\"_ _2\"></span>nnual Ge<span class=\"_ _2\"></span>neral M<span class=\"_ _2\"></span>eetin<span class=\"_ _2\"></span>g, which w<span class=\"_ _2\"></span>as held on 4 M<span class=\"_ _2\"></span>ay 2023<span class=\"_ _2\"></span>. The divide<span class=\"_ _2\"></span>nd amo<span class=\"_ _2\"></span>unted to \u00a326<span class=\"_ _2\"></span>0 million an<span class=\"_ _2\"></span>d was paid on 10 M<span class=\"_ _2\"></span>ay 2023<span class=\"_ _2\"></span>. On 1<span class=\"_ _2\"></span>5 Septem<span class=\"_ _2\"></span>ber 2023<span class=\"_ _2\"></span>, the B<span class=\"_ _2\"></span>oard de<span class=\"_ _2\"></span>clared an inte<span class=\"_ _2\"></span>rim dividen<span class=\"_ _2\"></span>d of 26.0<span class=\"_ _2\"></span>p per sh<span class=\"_ _2\"></span>are for the half ye<span class=\"_ _2\"></span>ar ende<span class=\"_ _2\"></span>d 30 Jun<span class=\"_ _2\"></span>e 2023. T<span class=\"_ _2\"></span>he divide<span class=\"_ _2\"></span>nd amo<span class=\"_ _2\"></span>unted to \u00a326<span class=\"_ _2\"></span>0 million an<span class=\"_ _2\"></span>d was paid on 2<span class=\"_ _2\"></span>3 Octob<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-690": {
   "value": "Final di<span class=\"_ _2\"></span>vidends o<span class=\"_ _2\"></span>n ordinar<span class=\"_ _2\"></span>y share<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as a liabilit<span class=\"_ _2\"></span>y and d<span class=\"_ _2\"></span>educ<span class=\"_ _2\"></span>ted from eq<span class=\"_ _2\"></span>uity w<span class=\"_ _2\"></span>hen they are a<span class=\"_ _2\"></span>pproved by the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s owner<span class=\"_ _2\"></span>s. Interim divi<span class=\"_ _2\"></span>dends are d<span class=\"_ _2\"></span>educ<span class=\"_ _2\"></span>ted from eq<span class=\"_ _2\"></span>uity wh<span class=\"_ _2\"></span>en they are p<span class=\"_ _2\"></span>aid. Divid<span class=\"_ _2\"></span>ends for the ye<span class=\"_ _2\"></span>ar that are ap<span class=\"_ _2\"></span>proved af<span class=\"_ _2\"></span>ter the repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g perio<span class=\"_ _2\"></span>d are dealt wit<span class=\"_ _2\"></span>h as an event af<span class=\"_ _2\"></span>ter the rep<span class=\"_ _2\"></span>ortin<span class=\"_ _2\"></span>g perio<span class=\"_ _2\"></span>d. Dec<span class=\"_ _2\"></span>lared divi<span class=\"_ _2\"></span>dends are tho<span class=\"_ _2\"></span>se that are ap<span class=\"_ _2\"></span>propriatel<span class=\"_ _2\"></span>y authori<span class=\"_ _2\"></span>sed an<span class=\"_ _2\"></span>d are no long<span class=\"_ _2\"></span>er at the dis<span class=\"_ _2\"></span>cretion of the e<span class=\"_ _2\"></span>ntity.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-606": {
   "value": "C1. Insurance Revenue<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s in<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce revenue refl<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s the provisio<span class=\"_ _2\"></span>n of serv<span class=\"_ _2\"></span>ices aris<span class=\"_ _2\"></span>ing from a group of in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts at an a<span class=\"_ _2\"></span>mount that re<span class=\"_ _2\"></span>flect<span class=\"_ _2\"></span>s the con<span class=\"_ _2\"></span>sideratio<span class=\"_ _2\"></span>n to which the Gro<span class=\"_ _2\"></span>up expe<span class=\"_ _2\"></span>cts to b<span class=\"_ _2\"></span>e entitled in e<span class=\"_ _2\"></span>xchang<span class=\"_ _2\"></span>e for those s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>. Insura<span class=\"_ _2\"></span>nce revenu<span class=\"_ _2\"></span>e from a group of ins<span class=\"_ _2\"></span>urance contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s is therefore the re<span class=\"_ _2\"></span>levant por<span class=\"_ _2\"></span>tion for th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d of the total con<span class=\"_ _2\"></span>sidera<span class=\"_ _2\"></span>tion for the co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s, (i.<span class=\"_ _2\"></span>e. the amo<span class=\"_ _2\"></span>unt of premiums pa<span class=\"_ _2\"></span>id to the Group a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted for finan<span class=\"_ _2\"></span>cing ef<span class=\"_ _2\"></span>fect (the tim<span class=\"_ _2\"></span>e value of mone<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>) and excl<span class=\"_ _2\"></span>uding any inves<span class=\"_ _2\"></span>tment com<span class=\"_ _2\"></span>ponent<span class=\"_ _2\"></span>s). The total con<span class=\"_ _2\"></span>sidera<span class=\"_ _2\"></span>tion for a group of contra<span class=\"_ _2\"></span>cts c<span class=\"_ _2\"></span>overs amo<span class=\"_ _2\"></span>unts relate<span class=\"_ _2\"></span>d to the provisio<span class=\"_ _2\"></span>n of ser<span class=\"_ _2\"></span>vices an<span class=\"_ _2\"></span>d is compri<span class=\"_ _2\"></span>sed of: \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e relea<span class=\"_ _2\"></span>se of the CS<span class=\"_ _2\"></span>M;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for n<span class=\"_ _2\"></span>on-finan<span class=\"_ _2\"></span>cial risk re<span class=\"_ _2\"></span>lating to curre<span class=\"_ _2\"></span>nt ser<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _6d\"> </span><span class=\"ws0\">claims a<span class=\"_ _2\"></span>nd other in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vice exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s incurre<span class=\"_ _2\"></span>d in the perio<span class=\"_ _2\"></span>d, ge<span class=\"_ _2\"></span>nerall<span class=\"_ _2\"></span>y measure<span class=\"_ _2\"></span>d at the am<span class=\"_ _2\"></span>ounts exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d at the be<span class=\"_ _2\"></span>ginning of th<span class=\"_ _2\"></span>e period;<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span>ex<span class=\"_ _2\"></span>perien<span class=\"_ _2\"></span>ce adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ents aris<span class=\"_ _2\"></span>ing from prem<span class=\"_ _2\"></span>iums rece<span class=\"_ _2\"></span>ived in the p<span class=\"_ _2\"></span>eriod othe<span class=\"_ _2\"></span>r than tho<span class=\"_ _2\"></span>se that rel<span class=\"_ _2\"></span>ate to future se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e; \u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition ca<span class=\"_ _2\"></span>sh flows rec<span class=\"_ _2\"></span>overy w<span class=\"_ _2\"></span>hich is determ<span class=\"_ _2\"></span>ined by allo<span class=\"_ _2\"></span>cating th<span class=\"_ _2\"></span>e por<span class=\"_ _2\"></span>tion of premium<span class=\"_ _2\"></span>s related to th<span class=\"_ _2\"></span>e recover<span class=\"_ _2\"></span>y of thos<span class=\"_ _2\"></span>e cash flows on th<span class=\"_ _2\"></span>e basis of the p<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>age of time over th<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>cted cove<span class=\"_ _2\"></span>rage of a gro<span class=\"_ _2\"></span>up of contrac<span class=\"_ _2\"></span>ts; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>oth<span class=\"_ _2\"></span>er amo<span class=\"_ _2\"></span>unts, in<span class=\"_ _2\"></span>cluding a<span class=\"_ _2\"></span>ny other pre-<span class=\"_ _2\"></span>recog<span class=\"_ _2\"></span>nition ca<span class=\"_ _2\"></span>sh flow as<span class=\"_ _2\"></span>sets d<span class=\"_ _2\"></span>ereco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d at the date of initial re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nition.<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>ount of the CS<span class=\"_ _2\"></span>M of a group of insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts that is re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as in<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce revenue in e<span class=\"_ _2\"></span>ach year is d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d by identif<span class=\"_ _2\"></span>ying the<span class=\"_ _2\"></span> covera<span class=\"_ _2\"></span>ge unit<span class=\"_ _2\"></span>s in the group, allo<span class=\"_ _2\"></span>catin<span class=\"_ _2\"></span>g the CS<span class=\"_ _2\"></span>M remainin<span class=\"_ _2\"></span>g at the end of the ye<span class=\"_ _2\"></span>ar equa<span class=\"_ _2\"></span>lly to each c<span class=\"_ _2\"></span>overage un<span class=\"_ _2\"></span>it provided in th<span class=\"_ _2\"></span>e year and<span class=\"_ _2\"></span> expe<span class=\"_ _2\"></span>cted to b<span class=\"_ _2\"></span>e provided in f<span class=\"_ _2\"></span>uture year<span class=\"_ _2\"></span>s, an<span class=\"_ _2\"></span>d reco<span class=\"_ _2\"></span>gnising in profit o<span class=\"_ _2\"></span>r loss th<span class=\"_ _2\"></span>e amount of the C<span class=\"_ _2\"></span>SM allo<span class=\"_ _2\"></span>cated to c<span class=\"_ _2\"></span>overage un<span class=\"_ _2\"></span>its provide<span class=\"_ _2\"></span>d in the year. The n<span class=\"_ _2\"></span>umber of cover<span class=\"_ _2\"></span>age unit<span class=\"_ _2\"></span>s in a group is the q<span class=\"_ _2\"></span>uantit<span class=\"_ _2\"></span>y of ser<span class=\"_ _2\"></span>vice provid<span class=\"_ _2\"></span>ed by the co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s in the gro<span class=\"_ _2\"></span>up, determine<span class=\"_ _2\"></span>d by consid<span class=\"_ _2\"></span>ering for ea<span class=\"_ _2\"></span>ch contr<span class=\"_ _2\"></span>act the q<span class=\"_ _2\"></span>uantit<span class=\"_ _2\"></span>y of benefit<span class=\"_ _2\"></span>s provide<span class=\"_ _2\"></span>d under a co<span class=\"_ _2\"></span>ntract a<span class=\"_ _2\"></span>nd its ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted covera<span class=\"_ _2\"></span>ge peri<span class=\"_ _2\"></span>od. The c<span class=\"_ _2\"></span>overag<span class=\"_ _2\"></span>e units are revie<span class=\"_ _2\"></span>wed and up<span class=\"_ _2\"></span>dated at eac<span class=\"_ _2\"></span>h repor<span class=\"_ _2\"></span>ting date<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up consi<span class=\"_ _2\"></span>der the followin<span class=\"_ _2\"></span>g when dete<span class=\"_ _2\"></span>rmining cover<span class=\"_ _2\"></span>age unit<span class=\"_ _2\"></span>s: \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e quantit<span class=\"_ _2\"></span>y of ben<span class=\"_ _2\"></span>efits provid<span class=\"_ _2\"></span>ed by contra<span class=\"_ _2\"></span>cts in t<span class=\"_ _2\"></span>he group; \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>cted c<span class=\"_ _2\"></span>overage p<span class=\"_ _2\"></span>eriod of co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s in the group; \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e lik<span class=\"_ _5\"></span>eliho<span class=\"_ _2\"></span>od of insure<span class=\"_ _2\"></span>d events oc<span class=\"_ _2\"></span>curring<span class=\"_ _2\"></span>, only to th<span class=\"_ _2\"></span>e extent t<span class=\"_ _2\"></span>hat they af<span class=\"_ _2\"></span>fect th<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>cted cove<span class=\"_ _2\"></span>rage p<span class=\"_ _2\"></span>eriod of cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s in the group;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>thout dire<span class=\"_ _2\"></span>ct par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>tion feature<span class=\"_ _2\"></span>s, the g<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>ation of an investm<span class=\"_ _2\"></span>ent return for th<span class=\"_ _2\"></span>e policy<span class=\"_ _2\"></span>holder, if applic<span class=\"_ _2\"></span>able (investm<span class=\"_ _2\"></span>ent-return se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e); and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>th direct p<span class=\"_ _2\"></span>arti<span class=\"_ _2\"></span>cipation feat<span class=\"_ _2\"></span>ures<span class=\"_ _2\"></span>, the mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt of underlyin<span class=\"_ _2\"></span>g items on b<span class=\"_ _2\"></span>ehalf of the p<span class=\"_ _2\"></span>olicyho<span class=\"_ _2\"></span>lder (invest<span class=\"_ _2\"></span>ment-<span class=\"_ _3bc\"> </span>relate<span class=\"_ _2\"></span>d ser<span class=\"_ _2\"></span>vice).<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>overage uni<span class=\"_ _2\"></span>ts for group<span class=\"_ _2\"></span>s of reinsuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s held are dete<span class=\"_ _2\"></span>rmined b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the quantit<span class=\"_ _2\"></span>y of cover<span class=\"_ _2\"></span>age provid<span class=\"_ _2\"></span>ed by the rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s held in the g<span class=\"_ _2\"></span>roup but not th<span class=\"_ _2\"></span>e coverag<span class=\"_ _2\"></span>e provide<span class=\"_ _2\"></span>d by the insurer to it<span class=\"_ _2\"></span>s polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs throu<span class=\"_ _2\"></span>gh the unde<span class=\"_ _2\"></span>rlying ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. However, where the re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce held i<span class=\"_ _2\"></span>s a 10<span class=\"_ _2\"></span>0% quota sh<span class=\"_ _2\"></span>are arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt, it is exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d that the c<span class=\"_ _2\"></span>overage uni<span class=\"_ _2\"></span>ts would b<span class=\"_ _2\"></span>e consis<span class=\"_ _2\"></span>tent with th<span class=\"_ _2\"></span>e under<span class=\"_ _2\"></span>lying ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts. W<span class=\"_ _2\"></span>here the<span class=\"_ _2\"></span>re is a chang<span class=\"_ _2\"></span>e to the fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows of the group of un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g policies t<span class=\"_ _2\"></span>hat doe<span class=\"_ _2\"></span>s not adju<span class=\"_ _2\"></span>st the CS<span class=\"_ _2\"></span>M<span class=\"_ _2\"></span>, it also woul<span class=\"_ _2\"></span>d not adj<span class=\"_ _2\"></span>ust the C<span class=\"_ _2\"></span>SM of the gro<span class=\"_ _2\"></span>up of reinsura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span><table class=\"s w2ec h2a2\" id=\"_34719f85-e316-4745-a860-afc883e34cb0\"><tr><td></td><td class=\"t m0 x5b4 h3f y571d ff7 fsf fc1 sc0 ls5b ws76\">Retirement </td><td class=\"t m0 x5b5 h3f y571d ff7 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x536 h3f y571e ff7 fsf fc1 sc0 ls81 ws75\">Solutions<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5b6 h3f y571e ff7 fsf fc1 sc0 ls82 ws77\">Savin<span class=\"_ _2\"></span>gs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5b7 h3f y571e ff7 fsf fc1 sc0 lse2 wscc\">With-Pr<span class=\"_ _2\"></span>ofits</td><td class=\"t m0 x5b8 h3f y571e ff7 fsf fc1 sc0 ls0 ws0\"> Eur<span class=\"_ _2\"></span>ope &amp; O<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h3f y571e ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x5b9 h3f y571f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h3f y571f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h3f y571f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5bb h3f y571f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y571f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5720 ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unts relatin<span class=\"_ _2\"></span>g to chang<span class=\"_ _2\"></span>es in liabilitie<span class=\"_ _2\"></span>s for remainin<span class=\"_ _2\"></span>g<span class=\"_ gs132\"> </span>coverag<span class=\"_ _2\"></span>e:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5618 w2ed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in perio<span class=\"_ _2\"></span>d for ser<span class=\"_ _2\"></span>vices p<span class=\"_ _2\"></span>rovided<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5bc y5618 w59 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">26<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5bd y5618 w2ee h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5be y5618 w13f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">77<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5bf y5618 w2ef h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5c0 y5618 w2f0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">40<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5721 w2f1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for non<span class=\"_ _2\"></span>-financ<span class=\"_ _2\"></span>ial risk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5c1 y5721 w2f2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">39<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5c2 y5721 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5c3 y5721 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5c4 y5721 w60 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5c5 y5721 w17e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls76 ws19a\">63<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5619 w2f3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s and other in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vice<span class=\"_ gs132\"> </span>exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5c6 y5619 w144 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">3,<span class=\"_ _2\"></span>450<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5c7 y5619 w2eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">23<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5c8 y5619 w2f4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5c9 y5619 w85 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">497<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5ca y5619 w144 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">4,<span class=\"_ _2\"></span>349<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561a w2f5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Policyholder tax charges<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5cb y561a w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5cc y561a w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5cd y561a w2f6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5ce y561a wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5cf y561a w2f7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w2f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unts relatin<span class=\"_ _2\"></span>g to recover<span class=\"_ _2\"></span>y of insura<span class=\"_ _2\"></span>nce ac<span class=\"_ _2\"></span>quisition c<span class=\"_ _2\"></span>ash<span class=\"_ gs132\"> </span>flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5d0 y561b wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5d1 y561b w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5d2 y561b w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5d3 y561b w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5d4 y561b w179 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">15<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5722 w2f9 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">Insurance revenue<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5d5 y5722 w2fa h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,751<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5d6 y5722 w55 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">272<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5d7 y5722 w2fb h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls9d ws58\">267<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5d8 y5722 w2fc h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1bf ws1be\">571<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5d9 y5722 w2fd h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">4<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>61<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5723 ff3 fs7 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>prising c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts mea<span class=\"_ _2\"></span>sured usin<span class=\"_ _2\"></span>g:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ee w2fe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Fair value<span class=\"_ _5\"></span> approach at transition<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5da y55ee w212 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>887<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5db y55ee w59 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">26<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5dc y55ee w2ff h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5dd y55ee w2ac h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">42<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5de y55ee w300 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">2,826<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w301 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Fully retrosp<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve approac<span class=\"_ _2\"></span>h at transiti<span class=\"_ _2\"></span>on and new c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5df y55ef w302 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1,864<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5e0 y55ef wd2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5e1 y55ef wd2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5e2 y55ef w2ff h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">1<span class=\"_ _2\"></span>51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5e3 y55ef w303 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">2,<span class=\"_ _2\"></span>035<span class=\"_ _3bc\"> </span></div></td></tr></table><div class=\"t m0 h16 ff3 fsf fc1 sc0 lse3 wscd gs2ec\">2022<span class=\"_ _3bc\"> </span></div><div class=\"gs2ed\"><table class=\"s w304 h2a3\" id=\"_fbdd843b-4842-4a51-aa77-f3fb3c23a427\"><tr><td></td><td class=\"t m0 x5e4 h16 y5724 ff3 fsf fc1 sc0 ls82 ws77\">Retireme<span class=\"_ _2\"></span>nt </td><td class=\"t m0 x5e5 h16 y5724 ff3 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x5e6 h16 y5725 ff3 fsf fc1 sc0 ls17 ws15\">Solutions<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x556 h16 y5725 ff3 fsf fc1 sc0 lse6 wsd0\">Savin<span class=\"_ _2\"></span>gs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e7 h16 y5725 ff3 fsf fc1 sc0 lse9 wsd4\">With-Profit<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e8 h16 y5725 ff3 fsf fc1 sc0 ls0 ws0\">Euro<span class=\"_ _2\"></span>pe &amp; Ot<span class=\"_ _2\"></span>her<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5725 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x5e9 h16 y5726 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x558 h16 y5726 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x25f h16 y5726 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m</td><td class=\"t m0 x5ea h16 y5726 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5726 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y5727 ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unts relatin<span class=\"_ _2\"></span>g to chang<span class=\"_ _2\"></span>es in liabilitie<span class=\"_ _2\"></span>s for remainin<span class=\"_ _2\"></span>g<span class=\"_ gs132\"> </span>coverag<span class=\"_ _2\"></span>e:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5618 w2ed h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in perio<span class=\"_ _2\"></span>d for ser<span class=\"_ _2\"></span>vices p<span class=\"_ _2\"></span>rovided<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5eb y5618 w305 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">207<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5ec y5618 w13f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5ed y5618 w17e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls76 ws19a\">99<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5ee y5618 wa5 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">67<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5ef y5618 w240 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">386<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5728 w2f1 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for non<span class=\"_ _2\"></span>-financ<span class=\"_ _2\"></span>ial risk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5f0 y5728 w306 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b5 ws1b4\">76<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5f1 y5728 w307 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5f2 y5728 w158 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5f3 y5728 wb5 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5f4 y5728 w112 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">102<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5729 w2f3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s and other in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vice<span class=\"_ gs132\"> </span>exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5f5 y5729 w308 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">3,26<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5f6 y5729 w176 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls4b ws122\">30<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5f7 y5729 w1bf h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls47 ws19d\">546<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5f8 y5729 w309 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">56<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5f9 y5729 w30a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c4 ws1c4\">4,670<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y572a w2f5 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Policyholder tax charges<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5fa y572a w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x423 y572a w30b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5fb y572a w30b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5fc y572a w158 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5fd y572a w1da h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>33)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w2f8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unts relatin<span class=\"_ _2\"></span>g to recover<span class=\"_ _2\"></span>y of insura<span class=\"_ _2\"></span>nce ac<span class=\"_ _2\"></span>quisition c<span class=\"_ _2\"></span>ash<span class=\"_ gs132\"> </span>flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5d0 y561b wb5 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5fe y561b w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5ff y561b w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x600 y561b w1d7 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x601 y561b w30c h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y572b w2f9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">Insurance revenue<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x602 y572b w237 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,54<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x603 y572b w2a8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">307<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5d7 y572b w2a9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">636<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x604 y572b w9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">655<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x605 y572b w49 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">5<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>142<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y572c ff3 fs7 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>prising c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts mea<span class=\"_ _2\"></span>sured usin<span class=\"_ _2\"></span>g:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ee w2fe h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Fair value<span class=\"_ _5\"></span> approach at transition<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x606 y55ee w30d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x607 y55ee w2a8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">307<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x608 y55ee w30e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls32 ws149\">6<span class=\"_ _2\"></span>02<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x609 y55ee w19c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">479<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x60a y55ee w30f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>216<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w301 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Fully retrosp<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve approac<span class=\"_ _2\"></span>h at transiti<span class=\"_ _2\"></span>on and new c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x60b y55ef w310 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,71<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x60c y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x60d y55ef w179 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">34<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x60e y55ef w214 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">176<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x60f y55ef w311 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">1,<span class=\"_ _2\"></span>926</div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-691": {
   "value": "The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s in<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce revenue refl<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s the provisio<span class=\"_ _2\"></span>n of serv<span class=\"_ _2\"></span>ices aris<span class=\"_ _2\"></span>ing from a group of in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts at an a<span class=\"_ _2\"></span>mount that re<span class=\"_ _2\"></span>flect<span class=\"_ _2\"></span>s the con<span class=\"_ _2\"></span>sideratio<span class=\"_ _2\"></span>n to which the Gro<span class=\"_ _2\"></span>up expe<span class=\"_ _2\"></span>cts to b<span class=\"_ _2\"></span>e entitled in e<span class=\"_ _2\"></span>xchang<span class=\"_ _2\"></span>e for those s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>. Insura<span class=\"_ _2\"></span>nce revenu<span class=\"_ _2\"></span>e from a group of ins<span class=\"_ _2\"></span>urance contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s is therefore the re<span class=\"_ _2\"></span>levant por<span class=\"_ _2\"></span>tion for th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d of the total con<span class=\"_ _2\"></span>sidera<span class=\"_ _2\"></span>tion for the co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s, (i.<span class=\"_ _2\"></span>e. the amo<span class=\"_ _2\"></span>unt of premiums pa<span class=\"_ _2\"></span>id to the Group a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted for finan<span class=\"_ _2\"></span>cing ef<span class=\"_ _2\"></span>fect (the tim<span class=\"_ _2\"></span>e value of mone<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>) and excl<span class=\"_ _2\"></span>uding any inves<span class=\"_ _2\"></span>tment com<span class=\"_ _2\"></span>ponent<span class=\"_ _2\"></span>s). The total con<span class=\"_ _2\"></span>sidera<span class=\"_ _2\"></span>tion for a group of contra<span class=\"_ _2\"></span>cts c<span class=\"_ _2\"></span>overs amo<span class=\"_ _2\"></span>unts relate<span class=\"_ _2\"></span>d to the provisio<span class=\"_ _2\"></span>n of ser<span class=\"_ _2\"></span>vices an<span class=\"_ _2\"></span>d is compri<span class=\"_ _2\"></span>sed of: \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e relea<span class=\"_ _2\"></span>se of the CS<span class=\"_ _2\"></span>M;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for n<span class=\"_ _2\"></span>on-finan<span class=\"_ _2\"></span>cial risk re<span class=\"_ _2\"></span>lating to curre<span class=\"_ _2\"></span>nt ser<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _6d\"> </span><span class=\"ws0\">claims a<span class=\"_ _2\"></span>nd other in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vice exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s incurre<span class=\"_ _2\"></span>d in the perio<span class=\"_ _2\"></span>d, ge<span class=\"_ _2\"></span>nerall<span class=\"_ _2\"></span>y measure<span class=\"_ _2\"></span>d at the am<span class=\"_ _2\"></span>ounts exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d at the be<span class=\"_ _2\"></span>ginning of th<span class=\"_ _2\"></span>e period;<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span>ex<span class=\"_ _2\"></span>perien<span class=\"_ _2\"></span>ce adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ents aris<span class=\"_ _2\"></span>ing from prem<span class=\"_ _2\"></span>iums rece<span class=\"_ _2\"></span>ived in the p<span class=\"_ _2\"></span>eriod othe<span class=\"_ _2\"></span>r than tho<span class=\"_ _2\"></span>se that rel<span class=\"_ _2\"></span>ate to future se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e; \u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition ca<span class=\"_ _2\"></span>sh flows rec<span class=\"_ _2\"></span>overy w<span class=\"_ _2\"></span>hich is determ<span class=\"_ _2\"></span>ined by allo<span class=\"_ _2\"></span>cating th<span class=\"_ _2\"></span>e por<span class=\"_ _2\"></span>tion of premium<span class=\"_ _2\"></span>s related to th<span class=\"_ _2\"></span>e recover<span class=\"_ _2\"></span>y of thos<span class=\"_ _2\"></span>e cash flows on th<span class=\"_ _2\"></span>e basis of the p<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>age of time over th<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>cted cove<span class=\"_ _2\"></span>rage of a gro<span class=\"_ _2\"></span>up of contrac<span class=\"_ _2\"></span>ts; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>oth<span class=\"_ _2\"></span>er amo<span class=\"_ _2\"></span>unts, in<span class=\"_ _2\"></span>cluding a<span class=\"_ _2\"></span>ny other pre-<span class=\"_ _2\"></span>recog<span class=\"_ _2\"></span>nition ca<span class=\"_ _2\"></span>sh flow as<span class=\"_ _2\"></span>sets d<span class=\"_ _2\"></span>ereco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d at the date of initial re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nition.<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>ount of the CS<span class=\"_ _2\"></span>M of a group of insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts that is re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as in<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce revenue in e<span class=\"_ _2\"></span>ach year is d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d by identif<span class=\"_ _2\"></span>ying the<span class=\"_ _2\"></span> covera<span class=\"_ _2\"></span>ge unit<span class=\"_ _2\"></span>s in the group, allo<span class=\"_ _2\"></span>catin<span class=\"_ _2\"></span>g the CS<span class=\"_ _2\"></span>M remainin<span class=\"_ _2\"></span>g at the end of the ye<span class=\"_ _2\"></span>ar equa<span class=\"_ _2\"></span>lly to each c<span class=\"_ _2\"></span>overage un<span class=\"_ _2\"></span>it provided in th<span class=\"_ _2\"></span>e year and<span class=\"_ _2\"></span> expe<span class=\"_ _2\"></span>cted to b<span class=\"_ _2\"></span>e provided in f<span class=\"_ _2\"></span>uture year<span class=\"_ _2\"></span>s, an<span class=\"_ _2\"></span>d reco<span class=\"_ _2\"></span>gnising in profit o<span class=\"_ _2\"></span>r loss th<span class=\"_ _2\"></span>e amount of the C<span class=\"_ _2\"></span>SM allo<span class=\"_ _2\"></span>cated to c<span class=\"_ _2\"></span>overage un<span class=\"_ _2\"></span>its provide<span class=\"_ _2\"></span>d in the year. The n<span class=\"_ _2\"></span>umber of cover<span class=\"_ _2\"></span>age unit<span class=\"_ _2\"></span>s in a group is the q<span class=\"_ _2\"></span>uantit<span class=\"_ _2\"></span>y of ser<span class=\"_ _2\"></span>vice provid<span class=\"_ _2\"></span>ed by the co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s in the gro<span class=\"_ _2\"></span>up, determine<span class=\"_ _2\"></span>d by consid<span class=\"_ _2\"></span>ering for ea<span class=\"_ _2\"></span>ch contr<span class=\"_ _2\"></span>act the q<span class=\"_ _2\"></span>uantit<span class=\"_ _2\"></span>y of benefit<span class=\"_ _2\"></span>s provide<span class=\"_ _2\"></span>d under a co<span class=\"_ _2\"></span>ntract a<span class=\"_ _2\"></span>nd its ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted covera<span class=\"_ _2\"></span>ge peri<span class=\"_ _2\"></span>od. The c<span class=\"_ _2\"></span>overag<span class=\"_ _2\"></span>e units are revie<span class=\"_ _2\"></span>wed and up<span class=\"_ _2\"></span>dated at eac<span class=\"_ _2\"></span>h repor<span class=\"_ _2\"></span>ting date<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up consi<span class=\"_ _2\"></span>der the followin<span class=\"_ _2\"></span>g when dete<span class=\"_ _2\"></span>rmining cover<span class=\"_ _2\"></span>age unit<span class=\"_ _2\"></span>s: \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e quantit<span class=\"_ _2\"></span>y of ben<span class=\"_ _2\"></span>efits provid<span class=\"_ _2\"></span>ed by contra<span class=\"_ _2\"></span>cts in t<span class=\"_ _2\"></span>he group; \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>cted c<span class=\"_ _2\"></span>overage p<span class=\"_ _2\"></span>eriod of co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s in the group; \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e lik<span class=\"_ _5\"></span>eliho<span class=\"_ _2\"></span>od of insure<span class=\"_ _2\"></span>d events oc<span class=\"_ _2\"></span>curring<span class=\"_ _2\"></span>, only to th<span class=\"_ _2\"></span>e extent t<span class=\"_ _2\"></span>hat they af<span class=\"_ _2\"></span>fect th<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>cted cove<span class=\"_ _2\"></span>rage p<span class=\"_ _2\"></span>eriod of cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s in the group;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>thout dire<span class=\"_ _2\"></span>ct par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>tion feature<span class=\"_ _2\"></span>s, the g<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>ation of an investm<span class=\"_ _2\"></span>ent return for th<span class=\"_ _2\"></span>e policy<span class=\"_ _2\"></span>holder, if applic<span class=\"_ _2\"></span>able (investm<span class=\"_ _2\"></span>ent-return se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e); and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>th direct p<span class=\"_ _2\"></span>arti<span class=\"_ _2\"></span>cipation feat<span class=\"_ _2\"></span>ures<span class=\"_ _2\"></span>, the mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt of underlyin<span class=\"_ _2\"></span>g items on b<span class=\"_ _2\"></span>ehalf of the p<span class=\"_ _2\"></span>olicyho<span class=\"_ _2\"></span>lder (invest<span class=\"_ _2\"></span>ment-<span class=\"_ _3bc\"> </span>relate<span class=\"_ _2\"></span>d ser<span class=\"_ _2\"></span>vice).<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>overage uni<span class=\"_ _2\"></span>ts for group<span class=\"_ _2\"></span>s of reinsuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s held are dete<span class=\"_ _2\"></span>rmined b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the quantit<span class=\"_ _2\"></span>y of cover<span class=\"_ _2\"></span>age provid<span class=\"_ _2\"></span>ed by the rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s held in the g<span class=\"_ _2\"></span>roup but not th<span class=\"_ _2\"></span>e coverag<span class=\"_ _2\"></span>e provide<span class=\"_ _2\"></span>d by the insurer to it<span class=\"_ _2\"></span>s polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs throu<span class=\"_ _2\"></span>gh the unde<span class=\"_ _2\"></span>rlying ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. However, where the re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce held i<span class=\"_ _2\"></span>s a 10<span class=\"_ _2\"></span>0% quota sh<span class=\"_ _2\"></span>are arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt, it is exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d that the c<span class=\"_ _2\"></span>overage uni<span class=\"_ _2\"></span>ts would b<span class=\"_ _2\"></span>e consis<span class=\"_ _2\"></span>tent with th<span class=\"_ _2\"></span>e under<span class=\"_ _2\"></span>lying ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts. W<span class=\"_ _2\"></span>here the<span class=\"_ _2\"></span>re is a chang<span class=\"_ _2\"></span>e to the fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows of the group of un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g policies t<span class=\"_ _2\"></span>hat doe<span class=\"_ _2\"></span>s not adju<span class=\"_ _2\"></span>st the CS<span class=\"_ _2\"></span>M<span class=\"_ _2\"></span>, it also woul<span class=\"_ _2\"></span>d not adj<span class=\"_ _2\"></span>ust the C<span class=\"_ _2\"></span>SM of the gro<span class=\"_ _2\"></span>up of reinsura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>F1<span class=\"_ _2\"></span>. Liab<span class=\"_ _2\"></span>ilitie<span class=\"_ _2\"></span>s unde<span class=\"_ _2\"></span>r insur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span>Classific<span class=\"_ _2\"></span>ation Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s under whi<span class=\"_ _2\"></span>ch the Group a<span class=\"_ _2\"></span>ccept<span class=\"_ _2\"></span>s signific<span class=\"_ _2\"></span>ant insur<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>k are clas<span class=\"_ _2\"></span>sified as in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>. Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s held by the G<span class=\"_ _2\"></span>roup under which it tr<span class=\"_ _2\"></span>ansfer<span class=\"_ _2\"></span>s signific<span class=\"_ _2\"></span>ant insur<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>k related to und<span class=\"_ _2\"></span>erlying in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts are c<span class=\"_ _2\"></span>lassifi<span class=\"_ _2\"></span>ed as rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. Som<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts entere<span class=\"_ _2\"></span>d into by the Group h<span class=\"_ _2\"></span>ave the lega<span class=\"_ _2\"></span>l form of insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts b<span class=\"_ _2\"></span>ut do not tra<span class=\"_ _2\"></span>nsfer sig<span class=\"_ _2\"></span>nificant in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e risk and ex<span class=\"_ _2\"></span>pose th<span class=\"_ _2\"></span>e Group to finan<span class=\"_ _2\"></span>cial risk<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts are c<span class=\"_ _2\"></span>lassifie<span class=\"_ _2\"></span>d as finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties and are refe<span class=\"_ _2\"></span>rred to as inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>All referen<span class=\"_ _2\"></span>ces in the<span class=\"_ _2\"></span>se acc<span class=\"_ _2\"></span>ounting p<span class=\"_ _2\"></span>olicies to ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts and re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s include c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts is<span class=\"_ _2\"></span>sued<span class=\"_ _2\"></span>, initiated or a<span class=\"_ _2\"></span>cquired by the Gro<span class=\"_ _2\"></span>up, unles<span class=\"_ _2\"></span>s other<span class=\"_ _2\"></span>wise st<span class=\"_ _2\"></span>ated. Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as direc<span class=\"_ _2\"></span>t par<span class=\"_ _2\"></span>ticipating c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts or co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s witho<span class=\"_ _2\"></span>ut direct p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>icipation fea<span class=\"_ _2\"></span>tures. D<span class=\"_ _2\"></span>irect p<span class=\"_ _2\"></span>arti<span class=\"_ _2\"></span>cipating contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are contra<span class=\"_ _2\"></span>cts for wh<span class=\"_ _2\"></span>ich, at in<span class=\"_ _2\"></span>ception:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ctual te<span class=\"_ _2\"></span>rms spe<span class=\"_ _2\"></span>cif<span class=\"_ _2\"></span>y that the p<span class=\"_ _2\"></span>olicyho<span class=\"_ _2\"></span>lder par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>tes in a share of a cle<span class=\"_ _2\"></span>arly ide<span class=\"_ _2\"></span>ntified po<span class=\"_ _2\"></span>ol of underly<span class=\"_ _2\"></span>ing items<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group exp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s to pay to the po<span class=\"_ _2\"></span>licyhold<span class=\"_ _2\"></span>er an amo<span class=\"_ _2\"></span>unt equal to a s<span class=\"_ _2\"></span>ubsta<span class=\"_ _2\"></span>ntial share of the f<span class=\"_ _2\"></span>air value retur<span class=\"_ _2\"></span>ns on the und<span class=\"_ _2\"></span>erlying ite<span class=\"_ _2\"></span>ms; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group exp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s a subs<span class=\"_ _2\"></span>tantial pro<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tion of any chan<span class=\"_ _2\"></span>ge in the am<span class=\"_ _2\"></span>ounts to be p<span class=\"_ _2\"></span>aid to the polic<span class=\"_ _2\"></span>yhold<span class=\"_ _2\"></span>er to var<span class=\"_ _2\"></span>y with the ch<span class=\"_ _2\"></span>ange in fa<span class=\"_ _2\"></span>ir value of the unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s. All other in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts an<span class=\"_ _2\"></span>d all reinsur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as contra<span class=\"_ _2\"></span>cts w<span class=\"_ _2\"></span>ithout dire<span class=\"_ _2\"></span>ct par<span class=\"_ _2\"></span>ticip<span class=\"_ _2\"></span>ation feature<span class=\"_ _2\"></span>s. Som<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt contra<span class=\"_ _2\"></span>cts is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d by the Group c<span class=\"_ _2\"></span>ontain disc<span class=\"_ _2\"></span>retionar<span class=\"_ _2\"></span>y par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>tion feature<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>DPF\u2019<span class=\"_ _2\"></span>), where<span class=\"_ _2\"></span>by the investor h<span class=\"_ _2\"></span>as the right a<span class=\"_ _2\"></span>nd is expe<span class=\"_ _2\"></span>cted to re<span class=\"_ _2\"></span>ceive, a<span class=\"_ _2\"></span>s a supplem<span class=\"_ _2\"></span>ent to the am<span class=\"_ _2\"></span>ount not sub<span class=\"_ _2\"></span>ject to t<span class=\"_ _2\"></span>he Group\u2019s discretio<span class=\"_ _2\"></span>n, potentia<span class=\"_ _2\"></span>lly signific<span class=\"_ _2\"></span>ant additi<span class=\"_ _2\"></span>onal be<span class=\"_ _2\"></span>nefits b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the ret<span class=\"_ _2\"></span>urn of specifi<span class=\"_ _2\"></span>ed po<span class=\"_ _2\"></span>ols of investme<span class=\"_ _2\"></span>nt asse<span class=\"_ _2\"></span>ts. T<span class=\"_ _2\"></span>he Group a<span class=\"_ _2\"></span>ccount<span class=\"_ _2\"></span>s for thes<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts und<span class=\"_ _2\"></span>er IFRS 17 c<span class=\"_ _2\"></span>onsis<span class=\"_ _2\"></span>tent with insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The cl<span class=\"_ _2\"></span>assific<span class=\"_ _2\"></span>ation as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment is m<span class=\"_ _2\"></span>ade at the d<span class=\"_ _2\"></span>ate of inception o<span class=\"_ _2\"></span>r for busine<span class=\"_ _2\"></span>ss com<span class=\"_ _2\"></span>binations o<span class=\"_ _2\"></span>r por<span class=\"_ _2\"></span>tfolio tr<span class=\"_ _2\"></span>ansfer<span class=\"_ _2\"></span>s, as at t<span class=\"_ _2\"></span>he date of acqui<span class=\"_ _2\"></span>sition. Onc<span class=\"_ _2\"></span>e a contra<span class=\"_ _2\"></span>ct is as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed as in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e, investm<span class=\"_ _2\"></span>ent with D<span class=\"_ _2\"></span>PF or reinsur<span class=\"_ _2\"></span>ance, t<span class=\"_ _2\"></span>he clas<span class=\"_ _2\"></span>sificati<span class=\"_ _2\"></span>on continue<span class=\"_ _2\"></span>s until the cont<span class=\"_ _2\"></span>ract is dere<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed or m<span class=\"_ _2\"></span>odified<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>When c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>ring clas<span class=\"_ _2\"></span>sific<span class=\"_ _2\"></span>ation, an<span class=\"_ _2\"></span>d applyin<span class=\"_ _2\"></span>g the provision<span class=\"_ _2\"></span>s of IFRS 17<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e Group ide<span class=\"_ _2\"></span>ntifies a contr<span class=\"_ _2\"></span>act a<span class=\"_ _2\"></span>s the smalle<span class=\"_ _2\"></span>st unit of ac<span class=\"_ _2\"></span>count. The<span class=\"_ gs132\"> </span>Gro<span class=\"_ _2\"></span>up also m<span class=\"_ _2\"></span>ak<span class=\"_ _5\"></span>es an eval<span class=\"_ _2\"></span>uation of wheth<span class=\"_ _2\"></span>er a seri<span class=\"_ _2\"></span>es of contra<span class=\"_ _2\"></span>cts c<span class=\"_ _2\"></span>an be treate<span class=\"_ _2\"></span>d toget<span class=\"_ _2\"></span>her in appl<span class=\"_ _2\"></span>ying IFRS 17 b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on reaso<span class=\"_ _2\"></span>nable an<span class=\"_ _2\"></span>d supp<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>able informatio<span class=\"_ _2\"></span>n, or whe<span class=\"_ _2\"></span>ther a sing<span class=\"_ _2\"></span>le contra<span class=\"_ _2\"></span>ct cont<span class=\"_ _2\"></span>ains com<span class=\"_ _2\"></span>ponent<span class=\"_ _2\"></span>s that ne<span class=\"_ _2\"></span>ed to be s<span class=\"_ _2\"></span>eparate<span class=\"_ _2\"></span>d and treate<span class=\"_ _2\"></span>d as if they we<span class=\"_ _2\"></span>re stan<span class=\"_ _2\"></span>d-<span class=\"_ _3bc\"> </span>alone contract<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Accountin<span class=\"_ _2\"></span>g treatment<span class=\"_ _3bc\"> </span>Separating components from insurance and reinsurance contracts<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es its ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e produc<span class=\"_ _2\"></span>ts to determ<span class=\"_ _2\"></span>ine whethe<span class=\"_ _2\"></span>r they cont<span class=\"_ _2\"></span>ain comp<span class=\"_ _2\"></span>onents<span class=\"_ _2\"></span>, whic<span class=\"_ _2\"></span>h must b<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unted for unde<span class=\"_ _2\"></span>r acco<span class=\"_ _2\"></span>unting st<span class=\"_ _2\"></span>andards oth<span class=\"_ _2\"></span>er than I<span class=\"_ _2\"></span>FRS 17 (distinc<span class=\"_ _2\"></span>t non-in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e compo<span class=\"_ _2\"></span>nents).<span class=\"_ _3bc\"> </span>Where a<span class=\"_ _2\"></span>n insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act ha<span class=\"_ _2\"></span>s a distinc<span class=\"_ _2\"></span>t investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>onent an<span class=\"_ _2\"></span>d meet<span class=\"_ _2\"></span>s the sep<span class=\"_ _2\"></span>aration cr<span class=\"_ _2\"></span>iteria es<span class=\"_ _2\"></span>tablish<span class=\"_ _2\"></span>ed unde<span class=\"_ _2\"></span>r IFRS 17<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt comp<span class=\"_ _2\"></span>onent is s<span class=\"_ _2\"></span>eparate<span class=\"_ _2\"></span>d from the ho<span class=\"_ _2\"></span>st cont<span class=\"_ _2\"></span>ract an<span class=\"_ _2\"></span>d acco<span class=\"_ _2\"></span>unted for unde<span class=\"_ _2\"></span>r IFRS 9. T<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ment of wheth<span class=\"_ _2\"></span>er a contra<span class=\"_ _2\"></span>ct has a d<span class=\"_ _2\"></span>istinc<span class=\"_ _2\"></span>t investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>onent is c<span class=\"_ _2\"></span>arried o<span class=\"_ _2\"></span>ut at ince<span class=\"_ _2\"></span>ption of the contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>, or the date of ac<span class=\"_ _2\"></span>quisition in th<span class=\"_ _2\"></span>e cas<span class=\"_ _2\"></span>e of a busines<span class=\"_ _2\"></span>s combin<span class=\"_ _2\"></span>ation.<span class=\"_ _3bc\"> </span>When a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssing wh<span class=\"_ _2\"></span>ether th<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt compo<span class=\"_ _2\"></span>nent is dis<span class=\"_ _2\"></span>tinct<span class=\"_ _2\"></span>, the Group c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>rs the followin<span class=\"_ _2\"></span>g, whic<span class=\"_ _2\"></span>h may indic<span class=\"_ _2\"></span>ate that the ins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>nd investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>onent are hi<span class=\"_ _2\"></span>ghly interrel<span class=\"_ _2\"></span>ated:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e value of one c<span class=\"_ _2\"></span>ompone<span class=\"_ _2\"></span>nt varies wit<span class=\"_ _2\"></span>h the other c<span class=\"_ _2\"></span>ompone<span class=\"_ _2\"></span>nt;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>ex<span class=\"_ _2\"></span>isten<span class=\"_ _2\"></span>ce of an option to swi<span class=\"_ _2\"></span>tch bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e different c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ents;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span>s that spa<span class=\"_ _2\"></span>n both elem<span class=\"_ _2\"></span>ents e.<span class=\"_ _2\"></span>g. a redu<span class=\"_ _2\"></span>ced as<span class=\"_ _2\"></span>set ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment cha<span class=\"_ _2\"></span>rge bas<span class=\"_ _2\"></span>ed on total s<span class=\"_ _2\"></span>iz<span class=\"_ _7\"></span>e of c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>oth<span class=\"_ _2\"></span>er interac<span class=\"_ _2\"></span>ting feat<span class=\"_ _2\"></span>ures e.g<span class=\"_ _2\"></span>. insuran<span class=\"_ _2\"></span>ce risk from p<span class=\"_ _2\"></span>remium waiver<span class=\"_ _2\"></span>s and retur<span class=\"_ _2\"></span>n of premium coverin<span class=\"_ _2\"></span>g both elem<span class=\"_ _2\"></span>ents of the p<span class=\"_ _2\"></span>olicy.<span class=\"_ _3bc\"> </span>Afte<span class=\"_ _2\"></span>r separ<span class=\"_ _2\"></span>ating any dist<span class=\"_ _2\"></span>inct co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nts, t<span class=\"_ _2\"></span>he Group app<span class=\"_ _2\"></span>lies the re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s of IFRS 17 to all re<span class=\"_ _2\"></span>maining co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nts of the ins<span class=\"_ _2\"></span>urance contr<span class=\"_ _2\"></span>act or wh<span class=\"_ _2\"></span>ere distin<span class=\"_ _2\"></span>ct crite<span class=\"_ _2\"></span>ria are not met<span class=\"_ _2\"></span>, the who<span class=\"_ _2\"></span>le contra<span class=\"_ _2\"></span>ct is ac<span class=\"_ _2\"></span>counted for w<span class=\"_ _2\"></span>ithin IFRS 17<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>Level of ag<span class=\"_ _2\"></span>gre<span class=\"_ _2\"></span>gatio<span class=\"_ _2\"></span>n<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is require<span class=\"_ _2\"></span>d to divide it<span class=\"_ _2\"></span>s busine<span class=\"_ _2\"></span>ss into groups fo<span class=\"_ _2\"></span>r the purpo<span class=\"_ _2\"></span>ses of rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n and mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s is firs<span class=\"_ _2\"></span>tly split into por<span class=\"_ _2\"></span>tfoli<span class=\"_ _2\"></span>os. Por<span class=\"_ _2\"></span>tfolio<span class=\"_ _2\"></span>s contain g<span class=\"_ _2\"></span>roups of contra<span class=\"_ _2\"></span>cts w<span class=\"_ _2\"></span>ith similar ris<span class=\"_ _2\"></span>ks, whic<span class=\"_ _2\"></span>h are mana<span class=\"_ _2\"></span>ged tog<span class=\"_ _2\"></span>ether. P<span class=\"_ _5\"></span>or<span class=\"_ _2\"></span>tfolio<span class=\"_ _2\"></span>s are fur<span class=\"_ _2\"></span>ther divid<span class=\"_ _2\"></span>ed bas<span class=\"_ _2\"></span>ed on expe<span class=\"_ _2\"></span>cted p<span class=\"_ _2\"></span>rofitabilit<span class=\"_ _2\"></span>y at inc<span class=\"_ _2\"></span>eption into thre<span class=\"_ _2\"></span>e categ<span class=\"_ _2\"></span>ories: on<span class=\"_ _2\"></span>erous c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, contrac<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t are profitabl<span class=\"_ _2\"></span>e at initial rec<span class=\"_ _2\"></span>ogniti<span class=\"_ _2\"></span>on and have no signifi<span class=\"_ _2\"></span>cant risk of be<span class=\"_ _2\"></span>comin<span class=\"_ _2\"></span>g onerou<span class=\"_ _2\"></span>s, an<span class=\"_ _2\"></span>d the remainin<span class=\"_ _2\"></span>g profitab<span class=\"_ _2\"></span>le contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>. For reinsur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts the s<span class=\"_ _2\"></span>ame three g<span class=\"_ _2\"></span>roups would b<span class=\"_ _2\"></span>e identifi<span class=\"_ _2\"></span>ed with \u2018onero<span class=\"_ _2\"></span>us\u2019 being rep<span class=\"_ _2\"></span>lace<span class=\"_ _2\"></span>d with \u2018net gain\u2019 an<span class=\"_ _2\"></span>d \u2018<span class=\"_ _7\"></span>p<span class=\"_ _2\"></span>rofitable\u2019 b<span class=\"_ _2\"></span>eing rep<span class=\"_ _2\"></span>lace<span class=\"_ _2\"></span>d with \u2018net cost<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>. C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts whic<span class=\"_ _2\"></span>h are issu<span class=\"_ _2\"></span>ed more th<span class=\"_ _2\"></span>an one yea<span class=\"_ _2\"></span>r apar<span class=\"_ _2\"></span>t are not per<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>d to be incl<span class=\"_ _2\"></span>uded with<span class=\"_ _2\"></span>in the same g<span class=\"_ _2\"></span>roup. Howeve<span class=\"_ _2\"></span>r as permi<span class=\"_ _2\"></span>tted by I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e groups of cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s for which the FVA has bee<span class=\"_ _2\"></span>n adopted o<span class=\"_ _2\"></span>n transiti<span class=\"_ _2\"></span>on includ<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts is<span class=\"_ _2\"></span>sued m<span class=\"_ _2\"></span>ore than on<span class=\"_ _2\"></span>e year apar<span class=\"_ _2\"></span>t.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has defin<span class=\"_ _2\"></span>ed por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folios of insuran<span class=\"_ _2\"></span>ce and re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts i<span class=\"_ _2\"></span>ssue<span class=\"_ _2\"></span>d broadly b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on the pred<span class=\"_ _2\"></span>ominant ris<span class=\"_ _2\"></span>ks inherent in th<span class=\"_ _2\"></span>e produ<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>/<span class=\"_ _6\"></span>c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, for example<span class=\"_ _2\"></span>, longevi<span class=\"_ _2\"></span>ty, per<span class=\"_ _2\"></span>sisten<span class=\"_ _2\"></span>cy<span class=\"_ _5\"></span>, mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y, and by con<span class=\"_ _2\"></span>sidering w<span class=\"_ _2\"></span>hether g<span class=\"_ _2\"></span>roups of produ<span class=\"_ _2\"></span>cts are m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed tog<span class=\"_ _2\"></span>ether<span class=\"_ _5\"></span>. The<span class=\"_ _2\"></span>se por<span class=\"_ _2\"></span>tfoli<span class=\"_ _2\"></span>os are fur<span class=\"_ _2\"></span>ther sp<span class=\"_ _2\"></span>lit by lega<span class=\"_ _2\"></span>l entit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, wi<span class=\"_ _2\"></span>th-profit fun<span class=\"_ _2\"></span>d and contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s subje<span class=\"_ _2\"></span>ct to dif<span class=\"_ _2\"></span>ferent IFRS 17 m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment mo<span class=\"_ _2\"></span>dels are gro<span class=\"_ _2\"></span>uped sep<span class=\"_ _2\"></span>arately. The po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folios are allo<span class=\"_ _2\"></span>cated to c<span class=\"_ _2\"></span>ohor<span class=\"_ _2\"></span>ts ba<span class=\"_ _2\"></span>sed on wh<span class=\"_ _2\"></span>ether th<span class=\"_ _2\"></span>ey are onero<span class=\"_ _2\"></span>us at incept<span class=\"_ _2\"></span>ion or bas<span class=\"_ _2\"></span>ed on the<span class=\"_ _2\"></span>ir expec<span class=\"_ _2\"></span>ted level of profita<span class=\"_ _2\"></span>bility u<span class=\"_ _2\"></span>sing informatio<span class=\"_ _2\"></span>n available at inc<span class=\"_ _2\"></span>eption<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>For reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d, por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folios are bas<span class=\"_ _2\"></span>ed upon s<span class=\"_ _2\"></span>imilar risks to tho<span class=\"_ _2\"></span>se of the unde<span class=\"_ _2\"></span>rlying c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts. T<span class=\"_ _2\"></span>he reinsur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s held a<span class=\"_ _2\"></span>re as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ed for ag<span class=\"_ _2\"></span>greg<span class=\"_ _2\"></span>ation require<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s on an individu<span class=\"_ _2\"></span>al contra<span class=\"_ _2\"></span>ct bas<span class=\"_ _2\"></span>is.<span class=\"_ _3bc\"> </span>The gro<span class=\"_ _2\"></span>uping of the ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts are dete<span class=\"_ _2\"></span>rmined a<span class=\"_ _2\"></span>t initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n and are not sub<span class=\"_ _2\"></span>sequ<span class=\"_ _2\"></span>ently reas<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed<span class=\"_ _2\"></span>. Therefore<span class=\"_ _2\"></span>, a contrac<span class=\"_ _2\"></span>t will remain w<span class=\"_ _2\"></span>ithin the as<span class=\"_ _2\"></span>signe<span class=\"_ _2\"></span>d aggre<span class=\"_ _2\"></span>gation g<span class=\"_ _2\"></span>roup until it is de<span class=\"_ _2\"></span>recog<span class=\"_ _2\"></span>nised<span class=\"_ _2\"></span>, either by e<span class=\"_ _2\"></span>xpiry o<span class=\"_ _2\"></span>r modific<span class=\"_ _2\"></span>ation.<span class=\"_ _3bc\"> </span>Recogn<span class=\"_ _2\"></span>ition<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>s groups of insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts that it is<span class=\"_ _2\"></span>sues f<span class=\"_ _2\"></span>rom the earli<span class=\"_ _2\"></span>est of the follow<span class=\"_ _2\"></span>ing:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e beg<span class=\"_ _2\"></span>inning of the cove<span class=\"_ _2\"></span>rage p<span class=\"_ _2\"></span>eriod of the g<span class=\"_ _2\"></span>roup of contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>; \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e date when th<span class=\"_ _2\"></span>e first p<span class=\"_ _2\"></span>ayment from th<span class=\"_ _2\"></span>e policyh<span class=\"_ _2\"></span>older in th<span class=\"_ _2\"></span>e group is due o<span class=\"_ _2\"></span>r actu<span class=\"_ _2\"></span>ally rece<span class=\"_ _2\"></span>ived if there i<span class=\"_ _2\"></span>s no due date; or<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>for a g<span class=\"_ _2\"></span>roup of onero<span class=\"_ _2\"></span>us contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, as so<span class=\"_ _2\"></span>on as fac<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d circums<span class=\"_ _2\"></span>tance<span class=\"_ _2\"></span>s indica<span class=\"_ _2\"></span>te that the gro<span class=\"_ _2\"></span>up is onerou<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s with DPF a<span class=\"_ _2\"></span>re initially re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed at the d<span class=\"_ _2\"></span>ate when the G<span class=\"_ _2\"></span>roup bec<span class=\"_ _2\"></span>omes a p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y to the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t.<span class=\"_ _3bc\"> </span>Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts acq<span class=\"_ _2\"></span>uired in a bus<span class=\"_ _2\"></span>iness c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>n within the s<span class=\"_ _2\"></span>cope of IFR<span class=\"_ _2\"></span>S 3 Busine<span class=\"_ _2\"></span>ss Co<span class=\"_ _2\"></span>mbination<span class=\"_ _2\"></span>s or a por<span class=\"_ _2\"></span>tfolio t<span class=\"_ _2\"></span>ransfer a<span class=\"_ _2\"></span>re acc<span class=\"_ _2\"></span>ounted for a<span class=\"_ _2\"></span>s if they were entere<span class=\"_ _2\"></span>d into at the date of ac<span class=\"_ _2\"></span>quisition or tr<span class=\"_ _2\"></span>ansfer.<span class=\"_ _3bc\"> </span>Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d from the ea<span class=\"_ _2\"></span>rliest of th<span class=\"_ _2\"></span>e following:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e beg<span class=\"_ _2\"></span>inning of the cove<span class=\"_ _2\"></span>rage p<span class=\"_ _2\"></span>eriod of the g<span class=\"_ _2\"></span>roup of reinsura<span class=\"_ _2\"></span>nce co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>. However<span class=\"_ _5\"></span>, the Gro<span class=\"_ _2\"></span>up delays th<span class=\"_ _2\"></span>e recog<span class=\"_ _2\"></span>nition of a group of reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d that provide p<span class=\"_ _2\"></span>ropor<span class=\"_ _2\"></span>tionate cove<span class=\"_ _2\"></span>rage (for examp<span class=\"_ _2\"></span>le, throug<span class=\"_ _2\"></span>h a quota sh<span class=\"_ _2\"></span>are arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt) until the date wh<span class=\"_ _2\"></span>en any under<span class=\"_ _2\"></span>lying ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t is initially re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised<span class=\"_ _2\"></span>, if that date is late<span class=\"_ _2\"></span>r than the b<span class=\"_ _2\"></span>eginnin<span class=\"_ _2\"></span>g of the coverag<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d of the group of reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e date the Gro<span class=\"_ _2\"></span>up reco<span class=\"_ _2\"></span>gnises a<span class=\"_ _2\"></span>n onerous g<span class=\"_ _2\"></span>roup of underl<span class=\"_ _2\"></span>ying insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>ts if the Gro<span class=\"_ _2\"></span>up entered into th<span class=\"_ _2\"></span>e related rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act he<span class=\"_ _2\"></span>ld in the group of re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts h<span class=\"_ _2\"></span>eld at or befo<span class=\"_ _2\"></span>re that date.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up adds n<span class=\"_ _2\"></span>ew contra<span class=\"_ _2\"></span>cts to th<span class=\"_ _2\"></span>e group in the rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting perio<span class=\"_ _2\"></span>d in which th<span class=\"_ _2\"></span>at contrac<span class=\"_ _2\"></span>t mee<span class=\"_ _2\"></span>ts one of the c<span class=\"_ _2\"></span>riteria set o<span class=\"_ _2\"></span>ut above.<span class=\"_ _3bc\"> </span>Contract boundaries<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up includ<span class=\"_ _2\"></span>es in the me<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent of a group of insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s all the fu<span class=\"_ _2\"></span>ture cas<span class=\"_ _2\"></span>h flows within th<span class=\"_ _2\"></span>e bound<span class=\"_ _2\"></span>ary of e<span class=\"_ _2\"></span>ach contr<span class=\"_ _2\"></span>act in th<span class=\"_ _2\"></span>e group. C<span class=\"_ _2\"></span>ash flows a<span class=\"_ _2\"></span>re within the b<span class=\"_ _2\"></span>oundar<span class=\"_ _2\"></span>y of an insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t if they arise f<span class=\"_ _2\"></span>rom the right<span class=\"_ _2\"></span>s and oblig<span class=\"_ _2\"></span>ations th<span class=\"_ _2\"></span>at exist dur<span class=\"_ _2\"></span>ing the pe<span class=\"_ _2\"></span>riod in which th<span class=\"_ _2\"></span>e policyh<span class=\"_ _2\"></span>older is o<span class=\"_ _2\"></span>bligate<span class=\"_ _2\"></span>d to pay premiums o<span class=\"_ _2\"></span>r the Group h<span class=\"_ _2\"></span>as a subs<span class=\"_ _2\"></span>tantive oblig<span class=\"_ _2\"></span>ation to provide th<span class=\"_ _2\"></span>e policyh<span class=\"_ _2\"></span>older wi<span class=\"_ _2\"></span>th insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es. A s<span class=\"_ _2\"></span>ubsta<span class=\"_ _2\"></span>ntive obligati<span class=\"_ _2\"></span>on to provide insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ser<span class=\"_ _2\"></span>vices e<span class=\"_ _2\"></span>nds when<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s the pra<span class=\"_ _2\"></span>ctica<span class=\"_ _2\"></span>l abilit<span class=\"_ _2\"></span>y to reprice th<span class=\"_ _2\"></span>e risks of the par<span class=\"_ _2\"></span>ticul<span class=\"_ _2\"></span>ar policy<span class=\"_ _2\"></span>holder o<span class=\"_ _2\"></span>r chang<span class=\"_ _2\"></span>e the level of be<span class=\"_ _2\"></span>nefits s<span class=\"_ _2\"></span>o that the pr<span class=\"_ _2\"></span>ice fully refle<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>ose risks<span class=\"_ _2\"></span>; or \u2022 <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>oth of the following c<span class=\"_ _2\"></span>riteria are s<span class=\"_ _2\"></span>atisfie<span class=\"_ _2\"></span>d:<span class=\"_ _3bc\"> </span>\u2013 <span class=\"_ _1a\"> </span>the G<span class=\"_ _2\"></span>roup has th<span class=\"_ _2\"></span>e prac<span class=\"_ _2\"></span>tical abilit<span class=\"_ _2\"></span>y to rep<span class=\"_ _2\"></span>rice the co<span class=\"_ _2\"></span>ntract o<span class=\"_ _2\"></span>r a por<span class=\"_ _2\"></span>tfolio of co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s so that t<span class=\"_ _2\"></span>he price f<span class=\"_ _2\"></span>ully reflec<span class=\"_ _2\"></span>ts the re<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>d risk of that p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio; and \u2013 <span class=\"_ _1a\"> </span>the p<span class=\"_ _2\"></span>ricing of premi<span class=\"_ _2\"></span>ums up to the date whe<span class=\"_ _2\"></span>n risks are rea<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d does not refl<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>e risks relate<span class=\"_ _2\"></span>d to perio<span class=\"_ _2\"></span>ds beyond th<span class=\"_ _2\"></span>e reas<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment da<span class=\"_ _2\"></span>te.<span class=\"_ _3bc\"> </span>Where a<span class=\"_ _2\"></span>n expec<span class=\"_ _2\"></span>ted pre<span class=\"_ _2\"></span>mium or expe<span class=\"_ _2\"></span>cted c<span class=\"_ _2\"></span>laim is not within t<span class=\"_ _2\"></span>he contra<span class=\"_ _2\"></span>ct bo<span class=\"_ _2\"></span>undar<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, it is not re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as a c<span class=\"_ _2\"></span>ash flow of th<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t and is ins<span class=\"_ _2\"></span>tead con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d to relate to a future in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct and re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed wh<span class=\"_ _2\"></span>en those c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts me<span class=\"_ _2\"></span>et the re<span class=\"_ _2\"></span>cogniti<span class=\"_ _2\"></span>on criteria<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t bounda<span class=\"_ _2\"></span>ry is re<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ed at eac<span class=\"_ _2\"></span>h repor<span class=\"_ _2\"></span>ting date to in<span class=\"_ _2\"></span>clude the ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t of chang<span class=\"_ _2\"></span>es in circum<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces on th<span class=\"_ _2\"></span>e Group\u2019s substa<span class=\"_ _2\"></span>ntive right<span class=\"_ _2\"></span>s and oblig<span class=\"_ _2\"></span>ations an<span class=\"_ _2\"></span>d, therefore<span class=\"_ _2\"></span>, may chan<span class=\"_ _2\"></span>ge over time<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t bounda<span class=\"_ _2\"></span>ry for a re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act is de<span class=\"_ _2\"></span>pende<span class=\"_ _2\"></span>nt on the terms a<span class=\"_ _2\"></span>nd con<span class=\"_ _2\"></span>ditions of the rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct and th<span class=\"_ _2\"></span>erefore may not ne<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>sarily b<span class=\"_ _2\"></span>e the sam<span class=\"_ _2\"></span>e as for the unde<span class=\"_ _2\"></span>rlying c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts. W<span class=\"_ _2\"></span>here the rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct is ope<span class=\"_ _2\"></span>n to new busin<span class=\"_ _2\"></span>ess on a<span class=\"_ _2\"></span>gree<span class=\"_ _2\"></span>d terms for a peri<span class=\"_ _2\"></span>od of time, th<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t boun<span class=\"_ _2\"></span>dar<span class=\"_ _2\"></span>y may inclu<span class=\"_ _2\"></span>de estim<span class=\"_ _2\"></span>ates of reinsur<span class=\"_ _2\"></span>ance on in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>at have not yet be<span class=\"_ _2\"></span>en issu<span class=\"_ _2\"></span>ed or rep<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span>Measurement<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s in<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d without d<span class=\"_ _2\"></span>irect pa<span class=\"_ _2\"></span>rtic<span class=\"_ _2\"></span>ipation feat<span class=\"_ _2\"></span>ures are group<span class=\"_ _2\"></span>ed tog<span class=\"_ _2\"></span>ether und<span class=\"_ _2\"></span>er annuit<span class=\"_ _2\"></span>y, protectio<span class=\"_ _2\"></span>n and other non-lin<span class=\"_ _2\"></span>k<span class=\"_ _5\"></span>ed ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e busines<span class=\"_ _2\"></span>s. T<span class=\"_ _2\"></span>hese gro<span class=\"_ _2\"></span>ups of insura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d under th<span class=\"_ _2\"></span>e Gene<span class=\"_ _2\"></span>ral Mod<span class=\"_ _2\"></span>el (\u2018G<span class=\"_ _2\"></span>M\u2019<span class=\"_ _2\"></span>). Direc<span class=\"_ _2\"></span>t par<span class=\"_ _2\"></span>ticipatin<span class=\"_ _2\"></span>g contra<span class=\"_ _2\"></span>cts is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d by the Group are c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts with D<span class=\"_ _2\"></span>PF where th<span class=\"_ _2\"></span>e Group hol<span class=\"_ _2\"></span>ds the po<span class=\"_ _2\"></span>ol of underlyin<span class=\"_ _2\"></span>g ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>. Direct par<span class=\"_ _2\"></span>ticipat<span class=\"_ _2\"></span>ing insura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are group<span class=\"_ _2\"></span>ed toge<span class=\"_ _2\"></span>ther and re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted prim<span class=\"_ _2\"></span>arily as eith<span class=\"_ _2\"></span>er unit-linked or with-p<span class=\"_ _2\"></span>rofit busine<span class=\"_ _2\"></span>ss alth<span class=\"_ _2\"></span>ough s<span class=\"_ _2\"></span>ome protec<span class=\"_ _2\"></span>tion contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are consi<span class=\"_ _2\"></span>dered to have dire<span class=\"_ _2\"></span>ct par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>tion feature<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>se group<span class=\"_ _2\"></span>s of contrac<span class=\"_ _2\"></span>ts are me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d using the var<span class=\"_ _2\"></span>iable fee appro<span class=\"_ _2\"></span>ach (\u2018<span class=\"_ _2\"></span>VF<span class=\"_ _5\"></span>A<span class=\"_ _7\"></span>\u2019<span class=\"_ _2\"></span>), unle<span class=\"_ _2\"></span>ss they fa<span class=\"_ _2\"></span>il the eligibilit<span class=\"_ _2\"></span>y tes<span class=\"_ _2\"></span>t to be treate<span class=\"_ _2\"></span>d under thi<span class=\"_ _2\"></span>s approac<span class=\"_ _2\"></span>h, in suc<span class=\"_ _2\"></span>h circums<span class=\"_ _2\"></span>tanc<span class=\"_ _2\"></span>es they are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d under the G<span class=\"_ _2\"></span>M. Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d are mea<span class=\"_ _2\"></span>sured unde<span class=\"_ _2\"></span>r the GM irre<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>tive of the me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt mode<span class=\"_ _2\"></span>l used for th<span class=\"_ _2\"></span>e underly<span class=\"_ _2\"></span>ing contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>. Ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in with-p<span class=\"_ _2\"></span>rofit funds with<span class=\"_ _2\"></span>in the Group h<span class=\"_ _2\"></span>old non-p<span class=\"_ _2\"></span>rofit insuran<span class=\"_ _2\"></span>ce busin<span class=\"_ _2\"></span>ess s<span class=\"_ _2\"></span>uch as ann<span class=\"_ _2\"></span>uities. T<span class=\"_ _2\"></span>his busin<span class=\"_ _2\"></span>ess will al<span class=\"_ _2\"></span>so be me<span class=\"_ _2\"></span>asured un<span class=\"_ _2\"></span>der the G<span class=\"_ _2\"></span>M.<span class=\"_ _3bc\"> </span>Initial measurement \u2013<span class=\"_ _5\"></span> Insurance contract<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>On initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, the Group m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>s a group of insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s as the tota<span class=\"_ _2\"></span>l of (<span class=\"_ _5\"></span>a) the fulfilm<span class=\"_ _2\"></span>ent ca<span class=\"_ _2\"></span>sh flows<span class=\"_ _2\"></span>, which com<span class=\"_ _2\"></span>prise es<span class=\"_ _2\"></span>timates of future c<span class=\"_ _2\"></span>ash flows<span class=\"_ _2\"></span>, ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d to reflec<span class=\"_ _2\"></span>t the time valu<span class=\"_ _2\"></span>e of money and t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>ociate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l risks<span class=\"_ _2\"></span>, and a risk ad<span class=\"_ _2\"></span>just<span class=\"_ _2\"></span>ment for non<span class=\"_ _2\"></span>-financ<span class=\"_ _2\"></span>ial risk<span class=\"_ _2\"></span>; and (b) the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual se<span class=\"_ _2\"></span>rvi<span class=\"_ _2\"></span>ce margin (<span class=\"_ _2\"></span>\u2018CS<span class=\"_ _2\"></span>M\u2019<span class=\"_ _2\"></span>). The fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows of a group of ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts do not refl<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>e Group\u2019s non-<span class=\"_ _3bc\"> </span>per<span class=\"_ _2\"></span>formance risk.<span class=\"_ _3bc\"> </span>The f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows co<span class=\"_ _2\"></span>mprise:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>un<span class=\"_ _2\"></span>biase<span class=\"_ _2\"></span>d and proba<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>y-weighte<span class=\"_ _2\"></span>d estim<span class=\"_ _2\"></span>ates of future c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s that are within th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct boun<span class=\"_ _2\"></span>dar<span class=\"_ _2\"></span>y plus an a<span class=\"_ _2\"></span>djust<span class=\"_ _2\"></span>ment to refle<span class=\"_ _2\"></span>ct the time val<span class=\"_ _2\"></span>ue of money an<span class=\"_ _2\"></span>d the finan<span class=\"_ _2\"></span>cial risks rel<span class=\"_ _2\"></span>ated to future c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s, to the ex<span class=\"_ _2\"></span>tent th<span class=\"_ _2\"></span>at the finan<span class=\"_ _2\"></span>cial risks are n<span class=\"_ _2\"></span>ot include<span class=\"_ _2\"></span>d in the es<span class=\"_ _2\"></span>timates of future c<span class=\"_ _2\"></span>ash flows (<span class=\"_ _2\"></span>\u2018B<span class=\"_ _2\"></span>EL<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>); an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a r<span class=\"_ _2\"></span>isk adju<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt for non-fin<span class=\"_ _2\"></span>ancial ris<span class=\"_ _2\"></span>k<span class=\"_ _3bc\"> </span>The m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent of fulfilme<span class=\"_ _2\"></span>nt cash flo<span class=\"_ _2\"></span>ws includ<span class=\"_ _2\"></span>es insura<span class=\"_ _2\"></span>nce ac<span class=\"_ _2\"></span>quisition c<span class=\"_ _2\"></span>ash flows wh<span class=\"_ _2\"></span>ich are alloc<span class=\"_ _2\"></span>ated as a p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ion of premium to profit o<span class=\"_ _2\"></span>r los<span class=\"_ _2\"></span>s (<span class=\"_ _5\"></span>throu<span class=\"_ _2\"></span>gh insura<span class=\"_ _2\"></span>nce reven<span class=\"_ _2\"></span>ue) ov<span class=\"_ _5\"></span>er th<span class=\"_ _2\"></span>e period of th<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t in a sys<span class=\"_ _2\"></span>tematic an<span class=\"_ _2\"></span>d rationa<span class=\"_ _2\"></span>l way base<span class=\"_ _2\"></span>d on the pas<span class=\"_ _2\"></span>sag<span class=\"_ _2\"></span>e of time.<span class=\"_ _3bc\"> </span>The ris<span class=\"_ _2\"></span>k adjus<span class=\"_ _2\"></span>tment for n<span class=\"_ _2\"></span>on-fina<span class=\"_ _2\"></span>ncial ris<span class=\"_ _2\"></span>k for a group of insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s, de<span class=\"_ _2\"></span>termine<span class=\"_ _2\"></span>d separ<span class=\"_ _2\"></span>ately from the oth<span class=\"_ _2\"></span>er es<span class=\"_ _2\"></span>timates<span class=\"_ _2\"></span>, is the comp<span class=\"_ _2\"></span>ensa<span class=\"_ _2\"></span>tion require<span class=\"_ _2\"></span>d for bear<span class=\"_ _2\"></span>ing unce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>inty ab<span class=\"_ _2\"></span>out the am<span class=\"_ _2\"></span>ount and tim<span class=\"_ _2\"></span>ing of the ca<span class=\"_ _2\"></span>sh flows that a<span class=\"_ _2\"></span>rises from n<span class=\"_ _2\"></span>on-fina<span class=\"_ _2\"></span>ncial ris<span class=\"_ _2\"></span>k. The Gro<span class=\"_ _2\"></span>up applie<span class=\"_ _2\"></span>s a confide<span class=\"_ _2\"></span>nce level te<span class=\"_ _2\"></span>chnique<span class=\"_ _2\"></span>. The risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment is allo<span class=\"_ _2\"></span>cated to g<span class=\"_ _2\"></span>roups of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s base<span class=\"_ _2\"></span>d on an anal<span class=\"_ _2\"></span>ysis of the risk profil<span class=\"_ _2\"></span>es of the group<span class=\"_ _2\"></span>s, refle<span class=\"_ _2\"></span>cting th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>cts of the di<span class=\"_ _2\"></span>versific<span class=\"_ _2\"></span>ation ben<span class=\"_ _2\"></span>efits be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en Group ent<span class=\"_ _2\"></span>ities to the ex<span class=\"_ _2\"></span>tent that th<span class=\"_ _2\"></span>e Group inc<span class=\"_ _2\"></span>ludes it wh<span class=\"_ _2\"></span>en determin<span class=\"_ _2\"></span>ing the co<span class=\"_ _2\"></span>mpens<span class=\"_ _2\"></span>ation req<span class=\"_ _2\"></span>uired to bea<span class=\"_ _2\"></span>r that risk<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up include<span class=\"_ _2\"></span>s diversific<span class=\"_ _2\"></span>ation be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en Group enti<span class=\"_ _2\"></span>ties which u<span class=\"_ _2\"></span>se the Gro<span class=\"_ _2\"></span>up Internal M<span class=\"_ _2\"></span>odel for man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent deci<span class=\"_ _2\"></span>sion-mak<span class=\"_ _2\"></span>ing. Wh<span class=\"_ _2\"></span>ere a Stand<span class=\"_ _2\"></span>ard Formula ap<span class=\"_ _2\"></span>proach is u<span class=\"_ _2\"></span>sed<span class=\"_ _2\"></span>, no diversifi<span class=\"_ _2\"></span>cation wit<span class=\"_ _2\"></span>h other entitie<span class=\"_ _2\"></span>s within the G<span class=\"_ _2\"></span>roup is allowed fo<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>. The G<span class=\"_ _2\"></span>roup determin<span class=\"_ _2\"></span>es the ris<span class=\"_ _2\"></span>k adjus<span class=\"_ _2\"></span>tment us<span class=\"_ _2\"></span>ing a one<span class=\"_ _2\"></span>-year time h<span class=\"_ _2\"></span>orizon, con<span class=\"_ _2\"></span>sistent wi<span class=\"_ _2\"></span>th the time ho<span class=\"_ _2\"></span>riz<span class=\"_ _5\"></span>on use<span class=\"_ _2\"></span>d for Sol<span class=\"_ _2\"></span>vency I<span class=\"_ _2\"></span>I, a key metric unde<span class=\"_ _2\"></span>rlying h<span class=\"_ _2\"></span>ow the Group is m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed.<span class=\"_ _3bc\"> </span>The C<span class=\"_ _2\"></span>SM of a group of ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts rep<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>s the unea<span class=\"_ _2\"></span>rned profit t<span class=\"_ _2\"></span>hat the Gro<span class=\"_ _2\"></span>up will reco<span class=\"_ _2\"></span>gnise over th<span class=\"_ _2\"></span>e life o<span class=\"_ _5\"></span>f the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t as insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt-related se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es are provide<span class=\"_ _2\"></span>d. For profit<span class=\"_ _2\"></span>able group<span class=\"_ _2\"></span>s of insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>e CSM i<span class=\"_ _2\"></span>s esta<span class=\"_ _2\"></span>blishe<span class=\"_ _2\"></span>d to ensure tha<span class=\"_ _2\"></span>t no profit or lo<span class=\"_ _2\"></span>ss is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed at inc<span class=\"_ _2\"></span>eption and c<span class=\"_ _2\"></span>onse<span class=\"_ _2\"></span>quently it of<span class=\"_ _2\"></span>fset<span class=\"_ _2\"></span>s the net p<span class=\"_ _2\"></span>resent val<span class=\"_ _2\"></span>ue of the expe<span class=\"_ _2\"></span>cted c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s (includin<span class=\"_ _2\"></span>g initial prem<span class=\"_ _2\"></span>ium and ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e acquisi<span class=\"_ _2\"></span>tion cas<span class=\"_ _2\"></span>h flows) and the ri<span class=\"_ _2\"></span>sk adju<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt. For a group of ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t are onerou<span class=\"_ _2\"></span>s, the C<span class=\"_ _2\"></span>SM is s<span class=\"_ _2\"></span>et to nil and a los<span class=\"_ _2\"></span>s is immedi<span class=\"_ _2\"></span>ately rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in profit or lo<span class=\"_ _2\"></span>ss. A l<span class=\"_ _2\"></span>oss com<span class=\"_ _2\"></span>ponent of th<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y for remainin<span class=\"_ _2\"></span>g coverag<span class=\"_ _2\"></span>e (\u2018<span class=\"_ _2\"></span>LRC<span class=\"_ _2\"></span>\u2019) is e<span class=\"_ _2\"></span>stabli<span class=\"_ _2\"></span>shed for th<span class=\"_ _2\"></span>e amount of los<span class=\"_ _2\"></span>s reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d. The init<span class=\"_ _2\"></span>ial reco<span class=\"_ _2\"></span>gnition of the C<span class=\"_ _2\"></span>SM is c<span class=\"_ _2\"></span>onsiste<span class=\"_ _2\"></span>nt for insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s applyin<span class=\"_ _2\"></span>g the GM an<span class=\"_ _2\"></span>d VF<span class=\"_ _7\"></span>A me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt approa<span class=\"_ _2\"></span>ches<span class=\"_ _2\"></span>, however th<span class=\"_ _2\"></span>ere are key differe<span class=\"_ _2\"></span>nces for s<span class=\"_ _2\"></span>ubseq<span class=\"_ _2\"></span>uent mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of the CSM un<span class=\"_ _2\"></span>der the<span class=\"_ _2\"></span>se mea<span class=\"_ _2\"></span>surement m<span class=\"_ _2\"></span>odels<span class=\"_ _2\"></span>. For group<span class=\"_ _2\"></span>s of contrac<span class=\"_ _2\"></span>ts ac<span class=\"_ _2\"></span>quired in a tra<span class=\"_ _2\"></span>nsfer of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s or a busin<span class=\"_ _2\"></span>ess co<span class=\"_ _2\"></span>mbination<span class=\"_ _2\"></span>, the con<span class=\"_ _2\"></span>sidera<span class=\"_ _2\"></span>tion rece<span class=\"_ _2\"></span>ived for the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts is incl<span class=\"_ _2\"></span>uded in the fulfi<span class=\"_ _2\"></span>lment ca<span class=\"_ _2\"></span>sh flows as a prox<span class=\"_ _2\"></span>y for the p<span class=\"_ _2\"></span>remiums re<span class=\"_ _2\"></span>ceived at th<span class=\"_ _2\"></span>e date of acquis<span class=\"_ _2\"></span>ition. In a b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s combin<span class=\"_ _2\"></span>ation, t<span class=\"_ _2\"></span>he consi<span class=\"_ _2\"></span>deration rec<span class=\"_ _2\"></span>eived is the f<span class=\"_ _2\"></span>air value of the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts at that da<span class=\"_ _2\"></span>te.<span class=\"_ _3bc\"> </span>With-profit estate<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has a num<span class=\"_ _2\"></span>ber of with-p<span class=\"_ _2\"></span>rofit funds wh<span class=\"_ _2\"></span>ere surplus<span class=\"_ _2\"></span>es are sh<span class=\"_ _2\"></span>ared bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n policyh<span class=\"_ _2\"></span>older<span class=\"_ _2\"></span>s and sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>rs. A<span class=\"_ _2\"></span>ll such fun<span class=\"_ _2\"></span>ds are close<span class=\"_ _2\"></span>d to new bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>se fund<span class=\"_ _2\"></span>s typi<span class=\"_ _2\"></span>cally have an e<span class=\"_ _2\"></span>state<span class=\"_ _2\"></span>, being a sur<span class=\"_ _2\"></span>plus of ass<span class=\"_ _2\"></span>ets over th<span class=\"_ _2\"></span>ose ne<span class=\"_ _2\"></span>eded to m<span class=\"_ _2\"></span>eet the lia<span class=\"_ _2\"></span>bilities of curre<span class=\"_ _2\"></span>nt polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs. A<span class=\"_ _2\"></span>s these f<span class=\"_ _2\"></span>unds are cl<span class=\"_ _2\"></span>osed to ne<span class=\"_ _2\"></span>w busine<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, the surplu<span class=\"_ _2\"></span>s is expe<span class=\"_ _2\"></span>cted to be di<span class=\"_ _2\"></span>stribute<span class=\"_ _2\"></span>d to existin<span class=\"_ _2\"></span>g policy<span class=\"_ _2\"></span>holder<span class=\"_ _2\"></span>s over time and t<span class=\"_ _2\"></span>he Group h<span class=\"_ _2\"></span>as determin<span class=\"_ _2\"></span>ed it app<span class=\"_ _2\"></span>ropriate to alloc<span class=\"_ _2\"></span>ate the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d future p<span class=\"_ _2\"></span>olicyhol<span class=\"_ _2\"></span>der payme<span class=\"_ _2\"></span>nts from th<span class=\"_ _2\"></span>e esta<span class=\"_ _2\"></span>te to specifi<span class=\"_ _2\"></span>c groups of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s within th<span class=\"_ _2\"></span>e meas<span class=\"_ _2\"></span>urement of the b<span class=\"_ _2\"></span>est e<span class=\"_ _2\"></span>stimate c<span class=\"_ _2\"></span>ash flows<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Subsequent<span class=\"_ _7\"></span> measurement<span class=\"_ _5\"></span> \u2013 Insu<span class=\"_ _5\"></span>rance con<span class=\"_ _5\"></span>tracts<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of a group of insura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s at each re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting date is th<span class=\"_ _2\"></span>e sum of the LRC an<span class=\"_ _2\"></span>d the liabilit<span class=\"_ _2\"></span>y for inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>LIC<span class=\"_ _2\"></span>\u2019). The LRC c<span class=\"_ _2\"></span>ompris<span class=\"_ _2\"></span>es the BEL<span class=\"_ _2\"></span>, risk ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent and any re<span class=\"_ _2\"></span>maining C<span class=\"_ _2\"></span>SM at that d<span class=\"_ _2\"></span>ate. The LIC in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>s the BEL an<span class=\"_ _2\"></span>d risk adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt (the fulfilment ca<span class=\"_ _2\"></span>sh flows for inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s and exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s that have not yet be<span class=\"_ _2\"></span>en paid<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g claims th<span class=\"_ _2\"></span>at have bee<span class=\"_ _2\"></span>n incurre<span class=\"_ _2\"></span>d but not yet rep<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d). There is no C<span class=\"_ _2\"></span>SM as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with the LI<span class=\"_ _2\"></span>C, and a<span class=\"_ _2\"></span>s a result<span class=\"_ _2\"></span>, any chang<span class=\"_ _2\"></span>es in the LI<span class=\"_ _2\"></span>C are taken direc<span class=\"_ _2\"></span>tly to profit or los<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows of group<span class=\"_ _2\"></span>s of insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts a<span class=\"_ _2\"></span>re meas<span class=\"_ _2\"></span>ured at the rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting date using c<span class=\"_ _2\"></span>urrent es<span class=\"_ _2\"></span>timates of fut<span class=\"_ _2\"></span>ure cash fl<span class=\"_ _2\"></span>ows, current di<span class=\"_ _2\"></span>scount r<span class=\"_ _2\"></span>ates and cur<span class=\"_ _2\"></span>rent estim<span class=\"_ _2\"></span>ates of the risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for n<span class=\"_ _2\"></span>on-finan<span class=\"_ _2\"></span>cial risk<span class=\"_ _2\"></span>. Chang<span class=\"_ _2\"></span>es in fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows are rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d as follows<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Cha<span class=\"_ _2\"></span>nges r<span class=\"_ _2\"></span>elatin<span class=\"_ _2\"></span>g to futur<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vices i<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>ance<span class=\"_ _2aa\"> </span><span class=\"ff3\">A<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted aga<span class=\"_ _2\"></span>inst the C<span class=\"_ _2\"></span>SM (or rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the ins<span class=\"_ _2\"></span>urance s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice </span>result in p<span class=\"_ _2\"></span>rofit or los<span class=\"_ _2\"></span>s if the group is on<span class=\"_ _2\"></span>erous)<span class=\"_ _3bc\"> </span>Cha<span class=\"_ _2\"></span>nges r<span class=\"_ _2\"></span>elatin<span class=\"_ _2\"></span>g to curre<span class=\"_ _2\"></span>nt or pas<span class=\"_ _2\"></span>t ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s<span class=\"_ _2ba\"> </span><span class=\"ff3\">Rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the ins<span class=\"_ _2\"></span>urance s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice resul<span class=\"_ _2\"></span>t in profit or los<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></span>Effe<span class=\"_ _2\"></span>cts of t<span class=\"_ _2\"></span>he time va<span class=\"_ _2\"></span>lue of mo<span class=\"_ _2\"></span>ney, financ<span class=\"_ _2\"></span>ial risk a<span class=\"_ _2\"></span>nd cha<span class=\"_ _2\"></span>nges<span class=\"_ _7b\"> </span><span class=\"ff3\">Re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e financ<span class=\"_ _2\"></span>e income o<span class=\"_ _2\"></span>r expens<span class=\"_ _2\"></span>es there<span class=\"_ _2\"></span>in on </span>es<span class=\"_ _2\"></span>timated fu<span class=\"_ _2\"></span>ture cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span>Where<span class=\"_ _2\"></span>, during the c<span class=\"_ _2\"></span>overag<span class=\"_ _2\"></span>e period<span class=\"_ _2\"></span>, a group of ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts be<span class=\"_ _2\"></span>come<span class=\"_ _2\"></span>s onerou<span class=\"_ _2\"></span>s, the G<span class=\"_ _2\"></span>roup reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>s a loss in profi<span class=\"_ _2\"></span>t or loss for th<span class=\"_ _2\"></span>e net out<span class=\"_ _2\"></span>flow, resultin<span class=\"_ _2\"></span>g in the car<span class=\"_ _2\"></span>ryin<span class=\"_ _2\"></span>g amount of the li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y for the group b<span class=\"_ _2\"></span>eing eq<span class=\"_ _2\"></span>ual to the fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows. A l<span class=\"_ _2\"></span>oss co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nt is esta<span class=\"_ _2\"></span>blishe<span class=\"_ _2\"></span>d by the Gro<span class=\"_ _2\"></span>up for the liabilit<span class=\"_ _2\"></span>y for rem<span class=\"_ _2\"></span>aining cover<span class=\"_ _2\"></span>age for su<span class=\"_ _2\"></span>ch groups of on<span class=\"_ _2\"></span>erous co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s repres<span class=\"_ _2\"></span>enting the l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d. The C<span class=\"_ _2\"></span>SM of eac<span class=\"_ _2\"></span>h group of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s is calc<span class=\"_ _2\"></span>ulated at ea<span class=\"_ _2\"></span>ch repor<span class=\"_ _2\"></span>ting d<span class=\"_ _2\"></span>ate as follows:<span class=\"_ _3bc\"> </span>Insurance<span class=\"_ _7\"></span> contracts measured<span class=\"_ _7\"></span> under GM<span class=\"_ _3bc\"> </span>For insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s mea<span class=\"_ _2\"></span>sured und<span class=\"_ _2\"></span>er the GM ap<span class=\"_ _2\"></span>proach<span class=\"_ _2\"></span>, the CS<span class=\"_ _2\"></span>M is adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d by applying l<span class=\"_ _2\"></span>ocked-in disc<span class=\"_ _2\"></span>ount rates<span class=\"_ _2\"></span>, while th<span class=\"_ _2\"></span>e BEL and ris<span class=\"_ _2\"></span>k adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt are adj<span class=\"_ _2\"></span>usted us<span class=\"_ _2\"></span>ing current di<span class=\"_ _2\"></span>scount r<span class=\"_ _2\"></span>ates.<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of the CSM a<span class=\"_ _2\"></span>t each rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting date is the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt at the st<span class=\"_ _2\"></span>art of th<span class=\"_ _2\"></span>e year<span class=\"_ _5\"></span>, adj<span class=\"_ _2\"></span>usted fo<span class=\"_ _2\"></span>r:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e CSM of any n<span class=\"_ _2\"></span>ew contra<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>at are adde<span class=\"_ _2\"></span>d to the group in th<span class=\"_ _2\"></span>e year;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>inte<span class=\"_ _2\"></span>rest ac<span class=\"_ _2\"></span>creted on t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mount of the CS<span class=\"_ _2\"></span>M during th<span class=\"_ _2\"></span>e year;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in fulfilme<span class=\"_ _2\"></span>nt cash flo<span class=\"_ _2\"></span>ws that relate to f<span class=\"_ _2\"></span>uture ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s, exc<span class=\"_ _2\"></span>ept to the ex<span class=\"_ _2\"></span>tent that<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2013 <span class=\"_ _1a\"> </span>any inc<span class=\"_ _2\"></span>rease<span class=\"_ _2\"></span>s in the fulfilme<span class=\"_ _2\"></span>nt cash fl<span class=\"_ _2\"></span>ows excee<span class=\"_ _2\"></span>d the ca<span class=\"_ _2\"></span>rryin<span class=\"_ _2\"></span>g amount of the C<span class=\"_ _2\"></span>SM<span class=\"_ _2\"></span>, in which c<span class=\"_ _2\"></span>ase the exc<span class=\"_ _2\"></span>ess is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised a<span class=\"_ _2\"></span>s a loss in profit or los<span class=\"_ _2\"></span>s and cre<span class=\"_ _2\"></span>ates a loss c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ent; or<span class=\"_ _3bc\"> </span>\u2013 <span class=\"_ _1a\"> </span>any de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>es in the fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows are allo<span class=\"_ _2\"></span>cated to th<span class=\"_ _2\"></span>e loss c<span class=\"_ _2\"></span>ompone<span class=\"_ _2\"></span>nt, revers<span class=\"_ _2\"></span>ing los<span class=\"_ _2\"></span>ses previo<span class=\"_ _2\"></span>usly rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in profit or l<span class=\"_ _2\"></span>oss;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ct of any curren<span class=\"_ _2\"></span>cy exchan<span class=\"_ _2\"></span>ge dif<span class=\"_ _2\"></span>ference<span class=\"_ _2\"></span>s on the CS<span class=\"_ _2\"></span>M; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e amount re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e revenue b<span class=\"_ _2\"></span>eca<span class=\"_ _2\"></span>use of the se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es provide<span class=\"_ _2\"></span>d in the year (se<span class=\"_ _2\"></span>e the \u2018<span class=\"_ _2\"></span>Insura<span class=\"_ _2\"></span>nce revenu<span class=\"_ _2\"></span>e\u2019 acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>y in note C1 for f<span class=\"_ _2\"></span>urth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s)<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs671\">Chan<span class=\"_ _2\"></span>ges in fulfilm<span class=\"_ _2\"></span>ent ca<span class=\"_ _2\"></span>sh flows relat<span class=\"_ _2\"></span>ing to future s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice that a<span class=\"_ _2\"></span>djust t<span class=\"_ _2\"></span>he CS<span class=\"_ _2\"></span>M compris<span class=\"_ _2\"></span>e:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs672\">\u2022 <span class=\"_ _9\"> </span>ex<span class=\"_ _2\"></span>perien<span class=\"_ _2\"></span>ce adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ents aris<span class=\"_ _2\"></span>ing from the dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>e bet<span class=\"_ _2\"></span>ween pre<span class=\"_ _2\"></span>miums rec<span class=\"_ _2\"></span>eived an<span class=\"_ _2\"></span>d the expe<span class=\"_ _2\"></span>cted a<span class=\"_ _2\"></span>mounts e<span class=\"_ _2\"></span>stima<span class=\"_ _2\"></span>ted at the be<span class=\"_ _2\"></span>ginning of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs673\">the pe<span class=\"_ _2\"></span>riod, th<span class=\"_ _2\"></span>at relate to fut<span class=\"_ _2\"></span>ure ser<span class=\"_ _2\"></span>vice, a<span class=\"_ _2\"></span>long with any a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated ac<span class=\"_ _2\"></span>quisition c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs674\">\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in est<span class=\"_ _2\"></span>imates of the pre<span class=\"_ _2\"></span>sent value of f<span class=\"_ _2\"></span>uture cas<span class=\"_ _2\"></span>h flows in the B<span class=\"_ _2\"></span>EL and risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs675\">\u2022 <span class=\"_ _9\"> </span>dif<span class=\"_ _2\"></span>feren<span class=\"_ _2\"></span>ces bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n any investme<span class=\"_ _2\"></span>nt compo<span class=\"_ _2\"></span>nent exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d to beco<span class=\"_ _2\"></span>me payable in th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d and the a<span class=\"_ _2\"></span>ctual inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ent that </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls18 ws16 gs676\">becom<span class=\"_ _2\"></span>es payable;<span class=\"_ _5\"></span> and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs677\">\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for n<span class=\"_ _2\"></span>on-finan<span class=\"_ _2\"></span>cial risk th<span class=\"_ _2\"></span>at relate to fut<span class=\"_ _2\"></span>ure ser<span class=\"_ _2\"></span>vice.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs678\">The imp<span class=\"_ _2\"></span>act of disc<span class=\"_ _2\"></span>ounting th<span class=\"_ _2\"></span>e risk adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ent for busine<span class=\"_ _2\"></span>ss me<span class=\"_ _2\"></span>asured un<span class=\"_ _2\"></span>der GM is di<span class=\"_ _2\"></span>sagg<span class=\"_ _2\"></span>regate<span class=\"_ _2\"></span>d and rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed within N<span class=\"_ _2\"></span>et financ<span class=\"_ _2\"></span>e incom<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs679\">or exp<span class=\"_ _2\"></span>enses f<span class=\"_ _2\"></span>rom insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s within the inc<span class=\"_ _2\"></span>ome s<span class=\"_ _2\"></span>tatement<span class=\"_ _2\"></span>. </div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls16 ws14 gs67a\">Insurance<span class=\"_ _7\"></span> contracts measured<span class=\"_ _7\"></span> under VF<span class=\"_ _6\"></span>A model<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs67b\">The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s un<span class=\"_ _2\"></span>it-link<span class=\"_ _5\"></span>ed an<span class=\"_ _2\"></span>d with-profit b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s that me<span class=\"_ _2\"></span>ets th<span class=\"_ _2\"></span>e VF<span class=\"_ _7\"></span>A elig<span class=\"_ _2\"></span>ibility c<span class=\"_ _2\"></span>riteria are dire<span class=\"_ _2\"></span>ct par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>ting contr<span class=\"_ _2\"></span>acts un<span class=\"_ _2\"></span>der whic<span class=\"_ _2\"></span>h the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs67c\">Group\u2019s obliga<span class=\"_ _2\"></span>tion to the polic<span class=\"_ _2\"></span>yhold<span class=\"_ _2\"></span>er is the net of<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs67d\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e obligat<span class=\"_ _2\"></span>ion to pay the po<span class=\"_ _2\"></span>licyhol<span class=\"_ _2\"></span>der an amo<span class=\"_ _2\"></span>unt equal to th<span class=\"_ _2\"></span>e fair value of the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g items; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs67e\">\u2022 <span class=\"_ _9\"> </span>a va<span class=\"_ _2\"></span>riable fee in e<span class=\"_ _2\"></span>xchang<span class=\"_ _2\"></span>e for future se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es provide<span class=\"_ _2\"></span>d by the contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, b<span class=\"_ _2\"></span>eing the am<span class=\"_ _2\"></span>ount of the Group\u2019s share of th<span class=\"_ _2\"></span>e fair value of the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs67f\">under<span class=\"_ _2\"></span>lying item<span class=\"_ _2\"></span>s less f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows th<span class=\"_ _2\"></span>at do not var<span class=\"_ _2\"></span>y bas<span class=\"_ _2\"></span>ed on the ret<span class=\"_ _2\"></span>urns on unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e Group provide<span class=\"_ _2\"></span>s investme<span class=\"_ _2\"></span>nt </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs680\">ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s under th<span class=\"_ _2\"></span>ese cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s by giving a ret<span class=\"_ _2\"></span>urn base<span class=\"_ _2\"></span>d on unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s, in ad<span class=\"_ _2\"></span>dition to insur<span class=\"_ _2\"></span>ance cover<span class=\"_ _2\"></span>age.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs681\">For unit-linked and wi<span class=\"_ _2\"></span>th-profit cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s that are me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d under the VFA<span class=\"_ _2\"></span>, interest is n<span class=\"_ _2\"></span>ot accrete<span class=\"_ _2\"></span>d on the CS<span class=\"_ _2\"></span>M using a lo<span class=\"_ _2\"></span>cked-in disc<span class=\"_ _2\"></span>ount rate, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs682\">ins<span class=\"_ _2\"></span>tead it is dete<span class=\"_ _2\"></span>rmined wi<span class=\"_ _2\"></span>th reference to th<span class=\"_ _2\"></span>e underl<span class=\"_ _2\"></span>ying items<span class=\"_ _2\"></span>, refle<span class=\"_ _2\"></span>cting th<span class=\"_ _2\"></span>at on thes<span class=\"_ _2\"></span>e typ<span class=\"_ _2\"></span>es of insura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s the Group fe<span class=\"_ _2\"></span>es for </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs683\">providing inve<span class=\"_ _2\"></span>stment-re<span class=\"_ _2\"></span>lated ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es are determ<span class=\"_ _2\"></span>ined with refere<span class=\"_ _2\"></span>nce to the v<span class=\"_ _2\"></span>alue of the invest<span class=\"_ _2\"></span>ments a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated with t<span class=\"_ _2\"></span>he polic<span class=\"_ _2\"></span>yholder<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>olicy. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs684\">For examp<span class=\"_ _2\"></span>le, annua<span class=\"_ _2\"></span>l manag<span class=\"_ _2\"></span>ement c<span class=\"_ _2\"></span>harge<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _7\"></span>AM<span class=\"_ _2\"></span>C\u2019<span class=\"_ _2\"></span>) are dete<span class=\"_ _2\"></span>rmined by refere<span class=\"_ _2\"></span>nce to the va<span class=\"_ _2\"></span>lue of the polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r\u2019<span class=\"_ _5\"></span>s fun<span class=\"_ _2\"></span>d value and th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs685\">share<span class=\"_ _2\"></span>holde<span class=\"_ _2\"></span>r\u2019<span class=\"_ _5\"></span>s share of b<span class=\"_ _2\"></span>onuse<span class=\"_ _2\"></span>s on a with-profit p<span class=\"_ _2\"></span>olicy in a 9<span class=\"_ _2\"></span>0:10 fun<span class=\"_ _2\"></span>d is determin<span class=\"_ _2\"></span>ed bas<span class=\"_ _2\"></span>ed on the p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e of the with-profit f<span class=\"_ _2\"></span>und.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs686\">The var<span class=\"_ _2\"></span>iable fee e<span class=\"_ _2\"></span>arned by th<span class=\"_ _2\"></span>e Group is co<span class=\"_ _2\"></span>nseq<span class=\"_ _2\"></span>uently the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s sha<span class=\"_ _2\"></span>re of the fair value of und<span class=\"_ _2\"></span>erlying ite<span class=\"_ _2\"></span>ms les<span class=\"_ _2\"></span>s fulfilment c<span class=\"_ _2\"></span>ash flows t<span class=\"_ _2\"></span>hat do </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs687\">not var<span class=\"_ _2\"></span>y bas<span class=\"_ _2\"></span>ed on ret<span class=\"_ _2\"></span>urns of the unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs688\">For unit-linked contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e underlyin<span class=\"_ _2\"></span>g items are f<span class=\"_ _2\"></span>unds that th<span class=\"_ _2\"></span>e unit price of the inve<span class=\"_ _2\"></span>stment c<span class=\"_ _2\"></span>hose<span class=\"_ _2\"></span>n by the polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r varies with<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs689\">For with-p<span class=\"_ _2\"></span>rofits contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e underlyin<span class=\"_ _2\"></span>g items are t<span class=\"_ _2\"></span>ypic<span class=\"_ _2\"></span>ally the ne<span class=\"_ _2\"></span>t asset<span class=\"_ _2\"></span>s of the releva<span class=\"_ _2\"></span>nt with-profit fun<span class=\"_ _2\"></span>d, incl<span class=\"_ _2\"></span>uding the e<span class=\"_ _2\"></span>state an<span class=\"_ _2\"></span>d the fair </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs68a\">value of no<span class=\"_ _2\"></span>n-profit contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s within the f<span class=\"_ _2\"></span>und. With-p<span class=\"_ _2\"></span>rofit funds c<span class=\"_ _2\"></span>an var<span class=\"_ _2\"></span>y in their na<span class=\"_ _2\"></span>ture and op<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span>, therefore will b<span class=\"_ _2\"></span>e depe<span class=\"_ _2\"></span>ndent on fa<span class=\"_ _2\"></span>cts </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs68b\">and circ<span class=\"_ _2\"></span>umst<span class=\"_ _2\"></span>ances<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs68c\">When m<span class=\"_ _2\"></span>easur<span class=\"_ _2\"></span>ing a group of unit-linked an<span class=\"_ _2\"></span>d with-profit co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>ts using th<span class=\"_ _2\"></span>e VF<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup adj<span class=\"_ _2\"></span>usts t<span class=\"_ _2\"></span>he fulfilme<span class=\"_ _2\"></span>nt cash flow<span class=\"_ _2\"></span>s for the whol<span class=\"_ _2\"></span>e of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs68d\">the ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the oblig<span class=\"_ _2\"></span>ation to pay polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs an am<span class=\"_ _2\"></span>ount equa<span class=\"_ _2\"></span>l to the fair value of th<span class=\"_ _2\"></span>e underly<span class=\"_ _2\"></span>ing items<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e chang<span class=\"_ _2\"></span>es do not re<span class=\"_ _2\"></span>late to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs68e\">future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices an<span class=\"_ _2\"></span>d are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in profit or los<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e Group the<span class=\"_ _2\"></span>n adjus<span class=\"_ _2\"></span>ts any CS<span class=\"_ _2\"></span>M for cha<span class=\"_ _2\"></span>nges in th<span class=\"_ _2\"></span>e amount of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s sha<span class=\"_ _2\"></span>re of the fair </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs68f\">value of the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g items<span class=\"_ _2\"></span>, which rela<span class=\"_ _2\"></span>te to future ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es, a<span class=\"_ _2\"></span>s explaine<span class=\"_ _2\"></span>d below.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs690\">The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of the CSM a<span class=\"_ _2\"></span>t each rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting date is the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt at the st<span class=\"_ _2\"></span>art of th<span class=\"_ _2\"></span>e year<span class=\"_ _5\"></span>, adj<span class=\"_ _2\"></span>usted fo<span class=\"_ _2\"></span>r:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs691\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e CSM of any n<span class=\"_ _2\"></span>ew contra<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>at are adde<span class=\"_ _2\"></span>d to the group in th<span class=\"_ _2\"></span>e year;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs692\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e chan<span class=\"_ _2\"></span>ge in the am<span class=\"_ _2\"></span>ount of the Group\u2019s share of the f<span class=\"_ _2\"></span>air value of the un<span class=\"_ _2\"></span>derlying i<span class=\"_ _2\"></span>tems and ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in fulfilment c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s that relate to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs693\">future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>, except to th<span class=\"_ _2\"></span>e extent th<span class=\"_ _2\"></span>at:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs694\">\u2013 <span class=\"_ _1a\"> </span>the G<span class=\"_ _2\"></span>roup has ap<span class=\"_ _2\"></span>plied the r<span class=\"_ _2\"></span>isk mitiga<span class=\"_ _2\"></span>tion option to exclu<span class=\"_ _2\"></span>de from the CS<span class=\"_ _2\"></span>M cha<span class=\"_ _2\"></span>nges in th<span class=\"_ _2\"></span>e effec<span class=\"_ _2\"></span>t of financi<span class=\"_ _2\"></span>al risk on the a<span class=\"_ _2\"></span>mount of its s<span class=\"_ _2\"></span>hare </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs695\">of the unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s or fulfilme<span class=\"_ _2\"></span>nt cash fl<span class=\"_ _2\"></span>ows;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs696\">\u2013 <span class=\"_ _1a\"> </span>a de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in the amount of th<span class=\"_ _2\"></span>e Group\u2019s share of the fair va<span class=\"_ _2\"></span>lue of the unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s, or an in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in the fulfilme<span class=\"_ _2\"></span>nt cash fl<span class=\"_ _2\"></span>ows that rela<span class=\"_ _2\"></span>te </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs697\">to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>, excee<span class=\"_ _2\"></span>ds the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of the CSM<span class=\"_ _2\"></span>, givin<span class=\"_ _2\"></span>g rise to a los<span class=\"_ _2\"></span>s in profit or los<span class=\"_ _2\"></span>s (inclu<span class=\"_ _2\"></span>ded in insur<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>ervi<span class=\"_ _2\"></span>ce expe<span class=\"_ _2\"></span>nses) </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs698\">and cre<span class=\"_ _2\"></span>ating a los<span class=\"_ _2\"></span>s comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>; or<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs699\">\u2013 <span class=\"_ _1a\"> </span>an inc<span class=\"_ _2\"></span>rease in th<span class=\"_ _2\"></span>e amount of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s sha<span class=\"_ _2\"></span>re of the fair value of th<span class=\"_ _2\"></span>e underlyin<span class=\"_ _2\"></span>g items<span class=\"_ _2\"></span>, or a dec<span class=\"_ _2\"></span>rease in th<span class=\"_ _2\"></span>e fulfilment c<span class=\"_ _2\"></span>ash flows t<span class=\"_ _2\"></span>hat relate </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs69a\">to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>, is alloc<span class=\"_ _2\"></span>ated to the l<span class=\"_ _2\"></span>oss com<span class=\"_ _2\"></span>ponent<span class=\"_ _2\"></span>, reversin<span class=\"_ _2\"></span>g loss<span class=\"_ _2\"></span>es previou<span class=\"_ _2\"></span>sly rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in profit or los<span class=\"_ _2\"></span>s (inclu<span class=\"_ _2\"></span>ded in ins<span class=\"_ _2\"></span>urance </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls12 ws10 gs69b\">service expenses);<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs69c\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ct of any curren<span class=\"_ _2\"></span>cy exchan<span class=\"_ _2\"></span>ge dif<span class=\"_ _2\"></span>ference<span class=\"_ _2\"></span>s on the CS<span class=\"_ _2\"></span>M; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs69d\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e amount re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e revenue b<span class=\"_ _2\"></span>eca<span class=\"_ _2\"></span>use of the se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es provide<span class=\"_ _2\"></span>d in the year (se<span class=\"_ _2\"></span>e the \u2018<span class=\"_ _2\"></span>Insura<span class=\"_ _2\"></span>nce revenu<span class=\"_ _2\"></span>e\u2019 acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>y in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs69e\">note C1 for f<span class=\"_ _2\"></span>urth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s)<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs69f\">Chan<span class=\"_ _2\"></span>ges in fulfilm<span class=\"_ _2\"></span>ent ca<span class=\"_ _2\"></span>sh flows that re<span class=\"_ _2\"></span>late to future s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice inclu<span class=\"_ _2\"></span>de the cha<span class=\"_ _2\"></span>nges re<span class=\"_ _2\"></span>lating to fut<span class=\"_ _2\"></span>ure ser<span class=\"_ _2\"></span>vices s<span class=\"_ _2\"></span>pecifi<span class=\"_ _2\"></span>ed above for co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6a0\">witho<span class=\"_ _2\"></span>ut direc<span class=\"_ _2\"></span>t par<span class=\"_ _2\"></span>ticipation fe<span class=\"_ _2\"></span>atures (mea<span class=\"_ _2\"></span>sured at cur<span class=\"_ _2\"></span>rent disco<span class=\"_ _2\"></span>unt rates) and ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the ef<span class=\"_ _2\"></span>fect of the tim<span class=\"_ _2\"></span>e value of mon<span class=\"_ _2\"></span>ey and finan<span class=\"_ _2\"></span>cial </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6a1\">risks th<span class=\"_ _2\"></span>at do not arise f<span class=\"_ _2\"></span>rom underl<span class=\"_ _2\"></span>ying items<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6a2\">The Gro<span class=\"_ _2\"></span>up does n<span class=\"_ _2\"></span>ot currently a<span class=\"_ _2\"></span>pply the ris<span class=\"_ _2\"></span>k mitigati<span class=\"_ _2\"></span>on option to any mater<span class=\"_ _2\"></span>ial exte<span class=\"_ _2\"></span>nt.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls1c ws1a gs6a4\">Loss co<span class=\"_ _2\"></span>mponent<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6a5\">A los<span class=\"_ _2\"></span>s compo<span class=\"_ _2\"></span>nent repre<span class=\"_ _2\"></span>sents a n<span class=\"_ _2\"></span>otional re<span class=\"_ _2\"></span>cord of the los<span class=\"_ _2\"></span>ses at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utable to e<span class=\"_ _2\"></span>ach group of on<span class=\"_ _2\"></span>erous ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. The los<span class=\"_ _2\"></span>s compo<span class=\"_ _2\"></span>nent is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6a6\">rele<span class=\"_ _2\"></span>ased b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n a system<span class=\"_ _2\"></span>atic alloc<span class=\"_ _2\"></span>ation of the s<span class=\"_ _2\"></span>ubsequ<span class=\"_ _2\"></span>ent chan<span class=\"_ _2\"></span>ges rel<span class=\"_ _2\"></span>ating to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice in the f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows to (i) the lo<span class=\"_ _2\"></span>ss </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6a7\">comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>; and (ii) the lia<span class=\"_ _2\"></span>bility fo<span class=\"_ _2\"></span>r remaining c<span class=\"_ _2\"></span>overag<span class=\"_ _2\"></span>e excluding th<span class=\"_ _2\"></span>e loss co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nt. The lo<span class=\"_ _2\"></span>ss com<span class=\"_ _2\"></span>ponent is a<span class=\"_ _2\"></span>lso upda<span class=\"_ _2\"></span>ted for subs<span class=\"_ _2\"></span>equent </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6a8\">chan<span class=\"_ _2\"></span>ges in e<span class=\"_ _2\"></span>stimates of th<span class=\"_ _2\"></span>e fulfilment c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s and the ris<span class=\"_ _2\"></span>k adjus<span class=\"_ _2\"></span>tment re<span class=\"_ _2\"></span>lating to fut<span class=\"_ _2\"></span>ure ser<span class=\"_ _2\"></span>vice. Th<span class=\"_ _2\"></span>e syste<span class=\"_ _2\"></span>matic allo<span class=\"_ _2\"></span>cation of sub<span class=\"_ _2\"></span>seque<span class=\"_ _2\"></span>nt </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6a9\">chan<span class=\"_ _2\"></span>ges to th<span class=\"_ _2\"></span>e loss co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nt results in t<span class=\"_ _2\"></span>he total amo<span class=\"_ _2\"></span>unts allo<span class=\"_ _2\"></span>cated to th<span class=\"_ _2\"></span>e loss c<span class=\"_ _2\"></span>ompone<span class=\"_ _2\"></span>nt being e<span class=\"_ _2\"></span>qual to zero by the en<span class=\"_ _2\"></span>d of the covera<span class=\"_ _2\"></span>ge </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6aa\">peri<span class=\"_ _2\"></span>od of a group of insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts. T<span class=\"_ _2\"></span>he Group us<span class=\"_ _2\"></span>es covera<span class=\"_ _2\"></span>ge units a<span class=\"_ _2\"></span>s the meth<span class=\"_ _2\"></span>od of sys<span class=\"_ _2\"></span>tematic allo<span class=\"_ _2\"></span>cation<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls16 ws14 gs6ab\">Reinsu<span class=\"_ _5\"></span>rance con<span class=\"_ _7\"></span>tracts held \u2013 me<span class=\"_ _5\"></span>asuremen<span class=\"_ _5\"></span>t<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6ac\">The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of a group of reinsur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s at eac<span class=\"_ _2\"></span>h repor<span class=\"_ _2\"></span>ting date is t<span class=\"_ _2\"></span>he sum of the as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>/liabilit<span class=\"_ _2\"></span>y for remain<span class=\"_ _2\"></span>ing covera<span class=\"_ _2\"></span>ge and th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6ad\">as<span class=\"_ _2\"></span>set/li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y for incurre<span class=\"_ _2\"></span>d claims<span class=\"_ _2\"></span>. The as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>/liabilit<span class=\"_ _2\"></span>y for remainin<span class=\"_ _2\"></span>g coverag<span class=\"_ _2\"></span>e comp<span class=\"_ _2\"></span>rises (a) the fulfilm<span class=\"_ _2\"></span>ent ca<span class=\"_ _2\"></span>sh flows that re<span class=\"_ _2\"></span>late to ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s that </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6ae\">will be re<span class=\"_ _2\"></span>ceived un<span class=\"_ _2\"></span>der the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts in fut<span class=\"_ _2\"></span>ure period<span class=\"_ _2\"></span>s and (b) any remain<span class=\"_ _2\"></span>ing CS<span class=\"_ _2\"></span>M at that date.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6af\">The m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent of reinsur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts held a<span class=\"_ _2\"></span>t initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n follows the sa<span class=\"_ _2\"></span>me princ<span class=\"_ _2\"></span>iples as th<span class=\"_ _2\"></span>ose for insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts iss<span class=\"_ _2\"></span>ued, w<span class=\"_ _2\"></span>ith </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6b0\">the exce<span class=\"_ _2\"></span>ption of the followin<span class=\"_ _2\"></span>g:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6b1\">\u2022 <span class=\"_ _9\"> </span>m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment of the c<span class=\"_ _2\"></span>ash flows in<span class=\"_ _2\"></span>clude an all<span class=\"_ _2\"></span>owance on a p<span class=\"_ _2\"></span>robabilit<span class=\"_ _2\"></span>y-we<span class=\"_ _2\"></span>ighted ba<span class=\"_ _2\"></span>sis for the ef<span class=\"_ _2\"></span>fect of any no<span class=\"_ _2\"></span>n-per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce by the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6b2\">reins<span class=\"_ _2\"></span>urers<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g the effe<span class=\"_ _2\"></span>cts of c<span class=\"_ _2\"></span>ollateral;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6b3\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e risk ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent for non-<span class=\"_ _2\"></span>financia<span class=\"_ _2\"></span>l risk is determ<span class=\"_ _2\"></span>ined so t<span class=\"_ _2\"></span>hat it repre<span class=\"_ _2\"></span>sents th<span class=\"_ _2\"></span>e amount of ris<span class=\"_ _2\"></span>k being tr<span class=\"_ _2\"></span>ansferre<span class=\"_ _2\"></span>d to the reins<span class=\"_ _2\"></span>urer; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6b4\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>es both g<span class=\"_ _2\"></span>ains and lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s at initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n in the st<span class=\"_ _2\"></span>atement of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial positi<span class=\"_ _2\"></span>on as CS<span class=\"_ _2\"></span>M and rele<span class=\"_ _2\"></span>ases </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6b5\">this to profit or l<span class=\"_ _2\"></span>oss as th<span class=\"_ _2\"></span>e reinsurer re<span class=\"_ _2\"></span>nder<span class=\"_ _2\"></span>s ser<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>, except for a<span class=\"_ _2\"></span>ny por<span class=\"_ _2\"></span>tion of a loss th<span class=\"_ _2\"></span>at relates to event<span class=\"_ _2\"></span>s before initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>. Where </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6b6\">the Gro<span class=\"_ _2\"></span>up reco<span class=\"_ _2\"></span>gnises a l<span class=\"_ _2\"></span>oss on init<span class=\"_ _2\"></span>ial reco<span class=\"_ _2\"></span>gnition of an on<span class=\"_ _2\"></span>erous gro<span class=\"_ _2\"></span>up of underlyin<span class=\"_ _2\"></span>g contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, it es<span class=\"_ _2\"></span>tablish<span class=\"_ _2\"></span>es a los<span class=\"_ _2\"></span>s-rec<span class=\"_ _2\"></span>overy c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ent of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6b7\">the as<span class=\"_ _2\"></span>set for rem<span class=\"_ _2\"></span>aining cover<span class=\"_ _2\"></span>age de<span class=\"_ _2\"></span>picting th<span class=\"_ _2\"></span>e recover<span class=\"_ _2\"></span>y of los<span class=\"_ _2\"></span>ses re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6b8\">T<span class=\"_ _7\"></span>o deter<span class=\"_ _2\"></span>mine the risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts h<span class=\"_ _2\"></span>eld, th<span class=\"_ _2\"></span>e Group will app<span class=\"_ _2\"></span>ly the appro<span class=\"_ _2\"></span>ach set o<span class=\"_ _2\"></span>ut above for ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts both </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6b9\">gros<span class=\"_ _2\"></span>s and net of rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e and deter<span class=\"_ _2\"></span>mine the am<span class=\"_ _2\"></span>ount of risk bein<span class=\"_ _2\"></span>g trans<span class=\"_ _2\"></span>ferred to the re<span class=\"_ _2\"></span>insurer as t<span class=\"_ _2\"></span>he differe<span class=\"_ _2\"></span>nce be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en the t<span class=\"_ _2\"></span>wo result<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6ba\">The lo<span class=\"_ _2\"></span>ss-re<span class=\"_ _2\"></span>cover<span class=\"_ _2\"></span>y comp<span class=\"_ _2\"></span>onent dete<span class=\"_ _2\"></span>rmines the a<span class=\"_ _2\"></span>mounts t<span class=\"_ _2\"></span>hat are subs<span class=\"_ _2\"></span>equent<span class=\"_ _2\"></span>ly prese<span class=\"_ _2\"></span>nted in profit or lo<span class=\"_ _2\"></span>ss as rever<span class=\"_ _2\"></span>sals of rec<span class=\"_ _2\"></span>overies of los<span class=\"_ _2\"></span>ses </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6bb\">from rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d are exclude<span class=\"_ _2\"></span>d from the allo<span class=\"_ _2\"></span>cation of rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e premium<span class=\"_ _2\"></span>s paid. It is a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted to refle<span class=\"_ _2\"></span>ct chan<span class=\"_ _2\"></span>ges in th<span class=\"_ _2\"></span>e loss </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6bc\">comp<span class=\"_ _2\"></span>onent of the o<span class=\"_ _2\"></span>nerous g<span class=\"_ _2\"></span>roup of underl<span class=\"_ _2\"></span>ying contr<span class=\"_ _2\"></span>acts<span class=\"_ _2\"></span>, but i<span class=\"_ _2\"></span>t cannot exc<span class=\"_ _2\"></span>eed th<span class=\"_ _2\"></span>e por<span class=\"_ _2\"></span>tion of the los<span class=\"_ _2\"></span>s comp<span class=\"_ _2\"></span>onent of the on<span class=\"_ _2\"></span>erous gro<span class=\"_ _2\"></span>up of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6bd\">under<span class=\"_ _2\"></span>lying cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s that the G<span class=\"_ _2\"></span>roup expe<span class=\"_ _2\"></span>cts to re<span class=\"_ _2\"></span>cover from th<span class=\"_ _2\"></span>e reinsura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6be\">The Gro<span class=\"_ _2\"></span>up adju<span class=\"_ _2\"></span>sts th<span class=\"_ _2\"></span>e CSM of th<span class=\"_ _2\"></span>e group to which a re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act be<span class=\"_ _2\"></span>longs a<span class=\"_ _2\"></span>nd as a resul<span class=\"_ _2\"></span>t recog<span class=\"_ _2\"></span>nises in<span class=\"_ _2\"></span>come wh<span class=\"_ _2\"></span>en it reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>s a loss </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6bf\">on initia<span class=\"_ _2\"></span>l recog<span class=\"_ _2\"></span>nition of onero<span class=\"_ _2\"></span>us under<span class=\"_ _2\"></span>lying contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, if th<span class=\"_ _2\"></span>e reinsuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act is e<span class=\"_ _2\"></span>ntered into before or a<span class=\"_ _2\"></span>t the sam<span class=\"_ _2\"></span>e time as the on<span class=\"_ _2\"></span>erous </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6c0\">under<span class=\"_ _2\"></span>lying cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d. The a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment to the C<span class=\"_ _2\"></span>SM is dete<span class=\"_ _2\"></span>rmined by m<span class=\"_ _2\"></span>ultiplying<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6c1\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e amount of the l<span class=\"_ _2\"></span>oss tha<span class=\"_ _2\"></span>t relates to the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g contrac<span class=\"_ _2\"></span>ts; a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6c2\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e perce<span class=\"_ _2\"></span>ntag<span class=\"_ _2\"></span>e of claims on the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g contrac<span class=\"_ _2\"></span>ts th<span class=\"_ _2\"></span>at the Group ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ts to rec<span class=\"_ _2\"></span>over from the reins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6c3\">The s<span class=\"_ _2\"></span>ubsequ<span class=\"_ _2\"></span>ent mea<span class=\"_ _2\"></span>surement of rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts h<span class=\"_ _2\"></span>eld follows th<span class=\"_ _2\"></span>e same prin<span class=\"_ _2\"></span>ciples a<span class=\"_ _2\"></span>s those for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d, with the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6c4\">excepti<span class=\"_ _2\"></span>on of the following:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6c5\">\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows are rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in profit or lo<span class=\"_ _2\"></span>ss if the re<span class=\"_ _2\"></span>lated cha<span class=\"_ _2\"></span>nges a<span class=\"_ _2\"></span>rising from th<span class=\"_ _2\"></span>e underly<span class=\"_ _2\"></span>ing ced<span class=\"_ _2\"></span>ed contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s have </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6c6\">be<span class=\"_ _2\"></span>en reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in profit or los<span class=\"_ _2\"></span>s. Alte<span class=\"_ _2\"></span>rnatively, chan<span class=\"_ _2\"></span>ges in the f<span class=\"_ _2\"></span>ulfilment c<span class=\"_ _2\"></span>ash flows a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>t the CS<span class=\"_ _2\"></span>M; and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6c7\">\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows that re<span class=\"_ _2\"></span>sult from ch<span class=\"_ _2\"></span>anges in t<span class=\"_ _2\"></span>he risk of non-<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e by the iss<span class=\"_ _2\"></span>uer of a reinsur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract h<span class=\"_ _2\"></span>eld do </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6c8\">not ad<span class=\"_ _2\"></span>just th<span class=\"_ _2\"></span>e CSM a<span class=\"_ _2\"></span>s they do not re<span class=\"_ _2\"></span>late to future se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e. The ef<span class=\"_ _2\"></span>fect of th<span class=\"_ _2\"></span>e non-pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>k of the reinsure<span class=\"_ _2\"></span>r is ass<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>d at eac<span class=\"_ _2\"></span>h </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6c9\">repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g date and the ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t of chang<span class=\"_ _2\"></span>es in the non<span class=\"_ _2\"></span>-per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e risk is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in profit or l<span class=\"_ _2\"></span>oss<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs6ca\">Modification and derecognition<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6cb\">The Gro<span class=\"_ _2\"></span>up derec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>es insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d reinsuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s when: </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6cc\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e rights a<span class=\"_ _2\"></span>nd obliga<span class=\"_ _2\"></span>tions relatin<span class=\"_ _2\"></span>g to the contr<span class=\"_ _2\"></span>act are ex<span class=\"_ _2\"></span>ting<span class=\"_ _2\"></span>uishe<span class=\"_ _2\"></span>d (i.e. disch<span class=\"_ _2\"></span>arge<span class=\"_ _2\"></span>d, can<span class=\"_ _2\"></span>celle<span class=\"_ _2\"></span>d or expired)<span class=\"_ _2\"></span>; or<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6cd\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct is mo<span class=\"_ _2\"></span>dified suc<span class=\"_ _2\"></span>h that the m<span class=\"_ _2\"></span>odificat<span class=\"_ _2\"></span>ion result<span class=\"_ _2\"></span>s in a chang<span class=\"_ _2\"></span>e in the me<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent mode<span class=\"_ _2\"></span>l, or the ap<span class=\"_ _2\"></span>plicabl<span class=\"_ _2\"></span>e stan<span class=\"_ _2\"></span>dard for me<span class=\"_ _2\"></span>asuring </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6ce\">a comp<span class=\"_ _2\"></span>onent of the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t. In su<span class=\"_ _2\"></span>ch cas<span class=\"_ _2\"></span>es, th<span class=\"_ _2\"></span>e Group dere<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nises th<span class=\"_ _2\"></span>e initial cont<span class=\"_ _2\"></span>ract an<span class=\"_ _2\"></span>d reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>s the modifi<span class=\"_ _2\"></span>ed contr<span class=\"_ _2\"></span>act as a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls18 ws16 gs6cf\">new contract<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls66 ws5d gs6d0\">Disclosure Groups </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6d1\">The Gro<span class=\"_ _2\"></span>up disag<span class=\"_ _2\"></span>greg<span class=\"_ _2\"></span>ates informatio<span class=\"_ _2\"></span>n for the purpo<span class=\"_ _2\"></span>ses of makin<span class=\"_ _2\"></span>g the disc<span class=\"_ _2\"></span>losures re<span class=\"_ _2\"></span>quired by I<span class=\"_ _2\"></span>FRS 17 into the followin<span class=\"_ _2\"></span>g disclos<span class=\"_ _2\"></span>ure groups:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6d2\">\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">Retirement<span class=\"_ _7\"></span> S<span class=\"_ _2\"></span>olut<span class=\"_ _5\"></span>ions;<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6d3\">\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">Pensions &amp;<span class=\"_ _5\"></span> Savings;<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6d4\">\u2022 <span class=\"_ _9\"> </span>W<span class=\"_ _2\"></span>ith-Profit<span class=\"_ _2\"></span>s; and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6d5\">\u2022 <span class=\"_ _9\"> </span>Euro<span class=\"_ _2\"></span>pe &amp; Oth<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6d6\">The dis<span class=\"_ _2\"></span>closure g<span class=\"_ _2\"></span>roups are align<span class=\"_ _2\"></span>ed to the s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nts use<span class=\"_ _2\"></span>d for seg<span class=\"_ _2\"></span>mental re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting in note B1<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-649": {
   "value": "<div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs2ef\">C2<span class=\"_ _2\"></span>. Fees an<span class=\"_ _2\"></span>d comm<span class=\"_ _2\"></span>iss<span class=\"_ _2\"></span>ions </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2f0\">Fees re<span class=\"_ _2\"></span>lated to the p<span class=\"_ _2\"></span>rovision of investm<span class=\"_ _2\"></span>ent mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt ser<span class=\"_ _2\"></span>vices a<span class=\"_ _2\"></span>nd adminis<span class=\"_ _2\"></span>tration s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices are re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices are prov<span class=\"_ _2\"></span>ided. Front </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2f1\">end fe<span class=\"_ _2\"></span>es, w<span class=\"_ _2\"></span>hich are cha<span class=\"_ _2\"></span>rged at th<span class=\"_ _2\"></span>e inceptio<span class=\"_ _2\"></span>n of ser<span class=\"_ _2\"></span>vice contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, are defe<span class=\"_ _2\"></span>rred as a lia<span class=\"_ _2\"></span>bility a<span class=\"_ _2\"></span>nd reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d over the life of the cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>. No </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2f2\">signifi<span class=\"_ _2\"></span>cant jud<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts are req<span class=\"_ _2\"></span>uired in determ<span class=\"_ _2\"></span>ining the timin<span class=\"_ _2\"></span>g or amount of fe<span class=\"_ _2\"></span>e income o<span class=\"_ _2\"></span>r the cos<span class=\"_ _2\"></span>ts inc<span class=\"_ _2\"></span>urred to obtain o<span class=\"_ _2\"></span>r fulfil a contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2f3\">The t<span class=\"_ _2\"></span>able bel<span class=\"_ _2\"></span>ow disag<span class=\"_ _2\"></span>grega<span class=\"_ _2\"></span>tes fees an<span class=\"_ _2\"></span>d commis<span class=\"_ _2\"></span>sions by s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nt.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls70 ws67 gs2f4\">2023<span class=\"_ _3bc\"> </span></div><div class=\"gs2f5\"><table class=\"s w312 h2a4\" id=\"_fca0d133-1307-4399-8998-493b940e09e2\"><tr><td></td><td class=\"t m0 x610 h3f y572d ff7 fsf fc1 sc0 ls5b ws76\">Retirement </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x611 h3f y572e ff7 fsf fc1 sc0 ls81 ws75\">Solutions<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x612 h3f y572e ff7 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; Sav<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x613 h3f y572e ff7 fsf fc1 sc0 lse2 wscc\">With-Pr<span class=\"_ _2\"></span>ofits<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x614 h3f y572e ff7 fsf fc1 sc0 ls0 ws0\">Eur<span class=\"_ _2\"></span>ope &amp; O<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h3f y572e ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x581 h3f y572f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x582 h3f y572f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h3f y572f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y572f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y572f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5730 w313 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Fee inc<span class=\"_ _2\"></span>ome from inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts witho<span class=\"_ _2\"></span>ut DPF<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x615 y5730 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x616 y5730 w239 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">814<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x617 y5730 w2a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x618 y5730 w314 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls77 ws6c\">60<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x619 y5730 w91 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">926<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5731 w315 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Initia<span class=\"_ _2\"></span>l fees deferre<span class=\"_ _2\"></span>d during th<span class=\"_ _2\"></span>e year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x61a y5731 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x61b y5731 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x61c y5731 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x61d y5731 w316 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x61e y5731 w316 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(9)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5732 w317 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Revenue f<span class=\"_ _2\"></span>rom investme<span class=\"_ _2\"></span>nt contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>thout D<span class=\"_ _2\"></span>PF<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x61f y5732 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x620 y5732 w305 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">814<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x621 y5732 w2a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x622 y5732 w2f7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x623 y5732 w6f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">9<span class=\"_ _2\"></span>17<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5733 w318 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er revenue fro<span class=\"_ _2\"></span>m contra<span class=\"_ _2\"></span>cts wit<span class=\"_ _2\"></span>h custom<span class=\"_ _2\"></span>ers<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x61f y5733 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x624 y5733 w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x625 y5733 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x626 y5733 w319 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">36<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x627 y5733 w31a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws2f\">50<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5734 w31b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">Fees<span class=\"_ _5\"></span> and commissions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x628 y5734 w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x629 y5734 w31c h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">828<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x62a y5734 w2a0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls173 ws1a8\">52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x62b y5734 w192 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x62c y5734 w59 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls9d ws58\">9<span class=\"_ _2\"></span>67<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x62d h16 y5735 ff3 fsf fc1 sc0 ls82 ws77\">Retireme<span class=\"_ _2\"></span>nt </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5736 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x57a h16 y5736 ff3 fsf fc1 sc0 ls17 ws15\">Solutions<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x62e h16 y5736 ff3 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; Savin<span class=\"_ _2\"></span>gs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x62f h16 y5736 ff3 fsf fc1 sc0 lse9 wsd4\">With-Profit<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x630 h16 y5736 ff3 fsf fc1 sc0 ls0 ws0\">Euro<span class=\"_ _2\"></span>pe &amp; Ot<span class=\"_ _2\"></span>her<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5736 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 h16 y5737 ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x581 h16 y5737 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x582 h16 y5737 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h16 y5737 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h16 y5737 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5737 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y56b8 w313 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Fee inc<span class=\"_ _2\"></span>ome from inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts witho<span class=\"_ _2\"></span>ut DPF<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x631 y56b8 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x632 y56b8 w1f7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">7<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x633 y56b8 w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x634 y56b8 w31d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">72<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x635 y56b8 w1eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">834<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b9 w315 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Initia<span class=\"_ _2\"></span>l fees deferre<span class=\"_ _2\"></span>d during th<span class=\"_ _2\"></span>e year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x636 y56b9 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x637 y56b9 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x638 y56b9 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x639 y56b9 w80 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63a y56b9 w252 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(9)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5738 w317 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Revenue f<span class=\"_ _2\"></span>rom investme<span class=\"_ _2\"></span>nt contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>thout D<span class=\"_ _2\"></span>PF<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63b y5738 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63c y5738 w31e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">727<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x617 y5738 w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63d y5738 w17e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">63<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63e y5738 we1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">8<span class=\"_ _2\"></span>25<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5739 w318 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er revenue fro<span class=\"_ _2\"></span>m contra<span class=\"_ _2\"></span>cts wit<span class=\"_ _2\"></span>h custom<span class=\"_ _2\"></span>ers<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x61f y5739 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63f y5739 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x640 y5739 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x641 y5739 w31f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x642 y5739 wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">33<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w31b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">Fees<span class=\"_ _5\"></span> and commissions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x628 y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x643 y55ef w320 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">733<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x644 y55ef w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63d y55ef w2aa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x645 y55ef w5a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">858<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h1d6 ff3 fs172 fc1 sc0 ls0 ws0 gs2f6\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs2f7\">1.  <span class=\"_ _2\"></span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives h<span class=\"_ _2\"></span>ave bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS<span class=\"_ _2\"></span>17 Ins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce C<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s ( see n<span class=\"_ _2\"></span>ote A2<span class=\"_ _2\"></span>.1 for fur<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>er det<span class=\"_ _2\"></span>ails).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls16 ws14 gs2f8\">Remain<span class=\"_ _5\"></span>ing pe<span class=\"_ _5\"></span>rformance<span class=\"_ _7\"></span> obligation<span class=\"_ _5\"></span>s<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2f9\">The pr<span class=\"_ _2\"></span>actic<span class=\"_ _2\"></span>al expe<span class=\"_ _2\"></span>dient unde<span class=\"_ _2\"></span>r IFRS 1<span class=\"_ _2\"></span>5 has be<span class=\"_ _2\"></span>en appli<span class=\"_ _2\"></span>ed and rem<span class=\"_ _2\"></span>aining pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance ob<span class=\"_ _2\"></span>ligations a<span class=\"_ _2\"></span>re not disclo<span class=\"_ _2\"></span>sed as t<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s the right to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2fa\">con<span class=\"_ _2\"></span>sideratio<span class=\"_ _2\"></span>n from cus<span class=\"_ _2\"></span>tomers in a<span class=\"_ _2\"></span>mounts t<span class=\"_ _2\"></span>hat corre<span class=\"_ _2\"></span>spond wi<span class=\"_ _2\"></span>th the per<span class=\"_ _2\"></span>forma<span class=\"_ _2\"></span>nce com<span class=\"_ _2\"></span>pleted to date. S<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ifically m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement ch<span class=\"_ _2\"></span>arges b<span class=\"_ _2\"></span>ecom<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2fb\">due over tim<span class=\"_ _2\"></span>e in propor<span class=\"_ _2\"></span>tion to the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s provisio<span class=\"_ _2\"></span>n of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>ment ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs2fc\">In the p<span class=\"_ _2\"></span>eriod n<span class=\"_ _2\"></span>o amor<span class=\"_ _2\"></span>tisation o<span class=\"_ _2\"></span>r impairme<span class=\"_ _2\"></span>nt loss<span class=\"_ _2\"></span>es from contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s with cus<span class=\"_ _2\"></span>tomer<span class=\"_ _2\"></span>s were reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the st<span class=\"_ _2\"></span>atement of co<span class=\"_ _2\"></span>mprehe<span class=\"_ _2\"></span>nsive incom<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span>.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-607": {
   "value": "C2<span class=\"_ _2\"></span>. Fees an<span class=\"_ _2\"></span>d comm<span class=\"_ _2\"></span>iss<span class=\"_ _2\"></span>ions Fees re<span class=\"_ _2\"></span>lated to the p<span class=\"_ _2\"></span>rovision of investm<span class=\"_ _2\"></span>ent mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt ser<span class=\"_ _2\"></span>vices a<span class=\"_ _2\"></span>nd adminis<span class=\"_ _2\"></span>tration s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices are re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices are prov<span class=\"_ _2\"></span>ided. Front end fe<span class=\"_ _2\"></span>es, w<span class=\"_ _2\"></span>hich are cha<span class=\"_ _2\"></span>rged at th<span class=\"_ _2\"></span>e inceptio<span class=\"_ _2\"></span>n of ser<span class=\"_ _2\"></span>vice contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, are defe<span class=\"_ _2\"></span>rred as a lia<span class=\"_ _2\"></span>bility a<span class=\"_ _2\"></span>nd reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d over the life of the cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>. No signifi<span class=\"_ _2\"></span>cant jud<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts are req<span class=\"_ _2\"></span>uired in determ<span class=\"_ _2\"></span>ining the timin<span class=\"_ _2\"></span>g or amount of fe<span class=\"_ _2\"></span>e income o<span class=\"_ _2\"></span>r the cos<span class=\"_ _2\"></span>ts inc<span class=\"_ _2\"></span>urred to obtain o<span class=\"_ _2\"></span>r fulfil a contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The t<span class=\"_ _2\"></span>able bel<span class=\"_ _2\"></span>ow disag<span class=\"_ _2\"></span>grega<span class=\"_ _2\"></span>tes fees an<span class=\"_ _2\"></span>d commis<span class=\"_ _2\"></span>sions by s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nt.<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span><table class=\"s w312 h2a4\" id=\"_fca0d133-1307-4399-8998-493b940e09e2\"><tr><td></td><td class=\"t m0 x610 h3f y572d ff7 fsf fc1 sc0 ls5b ws76\">Retirement </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x611 h3f y572e ff7 fsf fc1 sc0 ls81 ws75\">Solutions<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x612 h3f y572e ff7 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; Sav<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x613 h3f y572e ff7 fsf fc1 sc0 lse2 wscc\">With-Pr<span class=\"_ _2\"></span>ofits<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x614 h3f y572e ff7 fsf fc1 sc0 ls0 ws0\">Eur<span class=\"_ _2\"></span>ope &amp; O<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h3f y572e ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x581 h3f y572f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x582 h3f y572f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h3f y572f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y572f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y572f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5730 w313 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Fee inc<span class=\"_ _2\"></span>ome from inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts witho<span class=\"_ _2\"></span>ut DPF<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x615 y5730 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x616 y5730 w239 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">814<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x617 y5730 w2a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x618 y5730 w314 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls77 ws6c\">60<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x619 y5730 w91 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">926<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5731 w315 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Initia<span class=\"_ _2\"></span>l fees deferre<span class=\"_ _2\"></span>d during th<span class=\"_ _2\"></span>e year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x61a y5731 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x61b y5731 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x61c y5731 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x61d y5731 w316 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x61e y5731 w316 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(9)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5732 w317 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Revenue f<span class=\"_ _2\"></span>rom investme<span class=\"_ _2\"></span>nt contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>thout D<span class=\"_ _2\"></span>PF<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x61f y5732 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x620 y5732 w305 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">814<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x621 y5732 w2a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x622 y5732 w2f7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x623 y5732 w6f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">9<span class=\"_ _2\"></span>17<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5733 w318 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er revenue fro<span class=\"_ _2\"></span>m contra<span class=\"_ _2\"></span>cts wit<span class=\"_ _2\"></span>h custom<span class=\"_ _2\"></span>ers<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x61f y5733 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x624 y5733 w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x625 y5733 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x626 y5733 w319 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">36<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x627 y5733 w31a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws2f\">50<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5734 w31b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">Fees<span class=\"_ _5\"></span> and commissions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x628 y5734 w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x629 y5734 w31c h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">828<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x62a y5734 w2a0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls173 ws1a8\">52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x62b y5734 w192 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x62c y5734 w59 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls9d ws58\">9<span class=\"_ _2\"></span>67<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x62d h16 y5735 ff3 fsf fc1 sc0 ls82 ws77\">Retireme<span class=\"_ _2\"></span>nt </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5736 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x57a h16 y5736 ff3 fsf fc1 sc0 ls17 ws15\">Solutions<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x62e h16 y5736 ff3 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; Savin<span class=\"_ _2\"></span>gs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x62f h16 y5736 ff3 fsf fc1 sc0 lse9 wsd4\">With-Profit<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x630 h16 y5736 ff3 fsf fc1 sc0 ls0 ws0\">Euro<span class=\"_ _2\"></span>pe &amp; Ot<span class=\"_ _2\"></span>her<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5736 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 h16 y5737 ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x581 h16 y5737 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x582 h16 y5737 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h16 y5737 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h16 y5737 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5737 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y56b8 w313 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Fee inc<span class=\"_ _2\"></span>ome from inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts witho<span class=\"_ _2\"></span>ut DPF<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x631 y56b8 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x632 y56b8 w1f7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">7<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x633 y56b8 w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x634 y56b8 w31d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">72<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x635 y56b8 w1eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">834<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b9 w315 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Initia<span class=\"_ _2\"></span>l fees deferre<span class=\"_ _2\"></span>d during th<span class=\"_ _2\"></span>e year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x636 y56b9 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x637 y56b9 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x638 y56b9 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x639 y56b9 w80 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63a y56b9 w252 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(9)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5738 w317 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Revenue f<span class=\"_ _2\"></span>rom investme<span class=\"_ _2\"></span>nt contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>thout D<span class=\"_ _2\"></span>PF<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63b y5738 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63c y5738 w31e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">727<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x617 y5738 w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63d y5738 w17e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">63<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63e y5738 we1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">8<span class=\"_ _2\"></span>25<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5739 w318 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er revenue fro<span class=\"_ _2\"></span>m contra<span class=\"_ _2\"></span>cts wit<span class=\"_ _2\"></span>h custom<span class=\"_ _2\"></span>ers<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x61f y5739 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63f y5739 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x640 y5739 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x641 y5739 w31f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x642 y5739 wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">33<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w31b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">Fees<span class=\"_ _5\"></span> and commissions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x628 y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x643 y55ef w320 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">733<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x644 y55ef w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63d y55ef w2aa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x645 y55ef w5a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">858<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1.  <span class=\"_ _2\"></span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives h<span class=\"_ _2\"></span>ave bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS<span class=\"_ _2\"></span>17 Ins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce C<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s ( see n<span class=\"_ _2\"></span>ote A2<span class=\"_ _2\"></span>.1 for fur<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>er det<span class=\"_ _2\"></span>ails).<span class=\"_ _3bc\"> </span>Remain<span class=\"_ _5\"></span>ing pe<span class=\"_ _5\"></span>rformance<span class=\"_ _7\"></span> obligation<span class=\"_ _5\"></span>s<span class=\"_ _3bc\"> </span>The pr<span class=\"_ _2\"></span>actic<span class=\"_ _2\"></span>al expe<span class=\"_ _2\"></span>dient unde<span class=\"_ _2\"></span>r IFRS 1<span class=\"_ _2\"></span>5 has be<span class=\"_ _2\"></span>en appli<span class=\"_ _2\"></span>ed and rem<span class=\"_ _2\"></span>aining pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance ob<span class=\"_ _2\"></span>ligations a<span class=\"_ _2\"></span>re not disclo<span class=\"_ _2\"></span>sed as t<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s the right to con<span class=\"_ _2\"></span>sideratio<span class=\"_ _2\"></span>n from cus<span class=\"_ _2\"></span>tomers in a<span class=\"_ _2\"></span>mounts t<span class=\"_ _2\"></span>hat corre<span class=\"_ _2\"></span>spond wi<span class=\"_ _2\"></span>th the per<span class=\"_ _2\"></span>forma<span class=\"_ _2\"></span>nce com<span class=\"_ _2\"></span>pleted to date. S<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ifically m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement ch<span class=\"_ _2\"></span>arges b<span class=\"_ _2\"></span>ecom<span class=\"_ _2\"></span>e due over tim<span class=\"_ _2\"></span>e in propor<span class=\"_ _2\"></span>tion to the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s provisio<span class=\"_ _2\"></span>n of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>ment ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span>In the p<span class=\"_ _2\"></span>eriod n<span class=\"_ _2\"></span>o amor<span class=\"_ _2\"></span>tisation o<span class=\"_ _2\"></span>r impairme<span class=\"_ _2\"></span>nt loss<span class=\"_ _2\"></span>es from contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s with cus<span class=\"_ _2\"></span>tomer<span class=\"_ _2\"></span>s were reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the st<span class=\"_ _2\"></span>atement of co<span class=\"_ _2\"></span>mprehe<span class=\"_ _2\"></span>nsive incom<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span><table class=\"s w321 h2a5\" id=\"_771b74e6-f2dd-4382-ba6d-b50d3439f89e\"><tr><td></td><td></td><td class=\"t m0 x23e h16 y573a ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x549 h3f y573b ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23f h16 y573b ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x2c5 h3f y573c ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y573c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y573d ff3 fs7 fc1 sc0 ls13 ws11\">Inv<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>tmen<span class=\"_ _7\"></span>t income<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x249 y573e w322 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e on finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x646 y573e w323 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x647 y573e w160 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y573f w324 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e on finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x648 y573f w325 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">3,9<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x649 y573f w21f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">2,888<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5740 w326 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Divid<span class=\"_ _2\"></span>end inc<span class=\"_ _2\"></span>ome<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x64a y5740 w21f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">5,<span class=\"_ _2\"></span>923<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x64b y5740 w327 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">5,4<span class=\"_ _2\"></span>09<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5741 w328 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Renta<span class=\"_ _2\"></span>l income<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x64c y5741 w329 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">324<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x64d y5741 w32a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">343<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5742 w32b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Net intere<span class=\"_ _2\"></span>st exp<span class=\"_ _2\"></span>ense on G<span class=\"_ _2\"></span>roup define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t pensio<span class=\"_ _2\"></span>n schem<span class=\"_ _2\"></span>e (liabilit<span class=\"_ _2\"></span>y)/<span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>sset<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x64e y5742 w52 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(10<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x64f y5742 w32c h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x650 y5743 w32d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">10,0<span class=\"_ _7\"></span>76<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x651 y5743 w32e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bf ws1be\">8,5<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5744 ff3 fs7 fc1 sc0 ls18 ws16\">Fair value<span class=\"_ _5\"></span> gains/(losses)<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x241 hd y5745 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd financ<span class=\"_ _2\"></span>ial liabilitie<span class=\"_ _2\"></span>s at FV<span class=\"_ _2\"></span>TPL:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x242 y5746 w32f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Des<span class=\"_ _2\"></span>ignated up<span class=\"_ _2\"></span>on initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x652 y5746 w330 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _2\"></span>,11<span class=\"_ _7\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x653 y5746 w331 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">(3<span class=\"_ _5\"></span>8,539)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x242 y5747 w332 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Man<span class=\"_ _2\"></span>datorily he<span class=\"_ _2\"></span>ld<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x654 y5747 w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x655 y5747 w333 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y563f we3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x656 y563f w299 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(36<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x657 y563f w334 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,36<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x650 y561e w335 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,76<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x658 y561e w336 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">(4<span class=\"_ _7\"></span>6,609<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w337 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">Net inv<span class=\"_ _5\"></span>estment income<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x659 y55ef w338 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">20,<span class=\"_ _2\"></span>840<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x65a y55ef w339 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(38<span class=\"_ _2\"></span>,012)<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.1 fo<span class=\"_ _2\"></span>r fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>ils).<span class=\"_ _3bc\"> </span>C4. Net fina<span class=\"_ _5\"></span>nce (<span class=\"_ _7\"></span>expense<span class=\"_ _5\"></span>)/<span class=\"_ _7\"></span>income from<span class=\"_ _5\"></span> insurance<span class=\"_ _7\"></span> contracts<span class=\"_ _3bc\"> </span>Insur<span class=\"_ _2\"></span>ance fin<span class=\"_ _2\"></span>ance inc<span class=\"_ _2\"></span>ome an<span class=\"_ _2\"></span>d expens<span class=\"_ _2\"></span>es comp<span class=\"_ _2\"></span>rise ch<span class=\"_ _2\"></span>anges in t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mounts of gro<span class=\"_ _2\"></span>ups of insura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s arising fro<span class=\"_ _2\"></span>m the effe<span class=\"_ _2\"></span>cts of the time va<span class=\"_ _2\"></span>lue of money, financ<span class=\"_ _2\"></span>ial risk an<span class=\"_ _2\"></span>d chang<span class=\"_ _2\"></span>es there<span class=\"_ _2\"></span>in, unles<span class=\"_ _2\"></span>s any such c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es for groups of dire<span class=\"_ _2\"></span>ct par<span class=\"_ _2\"></span>ticip<span class=\"_ _2\"></span>ating contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are alloc<span class=\"_ _2\"></span>ated to a los<span class=\"_ _2\"></span>s comp<span class=\"_ _2\"></span>onent an<span class=\"_ _2\"></span>d include<span class=\"_ _2\"></span>d in insura<span class=\"_ _2\"></span>nce se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e expens<span class=\"_ _2\"></span>es. T<span class=\"_ _2\"></span>hey inclu<span class=\"_ _2\"></span>de chan<span class=\"_ _2\"></span>ges in the m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment of group<span class=\"_ _2\"></span>s of contrac<span class=\"_ _2\"></span>ts ca<span class=\"_ _2\"></span>used by ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the value of und<span class=\"_ _2\"></span>erlying ite<span class=\"_ _2\"></span>ms. Th<span class=\"_ _2\"></span>e Group pre<span class=\"_ _2\"></span>sents in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e financ<span class=\"_ _2\"></span>e income o<span class=\"_ _2\"></span>r expen<span class=\"_ _2\"></span>ses in profit or l<span class=\"_ _2\"></span>oss<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span><table class=\"s w33a h2a6\" id=\"_a102b0e0-df6c-4474-bfc2-7f407012a299\"><tr><td></td><td class=\"t m0 x51d h3f y5748 ff7 fsf fc1 sc0 ls5b ws76\">Retirement </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x51e h3f y5749 ff7 fsf fc1 sc0 ls81 ws75\">Solutions<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x51f h3f y5749 ff7 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; Sav<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x520 h3f y5749 ff7 fsf fc1 sc0 lse2 wscc\">With-Pr<span class=\"_ _2\"></span>ofits<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x521 h3f y5749 ff7 fsf fc1 sc0 ls0 ws0\">Eur<span class=\"_ _2\"></span>ope &amp; O<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h3f y5749 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x522 h3f y574a ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x523 h3f y574a ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y574a ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y574a ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y574a ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y574b ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts iss<span class=\"_ _2\"></span>ued<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y574c ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in fair va<span class=\"_ _2\"></span>lue of underl<span class=\"_ _2\"></span>ying items of dire<span class=\"_ _2\"></span>ct </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y574d w33b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">par<span class=\"_ _2\"></span>ticipat<span class=\"_ _2\"></span>ing contra<span class=\"_ _2\"></span>cts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x65b y574d w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x65c y574d w33c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">(5<span class=\"_ _2\"></span>81)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x65d y574d w33d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c7 ws1c7\">(6<span class=\"_ _2\"></span>29)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x65e y574d w33e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>376<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x65f y574d w33f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">(1<span class=\"_ _2\"></span>,586)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y574e ff3 fs7 fc1 sc0 ls0 ws0\">Group's sha<span class=\"_ _2\"></span>re of chang<span class=\"_ _2\"></span>es in fair valu<span class=\"_ _2\"></span>e of underlyin<span class=\"_ _2\"></span>g items </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y574f w340 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">or<span class=\"_ gs132\"> </span>fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows that do n<span class=\"_ _2\"></span>ot adjus<span class=\"_ _2\"></span>t the CS<span class=\"_ _2\"></span>M<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x660 y574f w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x661 y574f w341 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x662 y574f w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x663 y574f w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x664 y574f w341 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5750 w342 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Unwind of dis<span class=\"_ _2\"></span>count on f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x665 y5750 w343 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>,93<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x666 y5750 w142 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>02)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x667 y5750 w344 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>,32<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x668 y5750 w345 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">(<span class=\"_ _7\"></span>1,040<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x669 y5750 w346 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5,19<span class=\"_ _2\"></span>2<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5751 w347 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t acc<span class=\"_ _2\"></span>reted on the C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x66a y5751 w1ab h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(6<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x66b y5751 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x66c y5751 w29d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x66d y5751 w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x66e y5751 w348 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(77<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5752 w349 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Effe<span class=\"_ _2\"></span>ct of chan<span class=\"_ _2\"></span>ges in intere<span class=\"_ _2\"></span>st rates a<span class=\"_ _2\"></span>nd other<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">finan<span class=\"_ _2\"></span>cial<span class=\"_ gs132\"> </span>as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x66f y5752 w34a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x670 y5752 w34b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x671 y5752 w34c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x672 y5752 w34d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">(9<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x673 y5752 w2c0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>137<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5753 w34e h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16 ws14\">Insurance<span class=\"_ _7\"></span> finance expense<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x674 y5753 w34f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls49 ws1ca\">(1,96<span class=\"_ _7\"></span>1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x675 y5753 w350 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>,59<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x676 y5753 w351 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b6 ws1b5\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>914)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x677 y5753 w352 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>517<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x678 y5753 w6b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ad ws1a6\">(6<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>82)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5754 ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5755 w342 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Unwind of dis<span class=\"_ _2\"></span>count on f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x679 y5755 w353 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">272<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x67a y5755 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x67b y5755 w354 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x67c y5755 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x67d y5755 w175 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">325<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5756 w347 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t acc<span class=\"_ _2\"></span>reted on the C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x67e y5756 w2a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">23<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x67f y5756 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x680 y5756 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x681 y5756 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x237 y5756 w1d7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">26<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5757 w349 h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 ls0 ws0\">Effe<span class=\"_ _2\"></span>ct of chan<span class=\"_ _2\"></span>ges in intere<span class=\"_ _2\"></span>st rates a<span class=\"_ _2\"></span>nd other<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">finan<span class=\"_ _2\"></span>cial<span class=\"_ gs132\"> </span>as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x682 y563e w2ca h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>173<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x683 y563e w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x684 y563e w1bc h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x685 y563e wb5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x686 y563e w355 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y563f w356 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls66 ws57\">Reinsu<span class=\"_ _5\"></span>rance finance<span class=\"_ _7\"></span> income<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x687 y563f w9c h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b9 ws1b8\">122<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x688 y563f w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x689 y563f w357 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x68a y563f w60 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x623 y563f w6f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w358 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16 ws14\">Net in<span class=\"_ _5\"></span>surance fi<span class=\"_ _5\"></span>nance e<span class=\"_ _5\"></span>xpense<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x68b y55ef w359 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">(1,<span class=\"_ _2\"></span>839)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x68c y55ef w35a h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>59<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x68d y55ef w350 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>869)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x68e y55ef w35b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x68f y55ef w72 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">(6<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>03)<span class=\"_ _3bc\"> </span></div></td></tr></table><div class=\"gs2ed\"><table class=\"s w35c h2a7\" id=\"_a25e7d6a-b4ac-44fc-98a4-f28b4fe1e4cf\"><tr><td></td><td class=\"t m0 x62d h16 y5758 ff3 fsf fc1 sc0 ls82 ws77\">Retireme<span class=\"_ _2\"></span>nt </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x57a h16 y5759 ff3 fsf fc1 sc0 ls17 ws15\">Solutions<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x62e h16 y5759 ff3 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; Savin<span class=\"_ _2\"></span>gs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x62f h16 y5759 ff3 fsf fc1 sc0 lse9 wsd4\">With-Profit<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x630 h16 y5759 ff3 fsf fc1 sc0 ls0 ws0\">Euro<span class=\"_ _2\"></span>pe &amp; Ot<span class=\"_ _2\"></span>her<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5759 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 h16 y575a ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x581 h16 y575a ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x582 h16 y575a ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h16 y575a ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h16 y575a ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y575a ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y575b ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts iss<span class=\"_ _2\"></span>ued<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y575c ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in fair va<span class=\"_ _2\"></span>lue of underl<span class=\"_ _2\"></span>ying items of dire<span class=\"_ _2\"></span>ct </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y575d w33b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">par<span class=\"_ _2\"></span>ticipat<span class=\"_ _2\"></span>ing contra<span class=\"_ _2\"></span>cts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x65b y575d w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x690 y575d wee h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">2,0<span class=\"_ _2\"></span>66<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x691 y575d w35d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">3,<span class=\"_ _2\"></span>235<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x692 y575d w35e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">4,<span class=\"_ _2\"></span>402<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x693 y575d w10e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">9<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y575e w342 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Unwind of dis<span class=\"_ _2\"></span>count on f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x694 y575e w35f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(69<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x695 y575e w252 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x696 y575e w360 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(14<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x697 y575e w361 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x698 y575e w362 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(859)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y575f w347 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t acc<span class=\"_ _2\"></span>reted on the C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x699 y575f w363 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(4<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x69a y575f w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x69b y575f w364 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x69c y575f w365 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a6 ws196\">(5<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x69d y575f w366 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(<span class=\"_ _2\"></span>55)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5760 ff3 fs7 fc1 sc0 ls0 ws0\">Effe<span class=\"_ _2\"></span>ct of chan<span class=\"_ _2\"></span>ges in intere<span class=\"_ _2\"></span>st rates a<span class=\"_ _2\"></span>nd other fin<span class=\"_ _2\"></span>ancial </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y567c w367 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x69e y567c w368 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">10<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>328<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x69f y567c wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6a0 y567c wde h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">2,<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6a1 y567c w369 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">1<span class=\"_ _2\"></span>,182<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6a2 y567c w36a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d9 ws1d9\">13<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>91<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y567d w36b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Policyholder tax<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6a3 y567d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6a4 y567d w36c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">(42<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6a5 y567d w1d4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(15)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6a6 y567d we1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6a7 y567d w1ff h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb3 wsf4\">199<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5761 w36d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16 ws14\">Insurance<span class=\"_ _7\"></span> finance income<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6a8 y5761 w36e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,586<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6a9 y5761 w36f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">2,<span class=\"_ _2\"></span>023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6aa y5761 w327 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">5,4<span class=\"_ _2\"></span>43<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ab y5761 w370 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc wsba\">5<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ac y5761 w76 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">22<span class=\"_ _2\"></span>,879<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x6ad hd y5762 ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5763 w371 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x6ae y5763 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5681 w342 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Unwind of dis<span class=\"_ _2\"></span>count on f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6af y5681 wa4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6b0 y5681 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6b1 y5681 w8d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">43<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6b2 y5681 w372 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6b3 y5681 w373 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">142<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5764 w347 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t acc<span class=\"_ _2\"></span>reted on the C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x67e y5764 wd3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">15<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6b4 y5764 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6b5 y5764 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6b6 y5764 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x642 y5764 w374 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">18<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5765 ff3 fs7 fc1 sc0 ls0 ws0\">Effe<span class=\"_ _2\"></span>ct of chan<span class=\"_ _2\"></span>ges in intere<span class=\"_ _2\"></span>st rates a<span class=\"_ _2\"></span>nd other fin<span class=\"_ _2\"></span>ancial </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5766 w367 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6b7 y5766 w375 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>423)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6b8 y5766 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6b9 y5766 wb3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(4<span class=\"_ _2\"></span>39)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ba y5766 w376 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>351<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6bb y5766 w25e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">(1<span class=\"_ _3\"></span>,21<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5767 w377 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16 ws14\">Reinsu<span class=\"_ _5\"></span>rance fin<span class=\"_ _5\"></span>ance ex<span class=\"_ _5\"></span>pense<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6bc y5767 w20a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">(3<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6bd y5767 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6be y5767 w378 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(39<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6bf y5767 w228 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(339)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6c0 y5767 w379 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">(1<span class=\"_ _2\"></span>,053)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w37a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16 ws14\">Net in<span class=\"_ _5\"></span>surance fi<span class=\"_ _5\"></span>nance i<span class=\"_ _5\"></span>ncome<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6c1 y55ef w311 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">9,26<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6c2 y55ef w103 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">2,0<span class=\"_ _2\"></span>23<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6c3 y55ef wd7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">5,05<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6c4 y55ef w21f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">5,488<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6c5 y55ef w37b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>82<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs311\">There i<span class=\"_ _2\"></span>s a close re<span class=\"_ _2\"></span>lationship b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the n<span class=\"_ _2\"></span>et investme<span class=\"_ _2\"></span>nt incom<span class=\"_ _2\"></span>e in note C3<span class=\"_ _2\"></span>, as it relate<span class=\"_ _2\"></span>s to asset<span class=\"_ _2\"></span>s back<span class=\"_ _2\"></span>ing contra<span class=\"_ _2\"></span>cts w<span class=\"_ _2\"></span>ithin the sc<span class=\"_ _2\"></span>ope of IFRS 17, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs312\">and ne<span class=\"_ _2\"></span>t insuran<span class=\"_ _2\"></span>ce finan<span class=\"_ _2\"></span>ce (expens<span class=\"_ _2\"></span>e)<span class=\"_ _5\"></span>/inc<span class=\"_ _2\"></span>ome. Net inve<span class=\"_ _2\"></span>stment in<span class=\"_ _2\"></span>come in<span class=\"_ _2\"></span>cludes t<span class=\"_ _2\"></span>he result<span class=\"_ _2\"></span>s for all investm<span class=\"_ _2\"></span>ent ass<span class=\"_ _2\"></span>ets inc<span class=\"_ _2\"></span>luding tho<span class=\"_ _2\"></span>se bac<span class=\"_ _2\"></span>king </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs313\">investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and surplu<span class=\"_ _2\"></span>s asse<span class=\"_ _2\"></span>ts. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs314\">For Retirem<span class=\"_ _2\"></span>ent Sol<span class=\"_ _2\"></span>utions the p<span class=\"_ _2\"></span>rincipal p<span class=\"_ _2\"></span>roduct i<span class=\"_ _2\"></span>s annuitie<span class=\"_ _2\"></span>s. The in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e financ<span class=\"_ _2\"></span>e (<span class=\"_ _5\"></span>expe<span class=\"_ _2\"></span>nse)/incom<span class=\"_ _2\"></span>e primaril<span class=\"_ _2\"></span>y reflec<span class=\"_ _2\"></span>ts the unwin<span class=\"_ _2\"></span>d of the disco<span class=\"_ _2\"></span>unt </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs315\">rate on th<span class=\"_ _2\"></span>e liabilities<span class=\"_ _2\"></span>. This is larg<span class=\"_ _2\"></span>ely of<span class=\"_ _2\"></span>fset by the inte<span class=\"_ _2\"></span>rest in<span class=\"_ _2\"></span>come ea<span class=\"_ _2\"></span>rned<span class=\"_ _2\"></span>, include<span class=\"_ _2\"></span>d within net inves<span class=\"_ _2\"></span>tment in<span class=\"_ _2\"></span>come<span class=\"_ _2\"></span>, on the as<span class=\"_ _2\"></span>sets b<span class=\"_ _2\"></span>acking th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs316\">annuit<span class=\"_ _2\"></span>y co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s which pr<span class=\"_ _2\"></span>imarily co<span class=\"_ _2\"></span>nsist of de<span class=\"_ _2\"></span>bt secur<span class=\"_ _2\"></span>ities and e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y releas<span class=\"_ _2\"></span>e mor<span class=\"_ _2\"></span>tgag<span class=\"_ _2\"></span>es. C<span class=\"_ _2\"></span>hange<span class=\"_ _2\"></span>s in the disc<span class=\"_ _2\"></span>ount rates us<span class=\"_ _2\"></span>ed to disc<span class=\"_ _2\"></span>ount the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs317\">annuit<span class=\"_ _2\"></span>y c<span class=\"_ _2\"></span>ash flows in th<span class=\"_ _2\"></span>e meas<span class=\"_ _2\"></span>urement of the in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct liabiliti<span class=\"_ _2\"></span>es are large<span class=\"_ _2\"></span>ly off<span class=\"_ _2\"></span>set by chan<span class=\"_ _2\"></span>ges in the f<span class=\"_ _2\"></span>air value of the b<span class=\"_ _2\"></span>acking a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs318\">inclu<span class=\"_ _2\"></span>ded in net inves<span class=\"_ _2\"></span>tment in<span class=\"_ _2\"></span>come<span class=\"_ _2\"></span>, in respe<span class=\"_ _2\"></span>ct of BEL an<span class=\"_ _2\"></span>d risk adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs319\">Mism<span class=\"_ _2\"></span>atches b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en net inves<span class=\"_ _2\"></span>tment inc<span class=\"_ _2\"></span>ome and in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e financ<span class=\"_ _2\"></span>e expen<span class=\"_ _2\"></span>se arise<span class=\"_ _2\"></span>s for the followin<span class=\"_ _2\"></span>g reason:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs31a\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e annuit<span class=\"_ _2\"></span>y bus<span class=\"_ _2\"></span>iness wi<span class=\"_ _2\"></span>thin the Retirem<span class=\"_ _2\"></span>ent Sol<span class=\"_ _2\"></span>utions se<span class=\"_ _2\"></span>gment u<span class=\"_ _2\"></span>ses the G<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>al Mode<span class=\"_ _2\"></span>l for meas<span class=\"_ _2\"></span>urement<span class=\"_ _2\"></span>. As a result<span class=\"_ _2\"></span>, the CS<span class=\"_ _2\"></span>M is me<span class=\"_ _2\"></span>asured </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs31b\">using di<span class=\"_ _2\"></span>scount ra<span class=\"_ _2\"></span>tes locked in at in<span class=\"_ _2\"></span>ception<span class=\"_ _2\"></span>, where<span class=\"_ _2\"></span>as the as<span class=\"_ _2\"></span>sets b<span class=\"_ _2\"></span>acking th<span class=\"_ _2\"></span>e CSM a<span class=\"_ _2\"></span>re base<span class=\"_ _2\"></span>d on current e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic assum<span class=\"_ _2\"></span>ptions<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs31c\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e disco<span class=\"_ _2\"></span>unt rate for annuit<span class=\"_ _2\"></span>y bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s uses the S<span class=\"_ _2\"></span>trategic A<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>t Allocat<span class=\"_ _2\"></span>ion as set o<span class=\"_ _2\"></span>ut in Note F11<span class=\"_ _2\"></span>.2.1<span class=\"_ _2\"></span>, and therefore in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e financ<span class=\"_ _2\"></span>e expen<span class=\"_ _2\"></span>ses </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs31d\">are impa<span class=\"_ _2\"></span>cted by ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s to this referenc<span class=\"_ _2\"></span>e por<span class=\"_ _2\"></span>tfolio w<span class=\"_ _2\"></span>here the as<span class=\"_ _2\"></span>set mix i<span class=\"_ _2\"></span>s base<span class=\"_ _2\"></span>d on the st<span class=\"_ _2\"></span>rategic inves<span class=\"_ _2\"></span>tment ob<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>tives of the Gro<span class=\"_ _2\"></span>up. Net </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs31e\">investm<span class=\"_ _2\"></span>ent inco<span class=\"_ _2\"></span>me is determin<span class=\"_ _2\"></span>ed with refere<span class=\"_ _2\"></span>nce to the a<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts held by th<span class=\"_ _2\"></span>e Group durin<span class=\"_ _2\"></span>g the repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g period<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs31f\">\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in non-<span class=\"_ _2\"></span>econ<span class=\"_ _2\"></span>omic ass<span class=\"_ _2\"></span>umptions for G<span class=\"_ _2\"></span>enera<span class=\"_ _2\"></span>l Mode<span class=\"_ _2\"></span>l busine<span class=\"_ _2\"></span>ss impa<span class=\"_ _2\"></span>cts B<span class=\"_ _2\"></span>EL and risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment usin<span class=\"_ _2\"></span>g current disc<span class=\"_ _2\"></span>ount rates a<span class=\"_ _2\"></span>nd CS<span class=\"_ _2\"></span>M </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs320\">using l<span class=\"_ _2\"></span>ocked in disc<span class=\"_ _2\"></span>ount rates<span class=\"_ _2\"></span>. This gives r<span class=\"_ _2\"></span>ise to a mism<span class=\"_ _2\"></span>atch for which th<span class=\"_ _2\"></span>ere is no cor<span class=\"_ _2\"></span>respon<span class=\"_ _2\"></span>ding item within n<span class=\"_ _2\"></span>et investm<span class=\"_ _2\"></span>ent incom<span class=\"_ _2\"></span>e. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs321\">For Pension<span class=\"_ _2\"></span>s &amp; Saving<span class=\"_ _2\"></span>s the princ<span class=\"_ _2\"></span>ipal prod<span class=\"_ _2\"></span>ucts are un<span class=\"_ _2\"></span>it-link<span class=\"_ _5\"></span>ed an<span class=\"_ _2\"></span>d hybrid contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s which cont<span class=\"_ _2\"></span>ain an elem<span class=\"_ _2\"></span>ent of unit-linked and uniti<span class=\"_ _2\"></span>sed </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs322\">with-p<span class=\"_ _2\"></span>rofits within a sin<span class=\"_ _2\"></span>gle contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>. These c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d primarily u<span class=\"_ _2\"></span>sing the Variable Fee Ap<span class=\"_ _2\"></span>proach a<span class=\"_ _2\"></span>s the amount<span class=\"_ _2\"></span>s payable to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs323\">polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs refle<span class=\"_ _2\"></span>ct a subs<span class=\"_ _2\"></span>tantial s<span class=\"_ _2\"></span>hare of the fair va<span class=\"_ _2\"></span>lue returns o<span class=\"_ _2\"></span>n the back<span class=\"_ _2\"></span>ing ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>. As a result t<span class=\"_ _2\"></span>he chan<span class=\"_ _2\"></span>ge in fair valu<span class=\"_ _2\"></span>e of underlyin<span class=\"_ _2\"></span>g items </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs324\">within ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e finance (exp<span class=\"_ _2\"></span>ense)/inco<span class=\"_ _2\"></span>me will be clo<span class=\"_ _2\"></span>sely m<span class=\"_ _2\"></span>atched by ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the bac<span class=\"_ _2\"></span>king as<span class=\"_ _2\"></span>sets wh<span class=\"_ _2\"></span>ich are also m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs325\">The unwin<span class=\"_ _2\"></span>d of discount r<span class=\"_ _2\"></span>ate on cas<span class=\"_ _2\"></span>h flows within ins<span class=\"_ _2\"></span>urance fi<span class=\"_ _2\"></span>nance (exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s)<span class=\"_ _5\"></span>/inco<span class=\"_ _2\"></span>me is off<span class=\"_ _2\"></span>set by the inves<span class=\"_ _2\"></span>tment inc<span class=\"_ _2\"></span>ome rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in resp<span class=\"_ _2\"></span>ect </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs326\">of back<span class=\"_ _2\"></span>ing ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>. The disc<span class=\"_ _2\"></span>ount rate use<span class=\"_ _2\"></span>d for BEL an<span class=\"_ _2\"></span>d risk adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt is determin<span class=\"_ _2\"></span>ed on a bot<span class=\"_ _2\"></span>tom-up b<span class=\"_ _2\"></span>asis<span class=\"_ _2\"></span>, as set ou<span class=\"_ _2\"></span>t in note F11.<span class=\"_ _2\"></span>2.1, b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs327\">liquidit<span class=\"_ _2\"></span>y ch<span class=\"_ _2\"></span>aracte<span class=\"_ _2\"></span>ristic<span class=\"_ _2\"></span>s of the liabilitie<span class=\"_ _2\"></span>s rathe<span class=\"_ _2\"></span>r than with refere<span class=\"_ _2\"></span>nce to the b<span class=\"_ _2\"></span>acking a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and the<span class=\"_ _2\"></span>refore a mismatch o<span class=\"_ _2\"></span>ccur<span class=\"_ _2\"></span>s. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs328\">For With-<span class=\"_ _2\"></span>Profits bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s there are dif<span class=\"_ _2\"></span>fering imp<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s depen<span class=\"_ _2\"></span>dent on the n<span class=\"_ _2\"></span>ature of the liabili<span class=\"_ _2\"></span>ties within th<span class=\"_ _2\"></span>e fund. For wit<span class=\"_ _2\"></span>h-profit busin<span class=\"_ _2\"></span>ess wi<span class=\"_ _2\"></span>thout </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs329\">gua<span class=\"_ _2\"></span>rantees th<span class=\"_ _2\"></span>e relation<span class=\"_ _2\"></span>ship bet<span class=\"_ _2\"></span>ween n<span class=\"_ _2\"></span>et investme<span class=\"_ _2\"></span>nt incom<span class=\"_ _2\"></span>e and insur<span class=\"_ _2\"></span>ance fin<span class=\"_ _2\"></span>ance (expe<span class=\"_ _2\"></span>nse)/incom<span class=\"_ _2\"></span>e will be con<span class=\"_ _2\"></span>sistent wit<span class=\"_ _2\"></span>h that for the b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs32a\">within Pens<span class=\"_ _2\"></span>ions &amp; Savin<span class=\"_ _2\"></span>gs. I<span class=\"_ _2\"></span>n respe<span class=\"_ _2\"></span>ct of guar<span class=\"_ _2\"></span>antees<span class=\"_ _2\"></span>, the val<span class=\"_ _2\"></span>ue of these is t<span class=\"_ _2\"></span>ypic<span class=\"_ _2\"></span>ally influe<span class=\"_ _2\"></span>nced by c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in interes<span class=\"_ _2\"></span>t rates<span class=\"_ _2\"></span>. The Group h<span class=\"_ _2\"></span>edge<span class=\"_ _2\"></span>s its </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs32b\">interes<span class=\"_ _2\"></span>t rate risk in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of these g<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>es with deri<span class=\"_ _2\"></span>vatives suc<span class=\"_ _2\"></span>h that the ef<span class=\"_ _2\"></span>fect of ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in interest r<span class=\"_ _2\"></span>ates on gua<span class=\"_ _2\"></span>rantees w<span class=\"_ _2\"></span>ithin insura<span class=\"_ _2\"></span>nce </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs32c\">finan<span class=\"_ _2\"></span>ce (expens<span class=\"_ _2\"></span>e)<span class=\"_ _5\"></span>/inc<span class=\"_ _2\"></span>ome are larg<span class=\"_ _2\"></span>ely off<span class=\"_ _2\"></span>set by cha<span class=\"_ _2\"></span>nges in th<span class=\"_ _2\"></span>e fair value of the d<span class=\"_ _2\"></span>erivatives u<span class=\"_ _2\"></span>sed for he<span class=\"_ _2\"></span>dging in n<span class=\"_ _2\"></span>et investm<span class=\"_ _2\"></span>ent incom<span class=\"_ _2\"></span>e. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs32d\">For non-<span class=\"_ _2\"></span>profit busine<span class=\"_ _2\"></span>ss in a with<span class=\"_ _2\"></span>-profit fund wh<span class=\"_ _2\"></span>ere profits f<span class=\"_ _2\"></span>rom these c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts ac<span class=\"_ _2\"></span>crue to the w<span class=\"_ _2\"></span>ith-profit po<span class=\"_ _2\"></span>licyhol<span class=\"_ _2\"></span>ders or to th<span class=\"_ _2\"></span>e with-profit fun<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs32e\">es<span class=\"_ _2\"></span>tate, the n<span class=\"_ _2\"></span>on-profit co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s and the<span class=\"_ _2\"></span>ir backin<span class=\"_ _2\"></span>g ass<span class=\"_ _2\"></span>ets are co<span class=\"_ _2\"></span>nsidere<span class=\"_ _2\"></span>d to be an unde<span class=\"_ _2\"></span>rlying item of th<span class=\"_ _2\"></span>e with-profit c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts and th<span class=\"_ _2\"></span>erefore </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs32f\">chan<span class=\"_ _2\"></span>ges in th<span class=\"_ _2\"></span>eir fair value a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d within ins<span class=\"_ _2\"></span>urance fin<span class=\"_ _2\"></span>ance (expe<span class=\"_ _2\"></span>nse)/incom<span class=\"_ _2\"></span>e. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs330\">The n<span class=\"_ _2\"></span>on-profit cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s are mea<span class=\"_ _2\"></span>sured ba<span class=\"_ _2\"></span>sed on th<span class=\"_ _2\"></span>eir subs<span class=\"_ _2\"></span>tanc<span class=\"_ _2\"></span>e. For non-profi<span class=\"_ _2\"></span>t annuitie<span class=\"_ _2\"></span>s which fall with<span class=\"_ _2\"></span>in the sco<span class=\"_ _2\"></span>pe of IFRS 17<span class=\"_ _5\"></span>, they are </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs331\">mea<span class=\"_ _2\"></span>sured usin<span class=\"_ _2\"></span>g the IFR<span class=\"_ _2\"></span>S 17 Gene<span class=\"_ _2\"></span>ral Mod<span class=\"_ _2\"></span>el and the t<span class=\"_ _2\"></span>reatment of th<span class=\"_ _2\"></span>e non-profit c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t is consi<span class=\"_ _2\"></span>stent with th<span class=\"_ _2\"></span>e non-profit a<span class=\"_ _2\"></span>nnuities w<span class=\"_ _2\"></span>ithin the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs332\">Retirem<span class=\"_ _2\"></span>ent Solu<span class=\"_ _2\"></span>tions se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>. The ef<span class=\"_ _2\"></span>fect of the<span class=\"_ _2\"></span>se non-<span class=\"_ _2\"></span>profit annuitie<span class=\"_ _2\"></span>s on the inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement d<span class=\"_ _2\"></span>oes not m<span class=\"_ _2\"></span>atch the cha<span class=\"_ _2\"></span>nge in fair va<span class=\"_ _2\"></span>lue </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs333\">mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt used to m<span class=\"_ _2\"></span>easure th<span class=\"_ _2\"></span>eir effe<span class=\"_ _2\"></span>ct on the wi<span class=\"_ _2\"></span>th-profit polic<span class=\"_ _2\"></span>yhold<span class=\"_ _2\"></span>ers and th<span class=\"_ _2\"></span>erefore a mism<span class=\"_ _2\"></span>atch arise<span class=\"_ _2\"></span>s. For unit-linked bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s which falls </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs334\">within th<span class=\"_ _2\"></span>e scope of I<span class=\"_ _2\"></span>FRS 9 it is me<span class=\"_ _2\"></span>asured in lin<span class=\"_ _2\"></span>e with the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s a<span class=\"_ _2\"></span>ccount<span class=\"_ _2\"></span>ing polic<span class=\"_ _2\"></span>y for investme<span class=\"_ _2\"></span>nt contra<span class=\"_ _2\"></span>cts wit<span class=\"_ _2\"></span>h this impac<span class=\"_ _2\"></span>t being t<span class=\"_ _2\"></span>aken through </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs335\">\u2018chang<span class=\"_ _2\"></span>e in investme<span class=\"_ _2\"></span>nt contra<span class=\"_ _2\"></span>ct liabilitie<span class=\"_ _2\"></span>s\u2019 and therefore i<span class=\"_ _2\"></span>s not includ<span class=\"_ _2\"></span>ed in net inves<span class=\"_ _2\"></span>tment inc<span class=\"_ _2\"></span>ome. Th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets ba<span class=\"_ _2\"></span>cking the n<span class=\"_ _2\"></span>on-profit bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs336\">the with<span class=\"_ _2\"></span>-profit fund a<span class=\"_ _2\"></span>re typic<span class=\"_ _2\"></span>ally me<span class=\"_ _2\"></span>asured a<span class=\"_ _2\"></span>t fair value with inve<span class=\"_ _2\"></span>stment in<span class=\"_ _2\"></span>come an<span class=\"_ _2\"></span>d chan<span class=\"_ _2\"></span>ges in fair va<span class=\"_ _2\"></span>lue being in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d within net </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs337\">investm<span class=\"_ _2\"></span>ent inco<span class=\"_ _2\"></span>me. </div>The Europ<span class=\"_ _2\"></span>e &amp; Othe<span class=\"_ _2\"></span>r segm<span class=\"_ _2\"></span>ent cont<span class=\"_ _2\"></span>ains busin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>onsiste<span class=\"_ _2\"></span>nt with that in th<span class=\"_ _2\"></span>e segm<span class=\"_ _2\"></span>ents note<span class=\"_ _2\"></span>d above and will m<span class=\"_ _2\"></span>irror the relat<span class=\"_ _2\"></span>ionships b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en net investm<span class=\"_ _2\"></span>ent inco<span class=\"_ _2\"></span>me and ins<span class=\"_ _2\"></span>urance fin<span class=\"_ _2\"></span>ance (exp<span class=\"_ _2\"></span>ense)/incom<span class=\"_ _2\"></span>e as noted a<span class=\"_ _2\"></span>bove for the releva<span class=\"_ _2\"></span>nt typ<span class=\"_ _2\"></span>e of busine<span class=\"_ _2\"></span>ss. I<span class=\"_ _2\"></span>n addition<span class=\"_ _2\"></span>, this se<span class=\"_ _2\"></span>gment c<span class=\"_ _2\"></span>ontains protec<span class=\"_ _2\"></span>tion busin<span class=\"_ _2\"></span>ess wh<span class=\"_ _2\"></span>ich uses a b<span class=\"_ _2\"></span>ottom<span class=\"_ _2\"></span>-up disco<span class=\"_ _2\"></span>unt rate bas<span class=\"_ _2\"></span>ed on the lia<span class=\"_ _2\"></span>bility c<span class=\"_ _2\"></span>harac<span class=\"_ _2\"></span>teris<span class=\"_ _2\"></span>tics rat<span class=\"_ _2\"></span>her than b<span class=\"_ _2\"></span>eing ba<span class=\"_ _2\"></span>sed on th<span class=\"_ _2\"></span>e backin<span class=\"_ _2\"></span>g asse<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, which le<span class=\"_ _2\"></span>ads to mism<span class=\"_ _2\"></span>atches b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en net inves<span class=\"_ _2\"></span>tment in<span class=\"_ _2\"></span>come an<span class=\"_ _2\"></span>d insuran<span class=\"_ _2\"></span>ce financ<span class=\"_ _2\"></span>e (expens<span class=\"_ _2\"></span>es)/income<span class=\"_ _3bc\"> </span>Employ<span class=\"_ _5\"></span>ee costs comprise:<span class=\"_ _3bc\"> </span><table class=\"s w3a0 h2a9\" id=\"_90e546e8-d68d-4add-9d55-887bcdfa0c9a\"><tr><td></td><td class=\"t m0 x44d h3f y5778 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5778 ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x6ed h3f y5779 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x6ee h16 y5779 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y577a w3a1 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Wages and salaries<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ef y577a w114 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls76 ws19a\">603<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f0 y577a w1ce h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">55<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y577b w3a2 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Soc<span class=\"_ _2\"></span>ial securit<span class=\"_ _2\"></span>y contributions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6da y577b w9b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">61<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f1 y577b wc9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6f2 y577c w382 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd6 ws195\">664<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f3 y577c w2a8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">611<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6f4 y577d w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f5 y577d w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6f6 y577e w3a5 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lse3 wscd\">Number<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f7 y577e w3a6 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">N<span class=\"_ _2\"></span>umber<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3a7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Av<span class=\"_ _7\"></span>erag<span class=\"_ _2\"></span>e nu<span class=\"_ _5\"></span>mber o<span class=\"_ _5\"></span>f persons emplo<span class=\"_ _7\"></span>yed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f8 y55ef w216 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f9 y55ef w141 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">8<span class=\"_ _2\"></span>,165<span class=\"_ _3bc\"> </span></div></td></tr></table>C6. Auditor\u2019<span class=\"_ _7\"></span>s remuneration Durin<span class=\"_ _2\"></span>g the year th<span class=\"_ _2\"></span>e Group obtain<span class=\"_ _2\"></span>ed the foll<span class=\"_ _2\"></span>owing ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s from its a<span class=\"_ _2\"></span>uditor at cos<span class=\"_ _2\"></span>ts as de<span class=\"_ _2\"></span>tailed in t<span class=\"_ _2\"></span>he table b<span class=\"_ _2\"></span>elow.<span class=\"_ _3bc\"> </span><table class=\"s w286 h2aa\" id=\"_7b309e16-8316-4574-b6aa-2a4d609eb69a\"><tr><td></td><td class=\"t m0 x44d h3f y577f ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y577f ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x6ed h3f y5780 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x6ee h16 y5780 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5781 w3a8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Audit of the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fa y5781 w3a9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1d8 ws1d8\">1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fb y5781 w2b1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">4.8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5782 w3aa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Audit of the C<span class=\"_ _2\"></span>ompany\u2019s subsi<span class=\"_ _2\"></span>diaries<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fc y5782 w3ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">12.9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fd y5782 w3ac h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d7 ws1d7\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.7<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6fe y56b8 w3ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25.<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ff y56b8 w182 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">15.5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b9 w3ae h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Audit-rela<span class=\"_ _2\"></span>ted ass<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vices<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x700 y56b9 w3af h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">2.8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x380 y56b9 w3b0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls71 ws1a9\">2.4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e9 w3b1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16 ws14\">T<span class=\"_ _6\"></span>otal fee<span class=\"_ _5\"></span> for<span class=\"_ _7\"></span> assurance services<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fa y56e9 w3b2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28.<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x701 y56e9 w3b3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1da ws1da\">1<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3b4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls61 ws5f\">T<span class=\"_ _7\"></span>otal audito<span class=\"_ _2\"></span>r\u2019<span class=\"_ _7\"></span>s rem<span class=\"_ _2\"></span>uneration<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fa y55ef w3b2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28.<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x701 y55ef w3b3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1da ws1da\">1<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr></table>No se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es were provid<span class=\"_ _2\"></span>ed by the C<span class=\"_ _2\"></span>ompany\u2019s auditor<span class=\"_ _2\"></span>s to the Group\u2019s pensi<span class=\"_ _2\"></span>on sche<span class=\"_ _2\"></span>mes in eith<span class=\"_ _2\"></span>er 2023 or 20<span class=\"_ _2\"></span>22. The in<span class=\"_ _2\"></span>crease in t<span class=\"_ _2\"></span>he audit fe<span class=\"_ _2\"></span>e during 2023 p<span class=\"_ _2\"></span>rincipally re<span class=\"_ _2\"></span>flect<span class=\"_ _2\"></span>s the ad<span class=\"_ _2\"></span>ditional wor<span class=\"_ _2\"></span>k under<span class=\"_ _2\"></span>taken in conn<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>on with the tra<span class=\"_ _2\"></span>nsition to I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>Audit-rela<span class=\"_ _2\"></span>ted ass<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vices in<span class=\"_ _2\"></span>cludes fe<span class=\"_ _2\"></span>es payabl<span class=\"_ _2\"></span>e for ser<span class=\"_ _2\"></span>vices wh<span class=\"_ _2\"></span>ere the rep<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ing is require<span class=\"_ _2\"></span>d by law or reg<span class=\"_ _2\"></span>ulation to be p<span class=\"_ _2\"></span>rovided by the auditor, such as re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting on re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y return<span class=\"_ _2\"></span>s. It als<span class=\"_ _2\"></span>o include<span class=\"_ _2\"></span>s fees paya<span class=\"_ _2\"></span>ble in resp<span class=\"_ _2\"></span>ect of review<span class=\"_ _2\"></span>s of interim financ<span class=\"_ _2\"></span>ial information a<span class=\"_ _2\"></span>nd ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s where t<span class=\"_ _2\"></span>he work is integ<span class=\"_ _2\"></span>rated with th<span class=\"_ _2\"></span>e audit it<span class=\"_ _2\"></span>self.<span class=\"_ _3bc\"> </span>There we<span class=\"_ _2\"></span>re no other n<span class=\"_ _2\"></span>on-au<span class=\"_ _2\"></span>dit ser<span class=\"_ _2\"></span>vices p<span class=\"_ _2\"></span>rovided durin<span class=\"_ _2\"></span>g the year (202<span class=\"_ _2\"></span>2: \u00a3nil). Furth<span class=\"_ _2\"></span>er information o<span class=\"_ _2\"></span>n auditor\u2019s remune<span class=\"_ _2\"></span>ration an<span class=\"_ _2\"></span>d the ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ment of the ind<span class=\"_ _2\"></span>epen<span class=\"_ _2\"></span>dence of th<span class=\"_ _2\"></span>e extern<span class=\"_ _2\"></span>al auditor is s<span class=\"_ _2\"></span>et out in the A<span class=\"_ _2\"></span>udit Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>e repo<span class=\"_ _2\"></span>rt on p<span class=\"_ _2\"></span>ages 9<span class=\"_ _2\"></span>2-99<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>C7<span class=\"_ _7\"></span>. Fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e cost<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>Interes<span class=\"_ _2\"></span>t payable i<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt as it acc<span class=\"_ _2\"></span>rues an<span class=\"_ _2\"></span>d is calc<span class=\"_ _2\"></span>ulated usin<span class=\"_ _2\"></span>g the effe<span class=\"_ _2\"></span>ctive intere<span class=\"_ _2\"></span>st meth<span class=\"_ _2\"></span>od<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span><table class=\"s w286 h2ab\" id=\"_68e9528b-f2fc-4297-baa8-aee556c47044\"><tr><td></td><td class=\"t m0 x44d h3f y5783 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5783 ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x6ed h3f y5784 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x6ee h16 y5784 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y5785 ff3 fs7 fc1 sc0 ls12 ws10\">Inter<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>t e<span class=\"_ _5\"></span>xpense<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x26c y5786 w3b5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">On fina<span class=\"_ _2\"></span>ncial liab<span class=\"_ _2\"></span>ilities at amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x702 y5786 w3b6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x703 y5786 w3b7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">227<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5781 w3b8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls60 ws57\">On leases<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x704 y5781 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x705 y5781 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6f2 y55eb w175 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">258<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x706 y55eb w3b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">23<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5787 ff3 fs7 fc1 sc0 ls0 ws0\">Attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561d w3ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">\u2013 policyholders<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a4 y561d wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ca y561d w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w3bb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">\u2013 owners<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2aa y561e w2ff h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63e y561e w1f7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6f2 y55ef w175 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">258<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x706 y55ef w3b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">23<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr></table>C8. T<span class=\"_ _7\"></span>ax charge<span class=\"_ _7\"></span>/(<span class=\"_ _7\"></span>credit)<span class=\"_ _3bc\"> </span>Inc<span class=\"_ _2\"></span>ome ta<span class=\"_ _2\"></span>x compris<span class=\"_ _2\"></span>es current a<span class=\"_ _2\"></span>nd deferre<span class=\"_ _2\"></span>d tax<span class=\"_ _2\"></span>. Incom<span class=\"_ _2\"></span>e tax is re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement exc<span class=\"_ _2\"></span>ept to the ex<span class=\"_ _2\"></span>tent that it relate<span class=\"_ _2\"></span>s to items rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the s<span class=\"_ _2\"></span>tatement of c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income o<span class=\"_ _2\"></span>r the st<span class=\"_ _2\"></span>atement of co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d chan<span class=\"_ _2\"></span>ges in eq<span class=\"_ _2\"></span>uity, in which c<span class=\"_ _2\"></span>ase it is re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised in th<span class=\"_ _2\"></span>ese st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Current t<span class=\"_ _2\"></span>ax is the ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted tax p<span class=\"_ _2\"></span>ayable on the t<span class=\"_ _2\"></span>axabl<span class=\"_ _2\"></span>e income fo<span class=\"_ _2\"></span>r the year, using tax r<span class=\"_ _2\"></span>ates and law<span class=\"_ _2\"></span>s enac<span class=\"_ _2\"></span>ted or sub<span class=\"_ _2\"></span>stantive<span class=\"_ _2\"></span>ly enac<span class=\"_ _2\"></span>ted at the date of the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition tog<span class=\"_ _2\"></span>ether with a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s to tax payab<span class=\"_ _2\"></span>le in respe<span class=\"_ _2\"></span>ct of previo<span class=\"_ _2\"></span>us years<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The t<span class=\"_ _2\"></span>ax charg<span class=\"_ _2\"></span>e is analy<span class=\"_ _2\"></span>sed be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en tax th<span class=\"_ _2\"></span>at is payable in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of polic<span class=\"_ _2\"></span>yholder<span class=\"_ _2\"></span>s\u2019 returns an<span class=\"_ _2\"></span>d tax th<span class=\"_ _2\"></span>at is payable on own<span class=\"_ _2\"></span>ers\u2019 return<span class=\"_ _2\"></span>s. This<span class=\"_ gs132\"> </span>allo<span class=\"_ _2\"></span>cation i<span class=\"_ _2\"></span>s calcul<span class=\"_ _2\"></span>ated bas<span class=\"_ _2\"></span>ed on an as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of th<span class=\"_ _2\"></span>e effec<span class=\"_ _2\"></span>tive rate of ta<span class=\"_ _2\"></span>x that is applic<span class=\"_ _2\"></span>able to own<span class=\"_ _2\"></span>ers for the ye<span class=\"_ _2\"></span>ar<span class=\"_ _3bc\"> </span><span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>C8<span class=\"_ _2\"></span>.1 Curre<span class=\"_ _2\"></span>nt year ta<span class=\"_ _2\"></span>x cha<span class=\"_ _2\"></span>rge/(<span class=\"_ _5\"></span>cr<span class=\"_ _2\"></span>edit)<span class=\"_ _3bc\"> </span><table class=\"s w248 h2ac\" id=\"_fe096ab4-2210-465c-80dd-7b08f16e7b62\"><tr><td></td><td></td><td class=\"t m0 x23e h16 y5788 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x549 h3f y5789 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23f h16 y5789 ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated</td></tr><tr><td></td><td class=\"t m0 x552 h3f y578a ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x553 h16 y578a ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y578b ff3 fs7 fc1 sc0 ls0 ws0\">Current t<span class=\"_ _2\"></span>ax:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x249 y578c w3bc h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">UK corporation tax<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x707 y578c wa4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x708 y578c wcb h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">36<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y578d w3bd h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls60 ws57\">Overseas<span class=\"_ _5\"></span> tax<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x709 y578d w387 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">110<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x70a y578d w179 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">86<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x70b y578e w2ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">138<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ff y578e w3be h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">1<span class=\"_ _2\"></span>22<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y578f w3bf h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Adju<span class=\"_ _2\"></span>stment in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of prior yea<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x70c y578f w1a7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x70d y578f w1da h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>23)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5790 w3c0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16 ws14\">T<span class=\"_ _6\"></span>otal curre<span class=\"_ _5\"></span>nt tax<span class=\"_ _7\"></span> charge<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x70e y5790 w9c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">122<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x70f y5790 w17e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls76 ws19a\">99<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5791 ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x249 y5792 w3c1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Orig<span class=\"_ _2\"></span>ination and re<span class=\"_ _2\"></span>versal of tem<span class=\"_ _2\"></span>porar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>ference<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x710 y5792 w1fc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(14)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x711 y5792 w3c2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>,348)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5793 w3c3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in the rate of U<span class=\"_ _2\"></span>K corpo<span class=\"_ _2\"></span>ration ta<span class=\"_ _2\"></span>x<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x712 y5793 w7f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x713 y5793 w3c4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(20<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5794 w3c5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Write down/(<span class=\"_ _5\"></span>up) of deferred t<span class=\"_ _2\"></span>ax as<span class=\"_ _2\"></span>sets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x714 y5794 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x715 y5794 w137 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">23<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y563c w3c6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l deferre<span class=\"_ _2\"></span>d tax c<span class=\"_ _2\"></span>redit<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x716 y563c w1fc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(14)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x717 y563c w3c7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>531<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5746 w3c8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l tax c<span class=\"_ _2\"></span>harg<span class=\"_ _2\"></span>e/<span class=\"_ _7\"></span>(cre<span class=\"_ _2\"></span>dit)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x718 y5746 wd9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">108<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x719 y5746 w244 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,4<span class=\"_ _2\"></span>32)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5795 ff3 fs7 fc1 sc0 ls0 ws0\">Attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5600 w3ba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">\u2013 policyholders<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x71a y5600 w3c9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">184<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x71b y5600 w3ca h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">(<span class=\"_ _2\"></span>577<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5601 w3bb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">\u2013 owners<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x71c y5601 w3cb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>76)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x71d y5601 w3cc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(855<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3c8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l tax c<span class=\"_ _2\"></span>harg<span class=\"_ _2\"></span>e/<span class=\"_ _7\"></span>(cre<span class=\"_ _2\"></span>dit)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x718 y55ef wd9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">108<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x719 y55ef w244 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,4<span class=\"_ _2\"></span>32)<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 Insurance Cont<span class=\"_ _5\"></span>racts (se<span class=\"_ _2\"></span>e note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s).<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up, as a prox<span class=\"_ _2\"></span>y for polic<span class=\"_ _2\"></span>yholder<span class=\"_ _2\"></span>s in the UK<span class=\"_ _2\"></span>, is req<span class=\"_ _2\"></span>uired to pay ta<span class=\"_ _2\"></span>xes on invest<span class=\"_ _2\"></span>ment inco<span class=\"_ _2\"></span>me and g<span class=\"_ _2\"></span>ains eac<span class=\"_ _2\"></span>h year<span class=\"_ _7\"></span>. Ac<span class=\"_ _2\"></span>cording<span class=\"_ _2\"></span>ly<span class=\"_ _5\"></span>, the t<span class=\"_ _2\"></span>ax credi<span class=\"_ _2\"></span>t or exp<span class=\"_ _2\"></span>ense at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to UK life a<span class=\"_ _2\"></span>ssura<span class=\"_ _2\"></span>nce polic<span class=\"_ _2\"></span>yhold<span class=\"_ _2\"></span>er earnin<span class=\"_ _2\"></span>gs is incl<span class=\"_ _2\"></span>uded in inc<span class=\"_ _2\"></span>ome ta<span class=\"_ _2\"></span>x expen<span class=\"_ _2\"></span>se. The t<span class=\"_ _2\"></span>ax cha<span class=\"_ _2\"></span>rge at<span class=\"_ _2\"></span>tributab<span class=\"_ _2\"></span>le to policy<span class=\"_ _2\"></span>holder earnin<span class=\"_ _2\"></span>gs was \u00a3<span class=\"_ _2\"></span>18<span class=\"_ _2\"></span>4 million (2022<span class=\"_ _2\"></span>: \u00a3577 millio<span class=\"_ _2\"></span>n credit).<span class=\"_ _3bc\"> </span>The 20<span class=\"_ _2\"></span>23 current ta<span class=\"_ _2\"></span>x prior yea<span class=\"_ _2\"></span>r adjus<span class=\"_ _2\"></span>tment ar<span class=\"_ _2\"></span>ises prin<span class=\"_ _2\"></span>cipally from t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>y ba<span class=\"_ _2\"></span>ck of tax los<span class=\"_ _2\"></span>ses ar<span class=\"_ _2\"></span>ising from a<span class=\"_ _2\"></span>dverse m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et movem<span class=\"_ _2\"></span>ents in 20<span class=\"_ _2\"></span>22. The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>y back of los<span class=\"_ _2\"></span>ses re<span class=\"_ _2\"></span>duces t<span class=\"_ _2\"></span>he tax c<span class=\"_ _2\"></span>harge rel<span class=\"_ _2\"></span>ating to prior p<span class=\"_ _2\"></span>eriods a<span class=\"_ _2\"></span>nd is broadl<span class=\"_ _2\"></span>y offs<span class=\"_ _2\"></span>et by a reduc<span class=\"_ _2\"></span>tion in ta<span class=\"_ _2\"></span>x losse<span class=\"_ _2\"></span>s carrie<span class=\"_ _2\"></span>d for<span class=\"_ _2\"></span>ward to future p<span class=\"_ _2\"></span>eriod<span class=\"_ _2\"></span>s, on whi<span class=\"_ _2\"></span>ch a deferred t<span class=\"_ _2\"></span>ax as<span class=\"_ _2\"></span>set is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed. Thi<span class=\"_ _2\"></span>s is par<span class=\"_ _2\"></span>tially off<span class=\"_ _2\"></span>set by true<span class=\"_ _2\"></span>-ups from t<span class=\"_ _2\"></span>he tax re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting provisio<span class=\"_ _2\"></span>ns in various e<span class=\"_ _2\"></span>ntities within th<span class=\"_ _2\"></span>e group.<span class=\"_ _3bc\"> </span>The 20<span class=\"_ _2\"></span>22 current t<span class=\"_ _2\"></span>ax prior ye<span class=\"_ _2\"></span>ar adjus<span class=\"_ _2\"></span>tment re<span class=\"_ _2\"></span>lates prin<span class=\"_ _2\"></span>cipally to a ta<span class=\"_ _2\"></span>x dispute with H<span class=\"_ _2\"></span>MRC in re<span class=\"_ _2\"></span>lation to the t<span class=\"_ _2\"></span>ax treatm<span class=\"_ _2\"></span>ent of an as<span class=\"_ _2\"></span>set former<span class=\"_ _2\"></span>ly held by Guar<span class=\"_ _2\"></span>dian Ass<span class=\"_ _2\"></span>urance Lim<span class=\"_ _2\"></span>ited (before th<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss was tr<span class=\"_ _2\"></span>ansfer<span class=\"_ _2\"></span>red to ReAs<span class=\"_ _2\"></span>sure Limited<span class=\"_ _2\"></span>) was resol<span class=\"_ _2\"></span>ved in the pe<span class=\"_ _2\"></span>riod in favour of the G<span class=\"_ _2\"></span>roup. The 2021 c<span class=\"_ _2\"></span>urrent ta<span class=\"_ _2\"></span>x liabilit<span class=\"_ _2\"></span>y include<span class=\"_ _2\"></span>d an ac<span class=\"_ _2\"></span>crual for th<span class=\"_ _2\"></span>e total tax un<span class=\"_ _2\"></span>der disp<span class=\"_ _2\"></span>ute. The mat<span class=\"_ _2\"></span>ter wa<span class=\"_ _2\"></span>s heard b<span class=\"_ _2\"></span>efore the Firs<span class=\"_ _2\"></span>t Tier T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ibunal in M<span class=\"_ _2\"></span>ay 2022 and the C<span class=\"_ _2\"></span>ourt fo<span class=\"_ _2\"></span>und in favour of ReAs<span class=\"_ _2\"></span>sure Limite<span class=\"_ _2\"></span>d. HM<span class=\"_ _2\"></span>RC did not app<span class=\"_ _2\"></span>eal ag<span class=\"_ _2\"></span>ainst th<span class=\"_ _2\"></span>is decisi<span class=\"_ _2\"></span>on and so th<span class=\"_ _2\"></span>e accr<span class=\"_ _2\"></span>ual for the pote<span class=\"_ _2\"></span>ntial tax li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y was rel<span class=\"_ _2\"></span>ease<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span>C8.<span class=\"_ _2\"></span>2 T<span class=\"_ _6\"></span>ax (credi<span class=\"_ _5\"></span>ted)<span class=\"_ _5\"></span>/<span class=\"_ _7\"></span>charged to other<span class=\"_ _7\"></span> c<span class=\"_ _2\"></span>omprehensiv<span class=\"_ _7\"></span>e income<span class=\"_ _3bc\"> </span><table class=\"s w2e9 h2ad\" id=\"_9bbfc155-1e72-4547-a35f-90d49c3affaf\"><tr><td></td><td class=\"t m0 x549 h3f y5796 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h16 y5796 ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x552 h3f y5797 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x553 h16 y5797 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5600 w3cd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Current t<span class=\"_ _2\"></span>ax cre<span class=\"_ _2\"></span>dit<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x71e y5600 w3ce h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x71f y5600 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w3cf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax (cre<span class=\"_ _2\"></span>dit)/<span class=\"_ _7\"></span>charg<span class=\"_ _2\"></span>e on define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t schem<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x720 y561e w1fc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(13)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x721 y561e w4f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x722 y55ef w175 h282\"><div class=\"t m0 x1e6 hd y55df ff2 fs7 fc1 sc0 ls1b5 ws1b4\">(21<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x723 y55ef w78 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">283<span class=\"_ _3bc\"> </span></div></td></tr></table>C8<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>3 T<span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>x cre<span class=\"_ _2\"></span>dited t<span class=\"_ _2\"></span>o equit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>2022<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span>rest<span class=\"_ _2\"></span>ated \u00a3m \u00a3m<span class=\"_ _3bc\"> </span>Current a<span class=\"_ _2\"></span>nd deferred t<span class=\"_ _2\"></span>ax cre<span class=\"_ _2\"></span>dit on Tier 1 N<span class=\"_ _2\"></span>otes<span class=\"_ _3bc\"> </span>(7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(7)<span class=\"_ _3bc\"> </span>Deferre<span class=\"_ _2\"></span>d tax c<span class=\"_ _2\"></span>redit on unre<span class=\"_ _2\"></span>alised g<span class=\"_ _2\"></span>ains and ot<span class=\"_ _2\"></span>her items<span class=\"_ _3bc\"> </span>(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(10)<span class=\"_ _3bc\"> </span>Deferre<span class=\"_ _2\"></span>d tax c<span class=\"_ _2\"></span>harge on s<span class=\"_ _2\"></span>hare sch<span class=\"_ _2\"></span>emes<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>otal t<span class=\"_ _2\"></span>ax cre<span class=\"_ _2\"></span>dit<span class=\"_ _3bc\"> </span>(8)<span class=\"_ _3bc\"> </span><span class=\"ls1ac ws1a4\">(15<span class=\"_ _3bc\"> </span></span>C8.4 Reconciliati<span class=\"_ _5\"></span>on of<span class=\"_ _7\"></span> tax charge/<span class=\"_ _7\"></span>(credi<span class=\"_ _5\"></span>t)<span class=\"_ _3bc\"> </span><table class=\"s w3d8 h2af\" id=\"_b3286c5a-5d95-4957-bf45-79240f705f0a\"><tr><td></td><td></td><td></td><td class=\"t m0 x1e4 h16 y579b ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x44d h3f y579c ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x59f h16 y579c ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated</td></tr><tr><td></td><td></td><td class=\"t m0 x6ed h3f y579d ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x6ee h16 y579d ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y579e w3d9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Profit<span class=\"_ _2\"></span>/<span class=\"_ _7\"></span>(l<span class=\"_ _2\"></span>oss) for the yea<span class=\"_ _2\"></span>r before ta<span class=\"_ _2\"></span>x<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x72b y579e w8d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x72c y579e w3da h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(4,0<span class=\"_ _2\"></span>89)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y579f w3db h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Policyh<span class=\"_ _2\"></span>older ta<span class=\"_ _2\"></span>x (charge)/<span class=\"_ _7\"></span>cre<span class=\"_ _2\"></span>dit<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x72d y579f w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(18<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x72e y579f w2fb h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">577<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57a0 w92 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">Los<span class=\"_ _2\"></span>s before th<span class=\"_ _2\"></span>e tax at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utabl<span class=\"_ _2\"></span>e to owner<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x225 y57a0 w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(16<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x226 y57a0 w93 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y57a1 ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ax c<span class=\"_ _2\"></span>redit at st<span class=\"_ _2\"></span>andard U<span class=\"_ _2\"></span>K rate of 23<span class=\"_ _2\"></span>.5% (2022<span class=\"_ _2\"></span>:19%)</td><td class=\"t m0 x72f h13 y57a2 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></td><td class=\"c n x238 y5616 w3dc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(39)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x730 y5616 w35f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(6<span class=\"_ _2\"></span>68)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y57a3 ff3 fs7 fc1 sc0 ls18 ws16\">Non-taxable gains<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x238 y57a4 w55 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(16)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x731 y57a4 w3dd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57a5 w3de h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">Disallowable expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x5a4 y57a5 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ca y57a5 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y57a6 ff3 fs7 fc1 sc0 ls0 ws0\">Prior year t<span class=\"_ _2\"></span>ax cha<span class=\"_ _2\"></span>rge/(<span class=\"_ _5\"></span>credi<span class=\"_ _2\"></span>t) for share<span class=\"_ _2\"></span>holder<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x732 y55e8 w60 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x733 y55e8 w3d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5774 w3df h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Movem<span class=\"_ _2\"></span>ent on acq<span class=\"_ _2\"></span>uired in-force am<span class=\"_ _2\"></span>ortis<span class=\"_ _2\"></span>ation at rate<span class=\"_ _2\"></span>s other tha<span class=\"_ _2\"></span>n 23.<span class=\"_ _2\"></span>5% (2022: 1<span class=\"_ _2\"></span>9%)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x734 y5774 w60 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x735 y5774 wa5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">20<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y57a7 ff3 fs7 fc1 sc0 ls0 ws0\">Profits t<span class=\"_ _2\"></span>axed at ra<span class=\"_ _2\"></span>tes other th<span class=\"_ _2\"></span>an 23.<span class=\"_ _2\"></span>5% (2022: 1<span class=\"_ _2\"></span>9%)</td><td class=\"t m0 x736 h13 y57a8 ff3 fsc fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></td><td class=\"c n x238 y55fd w3e0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(25<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x737 y55fd w372 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y57a9 ff3 fs7 fc1 sc0 ls0 ws0\">Dere<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nition of previou<span class=\"_ _2\"></span>sly rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d deferre<span class=\"_ _2\"></span>d tax as<span class=\"_ _2\"></span>sets<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x238 y5775 w3dc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(39)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x738 y5775 wd3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y57aa ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax r<span class=\"_ _2\"></span>ate chang<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x739 y57ab w7f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x73a y57ab w3c4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(20<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y57ac ff3 fs7 fc1 sc0 ls0 ws0\">Current ye<span class=\"_ _2\"></span>ar loss<span class=\"_ _2\"></span>es not valu<span class=\"_ _2\"></span>ed<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x732 y5746 w17a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x73b y5746 w30b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5747 w393 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x73c y5747 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x73d y5747 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w3e1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Own<span class=\"_ _2\"></span>ers\u2019 ta<span class=\"_ _2\"></span>x charge/(credit<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x73e y561d w3cb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>76)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x73f y561d w3e2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(855<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w3e3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Policyh<span class=\"_ _2\"></span>older ta<span class=\"_ _2\"></span>x charg<span class=\"_ _2\"></span>e/<span class=\"_ _7\"></span>(cre<span class=\"_ _2\"></span>dit)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x740 y561e w1ff h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">184<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x741 y561e w7d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">(577<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3e4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l tax c<span class=\"_ _2\"></span>harg<span class=\"_ _2\"></span>e/<span class=\"_ _7\"></span>(cre<span class=\"_ _2\"></span>dit) for th<span class=\"_ _2\"></span>e year<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x742 y55ef w3e5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">108<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x743 y55ef w3e6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,432<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table>2<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>5<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Th<span class=\"_ _2\"></span>e Pho<span class=\"_ _2\"></span>enix o<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ating s<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s are pr<span class=\"_ _2\"></span>edom<span class=\"_ _2\"></span>inan<span class=\"_ _2\"></span>tly in th<span class=\"_ _2\"></span>e UK<span class=\"_ _2\"></span>. The re<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>cili<span class=\"_ _2\"></span>ation o<span class=\"_ _2\"></span>f tax c<span class=\"_ _2\"></span>harg<span class=\"_ _2\"></span>e has th<span class=\"_ _2\"></span>eref<span class=\"_ _2\"></span>ore, b<span class=\"_ _2\"></span>een c<span class=\"_ _2\"></span>ompl<span class=\"_ _2\"></span>eted b<span class=\"_ _2\"></span>y refere<span class=\"_ _2\"></span>nce t<span class=\"_ _2\"></span>o the s<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ard ra<span class=\"_ _2\"></span>te of UK t<span class=\"_ _2\"></span>ax. 2 <span class=\"_ _2f\"> </span>Rel<span class=\"_ _2\"></span>ates p<span class=\"_ _2\"></span>rinc<span class=\"_ _2\"></span>ipall<span class=\"_ _2\"></span>y to a profi<span class=\"_ _2\"></span>t aris<span class=\"_ _2\"></span>ing on c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>olida<span class=\"_ _2\"></span>tion d<span class=\"_ _2\"></span>ue to the p<span class=\"_ _2\"></span>urch<span class=\"_ _2\"></span>ase of t<span class=\"_ _2\"></span>he SL<span class=\"_ _2\"></span>F of Can<span class=\"_ _2\"></span>ada U<span class=\"_ _2\"></span>K Limite<span class=\"_ _2\"></span>d, n<span class=\"_ _2\"></span>ot sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to defe<span class=\"_ _2\"></span>rred t<span class=\"_ _2\"></span>ax<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>3 <span class=\"_ _19\"> </span>T<span class=\"_ _2\"></span>he 202<span class=\"_ _2\"></span>3 prio<span class=\"_ _2\"></span>r year t<span class=\"_ _2\"></span>ax ch<span class=\"_ _2\"></span>arge r<span class=\"_ _2\"></span>elat<span class=\"_ _2\"></span>es to tr<span class=\"_ _2\"></span>ue-<span class=\"_ _2\"></span>ups fro<span class=\"_ _2\"></span>m the ta<span class=\"_ _2\"></span>x rep<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ing pr<span class=\"_ _2\"></span>ovisi<span class=\"_ _2\"></span>ons in v<span class=\"_ _2\"></span>ario<span class=\"_ _2\"></span>us enti<span class=\"_ _2\"></span>ties w<span class=\"_ _2\"></span>ithin t<span class=\"_ _2\"></span>he gro<span class=\"_ _2\"></span>up.<span class=\"_ _3bc\"> </span>4  P<span class=\"_ _2\"></span>rofit<span class=\"_ _2\"></span>s taxe<span class=\"_ _2\"></span>d at ra<span class=\"_ _2\"></span>tes oth<span class=\"_ _2\"></span>er tha<span class=\"_ _2\"></span>n 23.<span class=\"_ _2\"></span>5% re<span class=\"_ _2\"></span>late<span class=\"_ _2\"></span>s to over<span class=\"_ _2\"></span>sea<span class=\"_ _2\"></span>s profit<span class=\"_ _2\"></span>s, c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>olida<span class=\"_ _2\"></span>ted f<span class=\"_ _2\"></span>und inve<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s and U<span class=\"_ _2\"></span>K life co<span class=\"_ _2\"></span>mpany p<span class=\"_ _2\"></span>rofit<span class=\"_ _2\"></span>s sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to mar<span class=\"_ _2\"></span>gina<span class=\"_ _2\"></span>l shar<span class=\"_ _2\"></span>ehol<span class=\"_ _2\"></span>der t<span class=\"_ _2\"></span>ax rat<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span>5 <span class=\"_ _19\"> </span>R<span class=\"_ _2\"></span>elat<span class=\"_ _2\"></span>es pri<span class=\"_ _2\"></span>ncip<span class=\"_ _2\"></span>ally to i<span class=\"_ _2\"></span>ncre<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>s in the re<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>gnis<span class=\"_ _2\"></span>ed va<span class=\"_ _2\"></span>lue of ta<span class=\"_ _2\"></span>x at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>tes in S<span class=\"_ _2\"></span>LIDAC of<span class=\"_ _2\"></span>fse<span class=\"_ _2\"></span>t by a red<span class=\"_ _2\"></span>uct<span class=\"_ _2\"></span>ion in th<span class=\"_ _2\"></span>e fut<span class=\"_ _2\"></span>ure val<span class=\"_ _2\"></span>ue of ca<span class=\"_ _2\"></span>pita<span class=\"_ _2\"></span>l los<span class=\"_ _2\"></span>ses in R<span class=\"_ _2\"></span>eAs<span class=\"_ _2\"></span>sure Li<span class=\"_ _2\"></span>mite<span class=\"_ _2\"></span>d. 6  D<span class=\"_ _2\"></span>eferr<span class=\"_ _2\"></span>ed ta<span class=\"_ _2\"></span>x rate c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e rel<span class=\"_ _2\"></span>ates pr<span class=\"_ _2\"></span>imar<span class=\"_ _2\"></span>ily to m<span class=\"_ _2\"></span>oveme<span class=\"_ _2\"></span>nts in d<span class=\"_ _2\"></span>eferr<span class=\"_ _2\"></span>ed ta<span class=\"_ _2\"></span>x liab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es whi<span class=\"_ _2\"></span>ch are ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted t<span class=\"_ _2\"></span>o unwin<span class=\"_ _2\"></span>d at rate<span class=\"_ _2\"></span>s in exc<span class=\"_ _2\"></span>ess of t<span class=\"_ _2\"></span>he cur<span class=\"_ _2\"></span>rent ye<span class=\"_ _2\"></span>ar rat<span class=\"_ _2\"></span>e of 23.<span class=\"_ _2\"></span>5%<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>7 <span class=\"_ _18\"> </span>Rel<span class=\"_ _2\"></span>ates to l<span class=\"_ _2\"></span>oss<span class=\"_ _2\"></span>es ac<span class=\"_ _2\"></span>cru<span class=\"_ _2\"></span>ing in Ph<span class=\"_ _2\"></span>oen<span class=\"_ _2\"></span>ix Life A<span class=\"_ _2\"></span>ssur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Europ<span class=\"_ _2\"></span>e DAC in rela<span class=\"_ _2\"></span>tion to w<span class=\"_ _2\"></span>hich a d<span class=\"_ _2\"></span>eferr<span class=\"_ _2\"></span>ed ta<span class=\"_ _2\"></span>x ass<span class=\"_ _2\"></span>et ca<span class=\"_ _2\"></span>nnot b<span class=\"_ _2\"></span>e rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-692": {
   "value": "Fees re<span class=\"_ _2\"></span>lated to the p<span class=\"_ _2\"></span>rovision of investm<span class=\"_ _2\"></span>ent mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt ser<span class=\"_ _2\"></span>vices a<span class=\"_ _2\"></span>nd adminis<span class=\"_ _2\"></span>tration s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices are re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices are prov<span class=\"_ _2\"></span>ided. Front end fe<span class=\"_ _2\"></span>es, w<span class=\"_ _2\"></span>hich are cha<span class=\"_ _2\"></span>rged at th<span class=\"_ _2\"></span>e inceptio<span class=\"_ _2\"></span>n of ser<span class=\"_ _2\"></span>vice contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, are defe<span class=\"_ _2\"></span>rred as a lia<span class=\"_ _2\"></span>bility a<span class=\"_ _2\"></span>nd reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d over the life of the cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>. No signifi<span class=\"_ _2\"></span>cant jud<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts are req<span class=\"_ _2\"></span>uired in determ<span class=\"_ _2\"></span>ining the timin<span class=\"_ _2\"></span>g or amount of fe<span class=\"_ _2\"></span>e income o<span class=\"_ _2\"></span>r the cos<span class=\"_ _2\"></span>ts inc<span class=\"_ _2\"></span>urred to obtain o<span class=\"_ _2\"></span>r fulfil a contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The t<span class=\"_ _2\"></span>able bel<span class=\"_ _2\"></span>ow disag<span class=\"_ _2\"></span>grega<span class=\"_ _2\"></span>tes fees an<span class=\"_ _2\"></span>d commis<span class=\"_ _2\"></span>sions by s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nt.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-650": {
   "value": "C3. Net investment income Net investment income comprises interest, dividends, rents receivable, net interest income/(expense) on the Group defined benefit pension scheme asset/(liability), fair value gains and losses on financial assets (except for reinsurers\u2019 share of investment contract liabilities without DPF, see note E1), financial liabilities and investment property at fair value and impairment losses on loans and receivables. Interest income is recognised in the consolidated income statement as it accrues using the effective interest method. Dividend income is recognised in the consolidated income statement on the date the right to receive payment is established, which in the case of listed securities is the ex-dividend date. Rental income from investment property is recognised in the consolidated income statement on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income. Fair value gains and losses on financial assets and financial liabilities designated at fair value through profit or loss are recognised in the consolidated income statement. Fair value gains and losses includes both realised and unrealised gains and losses. 2022 2023 restated \u00a3m \u00a3m Investment income Interest income on financial assets at amortised cost 37 21 Interest income on financial assets at FVTPL 3,901 2,888 Dividend income 5,923 5,409 Rental income 324 343 Net interest expense on Group defined benefit pension scheme (liability)/asset (109) (64) 10,076 8,597 Fair value gains/(losses) Financial assets and financial liabilities at FVTPL: Designated upon initial recognition 11,117 (38,539) Mandatorily held 9 (6,707) Investment property (362) (1,363) 10,764 (46,609) Net investment income 20,840 (38,012) 1 1  Prior period comparatives have been restated on transition to IFRS 17 Insurance Contracts (see note A2.1 for further details). ",
   "dimensions": {
    "concept": "pheonixgroupholdings:DisclosureOfNetInvestmentIncome",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-726": {
   "value": "Net inves<span class=\"_ _2\"></span>tment in<span class=\"_ _2\"></span>come co<span class=\"_ _2\"></span>mprise<span class=\"_ _2\"></span>s interest<span class=\"_ _2\"></span>, dividen<span class=\"_ _2\"></span>ds, re<span class=\"_ _2\"></span>nts rec<span class=\"_ _2\"></span>eivable, n<span class=\"_ _2\"></span>et interes<span class=\"_ _2\"></span>t income<span class=\"_ _2\"></span>/<span class=\"_ _7\"></span>(exp<span class=\"_ _2\"></span>ense) on the G<span class=\"_ _2\"></span>roup define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t pensio<span class=\"_ _2\"></span>n sch<span class=\"_ _2\"></span>eme as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>/<span class=\"_ _7\"></span>(li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y)<span class=\"_ _5\"></span>, fair val<span class=\"_ _2\"></span>ue gains an<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>es on finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets (exce<span class=\"_ _2\"></span>pt for reinsurer<span class=\"_ _2\"></span>s\u2019 share of invest<span class=\"_ _2\"></span>ment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities with<span class=\"_ _2\"></span>out DPF<span class=\"_ _5\"></span>, se<span class=\"_ _2\"></span>e note E1), financ<span class=\"_ _2\"></span>ial liabilitie<span class=\"_ _2\"></span>s and invest<span class=\"_ _2\"></span>ment prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y at fair va<span class=\"_ _2\"></span>lue and imp<span class=\"_ _2\"></span>airment lo<span class=\"_ _2\"></span>sses o<span class=\"_ _2\"></span>n loans an<span class=\"_ _2\"></span>d receiv<span class=\"_ _2\"></span>ables<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e is reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent as it ac<span class=\"_ _2\"></span>crues u<span class=\"_ _2\"></span>sing the ef<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>ive interest m<span class=\"_ _2\"></span>ethod<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Divid<span class=\"_ _2\"></span>end inc<span class=\"_ _2\"></span>ome is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment on the d<span class=\"_ _2\"></span>ate the right to re<span class=\"_ _2\"></span>ceive payme<span class=\"_ _2\"></span>nt is est<span class=\"_ _2\"></span>ablishe<span class=\"_ _2\"></span>d, whic<span class=\"_ _2\"></span>h in the cas<span class=\"_ _2\"></span>e of liste<span class=\"_ _2\"></span>d secur<span class=\"_ _2\"></span>ities is the ex-<span class=\"_ _2\"></span>dividen<span class=\"_ _2\"></span>d date.<span class=\"_ _3bc\"> </span>Renta<span class=\"_ _2\"></span>l income f<span class=\"_ _2\"></span>rom investme<span class=\"_ _2\"></span>nt proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y is rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment on a st<span class=\"_ _2\"></span>raight-line ba<span class=\"_ _2\"></span>sis over the term of th<span class=\"_ _2\"></span>e lease<span class=\"_ _2\"></span>. Leas<span class=\"_ _2\"></span>e incentive<span class=\"_ _2\"></span>s granted a<span class=\"_ _2\"></span>re recog<span class=\"_ _2\"></span>nised a<span class=\"_ _2\"></span>s an integra<span class=\"_ _2\"></span>l par<span class=\"_ _2\"></span>t of the total renta<span class=\"_ _2\"></span>l incom<span class=\"_ _2\"></span>e.<span class=\"_ _3bc\"> </span>Fair value g<span class=\"_ _2\"></span>ains and l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s on financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l liabilities de<span class=\"_ _2\"></span>signate<span class=\"_ _2\"></span>d at fair value<span class=\"_ gs132\"> </span>t<span class=\"_ _2\"></span>hrough profit o<span class=\"_ _2\"></span>r loss are re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d income s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent. Fair valu<span class=\"_ _2\"></span>e gains an<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>es inclu<span class=\"_ _2\"></span>des both re<span class=\"_ _2\"></span>alised a<span class=\"_ _2\"></span>nd unrealis<span class=\"_ _2\"></span>ed gain<span class=\"_ _2\"></span>s and los<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-693": {
   "value": "Net investment income comprises interest, dividends, rents receivable, net interest income/(expense) on the Group defined benefit pension scheme asset/(liability), fair value gains and losses on financial assets (except for reinsurers\u2019 share of investment contract liabilities without DPF, see note E1), financial liabilities and investment property at fair value and impairment losses on loans and receivables. Interest income is recognised in the consolidated income statement as it accrues using the effective interest method. Dividend income is recognised in the consolidated income statement on the date the right to receive payment is established, which in the case of listed securities is the ex-dividend date. Rental income from investment property is recognised in the consolidated income statement on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income. Fair value gains and losses on financial assets and financial liabilities designated at fair value through profit or loss are recognised in the consolidated income statement. Fair value gains and losses includes both realised and unrealised gains and losses. ",
   "dimensions": {
    "concept": "pheonixgroupholdings:DescriptionOfAccountingPolicyForNetInvestmentIncome",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-718": {
   "value": "Insurance finance income and expenses comprise changes in the carrying amounts of groups of insurance contracts arising from the effects of the time value of money, financial risk and changes therein, unless any such changes for groups of direct participating contracts are allocated to a loss component and included in insurance service expenses. They include changes in the measurement of groups of contracts caused by changes in the value of underlying items. The Group presents insurance finance income or expenses in profit or loss ",
   "dimensions": {
    "concept": "pheonixgroupholdings:DescriptionOfAccountingPolicyForNetInsuranceFinanceExpenseIncome",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-694": {
   "value": "Insur<span class=\"_ _2\"></span>ance fin<span class=\"_ _2\"></span>ance inc<span class=\"_ _2\"></span>ome an<span class=\"_ _2\"></span>d expens<span class=\"_ _2\"></span>es comp<span class=\"_ _2\"></span>rise ch<span class=\"_ _2\"></span>anges in t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mounts of gro<span class=\"_ _2\"></span>ups of insura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s arising fro<span class=\"_ _2\"></span>m the effe<span class=\"_ _2\"></span>cts of the time va<span class=\"_ _2\"></span>lue of money, financ<span class=\"_ _2\"></span>ial risk an<span class=\"_ _2\"></span>d chang<span class=\"_ _2\"></span>es there<span class=\"_ _2\"></span>in, unles<span class=\"_ _2\"></span>s any such c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es for groups of dire<span class=\"_ _2\"></span>ct par<span class=\"_ _2\"></span>ticip<span class=\"_ _2\"></span>ating contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are alloc<span class=\"_ _2\"></span>ated to a los<span class=\"_ _2\"></span>s comp<span class=\"_ _2\"></span>onent an<span class=\"_ _2\"></span>d include<span class=\"_ _2\"></span>d in insura<span class=\"_ _2\"></span>nce se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e expens<span class=\"_ _2\"></span>es. T<span class=\"_ _2\"></span>hey inclu<span class=\"_ _2\"></span>de chan<span class=\"_ _2\"></span>ges in the m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment of group<span class=\"_ _2\"></span>s of contrac<span class=\"_ _2\"></span>ts ca<span class=\"_ _2\"></span>used by ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the value of und<span class=\"_ _2\"></span>erlying ite<span class=\"_ _2\"></span>ms. Th<span class=\"_ _2\"></span>e Group pre<span class=\"_ _2\"></span>sents in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e financ<span class=\"_ _2\"></span>e income o<span class=\"_ _2\"></span>r expen<span class=\"_ _2\"></span>ses in profit or l<span class=\"_ _2\"></span>oss<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-651": {
   "value": "C5. Exp<span class=\"_ _2\"></span>enses<span class=\"_ _3bc\"> </span>Insurance<span class=\"_ _7\"></span> ser<span class=\"_ _2\"></span>vice<span class=\"_ _7\"></span> expenses<span class=\"_ _3bc\"> </span>Insur<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice expe<span class=\"_ _2\"></span>nses ar<span class=\"_ _2\"></span>ising from ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in profit o<span class=\"_ _2\"></span>r loss g<span class=\"_ _2\"></span>enerall<span class=\"_ _2\"></span>y as they are in<span class=\"_ _2\"></span>curred. T<span class=\"_ _2\"></span>hey exclud<span class=\"_ _2\"></span>e repaym<span class=\"_ _2\"></span>ents of inves<span class=\"_ _2\"></span>tment com<span class=\"_ _2\"></span>ponent<span class=\"_ _2\"></span>s and co<span class=\"_ _2\"></span>mprise th<span class=\"_ _2\"></span>e following item<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment to liabili<span class=\"_ _2\"></span>ties for inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s and ben<span class=\"_ _2\"></span>efits<span class=\"_ _2\"></span>, excludin<span class=\"_ _2\"></span>g investme<span class=\"_ _2\"></span>nt compo<span class=\"_ _2\"></span>nents re<span class=\"_ _2\"></span>duce<span class=\"_ _2\"></span>d by loss co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nt alloca<span class=\"_ _2\"></span>tions; \u2022 <span class=\"_ _9\"> </span>oth<span class=\"_ _2\"></span>er incurre<span class=\"_ _2\"></span>d direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributab<span class=\"_ _2\"></span>le expen<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g amount<span class=\"_ _2\"></span>s of any other pre<span class=\"_ _2\"></span>-reco<span class=\"_ _2\"></span>gnition c<span class=\"_ _2\"></span>ash flows a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s (other than in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e acq<span class=\"_ _2\"></span>uisition c<span class=\"_ _2\"></span>ash flows) dere<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised at th<span class=\"_ _2\"></span>e date of initial re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion; \u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition ca<span class=\"_ _2\"></span>sh flows amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ation; \u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition ca<span class=\"_ _2\"></span>sh flows as<span class=\"_ _2\"></span>sets im<span class=\"_ _2\"></span>pairment<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>reve<span class=\"_ _2\"></span>rsal of imp<span class=\"_ _2\"></span>airment of as<span class=\"_ _2\"></span>sets for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e acqui<span class=\"_ _2\"></span>sition ca<span class=\"_ _2\"></span>sh flows<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Net income or expense from<span class=\"_ _5\"></span> reinsurance contracts held<span class=\"_ _3bc\"> </span>Inc<span class=\"_ _2\"></span>ome and ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es from reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are pre<span class=\"_ _2\"></span>sented s<span class=\"_ _2\"></span>eparate<span class=\"_ _2\"></span>ly from inco<span class=\"_ _2\"></span>me and exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s from insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s. In<span class=\"_ _2\"></span>come an<span class=\"_ _2\"></span>d expe<span class=\"_ _2\"></span>nses fro<span class=\"_ _2\"></span>m reinsuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, othe<span class=\"_ _2\"></span>r than ins<span class=\"_ _2\"></span>urance fin<span class=\"_ _2\"></span>ance in<span class=\"_ _2\"></span>come or ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es, are p<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d on a net ba<span class=\"_ _2\"></span>sis as \u2018net expe<span class=\"_ _2\"></span>nses fro<span class=\"_ _2\"></span>m reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts\u2019 in the ins<span class=\"_ _2\"></span>urance s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice result<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Net ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>s from reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts com<span class=\"_ _2\"></span>prise an all<span class=\"_ _2\"></span>ocatio<span class=\"_ _2\"></span>n of reinsuran<span class=\"_ _2\"></span>ce premium<span class=\"_ _2\"></span>s paid les<span class=\"_ _2\"></span>s amount<span class=\"_ _2\"></span>s recove<span class=\"_ _2\"></span>red from reins<span class=\"_ _2\"></span>urers<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>s an alloc<span class=\"_ _2\"></span>ation of reinsur<span class=\"_ _2\"></span>ance pre<span class=\"_ _2\"></span>miums paid in p<span class=\"_ _2\"></span>rofit or loss a<span class=\"_ _2\"></span>s it rece<span class=\"_ _2\"></span>ives ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s under gro<span class=\"_ _2\"></span>ups of reinsura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s. The a<span class=\"_ _2\"></span>llocatio<span class=\"_ _2\"></span>n of reinsuran<span class=\"_ _2\"></span>ce premi<span class=\"_ _2\"></span>ums paid rela<span class=\"_ _2\"></span>ting to ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s recei<span class=\"_ _2\"></span>ved for eac<span class=\"_ _2\"></span>h period re<span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nts the tota<span class=\"_ _2\"></span>l of the chang<span class=\"_ _2\"></span>es in the as<span class=\"_ _2\"></span>set for rema<span class=\"_ _2\"></span>ining covera<span class=\"_ _2\"></span>ge that re<span class=\"_ _2\"></span>lates to ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s for which the G<span class=\"_ _2\"></span>roup expe<span class=\"_ _2\"></span>cts to p<span class=\"_ _2\"></span>ay consid<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Administr<span class=\"_ _2\"></span>ative expenses<span class=\"_ _3bc\"> </span>Adminis<span class=\"_ _2\"></span>trative exp<span class=\"_ _2\"></span>enses a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt as incur<span class=\"_ _2\"></span>red<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>otal ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es are anal<span class=\"_ _2\"></span>ysed by ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es ty<span class=\"_ _2\"></span>pe as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span><table class=\"s w37c h2a8\" id=\"_fd2e3532-dee4-4a33-9e12-38307e726ddb\"><tr><td></td><td></td><td class=\"t m0 x23e h16 y5768 ff3 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>2  </td></tr><tr><td></td><td class=\"t m0 x549 h3f y5769 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23f h16 y5769 ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated</td></tr><tr><td></td><td class=\"t m0 x552 h3f y576a ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y576a ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y576b w37d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Claim and benefits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6c6 y576b w103 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">1<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>41<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6c7 y576b wdd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">2,<span class=\"_ _2\"></span>290<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y576c w37e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">(Rever<span class=\"_ _2\"></span>sal of los<span class=\"_ _2\"></span>ses)/loss<span class=\"_ _2\"></span>es on one<span class=\"_ _2\"></span>rous insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6c8 y576c w1ab h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6c9 y576c w37f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">5<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y576d w380 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Cos<span class=\"_ _2\"></span>t of retroac<span class=\"_ _2\"></span>tive cover on rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts he<span class=\"_ _2\"></span>ld<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a4 y576d wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ca y576d w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y576e w381 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">Employ<span class=\"_ _5\"></span>ee costs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6cb y576e w382 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">664<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x58a y576e w2a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">611<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y576f w383 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Out<span class=\"_ _2\"></span>sourc<span class=\"_ _2\"></span>er expen<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6cc y576f w1bf h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls47 ws19d\">308<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6cd y576f w384 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">247<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56ae w385 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Prof<span class=\"_ _5\"></span>essional fees<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ce y56ae w2fc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1bf ws1be\">571<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6cf y56ae w116 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">4<span class=\"_ _2\"></span>41<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56af w386 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Commission expen<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d0 y56af w387 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">155<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d1 y56af w19e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">145<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b0 w388 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Of<span class=\"_ _2\"></span>fice an<span class=\"_ _2\"></span>d IT cos<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d2 y56b0 w59 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">26<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d3 y56b0 w389 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b1 w38a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment ma<span class=\"_ _5\"></span>nagement e<span class=\"_ _5\"></span>xpenses and t<span class=\"_ _5\"></span>ransaction<span class=\"_ _5\"></span> costs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d4 y56b1 w38b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d5 y56b1 w1eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">569<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b2 w38c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Direc<span class=\"_ _2\"></span>t cos<span class=\"_ _2\"></span>ts of colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d6 y56b2 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d7 y56b2 w38d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b3 w38e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls77 ws6c\">Depre<span class=\"_ _2\"></span>ciation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d8 y56b3 wbd h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d9 y56b3 w17a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">19<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5770 w38f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Pension p<span class=\"_ _2\"></span>ast se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e cos<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6da y5770 w372 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6db y5770 w1dc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">15<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5771 w390 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Pension administrative expen<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a4 y5771 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ca y5771 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5772 w391 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Adver<span class=\"_ _2\"></span>tising an<span class=\"_ _2\"></span>d spon<span class=\"_ _2\"></span>sorship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6dc y5772 w392 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">66<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6dd y5772 w17e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">63<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5773 w393 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6de y5773 w394 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">78<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x496 y5773 w2a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">26<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6df y5774 w161 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,9<span class=\"_ _2\"></span>98<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e0 y5774 w395 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">5,16<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fd w396 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unts at<span class=\"_ _2\"></span>tributed to In<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce acqui<span class=\"_ _2\"></span>sition ca<span class=\"_ _2\"></span>sh flows inc<span class=\"_ _2\"></span>urred durin<span class=\"_ _2\"></span>g the year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e1 y55fd w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>54)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e2 y55fd w397 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">(1<span class=\"_ _2\"></span>28)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5775 w398 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation of insuran<span class=\"_ _2\"></span>ce ac<span class=\"_ _2\"></span>quisition c<span class=\"_ _2\"></span>ash flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e3 y5775 w13f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">15<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e4 y5775 w30c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55eb w399 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal expenses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e5 y55eb w39a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">3,859<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e6 y55eb w39b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">5,<span class=\"_ _2\"></span>052<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5776 ff3 fs7 fc1 sc0 ls1c ws1a\">Repor<span class=\"_ _2\"></span>ted within:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561c w4a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Insurance service e<span class=\"_ _5\"></span>xpenses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e7 y561c w39c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">4,35<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e8 y561c w24a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">5<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>24<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5777 ff3 fs7 fc1 sc0 ls0 ws0\">Net ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>s from reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></td><td class=\"c n x6e9 y561d w39d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(2,169<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ea y561d w39e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>617<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Administrative expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6eb y561e w39f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws172\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>74<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ec y561e w169 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>42<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w399 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal expenses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e5 y55ef w39a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">3,859<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e6 y55ef w39b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">5,<span class=\"_ _2\"></span>052<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.1 fo<span class=\"_ _2\"></span>r fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>ils).<span class=\"_ _3bc\"> </span>2 <span class=\"_ _2f\"> </span>Rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ted as p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t of the \u2018<span class=\"_ _2\"></span>Net e<span class=\"_ _2\"></span>xpen<span class=\"_ _2\"></span>ses f<span class=\"_ _2\"></span>rom rei<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts\u2019 ba<span class=\"_ _2\"></span>lanc<span class=\"_ _2\"></span>e in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olid<span class=\"_ _2\"></span>ated i<span class=\"_ _2\"></span>ncom<span class=\"_ _2\"></span>e st<span class=\"_ _2\"></span>atem<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> <span class=\"_ _3bc\"> </span></span>Employ<span class=\"_ _5\"></span>ee costs comprise:<span class=\"_ _3bc\"> </span><table class=\"s w3a0 h2a9\" id=\"_90e546e8-d68d-4add-9d55-887bcdfa0c9a\"><tr><td></td><td class=\"t m0 x44d h3f y5778 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5778 ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x6ed h3f y5779 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x6ee h16 y5779 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y577a w3a1 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Wages and salaries<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ef y577a w114 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls76 ws19a\">603<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f0 y577a w1ce h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">55<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y577b w3a2 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Soc<span class=\"_ _2\"></span>ial securit<span class=\"_ _2\"></span>y contributions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6da y577b w9b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">61<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f1 y577b wc9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6f2 y577c w382 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd6 ws195\">664<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f3 y577c w2a8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">611<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6f4 y577d w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f5 y577d w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6f6 y577e w3a5 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lse3 wscd\">Number<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f7 y577e w3a6 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">N<span class=\"_ _2\"></span>umber<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3a7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Av<span class=\"_ _7\"></span>erag<span class=\"_ _2\"></span>e nu<span class=\"_ _5\"></span>mber o<span class=\"_ _5\"></span>f persons emplo<span class=\"_ _7\"></span>yed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f8 y55ef w216 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f9 y55ef w141 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">8<span class=\"_ _2\"></span>,165<span class=\"_ _3bc\"> </span></div></td></tr></table>C6. Auditor\u2019<span class=\"_ _7\"></span>s remuneration Durin<span class=\"_ _2\"></span>g the year th<span class=\"_ _2\"></span>e Group obtain<span class=\"_ _2\"></span>ed the foll<span class=\"_ _2\"></span>owing ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s from its a<span class=\"_ _2\"></span>uditor at cos<span class=\"_ _2\"></span>ts as de<span class=\"_ _2\"></span>tailed in t<span class=\"_ _2\"></span>he table b<span class=\"_ _2\"></span>elow.<span class=\"_ _3bc\"> </span><table class=\"s w286 h2aa\" id=\"_7b309e16-8316-4574-b6aa-2a4d609eb69a\"><tr><td></td><td class=\"t m0 x44d h3f y577f ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y577f ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x6ed h3f y5780 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x6ee h16 y5780 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5781 w3a8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Audit of the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fa y5781 w3a9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1d8 ws1d8\">1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fb y5781 w2b1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">4.8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5782 w3aa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Audit of the C<span class=\"_ _2\"></span>ompany\u2019s subsi<span class=\"_ _2\"></span>diaries<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fc y5782 w3ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">12.9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fd y5782 w3ac h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d7 ws1d7\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.7<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6fe y56b8 w3ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25.<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ff y56b8 w182 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">15.5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b9 w3ae h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Audit-rela<span class=\"_ _2\"></span>ted ass<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vices<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x700 y56b9 w3af h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">2.8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x380 y56b9 w3b0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls71 ws1a9\">2.4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e9 w3b1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16 ws14\">T<span class=\"_ _6\"></span>otal fee<span class=\"_ _5\"></span> for<span class=\"_ _7\"></span> assurance services<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fa y56e9 w3b2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28.<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x701 y56e9 w3b3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1da ws1da\">1<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3b4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls61 ws5f\">T<span class=\"_ _7\"></span>otal audito<span class=\"_ _2\"></span>r\u2019<span class=\"_ _7\"></span>s rem<span class=\"_ _2\"></span>uneration<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fa y55ef w3b2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28.<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x701 y55ef w3b3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1da ws1da\">1<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr></table>No se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es were provid<span class=\"_ _2\"></span>ed by the C<span class=\"_ _2\"></span>ompany\u2019s auditor<span class=\"_ _2\"></span>s to the Group\u2019s pensi<span class=\"_ _2\"></span>on sche<span class=\"_ _2\"></span>mes in eith<span class=\"_ _2\"></span>er 2023 or 20<span class=\"_ _2\"></span>22. The in<span class=\"_ _2\"></span>crease in t<span class=\"_ _2\"></span>he audit fe<span class=\"_ _2\"></span>e during 2023 p<span class=\"_ _2\"></span>rincipally re<span class=\"_ _2\"></span>flect<span class=\"_ _2\"></span>s the ad<span class=\"_ _2\"></span>ditional wor<span class=\"_ _2\"></span>k under<span class=\"_ _2\"></span>taken in conn<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>on with the tra<span class=\"_ _2\"></span>nsition to I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>Audit-rela<span class=\"_ _2\"></span>ted ass<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vices in<span class=\"_ _2\"></span>cludes fe<span class=\"_ _2\"></span>es payabl<span class=\"_ _2\"></span>e for ser<span class=\"_ _2\"></span>vices wh<span class=\"_ _2\"></span>ere the rep<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ing is require<span class=\"_ _2\"></span>d by law or reg<span class=\"_ _2\"></span>ulation to be p<span class=\"_ _2\"></span>rovided by the auditor, such as re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting on re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y return<span class=\"_ _2\"></span>s. It als<span class=\"_ _2\"></span>o include<span class=\"_ _2\"></span>s fees paya<span class=\"_ _2\"></span>ble in resp<span class=\"_ _2\"></span>ect of review<span class=\"_ _2\"></span>s of interim financ<span class=\"_ _2\"></span>ial information a<span class=\"_ _2\"></span>nd ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s where t<span class=\"_ _2\"></span>he work is integ<span class=\"_ _2\"></span>rated with th<span class=\"_ _2\"></span>e audit it<span class=\"_ _2\"></span>self.<span class=\"_ _3bc\"> </span>There we<span class=\"_ _2\"></span>re no other n<span class=\"_ _2\"></span>on-au<span class=\"_ _2\"></span>dit ser<span class=\"_ _2\"></span>vices p<span class=\"_ _2\"></span>rovided durin<span class=\"_ _2\"></span>g the year (202<span class=\"_ _2\"></span>2: \u00a3nil). Furth<span class=\"_ _2\"></span>er information o<span class=\"_ _2\"></span>n auditor\u2019s remune<span class=\"_ _2\"></span>ration an<span class=\"_ _2\"></span>d the ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ment of the ind<span class=\"_ _2\"></span>epen<span class=\"_ _2\"></span>dence of th<span class=\"_ _2\"></span>e extern<span class=\"_ _2\"></span>al auditor is s<span class=\"_ _2\"></span>et out in the A<span class=\"_ _2\"></span>udit Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>e repo<span class=\"_ _2\"></span>rt on p<span class=\"_ _2\"></span>ages 9<span class=\"_ _2\"></span>2-99<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-695": {
   "value": "Insurance<span class=\"_ _7\"></span> ser<span class=\"_ _2\"></span>vice<span class=\"_ _7\"></span> expenses<span class=\"_ _3bc\"> </span>Insur<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice expe<span class=\"_ _2\"></span>nses ar<span class=\"_ _2\"></span>ising from ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in profit o<span class=\"_ _2\"></span>r loss g<span class=\"_ _2\"></span>enerall<span class=\"_ _2\"></span>y as they are in<span class=\"_ _2\"></span>curred. T<span class=\"_ _2\"></span>hey exclud<span class=\"_ _2\"></span>e repaym<span class=\"_ _2\"></span>ents of inves<span class=\"_ _2\"></span>tment com<span class=\"_ _2\"></span>ponent<span class=\"_ _2\"></span>s and co<span class=\"_ _2\"></span>mprise th<span class=\"_ _2\"></span>e following item<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment to liabili<span class=\"_ _2\"></span>ties for inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s and ben<span class=\"_ _2\"></span>efits<span class=\"_ _2\"></span>, excludin<span class=\"_ _2\"></span>g investme<span class=\"_ _2\"></span>nt compo<span class=\"_ _2\"></span>nents re<span class=\"_ _2\"></span>duce<span class=\"_ _2\"></span>d by loss co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nt alloca<span class=\"_ _2\"></span>tions; \u2022 <span class=\"_ _9\"> </span>oth<span class=\"_ _2\"></span>er incurre<span class=\"_ _2\"></span>d direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributab<span class=\"_ _2\"></span>le expen<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g amount<span class=\"_ _2\"></span>s of any other pre<span class=\"_ _2\"></span>-reco<span class=\"_ _2\"></span>gnition c<span class=\"_ _2\"></span>ash flows a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s (other than in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e acq<span class=\"_ _2\"></span>uisition c<span class=\"_ _2\"></span>ash flows) dere<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised at th<span class=\"_ _2\"></span>e date of initial re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion; \u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition ca<span class=\"_ _2\"></span>sh flows amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ation; \u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition ca<span class=\"_ _2\"></span>sh flows as<span class=\"_ _2\"></span>sets im<span class=\"_ _2\"></span>pairment<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>reve<span class=\"_ _2\"></span>rsal of imp<span class=\"_ _2\"></span>airment of as<span class=\"_ _2\"></span>sets for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e acqui<span class=\"_ _2\"></span>sition ca<span class=\"_ _2\"></span>sh flows<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Net income or expense from<span class=\"_ _5\"></span> reinsurance contracts held<span class=\"_ _3bc\"> </span>Inc<span class=\"_ _2\"></span>ome and ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es from reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are pre<span class=\"_ _2\"></span>sented s<span class=\"_ _2\"></span>eparate<span class=\"_ _2\"></span>ly from inco<span class=\"_ _2\"></span>me and exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s from insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s. In<span class=\"_ _2\"></span>come an<span class=\"_ _2\"></span>d expe<span class=\"_ _2\"></span>nses fro<span class=\"_ _2\"></span>m reinsuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, othe<span class=\"_ _2\"></span>r than ins<span class=\"_ _2\"></span>urance fin<span class=\"_ _2\"></span>ance in<span class=\"_ _2\"></span>come or ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es, are p<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d on a net ba<span class=\"_ _2\"></span>sis as \u2018net expe<span class=\"_ _2\"></span>nses fro<span class=\"_ _2\"></span>m reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts\u2019 in the ins<span class=\"_ _2\"></span>urance s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice result<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Net ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>s from reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts com<span class=\"_ _2\"></span>prise an all<span class=\"_ _2\"></span>ocatio<span class=\"_ _2\"></span>n of reinsuran<span class=\"_ _2\"></span>ce premium<span class=\"_ _2\"></span>s paid les<span class=\"_ _2\"></span>s amount<span class=\"_ _2\"></span>s recove<span class=\"_ _2\"></span>red from reins<span class=\"_ _2\"></span>urers<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>s an alloc<span class=\"_ _2\"></span>ation of reinsur<span class=\"_ _2\"></span>ance pre<span class=\"_ _2\"></span>miums paid in p<span class=\"_ _2\"></span>rofit or loss a<span class=\"_ _2\"></span>s it rece<span class=\"_ _2\"></span>ives ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s under gro<span class=\"_ _2\"></span>ups of reinsura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s. The a<span class=\"_ _2\"></span>llocatio<span class=\"_ _2\"></span>n of reinsuran<span class=\"_ _2\"></span>ce premi<span class=\"_ _2\"></span>ums paid rela<span class=\"_ _2\"></span>ting to ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s recei<span class=\"_ _2\"></span>ved for eac<span class=\"_ _2\"></span>h period re<span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nts the tota<span class=\"_ _2\"></span>l of the chang<span class=\"_ _2\"></span>es in the as<span class=\"_ _2\"></span>set for rema<span class=\"_ _2\"></span>ining covera<span class=\"_ _2\"></span>ge that re<span class=\"_ _2\"></span>lates to ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s for which the G<span class=\"_ _2\"></span>roup expe<span class=\"_ _2\"></span>cts to p<span class=\"_ _2\"></span>ay consid<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Administr<span class=\"_ _2\"></span>ative expenses<span class=\"_ _3bc\"> </span>Adminis<span class=\"_ _2\"></span>trative exp<span class=\"_ _2\"></span>enses a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt as incur<span class=\"_ _2\"></span>red<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-682": {
   "value": "Administrative expenses Administrative expenses are recognised in the consolidated income statement as incurred ",
   "dimensions": {
    "concept": "pheonixgroupholdings:DescriptionOfAccountingPolicyForAdministrativeExpenses",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-683": {
   "value": "T<span class=\"_ _7\"></span>otal ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es are anal<span class=\"_ _2\"></span>ysed by ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es ty<span class=\"_ _2\"></span>pe as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span><table class=\"s w37c h2a8\" id=\"_fd2e3532-dee4-4a33-9e12-38307e726ddb\"><tr><td></td><td></td><td class=\"t m0 x23e h16 y5768 ff3 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>2  </td></tr><tr><td></td><td class=\"t m0 x549 h3f y5769 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23f h16 y5769 ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated</td></tr><tr><td></td><td class=\"t m0 x552 h3f y576a ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y576a ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y576b w37d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Claim and benefits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6c6 y576b w103 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">1<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>41<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6c7 y576b wdd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">2,<span class=\"_ _2\"></span>290<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y576c w37e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">(Rever<span class=\"_ _2\"></span>sal of los<span class=\"_ _2\"></span>ses)/loss<span class=\"_ _2\"></span>es on one<span class=\"_ _2\"></span>rous insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6c8 y576c w1ab h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6c9 y576c w37f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">5<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y576d w380 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Cos<span class=\"_ _2\"></span>t of retroac<span class=\"_ _2\"></span>tive cover on rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts he<span class=\"_ _2\"></span>ld<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a4 y576d wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ca y576d w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y576e w381 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">Employ<span class=\"_ _5\"></span>ee costs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6cb y576e w382 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">664<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x58a y576e w2a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">611<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y576f w383 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Out<span class=\"_ _2\"></span>sourc<span class=\"_ _2\"></span>er expen<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6cc y576f w1bf h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls47 ws19d\">308<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6cd y576f w384 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">247<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56ae w385 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Prof<span class=\"_ _5\"></span>essional fees<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ce y56ae w2fc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1bf ws1be\">571<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6cf y56ae w116 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">4<span class=\"_ _2\"></span>41<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56af w386 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Commission expen<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d0 y56af w387 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">155<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d1 y56af w19e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">145<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b0 w388 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Of<span class=\"_ _2\"></span>fice an<span class=\"_ _2\"></span>d IT cos<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d2 y56b0 w59 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">26<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d3 y56b0 w389 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b1 w38a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment ma<span class=\"_ _5\"></span>nagement e<span class=\"_ _5\"></span>xpenses and t<span class=\"_ _5\"></span>ransaction<span class=\"_ _5\"></span> costs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d4 y56b1 w38b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d5 y56b1 w1eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">569<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b2 w38c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Direc<span class=\"_ _2\"></span>t cos<span class=\"_ _2\"></span>ts of colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d6 y56b2 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d7 y56b2 w38d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b3 w38e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls77 ws6c\">Depre<span class=\"_ _2\"></span>ciation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d8 y56b3 wbd h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d9 y56b3 w17a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">19<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5770 w38f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Pension p<span class=\"_ _2\"></span>ast se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e cos<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6da y5770 w372 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6db y5770 w1dc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">15<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5771 w390 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Pension administrative expen<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a4 y5771 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ca y5771 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5772 w391 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Adver<span class=\"_ _2\"></span>tising an<span class=\"_ _2\"></span>d spon<span class=\"_ _2\"></span>sorship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6dc y5772 w392 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">66<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6dd y5772 w17e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">63<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5773 w393 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6de y5773 w394 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">78<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x496 y5773 w2a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">26<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6df y5774 w161 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,9<span class=\"_ _2\"></span>98<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e0 y5774 w395 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">5,16<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fd w396 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unts at<span class=\"_ _2\"></span>tributed to In<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce acqui<span class=\"_ _2\"></span>sition ca<span class=\"_ _2\"></span>sh flows inc<span class=\"_ _2\"></span>urred durin<span class=\"_ _2\"></span>g the year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e1 y55fd w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>54)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e2 y55fd w397 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">(1<span class=\"_ _2\"></span>28)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5775 w398 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation of insuran<span class=\"_ _2\"></span>ce ac<span class=\"_ _2\"></span>quisition c<span class=\"_ _2\"></span>ash flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e3 y5775 w13f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">15<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e4 y5775 w30c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55eb w399 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal expenses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e5 y55eb w39a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">3,859<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e6 y55eb w39b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">5,<span class=\"_ _2\"></span>052<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5776 ff3 fs7 fc1 sc0 ls1c ws1a\">Repor<span class=\"_ _2\"></span>ted within:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561c w4a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Insurance service e<span class=\"_ _5\"></span>xpenses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e7 y561c w39c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">4,35<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e8 y561c w24a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">5<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>24<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5777 ff3 fs7 fc1 sc0 ls0 ws0\">Net ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>s from reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></td><td class=\"c n x6e9 y561d w39d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(2,169<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ea y561d w39e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>617<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Administrative expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6eb y561e w39f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws172\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>74<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ec y561e w169 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>42<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w399 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal expenses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e5 y55ef w39a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">3,859<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e6 y55ef w39b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">5,<span class=\"_ _2\"></span>052<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.1 fo<span class=\"_ _2\"></span>r fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>ils).<span class=\"_ _3bc\"> </span>2 <span class=\"_ _2f\"> </span>Rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ted as p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t of the \u2018<span class=\"_ _2\"></span>Net e<span class=\"_ _2\"></span>xpen<span class=\"_ _2\"></span>ses f<span class=\"_ _2\"></span>rom rei<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts\u2019 ba<span class=\"_ _2\"></span>lanc<span class=\"_ _2\"></span>e in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olid<span class=\"_ _2\"></span>ated i<span class=\"_ _2\"></span>ncom<span class=\"_ _2\"></span>e st<span class=\"_ _2\"></span>atem<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> <span class=\"_ _3bc\"> </span></span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls14 ws12 gs34d\">Employ<span class=\"_ _5\"></span>ee costs comprise:<span class=\"_ _3bc\"> </span></div><div class=\"gs34e\"><table class=\"s w3a0 h2a9\" id=\"_90e546e8-d68d-4add-9d55-887bcdfa0c9a\"><tr><td></td><td class=\"t m0 x44d h3f y5778 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5778 ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x6ed h3f y5779 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x6ee h16 y5779 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y577a w3a1 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Wages and salaries<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ef y577a w114 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls76 ws19a\">603<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f0 y577a w1ce h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">55<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y577b w3a2 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Soc<span class=\"_ _2\"></span>ial securit<span class=\"_ _2\"></span>y contributions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6da y577b w9b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">61<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f1 y577b wc9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6f2 y577c w382 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd6 ws195\">664<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f3 y577c w2a8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">611<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6f4 y577d w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f5 y577d w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6f6 y577e w3a5 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lse3 wscd\">Number<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f7 y577e w3a6 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">N<span class=\"_ _2\"></span>umber<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3a7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Av<span class=\"_ _7\"></span>erag<span class=\"_ _2\"></span>e nu<span class=\"_ _5\"></span>mber o<span class=\"_ _5\"></span>f persons emplo<span class=\"_ _7\"></span>yed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f8 y55ef w216 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f9 y55ef w141 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">8<span class=\"_ _2\"></span>,165<span class=\"_ _3bc\"> </span></div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-671": {
   "value": "C6. Auditor\u2019<span class=\"_ _7\"></span>s remuneration Durin<span class=\"_ _2\"></span>g the year th<span class=\"_ _2\"></span>e Group obtain<span class=\"_ _2\"></span>ed the foll<span class=\"_ _2\"></span>owing ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s from its a<span class=\"_ _2\"></span>uditor at cos<span class=\"_ _2\"></span>ts as de<span class=\"_ _2\"></span>tailed in t<span class=\"_ _2\"></span>he table b<span class=\"_ _2\"></span>elow.<span class=\"_ _3bc\"> </span><table class=\"s w286 h2aa\" id=\"_7b309e16-8316-4574-b6aa-2a4d609eb69a\"><tr><td></td><td class=\"t m0 x44d h3f y577f ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y577f ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x6ed h3f y5780 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x6ee h16 y5780 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5781 w3a8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Audit of the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fa y5781 w3a9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1d8 ws1d8\">1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fb y5781 w2b1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">4.8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5782 w3aa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Audit of the C<span class=\"_ _2\"></span>ompany\u2019s subsi<span class=\"_ _2\"></span>diaries<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fc y5782 w3ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">12.9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fd y5782 w3ac h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d7 ws1d7\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.7<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6fe y56b8 w3ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25.<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ff y56b8 w182 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">15.5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b9 w3ae h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Audit-rela<span class=\"_ _2\"></span>ted ass<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vices<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x700 y56b9 w3af h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">2.8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x380 y56b9 w3b0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls71 ws1a9\">2.4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e9 w3b1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16 ws14\">T<span class=\"_ _6\"></span>otal fee<span class=\"_ _5\"></span> for<span class=\"_ _7\"></span> assurance services<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fa y56e9 w3b2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28.<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x701 y56e9 w3b3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1da ws1da\">1<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3b4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls61 ws5f\">T<span class=\"_ _7\"></span>otal audito<span class=\"_ _2\"></span>r\u2019<span class=\"_ _7\"></span>s rem<span class=\"_ _2\"></span>uneration<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6fa y55ef w3b2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28.<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x701 y55ef w3b3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1da ws1da\">1<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr></table>No se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es were provid<span class=\"_ _2\"></span>ed by the C<span class=\"_ _2\"></span>ompany\u2019s auditor<span class=\"_ _2\"></span>s to the Group\u2019s pensi<span class=\"_ _2\"></span>on sche<span class=\"_ _2\"></span>mes in eith<span class=\"_ _2\"></span>er 2023 or 20<span class=\"_ _2\"></span>22. The in<span class=\"_ _2\"></span>crease in t<span class=\"_ _2\"></span>he audit fe<span class=\"_ _2\"></span>e during 2023 p<span class=\"_ _2\"></span>rincipally re<span class=\"_ _2\"></span>flect<span class=\"_ _2\"></span>s the ad<span class=\"_ _2\"></span>ditional wor<span class=\"_ _2\"></span>k under<span class=\"_ _2\"></span>taken in conn<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>on with the tra<span class=\"_ _2\"></span>nsition to I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>Audit-rela<span class=\"_ _2\"></span>ted ass<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vices in<span class=\"_ _2\"></span>cludes fe<span class=\"_ _2\"></span>es payabl<span class=\"_ _2\"></span>e for ser<span class=\"_ _2\"></span>vices wh<span class=\"_ _2\"></span>ere the rep<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ing is require<span class=\"_ _2\"></span>d by law or reg<span class=\"_ _2\"></span>ulation to be p<span class=\"_ _2\"></span>rovided by the auditor, such as re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting on re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y return<span class=\"_ _2\"></span>s. It als<span class=\"_ _2\"></span>o include<span class=\"_ _2\"></span>s fees paya<span class=\"_ _2\"></span>ble in resp<span class=\"_ _2\"></span>ect of review<span class=\"_ _2\"></span>s of interim financ<span class=\"_ _2\"></span>ial information a<span class=\"_ _2\"></span>nd ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s where t<span class=\"_ _2\"></span>he work is integ<span class=\"_ _2\"></span>rated with th<span class=\"_ _2\"></span>e audit it<span class=\"_ _2\"></span>self.<span class=\"_ _3bc\"> </span>There we<span class=\"_ _2\"></span>re no other n<span class=\"_ _2\"></span>on-au<span class=\"_ _2\"></span>dit ser<span class=\"_ _2\"></span>vices p<span class=\"_ _2\"></span>rovided durin<span class=\"_ _2\"></span>g the year (202<span class=\"_ _2\"></span>2: \u00a3nil). Furth<span class=\"_ _2\"></span>er information o<span class=\"_ _2\"></span>n auditor\u2019s remune<span class=\"_ _2\"></span>ration an<span class=\"_ _2\"></span>d the ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ment of the ind<span class=\"_ _2\"></span>epen<span class=\"_ _2\"></span>dence of th<span class=\"_ _2\"></span>e extern<span class=\"_ _2\"></span>al auditor is s<span class=\"_ _2\"></span>et out in the A<span class=\"_ _2\"></span>udit Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>e repo<span class=\"_ _2\"></span>rt on p<span class=\"_ _2\"></span>ages 9<span class=\"_ _2\"></span>2-99<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-672": {
   "value": "<div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs350\">C7<span class=\"_ _7\"></span>. Fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e cost<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs351\">Interes<span class=\"_ _2\"></span>t payable i<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt as it acc<span class=\"_ _2\"></span>rues an<span class=\"_ _2\"></span>d is calc<span class=\"_ _2\"></span>ulated usin<span class=\"_ _2\"></span>g the effe<span class=\"_ _2\"></span>ctive intere<span class=\"_ _2\"></span>st meth<span class=\"_ _2\"></span>od<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div><div class=\"gs352\"><table class=\"s w286 h2ab\" id=\"_68e9528b-f2fc-4297-baa8-aee556c47044\"><tr><td></td><td class=\"t m0 x44d h3f y5783 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5783 ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x6ed h3f y5784 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x6ee h16 y5784 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y5785 ff3 fs7 fc1 sc0 ls12 ws10\">Inter<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>t e<span class=\"_ _5\"></span>xpense<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x26c y5786 w3b5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">On fina<span class=\"_ _2\"></span>ncial liab<span class=\"_ _2\"></span>ilities at amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x702 y5786 w3b6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x703 y5786 w3b7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">227<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5781 w3b8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls60 ws57\">On leases<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x704 y5781 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x705 y5781 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6f2 y55eb w175 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">258<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x706 y55eb w3b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">23<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5787 ff3 fs7 fc1 sc0 ls0 ws0\">Attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561d w3ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">\u2013 policyholders<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a4 y561d wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ca y561d w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w3bb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">\u2013 owners<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2aa y561e w2ff h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63e y561e w1f7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x6f2 y55ef w175 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">258<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x706 y55ef w3b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">23<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-719": {
   "value": "Interes<span class=\"_ _2\"></span>t payable i<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt as it acc<span class=\"_ _2\"></span>rues an<span class=\"_ _2\"></span>d is calc<span class=\"_ _2\"></span>ulated usin<span class=\"_ _2\"></span>g the effe<span class=\"_ _2\"></span>ctive intere<span class=\"_ _2\"></span>st meth<span class=\"_ _2\"></span>od<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-652": {
   "value": "C8. T<span class=\"_ _7\"></span>ax charge<span class=\"_ _7\"></span>/(<span class=\"_ _7\"></span>credit)<span class=\"_ _3bc\"> </span>Inc<span class=\"_ _2\"></span>ome ta<span class=\"_ _2\"></span>x compris<span class=\"_ _2\"></span>es current a<span class=\"_ _2\"></span>nd deferre<span class=\"_ _2\"></span>d tax<span class=\"_ _2\"></span>. Incom<span class=\"_ _2\"></span>e tax is re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement exc<span class=\"_ _2\"></span>ept to the ex<span class=\"_ _2\"></span>tent that it relate<span class=\"_ _2\"></span>s to items rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the s<span class=\"_ _2\"></span>tatement of c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income o<span class=\"_ _2\"></span>r the st<span class=\"_ _2\"></span>atement of co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d chan<span class=\"_ _2\"></span>ges in eq<span class=\"_ _2\"></span>uity, in which c<span class=\"_ _2\"></span>ase it is re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised in th<span class=\"_ _2\"></span>ese st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Current t<span class=\"_ _2\"></span>ax is the ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted tax p<span class=\"_ _2\"></span>ayable on the t<span class=\"_ _2\"></span>axabl<span class=\"_ _2\"></span>e income fo<span class=\"_ _2\"></span>r the year, using tax r<span class=\"_ _2\"></span>ates and law<span class=\"_ _2\"></span>s enac<span class=\"_ _2\"></span>ted or sub<span class=\"_ _2\"></span>stantive<span class=\"_ _2\"></span>ly enac<span class=\"_ _2\"></span>ted at the date of the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition tog<span class=\"_ _2\"></span>ether with a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s to tax payab<span class=\"_ _2\"></span>le in respe<span class=\"_ _2\"></span>ct of previo<span class=\"_ _2\"></span>us years<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The t<span class=\"_ _2\"></span>ax charg<span class=\"_ _2\"></span>e is analy<span class=\"_ _2\"></span>sed be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en tax th<span class=\"_ _2\"></span>at is payable in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of polic<span class=\"_ _2\"></span>yholder<span class=\"_ _2\"></span>s\u2019 returns an<span class=\"_ _2\"></span>d tax th<span class=\"_ _2\"></span>at is payable on own<span class=\"_ _2\"></span>ers\u2019 return<span class=\"_ _2\"></span>s. This<span class=\"_ gs132\"> </span>allo<span class=\"_ _2\"></span>cation i<span class=\"_ _2\"></span>s calcul<span class=\"_ _2\"></span>ated bas<span class=\"_ _2\"></span>ed on an as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of th<span class=\"_ _2\"></span>e effec<span class=\"_ _2\"></span>tive rate of ta<span class=\"_ _2\"></span>x that is applic<span class=\"_ _2\"></span>able to own<span class=\"_ _2\"></span>ers for the ye<span class=\"_ _2\"></span>ar<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs354\">C8<span class=\"_ _2\"></span>.1 Curre<span class=\"_ _2\"></span>nt year ta<span class=\"_ _2\"></span>x cha<span class=\"_ _2\"></span>rge/(<span class=\"_ _5\"></span>cr<span class=\"_ _2\"></span>edit)<span class=\"_ _3bc\"> </span></div><div class=\"gs355\"><table class=\"s w248 h2ac\" id=\"_fe096ab4-2210-465c-80dd-7b08f16e7b62\"><tr><td></td><td></td><td class=\"t m0 x23e h16 y5788 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x549 h3f y5789 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23f h16 y5789 ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated</td></tr><tr><td></td><td class=\"t m0 x552 h3f y578a ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x553 h16 y578a ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y578b ff3 fs7 fc1 sc0 ls0 ws0\">Current t<span class=\"_ _2\"></span>ax:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x249 y578c w3bc h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">UK corporation tax<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x707 y578c wa4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x708 y578c wcb h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">36<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y578d w3bd h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls60 ws57\">Overseas<span class=\"_ _5\"></span> tax<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x709 y578d w387 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">110<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x70a y578d w179 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">86<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x70b y578e w2ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">138<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ff y578e w3be h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">1<span class=\"_ _2\"></span>22<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y578f w3bf h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Adju<span class=\"_ _2\"></span>stment in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of prior yea<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x70c y578f w1a7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x70d y578f w1da h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>23)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5790 w3c0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16 ws14\">T<span class=\"_ _6\"></span>otal curre<span class=\"_ _5\"></span>nt tax<span class=\"_ _7\"></span> charge<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x70e y5790 w9c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">122<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x70f y5790 w17e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls76 ws19a\">99<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5791 ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x249 y5792 w3c1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Orig<span class=\"_ _2\"></span>ination and re<span class=\"_ _2\"></span>versal of tem<span class=\"_ _2\"></span>porar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>ference<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x710 y5792 w1fc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(14)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x711 y5792 w3c2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>,348)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5793 w3c3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in the rate of U<span class=\"_ _2\"></span>K corpo<span class=\"_ _2\"></span>ration ta<span class=\"_ _2\"></span>x<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x712 y5793 w7f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x713 y5793 w3c4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(20<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5794 w3c5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Write down/(<span class=\"_ _5\"></span>up) of deferred t<span class=\"_ _2\"></span>ax as<span class=\"_ _2\"></span>sets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x714 y5794 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x715 y5794 w137 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">23<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y563c w3c6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l deferre<span class=\"_ _2\"></span>d tax c<span class=\"_ _2\"></span>redit<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x716 y563c w1fc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(14)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x717 y563c w3c7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>531<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5746 w3c8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l tax c<span class=\"_ _2\"></span>harg<span class=\"_ _2\"></span>e/<span class=\"_ _7\"></span>(cre<span class=\"_ _2\"></span>dit)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x718 y5746 wd9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">108<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x719 y5746 w244 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,4<span class=\"_ _2\"></span>32)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5795 ff3 fs7 fc1 sc0 ls0 ws0\">Attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5600 w3ba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">\u2013 policyholders<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x71a y5600 w3c9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">184<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x71b y5600 w3ca h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">(<span class=\"_ _2\"></span>577<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5601 w3bb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">\u2013 owners<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x71c y5601 w3cb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>76)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x71d y5601 w3cc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(855<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3c8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l tax c<span class=\"_ _2\"></span>harg<span class=\"_ _2\"></span>e/<span class=\"_ _7\"></span>(cre<span class=\"_ _2\"></span>dit)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x718 y55ef wd9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">108<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x719 y55ef w244 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,4<span class=\"_ _2\"></span>32)<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h1d6 ff3 fs172 fc1 sc0 ls0 ws0 gs356\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs357\">1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 </div><div class=\"t m1e2 h200 ff3 fs173 fc1 sc0 ls1bc ws1bb gs358\">Insurance Cont<span class=\"_ _5\"></span>racts</div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs359\"> (se<span class=\"_ _2\"></span>e note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs35a\">The Gro<span class=\"_ _2\"></span>up, as a prox<span class=\"_ _2\"></span>y for polic<span class=\"_ _2\"></span>yholder<span class=\"_ _2\"></span>s in the UK<span class=\"_ _2\"></span>, is req<span class=\"_ _2\"></span>uired to pay ta<span class=\"_ _2\"></span>xes on invest<span class=\"_ _2\"></span>ment inco<span class=\"_ _2\"></span>me and g<span class=\"_ _2\"></span>ains eac<span class=\"_ _2\"></span>h year<span class=\"_ _7\"></span>. Ac<span class=\"_ _2\"></span>cording<span class=\"_ _2\"></span>ly<span class=\"_ _5\"></span>, the t<span class=\"_ _2\"></span>ax credi<span class=\"_ _2\"></span>t </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs35b\">or exp<span class=\"_ _2\"></span>ense at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to UK life a<span class=\"_ _2\"></span>ssura<span class=\"_ _2\"></span>nce polic<span class=\"_ _2\"></span>yhold<span class=\"_ _2\"></span>er earnin<span class=\"_ _2\"></span>gs is incl<span class=\"_ _2\"></span>uded in inc<span class=\"_ _2\"></span>ome ta<span class=\"_ _2\"></span>x expen<span class=\"_ _2\"></span>se. The t<span class=\"_ _2\"></span>ax cha<span class=\"_ _2\"></span>rge at<span class=\"_ _2\"></span>tributab<span class=\"_ _2\"></span>le to policy<span class=\"_ _2\"></span>holder </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs35c\">earnin<span class=\"_ _2\"></span>gs was \u00a3<span class=\"_ _2\"></span>18<span class=\"_ _2\"></span>4 million (2022<span class=\"_ _2\"></span>: \u00a3577 millio<span class=\"_ _2\"></span>n credit).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs35d\">The 20<span class=\"_ _2\"></span>23 current ta<span class=\"_ _2\"></span>x prior yea<span class=\"_ _2\"></span>r adjus<span class=\"_ _2\"></span>tment ar<span class=\"_ _2\"></span>ises prin<span class=\"_ _2\"></span>cipally from t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>y ba<span class=\"_ _2\"></span>ck of tax los<span class=\"_ _2\"></span>ses ar<span class=\"_ _2\"></span>ising from a<span class=\"_ _2\"></span>dverse m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et movem<span class=\"_ _2\"></span>ents in 20<span class=\"_ _2\"></span>22. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs35e\">The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>y back of los<span class=\"_ _2\"></span>ses re<span class=\"_ _2\"></span>duces t<span class=\"_ _2\"></span>he tax c<span class=\"_ _2\"></span>harge rel<span class=\"_ _2\"></span>ating to prior p<span class=\"_ _2\"></span>eriods a<span class=\"_ _2\"></span>nd is broadl<span class=\"_ _2\"></span>y offs<span class=\"_ _2\"></span>et by a reduc<span class=\"_ _2\"></span>tion in ta<span class=\"_ _2\"></span>x losse<span class=\"_ _2\"></span>s carrie<span class=\"_ _2\"></span>d for<span class=\"_ _2\"></span>ward to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs35f\">future p<span class=\"_ _2\"></span>eriod<span class=\"_ _2\"></span>s, on whi<span class=\"_ _2\"></span>ch a deferred t<span class=\"_ _2\"></span>ax as<span class=\"_ _2\"></span>set is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed. Thi<span class=\"_ _2\"></span>s is par<span class=\"_ _2\"></span>tially off<span class=\"_ _2\"></span>set by true<span class=\"_ _2\"></span>-ups from t<span class=\"_ _2\"></span>he tax re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting provisio<span class=\"_ _2\"></span>ns in various e<span class=\"_ _2\"></span>ntities </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs360\">within th<span class=\"_ _2\"></span>e group.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs361\">The 20<span class=\"_ _2\"></span>22 current t<span class=\"_ _2\"></span>ax prior ye<span class=\"_ _2\"></span>ar adjus<span class=\"_ _2\"></span>tment re<span class=\"_ _2\"></span>lates prin<span class=\"_ _2\"></span>cipally to a ta<span class=\"_ _2\"></span>x dispute with H<span class=\"_ _2\"></span>MRC in re<span class=\"_ _2\"></span>lation to the t<span class=\"_ _2\"></span>ax treatm<span class=\"_ _2\"></span>ent of an as<span class=\"_ _2\"></span>set former<span class=\"_ _2\"></span>ly held </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs362\">by Guar<span class=\"_ _2\"></span>dian Ass<span class=\"_ _2\"></span>urance Lim<span class=\"_ _2\"></span>ited (before th<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss was tr<span class=\"_ _2\"></span>ansfer<span class=\"_ _2\"></span>red to ReAs<span class=\"_ _2\"></span>sure Limited<span class=\"_ _2\"></span>) was resol<span class=\"_ _2\"></span>ved in the pe<span class=\"_ _2\"></span>riod in favour of the G<span class=\"_ _2\"></span>roup. The </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs363\">2021 c<span class=\"_ _2\"></span>urrent ta<span class=\"_ _2\"></span>x liabilit<span class=\"_ _2\"></span>y include<span class=\"_ _2\"></span>d an ac<span class=\"_ _2\"></span>crual for th<span class=\"_ _2\"></span>e total tax un<span class=\"_ _2\"></span>der disp<span class=\"_ _2\"></span>ute. The mat<span class=\"_ _2\"></span>ter wa<span class=\"_ _2\"></span>s heard b<span class=\"_ _2\"></span>efore the Firs<span class=\"_ _2\"></span>t Tier T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ibunal in M<span class=\"_ _2\"></span>ay 2022 and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs364\">the C<span class=\"_ _2\"></span>ourt fo<span class=\"_ _2\"></span>und in favour of ReAs<span class=\"_ _2\"></span>sure Limite<span class=\"_ _2\"></span>d. HM<span class=\"_ _2\"></span>RC did not app<span class=\"_ _2\"></span>eal ag<span class=\"_ _2\"></span>ainst th<span class=\"_ _2\"></span>is decisi<span class=\"_ _2\"></span>on and so th<span class=\"_ _2\"></span>e accr<span class=\"_ _2\"></span>ual for the pote<span class=\"_ _2\"></span>ntial tax li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs365\">was rel<span class=\"_ _2\"></span>ease<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls13 ws11 gs366\">C8.<span class=\"_ _2\"></span>2 T<span class=\"_ _6\"></span>ax (credi<span class=\"_ _5\"></span>ted)<span class=\"_ _5\"></span>/<span class=\"_ _7\"></span>charged to other<span class=\"_ _7\"></span> c<span class=\"_ _2\"></span>omprehensiv<span class=\"_ _7\"></span>e income<span class=\"_ _3bc\"> </span></div><div class=\"gs367\"><table class=\"s w2e9 h2ad\" id=\"_9bbfc155-1e72-4547-a35f-90d49c3affaf\"><tr><td></td><td class=\"t m0 x549 h3f y5796 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h16 y5796 ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x552 h3f y5797 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x553 h16 y5797 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5600 w3cd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Current t<span class=\"_ _2\"></span>ax cre<span class=\"_ _2\"></span>dit<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x71e y5600 w3ce h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x71f y5600 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w3cf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax (cre<span class=\"_ _2\"></span>dit)/<span class=\"_ _7\"></span>charg<span class=\"_ _2\"></span>e on define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t schem<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x720 y561e w1fc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(13)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x721 y561e w4f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x722 y55ef w175 h282\"><div class=\"t m0 x1e6 hd y55df ff2 fs7 fc1 sc0 ls1b5 ws1b4\">(21<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x723 y55ef w78 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">283<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs368\">C8<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>3 T<span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>x cre<span class=\"_ _2\"></span>dited t<span class=\"_ _2\"></span>o equit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div><div class=\"gs369\"><table class=\"s w3d0 h2ae\" id=\"_33c45b9d-e9d0-4b48-a589-c686c6de013e\"><tr><td></td><td></td><td class=\"t m0 x23e h16 y5798 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x549 h3f y5799 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x481 h16 y5799 ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated</td></tr><tr><td></td><td class=\"t m0 x552 h3f y579a ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x553 h16 y579a ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y561c w3d1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Current a<span class=\"_ _2\"></span>nd deferred t<span class=\"_ _2\"></span>ax cre<span class=\"_ _2\"></span>dit on Tier 1 N<span class=\"_ _2\"></span>otes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x724 y561c w3d2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x725 y561c w3d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 w3d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax c<span class=\"_ _2\"></span>redit on unre<span class=\"_ _2\"></span>alised g<span class=\"_ _2\"></span>ains and ot<span class=\"_ _2\"></span>her items<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x726 y5600 w3d5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x727 y5600 w1d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(10)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5601 w3d6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax c<span class=\"_ _2\"></span>harge on s<span class=\"_ _2\"></span>hare sch<span class=\"_ _2\"></span>emes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x728 y5601 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ca y5601 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3d7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal t<span class=\"_ _2\"></span>ax cre<span class=\"_ _2\"></span>dit<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x729 y55ef w3ce h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x72a y55ef w1d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\"><span class=\"ls1ac ws1a4\">(15<span class=\"_ _3bc\"> </span></span><span class=\"ls1ac ws1a4\">)<span class=\"_ _3bc\"> </span></span></div></td></tr></table></div>C8.4 Reconciliati<span class=\"_ _5\"></span>on of<span class=\"_ _7\"></span> tax charge/<span class=\"_ _7\"></span>(credi<span class=\"_ _5\"></span>t)<span class=\"_ _3bc\"> </span><table class=\"s w3d8 h2af\" id=\"_b3286c5a-5d95-4957-bf45-79240f705f0a\"><tr><td></td><td></td><td></td><td class=\"t m0 x1e4 h16 y579b ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x44d h3f y579c ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x59f h16 y579c ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated</td></tr><tr><td></td><td></td><td class=\"t m0 x6ed h3f y579d ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x6ee h16 y579d ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y579e w3d9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Profit<span class=\"_ _2\"></span>/<span class=\"_ _7\"></span>(l<span class=\"_ _2\"></span>oss) for the yea<span class=\"_ _2\"></span>r before ta<span class=\"_ _2\"></span>x<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x72b y579e w8d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x72c y579e w3da h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(4,0<span class=\"_ _2\"></span>89)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y579f w3db h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Policyh<span class=\"_ _2\"></span>older ta<span class=\"_ _2\"></span>x (charge)/<span class=\"_ _7\"></span>cre<span class=\"_ _2\"></span>dit<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x72d y579f w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(18<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x72e y579f w2fb h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">577<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57a0 w92 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">Los<span class=\"_ _2\"></span>s before th<span class=\"_ _2\"></span>e tax at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utabl<span class=\"_ _2\"></span>e to owner<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x225 y57a0 w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(16<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x226 y57a0 w93 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y57a1 ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ax c<span class=\"_ _2\"></span>redit at st<span class=\"_ _2\"></span>andard U<span class=\"_ _2\"></span>K rate of 23<span class=\"_ _2\"></span>.5% (2022<span class=\"_ _2\"></span>:19%)</td><td class=\"t m0 x72f h13 y57a2 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></td><td class=\"c n x238 y5616 w3dc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(39)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x730 y5616 w35f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(6<span class=\"_ _2\"></span>68)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y57a3 ff3 fs7 fc1 sc0 ls18 ws16\">Non-taxable gains<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x238 y57a4 w55 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(16)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x731 y57a4 w3dd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57a5 w3de h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">Disallowable expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x5a4 y57a5 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ca y57a5 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y57a6 ff3 fs7 fc1 sc0 ls0 ws0\">Prior year t<span class=\"_ _2\"></span>ax cha<span class=\"_ _2\"></span>rge/(<span class=\"_ _5\"></span>credi<span class=\"_ _2\"></span>t) for share<span class=\"_ _2\"></span>holder<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x732 y55e8 w60 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x733 y55e8 w3d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5774 w3df h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Movem<span class=\"_ _2\"></span>ent on acq<span class=\"_ _2\"></span>uired in-force am<span class=\"_ _2\"></span>ortis<span class=\"_ _2\"></span>ation at rate<span class=\"_ _2\"></span>s other tha<span class=\"_ _2\"></span>n 23.<span class=\"_ _2\"></span>5% (2022: 1<span class=\"_ _2\"></span>9%)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x734 y5774 w60 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x735 y5774 wa5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">20<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y57a7 ff3 fs7 fc1 sc0 ls0 ws0\">Profits t<span class=\"_ _2\"></span>axed at ra<span class=\"_ _2\"></span>tes other th<span class=\"_ _2\"></span>an 23.<span class=\"_ _2\"></span>5% (2022: 1<span class=\"_ _2\"></span>9%)</td><td class=\"t m0 x736 h13 y57a8 ff3 fsc fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></td><td class=\"c n x238 y55fd w3e0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(25<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x737 y55fd w372 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y57a9 ff3 fs7 fc1 sc0 ls0 ws0\">Dere<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nition of previou<span class=\"_ _2\"></span>sly rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d deferre<span class=\"_ _2\"></span>d tax as<span class=\"_ _2\"></span>sets<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x238 y5775 w3dc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(39)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x738 y5775 wd3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y57aa ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax r<span class=\"_ _2\"></span>ate chang<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x739 y57ab w7f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x73a y57ab w3c4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(20<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y57ac ff3 fs7 fc1 sc0 ls0 ws0\">Current ye<span class=\"_ _2\"></span>ar loss<span class=\"_ _2\"></span>es not valu<span class=\"_ _2\"></span>ed<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x732 y5746 w17a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x73b y5746 w30b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5747 w393 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x73c y5747 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x73d y5747 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w3e1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Own<span class=\"_ _2\"></span>ers\u2019 ta<span class=\"_ _2\"></span>x charge/(credit<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x73e y561d w3cb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>76)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x73f y561d w3e2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(855<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w3e3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Policyh<span class=\"_ _2\"></span>older ta<span class=\"_ _2\"></span>x charg<span class=\"_ _2\"></span>e/<span class=\"_ _7\"></span>(cre<span class=\"_ _2\"></span>dit)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x740 y561e w1ff h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">184<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x741 y561e w7d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">(577<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3e4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l tax c<span class=\"_ _2\"></span>harg<span class=\"_ _2\"></span>e/<span class=\"_ _7\"></span>(cre<span class=\"_ _2\"></span>dit) for th<span class=\"_ _2\"></span>e year<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x742 y55ef w3e5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">108<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x743 y55ef w3e6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,432<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table>2<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>5<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Th<span class=\"_ _2\"></span>e Pho<span class=\"_ _2\"></span>enix o<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ating s<span class=\"_ _2\"></span>eg<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s are pr<span class=\"_ _2\"></span>edom<span class=\"_ _2\"></span>inan<span class=\"_ _2\"></span>tly in th<span class=\"_ _2\"></span>e UK<span class=\"_ _2\"></span>. The re<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>cili<span class=\"_ _2\"></span>ation o<span class=\"_ _2\"></span>f tax c<span class=\"_ _2\"></span>harg<span class=\"_ _2\"></span>e has th<span class=\"_ _2\"></span>eref<span class=\"_ _2\"></span>ore, b<span class=\"_ _2\"></span>een c<span class=\"_ _2\"></span>ompl<span class=\"_ _2\"></span>eted b<span class=\"_ _2\"></span>y refere<span class=\"_ _2\"></span>nce t<span class=\"_ _2\"></span>o the s<span class=\"_ _2\"></span>tand<span class=\"_ _2\"></span>ard ra<span class=\"_ _2\"></span>te of UK t<span class=\"_ _2\"></span>ax. 2 <span class=\"_ _2f\"> </span>Rel<span class=\"_ _2\"></span>ates p<span class=\"_ _2\"></span>rinc<span class=\"_ _2\"></span>ipall<span class=\"_ _2\"></span>y to a profi<span class=\"_ _2\"></span>t aris<span class=\"_ _2\"></span>ing on c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>olida<span class=\"_ _2\"></span>tion d<span class=\"_ _2\"></span>ue to the p<span class=\"_ _2\"></span>urch<span class=\"_ _2\"></span>ase of t<span class=\"_ _2\"></span>he SL<span class=\"_ _2\"></span>F of Can<span class=\"_ _2\"></span>ada U<span class=\"_ _2\"></span>K Limite<span class=\"_ _2\"></span>d, n<span class=\"_ _2\"></span>ot sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to defe<span class=\"_ _2\"></span>rred t<span class=\"_ _2\"></span>ax<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>3 <span class=\"_ _19\"> </span>T<span class=\"_ _2\"></span>he 202<span class=\"_ _2\"></span>3 prio<span class=\"_ _2\"></span>r year t<span class=\"_ _2\"></span>ax ch<span class=\"_ _2\"></span>arge r<span class=\"_ _2\"></span>elat<span class=\"_ _2\"></span>es to tr<span class=\"_ _2\"></span>ue-<span class=\"_ _2\"></span>ups fro<span class=\"_ _2\"></span>m the ta<span class=\"_ _2\"></span>x rep<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ing pr<span class=\"_ _2\"></span>ovisi<span class=\"_ _2\"></span>ons in v<span class=\"_ _2\"></span>ario<span class=\"_ _2\"></span>us enti<span class=\"_ _2\"></span>ties w<span class=\"_ _2\"></span>ithin t<span class=\"_ _2\"></span>he gro<span class=\"_ _2\"></span>up.<span class=\"_ _3bc\"> </span>4  P<span class=\"_ _2\"></span>rofit<span class=\"_ _2\"></span>s taxe<span class=\"_ _2\"></span>d at ra<span class=\"_ _2\"></span>tes oth<span class=\"_ _2\"></span>er tha<span class=\"_ _2\"></span>n 23.<span class=\"_ _2\"></span>5% re<span class=\"_ _2\"></span>late<span class=\"_ _2\"></span>s to over<span class=\"_ _2\"></span>sea<span class=\"_ _2\"></span>s profit<span class=\"_ _2\"></span>s, c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>olida<span class=\"_ _2\"></span>ted f<span class=\"_ _2\"></span>und inve<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s and U<span class=\"_ _2\"></span>K life co<span class=\"_ _2\"></span>mpany p<span class=\"_ _2\"></span>rofit<span class=\"_ _2\"></span>s sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to mar<span class=\"_ _2\"></span>gina<span class=\"_ _2\"></span>l shar<span class=\"_ _2\"></span>ehol<span class=\"_ _2\"></span>der t<span class=\"_ _2\"></span>ax rat<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span>5 <span class=\"_ _19\"> </span>R<span class=\"_ _2\"></span>elat<span class=\"_ _2\"></span>es pri<span class=\"_ _2\"></span>ncip<span class=\"_ _2\"></span>ally to i<span class=\"_ _2\"></span>ncre<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>s in the re<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>gnis<span class=\"_ _2\"></span>ed va<span class=\"_ _2\"></span>lue of ta<span class=\"_ _2\"></span>x at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>tes in S<span class=\"_ _2\"></span>LIDAC of<span class=\"_ _2\"></span>fse<span class=\"_ _2\"></span>t by a red<span class=\"_ _2\"></span>uct<span class=\"_ _2\"></span>ion in th<span class=\"_ _2\"></span>e fut<span class=\"_ _2\"></span>ure val<span class=\"_ _2\"></span>ue of ca<span class=\"_ _2\"></span>pita<span class=\"_ _2\"></span>l los<span class=\"_ _2\"></span>ses in R<span class=\"_ _2\"></span>eAs<span class=\"_ _2\"></span>sure Li<span class=\"_ _2\"></span>mite<span class=\"_ _2\"></span>d. 6  D<span class=\"_ _2\"></span>eferr<span class=\"_ _2\"></span>ed ta<span class=\"_ _2\"></span>x rate c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e rel<span class=\"_ _2\"></span>ates pr<span class=\"_ _2\"></span>imar<span class=\"_ _2\"></span>ily to m<span class=\"_ _2\"></span>oveme<span class=\"_ _2\"></span>nts in d<span class=\"_ _2\"></span>eferr<span class=\"_ _2\"></span>ed ta<span class=\"_ _2\"></span>x liab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es whi<span class=\"_ _2\"></span>ch are ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted t<span class=\"_ _2\"></span>o unwin<span class=\"_ _2\"></span>d at rate<span class=\"_ _2\"></span>s in exc<span class=\"_ _2\"></span>ess of t<span class=\"_ _2\"></span>he cur<span class=\"_ _2\"></span>rent ye<span class=\"_ _2\"></span>ar rat<span class=\"_ _2\"></span>e of 23.<span class=\"_ _2\"></span>5%<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>7 <span class=\"_ _18\"> </span>Rel<span class=\"_ _2\"></span>ates to l<span class=\"_ _2\"></span>oss<span class=\"_ _2\"></span>es ac<span class=\"_ _2\"></span>cru<span class=\"_ _2\"></span>ing in Ph<span class=\"_ _2\"></span>oen<span class=\"_ _2\"></span>ix Life A<span class=\"_ _2\"></span>ssur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Europ<span class=\"_ _2\"></span>e DAC in rela<span class=\"_ _2\"></span>tion to w<span class=\"_ _2\"></span>hich a d<span class=\"_ _2\"></span>eferr<span class=\"_ _2\"></span>ed ta<span class=\"_ _2\"></span>x ass<span class=\"_ _2\"></span>et ca<span class=\"_ _2\"></span>nnot b<span class=\"_ _2\"></span>e rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs94a\">G8<span class=\"_ _2\"></span>. T<span class=\"_ _7\"></span>ax a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>lities </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs94b\">Deferre<span class=\"_ _2\"></span>d tax is p<span class=\"_ _2\"></span>rovided for on te<span class=\"_ _2\"></span>mporar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mounts of as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabiliti<span class=\"_ _2\"></span>es for finan<span class=\"_ _2\"></span>cial repo<span class=\"_ _2\"></span>rting p<span class=\"_ _2\"></span>urpos<span class=\"_ _2\"></span>es </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs94c\">and th<span class=\"_ _2\"></span>e amount<span class=\"_ _2\"></span>s used for t<span class=\"_ _2\"></span>axation p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>s. Defe<span class=\"_ _2\"></span>rred ta<span class=\"_ _2\"></span>x is not provide<span class=\"_ _2\"></span>d in respe<span class=\"_ _2\"></span>ct of temp<span class=\"_ _2\"></span>orar<span class=\"_ _2\"></span>y differe<span class=\"_ _2\"></span>nces a<span class=\"_ _2\"></span>rising from th<span class=\"_ _2\"></span>e initial </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs94d\">rec<span class=\"_ _2\"></span>ognition of g<span class=\"_ _2\"></span>oodwill a<span class=\"_ _2\"></span>nd the initia<span class=\"_ _2\"></span>l recog<span class=\"_ _2\"></span>nition of as<span class=\"_ _2\"></span>sets or li<span class=\"_ _2\"></span>abilities in a tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion that is n<span class=\"_ _2\"></span>ot a busine<span class=\"_ _2\"></span>ss com<span class=\"_ _2\"></span>bination an<span class=\"_ _2\"></span>d that, at t<span class=\"_ _2\"></span>he time </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs94e\">of the tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion, af<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>s neith<span class=\"_ _2\"></span>er acc<span class=\"_ _2\"></span>ounting no<span class=\"_ _2\"></span>r taxabl<span class=\"_ _2\"></span>e profit. Th<span class=\"_ _2\"></span>e amount of deferre<span class=\"_ _2\"></span>d tax p<span class=\"_ _2\"></span>rovided is ba<span class=\"_ _2\"></span>sed on t<span class=\"_ _2\"></span>he expe<span class=\"_ _2\"></span>cted m<span class=\"_ _2\"></span>anner of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs94f\">realis<span class=\"_ _2\"></span>ation or se<span class=\"_ _2\"></span>ttle<span class=\"_ _2\"></span>ment of the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of asset<span class=\"_ _2\"></span>s and liabilit<span class=\"_ _2\"></span>ies, u<span class=\"_ _2\"></span>sing ta<span class=\"_ _2\"></span>x rates and l<span class=\"_ _2\"></span>aws enac<span class=\"_ _2\"></span>ted or sub<span class=\"_ _2\"></span>stanti<span class=\"_ _2\"></span>vely ena<span class=\"_ _2\"></span>cted at </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls12 ws10 gs950\">the peri<span class=\"_ _5\"></span>od end.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs951\">A deferre<span class=\"_ _2\"></span>d tax as<span class=\"_ _2\"></span>set is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed onl<span class=\"_ _2\"></span>y to the ex<span class=\"_ _2\"></span>tent that it is prob<span class=\"_ _2\"></span>able tha<span class=\"_ _2\"></span>t future ta<span class=\"_ _2\"></span>xable profit<span class=\"_ _2\"></span>s will be availab<span class=\"_ _2\"></span>le again<span class=\"_ _2\"></span>st which t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>et can </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs952\">be utilis<span class=\"_ _2\"></span>ed. D<span class=\"_ _2\"></span>eferred ta<span class=\"_ _2\"></span>x ass<span class=\"_ _2\"></span>ets are re<span class=\"_ _2\"></span>duce<span class=\"_ _2\"></span>d to the exte<span class=\"_ _2\"></span>nt that it is no lo<span class=\"_ _2\"></span>nger p<span class=\"_ _2\"></span>robable th<span class=\"_ _2\"></span>at the relate<span class=\"_ _2\"></span>d tax b<span class=\"_ _2\"></span>enefit will b<span class=\"_ _2\"></span>e realise<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div><div class=\"gs953\"><table class=\"s w2b6 h31f\" id=\"_6bac05f2-9cbc-4be4-8520-976a974f1b81\"><tr><td></td><td></td><td class=\"t m0 x23e h16 y5d34 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x916 h3f y5d35 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23f h16 y5d35 ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated</td></tr><tr><td></td><td class=\"t m0 x552 h3f y5d36 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5d37 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5d38 ff3 fs7 fc1 sc0 ls0 ws0\">Current t<span class=\"_ _2\"></span>ax:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d39 w113 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Current t<span class=\"_ _2\"></span>ax rec<span class=\"_ _2\"></span>eivable<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bf2 y5d39 w1b5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls76 ws19a\">502<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cc y5d39 w115 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">51<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58c1 w177 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Current t<span class=\"_ _2\"></span>ax payabl<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b89 y58c1 w601 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">(<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bf3 y58c1 w509 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(3<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d3a ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y571a wa26 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bf4 y571a w112 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a8 ws19f\">143<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x256 y571a w112 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">158<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w174 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bf5 y55ef wa27 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(25<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bf6 y55ef wa28 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">(30<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h1d6 ff3 fs172 fc1 sc0 ls0 ws0 gs954\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs955\">1  <span class=\"_ _2f\"> </span>Pri<span class=\"_ _2\"></span>or pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arati<span class=\"_ _2\"></span>ves ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tra<span class=\"_ _2\"></span>nsit<span class=\"_ _2\"></span>ion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>etai<span class=\"_ _2\"></span>ls).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls61 ws5f gs956\">Movement in deferred ta<span class=\"_ _2\"></span>x liabilities<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls70 ws67 gs957\">2023<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls5b ws76 gs958\">1 January </div><div class=\"t m0 h3f ff7 fsf fc1 sc0 lsa8 ws98 gs959\">\u00a3m<span class=\"_ _3bc\"> </span></div><div class=\"gs95a\"><table class=\"s wa29 h320\" id=\"_b967ddcf-2724-431b-93f5-a779e8bc49ac\"><tr><td></td><td></td><td class=\"t m0 x9d8 h3f y5d3b ff7 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in </td><td class=\"t m0 xabb h3f y5d3b ff7 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in </td><td class=\"t m0 x1997 h3f y5d3b ff7 fsf fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>F of </td><td></td><td class=\"t m0 xdd6 h3f y5d3b ff7 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s amo<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xb27 h3f y5d3c ff7 fsf fc1 sc0 ls81 ws75\">consolidated </td><td class=\"t m0 x1bf7 h3f y5d3c ff7 fsf fc1 sc0 ls0 ws0\">oth<span class=\"_ _2\"></span>er </td><td class=\"t m0 x76e h3f y5d3c ff7 fsf fc1 sc0 ls5b ws76\">Canada UK </td><td></td><td class=\"t m0 x549 h3f y5d3c ff7 fsf fc1 sc0 ls81 ws75\">previously </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x1bf8 h3f y5d3d ff7 fsf fc1 sc0 ls0 ws0\">inc<span class=\"_ _2\"></span>ome </td><td class=\"t m0 x1bf9 h3f y5d3d ff7 fsf fc1 sc0 ls5b ws76\">comprehensive </td><td class=\"t m0 x191a h3f y5d3d ff7 fsf fc1 sc0 ls70 ws67\">Limited </td><td class=\"t m0 x798 h3f y5d3d ff7 fsf fc1 sc0 ls0 ws0\">Ot<span class=\"_ _2\"></span>her </td><td class=\"t m0 x1aa2 h3f y5d3d ff7 fsf fc1 sc0 ls0 ws0\">cl<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ified a<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xb21 h3f y5d3e ff7 fsf fc1 sc0 ls70 ws67\">statem<span class=\"_ _2\"></span>ent </td><td class=\"t m0 x1b16 h3f y5d3e ff7 fsf fc1 sc0 ls0 ws0\">inc<span class=\"_ _2\"></span>ome </td><td class=\"t m0 x76e h3f y5d3e ff7 fsf fc1 sc0 ls70 ws67\">acquisitio<span class=\"_ _2\"></span>n<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9cc h3f y5d3e ff7 fsf fc1 sc0 ls1b ws19\">movem<span class=\"_ _2\"></span>ents </td><td class=\"t m0 x1aa2 h3f y5d3e ff7 fsf fc1 sc0 ls5b ws76\">held for<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>ale<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9f8 h3f y5d3e ff7 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td></tr><tr><td></td><td></td><td class=\"t m0 x522 h3f y5d3f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9da h3f y5d3f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9db h3f y5d3f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa07 h3f y5d3f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9dd h3f y5d3f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5d3f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5d40 wa2a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>radin<span class=\"_ _2\"></span>g loss<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bfa y5d40 w382 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">196<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bfb y5d40 w240 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">132<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bfc y5d40 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf7e y5d40 w323 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bfd y5d40 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bfe y5d40 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bff y5d40 w227 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">355<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d41 wa2b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">Capital los<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c00 y5d41 w160 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b2 ws1af\">24<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c01 y5d41 w175 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c02 y5d41 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c03 y5d41 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c04 y5d41 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c05 y5d41 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c06 y5d41 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d42 ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xpens<span class=\"_ _2\"></span>es and defe<span class=\"_ _2\"></span>rred ac<span class=\"_ _2\"></span>quisition  </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d43 wa2c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">cost<span class=\"_ _2\"></span>s carried forward<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c07 y5d43 w548 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">397<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c08 y5d43 w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c09 y5d43 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c0a y5d43 w64 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">19<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c0b y5d43 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c0c y5d43 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c0d y5d43 w595 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">422<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d44 wa2d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Provision<span class=\"_ _2\"></span>s and other te<span class=\"_ _2\"></span>mporar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c0e y5d44 w905 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">32<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c0f y5d44 wa2e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">(28<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c10 y5d44 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c11 y5d44 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c12 y5d44 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc84 y5d44 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c13 y5d44 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d45 wa2f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Non-<span class=\"_ _2\"></span>refundabl<span class=\"_ _2\"></span>e pensio<span class=\"_ _2\"></span>n schem<span class=\"_ _2\"></span>e surplus<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c14 y5d45 w72e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>151<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c15 y5d45 w17a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">34<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xafe y5d45 w60 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c16 y5d45 w5c7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c17 y5d45 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c18 y5d45 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c19 y5d45 w52 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(10<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d46 wa30 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>d future p<span class=\"_ _2\"></span>ension c<span class=\"_ _2\"></span>ontribution<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c1a y5d46 w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c1b y5d46 w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c1c y5d46 w5c9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c11 y5d46 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c12 y5d46 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc84 y5d46 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c13 y5d46 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d47 wa31 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ran<span class=\"_ _2\"></span>sitional a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment rela<span class=\"_ _2\"></span>ting to IFRS 17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c1d y5d47 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c1e y5d47 w52d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c1f y5d47 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c20 y5d47 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c21 y5d47 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c22 y5d47 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c23 y5d47 w341 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d48 wa32 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">Acceler<span class=\"_ _2\"></span>ated capital allowances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c24 y5d48 w74c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c25 y5d48 w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c26 y5d48 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c27 y5d48 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c28 y5d48 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c29 y5d48 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c2a y5d48 w2a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">23<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d49 wa33 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">Intangibles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c2b y5d49 w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c2c y5d49 w74c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f9 y5d49 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c2d y5d49 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c2e y5d49 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1109 y5d49 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c2f y5d49 w34a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d31 wd4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Acquire<span class=\"_ _2\"></span>d in-force bus<span class=\"_ _2\"></span>iness<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c30 y5d31 w209 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(4<span class=\"_ _2\"></span>05<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c31 y5d31 w659 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">55<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c32 y5d31 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c33 y5d31 w206 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c34 y5d31 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c35 y5d31 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c36 y5d31 w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(361<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d4a wa34 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Customer relationships<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c37 y5d4a w28f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">(28)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c38 y5d4a w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b7e y5d4a w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c39 y5d4a w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c3a y5d4a w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c3b y5d4a w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c3c y5d4a w550 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5990 wa35 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Unrea<span class=\"_ _2\"></span>lised g<span class=\"_ _2\"></span>ains<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c3d y5990 w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>261)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c3e y5990 w728 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(77<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c3f y5990 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c40 y5990 w389 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>23)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeeb y5990 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c41 y5990 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c42 y5990 w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(361<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x3b1 hd y5d4b ff3 fs7 fc1 sc0 ls0 ws0\">Act<span class=\"_ _2\"></span>uarial liabili<span class=\"_ _2\"></span>ty dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n local GA<span class=\"_ _2\"></span>AP </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x3b2 y57dc wa36 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">and I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c43 y57dc w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c44 y57dc w764 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>10)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c45 y57dc w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c46 y57dc w29d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c47 y57dc wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c48 y57dc w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c49 y57dc w79e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(118)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y581c w393 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c4a y581c w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c4b y581c w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a27 y581c w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x1b17 he y5d4c ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></td><td class=\"c n x1c4c y561e w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c4d y561e w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c4e y561e w2f2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x1c4f y55ef w546 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(1<span class=\"_ _2\"></span>51)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c50 y55ef w1b2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c51 y55ef w372 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c52 y55ef w158 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c53 y55ef w158 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c54 y55ef w7f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c55 y55ef w90 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b5 ws1b4\"><span class=\"ls71 ws1a9\"><span class=\"ls194 ws1b0\"><span class=\"ls0 ws0\"><span class=\"ls15a ws1b2\"><span class=\"lsd0 ws1a0\">(11<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></span></span></span></span></span><span class=\"ls71 ws1a9\"><span class=\"ls194 ws1b0\"><span class=\"ls0 ws0\"><span class=\"ls15a ws1b2\"><span class=\"lsd0 ws1a0\">)<span class=\"_ _3bc\"> </span></span></span></span></span></span></div></td></tr></table></div><table class=\"s wa37 h321\" id=\"_b72f798d-c888-4f14-9e4b-a47761a8a59e\"><tr><td></td><td></td><td class=\"t m0 x97d h16 y5d4d ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in </td><td></td><td class=\"t m0 x613 h16 y5d4d ff3 fsf fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>F of </td><td></td><td class=\"t m0 x1c56 h16 y5d4d ff3 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x16df h16 y5d4e ff3 fsf fc1 sc0 ls17 ws15\">consolidated </td><td class=\"t m0 x1c57 h16 y5d4e ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in oth<span class=\"_ _2\"></span>er </td><td class=\"t m0 xf46 h16 y5d4e ff3 fsf fc1 sc0 ls0 ws0\">Can<span class=\"_ _2\"></span>ada U<span class=\"_ _2\"></span>K </td><td></td><td class=\"t m0 x262 h16 y5d4e ff3 fsf fc1 sc0 ls82 ws77\">amount<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x1c58 h16 y5d4f ff3 fsf fc1 sc0 lse1 wscb\">income<span class=\"_ _5\"></span> </td><td class=\"t m0 x57e h16 y5d4f ff3 fsf fc1 sc0 ls83 ws78\">comprehensiv<span class=\"_ _5\"></span>e </td><td class=\"t m0 xf4a h16 y5d4f ff3 fsf fc1 sc0 ls0 ws0\">Limi<span class=\"_ _2\"></span>ted </td><td class=\"t m0 x15a1 h16 y5d4f ff3 fsf fc1 sc0 ls83 ws78\">Other </td><td class=\"t m0 x557 h16 y5d4f ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ssi<span class=\"_ _2\"></span>fied a<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td class=\"t m0 x1c59 h16 y5d50 ff3 fsf fc1 sc0 ls0 ws0\">1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y </td><td class=\"t m0 x1c5a h16 y5d50 ff3 fsf fc1 sc0 ls83 ws78\">statement<span class=\"_ _5\"></span> </td><td class=\"t m0 x1c5b h16 y5d50 ff3 fsf fc1 sc0 lse1 wscb\">income<span class=\"_ _5\"></span> </td><td class=\"t m0 x1c5c h16 y5d50 ff3 fsf fc1 sc0 ls70 ws67\">acquisition<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8e5 h16 y5d50 ff3 fsf fc1 sc0 ls83 ws78\">movements<span class=\"_ _5\"></span> </td><td class=\"t m0 x5ac h16 y5d50 ff3 fsf fc1 sc0 ls17 ws15\">held for sale<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1c5d h16 y5d50 ff3 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5d51 ff3 fsf fc1 sc0 ls84 ws79\">2022 (<span class=\"_ _7\"></span>restated)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16d7 h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x581 h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1c5e h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1c5f h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x749 h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x98c h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ee h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5d52 wa2a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>radin<span class=\"_ _2\"></span>g loss<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bfa y5d52 w112 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">103<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c60 y5d52 w13f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">86<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c61 y5d52 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0d y5d52 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c62 y5d52 w158 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c63 y5d52 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c64 y5d52 w3c9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb3 wsf4\">196<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d53 wa2b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">Capital los<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c00 y5d53 wa4 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">32<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c65 y5d53 wa38 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c66 y5d53 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf8d y5d53 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3e y5d53 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a72 y5d53 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c67 y5d53 w418 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d54 ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xpens<span class=\"_ _2\"></span>es and defe<span class=\"_ _2\"></span>rred ac<span class=\"_ _2\"></span>quisition  </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bf2 wa2c h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">cost<span class=\"_ _2\"></span>s carried forward<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c68 y5bf2 w880 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">81<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c69 y5bf2 w849 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6a y5bf2 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6b y5bf2 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6c y5bf2 w524 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6d y5bf2 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6e y5bf2 w2fc h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bf ws1be\">397<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf3 wa2d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Provision<span class=\"_ _2\"></span>s and other te<span class=\"_ _2\"></span>mporar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c0e y5bf3 wa39 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6f y5bf3 w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c70 y5bf3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c71 y5bf3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c72 y5bf3 w524 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c73 y5bf3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c74 y5bf3 wa4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">32<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf4 wa2f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Non-<span class=\"_ _2\"></span>refundabl<span class=\"_ _2\"></span>e pensio<span class=\"_ _2\"></span>n schem<span class=\"_ _2\"></span>e surplus<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c75 y5bf4 w5da h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">(<span class=\"_ _2\"></span>255<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c76 y5bf4 w227 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">392<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c77 y5bf4 wbe h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">(<span class=\"_ _2\"></span>288)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c78 y5bf4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c79 y5bf4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7a y5bf4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7b y5bf4 w376 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(1<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf5 wa30 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>d future p<span class=\"_ _2\"></span>ension c<span class=\"_ _2\"></span>ontribution<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7c y5bf5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7d y5bf5 w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7e y5bf5 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7f y5bf5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c80 y5bf5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c81 y5bf5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcee y5bf5 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf6 wa32 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">Acceler<span class=\"_ _2\"></span>ated capital allowances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c82 y5bf6 w541 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c83 y5bf6 w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c84 y5bf6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c85 y5bf6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c86 y5bf6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c87 y5bf6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x507 y5bf6 w30c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf7 wa33 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls14 ws12\">Intangibles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c88 y5bf7 w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c89 y5bf7 w659 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8a y5bf7 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1301 y5bf7 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8b y5bf7 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8c y5bf7 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8d y5bf7 wca h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">14<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5997 wd4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Acquire<span class=\"_ _2\"></span>d in-force bus<span class=\"_ _2\"></span>iness<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8e y5997 w53 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(4<span class=\"_ _2\"></span>45)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8f y5997 w8d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">43<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c90 y5997 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c91 y5997 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf78 y5997 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c92 y5997 w54f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c93 y5997 w35f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(40<span class=\"_ _2\"></span>5)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d55 ff3 fs7 fc1 sc0 ls0 ws0\">Act<span class=\"_ _2\"></span>uarial liabili<span class=\"_ _2\"></span>ty dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n local GA<span class=\"_ _2\"></span>AP </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561a wa36 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">and I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c94 y561a w6d1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>41<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x66a y561a w55b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">3<span class=\"_ _2\"></span>39<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c95 y561a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c96 y561a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c97 y561a w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1256 y561a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c98 y561a wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b wa34 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Customer relationships<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c37 y561b wa3a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls71 ws1a9\">(30)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c99 y561b w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9a y561b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9b y561b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1397 y561b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9c y561b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9d y561b wa3b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">(<span class=\"_ _2\"></span>28)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c wa35 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Unrea<span class=\"_ _2\"></span>lised g<span class=\"_ _2\"></span>ains<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9e y561c wa3c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>593)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9f y561c w112 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">333<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca0 y561c wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca1 y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca2 y561c w2dd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca3 y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca4 y561c w6c6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(261<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d wa3d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">IFRS transitional adjus<span class=\"_ _2\"></span>tments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca5 y561d wa3e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a6 ws196\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca6 y561d wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca7 y561d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca8 y561d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca9 y561d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1caa y561d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cab y561d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d56 ff3 fs7 fc1 sc0 ls12 ws10\">Other </td><td class=\"c n x1cac y5739 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cad y5739 w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cae y5739 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x98b hd y5d57 ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></td><td class=\"c n x1caf y5739 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb0 y5739 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb1 y5739 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x1cb2 y55ef wa3f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(1<span class=\"_ _2\"></span>,4<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb3 y55ef w1b6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">1<span class=\"_ _2\"></span>,534<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb4 y55ef wa40 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">(<span class=\"_ _2\"></span>28<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb5 y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb6 y55ef w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb7 y55ef w9fb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb8 y55ef w376 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>151<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table>The s<span class=\"_ _2\"></span>tanda<span class=\"_ _2\"></span>rd rate of UK cor<span class=\"_ _2\"></span>poratio<span class=\"_ _2\"></span>n tax for the ye<span class=\"_ _2\"></span>ar ende<span class=\"_ _2\"></span>d 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023 is 23<span class=\"_ _2\"></span>.5% (202<span class=\"_ _2\"></span>2: 19<span class=\"_ _2\"></span>%)<span class=\"_ _5\"></span>. An incre<span class=\"_ _2\"></span>ase from th<span class=\"_ _2\"></span>e 19<span class=\"_ _2\"></span>% UK corp<span class=\"_ _2\"></span>oration t<span class=\"_ _2\"></span>ax rate to 25%<span class=\"_ _2\"></span>, ef<span class=\"_ _2\"></span>fective from 1 A<span class=\"_ _2\"></span>pril 2023<span class=\"_ _2\"></span>, was ann<span class=\"_ _2\"></span>ounce<span class=\"_ _2\"></span>d in the Bud<span class=\"_ _2\"></span>get on 3 M<span class=\"_ _2\"></span>arch 2021<span class=\"_ _2\"></span>, and subs<span class=\"_ _2\"></span>tantivel<span class=\"_ _2\"></span>y enac<span class=\"_ _2\"></span>ted on 24 May 2021<span class=\"_ _2\"></span>. Accor<span class=\"_ _2\"></span>dingly, shareh<span class=\"_ _2\"></span>older defer<span class=\"_ _2\"></span>red tax a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liab<span class=\"_ _2\"></span>ilities<span class=\"_ _2\"></span>, where provid<span class=\"_ _2\"></span>ed, are refl<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d at 25%. Deferre<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e tax as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for tax lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s carrie<span class=\"_ _2\"></span>d forwa<span class=\"_ _2\"></span>rd only to the ex<span class=\"_ _2\"></span>tent that re<span class=\"_ _2\"></span>alisati<span class=\"_ _2\"></span>on of the related t<span class=\"_ _2\"></span>ax be<span class=\"_ _2\"></span>nefit is prob<span class=\"_ _2\"></span>able.<span class=\"_ _3bc\"> </span><table class=\"s wa41 h322\" id=\"_f05ce9bf-05d1-4fb0-8ad1-4d803a47763f\"><tr><td></td><td class=\"t m0 x44d h3f y5d58 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5d58 ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x6ed h3f y5d59 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x6ee h16 y5d59 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y5d5a ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s have not be<span class=\"_ _2\"></span>en rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in respe<span class=\"_ _2\"></span>ct of<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58c1 wa42 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ax lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s carrie<span class=\"_ _2\"></span>d forwa<span class=\"_ _2\"></span>rd<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6a6 y58c1 w387 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">110<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb9 y58c1 w56c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">82<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59f1 wa43 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xcess ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es and defer<span class=\"_ _2\"></span>red acq<span class=\"_ _2\"></span>uisition co<span class=\"_ _2\"></span>sts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a12 y59f1 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cba y59f1 w91 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">116<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 wa44 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Act<span class=\"_ _2\"></span>uarial liabili<span class=\"_ _2\"></span>ty dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n local GA<span class=\"_ _2\"></span>AP and I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cbb y56f9 w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cbc y56f9 wbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee wa33 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">Intangibles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1fe y55ee w60 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cbd y55ee w138 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">29<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wa45 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s not rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d on ca<span class=\"_ _2\"></span>pital los<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cbe y55ef w461 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">312<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cbf y55ef w31a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">40<span class=\"_ _3bc\"> </span></div></td></tr></table>The Gro<span class=\"_ _2\"></span>up also ha<span class=\"_ _2\"></span>s \u00a363<span class=\"_ _2\"></span>5 million of BL<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>GAB tradin<span class=\"_ _2\"></span>g loss<span class=\"_ _2\"></span>es carri<span class=\"_ _2\"></span>ed for<span class=\"_ _2\"></span>ward as at 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023 in Ph<span class=\"_ _2\"></span>oenix Life Limi<span class=\"_ _2\"></span>ted, ReA<span class=\"_ _2\"></span>ssure Limite<span class=\"_ _2\"></span>d and S<span class=\"_ _2\"></span>un Life Assur<span class=\"_ _2\"></span>ance C<span class=\"_ _2\"></span>ompany of Can<span class=\"_ _2\"></span>ada (U<span class=\"_ _2\"></span>K) Limite<span class=\"_ _2\"></span>d (2022: \u00a3 4<span class=\"_ _2\"></span>56 million of los<span class=\"_ _2\"></span>ses a<span class=\"_ _2\"></span>cross Ph<span class=\"_ _2\"></span>oenix Life Limite<span class=\"_ _2\"></span>d, ReA<span class=\"_ _2\"></span>ssure Limite<span class=\"_ _2\"></span>d and Phoe<span class=\"_ _2\"></span>nix Life Ass<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e Limited). Of th<span class=\"_ _2\"></span>e \u00a363<span class=\"_ _2\"></span>5 million, a defe<span class=\"_ _2\"></span>rred ta<span class=\"_ _2\"></span>x asse<span class=\"_ _2\"></span>t was rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in resp<span class=\"_ _2\"></span>ect of \u00a36<span class=\"_ _2\"></span>23 million of loss<span class=\"_ _2\"></span>es (2022<span class=\"_ _2\"></span>:\u00a31<span class=\"_ _2\"></span>64 m<span class=\"_ _2\"></span>illion of loss<span class=\"_ _2\"></span>es). The rema<span class=\"_ _2\"></span>ining \u00a312 milli<span class=\"_ _2\"></span>on of gross lo<span class=\"_ _2\"></span>sses a<span class=\"_ _2\"></span>re proje<span class=\"_ _2\"></span>cted to b<span class=\"_ _2\"></span>e utilised<span class=\"_ _2\"></span>, however no va<span class=\"_ _2\"></span>lue has b<span class=\"_ _2\"></span>een at<span class=\"_ _2\"></span>tribute<span class=\"_ _2\"></span>d to these d<span class=\"_ _2\"></span>eferred ta<span class=\"_ _2\"></span>x ass<span class=\"_ _2\"></span>ets given th<span class=\"_ _2\"></span>e interac<span class=\"_ _2\"></span>tion with othe<span class=\"_ _2\"></span>r deduc<span class=\"_ _2\"></span>tible temp<span class=\"_ _2\"></span>orar<span class=\"_ _2\"></span>y differe<span class=\"_ _2\"></span>nces (2<span class=\"_ _2\"></span>022: \u00a31<span class=\"_ _2\"></span>58 million of lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s)<span class=\"_ _5\"></span>. In 202<span class=\"_ _2\"></span>2 deferred ta<span class=\"_ _2\"></span>x ass<span class=\"_ _2\"></span>ets were n<span class=\"_ _2\"></span>ot recog<span class=\"_ _2\"></span>nised in resp<span class=\"_ _2\"></span>ect of the re<span class=\"_ _2\"></span>maining \u00a3<span class=\"_ _2\"></span>134 milli<span class=\"_ _2\"></span>on of losse<span class=\"_ _2\"></span>s due to the unc<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>taint<span class=\"_ _2\"></span>y of future tra<span class=\"_ _2\"></span>ding profit<span class=\"_ _2\"></span>s agains<span class=\"_ _2\"></span>t which th<span class=\"_ _2\"></span>e loss<span class=\"_ _2\"></span>es could b<span class=\"_ _2\"></span>e offs<span class=\"_ _2\"></span>et.<span class=\"_ _3bc\"> </span>There i<span class=\"_ _2\"></span>s a technic<span class=\"_ _2\"></span>al mat<span class=\"_ _2\"></span>ter which i<span class=\"_ _2\"></span>s currently b<span class=\"_ _2\"></span>eing disc<span class=\"_ _2\"></span>usse<span class=\"_ _2\"></span>d with HM<span class=\"_ _2\"></span>RC in relat<span class=\"_ _2\"></span>ion to the L&amp;G in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss tra<span class=\"_ _2\"></span>nsfer to ReA<span class=\"_ _2\"></span>ssure Limite<span class=\"_ _2\"></span>d. The<span class=\"_ _2\"></span>se discu<span class=\"_ _2\"></span>ssion<span class=\"_ _2\"></span>s are not suf<span class=\"_ _2\"></span>ficiently p<span class=\"_ _2\"></span>rogres<span class=\"_ _2\"></span>sed at th<span class=\"_ _2\"></span>is sta<span class=\"_ _2\"></span>ge for rec<span class=\"_ _2\"></span>ognition of any p<span class=\"_ _2\"></span>otential ta<span class=\"_ _2\"></span>x benefi<span class=\"_ _2\"></span>t arising<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A tax d<span class=\"_ _2\"></span>ispute with H<span class=\"_ _2\"></span>MRC in rel<span class=\"_ _2\"></span>ation to the ta<span class=\"_ _2\"></span>x treatm<span class=\"_ _2\"></span>ent of an ass<span class=\"_ _2\"></span>et formerl<span class=\"_ _2\"></span>y held by Gu<span class=\"_ _2\"></span>ardian As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e Limited (b<span class=\"_ _2\"></span>efore the busin<span class=\"_ _2\"></span>ess wa<span class=\"_ _2\"></span>s tran<span class=\"_ _2\"></span>sferred to Re<span class=\"_ _2\"></span>Assure Lim<span class=\"_ _2\"></span>ited) was re<span class=\"_ _2\"></span>solved in th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d in favour of the Group<span class=\"_ _2\"></span>. The 2021 c<span class=\"_ _2\"></span>urrent ta<span class=\"_ _2\"></span>x liabilit<span class=\"_ _2\"></span>y include<span class=\"_ _2\"></span>d an acc<span class=\"_ _2\"></span>rual for th<span class=\"_ _2\"></span>e total tax un<span class=\"_ _2\"></span>der disp<span class=\"_ _2\"></span>ute on the ba<span class=\"_ _2\"></span>sis that the<span class=\"_ _2\"></span>re was suf<span class=\"_ _2\"></span>ficient ris<span class=\"_ _2\"></span>k that the t<span class=\"_ _2\"></span>ax treatm<span class=\"_ _2\"></span>ent of the Group wo<span class=\"_ _2\"></span>uld not the<span class=\"_ _2\"></span>n be acc<span class=\"_ _2\"></span>epted. In 2<span class=\"_ _2\"></span>022 this ta<span class=\"_ _2\"></span>x liabilit<span class=\"_ _2\"></span>y was re<span class=\"_ _2\"></span>lease<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up in conj<span class=\"_ _2\"></span>unctio<span class=\"_ _2\"></span>n with a numbe<span class=\"_ _2\"></span>r of other com<span class=\"_ _2\"></span>panies h<span class=\"_ _2\"></span>as challe<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>d HMRC<span class=\"_ _2\"></span>\u2019s positio<span class=\"_ _2\"></span>n on the corp<span class=\"_ _2\"></span>oration t<span class=\"_ _2\"></span>ax treatm<span class=\"_ _2\"></span>ent of overse<span class=\"_ _2\"></span>as por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folio dividen<span class=\"_ _2\"></span>ds from comp<span class=\"_ _2\"></span>anies resi<span class=\"_ _2\"></span>dent in the EU (<span class=\"_ _2\"></span>\u2018EU divid<span class=\"_ _2\"></span>ends\u2019<span class=\"_ _2\"></span>) using a Group Li<span class=\"_ _2\"></span>tigation O<span class=\"_ _2\"></span>rder (\u2018G<span class=\"_ _2\"></span>L<span class=\"_ _7\"></span>O<span class=\"_ _2\"></span>\u2019). The is<span class=\"_ _2\"></span>sue rel<span class=\"_ _2\"></span>ates to whethe<span class=\"_ _2\"></span>r the UK t<span class=\"_ _2\"></span>ax rules<span class=\"_ _2\"></span>, which t<span class=\"_ _2\"></span>axed EU divi<span class=\"_ _2\"></span>dends re<span class=\"_ _2\"></span>ceived p<span class=\"_ _2\"></span>rior to 1 July 20<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9, was cont<span class=\"_ _2\"></span>rar<span class=\"_ _2\"></span>y to EU law given that di<span class=\"_ _2\"></span>vidends re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d from UK co<span class=\"_ _2\"></span>mpanie<span class=\"_ _2\"></span>s were exempt fro<span class=\"_ _2\"></span>m tax<span class=\"_ _2\"></span>. In 20<span class=\"_ _2\"></span>09 UK t<span class=\"_ _2\"></span>ax law wa<span class=\"_ _2\"></span>s chang<span class=\"_ _2\"></span>ed with b<span class=\"_ _2\"></span>oth oversea<span class=\"_ _2\"></span>s and UK di<span class=\"_ _2\"></span>vidends b<span class=\"_ _2\"></span>eing tre<span class=\"_ _2\"></span>ated as exempt fro<span class=\"_ _2\"></span>m corpor<span class=\"_ _2\"></span>ation ta<span class=\"_ _2\"></span>x.<span class=\"_ _3bc\"> </span>In July 2<span class=\"_ _2\"></span>018<span class=\"_ _2\"></span>, the S<span class=\"_ _2\"></span>upreme C<span class=\"_ _2\"></span>our<span class=\"_ _2\"></span>t conclu<span class=\"_ _2\"></span>ded in favour of the t<span class=\"_ _2\"></span>ax payer an<span class=\"_ _2\"></span>d a tax b<span class=\"_ _2\"></span>enefit of \u00a31<span class=\"_ _2\"></span>3 million was re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed at the e<span class=\"_ _2\"></span>nd of 2018 in relatio<span class=\"_ _2\"></span>n to enhanc<span class=\"_ _2\"></span>ed do<span class=\"_ _2\"></span>uble tax re<span class=\"_ _2\"></span>lief claims whi<span class=\"_ _2\"></span>ch the Group i<span class=\"_ _2\"></span>s entitled to in a<span class=\"_ _2\"></span>ccord<span class=\"_ _2\"></span>ance with th<span class=\"_ _2\"></span>e Cour<span class=\"_ _2\"></span>t jud<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt. As a res<span class=\"_ _2\"></span>ult of the insur<span class=\"_ _2\"></span>ance busin<span class=\"_ _2\"></span>ess tr<span class=\"_ _2\"></span>ansfer fro<span class=\"_ _2\"></span>m Legal an<span class=\"_ _2\"></span>d Gene<span class=\"_ _2\"></span>ral As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e Soci<span class=\"_ _2\"></span>ety dur<span class=\"_ _2\"></span>ing YE20<span class=\"_ _2\"></span>, the tax ref<span class=\"_ _2\"></span>und for the b<span class=\"_ _2\"></span>enefit of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s with-p<span class=\"_ _2\"></span>rofit and unit linked fund<span class=\"_ _2\"></span>s increas<span class=\"_ _2\"></span>ed to \u00a345 million an<span class=\"_ _2\"></span>d \u00a323 million re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>tively. In the ca<span class=\"_ _2\"></span>se of the with-<span class=\"_ _2\"></span>profit funds th<span class=\"_ _2\"></span>ere was an in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in unalloc<span class=\"_ _2\"></span>ated surpl<span class=\"_ _2\"></span>us and for th<span class=\"_ _2\"></span>e unit linked funds t<span class=\"_ _2\"></span>here was a c<span class=\"_ _2\"></span>orrespo<span class=\"_ _2\"></span>nding inc<span class=\"_ _2\"></span>rease in inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s a result of the re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>tion of the ta<span class=\"_ _2\"></span>x asset<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>In Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 2020, H<span class=\"_ _2\"></span>MRC is<span class=\"_ _2\"></span>sued a c<span class=\"_ _2\"></span>ommunic<span class=\"_ _2\"></span>ation to ta<span class=\"_ _2\"></span>xpayers wh<span class=\"_ _2\"></span>o are affe<span class=\"_ _2\"></span>cted by th<span class=\"_ _2\"></span>e dividend G<span class=\"_ _2\"></span>L<span class=\"_ _7\"></span>O b<span class=\"_ _2\"></span>ut are not direc<span class=\"_ _2\"></span>t par<span class=\"_ _2\"></span>ticipant<span class=\"_ _2\"></span>s of it, set<span class=\"_ _2\"></span>ting<span class=\"_ gs132\"> </span>ou<span class=\"_ _2\"></span>t HMR<span class=\"_ _2\"></span>C\u2019s intende<span class=\"_ _2\"></span>d approac<span class=\"_ _2\"></span>h to set<span class=\"_ _2\"></span>tling enq<span class=\"_ _2\"></span>uiries into the am<span class=\"_ _2\"></span>ount of double t<span class=\"_ _2\"></span>ax relief availa<span class=\"_ _2\"></span>ble for sta<span class=\"_ _2\"></span>tutor<span class=\"_ _2\"></span>y protect<span class=\"_ _2\"></span>ive or other cla<span class=\"_ _2\"></span>ims. The Gro<span class=\"_ _2\"></span>up has be<span class=\"_ _2\"></span>en disc<span class=\"_ _2\"></span>ussin<span class=\"_ _2\"></span>g the claim<span class=\"_ _2\"></span>s with HM<span class=\"_ _2\"></span>RC during th<span class=\"_ _2\"></span>e cours<span class=\"_ _2\"></span>e of 2022 and 20<span class=\"_ _2\"></span>23, b<span class=\"_ _2\"></span>ut due to the sig<span class=\"_ _2\"></span>nificant n<span class=\"_ _2\"></span>umber of ca<span class=\"_ _2\"></span>ses an<span class=\"_ _2\"></span>d years affe<span class=\"_ _2\"></span>cted<span class=\"_ _2\"></span>, no amo<span class=\"_ _2\"></span>unts have as yet be<span class=\"_ _2\"></span>en repa<span class=\"_ _2\"></span>id. The leve<span class=\"_ _2\"></span>l of tax refund e<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted is curre<span class=\"_ _2\"></span>ntly unch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>d as at the en<span class=\"_ _2\"></span>d of 2023.<span class=\"_ _3bc\"> </span>Som<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>nies of the Gro<span class=\"_ _2\"></span>up were late joine<span class=\"_ _2\"></span>rs or not m<span class=\"_ _2\"></span>ember<span class=\"_ _2\"></span>s of the GLO but have mad<span class=\"_ _2\"></span>e statu<span class=\"_ _2\"></span>tory p<span class=\"_ _2\"></span>rotective ta<span class=\"_ _2\"></span>x claims tot<span class=\"_ _2\"></span>alling circ<span class=\"_ _2\"></span>a \u00a314 millio<span class=\"_ _2\"></span>n for the ben<span class=\"_ _2\"></span>efit of unit linked life funds b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on the Sup<span class=\"_ _2\"></span>reme Co<span class=\"_ _2\"></span>urt de<span class=\"_ _2\"></span>cision<span class=\"_ _2\"></span>. HMR<span class=\"_ _2\"></span>C has ch<span class=\"_ _2\"></span>alleng<span class=\"_ _2\"></span>ed the validi<span class=\"_ _2\"></span>ty of suc<span class=\"_ _2\"></span>h claims an<span class=\"_ _2\"></span>d is current<span class=\"_ _2\"></span>ly consi<span class=\"_ _2\"></span>dering fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r tax litig<span class=\"_ _2\"></span>ation in this are<span class=\"_ _2\"></span>a again<span class=\"_ _2\"></span>st other t<span class=\"_ _2\"></span>hird par<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. Some pro<span class=\"_ _2\"></span>gres<span class=\"_ _2\"></span>s through t<span class=\"_ _2\"></span>he cour<span class=\"_ _2\"></span>ts h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n made in th<span class=\"_ _2\"></span>e cours<span class=\"_ _2\"></span>e of 2022 an<span class=\"_ _2\"></span>d 2023<span class=\"_ _2\"></span>, but it is exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d that the lit<span class=\"_ _2\"></span>igation will c<span class=\"_ _2\"></span>ontinue to run<span class=\"_ _2\"></span>. Due to the un<span class=\"_ _2\"></span>cer<span class=\"_ _2\"></span>taint<span class=\"_ _2\"></span>y aroun<span class=\"_ _2\"></span>d the potentia<span class=\"_ _2\"></span>l succe<span class=\"_ _2\"></span>ss of the cl<span class=\"_ _2\"></span>aims a tax as<span class=\"_ _2\"></span>set has n<span class=\"_ _2\"></span>ot been re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of these c<span class=\"_ _2\"></span>laims<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is continu<span class=\"_ _2\"></span>ing to monitor de<span class=\"_ _2\"></span>velopme<span class=\"_ _2\"></span>nts in relatio<span class=\"_ _2\"></span>n to the G20<span class=\"_ _2\"></span>-O<span class=\"_ _2\"></span>ECD Incl<span class=\"_ _2\"></span>usive Framework \u201c<span class=\"_ _2\"></span>Pillar T<span class=\"_ _7\"></span>wo\u201d rul<span class=\"_ _2\"></span>es, a<span class=\"_ _2\"></span>s the Group exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ts to be with<span class=\"_ _2\"></span>in the scop<span class=\"_ _2\"></span>e of the rule<span class=\"_ _2\"></span>s from 1 Janua<span class=\"_ _2\"></span>ry 20<span class=\"_ _2\"></span>2<span class=\"_ _7\"></span>4<span class=\"_ _2\"></span>. Broadl<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>ese rul<span class=\"_ _2\"></span>es see<span class=\"_ _2\"></span>k to ensure th<span class=\"_ _2\"></span>at, on a juri<span class=\"_ _2\"></span>sdictio<span class=\"_ _2\"></span>n-by-juris<span class=\"_ _2\"></span>diction b<span class=\"_ _2\"></span>asis<span class=\"_ _2\"></span>, large multin<span class=\"_ _2\"></span>ational ente<span class=\"_ _2\"></span>rprise<span class=\"_ _2\"></span>s pay a minimum ta<span class=\"_ _2\"></span>x rate of 15% on worl<span class=\"_ _2\"></span>dwide profit<span class=\"_ _2\"></span>s arising af<span class=\"_ _2\"></span>ter 31 D<span class=\"_ _2\"></span>ecemb<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up also n<span class=\"_ _2\"></span>otes the ena<span class=\"_ _2\"></span>ctme<span class=\"_ _2\"></span>nt of legisla<span class=\"_ _2\"></span>tion in Berm<span class=\"_ _2\"></span>uda in De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023 whic<span class=\"_ _2\"></span>h introduce<span class=\"_ _2\"></span>d a Corp<span class=\"_ _2\"></span>orate Inc<span class=\"_ _2\"></span>ome T<span class=\"_ _7\"></span>ax w<span class=\"_ _2\"></span>ith a headlin<span class=\"_ _2\"></span>e rate of 15% ef<span class=\"_ _2\"></span>fective fro<span class=\"_ _2\"></span>m 1 Januar<span class=\"_ _2\"></span>y 202<span class=\"_ _2\"></span>5. This le<span class=\"_ _2\"></span>gislat<span class=\"_ _2\"></span>ion is expe<span class=\"_ _2\"></span>cted to ap<span class=\"_ _2\"></span>ply to the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s lo<span class=\"_ _2\"></span>cal B<span class=\"_ _2\"></span>ermudian o<span class=\"_ _2\"></span>perati<span class=\"_ _2\"></span>ons. Gi<span class=\"_ _2\"></span>ven the curre<span class=\"_ _2\"></span>nt siz<span class=\"_ _5\"></span>e of loc<span class=\"_ _2\"></span>al oper<span class=\"_ _2\"></span>ations<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up does not ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t the imme<span class=\"_ _2\"></span>diate impac<span class=\"_ _2\"></span>t to be mater<span class=\"_ _2\"></span>ial.<span class=\"_ _3bc\"> </span>As at yea<span class=\"_ _2\"></span>r end 2023<span class=\"_ _2\"></span>, the m<span class=\"_ _2\"></span>ain other overs<span class=\"_ _2\"></span>eas jur<span class=\"_ _2\"></span>isdicti<span class=\"_ _2\"></span>ons where we op<span class=\"_ _2\"></span>erate an<span class=\"_ _2\"></span>d which have en<span class=\"_ _2\"></span>acted l<span class=\"_ _2\"></span>ocal Pilla<span class=\"_ _2\"></span>r T<span class=\"_ _6\"></span>wo le<span class=\"_ _2\"></span>gislat<span class=\"_ _2\"></span>ion are Germ<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>, Irela<span class=\"_ _2\"></span>nd, Luxemb<span class=\"_ _2\"></span>ourg, t<span class=\"_ _2\"></span>he Nethe<span class=\"_ _2\"></span>rlands a<span class=\"_ _2\"></span>nd the Unite<span class=\"_ _2\"></span>d Kingdo<span class=\"_ _2\"></span>m.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is continu<span class=\"_ _2\"></span>ing to ass<span class=\"_ _2\"></span>ess th<span class=\"_ _2\"></span>e impact of th<span class=\"_ _2\"></span>e Pillar T<span class=\"_ _7\"></span>wo inco<span class=\"_ _2\"></span>me taxe<span class=\"_ _2\"></span>s legis<span class=\"_ _2\"></span>lation on it<span class=\"_ _2\"></span>s future fina<span class=\"_ _2\"></span>ncial pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance. B<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on the work comp<span class=\"_ _2\"></span>leted to date on m<span class=\"_ _2\"></span>ost re<span class=\"_ _2\"></span>cent his<span class=\"_ _2\"></span>torical fin<span class=\"_ _2\"></span>ancial inform<span class=\"_ _2\"></span>ation, th<span class=\"_ _2\"></span>e Group do<span class=\"_ _2\"></span>es not expe<span class=\"_ _2\"></span>ct a ma<span class=\"_ _2\"></span>terial expo<span class=\"_ _2\"></span>sure to Pillar T<span class=\"_ _7\"></span>wo inc<span class=\"_ _2\"></span>ome ta<span class=\"_ _2\"></span>xes. Non<span class=\"_ _2\"></span>ethele<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, the Group note<span class=\"_ _2\"></span>s that the Pilla<span class=\"_ _2\"></span>r T<span class=\"_ _6\"></span>wo in<span class=\"_ _2\"></span>come ta<span class=\"_ _2\"></span>xes leg<span class=\"_ _2\"></span>islation is ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted to contin<span class=\"_ _2\"></span>ue developin<span class=\"_ _2\"></span>g, the r<span class=\"_ _2\"></span>ules are inhe<span class=\"_ _2\"></span>rently co<span class=\"_ _2\"></span>mplex and c<span class=\"_ _2\"></span>an potentiall<span class=\"_ _2\"></span>y lead to arb<span class=\"_ _2\"></span>itrar<span class=\"_ _2\"></span>y outcom<span class=\"_ _2\"></span>es. Fur<span class=\"_ _2\"></span>ther t<span class=\"_ _2\"></span>hat histor<span class=\"_ _2\"></span>ical fina<span class=\"_ _2\"></span>ncial pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance is n<span class=\"_ _2\"></span>ot nece<span class=\"_ _2\"></span>ssar<span class=\"_ _2\"></span>ily indica<span class=\"_ _2\"></span>tive of future pe<span class=\"_ _2\"></span>rforma<span class=\"_ _2\"></span>nce, so the a<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l impac<span class=\"_ _2\"></span>t that the Pillar T<span class=\"_ _5\"></span>wo inco<span class=\"_ _2\"></span>me taxe<span class=\"_ _2\"></span>s legisl<span class=\"_ _2\"></span>ation may have on th<span class=\"_ _2\"></span>e Group\u2019s future finan<span class=\"_ _2\"></span>cial pe<span class=\"_ _2\"></span>rforma<span class=\"_ _2\"></span>nce may b<span class=\"_ _2\"></span>e differe<span class=\"_ _2\"></span>nt from<span class=\"_ gs132\"> </span>exp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ations<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-696": {
   "value": "Inc<span class=\"_ _2\"></span>ome ta<span class=\"_ _2\"></span>x compris<span class=\"_ _2\"></span>es current a<span class=\"_ _2\"></span>nd deferre<span class=\"_ _2\"></span>d tax<span class=\"_ _2\"></span>. Incom<span class=\"_ _2\"></span>e tax is re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement exc<span class=\"_ _2\"></span>ept to the ex<span class=\"_ _2\"></span>tent that it relate<span class=\"_ _2\"></span>s to items rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the s<span class=\"_ _2\"></span>tatement of c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income o<span class=\"_ _2\"></span>r the st<span class=\"_ _2\"></span>atement of co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d chan<span class=\"_ _2\"></span>ges in eq<span class=\"_ _2\"></span>uity, in which c<span class=\"_ _2\"></span>ase it is re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised in th<span class=\"_ _2\"></span>ese st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Current t<span class=\"_ _2\"></span>ax is the ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted tax p<span class=\"_ _2\"></span>ayable on the t<span class=\"_ _2\"></span>axabl<span class=\"_ _2\"></span>e income fo<span class=\"_ _2\"></span>r the year, using tax r<span class=\"_ _2\"></span>ates and law<span class=\"_ _2\"></span>s enac<span class=\"_ _2\"></span>ted or sub<span class=\"_ _2\"></span>stantive<span class=\"_ _2\"></span>ly enac<span class=\"_ _2\"></span>ted at the date of the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition tog<span class=\"_ _2\"></span>ether with a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s to tax payab<span class=\"_ _2\"></span>le in respe<span class=\"_ _2\"></span>ct of previo<span class=\"_ _2\"></span>us years<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The t<span class=\"_ _2\"></span>ax charg<span class=\"_ _2\"></span>e is analy<span class=\"_ _2\"></span>sed be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en tax th<span class=\"_ _2\"></span>at is payable in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of polic<span class=\"_ _2\"></span>yholder<span class=\"_ _2\"></span>s\u2019 returns an<span class=\"_ _2\"></span>d tax th<span class=\"_ _2\"></span>at is payable on own<span class=\"_ _2\"></span>ers\u2019 return<span class=\"_ _2\"></span>s. This<span class=\"_ gs132\"> </span>allo<span class=\"_ _2\"></span>cation i<span class=\"_ _2\"></span>s calcul<span class=\"_ _2\"></span>ated bas<span class=\"_ _2\"></span>ed on an as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of th<span class=\"_ _2\"></span>e effec<span class=\"_ _2\"></span>tive rate of ta<span class=\"_ _2\"></span>x that is applic<span class=\"_ _2\"></span>able to own<span class=\"_ _2\"></span>ers for the ye<span class=\"_ _2\"></span>ar<span class=\"_ _3bc\"> </span>Deferre<span class=\"_ _2\"></span>d tax is p<span class=\"_ _2\"></span>rovided for on te<span class=\"_ _2\"></span>mporar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mounts of as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabiliti<span class=\"_ _2\"></span>es for finan<span class=\"_ _2\"></span>cial repo<span class=\"_ _2\"></span>rting p<span class=\"_ _2\"></span>urpos<span class=\"_ _2\"></span>es and th<span class=\"_ _2\"></span>e amount<span class=\"_ _2\"></span>s used for t<span class=\"_ _2\"></span>axation p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>s. Defe<span class=\"_ _2\"></span>rred ta<span class=\"_ _2\"></span>x is not provide<span class=\"_ _2\"></span>d in respe<span class=\"_ _2\"></span>ct of temp<span class=\"_ _2\"></span>orar<span class=\"_ _2\"></span>y differe<span class=\"_ _2\"></span>nces a<span class=\"_ _2\"></span>rising from th<span class=\"_ _2\"></span>e initial rec<span class=\"_ _2\"></span>ognition of g<span class=\"_ _2\"></span>oodwill a<span class=\"_ _2\"></span>nd the initia<span class=\"_ _2\"></span>l recog<span class=\"_ _2\"></span>nition of as<span class=\"_ _2\"></span>sets or li<span class=\"_ _2\"></span>abilities in a tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion that is n<span class=\"_ _2\"></span>ot a busine<span class=\"_ _2\"></span>ss com<span class=\"_ _2\"></span>bination an<span class=\"_ _2\"></span>d that, at t<span class=\"_ _2\"></span>he time of the tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion, af<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>s neith<span class=\"_ _2\"></span>er acc<span class=\"_ _2\"></span>ounting no<span class=\"_ _2\"></span>r taxabl<span class=\"_ _2\"></span>e profit. Th<span class=\"_ _2\"></span>e amount of deferre<span class=\"_ _2\"></span>d tax p<span class=\"_ _2\"></span>rovided is ba<span class=\"_ _2\"></span>sed on t<span class=\"_ _2\"></span>he expe<span class=\"_ _2\"></span>cted m<span class=\"_ _2\"></span>anner of realis<span class=\"_ _2\"></span>ation or se<span class=\"_ _2\"></span>ttle<span class=\"_ _2\"></span>ment of the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of asset<span class=\"_ _2\"></span>s and liabilit<span class=\"_ _2\"></span>ies, u<span class=\"_ _2\"></span>sing ta<span class=\"_ _2\"></span>x rates and l<span class=\"_ _2\"></span>aws enac<span class=\"_ _2\"></span>ted or sub<span class=\"_ _2\"></span>stanti<span class=\"_ _2\"></span>vely ena<span class=\"_ _2\"></span>cted at the peri<span class=\"_ _5\"></span>od end.<span class=\"_ _3bc\"> </span>A deferre<span class=\"_ _2\"></span>d tax as<span class=\"_ _2\"></span>set is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed onl<span class=\"_ _2\"></span>y to the ex<span class=\"_ _2\"></span>tent that it is prob<span class=\"_ _2\"></span>able tha<span class=\"_ _2\"></span>t future ta<span class=\"_ _2\"></span>xable profit<span class=\"_ _2\"></span>s will be availab<span class=\"_ _2\"></span>le again<span class=\"_ _2\"></span>st which t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>et can be utilis<span class=\"_ _2\"></span>ed. D<span class=\"_ _2\"></span>eferred ta<span class=\"_ _2\"></span>x ass<span class=\"_ _2\"></span>ets are re<span class=\"_ _2\"></span>duce<span class=\"_ _2\"></span>d to the exte<span class=\"_ _2\"></span>nt that it is no lo<span class=\"_ _2\"></span>nger p<span class=\"_ _2\"></span>robable th<span class=\"_ _2\"></span>at the relate<span class=\"_ _2\"></span>d tax b<span class=\"_ _2\"></span>enefit will b<span class=\"_ _2\"></span>e realise<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-608": {
   "value": "<div class=\"t m0 he ff2 fs7 fc10 sc0 lsb2 wse8 gs36b\">D. Equ<span class=\"_ _2\"></span>ity<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls13 ws11 gs36c\">D1. Share Capital<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs36d\">The Gro<span class=\"_ _2\"></span>up has is<span class=\"_ _2\"></span>sued o<span class=\"_ _2\"></span>rdinar<span class=\"_ _2\"></span>y shares w<span class=\"_ _2\"></span>hich are cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as equit<span class=\"_ _2\"></span>y. Increm<span class=\"_ _2\"></span>ental ex<span class=\"_ _2\"></span>terna<span class=\"_ _2\"></span>l cost<span class=\"_ _2\"></span>s that are dire<span class=\"_ _2\"></span>ctly at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to the is<span class=\"_ _2\"></span>sue </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs36e\">of<span class=\"_ gs132\"> </span>thes<span class=\"_ _2\"></span>e shares are re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, net of ta<span class=\"_ _2\"></span>x<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div><div class=\"gs36f\"><table class=\"s w3e7 h2b0\" id=\"_b82ced5b-1c41-4290-9873-18714d3f3ddd\"><tr><td></td><td class=\"t m0 x44d h3f y57ad ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y57ad ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x262 h3f y57ae ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y57ae ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y57af ff3 fs7 fc1 sc0 ls0 ws0\">Is<span class=\"_ _2\"></span>sued an<span class=\"_ _2\"></span>d fully paid:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ef w3e8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1,<span class=\"_ _2\"></span>001<span class=\"_ _2\"></span>.5 m<span class=\"_ _2\"></span>illion ordinar<span class=\"_ _2\"></span>y sha<span class=\"_ _2\"></span>res of \u00a30.10 eac<span class=\"_ _2\"></span>h (2022: 1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>00.4 m<span class=\"_ _2\"></span>illion)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x744 y55ef w130 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x745 y55ef w61 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs370\">The h<span class=\"_ _2\"></span>olders of ord<span class=\"_ _2\"></span>inar<span class=\"_ _2\"></span>y shares a<span class=\"_ _2\"></span>re entitled to o<span class=\"_ _2\"></span>ne vote per sha<span class=\"_ _2\"></span>re on mat<span class=\"_ _2\"></span>ters to be vote<span class=\"_ _2\"></span>d on by owners a<span class=\"_ _2\"></span>nd to rece<span class=\"_ _2\"></span>ive such divid<span class=\"_ _2\"></span>ends<span class=\"_ _2\"></span>, if any<span class=\"_ _5\"></span>, as </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs371\">may be d<span class=\"_ _2\"></span>eclare<span class=\"_ _2\"></span>d by the Boa<span class=\"_ _2\"></span>rd of Directo<span class=\"_ _2\"></span>rs in its dis<span class=\"_ _2\"></span>cretion ou<span class=\"_ _2\"></span>t of legall<span class=\"_ _2\"></span>y available profit<span class=\"_ _2\"></span>s. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs372\">Movem<span class=\"_ _2\"></span>ents in is<span class=\"_ _2\"></span>sued sh<span class=\"_ _2\"></span>are capi<span class=\"_ _2\"></span>tal during th<span class=\"_ _2\"></span>e<span class=\"_ gs132\"> </span>year:<span class=\"_ _3bc\"> </span></div><div class=\"gs373\"><table class=\"s w3e9 h2b1\" id=\"_1488f4bd-4d33-455d-b00a-77cd51644dc7\"><tr><td></td><td class=\"t m0 x746 h3f y57b0 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x747 h3f y57b0 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x748 h16 y57b0 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y57b0 ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x581 h3f y57b1 ff7 fsf fc1 sc0 lse3 wscd\"> Number</td><td class=\"t m0 x48a h3f y57b1 ff7 fsf fc1 sc0 ls0 ws0\"> \u00a3</td><td class=\"t m0 x749 h16 y57b1 ff3 fsf fc1 sc0 ls82 ws77\"> Numbe<span class=\"_ _2\"></span>r</td><td class=\"t m0 x6ad h16 y57b1 ff3 fsf fc1 sc0 ls0 ws0\"> \u00a3<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y561d w3ea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Sha<span class=\"_ _2\"></span>res in iss<span class=\"_ _2\"></span>ue at 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x74a y561d w3eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1,00<span class=\"_ _2\"></span>0,352<span class=\"_ _5\"></span>,4<span class=\"_ _5\"></span>77<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x74b y561d w3ec h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">100,035,2<span class=\"_ _5\"></span>4<span class=\"_ _7\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x74c y561d w3ed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">99<span class=\"_ _2\"></span>9,53<span class=\"_ _7\"></span>6<span class=\"_ _2\"></span>,058<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x74d y561d w3ee h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">99,95<span class=\"_ _2\"></span>3,605<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w3ef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary s<span class=\"_ _2\"></span>hares is<span class=\"_ _2\"></span>sued in th<span class=\"_ _2\"></span>e year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x74e y561e w3f0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>18<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x74f y561e w3f1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">118,594<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x750 y561e w3f2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">8<span class=\"_ _5\"></span>16,4<span class=\"_ _6\"></span>19<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x751 y561e w3f3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">81<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3f4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">Sh<span class=\"_ _2\"></span>ares in is<span class=\"_ _2\"></span>sue at 3<span class=\"_ _2\"></span>1 Dece<span class=\"_ _2\"></span>mber<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x752 y55ef w3f5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">1,00<span class=\"_ _7\"></span>1,5<span class=\"_ _7\"></span>38,<span class=\"_ _5\"></span>4<span class=\"_ _6\"></span>19<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x753 y55ef w3f6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>41<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x754 y55ef w3f7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls48 wsa4\">1,000<span class=\"_ _7\"></span>,3<span class=\"_ _7\"></span>5<span class=\"_ _7\"></span>2,<span class=\"_ _7\"></span>4<span class=\"_ _7\"></span>77<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x755 y55ef w3f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>247<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs374\">Durin<span class=\"_ _2\"></span>g the year, 1,18<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>942 s<span class=\"_ _2\"></span>hares (202<span class=\"_ _2\"></span>2: 81<span class=\"_ _2\"></span>6,41<span class=\"_ _2\"></span>9) were is<span class=\"_ _2\"></span>sued a<span class=\"_ _2\"></span>t a premium of \u00a36 million (2<span class=\"_ _2\"></span>022: \u00a34 million) in order to sati<span class=\"_ _2\"></span>sf<span class=\"_ _2\"></span>y obligatio<span class=\"_ _2\"></span>ns to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs375\">empl<span class=\"_ _2\"></span>oyees unde<span class=\"_ _2\"></span>r the Group\u2019s shares<span class=\"_ _2\"></span>ave sche<span class=\"_ _2\"></span>mes (see n<span class=\"_ _2\"></span>ote I1).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs376\">The b<span class=\"_ _2\"></span>alance in th<span class=\"_ _2\"></span>e merge<span class=\"_ _2\"></span>r reser<span class=\"_ _2\"></span>ve aros<span class=\"_ _2\"></span>e upon the is<span class=\"_ _2\"></span>suanc<span class=\"_ _2\"></span>e of equit<span class=\"_ _2\"></span>y share<span class=\"_ _2\"></span>s in 2020 as p<span class=\"_ _2\"></span>art c<span class=\"_ _2\"></span>onsider<span class=\"_ _2\"></span>ation for the a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n of the entire sha<span class=\"_ _2\"></span>re </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs377\">cap<span class=\"_ _2\"></span>ital of ReAs<span class=\"_ _2\"></span>sure Group p<span class=\"_ _2\"></span>lc. The G<span class=\"_ _2\"></span>roup has ap<span class=\"_ _2\"></span>plied the re<span class=\"_ _2\"></span>lief in sec<span class=\"_ _2\"></span>tion 61<span class=\"_ _2\"></span>2 of the Comp<span class=\"_ _2\"></span>anies Act 2<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>6 to prese<span class=\"_ _2\"></span>nt the diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs378\">the co<span class=\"_ _2\"></span>nsider<span class=\"_ _2\"></span>ation rec<span class=\"_ _2\"></span>eived and t<span class=\"_ _2\"></span>he nomina<span class=\"_ _2\"></span>l value of the sh<span class=\"_ _2\"></span>ares iss<span class=\"_ _2\"></span>ued of \u00a31<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>819 millio<span class=\"_ _2\"></span>n in a merger re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve as opp<span class=\"_ _2\"></span>osed to in sh<span class=\"_ _2\"></span>are premium<span class=\"_ _2\"></span>. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-653": {
   "value": "D1. Share Capital<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has is<span class=\"_ _2\"></span>sued o<span class=\"_ _2\"></span>rdinar<span class=\"_ _2\"></span>y shares w<span class=\"_ _2\"></span>hich are cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as equit<span class=\"_ _2\"></span>y. Increm<span class=\"_ _2\"></span>ental ex<span class=\"_ _2\"></span>terna<span class=\"_ _2\"></span>l cost<span class=\"_ _2\"></span>s that are dire<span class=\"_ _2\"></span>ctly at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to the is<span class=\"_ _2\"></span>sue of<span class=\"_ gs132\"> </span>thes<span class=\"_ _2\"></span>e shares are re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, net of ta<span class=\"_ _2\"></span>x<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span><table class=\"s w3e7 h2b0\" id=\"_b82ced5b-1c41-4290-9873-18714d3f3ddd\"><tr><td></td><td class=\"t m0 x44d h3f y57ad ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y57ad ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x262 h3f y57ae ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y57ae ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y57af ff3 fs7 fc1 sc0 ls0 ws0\">Is<span class=\"_ _2\"></span>sued an<span class=\"_ _2\"></span>d fully paid:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ef w3e8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1,<span class=\"_ _2\"></span>001<span class=\"_ _2\"></span>.5 m<span class=\"_ _2\"></span>illion ordinar<span class=\"_ _2\"></span>y sha<span class=\"_ _2\"></span>res of \u00a30.10 eac<span class=\"_ _2\"></span>h (2022: 1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>00.4 m<span class=\"_ _2\"></span>illion)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x744 y55ef w130 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x745 y55ef w61 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr></table>The h<span class=\"_ _2\"></span>olders of ord<span class=\"_ _2\"></span>inar<span class=\"_ _2\"></span>y shares a<span class=\"_ _2\"></span>re entitled to o<span class=\"_ _2\"></span>ne vote per sha<span class=\"_ _2\"></span>re on mat<span class=\"_ _2\"></span>ters to be vote<span class=\"_ _2\"></span>d on by owners a<span class=\"_ _2\"></span>nd to rece<span class=\"_ _2\"></span>ive such divid<span class=\"_ _2\"></span>ends<span class=\"_ _2\"></span>, if any<span class=\"_ _5\"></span>, as may be d<span class=\"_ _2\"></span>eclare<span class=\"_ _2\"></span>d by the Boa<span class=\"_ _2\"></span>rd of Directo<span class=\"_ _2\"></span>rs in its dis<span class=\"_ _2\"></span>cretion ou<span class=\"_ _2\"></span>t of legall<span class=\"_ _2\"></span>y available profit<span class=\"_ _2\"></span>s. Movem<span class=\"_ _2\"></span>ents in is<span class=\"_ _2\"></span>sued sh<span class=\"_ _2\"></span>are capi<span class=\"_ _2\"></span>tal during th<span class=\"_ _2\"></span>e<span class=\"_ gs132\"> </span>year:<span class=\"_ _3bc\"> </span><table class=\"s w3e9 h2b1\" id=\"_1488f4bd-4d33-455d-b00a-77cd51644dc7\"><tr><td></td><td class=\"t m0 x746 h3f y57b0 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x747 h3f y57b0 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x748 h16 y57b0 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y57b0 ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x581 h3f y57b1 ff7 fsf fc1 sc0 lse3 wscd\"> Number</td><td class=\"t m0 x48a h3f y57b1 ff7 fsf fc1 sc0 ls0 ws0\"> \u00a3</td><td class=\"t m0 x749 h16 y57b1 ff3 fsf fc1 sc0 ls82 ws77\"> Numbe<span class=\"_ _2\"></span>r</td><td class=\"t m0 x6ad h16 y57b1 ff3 fsf fc1 sc0 ls0 ws0\"> \u00a3<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y561d w3ea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Sha<span class=\"_ _2\"></span>res in iss<span class=\"_ _2\"></span>ue at 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x74a y561d w3eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1,00<span class=\"_ _2\"></span>0,352<span class=\"_ _5\"></span>,4<span class=\"_ _5\"></span>77<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x74b y561d w3ec h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">100,035,2<span class=\"_ _5\"></span>4<span class=\"_ _7\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x74c y561d w3ed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">99<span class=\"_ _2\"></span>9,53<span class=\"_ _7\"></span>6<span class=\"_ _2\"></span>,058<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x74d y561d w3ee h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">99,95<span class=\"_ _2\"></span>3,605<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w3ef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary s<span class=\"_ _2\"></span>hares is<span class=\"_ _2\"></span>sued in th<span class=\"_ _2\"></span>e year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x74e y561e w3f0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>18<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x74f y561e w3f1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">118,594<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x750 y561e w3f2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">8<span class=\"_ _5\"></span>16,4<span class=\"_ _6\"></span>19<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x751 y561e w3f3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">81<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3f4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">Sh<span class=\"_ _2\"></span>ares in is<span class=\"_ _2\"></span>sue at 3<span class=\"_ _2\"></span>1 Dece<span class=\"_ _2\"></span>mber<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x752 y55ef w3f5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">1,00<span class=\"_ _7\"></span>1,5<span class=\"_ _7\"></span>38,<span class=\"_ _5\"></span>4<span class=\"_ _6\"></span>19<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x753 y55ef w3f6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>41<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x754 y55ef w3f7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls48 wsa4\">1,000<span class=\"_ _7\"></span>,3<span class=\"_ _7\"></span>5<span class=\"_ _7\"></span>2,<span class=\"_ _7\"></span>4<span class=\"_ _7\"></span>77<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x755 y55ef w3f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>247<span class=\"_ _3bc\"> </span></div></td></tr></table>Durin<span class=\"_ _2\"></span>g the year, 1,18<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>942 s<span class=\"_ _2\"></span>hares (202<span class=\"_ _2\"></span>2: 81<span class=\"_ _2\"></span>6,41<span class=\"_ _2\"></span>9) were is<span class=\"_ _2\"></span>sued a<span class=\"_ _2\"></span>t a premium of \u00a36 million (2<span class=\"_ _2\"></span>022: \u00a34 million) in order to sati<span class=\"_ _2\"></span>sf<span class=\"_ _2\"></span>y obligatio<span class=\"_ _2\"></span>ns to empl<span class=\"_ _2\"></span>oyees unde<span class=\"_ _2\"></span>r the Group\u2019s shares<span class=\"_ _2\"></span>ave sche<span class=\"_ _2\"></span>mes (see n<span class=\"_ _2\"></span>ote I1).<span class=\"_ _3bc\"> </span>The b<span class=\"_ _2\"></span>alance in th<span class=\"_ _2\"></span>e merge<span class=\"_ _2\"></span>r reser<span class=\"_ _2\"></span>ve aros<span class=\"_ _2\"></span>e upon the is<span class=\"_ _2\"></span>suanc<span class=\"_ _2\"></span>e of equit<span class=\"_ _2\"></span>y share<span class=\"_ _2\"></span>s in 2020 as p<span class=\"_ _2\"></span>art c<span class=\"_ _2\"></span>onsider<span class=\"_ _2\"></span>ation for the a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n of the entire sha<span class=\"_ _2\"></span>re cap<span class=\"_ _2\"></span>ital of ReAs<span class=\"_ _2\"></span>sure Group p<span class=\"_ _2\"></span>lc. The G<span class=\"_ _2\"></span>roup has ap<span class=\"_ _2\"></span>plied the re<span class=\"_ _2\"></span>lief in sec<span class=\"_ _2\"></span>tion 61<span class=\"_ _2\"></span>2 of the Comp<span class=\"_ _2\"></span>anies Act 2<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>6 to prese<span class=\"_ _2\"></span>nt the diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the co<span class=\"_ _2\"></span>nsider<span class=\"_ _2\"></span>ation rec<span class=\"_ _2\"></span>eived and t<span class=\"_ _2\"></span>he nomina<span class=\"_ _2\"></span>l value of the sh<span class=\"_ _2\"></span>ares iss<span class=\"_ _2\"></span>ued of \u00a31<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>819 millio<span class=\"_ _2\"></span>n in a merger re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve as opp<span class=\"_ _2\"></span>osed to in sh<span class=\"_ _2\"></span>are premium<span class=\"_ _2\"></span>. D2. Shares held b<span class=\"_ _5\"></span>y the emplo<span class=\"_ _7\"></span>yee benefit trust<span class=\"_ _3bc\"> </span>Where t<span class=\"_ _2\"></span>he Phoe<span class=\"_ _2\"></span>nix Group Emp<span class=\"_ _2\"></span>loyee Ben<span class=\"_ _2\"></span>efit T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust (<span class=\"_ _2\"></span>\u2018EBT<span class=\"_ _2\"></span>\u2019) ac<span class=\"_ _2\"></span>quires sh<span class=\"_ _2\"></span>ares in the C<span class=\"_ _2\"></span>ompany or obt<span class=\"_ _2\"></span>ains right<span class=\"_ _2\"></span>s to purchas<span class=\"_ _2\"></span>e its sh<span class=\"_ _2\"></span>ares<span class=\"_ _2\"></span>, the con<span class=\"_ _2\"></span>sideratio<span class=\"_ _2\"></span>n paid (incl<span class=\"_ _2\"></span>uding any at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion cos<span class=\"_ _2\"></span>ts, n<span class=\"_ _2\"></span>et of tax<span class=\"_ _2\"></span>) is shown as a de<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>tion from owne<span class=\"_ _2\"></span>rs\u2019 equit<span class=\"_ _2\"></span>y. Gains and lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s on sale<span class=\"_ _2\"></span>s of shares h<span class=\"_ _2\"></span>eld by the EBT are ch<span class=\"_ _2\"></span>arge<span class=\"_ _2\"></span>d or<span class=\"_ gs132\"> </span>credite<span class=\"_ _2\"></span>d to the own sha<span class=\"_ _2\"></span>res acc<span class=\"_ _2\"></span>ount in equit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>The EBT h<span class=\"_ _2\"></span>olds share<span class=\"_ _2\"></span>s to satis<span class=\"_ _2\"></span>fy awa<span class=\"_ _2\"></span>rds grante<span class=\"_ _2\"></span>d to employee<span class=\"_ _2\"></span>s under the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s sha<span class=\"_ _2\"></span>re-bas<span class=\"_ _2\"></span>ed paym<span class=\"_ _2\"></span>ent sche<span class=\"_ _2\"></span>mes<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><table class=\"s w3f9 h2b2\" id=\"_247de008-df78-4ab6-a250-36f5f2e81bcf\"><tr><td></td><td class=\"t m0 x549 h3f y57b2 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h16 y57b2 ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x552 h3f y57b3 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x553 h16 y57b3 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y57b4 w3fa h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x756 y57b4 w372 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x757 y57b4 w3fb h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w3fc h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Sha<span class=\"_ _2\"></span>res acq<span class=\"_ _2\"></span>uired by the EBT<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x758 y561d w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x759 y561d w13f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">13<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w3fd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Sha<span class=\"_ _2\"></span>res awarde<span class=\"_ _2\"></span>d to employee<span class=\"_ _2\"></span>s by the EBT<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x75a y561e w2c3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(12)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x75b y561e w135 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>12)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3fe h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x215 y55ef w13f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">15<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x75c y55ef w13f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">13<span class=\"_ _3bc\"> </span></div></td></tr></table>Durin<span class=\"_ _2\"></span>g the year 1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>942,<span class=\"_ _2\"></span>979 (2022: 1<span class=\"_ _2\"></span>,764<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>0) shares we<span class=\"_ _2\"></span>re awarded to e<span class=\"_ _2\"></span>mployee<span class=\"_ _2\"></span>s by the EBT and 2,<span class=\"_ _2\"></span>477<span class=\"_ _7\"></span>,<span class=\"_ _2\"></span>897 (202<span class=\"_ _2\"></span>2: 1,<span class=\"_ _2\"></span>970,764) sh<span class=\"_ _2\"></span>ares were p<span class=\"_ _2\"></span>urchase<span class=\"_ _2\"></span>d. The n<span class=\"_ _2\"></span>umber of sha<span class=\"_ _2\"></span>res held by th<span class=\"_ _2\"></span>e EBT at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023 was 2,<span class=\"_ _2\"></span>626<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>94<span class=\"_ _2\"></span>0 (2022: 2,<span class=\"_ _2\"></span>092<span class=\"_ _2\"></span>,022).<span class=\"_ _3bc\"> </span>The C<span class=\"_ _2\"></span>ompany provid<span class=\"_ _2\"></span>ed the EBT with a<span class=\"_ _2\"></span>n interest-free n<span class=\"_ _2\"></span>on-rec<span class=\"_ _2\"></span>ourse f<span class=\"_ _2\"></span>acilit<span class=\"_ _2\"></span>y arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt to enable it to p<span class=\"_ _2\"></span>urchas<span class=\"_ _2\"></span>e the share<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span> D3. Other Reserves<span class=\"_ _3bc\"> </span>The oth<span class=\"_ _2\"></span>er reser<span class=\"_ _2\"></span>ves c<span class=\"_ _2\"></span>omprise th<span class=\"_ _2\"></span>e owner-<span class=\"_ _2\"></span>occupi<span class=\"_ _2\"></span>ed prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y revalu<span class=\"_ _2\"></span>ation rese<span class=\"_ _2\"></span>rve an<span class=\"_ _2\"></span>d the cas<span class=\"_ _2\"></span>h flow hed<span class=\"_ _2\"></span>ging rese<span class=\"_ _2\"></span>rve.<span class=\"_ _3bc\"> </span>Owner-o<span class=\"_ _2\"></span>ccupied propert<span class=\"_ _2\"></span>y r<span class=\"_ _5\"></span>evaluation<span class=\"_ _5\"></span> reserve<span class=\"_ _3bc\"> </span>This res<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ve compris<span class=\"_ _2\"></span>es the reval<span class=\"_ _2\"></span>uation surpl<span class=\"_ _2\"></span>us arising o<span class=\"_ _2\"></span>n revaluation of own<span class=\"_ _2\"></span>er-oc<span class=\"_ _2\"></span>cupied p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>. Wh<span class=\"_ _2\"></span>en a revaluat<span class=\"_ _2\"></span>ion loss a<span class=\"_ _2\"></span>rises on a previo<span class=\"_ _2\"></span>usly revalue<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>et it sho<span class=\"_ _2\"></span>uld be ded<span class=\"_ _2\"></span>ucted fir<span class=\"_ _2\"></span>st ag<span class=\"_ _2\"></span>ainst th<span class=\"_ _2\"></span>e previous re<span class=\"_ _2\"></span>valuation g<span class=\"_ _2\"></span>ain. Any exce<span class=\"_ _2\"></span>ss impair<span class=\"_ _2\"></span>ment will the<span class=\"_ _2\"></span>n be rec<span class=\"_ _2\"></span>orded as a<span class=\"_ _2\"></span>n impairm<span class=\"_ _2\"></span>ent expe<span class=\"_ _2\"></span>nse in the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Cas<span class=\"_ _2\"></span>h flow he<span class=\"_ _2\"></span>dging r<span class=\"_ _2\"></span>eser<span class=\"_ _2\"></span>ve<span class=\"_ _3bc\"> </span>Where a c<span class=\"_ _2\"></span>ash flow h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relation<span class=\"_ _2\"></span>ship exist<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ctive por<span class=\"_ _2\"></span>tion of ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the fair value of de<span class=\"_ _2\"></span>rivatives th<span class=\"_ _2\"></span>at are desig<span class=\"_ _2\"></span>nated an<span class=\"_ _2\"></span>d qualif<span class=\"_ _2\"></span>y as c<span class=\"_ _2\"></span>ash flow he<span class=\"_ _2\"></span>dges is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income a<span class=\"_ _2\"></span>nd acc<span class=\"_ _2\"></span>umulated un<span class=\"_ _2\"></span>der the he<span class=\"_ _2\"></span>ading of ca<span class=\"_ _2\"></span>sh flow he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve. The gain or l<span class=\"_ _2\"></span>oss rel<span class=\"_ _2\"></span>ating to the inef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive por<span class=\"_ _2\"></span>tion is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed imme<span class=\"_ _2\"></span>diately in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>, and is rep<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d in net investm<span class=\"_ _2\"></span>ent inco<span class=\"_ _2\"></span>me.<span class=\"_ _3bc\"> </span>Amo<span class=\"_ _2\"></span>unts previou<span class=\"_ _2\"></span>sly rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me and ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y are re<span class=\"_ _2\"></span>clas<span class=\"_ _2\"></span>sified to profit or l<span class=\"_ _2\"></span>oss in the p<span class=\"_ _2\"></span>eriods when t<span class=\"_ _2\"></span>he hedg<span class=\"_ _2\"></span>ed item af<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>ts profit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, in the sam<span class=\"_ _2\"></span>e line as the re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item.<span class=\"_ _3bc\"> </span>He<span class=\"_ _2\"></span>dge ac<span class=\"_ _2\"></span>counting i<span class=\"_ _2\"></span>s discontin<span class=\"_ _2\"></span>ued whe<span class=\"_ _2\"></span>n the Group revokes the h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relation<span class=\"_ _2\"></span>ship, when th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ing inst<span class=\"_ _2\"></span>rument exp<span class=\"_ _2\"></span>ires or is sol<span class=\"_ _2\"></span>d, termin<span class=\"_ _2\"></span>ated, or exerc<span class=\"_ _2\"></span>ised<span class=\"_ _2\"></span>, or when it n<span class=\"_ _2\"></span>o longe<span class=\"_ _2\"></span>r qualifies fo<span class=\"_ _2\"></span>r hedg<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting. Any g<span class=\"_ _2\"></span>ain or los<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised in ot<span class=\"_ _2\"></span>her comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income a<span class=\"_ _2\"></span>nd acc<span class=\"_ _2\"></span>umulated in e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y at that tim<span class=\"_ _2\"></span>e is recycle<span class=\"_ _2\"></span>d to profit or los<span class=\"_ _2\"></span>s over the pe<span class=\"_ _2\"></span>riod the h<span class=\"_ _2\"></span>edge<span class=\"_ _2\"></span>d item impa<span class=\"_ _2\"></span>cts p<span class=\"_ _2\"></span>rofit or loss<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s of the Group\u2019s hedg<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>y are inclu<span class=\"_ _2\"></span>ded in note E1<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><table class=\"s w3ff h2b3\" id=\"_cf70c4fe-3b05-41c9-a8be-f989357d43f0\"><tr><td></td><td class=\"t m0 x75d h3f y57b5 ff7 fsf fc1 sc0 ls51 ws4b\">Owner-occupied<span class=\"_ _5\"></span> </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x75e h3f y57b6 ff7 fsf fc1 sc0 ls5b ws76\">propert<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span> </td><td class=\"t m0 x2c2 h3f y57b6 ff7 fsf fc1 sc0 ls0 ws0\">Ca<span class=\"_ _2\"></span>sh flow h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ing </td><td></td></tr><tr><td></td><td class=\"t m0 x75f h3f y57b7 ff7 fsf fc1 sc0 ls81 ws75\">revaluation<span class=\"_ _5\"></span> reserve<span class=\"_ _3bc\"> </span></td><td class=\"c n x760 y57b9 w400 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls1b ws19\">rese<span class=\"_ _2\"></span>rve<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x761 y57b9 w401 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls5b ws76\">T<span class=\"_ _7\"></span>otal other reserves<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57ba w402 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x762 y57ba w44 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x763 y57ba w403 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x764 y57ba w44 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5792 w404 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry 20<span class=\"_ _2\"></span>23<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x765 y5792 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x766 y5792 w405 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls25 ws23\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x767 y5792 w405 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls25 ws23\">46<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5793 w406 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other comprehens<span class=\"_ _5\"></span>ive<span class=\"_ _5\"></span> income/<span class=\"_ _7\"></span>(expense<span class=\"_ _5\"></span>) fo<span class=\"_ _5\"></span>r the y<span class=\"_ _7\"></span>ear<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x768 y5793 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x769 y5793 w2c4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(32)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x76a y5793 w19b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(30<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y563b w407 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x76b y563b wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x76c y563b w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x76d y563b w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x76e h16 y57bb ff3 fsf fc1 sc0 lse3 wscd\">Owner-oc<span class=\"_ _2\"></span>cupied </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x5b6 h16 y57bc ff3 fsf fc1 sc0 lse2 ws186\">proper<span class=\"_ _2\"></span>ty revaluation </td><td class=\"t m0 x76f h16 y57bc ff3 fsf fc1 sc0 ls0 ws0\">Ca<span class=\"_ _2\"></span>sh flow h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ing </td><td></td></tr><tr><td></td><td class=\"t m0 x770 h16 y57bd ff3 fsf fc1 sc0 lse6 wsd0\">rese<span class=\"_ _2\"></span>rve<span class=\"_ _3bc\"> </span></td><td class=\"c n x771 y57be w362 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse6 wsd0\">rese<span class=\"_ _2\"></span>rve<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x772 y57be w408 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls83 ws78\">T<span class=\"_ _7\"></span>otal other<span class=\"_ _5\"></span> reserves<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57bf w3a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x773 y57bf w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x774 y57bf w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x775 y57bf w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 w404 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry 20<span class=\"_ _2\"></span>22<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x776 y5600 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x777 y5600 w409 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x778 y5600 w179 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">56<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5601 w40a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other comprehens<span class=\"_ _5\"></span>ive<span class=\"_ _5\"></span> expense fo<span class=\"_ _5\"></span>r the y<span class=\"_ _7\"></span>ear<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x779 y5601 wb7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a6 ws196\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x77a y5601 w365 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a6 ws196\">(5<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x727 y5601 w1d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(10)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w407 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2022<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x77b y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x77c y55ef w1df h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x427 y55ef w13e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">46<span class=\"_ _3bc\"> </span></div></td></tr></table>In Jun<span class=\"_ _2\"></span>e 2021<span class=\"_ _2\"></span>, the Group e<span class=\"_ _2\"></span>ntered into four cro<span class=\"_ _2\"></span>ss curre<span class=\"_ _2\"></span>ncy swa<span class=\"_ _2\"></span>ps which were de<span class=\"_ _2\"></span>signate<span class=\"_ _2\"></span>d as he<span class=\"_ _2\"></span>dging ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts in order to ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t cash fl<span class=\"_ _2\"></span>ow hed<span class=\"_ _2\"></span>ges of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s Euro and US D<span class=\"_ _2\"></span>ollar de<span class=\"_ _2\"></span>nominate<span class=\"_ _2\"></span>d borrowin<span class=\"_ _2\"></span>gs (see n<span class=\"_ _2\"></span>ote E5). Hedg<span class=\"_ _2\"></span>e acc<span class=\"_ _2\"></span>ounting ha<span class=\"_ _2\"></span>s been a<span class=\"_ _2\"></span>dopted ef<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>ive from the date of desig<span class=\"_ _2\"></span>nation of the he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>lationsh<span class=\"_ _2\"></span>ip. The obj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ive of the hedg<span class=\"_ _2\"></span>ing relatio<span class=\"_ _2\"></span>nships is to he<span class=\"_ _2\"></span>dge th<span class=\"_ _2\"></span>e risk of variabilit<span class=\"_ _2\"></span>y in fun<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>al currenc<span class=\"_ _2\"></span>y equi<span class=\"_ _2\"></span>valent ca<span class=\"_ _2\"></span>sh flows with th<span class=\"_ _2\"></span>e foreign cur<span class=\"_ _2\"></span>rency de<span class=\"_ _2\"></span>nominate<span class=\"_ _2\"></span>d borrowin<span class=\"_ _2\"></span>gs due to ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in forwar<span class=\"_ _2\"></span>d rates. T<span class=\"_ _2\"></span>he hed<span class=\"_ _2\"></span>ge ratio (i.e<span class=\"_ _2\"></span>. the relatio<span class=\"_ _2\"></span>nship bet<span class=\"_ _2\"></span>ween t<span class=\"_ _2\"></span>he quantit<span class=\"_ _2\"></span>y of the he<span class=\"_ _2\"></span>dging in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ent and the q<span class=\"_ _2\"></span>uantit<span class=\"_ _2\"></span>y of the hed<span class=\"_ _2\"></span>ged ite<span class=\"_ _2\"></span>m in terms of their re<span class=\"_ _2\"></span>lative weighting<span class=\"_ _2\"></span>) is such th<span class=\"_ _2\"></span>at there is an exac<span class=\"_ _2\"></span>t match in the re<span class=\"_ _2\"></span>lative weightin<span class=\"_ _2\"></span>gs of the he<span class=\"_ _2\"></span>dged i<span class=\"_ _2\"></span>tems and h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g instrum<span class=\"_ _2\"></span>ents wit<span class=\"_ _2\"></span>hin each of the h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relation<span class=\"_ _2\"></span>ships.<span class=\"_ _3bc\"> </span>D4<span class=\"_ _2\"></span>. Tier 1 n<span class=\"_ _2\"></span>otes<span class=\"_ _3bc\"> </span>The Fi<span class=\"_ _2\"></span>xed Rate Res<span class=\"_ _2\"></span>et Perpetu<span class=\"_ _2\"></span>al Restr<span class=\"_ _2\"></span>icted T<span class=\"_ _2\"></span>ier 1 Cont<span class=\"_ _2\"></span>ingent C<span class=\"_ _2\"></span>onvert<span class=\"_ _2\"></span>ible Notes (<span class=\"_ _2\"></span>\u2018T<span class=\"_ _2\"></span>ier 1 Notes\u2019<span class=\"_ _2\"></span>) meet th<span class=\"_ _2\"></span>e definition of e<span class=\"_ _2\"></span>quity a<span class=\"_ _2\"></span>nd acc<span class=\"_ _2\"></span>ordingly are show<span class=\"_ _2\"></span>n as a sepa<span class=\"_ _2\"></span>rate cate<span class=\"_ _2\"></span>gor<span class=\"_ _2\"></span>y within eq<span class=\"_ _2\"></span>uity at t<span class=\"_ _2\"></span>he proce<span class=\"_ _2\"></span>eds of is<span class=\"_ _2\"></span>sue. Th<span class=\"_ _2\"></span>e coupon<span class=\"_ _2\"></span>s on the ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts are rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed as dis<span class=\"_ _2\"></span>tribution<span class=\"_ _2\"></span>s on the date of paym<span class=\"_ _2\"></span>ent and are c<span class=\"_ _2\"></span>harge<span class=\"_ _2\"></span>d directl<span class=\"_ _2\"></span>y to the st<span class=\"_ _2\"></span>atement of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d chan<span class=\"_ _2\"></span>ges in eq<span class=\"_ _2\"></span>uity.<span class=\"_ _3bc\"> </span><table class=\"s w286 h2a1\" id=\"_15a965ce-44a3-449b-a1d9-00140f15f507\"><tr><td></td><td class=\"t m0 x44d h3f y57c0 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y57c0 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x262 h3f y57c1 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y57c1 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ef w147 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Tie<span class=\"_ _2\"></span>r 1 Notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x77d y55ef w149 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">49<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x77e y55ef w91 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">494<span class=\"_ _3bc\"> </span></div></td></tr></table>On 26 A<span class=\"_ _2\"></span>pril 201<span class=\"_ _2\"></span>8, Ol<span class=\"_ _2\"></span>d PGH (the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ult<span class=\"_ _2\"></span>imate parent c<span class=\"_ _2\"></span>ompany up to De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>8) iss<span class=\"_ _2\"></span>ued \u00a350<span class=\"_ _2\"></span>0 million of Tie<span class=\"_ _2\"></span>r 1 Notes<span class=\"_ _2\"></span>, the proc<span class=\"_ _2\"></span>eed<span class=\"_ _2\"></span>s of which were use<span class=\"_ _2\"></span>d to fund a p<span class=\"_ _2\"></span>ortio<span class=\"_ _2\"></span>n of the cas<span class=\"_ _2\"></span>h conside<span class=\"_ _2\"></span>ration for th<span class=\"_ _2\"></span>e acquisi<span class=\"_ _2\"></span>tion of the Stan<span class=\"_ _2\"></span>dard Life As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s. The T<span class=\"_ _2\"></span>ier 1 Notes b<span class=\"_ _2\"></span>ear intere<span class=\"_ _2\"></span>st on their p<span class=\"_ _2\"></span>rincipal am<span class=\"_ _2\"></span>ount at a fixed r<span class=\"_ _2\"></span>ate of 5.75% per a<span class=\"_ _2\"></span>nnum up to the \u2018<span class=\"_ _2\"></span>Firs<span class=\"_ _2\"></span>t Call Date\u2019 of 26 Ap<span class=\"_ _2\"></span>ril 2028<span class=\"_ _2\"></span>. There<span class=\"_ _2\"></span>after th<span class=\"_ _2\"></span>e fixed rate of intere<span class=\"_ _2\"></span>st will be re<span class=\"_ _2\"></span>set on the F<span class=\"_ _2\"></span>irst Ca<span class=\"_ _2\"></span>ll Date and on e<span class=\"_ _2\"></span>ach fif<span class=\"_ _2\"></span>th anniver<span class=\"_ _2\"></span>sar<span class=\"_ _2\"></span>y of this date by referen<span class=\"_ _2\"></span>ce to a 5 year gilt y<span class=\"_ _2\"></span>ield plus a m<span class=\"_ _2\"></span>argin of 4.16<span class=\"_ _2\"></span>9%<span class=\"_ _2\"></span>. Intere<span class=\"_ _2\"></span>st is payab<span class=\"_ _2\"></span>le on the Tie<span class=\"_ _2\"></span>r 1 Notes sem<span class=\"_ _2\"></span>i-annua<span class=\"_ _2\"></span>lly in arrear<span class=\"_ _2\"></span>s on 26 Oc<span class=\"_ _2\"></span>tober an<span class=\"_ _2\"></span>d 26 April. T<span class=\"_ _2\"></span>he coup<span class=\"_ _2\"></span>on paid in the ye<span class=\"_ _2\"></span>ar was \u00a32<span class=\"_ _2\"></span>9 million (2022<span class=\"_ _2\"></span>: \u00a329 millio<span class=\"_ _2\"></span>n)<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>At the is<span class=\"_ _2\"></span>sue date, th<span class=\"_ _2\"></span>e Tier 1 Note<span class=\"_ _2\"></span>s were unse<span class=\"_ _2\"></span>cured an<span class=\"_ _2\"></span>d subordin<span class=\"_ _2\"></span>ated oblig<span class=\"_ _2\"></span>ations of Ol<span class=\"_ _2\"></span>d PGH<span class=\"_ _2\"></span>. On 12 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>8, th<span class=\"_ _2\"></span>e Compa<span class=\"_ _2\"></span>ny was subs<span class=\"_ _2\"></span>tituted in p<span class=\"_ _2\"></span>lace of Ol<span class=\"_ _2\"></span>d PGH as is<span class=\"_ _2\"></span>suer. The T<span class=\"_ _2\"></span>ier 1 Notes h<span class=\"_ _2\"></span>ave no fixed mat<span class=\"_ _2\"></span>urit<span class=\"_ _2\"></span>y date and interes<span class=\"_ _2\"></span>t is payabl<span class=\"_ _2\"></span>e only at the s<span class=\"_ _2\"></span>ole and abs<span class=\"_ _2\"></span>olute disc<span class=\"_ _2\"></span>retion of the Co<span class=\"_ _2\"></span>mpany; a<span class=\"_ _2\"></span>ccordin<span class=\"_ _2\"></span>gly the T<span class=\"_ _2\"></span>ier 1 Notes m<span class=\"_ _2\"></span>eet the de<span class=\"_ _2\"></span>finition of equit<span class=\"_ _2\"></span>y for fin<span class=\"_ _2\"></span>ancial re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting purp<span class=\"_ _2\"></span>oses an<span class=\"_ _2\"></span>d are disclo<span class=\"_ _2\"></span>sed as s<span class=\"_ _2\"></span>uch in the co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted financ<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s. If an interes<span class=\"_ _2\"></span>t payment is n<span class=\"_ _2\"></span>ot made<span class=\"_ _2\"></span>, it is can<span class=\"_ _2\"></span>celled a<span class=\"_ _2\"></span>nd it shall n<span class=\"_ _2\"></span>ot accum<span class=\"_ _2\"></span>ulate or be paya<span class=\"_ _2\"></span>ble at any time the<span class=\"_ _2\"></span>reaf<span class=\"_ _2\"></span>ter<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>The T<span class=\"_ _2\"></span>ier 1 Notes m<span class=\"_ _2\"></span>ay be rede<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>d at par on the F<span class=\"_ _2\"></span>irst C<span class=\"_ _2\"></span>all Date or on any intere<span class=\"_ _2\"></span>st payme<span class=\"_ _2\"></span>nt date there<span class=\"_ _2\"></span>after at t<span class=\"_ _2\"></span>he option of the C<span class=\"_ _2\"></span>ompany an<span class=\"_ _2\"></span>d also in other limi<span class=\"_ _2\"></span>ted circum<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>. If such re<span class=\"_ _2\"></span>demption o<span class=\"_ _2\"></span>ccurs p<span class=\"_ _2\"></span>rior to the fif<span class=\"_ _2\"></span>th anniver<span class=\"_ _2\"></span>sar<span class=\"_ _2\"></span>y of the Is<span class=\"_ _2\"></span>sue Date<span class=\"_ _2\"></span>, such red<span class=\"_ _2\"></span>emption mu<span class=\"_ _2\"></span>st be fun<span class=\"_ _2\"></span>ded ou<span class=\"_ _2\"></span>t of the pro<span class=\"_ _2\"></span>cee<span class=\"_ _2\"></span>ds of a new iss<span class=\"_ _2\"></span>uance of, or exch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>d into, Tier 1 O<span class=\"_ _2\"></span>wn Funds of the s<span class=\"_ _2\"></span>ame or a high<span class=\"_ _2\"></span>er qualit<span class=\"_ _2\"></span>y than t<span class=\"_ _2\"></span>he Tier 1 N<span class=\"_ _2\"></span>otes. In re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of any rede<span class=\"_ _2\"></span>mption or purc<span class=\"_ _2\"></span>hase of the T<span class=\"_ _2\"></span>ier 1 Note<span class=\"_ _2\"></span>s, suc<span class=\"_ _2\"></span>h redempt<span class=\"_ _2\"></span>ion or purch<span class=\"_ _2\"></span>ase is sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to the rece<span class=\"_ _2\"></span>ipt of permis<span class=\"_ _2\"></span>sion to do so fro<span class=\"_ _2\"></span>m the PR<span class=\"_ _2\"></span>A.<span class=\"_ _3bc\"> </span>On 27 O<span class=\"_ _2\"></span>ctober 2<span class=\"_ _2\"></span>020, the te<span class=\"_ _2\"></span>rms of the Tie<span class=\"_ _2\"></span>r 1 Notes were am<span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>d and the c<span class=\"_ _2\"></span>onseq<span class=\"_ _2\"></span>uence of a tr<span class=\"_ _2\"></span>igger e<span class=\"_ _2\"></span>vent, linked to the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II cap<span class=\"_ _2\"></span>ital posi<span class=\"_ _2\"></span>tion, wa<span class=\"_ _2\"></span>s chang<span class=\"_ _2\"></span>ed. Previo<span class=\"_ _2\"></span>usly, the Tie<span class=\"_ _2\"></span>r 1 Notes were sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to a perma<span class=\"_ _2\"></span>nent write<span class=\"_ _2\"></span>-down in value to zero. T<span class=\"_ _2\"></span>he amen<span class=\"_ _2\"></span>ded term<span class=\"_ _2\"></span>s require tha<span class=\"_ _2\"></span>t the Tie<span class=\"_ _2\"></span>r 1 Notes would a<span class=\"_ _2\"></span>utomatic<span class=\"_ _2\"></span>ally be sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to conversi<span class=\"_ _2\"></span>on to ordinar<span class=\"_ _2\"></span>y share<span class=\"_ _2\"></span>s of the Comp<span class=\"_ _2\"></span>any at the conver<span class=\"_ _2\"></span>sion pric<span class=\"_ _2\"></span>e of \u00a31,<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>0 per sh<span class=\"_ _2\"></span>are, subj<span class=\"_ _2\"></span>ect to adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt in acco<span class=\"_ _2\"></span>rdance wi<span class=\"_ _2\"></span>th the terms a<span class=\"_ _2\"></span>nd condi<span class=\"_ _2\"></span>tions of the note<span class=\"_ _2\"></span>s and all ac<span class=\"_ _2\"></span>crued a<span class=\"_ _2\"></span>nd unpaid inte<span class=\"_ _2\"></span>rest woul<span class=\"_ _2\"></span>d be can<span class=\"_ _2\"></span>celle<span class=\"_ _2\"></span>d. Following any such c<span class=\"_ _2\"></span>onversion t<span class=\"_ _2\"></span>here would b<span class=\"_ _2\"></span>e no reins<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of any par<span class=\"_ _2\"></span>t of the princip<span class=\"_ _2\"></span>al amount of, or interes<span class=\"_ _2\"></span>t on, th<span class=\"_ _2\"></span>e Tier 1 Note<span class=\"_ _2\"></span>s at any time.<span class=\"_ _3bc\"> </span>D5. No<span class=\"_ _2\"></span>n-controlling interes<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span>Non-<span class=\"_ _2\"></span>controllin<span class=\"_ _2\"></span>g interest<span class=\"_ _2\"></span>s are sta<span class=\"_ _2\"></span>ted at the sh<span class=\"_ _2\"></span>are of net ass<span class=\"_ _2\"></span>ets at<span class=\"_ _2\"></span>tribute<span class=\"_ _2\"></span>d to the non-<span class=\"_ _2\"></span>controllin<span class=\"_ _2\"></span>g interest h<span class=\"_ _2\"></span>older at th<span class=\"_ _2\"></span>e time of acquis<span class=\"_ _2\"></span>ition, adj<span class=\"_ _2\"></span>usted fo<span class=\"_ _2\"></span>r the relevant s<span class=\"_ _2\"></span>hare of subse<span class=\"_ _2\"></span>quent ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in equit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span><table class=\"s w40b h29f\" id=\"_cc103303-f583-480c-938d-cf608f4f6337\"><tr><td></td><td class=\"t m0 x77f h3f y57c2 ff7 fsf fc1 sc0 ls17 ws15\">APEOT<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x780 h16 y57c2 ff3 fsf fc1 sc0 ls1db ws1db\">AP<span class=\"_ _2\"></span>EOT<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x44d h3f y57c3 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y57c3 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x262 h3f y57c4 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y57c4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y561b w3fa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x781 y561b w240 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">532<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x782 y561b w1bf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">460<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w40c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Profit for the ye<span class=\"_ _2\"></span>ar<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6de y561c wa4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x783 y561c wa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">67<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w40d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Dividends paid<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x784 y561d w29d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(11<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x785 y561d w1cd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(10<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w40e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incre<span class=\"_ _2\"></span>ase in no<span class=\"_ _2\"></span>n-contro<span class=\"_ _2\"></span>lling interes<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x786 y561e w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x787 y561e wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">15<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3fe h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x788 y55ef w1b7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">549<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x789 y55ef w40f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">5<span class=\"_ _2\"></span>32<span class=\"_ _3bc\"> </span></div></td></tr></table>The n<span class=\"_ _2\"></span>on-contro<span class=\"_ _2\"></span>lling interes<span class=\"_ _2\"></span>ts of \u00a354<span class=\"_ _2\"></span>9 million (202<span class=\"_ _2\"></span>2: \u00a3532 millio<span class=\"_ _2\"></span>n) reflect<span class=\"_ _2\"></span>s third par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y owner<span class=\"_ _2\"></span>ship of abrdn Private Equit<span class=\"_ _2\"></span>y Op<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tunities T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust plc (\u2018<span class=\"_ _5\"></span>APEOT\u2019) d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d at the prop<span class=\"_ _2\"></span>ortio<span class=\"_ _2\"></span>nate value of the th<span class=\"_ _2\"></span>ird par<span class=\"_ _2\"></span>ty intere<span class=\"_ _2\"></span>st in the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g asse<span class=\"_ _2\"></span>ts and lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>. APEO<span class=\"_ _7\"></span>T is a U<span class=\"_ _2\"></span>K Invest<span class=\"_ _2\"></span>ment T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t liste<span class=\"_ _2\"></span>d and tra<span class=\"_ _2\"></span>ded on th<span class=\"_ _2\"></span>e London Stoc<span class=\"_ _2\"></span>k Exch<span class=\"_ _2\"></span>ange. A<span class=\"_ _2\"></span>s at 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023<span class=\"_ _2\"></span>, the Group h<span class=\"_ _2\"></span>eld 53<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>% (2022: 5<span class=\"_ _2\"></span>3.6<span class=\"_ _2\"></span>%) of the issu<span class=\"_ _2\"></span>ed share cap<span class=\"_ _2\"></span>ital of APEOT<span class=\"_ _6\"></span>. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s inte<span class=\"_ _2\"></span>rest in APEOT is held in th<span class=\"_ _2\"></span>e With-Profi<span class=\"_ _2\"></span>t and unit-linked fun<span class=\"_ _2\"></span>ds of the Group\u2019s life compan<span class=\"_ _2\"></span>ies. Th<span class=\"_ _2\"></span>erefore, the s<span class=\"_ _2\"></span>hareho<span class=\"_ _2\"></span>lder exp<span class=\"_ _2\"></span>osure to the res<span class=\"_ _2\"></span>ults of APEOT is limited to the imp<span class=\"_ _2\"></span>act of tho<span class=\"_ _2\"></span>se result<span class=\"_ _2\"></span>s on the sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er share of dis<span class=\"_ _2\"></span>tributed p<span class=\"_ _2\"></span>rofits of the rel<span class=\"_ _2\"></span>evant fund. Summ<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y financia<span class=\"_ _2\"></span>l information sh<span class=\"_ _2\"></span>owing the intere<span class=\"_ _2\"></span>st that n<span class=\"_ _2\"></span>on-co<span class=\"_ _2\"></span>ntrolling interes<span class=\"_ _2\"></span>ts have in the G<span class=\"_ _2\"></span>roup\u2019s activitie<span class=\"_ _2\"></span>s and ca<span class=\"_ _2\"></span>sh flows is sh<span class=\"_ _2\"></span>own below<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>AP<span class=\"_ _2\"></span>EOT<span class=\"_ _3bc\"> </span><table class=\"s w410 h2b5\" id=\"_688ff2ed-17bc-4dad-9665-d4edf02323f4\"><tr><td></td><td class=\"t m0 x44d h3f y57c5 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y57c5 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x262 h3f y57c6 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y57c6 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y57c7 ff7 fs7 fc1 sc0 ls69 ws5e\">Statement of financial po<span class=\"_ _2\"></span>sition:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5742 w221 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x78a y5742 w411 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">586<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x78b y5742 w1ce h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">55<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57c8 w229 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2cb y57c8 w341 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x78c y57c8 w372 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5786 w129 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x78d y5786 w2a5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">596<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x78e y5786 w1eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">566<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e7 w187 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls61 ws5f\">T<span class=\"_ _7\"></span>otal liabilitie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x78f y56e7 w354 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2da y56e7 w13f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">34<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y57c9 ff7 fs7 fc1 sc0 ls16 ws14\">Income stat<span class=\"_ _7\"></span>ement:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ec w412 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Net in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2d2 y55ec w413 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x790 y55ec w414 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">74<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y572b w415 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Profit af<span class=\"_ _2\"></span>ter tax<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x791 y572b wa4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x792 y572b wa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">67<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e9 w416 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Comprehensiv<span class=\"_ _7\"></span>e income<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x793 y56e9 wa4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x794 y56e9 wa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">67<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y57ca ff7 fs7 fc1 sc0 ls13 ws11\">Cash flow<span class=\"_ _5\"></span>s:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ef w417 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Net de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x795 y55ef w418 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x796 y55ef w419 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-697": {
   "value": "The Gro<span class=\"_ _2\"></span>up has is<span class=\"_ _2\"></span>sued o<span class=\"_ _2\"></span>rdinar<span class=\"_ _2\"></span>y shares w<span class=\"_ _2\"></span>hich are cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as equit<span class=\"_ _2\"></span>y. Increm<span class=\"_ _2\"></span>ental ex<span class=\"_ _2\"></span>terna<span class=\"_ _2\"></span>l cost<span class=\"_ _2\"></span>s that are dire<span class=\"_ _2\"></span>ctly at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to the is<span class=\"_ _2\"></span>sue of<span class=\"_ gs132\"> </span>thes<span class=\"_ _2\"></span>e shares are re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, net of ta<span class=\"_ _2\"></span>x<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-609": {
   "value": "D2. Shares held b<span class=\"_ _5\"></span>y the emplo<span class=\"_ _7\"></span>yee benefit trust<span class=\"_ _3bc\"> </span>Where t<span class=\"_ _2\"></span>he Phoe<span class=\"_ _2\"></span>nix Group Emp<span class=\"_ _2\"></span>loyee Ben<span class=\"_ _2\"></span>efit T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust (<span class=\"_ _2\"></span>\u2018EBT<span class=\"_ _2\"></span>\u2019) ac<span class=\"_ _2\"></span>quires sh<span class=\"_ _2\"></span>ares in the C<span class=\"_ _2\"></span>ompany or obt<span class=\"_ _2\"></span>ains right<span class=\"_ _2\"></span>s to purchas<span class=\"_ _2\"></span>e its sh<span class=\"_ _2\"></span>ares<span class=\"_ _2\"></span>, the con<span class=\"_ _2\"></span>sideratio<span class=\"_ _2\"></span>n paid (incl<span class=\"_ _2\"></span>uding any at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion cos<span class=\"_ _2\"></span>ts, n<span class=\"_ _2\"></span>et of tax<span class=\"_ _2\"></span>) is shown as a de<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>tion from owne<span class=\"_ _2\"></span>rs\u2019 equit<span class=\"_ _2\"></span>y. Gains and lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s on sale<span class=\"_ _2\"></span>s of shares h<span class=\"_ _2\"></span>eld by the EBT are ch<span class=\"_ _2\"></span>arge<span class=\"_ _2\"></span>d or<span class=\"_ gs132\"> </span>credite<span class=\"_ _2\"></span>d to the own sha<span class=\"_ _2\"></span>res acc<span class=\"_ _2\"></span>ount in equit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>The EBT h<span class=\"_ _2\"></span>olds share<span class=\"_ _2\"></span>s to satis<span class=\"_ _2\"></span>fy awa<span class=\"_ _2\"></span>rds grante<span class=\"_ _2\"></span>d to employee<span class=\"_ _2\"></span>s under the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s sha<span class=\"_ _2\"></span>re-bas<span class=\"_ _2\"></span>ed paym<span class=\"_ _2\"></span>ent sche<span class=\"_ _2\"></span>mes<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><table class=\"s w3f9 h2b2\" id=\"_247de008-df78-4ab6-a250-36f5f2e81bcf\"><tr><td></td><td class=\"t m0 x549 h3f y57b2 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h16 y57b2 ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x552 h3f y57b3 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x553 h16 y57b3 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y57b4 w3fa h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x756 y57b4 w372 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x757 y57b4 w3fb h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w3fc h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Sha<span class=\"_ _2\"></span>res acq<span class=\"_ _2\"></span>uired by the EBT<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x758 y561d w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x759 y561d w13f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">13<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w3fd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Sha<span class=\"_ _2\"></span>res awarde<span class=\"_ _2\"></span>d to employee<span class=\"_ _2\"></span>s by the EBT<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x75a y561e w2c3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(12)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x75b y561e w135 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>12)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3fe h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x215 y55ef w13f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">15<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x75c y55ef w13f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">13<span class=\"_ _3bc\"> </span></div></td></tr></table>Durin<span class=\"_ _2\"></span>g the year 1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>942,<span class=\"_ _2\"></span>979 (2022: 1<span class=\"_ _2\"></span>,764<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>0) shares we<span class=\"_ _2\"></span>re awarded to e<span class=\"_ _2\"></span>mployee<span class=\"_ _2\"></span>s by the EBT and 2,<span class=\"_ _2\"></span>477<span class=\"_ _7\"></span>,<span class=\"_ _2\"></span>897 (202<span class=\"_ _2\"></span>2: 1,<span class=\"_ _2\"></span>970,764) sh<span class=\"_ _2\"></span>ares were p<span class=\"_ _2\"></span>urchase<span class=\"_ _2\"></span>d. The n<span class=\"_ _2\"></span>umber of sha<span class=\"_ _2\"></span>res held by th<span class=\"_ _2\"></span>e EBT at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023 was 2,<span class=\"_ _2\"></span>626<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>94<span class=\"_ _2\"></span>0 (2022: 2,<span class=\"_ _2\"></span>092<span class=\"_ _2\"></span>,022).<span class=\"_ _3bc\"> </span>The C<span class=\"_ _2\"></span>ompany provid<span class=\"_ _2\"></span>ed the EBT with a<span class=\"_ _2\"></span>n interest-free n<span class=\"_ _2\"></span>on-rec<span class=\"_ _2\"></span>ourse f<span class=\"_ _2\"></span>acilit<span class=\"_ _2\"></span>y arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt to enable it to p<span class=\"_ _2\"></span>urchas<span class=\"_ _2\"></span>e the share<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>I1. Share-based payment<span class=\"_ _3bc\"> </span>Equit<span class=\"_ _2\"></span>y-s<span class=\"_ _2\"></span>ettle<span class=\"_ _2\"></span>d share<span class=\"_ _2\"></span>-bas<span class=\"_ _2\"></span>ed payme<span class=\"_ _2\"></span>nts to empl<span class=\"_ _2\"></span>oyees and oth<span class=\"_ _2\"></span>ers providin<span class=\"_ _2\"></span>g ser<span class=\"_ _2\"></span>vices a<span class=\"_ _2\"></span>re meas<span class=\"_ _2\"></span>ured at the fa<span class=\"_ _2\"></span>ir value of the eq<span class=\"_ _2\"></span>uity in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents at the gr<span class=\"_ _2\"></span>ant date. The f<span class=\"_ _2\"></span>air value exclu<span class=\"_ _2\"></span>des the ef<span class=\"_ _2\"></span>fect of n<span class=\"_ _2\"></span>on-market-bas<span class=\"_ _2\"></span>ed vestin<span class=\"_ _2\"></span>g condit<span class=\"_ _2\"></span>ions. Fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>etails reg<span class=\"_ _2\"></span>arding th<span class=\"_ _2\"></span>e determinat<span class=\"_ _2\"></span>ion of the fair valu<span class=\"_ _2\"></span>e of equit<span class=\"_ _2\"></span>y-se<span class=\"_ _2\"></span>ttle<span class=\"_ _2\"></span>d share<span class=\"_ _2\"></span>-base<span class=\"_ _2\"></span>d trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ons are set o<span class=\"_ _2\"></span>ut below.<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir value determ<span class=\"_ _2\"></span>ined at the g<span class=\"_ _2\"></span>rant date of the e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y-set<span class=\"_ _2\"></span>tle<span class=\"_ _2\"></span>d share<span class=\"_ _2\"></span>-base<span class=\"_ _2\"></span>d payment<span class=\"_ _2\"></span>s is expe<span class=\"_ _2\"></span>nsed o<span class=\"_ _2\"></span>n a straig<span class=\"_ _2\"></span>ht-line basis over th<span class=\"_ _2\"></span>e vesting peri<span class=\"_ _2\"></span>od, ba<span class=\"_ _2\"></span>sed on th<span class=\"_ _2\"></span>e Group\u2019s estimate of e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y instr<span class=\"_ _2\"></span>uments th<span class=\"_ _2\"></span>at will eventua<span class=\"_ _2\"></span>lly vest<span class=\"_ _2\"></span>. At each pe<span class=\"_ _2\"></span>riod end<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up revises it<span class=\"_ _2\"></span>s estim<span class=\"_ _2\"></span>ate of the numb<span class=\"_ _2\"></span>er of equit<span class=\"_ _2\"></span>y ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s expe<span class=\"_ _2\"></span>cted to ves<span class=\"_ _2\"></span>t as a result of th<span class=\"_ _2\"></span>e effec<span class=\"_ _2\"></span>t of non-m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et-bas<span class=\"_ _2\"></span>ed ves<span class=\"_ _2\"></span>ting con<span class=\"_ _2\"></span>ditions<span class=\"_ _2\"></span>. The impa<span class=\"_ _2\"></span>ct of the revisio<span class=\"_ _2\"></span>n of the orig<span class=\"_ _2\"></span>inal es<span class=\"_ _2\"></span>timates<span class=\"_ _2\"></span>, if any<span class=\"_ _5\"></span>, is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated inco<span class=\"_ _2\"></span>me sta<span class=\"_ _2\"></span>tement su<span class=\"_ _2\"></span>ch that the c<span class=\"_ _2\"></span>umulative exp<span class=\"_ _2\"></span>ense refl<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s the revise<span class=\"_ _2\"></span>d es<span class=\"_ _2\"></span>timate with a co<span class=\"_ _2\"></span>rrespon<span class=\"_ _2\"></span>ding adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ent to equit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>I1.1 Share-based pa<span class=\"_ _5\"></span>yment ex<span class=\"_ _5\"></span>pense<span class=\"_ _3bc\"> </span>The exp<span class=\"_ _2\"></span>ense re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised for e<span class=\"_ _2\"></span>mployee s<span class=\"_ _2\"></span>ervi<span class=\"_ _2\"></span>ces rec<span class=\"_ _2\"></span>eivable d<span class=\"_ _2\"></span>uring the year i<span class=\"_ _2\"></span>s as follows: 202<span class=\"_ _2\"></span>3 \u00a3m<span class=\"_ _3bc\"> </span>2022<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>E<span class=\"_ _2\"></span>xpens<span class=\"_ _2\"></span>e arising fro<span class=\"_ _2\"></span>m equit<span class=\"_ _2\"></span>y-s<span class=\"_ _2\"></span>ettle<span class=\"_ _2\"></span>d share<span class=\"_ _2\"></span>-bas<span class=\"_ _2\"></span>ed payme<span class=\"_ _2\"></span>nt trans<span class=\"_ _2\"></span>action<span class=\"_ _2\"></span>s<span class=\"_ _60\"> </span><span class=\"ff7 ls1b9 ws1b8\">22<span class=\"_ _c8\"> </span></span><span class=\"ls9d ws58\">16<span class=\"_ _3bc\"> </span></span>I1.<span class=\"_ _2\"></span>2 Share-based pa<span class=\"_ _5\"></span>yment ex<span class=\"_ _5\"></span>pense<span class=\"_ _3bc\"> </span>Long-<span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>erm Incentive<span class=\"_ _5\"></span> Plan (\u2018L<span class=\"_ _6\"></span>TI<span class=\"_ _2\"></span>P\u2019<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up implem<span class=\"_ _2\"></span>ented a Long<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>T<span class=\"_ _5\"></span>erm In<span class=\"_ _2\"></span>centive Plan to ret<span class=\"_ _2\"></span>ain and moti<span class=\"_ _2\"></span>vate its se<span class=\"_ _2\"></span>nior mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt group. Th<span class=\"_ _2\"></span>e awards unde<span class=\"_ _2\"></span>r this plan are in t<span class=\"_ _2\"></span>he form of nil-c<span class=\"_ _2\"></span>ost optio<span class=\"_ _2\"></span>ns to acquire a<span class=\"_ _2\"></span>n allocate<span class=\"_ _2\"></span>d numbe<span class=\"_ _2\"></span>r of ordinar<span class=\"_ _2\"></span>y share<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>As<span class=\"_ _2\"></span>suming no g<span class=\"_ _2\"></span>ood le<span class=\"_ _2\"></span>avers or othe<span class=\"_ _2\"></span>r events whic<span class=\"_ _2\"></span>h would trig<span class=\"_ _2\"></span>ger ea<span class=\"_ _2\"></span>rly vestin<span class=\"_ _2\"></span>g rights<span class=\"_ _2\"></span>, the 202<span class=\"_ _2\"></span>1, 202<span class=\"_ _2\"></span>2 and 2023 L<span class=\"_ _7\"></span>TI<span class=\"_ _2\"></span>P awards are s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce con<span class=\"_ _2\"></span>ditions tie<span class=\"_ _2\"></span>d to the Group\u2019s per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce in resp<span class=\"_ _2\"></span>ect of net o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g cash re<span class=\"_ _2\"></span>ceipt<span class=\"_ _2\"></span>s, ret<span class=\"_ _2\"></span>urn on share<span class=\"_ _2\"></span>holder va<span class=\"_ _2\"></span>lue, pe<span class=\"_ _2\"></span>rsiste<span class=\"_ _2\"></span>ncy an<span class=\"_ _2\"></span>d total sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er return (<span class=\"_ _2\"></span>\u2018TS<span class=\"_ _2\"></span>R<span class=\"_ _2\"></span>\u2019). The 20<span class=\"_ _2\"></span>22 and 2023 L<span class=\"_ _7\"></span>T<span class=\"_ _2\"></span>IP awards al<span class=\"_ _2\"></span>so inclu<span class=\"_ _2\"></span>de a per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e condit<span class=\"_ _2\"></span>ion tied to th<span class=\"_ _2\"></span>e Group\u2019s perfor<span class=\"_ _2\"></span>mance o<span class=\"_ _2\"></span>n dec<span class=\"_ _2\"></span>arbon<span class=\"_ _2\"></span>isation<span class=\"_ _2\"></span>. See th<span class=\"_ _2\"></span>e Direc<span class=\"_ _2\"></span>tors\u2019 Remun<span class=\"_ _2\"></span>eration Re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t for fur<span class=\"_ _2\"></span>ther det<span class=\"_ _2\"></span>ails of the per<span class=\"_ _2\"></span>forma<span class=\"_ _2\"></span>nce con<span class=\"_ _2\"></span>ditions<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>For all L<span class=\"_ _7\"></span>TIP aw<span class=\"_ _2\"></span>ards, a h<span class=\"_ _2\"></span>olding p<span class=\"_ _2\"></span>eriod app<span class=\"_ _2\"></span>lies so th<span class=\"_ _2\"></span>at any L<span class=\"_ _6\"></span>TI<span class=\"_ _2\"></span>P awards to E<span class=\"_ _2\"></span>xecutive C<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>tee me<span class=\"_ _2\"></span>mber<span class=\"_ _2\"></span>s for which the p<span class=\"_ _2\"></span>erfo<span class=\"_ _2\"></span>rmance ve<span class=\"_ _2\"></span>sting require<span class=\"_ _2\"></span>ments a<span class=\"_ _2\"></span>re satisfi<span class=\"_ _2\"></span>ed will not b<span class=\"_ _2\"></span>e releas<span class=\"_ _2\"></span>ed for a fur<span class=\"_ _2\"></span>ther t<span class=\"_ _2\"></span>wo year<span class=\"_ _2\"></span>s from the third a<span class=\"_ _2\"></span>nnivers<span class=\"_ _2\"></span>ary of th<span class=\"_ _2\"></span>e original aw<span class=\"_ _2\"></span>ard date. Divi<span class=\"_ _2\"></span>dends will a<span class=\"_ _2\"></span>ccrue on L<span class=\"_ _7\"></span>TIP aw<span class=\"_ _2\"></span>ards until the en<span class=\"_ _2\"></span>d of the holdin<span class=\"_ _2\"></span>g perio<span class=\"_ _2\"></span>d. There are n<span class=\"_ _2\"></span>o cash s<span class=\"_ _2\"></span>ett<span class=\"_ _2\"></span>lement al<span class=\"_ _2\"></span>ternatives<span class=\"_ _2\"></span>. 2023 L<span class=\"_ _7\"></span>TI<span class=\"_ _2\"></span>P awards were gr<span class=\"_ _2\"></span>anted on 17 M<span class=\"_ _2\"></span>arch 2023 an<span class=\"_ _2\"></span>d are expe<span class=\"_ _2\"></span>cted to ves<span class=\"_ _2\"></span>t on 17 Marc<span class=\"_ _2\"></span>h 2026<span class=\"_ _2\"></span>. The 2020 L<span class=\"_ _7\"></span>TI<span class=\"_ _2\"></span>P awards ves<span class=\"_ _2\"></span>ted on 13 M<span class=\"_ _2\"></span>arch 2023<span class=\"_ _2\"></span>. The 20<span class=\"_ _2\"></span>21 awards will ves<span class=\"_ _2\"></span>t on 12 Ma<span class=\"_ _2\"></span>rch 2024 and the 202<span class=\"_ _2\"></span>2 awards will ves<span class=\"_ _2\"></span>t on 18 M<span class=\"_ _2\"></span>arch 2025<span class=\"_ _2\"></span>. The fa<span class=\"_ _2\"></span>ir value of thes<span class=\"_ _2\"></span>e awards is es<span class=\"_ _2\"></span>timate<span class=\"_ _2\"></span>d at the averag<span class=\"_ _2\"></span>e share pri<span class=\"_ _2\"></span>ce in the thre<span class=\"_ _2\"></span>e days prec<span class=\"_ _2\"></span>eding th<span class=\"_ _2\"></span>e date of grant, t<span class=\"_ _2\"></span>aking into ac<span class=\"_ _2\"></span>count the te<span class=\"_ _2\"></span>rms and c<span class=\"_ _2\"></span>ondition<span class=\"_ _2\"></span>s upon which th<span class=\"_ _2\"></span>e instr<span class=\"_ _2\"></span>uments we<span class=\"_ _2\"></span>re granted<span class=\"_ _2\"></span>. The fair val<span class=\"_ _2\"></span>ue of the L<span class=\"_ _6\"></span>T<span class=\"_ _2\"></span>IP awards is a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted in resp<span class=\"_ _2\"></span>ect of th<span class=\"_ _2\"></span>e TSR pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance con<span class=\"_ _2\"></span>dition which is d<span class=\"_ _2\"></span>eeme<span class=\"_ _2\"></span>d to be a \u2018market condit<span class=\"_ _2\"></span>ion\u2019<span class=\"_ _7\"></span>. The fa<span class=\"_ _2\"></span>ir value of the 202<span class=\"_ _2\"></span>0, 2021 an<span class=\"_ _2\"></span>d 2022 TS<span class=\"_ _2\"></span>R eleme<span class=\"_ _2\"></span>nts of the L<span class=\"_ _7\"></span>TI<span class=\"_ _2\"></span>P awards has b<span class=\"_ _2\"></span>een cal<span class=\"_ _2\"></span>culated us<span class=\"_ _2\"></span>ing a Monte Ca<span class=\"_ _2\"></span>rlo mode<span class=\"_ _2\"></span>l. The inp<span class=\"_ _2\"></span>uts to this m<span class=\"_ _2\"></span>odel are sh<span class=\"_ _2\"></span>own below<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>2023<span class=\"_ _97\"> </span><span class=\"ff3 lse3 wscd\">2022<span class=\"_ _12d\"> </span>2021<span class=\"_ _3bc\"> </span></span>TSR performance condition<span class=\"_ _3bc\"> </span>TS<span class=\"_ _2\"></span>R per<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e condition<span class=\"_ _3bc\"> </span>TS<span class=\"_ _2\"></span>R per<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e condition<span class=\"_ _3bc\"> </span>Sha<span class=\"_ _2\"></span>re price (p)<span class=\"_ _30d\"> </span><span class=\"ff7 ls5d ws1c0\">559<span class=\"_ _8c\"> </span></span><span class=\"ls1ac ws1a4\">6<span class=\"_ _2\"></span>39<span class=\"_ _52\"> </span><span class=\"ls1b9 ws1b8\">738.6<span class=\"_ _3bc\"> </span></span></span>Expected<span class=\"_ _7\"></span> term<span class=\"_ _5\"></span> (y<span class=\"_ _7\"></span>ears)<span class=\"_ _382\"> </span><span class=\"ff7 ls5d ws1c0\">2.8<span class=\"_ _12c\"> </span></span><span class=\"ls1a8 ws19f\">2.8<span class=\"_ _75\"> </span><span class=\"ls1c9 ws1c9\">3.0<span class=\"_ _3bc\"> </span></span></span>E<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted volatilit<span class=\"_ _2\"></span>y (%)<span class=\"_ _382\"> </span><span class=\"ff7 ls173 ws1a8\">23<span class=\"_ _3b\"> </span></span><span class=\"ls1c5 ws1c5\">31<span class=\"_ _3b\"> </span><span class=\"ls4b ws122\">30<span class=\"_ _3bc\"> </span></span></span>Risk-free interes<span class=\"_ _2\"></span>t rate (%)<span class=\"_ _167\"> </span><span class=\"ff7 ls1b3 ws1b1\">3<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>31<span class=\"_ _2e\"> </span></span><span class=\"ls1b2 ws1af\">1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>21<span class=\"_ _2d\"> </span><span class=\"ls1be ws1bd\">0.14<span class=\"_ _3bc\"> </span></span></span>E<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted divide<span class=\"_ _2\"></span>nd yield (%)<span class=\"_ _1de\"> </span>Dividend<span class=\"_ _2\"></span>s are rece<span class=\"_ _2\"></span>ived by holde<span class=\"_ _2\"></span>rs of the awar<span class=\"_ _2\"></span>ds therefore n<span class=\"_ _2\"></span>o adju<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt to fair value is re<span class=\"_ _2\"></span>quired<span class=\"_ _3bc\"> </span>On 4 Oc<span class=\"_ _2\"></span>tober 2<span class=\"_ _2\"></span>023, 1<span class=\"_ _2\"></span>9 Aug<span class=\"_ _2\"></span>ust 202<span class=\"_ _2\"></span>2 and 17 Augu<span class=\"_ _2\"></span>st 2021<span class=\"_ _2\"></span>, L<span class=\"_ _7\"></span>TIP aw<span class=\"_ _2\"></span>ards were gra<span class=\"_ _2\"></span>nted to cer<span class=\"_ _2\"></span>tain s<span class=\"_ _2\"></span>enior man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>ment empl<span class=\"_ _2\"></span>oyees<span class=\"_ _2\"></span>. The vest<span class=\"_ _2\"></span>ing peri<span class=\"_ _2\"></span>ods and p<span class=\"_ _2\"></span>erfor<span class=\"_ _2\"></span>mance c<span class=\"_ _2\"></span>ondition<span class=\"_ _2\"></span>s for thes<span class=\"_ _2\"></span>e awards are linked to the c<span class=\"_ _2\"></span>ore 2021<span class=\"_ _2\"></span>, 2022 an<span class=\"_ _2\"></span>d 2023 L<span class=\"_ _7\"></span>TIP aw<span class=\"_ _2\"></span>ards resp<span class=\"_ _2\"></span>ective<span class=\"_ _2\"></span>ly<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>On 17 M<span class=\"_ _2\"></span>arch 2023 an<span class=\"_ _2\"></span>d 4 Octob<span class=\"_ _2\"></span>er 2023 L<span class=\"_ _7\"></span>TI<span class=\"_ _2\"></span>P Buy-o<span class=\"_ _2\"></span>ut awards were g<span class=\"_ _2\"></span>ranted to c<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>ain senio<span class=\"_ _2\"></span>r manag<span class=\"_ _2\"></span>ement e<span class=\"_ _2\"></span>mployees<span class=\"_ _2\"></span>. The<span class=\"_ _2\"></span>re are discrete ves<span class=\"_ _2\"></span>ting peri<span class=\"_ _2\"></span>ods for the<span class=\"_ _2\"></span>se awards an<span class=\"_ _2\"></span>d these g<span class=\"_ _2\"></span>rants of sh<span class=\"_ _2\"></span>ares are co<span class=\"_ _2\"></span>nditiona<span class=\"_ _2\"></span>l on the empl<span class=\"_ _2\"></span>oyees rema<span class=\"_ _2\"></span>ining in empl<span class=\"_ _2\"></span>oyment with th<span class=\"_ _2\"></span>e Group for the ve<span class=\"_ _2\"></span>sting peri<span class=\"_ _2\"></span>od. Simil<span class=\"_ _2\"></span>ar awards were al<span class=\"_ _2\"></span>so iss<span class=\"_ _2\"></span>ued on 1<span class=\"_ _2\"></span>8 March 20<span class=\"_ _2\"></span>22, 19 A<span class=\"_ _2\"></span>ugus<span class=\"_ _2\"></span>t 2022, 12 M<span class=\"_ _2\"></span>arch 2021 a<span class=\"_ _2\"></span>nd 17 Augu<span class=\"_ _2\"></span>st 2021<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Eac<span class=\"_ _2\"></span>h year<span class=\"_ _5\"></span>, the Gro<span class=\"_ _2\"></span>up issue<span class=\"_ _2\"></span>s a Chairma<span class=\"_ _2\"></span>n\u2019<span class=\"_ _7\"></span>s sh<span class=\"_ _2\"></span>are award und<span class=\"_ _2\"></span>er the term<span class=\"_ _2\"></span>s of the L<span class=\"_ _6\"></span>TI<span class=\"_ _2\"></span>P which is gr<span class=\"_ _2\"></span>anted to a sma<span class=\"_ _2\"></span>ll number of em<span class=\"_ _2\"></span>ployees in re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition of their ou<span class=\"_ _2\"></span>tst<span class=\"_ _2\"></span>anding c<span class=\"_ _2\"></span>ontribution in t<span class=\"_ _2\"></span>he previous ye<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>. Th<span class=\"_ _2\"></span>e awards are gr<span class=\"_ _2\"></span>anted on the s<span class=\"_ _2\"></span>ame date<span class=\"_ _2\"></span>s as the core 2<span class=\"_ _2\"></span>021<span class=\"_ _2\"></span>, 2022 and 2<span class=\"_ _2\"></span>023 L<span class=\"_ _6\"></span>TI<span class=\"_ _2\"></span>P awards<span class=\"_ _2\"></span>. The<span class=\"_ _2\"></span>se grant<span class=\"_ _2\"></span>s of shares are c<span class=\"_ _2\"></span>ondition<span class=\"_ _2\"></span>al on the em<span class=\"_ _2\"></span>ployees re<span class=\"_ _2\"></span>maining in em<span class=\"_ _2\"></span>ployment wi<span class=\"_ _2\"></span>th the Group for t<span class=\"_ _2\"></span>he vestin<span class=\"_ _2\"></span>g perio<span class=\"_ _2\"></span>d and achie<span class=\"_ _2\"></span>ving an es<span class=\"_ _2\"></span>tablish<span class=\"_ _2\"></span>ed minimum g<span class=\"_ _2\"></span>ood/<span class=\"_ _7\"></span>g<span class=\"_ _2\"></span>ood p<span class=\"_ _2\"></span>erfor<span class=\"_ _2\"></span>mance g<span class=\"_ _2\"></span>rading<span class=\"_ _2\"></span>. Goo<span class=\"_ _2\"></span>d leavers will b<span class=\"_ _2\"></span>e able to, at th<span class=\"_ _2\"></span>e discretio<span class=\"_ _2\"></span>n of the Remune<span class=\"_ _2\"></span>ration C<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>tee, exerc<span class=\"_ _2\"></span>ise their f<span class=\"_ _2\"></span>ull award at ves<span class=\"_ _2\"></span>ting.<span class=\"_ _3bc\"> </span>Defe<span class=\"_ _2\"></span>rred Bo<span class=\"_ _2\"></span>nus Sh<span class=\"_ _2\"></span>are S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e (\u2018D<span class=\"_ _2\"></span>BSS<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>Eac<span class=\"_ _2\"></span>h year<span class=\"_ _5\"></span>, par<span class=\"_ _2\"></span>t of the annu<span class=\"_ _2\"></span>al incent<span class=\"_ _2\"></span>ive for cer<span class=\"_ _2\"></span>tain exec<span class=\"_ _2\"></span>utives is defer<span class=\"_ _2\"></span>red into share<span class=\"_ _2\"></span>s of the parent c<span class=\"_ _2\"></span>ompany. The grant of th<span class=\"_ _2\"></span>ese sha<span class=\"_ _2\"></span>res is con<span class=\"_ _2\"></span>ditional on th<span class=\"_ _2\"></span>e employe<span class=\"_ _2\"></span>e remaining in e<span class=\"_ _2\"></span>mployme<span class=\"_ _2\"></span>nt with the Gro<span class=\"_ _2\"></span>up for a perio<span class=\"_ _2\"></span>d of three year<span class=\"_ _2\"></span>s from the date of gr<span class=\"_ _2\"></span>ant. Go<span class=\"_ _2\"></span>od leaver<span class=\"_ _2\"></span>s will be able to, a<span class=\"_ _2\"></span>t the discret<span class=\"_ _2\"></span>ion of the Remun<span class=\"_ _2\"></span>eration C<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>tee, exe<span class=\"_ _2\"></span>rcise the<span class=\"_ _2\"></span>ir full award at ves<span class=\"_ _2\"></span>ting. D<span class=\"_ _2\"></span>ividen<span class=\"_ _2\"></span>ds will accr<span class=\"_ _2\"></span>ue for DB<span class=\"_ _2\"></span>SS awards over t<span class=\"_ _2\"></span>he three<span class=\"_ _2\"></span>-year d<span class=\"_ _2\"></span>eferral pe<span class=\"_ _2\"></span>riod.<span class=\"_ _3bc\"> </span>The 20<span class=\"_ _2\"></span>23 DBS<span class=\"_ _2\"></span>S was gra<span class=\"_ _2\"></span>nted on 17 Marc<span class=\"_ _2\"></span>h 2023 and is ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted to vest o<span class=\"_ _2\"></span>n 17 March 202<span class=\"_ _2\"></span>6. Th<span class=\"_ _2\"></span>e 2020 DB<span class=\"_ _2\"></span>SS award<span class=\"_ _2\"></span>s vested o<span class=\"_ _2\"></span>n 13 March 2<span class=\"_ _2\"></span>023. Th<span class=\"_ _2\"></span>e 2021 aw<span class=\"_ _2\"></span>ards are expe<span class=\"_ _2\"></span>cte<span class=\"_ _2\"></span>d to vest on 12 M<span class=\"_ _2\"></span>arch 2024 and the 202<span class=\"_ _2\"></span>2 awards are ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted to vest on 1<span class=\"_ _2\"></span>8 Marc<span class=\"_ _2\"></span>h 2025. The fa<span class=\"_ _2\"></span>ir value of thes<span class=\"_ _2\"></span>e awards is es<span class=\"_ _2\"></span>timate<span class=\"_ _2\"></span>d at the averag<span class=\"_ _2\"></span>e share pri<span class=\"_ _2\"></span>ce in the thre<span class=\"_ _2\"></span>e days prec<span class=\"_ _2\"></span>eding th<span class=\"_ _2\"></span>e date of the grant<span class=\"_ _2\"></span>, taking into a<span class=\"_ _2\"></span>ccount t<span class=\"_ _2\"></span>he terms an<span class=\"_ _2\"></span>d condit<span class=\"_ _2\"></span>ions upon wh<span class=\"_ _2\"></span>ich the option<span class=\"_ _2\"></span>s were grante<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gsc2d\">Sh<span class=\"_ _2\"></span>ares<span class=\"_ _2\"></span>ave schem<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc2e\">The sh<span class=\"_ _2\"></span>aresave sc<span class=\"_ _2\"></span>heme all<span class=\"_ _2\"></span>ows par<span class=\"_ _2\"></span>ticipatin<span class=\"_ _2\"></span>g employee<span class=\"_ _2\"></span>s to save up to \u00a350<span class=\"_ _2\"></span>0 each m<span class=\"_ _2\"></span>onth for the UK s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e and up to \u20ac5<span class=\"_ _2\"></span>00 pe<span class=\"_ _2\"></span>r month for the I<span class=\"_ _2\"></span>rish </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc2f\">sch<span class=\"_ _2\"></span>eme over a pe<span class=\"_ _2\"></span>riod of eithe<span class=\"_ _2\"></span>r three or five ye<span class=\"_ _2\"></span>ars. T<span class=\"_ _2\"></span>he 2023 sh<span class=\"_ _2\"></span>aresave optio<span class=\"_ _2\"></span>ns were grante<span class=\"_ _2\"></span>d on 25 Oc<span class=\"_ _2\"></span>tober 20<span class=\"_ _2\"></span>23. Iri<span class=\"_ _2\"></span>sh Share<span class=\"_ _2\"></span>save options a<span class=\"_ _2\"></span>re no </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls18 ws16 gsc30\">longer granted.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc31\">Unde<span class=\"_ _2\"></span>r the share<span class=\"_ _2\"></span>save arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt, par<span class=\"_ _2\"></span>ticip<span class=\"_ _2\"></span>ants rema<span class=\"_ _2\"></span>ining in the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s e<span class=\"_ _2\"></span>mployme<span class=\"_ _2\"></span>nt at the end of the t<span class=\"_ _2\"></span>hree or five yea<span class=\"_ _2\"></span>r saving pe<span class=\"_ _2\"></span>riod are </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc32\">entitle<span class=\"_ _2\"></span>d to use the<span class=\"_ _2\"></span>ir savings to p<span class=\"_ _2\"></span>urchas<span class=\"_ _2\"></span>e shares at a<span class=\"_ _2\"></span>n exercise pri<span class=\"_ _2\"></span>ce at a disc<span class=\"_ _2\"></span>ount to the sha<span class=\"_ _2\"></span>re price on th<span class=\"_ _2\"></span>e date of grant. Em<span class=\"_ _2\"></span>ployees le<span class=\"_ _2\"></span>aving the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc33\">Group for c<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>tain reas<span class=\"_ _2\"></span>ons are abl<span class=\"_ _2\"></span>e to use their s<span class=\"_ _2\"></span>avings to purc<span class=\"_ _2\"></span>hase sh<span class=\"_ _2\"></span>ares if they l<span class=\"_ _2\"></span>eave prior to the e<span class=\"_ _2\"></span>nd of their thre<span class=\"_ _2\"></span>e or five year pe<span class=\"_ _2\"></span>riod.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc34\">The fa<span class=\"_ _2\"></span>ir value of the option<span class=\"_ _2\"></span>s has be<span class=\"_ _2\"></span>en determ<span class=\"_ _2\"></span>ined usin<span class=\"_ _2\"></span>g a Black-Sch<span class=\"_ _2\"></span>oles valua<span class=\"_ _2\"></span>tion mode<span class=\"_ _2\"></span>l. Key assumpti<span class=\"_ _2\"></span>ons within this v<span class=\"_ _2\"></span>aluation m<span class=\"_ _2\"></span>odel inc<span class=\"_ _2\"></span>lude </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc35\">expe<span class=\"_ _2\"></span>cted s<span class=\"_ _2\"></span>hare pric<span class=\"_ _2\"></span>e volatilit<span class=\"_ _2\"></span>y and exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d dividend y<span class=\"_ _2\"></span>ield.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc36\">The follow<span class=\"_ _2\"></span>ing information w<span class=\"_ _2\"></span>as relevant in th<span class=\"_ _2\"></span>e determinat<span class=\"_ _2\"></span>ion of the fair valu<span class=\"_ _2\"></span>e of the 201<span class=\"_ _2\"></span>9 to 2023 UK sh<span class=\"_ _2\"></span>aresave option<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span></div><div class=\"gs4b9\"><table class=\"s wc65 h330\" id=\"_15c9d835-c35c-4865-ba3f-5c079eb5f165\"><tr><td></td><td class=\"t m0 x1ea6 h3f y5ef2 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x62e h16 y5ef2 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x97a h16 y5ef2 ff3 fsf fc1 sc0 lse3 wscd\">2021<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1ba9 h16 y5ef2 ff3 fsf fc1 sc0 ls81 ws75\">2020<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5ef2 ff3 fsf fc1 sc0 lse4 wsce\">2019<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x1ea7 h3f y5ef3 ff7 fsf fc1 sc0 lse1 wscb\">sharesave<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x197e h16 y5ef3 ff3 fsf fc1 sc0 lse6 wsd0\">shar<span class=\"_ _2\"></span>esave<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8f0 h16 y5ef3 ff3 fsf fc1 sc0 lse6 wsd0\">shar<span class=\"_ _2\"></span>esave<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x749 h16 y5ef3 ff3 fsf fc1 sc0 lse6 wsd0\">shar<span class=\"_ _2\"></span>esave<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d8 h16 y5ef3 ff3 fsf fc1 sc0 lse6 wsd0\">shar<span class=\"_ _2\"></span>esave<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5ef4 wc66 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Sha<span class=\"_ _2\"></span>re price (\u00a3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ea8 y5ef4 w393 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">4.44<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ea9 y5ef4 wc67 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">6.14<span class=\"_ _7\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1eaa y5ef4 wc68 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">7<span class=\"_ _6\"></span>.486<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1eab y5ef4 wc69 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">5.6<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1eac y5ef4 wc6a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">6.80<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ef5 wc6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xercise pric<span class=\"_ _2\"></span>e (\u00a3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ead y5ef5 wc6c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1d8 ws1d8\">3<span class=\"_ _2\"></span>.78<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1eae y5ef5 wc6d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">5.0<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1eaf y5ef5 w180 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">5.8<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1eb0 y5ef5 wc6e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bf ws1be\">4.97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1eb1 y5ef5 wc6f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">5.<span class=\"_ _2\"></span>61<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ef6 wc70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted life (years)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1eb2 y5ef6 wc71 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a ws0\">3.1 and 5,<span class=\"_ _5\"></span>1</div></td><td class=\"c n x1eb3 y5ef6 wc72 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 wsba\">3<span class=\"_ _2\"></span>.25<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>d<span class=\"_ _2\"></span> 5.<span class=\"_ _2\"></span>25</div></td><td class=\"c n x1eb4 y5ef6 wc73 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 wsba\">3.<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span> 5<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>25</div></td><td class=\"c n x1eb5 y5ef6 wc72 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 wsba\">3<span class=\"_ _2\"></span>.25<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>d<span class=\"_ _2\"></span> 5.<span class=\"_ _2\"></span>25</div></td><td class=\"c n x1eb6 y5ef6 wc74 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 wsba\">3.<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span> 5<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>25<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5ef7 ff3 fs7 fc1 sc0 ls0 ws0\">Risk-free rate (%) \u2013 bas<span class=\"_ _2\"></span>ed on U<span class=\"_ _2\"></span>K </td><td class=\"t m0 xf47 he y5ef8 ff7 fs7 fc1 sc0 ls1a ws0\">4.<span class=\"_ _6\"></span>7 (for 3.<span class=\"_ _7\"></span>1 ye<span class=\"_ _2\"></span>ar </td><td class=\"t m0 x97d hd y5ef9 ff3 fs7 fc1 sc0 lsd6 ws0\">2.<span class=\"_ _5\"></span>0 (for 3<span class=\"_ _7\"></span>.2<span class=\"_ _5\"></span>5 year </td><td class=\"t m0 x1981 hd y5efa ff3 fs7 fc1 sc0 lsd6 ws0\">0.<span class=\"_ _7\"></span>5 (for 3.2<span class=\"_ _6\"></span>5 ye<span class=\"_ _2\"></span>ar </td><td class=\"t m0 x5e7 hd y5efb ff3 fs7 fc1 sc0 lsd6 ws0\">0.<span class=\"_ _7\"></span>5 (for 3.2<span class=\"_ _6\"></span>5 ye<span class=\"_ _2\"></span>ar </td><td class=\"t m0 x1eb7 hd y5efc ff3 fs7 fc1 sc0 lsd6 ws0\">1.0 (for 3<span class=\"_ _7\"></span>.2<span class=\"_ _7\"></span>5 ye<span class=\"_ _2\"></span>ar </td></tr><tr><td class=\"t m0 x232 hd y5efd ff3 fs7 fc1 sc0 ls0 ws0\">governm<span class=\"_ _2\"></span>ent gilt<span class=\"_ _2\"></span>s comme<span class=\"_ _2\"></span>nsurate wit<span class=\"_ _2\"></span>h </td><td class=\"t m0 x1eb8 he y5efe ff7 fs7 fc1 sc0 ls1a ws0\">sch<span class=\"_ _2\"></span>eme) and 4.5 </td><td class=\"t m0 x1eb9 hd y5eff ff3 fs7 fc1 sc0 lsd6 ws0\">sch<span class=\"_ _2\"></span>eme) and 1<span class=\"_ _2\"></span>.<span class=\"_ _5\"></span>9 </td><td class=\"t m0 x16d9 hd y5f00 ff3 fs7 fc1 sc0 lsd6 ws0\">sch<span class=\"_ _2\"></span>eme) and 0.<span class=\"_ _7\"></span>7 </td><td class=\"t m0 x1eba hd y5f01 ff3 fs7 fc1 sc0 lsd6 ws0\">sch<span class=\"_ _2\"></span>eme) and 0.5 </td><td class=\"t m0 x5ea hd y5f02 ff3 fs7 fc1 sc0 lsd6 ws0\">sch<span class=\"_ _2\"></span>eme) and 1<span class=\"_ _2\"></span>.<span class=\"_ _5\"></span>1 </td></tr><tr><td class=\"t m0 x232 hd y5f03 ff3 fs7 fc1 sc0 ls0 ws0\">the<span class=\"_ gs132\"> </span>exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d term of the award<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1ebb he y5f04 ff7 fs7 fc1 sc0 ls76 ws1ca\">(for 5.2<span class=\"_ _7\"></span>5 ye<span class=\"_ _2\"></span>ar </td><td class=\"t m0 x57a hd y5f05 ff3 fs7 fc1 sc0 lsd6 ws0\">(for 5<span class=\"_ _7\"></span>.25 y<span class=\"_ _5\"></span>ear </td><td class=\"t m0 x1ebc hd y5f06 ff3 fs7 fc1 sc0 lsd6 ws0\">(for 5<span class=\"_ _7\"></span>.25 y<span class=\"_ _5\"></span>ear </td><td class=\"t m0 x8e5 hd y5f07 ff3 fs7 fc1 sc0 lsd6 ws0\">(for 5<span class=\"_ _7\"></span>.25 y<span class=\"_ _5\"></span>ear </td><td class=\"t m0 x1ba4 hd y5f08 ff3 fs7 fc1 sc0 lsd6 ws0\">(for 5<span class=\"_ _7\"></span>.25 y<span class=\"_ _5\"></span>ear<span class=\"_ _2\"></span> </td></tr><tr><td class=\"t m0 x232 hd y5f09 ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted volatilit<span class=\"_ _2\"></span>y (%) bas<span class=\"_ _2\"></span>ed on the </td><td class=\"t m0 x8d5 he y5f0a ff7 fs7 fc1 sc0 ls69 ws5e\">scheme)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x198e hd y5f0b ff3 fs7 fc1 sc0 ls61 ws5f\">scheme)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1d04 hd y5f0c ff3 fs7 fc1 sc0 ls61 ws5f\">scheme)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x614 hd y5f0d ff3 fs7 fc1 sc0 ls61 ws5f\">scheme)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1ebd hd y5f0e ff3 fs7 fc1 sc0 ls61 ws5f\">scheme)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y571a wc75 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>pany\u2019s share pric<span class=\"_ _2\"></span>e volatilit<span class=\"_ _2\"></span>y to date<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ebe y571a wc76 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">23.<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ebf y571a wc77 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">30.0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ec0 y571a wc78 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">30.0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ec1 y571a wc78 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">30.0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ec2 y571a wc79 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">30.0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wc7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Dividend<span class=\"_ _5\"></span> yield (<span class=\"_ _7\"></span>%)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ec3 y55ef wc7b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _2\"></span>.5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ec4 y55ef wc7c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls71 ws1a9\">8.0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ec5 y55ef wc7d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">6.3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ec6 y55ef w3b0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls71 ws1a9\">8.2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ec7 y55ef wc7e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">6.8<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gsc37\">The i<span class=\"_ _2\"></span>nform<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n for dete<span class=\"_ _2\"></span>rmin<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e fair va<span class=\"_ _2\"></span>lue of t<span class=\"_ _2\"></span>he 202<span class=\"_ _2\"></span>1 Iris<span class=\"_ _2\"></span>h shar<span class=\"_ _2\"></span>esav<span class=\"_ _2\"></span>e optio<span class=\"_ _2\"></span>ns dif<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>d from t<span class=\"_ _2\"></span>hat in<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e tab<span class=\"_ _2\"></span>le abo<span class=\"_ _2\"></span>ve as foll<span class=\"_ _2\"></span>ows:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gsc38\">- Sh<span class=\"_ _2\"></span>are pr<span class=\"_ _2\"></span>ice (\u20ac): 8<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>18<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gsc39\">- Ex<span class=\"_ _2\"></span>erci<span class=\"_ _2\"></span>se pri<span class=\"_ _2\"></span>ce (\u20ac): 6<span class=\"_ _2\"></span>.8<span class=\"_ _2\"></span>80<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gsc3a\">- Ris<span class=\"_ _2\"></span>k-free r<span class=\"_ _2\"></span>ate (%): (<span class=\"_ _2\"></span>0.4) (fo<span class=\"_ _2\"></span>r 3.<span class=\"_ _2\"></span>25 ye<span class=\"_ _2\"></span>ar sch<span class=\"_ _2\"></span>eme) a<span class=\"_ _2\"></span>nd (0<span class=\"_ _2\"></span>.3) (fo<span class=\"_ _2\"></span>r 5.<span class=\"_ _2\"></span>25 yea<span class=\"_ _2\"></span>r sch<span class=\"_ _2\"></span>eme)<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gsc3b\">- No S<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>save a<span class=\"_ _2\"></span>wards w<span class=\"_ _2\"></span>ere gr<span class=\"_ _2\"></span>ante<span class=\"_ _2\"></span>d to Iris<span class=\"_ _2\"></span>h emp<span class=\"_ _2\"></span>loyee<span class=\"_ _2\"></span>s durin<span class=\"_ _2\"></span>g eit<span class=\"_ _2\"></span>her 20<span class=\"_ _2\"></span>22 or 2<span class=\"_ _2\"></span>023<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gsc3c\">Share Incentive P<span class=\"_ _5\"></span>lan<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc3d\">The Gro<span class=\"_ _2\"></span>up oper<span class=\"_ _2\"></span>ates two S<span class=\"_ _2\"></span>hare In<span class=\"_ _2\"></span>centive Plan<span class=\"_ _2\"></span>s (\u2018S<span class=\"_ _2\"></span>IP<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>) open to U<span class=\"_ _2\"></span>K and Iris<span class=\"_ _2\"></span>h employee<span class=\"_ _2\"></span>s which allows p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>icipating e<span class=\"_ _2\"></span>mployees to p<span class=\"_ _2\"></span>urchas<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc3e\">\u2018<span class=\"_ _2\"></span>Partn<span class=\"_ _2\"></span>ership sh<span class=\"_ _2\"></span>ares\u2019 in the C<span class=\"_ _2\"></span>ompany thro<span class=\"_ _2\"></span>ugh monthl<span class=\"_ _2\"></span>y contribu<span class=\"_ _2\"></span>tions. I<span class=\"_ _2\"></span>n respe<span class=\"_ _2\"></span>ct of the U<span class=\"_ _2\"></span>K SIP<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e contribut<span class=\"_ _2\"></span>ions are limite<span class=\"_ _2\"></span>d to the lower of \u00a31<span class=\"_ _2\"></span>50 </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc3f\">per m<span class=\"_ _2\"></span>onth and 1<span class=\"_ _2\"></span>0% gros<span class=\"_ _2\"></span>s monthly s<span class=\"_ _2\"></span>alar<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>. In 201<span class=\"_ _2\"></span>9 the ma<span class=\"_ _2\"></span>tching ele<span class=\"_ _2\"></span>ment of the U<span class=\"_ _2\"></span>K SIP wa<span class=\"_ _2\"></span>s amen<span class=\"_ _2\"></span>ded to give the e<span class=\"_ _2\"></span>mployee on<span class=\"_ _2\"></span>e \u2018M<span class=\"_ _2\"></span>atching sh<span class=\"_ _2\"></span>are\u2019 </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc40\">for eac<span class=\"_ _2\"></span>h \u2018Par<span class=\"_ _2\"></span>tner<span class=\"_ _2\"></span>ship sha<span class=\"_ _2\"></span>re\u2019 purcha<span class=\"_ _2\"></span>sed limite<span class=\"_ _2\"></span>d to \u00a350. Co<span class=\"_ _2\"></span>ntribution<span class=\"_ _2\"></span>s above \u00a350 are n<span class=\"_ _2\"></span>ot matche<span class=\"_ _2\"></span>d. The Iris<span class=\"_ _2\"></span>h SIP<span class=\"_ _7\"></span>, wh<span class=\"_ _2\"></span>ich was laun<span class=\"_ _2\"></span>ched in 2<span class=\"_ _2\"></span>019, g<span class=\"_ _2\"></span>ives </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc41\">the em<span class=\"_ _2\"></span>ployee 1<span class=\"_ _2\"></span>.4 \u2018M<span class=\"_ _2\"></span>atching sh<span class=\"_ _2\"></span>ares\u2019 for eac<span class=\"_ _2\"></span>h \u2018Par<span class=\"_ _2\"></span>tner<span class=\"_ _2\"></span>ship sha<span class=\"_ _2\"></span>re\u2019 purchas<span class=\"_ _2\"></span>ed. For th<span class=\"_ _2\"></span>is plan month<span class=\"_ _2\"></span>ly contrib<span class=\"_ _2\"></span>utions are limite<span class=\"_ _2\"></span>d to the lower of \u20ac<span class=\"_ _2\"></span>40 </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc42\">per m<span class=\"_ _2\"></span>onth and 7<span class=\"_ _7\"></span>.<span class=\"_ _2\"></span>5% of gros<span class=\"_ _2\"></span>s monthly s<span class=\"_ _2\"></span>alar<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc43\">The fa<span class=\"_ _2\"></span>ir value of the Ma<span class=\"_ _2\"></span>tching sha<span class=\"_ _2\"></span>res grante<span class=\"_ _2\"></span>d is estim<span class=\"_ _2\"></span>ated as th<span class=\"_ _2\"></span>e share pric<span class=\"_ _2\"></span>e at date of grant<span class=\"_ _2\"></span>, taking into a<span class=\"_ _2\"></span>ccount ter<span class=\"_ _2\"></span>ms and co<span class=\"_ _2\"></span>nditions up<span class=\"_ _2\"></span>on </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc44\">which th<span class=\"_ _2\"></span>e instr<span class=\"_ _2\"></span>uments we<span class=\"_ _2\"></span>re granted<span class=\"_ _2\"></span>. At 31 Dec<span class=\"_ _2\"></span>ember 2<span class=\"_ _2\"></span>023, 5<span class=\"_ _2\"></span>46<span class=\"_ _2\"></span>,4<span class=\"_ _2\"></span>30 matc<span class=\"_ _2\"></span>hing share<span class=\"_ _2\"></span>s (excluding unre<span class=\"_ _2\"></span>stric<span class=\"_ _2\"></span>ted share<span class=\"_ _2\"></span>s) were conditi<span class=\"_ _2\"></span>onally </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc45\">awarde<span class=\"_ _2\"></span>d to employe<span class=\"_ _2\"></span>es (2022: 5<span class=\"_ _2\"></span>43<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>99<span class=\"_ _2\"></span>5).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gsc46\">I1<span class=\"_ _2\"></span>.3 M<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in th<span class=\"_ _2\"></span>e year<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc47\">The follow<span class=\"_ _2\"></span>ing table<span class=\"_ _2\"></span>s illustr<span class=\"_ _2\"></span>ate the numb<span class=\"_ _2\"></span>er of<span class=\"_ _5\"></span>, and m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in, L<span class=\"_ _7\"></span>TIP<span class=\"_ _7\"></span>, S<span class=\"_ _2\"></span>haresave an<span class=\"_ _2\"></span>d DBS<span class=\"_ _2\"></span>S share opti<span class=\"_ _2\"></span>ons during th<span class=\"_ _2\"></span>e year: </div><div class=\"gsc48\"><table class=\"s wc7f h331\" id=\"_e10f39c7-7dad-4f49-b48c-0c28acdbc3b3\"><tr><td></td><td></td><td class=\"t m0 x15a2 h3f y5f0f ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc9e h3f y5f10 ff7 fsf fc1 sc0 ls0 ws0\">Nu<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r of sha<span class=\"_ _2\"></span>re opt<span class=\"_ _2\"></span>ion<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"c n x1ec8 y5f11 wc80 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls6 ws3a\">LT<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>P<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ec9 y5f11 wc81 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls1b ws19\">Share<span class=\"_ _2\"></span>save<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1eca y5f11 wc82 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls0 ws0\">DB<span class=\"_ _2\"></span>SS<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5f12 wc83 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Out<span class=\"_ _2\"></span>sta<span class=\"_ _2\"></span>nding at the b<span class=\"_ _2\"></span>eginnin<span class=\"_ _2\"></span>g of the year, including di<span class=\"_ _2\"></span>vidend sh<span class=\"_ _2\"></span>ares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ecb y5f12 wc84 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">9<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>5</div></td><td class=\"c n x1ecc y5f12 wc85 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18 ws16\">5,<span class=\"_ _7\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _7\"></span>1,906</div></td><td class=\"c n x1ecd y5f12 wc86 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">2<span class=\"_ _2\"></span>,301<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>801<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5f13 wc87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Grante<span class=\"_ _2\"></span>d during the ye<span class=\"_ _2\"></span>ar<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ece y5f13 wc88 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">4,<span class=\"_ _2\"></span>202,695</div></td><td class=\"c n x1ecf y5f13 wc89 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">5,038<span class=\"_ _2\"></span>,820</div></td><td class=\"c n x1ed0 y5f13 wc8a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>675,<span class=\"_ _2\"></span>54<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5f14 wc8b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Forfe<span class=\"_ _2\"></span>ited during t<span class=\"_ _2\"></span>he year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ed1 y5f14 wc8c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws2f\">(1,<span class=\"_ _7\"></span>7<span class=\"_ _5\"></span>50,509)</div></td><td class=\"c n x1ed2 y5f14 wc8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">(223,<span class=\"_ _2\"></span>56<span class=\"_ _2\"></span>5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ed3 y5f14 w4a9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>29,<span class=\"_ _2\"></span>932)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5f15 wc8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Can<span class=\"_ _2\"></span>celled d<span class=\"_ _2\"></span>uring the yea<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1955 y5f15 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1ed4 y5f15 wc8f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">(1,<span class=\"_ _7\"></span>3<span class=\"_ _7\"></span>71,<span class=\"_ _7\"></span>6<span class=\"_ _5\"></span>1<span class=\"_ _7\"></span>7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ed5 y5f15 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5f16 wc90 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xercised d<span class=\"_ _2\"></span>uring the yea<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ed6 y5f16 wc91 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">(1,2<span class=\"_ _7\"></span>17<span class=\"_ _26\"></span>,22<span class=\"_ _7\"></span>7)</div></td><td class=\"c n x1ed7 y5f16 wc92 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>84<span class=\"_ _2\"></span>,132)</div></td><td class=\"c n x1ed8 y5f16 wc93 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(7<span class=\"_ _2\"></span>01<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>44)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5f17 wc94 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xpired durin<span class=\"_ _2\"></span>g the year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ed9 y5f17 wc95 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls49 ws1ca\">(<span class=\"_ _7\"></span>13,908)</div></td><td class=\"c n x1eda y5f17 w6a4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">(<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>47<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1edb y5f17 w67b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5f18 wc96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Dividends on vested awards<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1edc y5f18 wc97 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">5<span class=\"_ _2\"></span>03,11<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1edd y5f18 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ede y5f18 wc98 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">133,420<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5f19 wc99 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">Out<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>andin<span class=\"_ _2\"></span>g at the en<span class=\"_ _2\"></span>d of the year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1edf y5f19 wc9a h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _2\"></span>,111<span class=\"_ _2\"></span>,40<span class=\"_ _2\"></span>5</div></td><td class=\"c n x1ee0 y5f19 wc9b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls194 ws1b0\">6,84<span class=\"_ _2\"></span>4,865</div></td><td class=\"c n x1ee1 y5f19 wc9c h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls49 ws1ca\">3,3<span class=\"_ _7\"></span>67<span class=\"_ _6\"></span>,966<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x15a2 h16 y5f1a ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc9e h16 y5f1b ff3 fsf fc1 sc0 ls0 ws0\">Num<span class=\"_ _2\"></span>ber of s<span class=\"_ _2\"></span>hare o<span class=\"_ _2\"></span>ptio<span class=\"_ _2\"></span>ns<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"c n x1ec8 y5f1c wc9d h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls20c ws211\">LT<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>P<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ee2 y5f1c wc9e h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse6 wsd0\">Sha<span class=\"_ _2\"></span>resave<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ee3 y5f1c wc9f h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse1 wscb\">DBSS<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5729 wca0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Out<span class=\"_ _2\"></span>sta<span class=\"_ _2\"></span>nding at the b<span class=\"_ _2\"></span>eginnin<span class=\"_ _2\"></span>g of the year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ee4 y5729 wca1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">7<span class=\"_ _7\"></span>,613,0<span class=\"_ _2\"></span>36</div></td><td class=\"c n x1ee5 y5729 wca2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">4<span class=\"_ _2\"></span>,75<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2</div></td><td class=\"c n x1ee6 y5729 wca3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">1<span class=\"_ _2\"></span>,55<span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>,935<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561a wc87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Grante<span class=\"_ _2\"></span>d during the ye<span class=\"_ _2\"></span>ar<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1107 y561a wca4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">3<span class=\"_ _7\"></span>,350,169</div></td><td class=\"c n xc8d y561a wca5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">1<span class=\"_ _19\"></span>,<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>2<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>1</div></td><td class=\"c n x1ee7 y561a wca6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls69 ws5e\">1,1<span class=\"_ _7\"></span>2<span class=\"_ _5\"></span>1,0<span class=\"_ _7\"></span>85<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b wc8b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Forfe<span class=\"_ _2\"></span>ited during t<span class=\"_ _2\"></span>he year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ee8 y561b wca7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">(<span class=\"_ _2\"></span>523<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>)</div></td><td class=\"c n x1ee9 y561b wca8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">(<span class=\"_ _2\"></span>252,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1eea y561b w39e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>917<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c wc8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Can<span class=\"_ _2\"></span>celled d<span class=\"_ _2\"></span>uring the yea<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1955 y561c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1eeb y561c wca9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">(<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1eec y561c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 wc90 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xercised d<span class=\"_ _2\"></span>uring the yea<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1eed y5600 wcaa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>328,703)</div></td><td class=\"c n x1eee y5600 wcab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">(8<span class=\"_ _7\"></span>16,4<span class=\"_ _7\"></span>19)</div></td><td class=\"c n x1eef y5600 wcac h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,74<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e wc96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Dividends on vested awards<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ef0 y561e wcad h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">27<span class=\"_ _7\"></span>5,858<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ef1 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ef2 y561e w8db h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>4<span class=\"_ _19\"></span>4<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wc99 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">Out<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>andin<span class=\"_ _2\"></span>g at the en<span class=\"_ _2\"></span>d of the year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ef3 y55ef wcae h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">9,<span class=\"_ _2\"></span>387<span class=\"_ _6\"></span>,<span class=\"_ _2\"></span>235</div></td><td class=\"c n x1ef4 y55ef wcaf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">5,<span class=\"_ _7\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _7\"></span>1,906</div></td><td class=\"c n x1ef5 y55ef wcb0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">2,<span class=\"_ _2\"></span>301<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc4a\">The wei<span class=\"_ _2\"></span>ghted averag<span class=\"_ _2\"></span>e fair value of opt<span class=\"_ _2\"></span>ions grante<span class=\"_ _2\"></span>d during the ye<span class=\"_ _2\"></span>ar was \u00a32<span class=\"_ _2\"></span>.92 (2<span class=\"_ _2\"></span>022: \u00a34.3<span class=\"_ _2\"></span>4).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc4b\">The wei<span class=\"_ _2\"></span>ghted averag<span class=\"_ _2\"></span>e share pr<span class=\"_ _2\"></span>ice at the date of exerc<span class=\"_ _2\"></span>ise for the rewa<span class=\"_ _2\"></span>rds exercise<span class=\"_ _2\"></span>d is \u00a35.<span class=\"_ _2\"></span>46 (202<span class=\"_ _2\"></span>2: \u00a36.13).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc4c\">The wei<span class=\"_ _2\"></span>ghted averag<span class=\"_ _2\"></span>e remainin<span class=\"_ _2\"></span>g contra<span class=\"_ _2\"></span>ctual life for th<span class=\"_ _2\"></span>e awards ou<span class=\"_ _2\"></span>tst<span class=\"_ _2\"></span>anding as at 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 2<span class=\"_ _2\"></span>023 is 5.<span class=\"_ _2\"></span>3 years (2<span class=\"_ _2\"></span>022: 5.7 ye<span class=\"_ _2\"></span>ars). </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-698": {
   "value": "Where t<span class=\"_ _2\"></span>he Phoe<span class=\"_ _2\"></span>nix Group Emp<span class=\"_ _2\"></span>loyee Ben<span class=\"_ _2\"></span>efit T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust (<span class=\"_ _2\"></span>\u2018EBT<span class=\"_ _2\"></span>\u2019) ac<span class=\"_ _2\"></span>quires sh<span class=\"_ _2\"></span>ares in the C<span class=\"_ _2\"></span>ompany or obt<span class=\"_ _2\"></span>ains right<span class=\"_ _2\"></span>s to purchas<span class=\"_ _2\"></span>e its sh<span class=\"_ _2\"></span>ares<span class=\"_ _2\"></span>, the con<span class=\"_ _2\"></span>sideratio<span class=\"_ _2\"></span>n paid (incl<span class=\"_ _2\"></span>uding any at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion cos<span class=\"_ _2\"></span>ts, n<span class=\"_ _2\"></span>et of tax<span class=\"_ _2\"></span>) is shown as a de<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>tion from owne<span class=\"_ _2\"></span>rs\u2019 equit<span class=\"_ _2\"></span>y. Gains and lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s on sale<span class=\"_ _2\"></span>s of shares h<span class=\"_ _2\"></span>eld by the EBT are ch<span class=\"_ _2\"></span>arge<span class=\"_ _2\"></span>d or<span class=\"_ gs132\"> </span>credite<span class=\"_ _2\"></span>d to the own sha<span class=\"_ _2\"></span>res acc<span class=\"_ _2\"></span>ount in equit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>Equit<span class=\"_ _2\"></span>y-s<span class=\"_ _2\"></span>ettle<span class=\"_ _2\"></span>d share<span class=\"_ _2\"></span>-bas<span class=\"_ _2\"></span>ed payme<span class=\"_ _2\"></span>nts to empl<span class=\"_ _2\"></span>oyees and oth<span class=\"_ _2\"></span>ers providin<span class=\"_ _2\"></span>g ser<span class=\"_ _2\"></span>vices a<span class=\"_ _2\"></span>re meas<span class=\"_ _2\"></span>ured at the fa<span class=\"_ _2\"></span>ir value of the eq<span class=\"_ _2\"></span>uity in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents at the gr<span class=\"_ _2\"></span>ant date. The f<span class=\"_ _2\"></span>air value exclu<span class=\"_ _2\"></span>des the ef<span class=\"_ _2\"></span>fect of n<span class=\"_ _2\"></span>on-market-bas<span class=\"_ _2\"></span>ed vestin<span class=\"_ _2\"></span>g condit<span class=\"_ _2\"></span>ions. Fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>etails reg<span class=\"_ _2\"></span>arding th<span class=\"_ _2\"></span>e determinat<span class=\"_ _2\"></span>ion of the fair valu<span class=\"_ _2\"></span>e of equit<span class=\"_ _2\"></span>y-se<span class=\"_ _2\"></span>ttle<span class=\"_ _2\"></span>d share<span class=\"_ _2\"></span>-base<span class=\"_ _2\"></span>d trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ons are set o<span class=\"_ _2\"></span>ut below.<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir value determ<span class=\"_ _2\"></span>ined at the g<span class=\"_ _2\"></span>rant date of the e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y-set<span class=\"_ _2\"></span>tle<span class=\"_ _2\"></span>d share<span class=\"_ _2\"></span>-base<span class=\"_ _2\"></span>d payment<span class=\"_ _2\"></span>s is expe<span class=\"_ _2\"></span>nsed o<span class=\"_ _2\"></span>n a straig<span class=\"_ _2\"></span>ht-line basis over th<span class=\"_ _2\"></span>e vesting peri<span class=\"_ _2\"></span>od, ba<span class=\"_ _2\"></span>sed on th<span class=\"_ _2\"></span>e Group\u2019s estimate of e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y instr<span class=\"_ _2\"></span>uments th<span class=\"_ _2\"></span>at will eventua<span class=\"_ _2\"></span>lly vest<span class=\"_ _2\"></span>. At each pe<span class=\"_ _2\"></span>riod end<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up revises it<span class=\"_ _2\"></span>s estim<span class=\"_ _2\"></span>ate of the numb<span class=\"_ _2\"></span>er of equit<span class=\"_ _2\"></span>y ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s expe<span class=\"_ _2\"></span>cted to ves<span class=\"_ _2\"></span>t as a result of th<span class=\"_ _2\"></span>e effec<span class=\"_ _2\"></span>t of non-m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et-bas<span class=\"_ _2\"></span>ed ves<span class=\"_ _2\"></span>ting con<span class=\"_ _2\"></span>ditions<span class=\"_ _2\"></span>. The impa<span class=\"_ _2\"></span>ct of the revisio<span class=\"_ _2\"></span>n of the orig<span class=\"_ _2\"></span>inal es<span class=\"_ _2\"></span>timates<span class=\"_ _2\"></span>, if any<span class=\"_ _5\"></span>, is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated inco<span class=\"_ _2\"></span>me sta<span class=\"_ _2\"></span>tement su<span class=\"_ _2\"></span>ch that the c<span class=\"_ _2\"></span>umulative exp<span class=\"_ _2\"></span>ense refl<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s the revise<span class=\"_ _2\"></span>d es<span class=\"_ _2\"></span>timate with a co<span class=\"_ _2\"></span>rrespon<span class=\"_ _2\"></span>ding adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ent to equit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-610": {
   "value": "D3. Other Reserves<span class=\"_ _3bc\"> </span>The oth<span class=\"_ _2\"></span>er reser<span class=\"_ _2\"></span>ves c<span class=\"_ _2\"></span>omprise th<span class=\"_ _2\"></span>e owner-<span class=\"_ _2\"></span>occupi<span class=\"_ _2\"></span>ed prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y revalu<span class=\"_ _2\"></span>ation rese<span class=\"_ _2\"></span>rve an<span class=\"_ _2\"></span>d the cas<span class=\"_ _2\"></span>h flow hed<span class=\"_ _2\"></span>ging rese<span class=\"_ _2\"></span>rve.<span class=\"_ _3bc\"> </span>Owner-o<span class=\"_ _2\"></span>ccupied propert<span class=\"_ _2\"></span>y r<span class=\"_ _5\"></span>evaluation<span class=\"_ _5\"></span> reserve<span class=\"_ _3bc\"> </span>This res<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ve compris<span class=\"_ _2\"></span>es the reval<span class=\"_ _2\"></span>uation surpl<span class=\"_ _2\"></span>us arising o<span class=\"_ _2\"></span>n revaluation of own<span class=\"_ _2\"></span>er-oc<span class=\"_ _2\"></span>cupied p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>. Wh<span class=\"_ _2\"></span>en a revaluat<span class=\"_ _2\"></span>ion loss a<span class=\"_ _2\"></span>rises on a previo<span class=\"_ _2\"></span>usly revalue<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>et it sho<span class=\"_ _2\"></span>uld be ded<span class=\"_ _2\"></span>ucted fir<span class=\"_ _2\"></span>st ag<span class=\"_ _2\"></span>ainst th<span class=\"_ _2\"></span>e previous re<span class=\"_ _2\"></span>valuation g<span class=\"_ _2\"></span>ain. Any exce<span class=\"_ _2\"></span>ss impair<span class=\"_ _2\"></span>ment will the<span class=\"_ _2\"></span>n be rec<span class=\"_ _2\"></span>orded as a<span class=\"_ _2\"></span>n impairm<span class=\"_ _2\"></span>ent expe<span class=\"_ _2\"></span>nse in the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Cas<span class=\"_ _2\"></span>h flow he<span class=\"_ _2\"></span>dging r<span class=\"_ _2\"></span>eser<span class=\"_ _2\"></span>ve<span class=\"_ _3bc\"> </span>Where a c<span class=\"_ _2\"></span>ash flow h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relation<span class=\"_ _2\"></span>ship exist<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ctive por<span class=\"_ _2\"></span>tion of ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the fair value of de<span class=\"_ _2\"></span>rivatives th<span class=\"_ _2\"></span>at are desig<span class=\"_ _2\"></span>nated an<span class=\"_ _2\"></span>d qualif<span class=\"_ _2\"></span>y as c<span class=\"_ _2\"></span>ash flow he<span class=\"_ _2\"></span>dges is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income a<span class=\"_ _2\"></span>nd acc<span class=\"_ _2\"></span>umulated un<span class=\"_ _2\"></span>der the he<span class=\"_ _2\"></span>ading of ca<span class=\"_ _2\"></span>sh flow he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve. The gain or l<span class=\"_ _2\"></span>oss rel<span class=\"_ _2\"></span>ating to the inef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive por<span class=\"_ _2\"></span>tion is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed imme<span class=\"_ _2\"></span>diately in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>, and is rep<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d in net investm<span class=\"_ _2\"></span>ent inco<span class=\"_ _2\"></span>me.<span class=\"_ _3bc\"> </span>Amo<span class=\"_ _2\"></span>unts previou<span class=\"_ _2\"></span>sly rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me and ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y are re<span class=\"_ _2\"></span>clas<span class=\"_ _2\"></span>sified to profit or l<span class=\"_ _2\"></span>oss in the p<span class=\"_ _2\"></span>eriods when t<span class=\"_ _2\"></span>he hedg<span class=\"_ _2\"></span>ed item af<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>ts profit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, in the sam<span class=\"_ _2\"></span>e line as the re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item.<span class=\"_ _3bc\"> </span>He<span class=\"_ _2\"></span>dge ac<span class=\"_ _2\"></span>counting i<span class=\"_ _2\"></span>s discontin<span class=\"_ _2\"></span>ued whe<span class=\"_ _2\"></span>n the Group revokes the h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relation<span class=\"_ _2\"></span>ship, when th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ing inst<span class=\"_ _2\"></span>rument exp<span class=\"_ _2\"></span>ires or is sol<span class=\"_ _2\"></span>d, termin<span class=\"_ _2\"></span>ated, or exerc<span class=\"_ _2\"></span>ised<span class=\"_ _2\"></span>, or when it n<span class=\"_ _2\"></span>o longe<span class=\"_ _2\"></span>r qualifies fo<span class=\"_ _2\"></span>r hedg<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting. Any g<span class=\"_ _2\"></span>ain or los<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised in ot<span class=\"_ _2\"></span>her comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income a<span class=\"_ _2\"></span>nd acc<span class=\"_ _2\"></span>umulated in e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y at that tim<span class=\"_ _2\"></span>e is recycle<span class=\"_ _2\"></span>d to profit or los<span class=\"_ _2\"></span>s over the pe<span class=\"_ _2\"></span>riod the h<span class=\"_ _2\"></span>edge<span class=\"_ _2\"></span>d item impa<span class=\"_ _2\"></span>cts p<span class=\"_ _2\"></span>rofit or loss<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s of the Group\u2019s hedg<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>y are inclu<span class=\"_ _2\"></span>ded in note E1<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><table class=\"s w3ff h2b3\" id=\"_cf70c4fe-3b05-41c9-a8be-f989357d43f0\"><tr><td></td><td class=\"t m0 x75d h3f y57b5 ff7 fsf fc1 sc0 ls51 ws4b\">Owner-occupied<span class=\"_ _5\"></span> </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x75e h3f y57b6 ff7 fsf fc1 sc0 ls5b ws76\">propert<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span> </td><td class=\"t m0 x2c2 h3f y57b6 ff7 fsf fc1 sc0 ls0 ws0\">Ca<span class=\"_ _2\"></span>sh flow h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ing </td><td></td></tr><tr><td></td><td class=\"t m0 x75f h3f y57b7 ff7 fsf fc1 sc0 ls81 ws75\">revaluation<span class=\"_ _5\"></span> reserve<span class=\"_ _3bc\"> </span></td><td class=\"c n x760 y57b9 w400 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls1b ws19\">rese<span class=\"_ _2\"></span>rve<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x761 y57b9 w401 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls5b ws76\">T<span class=\"_ _7\"></span>otal other reserves<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57ba w402 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x762 y57ba w44 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x763 y57ba w403 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x764 y57ba w44 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5792 w404 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry 20<span class=\"_ _2\"></span>23<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x765 y5792 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x766 y5792 w405 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls25 ws23\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x767 y5792 w405 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls25 ws23\">46<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5793 w406 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other comprehens<span class=\"_ _5\"></span>ive<span class=\"_ _5\"></span> income/<span class=\"_ _7\"></span>(expense<span class=\"_ _5\"></span>) fo<span class=\"_ _5\"></span>r the y<span class=\"_ _7\"></span>ear<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x768 y5793 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x769 y5793 w2c4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(32)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x76a y5793 w19b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(30<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y563b w407 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x76b y563b wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x76c y563b w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x76d y563b w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x76e h16 y57bb ff3 fsf fc1 sc0 lse3 wscd\">Owner-oc<span class=\"_ _2\"></span>cupied </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x5b6 h16 y57bc ff3 fsf fc1 sc0 lse2 ws186\">proper<span class=\"_ _2\"></span>ty revaluation </td><td class=\"t m0 x76f h16 y57bc ff3 fsf fc1 sc0 ls0 ws0\">Ca<span class=\"_ _2\"></span>sh flow h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ing </td><td></td></tr><tr><td></td><td class=\"t m0 x770 h16 y57bd ff3 fsf fc1 sc0 lse6 wsd0\">rese<span class=\"_ _2\"></span>rve<span class=\"_ _3bc\"> </span></td><td class=\"c n x771 y57be w362 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse6 wsd0\">rese<span class=\"_ _2\"></span>rve<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x772 y57be w408 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls83 ws78\">T<span class=\"_ _7\"></span>otal other<span class=\"_ _5\"></span> reserves<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57bf w3a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x773 y57bf w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x774 y57bf w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x775 y57bf w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 w404 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry 20<span class=\"_ _2\"></span>22<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x776 y5600 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x777 y5600 w409 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x778 y5600 w179 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">56<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5601 w40a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other comprehens<span class=\"_ _5\"></span>ive<span class=\"_ _5\"></span> expense fo<span class=\"_ _5\"></span>r the y<span class=\"_ _7\"></span>ear<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x779 y5601 wb7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a6 ws196\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x77a y5601 w365 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a6 ws196\">(5<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x727 y5601 w1d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(10)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w407 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2022<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x77b y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x77c y55ef w1df h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x427 y55ef w13e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">46<span class=\"_ _3bc\"> </span></div></td></tr></table>In Jun<span class=\"_ _2\"></span>e 2021<span class=\"_ _2\"></span>, the Group e<span class=\"_ _2\"></span>ntered into four cro<span class=\"_ _2\"></span>ss curre<span class=\"_ _2\"></span>ncy swa<span class=\"_ _2\"></span>ps which were de<span class=\"_ _2\"></span>signate<span class=\"_ _2\"></span>d as he<span class=\"_ _2\"></span>dging ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts in order to ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t cash fl<span class=\"_ _2\"></span>ow hed<span class=\"_ _2\"></span>ges of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s Euro and US D<span class=\"_ _2\"></span>ollar de<span class=\"_ _2\"></span>nominate<span class=\"_ _2\"></span>d borrowin<span class=\"_ _2\"></span>gs (see n<span class=\"_ _2\"></span>ote E5). Hedg<span class=\"_ _2\"></span>e acc<span class=\"_ _2\"></span>ounting ha<span class=\"_ _2\"></span>s been a<span class=\"_ _2\"></span>dopted ef<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>ive from the date of desig<span class=\"_ _2\"></span>nation of the he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>lationsh<span class=\"_ _2\"></span>ip. The obj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ive of the hedg<span class=\"_ _2\"></span>ing relatio<span class=\"_ _2\"></span>nships is to he<span class=\"_ _2\"></span>dge th<span class=\"_ _2\"></span>e risk of variabilit<span class=\"_ _2\"></span>y in fun<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>al currenc<span class=\"_ _2\"></span>y equi<span class=\"_ _2\"></span>valent ca<span class=\"_ _2\"></span>sh flows with th<span class=\"_ _2\"></span>e foreign cur<span class=\"_ _2\"></span>rency de<span class=\"_ _2\"></span>nominate<span class=\"_ _2\"></span>d borrowin<span class=\"_ _2\"></span>gs due to ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in forwar<span class=\"_ _2\"></span>d rates. T<span class=\"_ _2\"></span>he hed<span class=\"_ _2\"></span>ge ratio (i.e<span class=\"_ _2\"></span>. the relatio<span class=\"_ _2\"></span>nship bet<span class=\"_ _2\"></span>ween t<span class=\"_ _2\"></span>he quantit<span class=\"_ _2\"></span>y of the he<span class=\"_ _2\"></span>dging in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ent and the q<span class=\"_ _2\"></span>uantit<span class=\"_ _2\"></span>y of the hed<span class=\"_ _2\"></span>ged ite<span class=\"_ _2\"></span>m in terms of their re<span class=\"_ _2\"></span>lative weighting<span class=\"_ _2\"></span>) is such th<span class=\"_ _2\"></span>at there is an exac<span class=\"_ _2\"></span>t match in the re<span class=\"_ _2\"></span>lative weightin<span class=\"_ _2\"></span>gs of the he<span class=\"_ _2\"></span>dged i<span class=\"_ _2\"></span>tems and h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g instrum<span class=\"_ _2\"></span>ents wit<span class=\"_ _2\"></span>hin each of the h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relation<span class=\"_ _2\"></span>ships.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-733": {
   "value": "The oth<span class=\"_ _2\"></span>er reser<span class=\"_ _2\"></span>ves c<span class=\"_ _2\"></span>omprise th<span class=\"_ _2\"></span>e owner-<span class=\"_ _2\"></span>occupi<span class=\"_ _2\"></span>ed prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y revalu<span class=\"_ _2\"></span>ation rese<span class=\"_ _2\"></span>rve an<span class=\"_ _2\"></span>d the cas<span class=\"_ _2\"></span>h flow hed<span class=\"_ _2\"></span>ging rese<span class=\"_ _2\"></span>rve.<span class=\"_ _3bc\"> </span>Owner-o<span class=\"_ _2\"></span>ccupied propert<span class=\"_ _2\"></span>y r<span class=\"_ _5\"></span>evaluation<span class=\"_ _5\"></span> reserve<span class=\"_ _3bc\"> </span>This res<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ve compris<span class=\"_ _2\"></span>es the reval<span class=\"_ _2\"></span>uation surpl<span class=\"_ _2\"></span>us arising o<span class=\"_ _2\"></span>n revaluation of own<span class=\"_ _2\"></span>er-oc<span class=\"_ _2\"></span>cupied p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>. Wh<span class=\"_ _2\"></span>en a revaluat<span class=\"_ _2\"></span>ion loss a<span class=\"_ _2\"></span>rises on a previo<span class=\"_ _2\"></span>usly revalue<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>et it sho<span class=\"_ _2\"></span>uld be ded<span class=\"_ _2\"></span>ucted fir<span class=\"_ _2\"></span>st ag<span class=\"_ _2\"></span>ainst th<span class=\"_ _2\"></span>e previous re<span class=\"_ _2\"></span>valuation g<span class=\"_ _2\"></span>ain. Any exce<span class=\"_ _2\"></span>ss impair<span class=\"_ _2\"></span>ment will the<span class=\"_ _2\"></span>n be rec<span class=\"_ _2\"></span>orded as a<span class=\"_ _2\"></span>n impairm<span class=\"_ _2\"></span>ent expe<span class=\"_ _2\"></span>nse in the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Cas<span class=\"_ _2\"></span>h flow he<span class=\"_ _2\"></span>dging r<span class=\"_ _2\"></span>eser<span class=\"_ _2\"></span>ve<span class=\"_ _3bc\"> </span>Where a c<span class=\"_ _2\"></span>ash flow h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relation<span class=\"_ _2\"></span>ship exist<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ctive por<span class=\"_ _2\"></span>tion of ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the fair value of de<span class=\"_ _2\"></span>rivatives th<span class=\"_ _2\"></span>at are desig<span class=\"_ _2\"></span>nated an<span class=\"_ _2\"></span>d qualif<span class=\"_ _2\"></span>y as c<span class=\"_ _2\"></span>ash flow he<span class=\"_ _2\"></span>dges is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income a<span class=\"_ _2\"></span>nd acc<span class=\"_ _2\"></span>umulated un<span class=\"_ _2\"></span>der the he<span class=\"_ _2\"></span>ading of ca<span class=\"_ _2\"></span>sh flow he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve. The gain or l<span class=\"_ _2\"></span>oss rel<span class=\"_ _2\"></span>ating to the inef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive por<span class=\"_ _2\"></span>tion is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed imme<span class=\"_ _2\"></span>diately in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>, and is rep<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d in net investm<span class=\"_ _2\"></span>ent inco<span class=\"_ _2\"></span>me.<span class=\"_ _3bc\"> </span>Amo<span class=\"_ _2\"></span>unts previou<span class=\"_ _2\"></span>sly rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me and ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y are re<span class=\"_ _2\"></span>clas<span class=\"_ _2\"></span>sified to profit or l<span class=\"_ _2\"></span>oss in the p<span class=\"_ _2\"></span>eriods when t<span class=\"_ _2\"></span>he hedg<span class=\"_ _2\"></span>ed item af<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>ts profit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, in the sam<span class=\"_ _2\"></span>e line as the re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item.<span class=\"_ _3bc\"> </span>He<span class=\"_ _2\"></span>dge ac<span class=\"_ _2\"></span>counting i<span class=\"_ _2\"></span>s discontin<span class=\"_ _2\"></span>ued whe<span class=\"_ _2\"></span>n the Group revokes the h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relation<span class=\"_ _2\"></span>ship, when th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ing inst<span class=\"_ _2\"></span>rument exp<span class=\"_ _2\"></span>ires or is sol<span class=\"_ _2\"></span>d, termin<span class=\"_ _2\"></span>ated, or exerc<span class=\"_ _2\"></span>ised<span class=\"_ _2\"></span>, or when it n<span class=\"_ _2\"></span>o longe<span class=\"_ _2\"></span>r qualifies fo<span class=\"_ _2\"></span>r hedg<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting. Any g<span class=\"_ _2\"></span>ain or los<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised in ot<span class=\"_ _2\"></span>her comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income a<span class=\"_ _2\"></span>nd acc<span class=\"_ _2\"></span>umulated in e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y at that tim<span class=\"_ _2\"></span>e is recycle<span class=\"_ _2\"></span>d to profit or los<span class=\"_ _2\"></span>s over the pe<span class=\"_ _2\"></span>riod the h<span class=\"_ _2\"></span>edge<span class=\"_ _2\"></span>d item impa<span class=\"_ _2\"></span>cts p<span class=\"_ _2\"></span>rofit or loss<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s of the Group\u2019s hedg<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>y are inclu<span class=\"_ _2\"></span>ded in note E1<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up purcha<span class=\"_ _2\"></span>ses der<span class=\"_ _2\"></span>ivative financ<span class=\"_ _2\"></span>ial inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s principa<span class=\"_ _2\"></span>lly in conne<span class=\"_ _2\"></span>ction w<span class=\"_ _2\"></span>ith the man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent of its ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties bas<span class=\"_ _2\"></span>ed on the p<span class=\"_ _2\"></span>rinciple<span class=\"_ _2\"></span>s of reduct<span class=\"_ _2\"></span>ion of risk and ef<span class=\"_ _2\"></span>ficient p<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tfolio ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment. T<span class=\"_ _2\"></span>he Group do<span class=\"_ _2\"></span>es not t<span class=\"_ _2\"></span>ypica<span class=\"_ _2\"></span>lly hold deriva<span class=\"_ _2\"></span>tives for the pur<span class=\"_ _2\"></span>pose of se<span class=\"_ _2\"></span>lling and rep<span class=\"_ _2\"></span>urchasin<span class=\"_ _2\"></span>g in the nea<span class=\"_ _2\"></span>r term or with the o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tive of gen<span class=\"_ _2\"></span>erating a profi<span class=\"_ _2\"></span>t from shor<span class=\"_ _2\"></span>t-term fluc<span class=\"_ _2\"></span>tuation<span class=\"_ _2\"></span>s in price o<span class=\"_ _2\"></span>r margin<span class=\"_ _2\"></span>. The Group a<span class=\"_ _2\"></span>lso hold<span class=\"_ _2\"></span>s derivatives w<span class=\"_ _2\"></span>hich are des<span class=\"_ _2\"></span>ignated a<span class=\"_ _2\"></span>s hedg<span class=\"_ _2\"></span>ing instr<span class=\"_ _2\"></span>ument<span class=\"_ _2\"></span>s in order to he<span class=\"_ _2\"></span>dge the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s Euro and US Dolla<span class=\"_ _2\"></span>r borrowing<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>ese he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>s qualif<span class=\"_ _2\"></span>y for hed<span class=\"_ _2\"></span>ge acc<span class=\"_ _2\"></span>ounting un<span class=\"_ _2\"></span>der IFRS 9 a<span class=\"_ _2\"></span>nd are desi<span class=\"_ _2\"></span>gnated a<span class=\"_ _2\"></span>s cash flow h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span>Der<span class=\"_ _2\"></span>ivative financ<span class=\"_ _2\"></span>ial instr<span class=\"_ _2\"></span>ument<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d initially at fa<span class=\"_ _2\"></span>ir value and are s<span class=\"_ _2\"></span>ubseq<span class=\"_ _2\"></span>uently rem<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d to fair value<span class=\"_ _2\"></span>. The gain or l<span class=\"_ _2\"></span>oss on reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent to fair value is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt where the de<span class=\"_ _2\"></span>rivatives are h<span class=\"_ _2\"></span>eld for tra<span class=\"_ _2\"></span>ding. Wh<span class=\"_ _2\"></span>ere derivat<span class=\"_ _2\"></span>ive finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s are held to h<span class=\"_ _2\"></span>edge th<span class=\"_ _2\"></span>e Group\u2019s Euro and US Do<span class=\"_ _2\"></span>llar borrowin<span class=\"_ _2\"></span>gs<span class=\"_ _2\"></span>, the effe<span class=\"_ _2\"></span>ctive por<span class=\"_ _2\"></span>tion of any g<span class=\"_ _2\"></span>ain or los<span class=\"_ _2\"></span>s that arise<span class=\"_ _2\"></span>s on reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent to fair value is in<span class=\"_ _2\"></span>itially rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in other c<span class=\"_ _2\"></span>ompreh<span class=\"_ _2\"></span>ensive inc<span class=\"_ _2\"></span>ome and is re<span class=\"_ _2\"></span>cycle<span class=\"_ _2\"></span>d to profit or los<span class=\"_ _2\"></span>s as the he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item impac<span class=\"_ _2\"></span>ts the profit o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>. Se<span class=\"_ _2\"></span>e notes E1 and D3 for f<span class=\"_ _2\"></span>urth<span class=\"_ _2\"></span>er details of th<span class=\"_ _2\"></span>e Group\u2019s hedgin<span class=\"_ _2\"></span>g acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-727": {
   "value": "The oth<span class=\"_ _2\"></span>er reser<span class=\"_ _2\"></span>ves c<span class=\"_ _2\"></span>omprise th<span class=\"_ _2\"></span>e owner-<span class=\"_ _2\"></span>occupi<span class=\"_ _2\"></span>ed prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y revalu<span class=\"_ _2\"></span>ation rese<span class=\"_ _2\"></span>rve an<span class=\"_ _2\"></span>d the cas<span class=\"_ _2\"></span>h flow hed<span class=\"_ _2\"></span>ging rese<span class=\"_ _2\"></span>rve.<span class=\"_ _3bc\"> </span>Owner-o<span class=\"_ _2\"></span>ccupied propert<span class=\"_ _2\"></span>y r<span class=\"_ _5\"></span>evaluation<span class=\"_ _5\"></span> reserve<span class=\"_ _3bc\"> </span>This res<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ve compris<span class=\"_ _2\"></span>es the reval<span class=\"_ _2\"></span>uation surpl<span class=\"_ _2\"></span>us arising o<span class=\"_ _2\"></span>n revaluation of own<span class=\"_ _2\"></span>er-oc<span class=\"_ _2\"></span>cupied p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>. Wh<span class=\"_ _2\"></span>en a revaluat<span class=\"_ _2\"></span>ion loss a<span class=\"_ _2\"></span>rises on a previo<span class=\"_ _2\"></span>usly revalue<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>et it sho<span class=\"_ _2\"></span>uld be ded<span class=\"_ _2\"></span>ucted fir<span class=\"_ _2\"></span>st ag<span class=\"_ _2\"></span>ainst th<span class=\"_ _2\"></span>e previous re<span class=\"_ _2\"></span>valuation g<span class=\"_ _2\"></span>ain. Any exce<span class=\"_ _2\"></span>ss impair<span class=\"_ _2\"></span>ment will the<span class=\"_ _2\"></span>n be rec<span class=\"_ _2\"></span>orded as a<span class=\"_ _2\"></span>n impairm<span class=\"_ _2\"></span>ent expe<span class=\"_ _2\"></span>nse in the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Cas<span class=\"_ _2\"></span>h flow he<span class=\"_ _2\"></span>dging r<span class=\"_ _2\"></span>eser<span class=\"_ _2\"></span>ve<span class=\"_ _3bc\"> </span>Where a c<span class=\"_ _2\"></span>ash flow h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relation<span class=\"_ _2\"></span>ship exist<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ctive por<span class=\"_ _2\"></span>tion of ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the fair value of de<span class=\"_ _2\"></span>rivatives th<span class=\"_ _2\"></span>at are desig<span class=\"_ _2\"></span>nated an<span class=\"_ _2\"></span>d qualif<span class=\"_ _2\"></span>y as c<span class=\"_ _2\"></span>ash flow he<span class=\"_ _2\"></span>dges is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income a<span class=\"_ _2\"></span>nd acc<span class=\"_ _2\"></span>umulated un<span class=\"_ _2\"></span>der the he<span class=\"_ _2\"></span>ading of ca<span class=\"_ _2\"></span>sh flow he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve. The gain or l<span class=\"_ _2\"></span>oss rel<span class=\"_ _2\"></span>ating to the inef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive por<span class=\"_ _2\"></span>tion is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed imme<span class=\"_ _2\"></span>diately in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>, and is rep<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d in net investm<span class=\"_ _2\"></span>ent inco<span class=\"_ _2\"></span>me.<span class=\"_ _3bc\"> </span>Amo<span class=\"_ _2\"></span>unts previou<span class=\"_ _2\"></span>sly rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me and ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y are re<span class=\"_ _2\"></span>clas<span class=\"_ _2\"></span>sified to profit or l<span class=\"_ _2\"></span>oss in the p<span class=\"_ _2\"></span>eriods when t<span class=\"_ _2\"></span>he hedg<span class=\"_ _2\"></span>ed item af<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>ts profit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, in the sam<span class=\"_ _2\"></span>e line as the re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item.<span class=\"_ _3bc\"> </span>He<span class=\"_ _2\"></span>dge ac<span class=\"_ _2\"></span>counting i<span class=\"_ _2\"></span>s discontin<span class=\"_ _2\"></span>ued whe<span class=\"_ _2\"></span>n the Group revokes the h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relation<span class=\"_ _2\"></span>ship, when th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ing inst<span class=\"_ _2\"></span>rument exp<span class=\"_ _2\"></span>ires or is sol<span class=\"_ _2\"></span>d, termin<span class=\"_ _2\"></span>ated, or exerc<span class=\"_ _2\"></span>ised<span class=\"_ _2\"></span>, or when it n<span class=\"_ _2\"></span>o longe<span class=\"_ _2\"></span>r qualifies fo<span class=\"_ _2\"></span>r hedg<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting. Any g<span class=\"_ _2\"></span>ain or los<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised in ot<span class=\"_ _2\"></span>her comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income a<span class=\"_ _2\"></span>nd acc<span class=\"_ _2\"></span>umulated in e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y at that tim<span class=\"_ _2\"></span>e is recycle<span class=\"_ _2\"></span>d to profit or los<span class=\"_ _2\"></span>s over the pe<span class=\"_ _2\"></span>riod the h<span class=\"_ _2\"></span>edge<span class=\"_ _2\"></span>d item impa<span class=\"_ _2\"></span>cts p<span class=\"_ _2\"></span>rofit or loss<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s of the Group\u2019s hedg<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>y are inclu<span class=\"_ _2\"></span>ded in note E1<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Hedg<span class=\"_ _2\"></span>e accountin<span class=\"_ _2\"></span>g<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up design<span class=\"_ _2\"></span>ates cer<span class=\"_ _2\"></span>tain d<span class=\"_ _2\"></span>erivatives a<span class=\"_ _2\"></span>s hedg<span class=\"_ _2\"></span>ing inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s in order to ef<span class=\"_ _2\"></span>fect c<span class=\"_ _2\"></span>ash flow he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>s. At the inc<span class=\"_ _2\"></span>eption of the h<span class=\"_ _2\"></span>edge relatio<span class=\"_ _2\"></span>nship, the G<span class=\"_ _2\"></span>roup docum<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>e relations<span class=\"_ _2\"></span>hip bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ing instr<span class=\"_ _2\"></span>ument an<span class=\"_ _2\"></span>d the hed<span class=\"_ _2\"></span>ged ite<span class=\"_ _2\"></span>m, alon<span class=\"_ _2\"></span>g with its ris<span class=\"_ _2\"></span>k manag<span class=\"_ _2\"></span>ement obj<span class=\"_ _2\"></span>ective<span class=\"_ _2\"></span>s and its s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y for under<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>king variou<span class=\"_ _2\"></span>s hedg<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>action<span class=\"_ _2\"></span>s. Fur<span class=\"_ _2\"></span>thermo<span class=\"_ _2\"></span>re, at the inc<span class=\"_ _2\"></span>eption of the h<span class=\"_ _2\"></span>edge an<span class=\"_ _2\"></span>d on an ong<span class=\"_ _2\"></span>oing bas<span class=\"_ _2\"></span>is, the Gro<span class=\"_ _2\"></span>up docum<span class=\"_ _2\"></span>ents whe<span class=\"_ _2\"></span>ther the h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g instrum<span class=\"_ _2\"></span>ent is high<span class=\"_ _2\"></span>ly effe<span class=\"_ _2\"></span>ctive in off<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>ting chan<span class=\"_ _2\"></span>ges in fa<span class=\"_ _2\"></span>ir values or c<span class=\"_ _2\"></span>ash flows of th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ed item at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to the he<span class=\"_ _2\"></span>dged r<span class=\"_ _2\"></span>isk. Where a c<span class=\"_ _2\"></span>ash flow h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relation<span class=\"_ _2\"></span>ship exist<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ctive por<span class=\"_ _2\"></span>tion of ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the fair value of de<span class=\"_ _2\"></span>rivatives th<span class=\"_ _2\"></span>at are desig<span class=\"_ _2\"></span>nated an<span class=\"_ _2\"></span>d qualif<span class=\"_ _2\"></span>y as c<span class=\"_ _2\"></span>ash flow he<span class=\"_ _2\"></span>dges is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income a<span class=\"_ _2\"></span>nd acc<span class=\"_ _2\"></span>umulated un<span class=\"_ _2\"></span>der the he<span class=\"_ _2\"></span>ading of ca<span class=\"_ _2\"></span>sh flow he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve. The gain or l<span class=\"_ _2\"></span>oss rel<span class=\"_ _2\"></span>ating to the inef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive por<span class=\"_ _2\"></span>tion is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed imme<span class=\"_ _2\"></span>diately in profit o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>, and is in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d in net investm<span class=\"_ _2\"></span>ent incom<span class=\"_ _2\"></span>e. Amo<span class=\"_ _2\"></span>unts previou<span class=\"_ _2\"></span>sly rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me and ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y are re<span class=\"_ _2\"></span>clas<span class=\"_ _2\"></span>sified to profit or l<span class=\"_ _2\"></span>oss in the p<span class=\"_ _2\"></span>eriods when t<span class=\"_ _2\"></span>he hedg<span class=\"_ _2\"></span>ed item af<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>ts profit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, in the sam<span class=\"_ _2\"></span>e line as the re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item. He<span class=\"_ _2\"></span>dge ac<span class=\"_ _2\"></span>counting i<span class=\"_ _2\"></span>s discontin<span class=\"_ _2\"></span>ued if: t<span class=\"_ _2\"></span>he Group\u2019s hedg<span class=\"_ _2\"></span>ing obje<span class=\"_ _2\"></span>ctive ha<span class=\"_ _2\"></span>s chang<span class=\"_ _2\"></span>ed (can re<span class=\"_ _2\"></span>sult in a par<span class=\"_ _2\"></span>tial dis<span class=\"_ _2\"></span>continua<span class=\"_ _2\"></span>nce); the h<span class=\"_ _2\"></span>edge<span class=\"_ _2\"></span>d item or hed<span class=\"_ _2\"></span>ging ins<span class=\"_ _2\"></span>trument n<span class=\"_ _2\"></span>o long<span class=\"_ _2\"></span>er exist<span class=\"_ _2\"></span>s or is sol<span class=\"_ _2\"></span>d; there is no lo<span class=\"_ _2\"></span>nger a<span class=\"_ _2\"></span>n econ<span class=\"_ _2\"></span>omic relatio<span class=\"_ _2\"></span>nship bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the hed<span class=\"_ _2\"></span>ged ite<span class=\"_ _2\"></span>m and the he<span class=\"_ _2\"></span>dging ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>; or the ef<span class=\"_ _2\"></span>fect of cre<span class=\"_ _2\"></span>dit risk s<span class=\"_ _2\"></span>tar<span class=\"_ _2\"></span>ts to domin<span class=\"_ _2\"></span>ate the value ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s that resul<span class=\"_ _2\"></span>t from the ec<span class=\"_ _2\"></span>onomic re<span class=\"_ _2\"></span>lationsh<span class=\"_ _2\"></span>ip. Any gain or los<span class=\"_ _2\"></span>s rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me and ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y at tha<span class=\"_ _2\"></span>t time is rec<span class=\"_ _2\"></span>ycled to profit or l<span class=\"_ _2\"></span>oss over the p<span class=\"_ _2\"></span>eriod th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ed item impa<span class=\"_ _2\"></span>cts p<span class=\"_ _2\"></span>rofit or los<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-720": {
   "value": "The other reserves comprise the owner-occupied property revaluation reserve and the cash flow hedging reserve. Owner-occupied property revaluation reserve This reserve comprises the revaluation surplus arising on revaluation of owner-occupied property. When a revaluation loss arises on a previously revalued asset it should be deducted first against the previous revaluation gain. Any excess impairment will then be recorded as an impairment expense in the consolidated income statement. Cash flow hedging reserve Where a cash flow hedging relationship exists, the effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognised immediately in the consolidated income statement, and is reported in net investment income. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognised in other comprehensive income and accumulated in equity at that time is recycled to profit or loss over the period the hedged item impacts profit or loss. Further details of the Group\u2019s hedge accounting policy are included in note E1 ",
   "dimensions": {
    "concept": "pheonixgroupholdings:DescriptionOfAccountingPolicyForOtherReserves",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-611": {
   "value": "D4. Tier 1 notes The Fixed Rate Reset Perpetual Restricted Tier 1 Contingent Convertible Notes (\u2018Tier 1 Notes\u2019) meet the definition of equity and accordingly are shown as a separate category within equity at the proceeds of issue. The coupons on the instruments are recognised as distributions on the date of payment and are charged directly to the statement of consolidated changes in equity. 2023 2022 \u00a3m \u00a3m Tier 1 Notes 494 494 On 26 April 2018, Old PGH (the Group\u2019s ultimate parent company up to December 2018) issued \u00a3500 million of Tier 1 Notes, the proceeds of which were used to fund a portion of the cash consideration for the acquisition of the Standard Life Assurance businesses. The Tier 1 Notes bear interest on their principal amount at a fixed rate of 5.75% per annum up to the \u2018First Call Date\u2019 of 26 April 2028. Thereafter the fixed rate of interest will be reset on the First Call Date and on each fifth anniversary of this date by reference to a 5 year gilt yield plus a margin of 4.169%. Interest is payable on the Tier 1 Notes semi-annually in arrears on 26 October and 26 April. The coupon paid in the year was \u00a329 million (2022: \u00a329 million). At the issue date, the Tier 1 Notes were unsecured and subordinated obligations of Old PGH. On 12 December 2018, the Company was substituted in place of Old PGH as issuer. The Tier 1 Notes have no fixed maturity date and interest is payable only at the sole and absolute discretion of the Company; accordingly the Tier 1 Notes meet the definition of equity for financial reporting purposes and are disclosed as such in the consolidated financial statements. If an interest payment is not made, it is cancelled and it shall not accumulate or be payable at any time thereafter. The Tier 1 Notes may be redeemed at par on the First Call Date or on any interest payment date thereafter at the option of the Company and also in other limited circumstances. If such redemption occurs prior to the fifth anniversary of the Issue Date, such redemption must be funded out of the proceeds of a new issuance of, or exchanged into, Tier 1 Own Funds of the same or a higher quality than the Tier 1 Notes. In respect of any redemption or purchase of the Tier 1 Notes, such redemption or purchase is subject to the receipt of permission to do so from the PRA. On 27 October 2020, the terms of the Tier 1 Notes were amended and the consequence of a trigger event, linked to the Solvency II capital position, was changed. Previously, the Tier 1 Notes were subject to a permanent write-down in value to zero. The amended terms require that the Tier 1 Notes would automatically be subject to conversion to ordinary shares of the Company at the conversion price of \u00a31,000 per share, subject to adjustment in accordance with the terms and conditions of the notes and all accrued and unpaid interest would be cancelled. Following any such conversion there would be no reinstatement of any part of the principal amount of, or interest on, the Tier 1 Notes at any time",
   "dimensions": {
    "concept": "pheonixgroupholdings:DisclosureOfTier1Notes",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-612": {
   "value": "D5. No<span class=\"_ _2\"></span>n-controlling interes<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span>Non-<span class=\"_ _2\"></span>controllin<span class=\"_ _2\"></span>g interest<span class=\"_ _2\"></span>s are sta<span class=\"_ _2\"></span>ted at the sh<span class=\"_ _2\"></span>are of net ass<span class=\"_ _2\"></span>ets at<span class=\"_ _2\"></span>tribute<span class=\"_ _2\"></span>d to the non-<span class=\"_ _2\"></span>controllin<span class=\"_ _2\"></span>g interest h<span class=\"_ _2\"></span>older at th<span class=\"_ _2\"></span>e time of acquis<span class=\"_ _2\"></span>ition, adj<span class=\"_ _2\"></span>usted fo<span class=\"_ _2\"></span>r the relevant s<span class=\"_ _2\"></span>hare of subse<span class=\"_ _2\"></span>quent ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in equit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span><table class=\"s w40b h29f\" id=\"_cc103303-f583-480c-938d-cf608f4f6337\"><tr><td></td><td class=\"t m0 x77f h3f y57c2 ff7 fsf fc1 sc0 ls17 ws15\">APEOT<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x780 h16 y57c2 ff3 fsf fc1 sc0 ls1db ws1db\">AP<span class=\"_ _2\"></span>EOT<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x44d h3f y57c3 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y57c3 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x262 h3f y57c4 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y57c4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y561b w3fa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x781 y561b w240 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">532<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x782 y561b w1bf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">460<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w40c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Profit for the ye<span class=\"_ _2\"></span>ar<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6de y561c wa4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x783 y561c wa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">67<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w40d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Dividends paid<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x784 y561d w29d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(11<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x785 y561d w1cd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(10<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w40e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incre<span class=\"_ _2\"></span>ase in no<span class=\"_ _2\"></span>n-contro<span class=\"_ _2\"></span>lling interes<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x786 y561e w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x787 y561e wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">15<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3fe h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x788 y55ef w1b7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">549<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x789 y55ef w40f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">5<span class=\"_ _2\"></span>32<span class=\"_ _3bc\"> </span></div></td></tr></table>The n<span class=\"_ _2\"></span>on-contro<span class=\"_ _2\"></span>lling interes<span class=\"_ _2\"></span>ts of \u00a354<span class=\"_ _2\"></span>9 million (202<span class=\"_ _2\"></span>2: \u00a3532 millio<span class=\"_ _2\"></span>n) reflect<span class=\"_ _2\"></span>s third par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y owner<span class=\"_ _2\"></span>ship of abrdn Private Equit<span class=\"_ _2\"></span>y Op<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tunities T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust plc (\u2018<span class=\"_ _5\"></span>APEOT\u2019) d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d at the prop<span class=\"_ _2\"></span>ortio<span class=\"_ _2\"></span>nate value of the th<span class=\"_ _2\"></span>ird par<span class=\"_ _2\"></span>ty intere<span class=\"_ _2\"></span>st in the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g asse<span class=\"_ _2\"></span>ts and lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>. APEO<span class=\"_ _7\"></span>T is a U<span class=\"_ _2\"></span>K Invest<span class=\"_ _2\"></span>ment T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t liste<span class=\"_ _2\"></span>d and tra<span class=\"_ _2\"></span>ded on th<span class=\"_ _2\"></span>e London Stoc<span class=\"_ _2\"></span>k Exch<span class=\"_ _2\"></span>ange. A<span class=\"_ _2\"></span>s at 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023<span class=\"_ _2\"></span>, the Group h<span class=\"_ _2\"></span>eld 53<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>% (2022: 5<span class=\"_ _2\"></span>3.6<span class=\"_ _2\"></span>%) of the issu<span class=\"_ _2\"></span>ed share cap<span class=\"_ _2\"></span>ital of APEOT<span class=\"_ _6\"></span>. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s inte<span class=\"_ _2\"></span>rest in APEOT is held in th<span class=\"_ _2\"></span>e With-Profi<span class=\"_ _2\"></span>t and unit-linked fun<span class=\"_ _2\"></span>ds of the Group\u2019s life compan<span class=\"_ _2\"></span>ies. Th<span class=\"_ _2\"></span>erefore, the s<span class=\"_ _2\"></span>hareho<span class=\"_ _2\"></span>lder exp<span class=\"_ _2\"></span>osure to the res<span class=\"_ _2\"></span>ults of APEOT is limited to the imp<span class=\"_ _2\"></span>act of tho<span class=\"_ _2\"></span>se result<span class=\"_ _2\"></span>s on the sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er share of dis<span class=\"_ _2\"></span>tributed p<span class=\"_ _2\"></span>rofits of the rel<span class=\"_ _2\"></span>evant fund. Summ<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y financia<span class=\"_ _2\"></span>l information sh<span class=\"_ _2\"></span>owing the intere<span class=\"_ _2\"></span>st that n<span class=\"_ _2\"></span>on-co<span class=\"_ _2\"></span>ntrolling interes<span class=\"_ _2\"></span>ts have in the G<span class=\"_ _2\"></span>roup\u2019s activitie<span class=\"_ _2\"></span>s and ca<span class=\"_ _2\"></span>sh flows is sh<span class=\"_ _2\"></span>own below<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>AP<span class=\"_ _2\"></span>EOT<span class=\"_ _3bc\"> </span><table class=\"s w410 h2b5\" id=\"_688ff2ed-17bc-4dad-9665-d4edf02323f4\"><tr><td></td><td class=\"t m0 x44d h3f y57c5 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y57c5 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x262 h3f y57c6 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y57c6 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y57c7 ff7 fs7 fc1 sc0 ls69 ws5e\">Statement of financial po<span class=\"_ _2\"></span>sition:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5742 w221 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x78a y5742 w411 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">586<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x78b y5742 w1ce h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">55<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57c8 w229 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2cb y57c8 w341 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x78c y57c8 w372 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5786 w129 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x78d y5786 w2a5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">596<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x78e y5786 w1eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">566<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e7 w187 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls61 ws5f\">T<span class=\"_ _7\"></span>otal liabilitie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x78f y56e7 w354 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2da y56e7 w13f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">34<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y57c9 ff7 fs7 fc1 sc0 ls16 ws14\">Income stat<span class=\"_ _7\"></span>ement:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ec w412 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Net in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2d2 y55ec w413 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x790 y55ec w414 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">74<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y572b w415 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Profit af<span class=\"_ _2\"></span>ter tax<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x791 y572b wa4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x792 y572b wa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">67<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e9 w416 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Comprehensiv<span class=\"_ _7\"></span>e income<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x793 y56e9 wa4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x794 y56e9 wa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">67<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y57ca ff7 fs7 fc1 sc0 ls13 ws11\">Cash flow<span class=\"_ _5\"></span>s:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ef w417 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Net de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x795 y55ef w418 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x796 y55ef w419 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-699": {
   "value": "Non-<span class=\"_ _2\"></span>controllin<span class=\"_ _2\"></span>g interest<span class=\"_ _2\"></span>s are sta<span class=\"_ _2\"></span>ted at the sh<span class=\"_ _2\"></span>are of net ass<span class=\"_ _2\"></span>ets at<span class=\"_ _2\"></span>tribute<span class=\"_ _2\"></span>d to the non-<span class=\"_ _2\"></span>controllin<span class=\"_ _2\"></span>g interest h<span class=\"_ _2\"></span>older at th<span class=\"_ _2\"></span>e time of acquis<span class=\"_ _2\"></span>ition, adj<span class=\"_ _2\"></span>usted fo<span class=\"_ _2\"></span>r the relevant s<span class=\"_ _2\"></span>hare of subse<span class=\"_ _2\"></span>quent ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in equit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-613": {
   "value": "E1. Fair<span class=\"_ _5\"></span> values<span class=\"_ _3bc\"> </span>Financial assets<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>re to be clas<span class=\"_ _2\"></span>sified into on<span class=\"_ _2\"></span>e of the following m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent cate<span class=\"_ _2\"></span>gorie<span class=\"_ _2\"></span>s: Fair value thro<span class=\"_ _2\"></span>ugh profit or l<span class=\"_ _2\"></span>oss (\u2018<span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>VTP<span class=\"_ _2\"></span>L<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>), fair value throu<span class=\"_ _2\"></span>gh other co<span class=\"_ _2\"></span>mprehe<span class=\"_ _2\"></span>nsive incom<span class=\"_ _2\"></span>e (\u2018<span class=\"_ _2\"></span>FVOCI<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>) and amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t. Clas<span class=\"_ _2\"></span>sifica<span class=\"_ _2\"></span>tion is mad<span class=\"_ _2\"></span>e base<span class=\"_ _2\"></span>d on the obj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ives of the entit<span class=\"_ _2\"></span>y\u2019s busine<span class=\"_ _2\"></span>ss mod<span class=\"_ _2\"></span>el for mana<span class=\"_ _2\"></span>ging it<span class=\"_ _2\"></span>s financi<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>ets and th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ctual c<span class=\"_ _2\"></span>ash flow c<span class=\"_ _2\"></span>harac<span class=\"_ _2\"></span>terist<span class=\"_ _2\"></span>ics of the ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts.<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>re meas<span class=\"_ _2\"></span>ured at amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t where th<span class=\"_ _2\"></span>ey have:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual term<span class=\"_ _2\"></span>s that give ris<span class=\"_ _2\"></span>e to cash fl<span class=\"_ _2\"></span>ows on spe<span class=\"_ _2\"></span>cified da<span class=\"_ _2\"></span>tes, th<span class=\"_ _2\"></span>at repres<span class=\"_ _2\"></span>ent sole<span class=\"_ _2\"></span>ly payment<span class=\"_ _2\"></span>s of principa<span class=\"_ _2\"></span>l and interes<span class=\"_ _2\"></span>t on the prin<span class=\"_ _2\"></span>cipal amo<span class=\"_ _2\"></span>unt outs<span class=\"_ _2\"></span>tandin<span class=\"_ _2\"></span>g; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>re held within a b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s mod<span class=\"_ _2\"></span>el whos<span class=\"_ _2\"></span>e obje<span class=\"_ _2\"></span>ctive is ach<span class=\"_ _2\"></span>ieved by holdin<span class=\"_ _2\"></span>g to collec<span class=\"_ _2\"></span>t contra<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l cash fl<span class=\"_ _2\"></span>ows.<span class=\"_ _3bc\"> </span>The<span class=\"_ _2\"></span>se financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets are init<span class=\"_ _2\"></span>ially rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d at cos<span class=\"_ _2\"></span>t, be<span class=\"_ _2\"></span>ing the fair va<span class=\"_ _2\"></span>lue of the con<span class=\"_ _2\"></span>siderati<span class=\"_ _2\"></span>on paid for the a<span class=\"_ _2\"></span>cquisiti<span class=\"_ _2\"></span>on of the financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>et. All tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion cos<span class=\"_ _2\"></span>ts direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributab<span class=\"_ _2\"></span>le to the ac<span class=\"_ _2\"></span>quisition are al<span class=\"_ _2\"></span>so inclu<span class=\"_ _2\"></span>ded in the c<span class=\"_ _2\"></span>ost of the fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>. Subs<span class=\"_ _2\"></span>equent to ini<span class=\"_ _2\"></span>tial reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, thes<span class=\"_ _2\"></span>e financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets are c<span class=\"_ _2\"></span>arried at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>, using the ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive interest m<span class=\"_ _2\"></span>ethod<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Equities<span class=\"_ _2\"></span>, debt s<span class=\"_ _2\"></span>ecurit<span class=\"_ _2\"></span>ies, c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investme<span class=\"_ _2\"></span>nt sche<span class=\"_ _2\"></span>mes<span class=\"_ _2\"></span>, derivative<span class=\"_ _2\"></span>s and cer<span class=\"_ _2\"></span>tain l<span class=\"_ _2\"></span>oans an<span class=\"_ _2\"></span>d deposi<span class=\"_ _2\"></span>ts and c<span class=\"_ _2\"></span>ash and c<span class=\"_ _2\"></span>ash e<span class=\"_ _2\"></span>quivalent<span class=\"_ _2\"></span>s are mea<span class=\"_ _2\"></span>sured at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL as they are m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed and eva<span class=\"_ _2\"></span>luated on a fa<span class=\"_ _2\"></span>ir value bas<span class=\"_ _2\"></span>is.<span class=\"_ _3bc\"> </span>Purcha<span class=\"_ _2\"></span>ses an<span class=\"_ _2\"></span>d sales of fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d on the tra<span class=\"_ _2\"></span>de date, whic<span class=\"_ _2\"></span>h is the date that t<span class=\"_ _2\"></span>he Group c<span class=\"_ _2\"></span>ommits to p<span class=\"_ _2\"></span>urchase o<span class=\"_ _2\"></span>r sell the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Where d<span class=\"_ _2\"></span>erivative fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts are he<span class=\"_ _2\"></span>ld to hedg<span class=\"_ _2\"></span>e the Group\u2019s Euro and US D<span class=\"_ _2\"></span>ollar bor<span class=\"_ _2\"></span>rowings<span class=\"_ _2\"></span>, the ef<span class=\"_ _2\"></span>fective p<span class=\"_ _2\"></span>orti<span class=\"_ _2\"></span>on of any gain or los<span class=\"_ _2\"></span>s that ari<span class=\"_ _2\"></span>ses on rem<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment to fair val<span class=\"_ _2\"></span>ue is initially re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in oth<span class=\"_ _2\"></span>er compre<span class=\"_ _2\"></span>hensi<span class=\"_ _2\"></span>ve income an<span class=\"_ _2\"></span>d is recyc<span class=\"_ _2\"></span>led to profit or lo<span class=\"_ _2\"></span>ss as th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ed item impa<span class=\"_ _2\"></span>cts t<span class=\"_ _2\"></span>he profit or los<span class=\"_ _2\"></span>s. For s<span class=\"_ _2\"></span>uch inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s, the t<span class=\"_ _2\"></span>iming of the rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n of any gain or los<span class=\"_ _2\"></span>s that aris<span class=\"_ _2\"></span>es on rem<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent to fair valu<span class=\"_ _2\"></span>e in profit or lo<span class=\"_ _2\"></span>ss dep<span class=\"_ _2\"></span>ends on th<span class=\"_ _2\"></span>e nature of the h<span class=\"_ _2\"></span>edge re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has tre<span class=\"_ _2\"></span>aties in pla<span class=\"_ _2\"></span>ce with third pa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>mpanies to p<span class=\"_ _2\"></span>rovide reinsur<span class=\"_ _2\"></span>ance in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of liabilities th<span class=\"_ _2\"></span>at are linked to the per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce of funds m<span class=\"_ _2\"></span>aintaine<span class=\"_ _2\"></span>d by thos<span class=\"_ _2\"></span>e compani<span class=\"_ _2\"></span>es. Th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts in qu<span class=\"_ _2\"></span>estion d<span class=\"_ _2\"></span>o not trans<span class=\"_ _2\"></span>fer signific<span class=\"_ _2\"></span>ant insur<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>k and therefore a<span class=\"_ _2\"></span>re clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s financi<span class=\"_ _2\"></span>al instr<span class=\"_ _2\"></span>uments a<span class=\"_ _2\"></span>nd are value<span class=\"_ _2\"></span>d at fair value t<span class=\"_ _2\"></span>hrough profi<span class=\"_ _2\"></span>t and los<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>se contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are disclo<span class=\"_ _2\"></span>sed und<span class=\"_ _2\"></span>er Reinsure<span class=\"_ _2\"></span>rs\u2019 share of investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition.<span class=\"_ _3bc\"> </span>Impairment of<span class=\"_ _5\"></span> financial assets<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d credit lo<span class=\"_ _2\"></span>sses a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated wit<span class=\"_ _2\"></span>h its loan<span class=\"_ _2\"></span>s and dep<span class=\"_ _2\"></span>osits<span class=\"_ _2\"></span>, rec<span class=\"_ _2\"></span>eivable<span class=\"_ _2\"></span>s, ca<span class=\"_ _2\"></span>sh and c<span class=\"_ _2\"></span>ash eq<span class=\"_ _2\"></span>uivalents a<span class=\"_ _2\"></span>nd other finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets c<span class=\"_ _2\"></span>arried at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. The me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt of credit impa<span class=\"_ _2\"></span>irment is ba<span class=\"_ _2\"></span>sed on a<span class=\"_ _2\"></span>n Exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d Credit Los<span class=\"_ _2\"></span>s (\u2018 ECL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>) mode<span class=\"_ _2\"></span>l and dep<span class=\"_ _2\"></span>ends upo<span class=\"_ _2\"></span>n whether t<span class=\"_ _2\"></span>here has b<span class=\"_ _2\"></span>een a sig<span class=\"_ _2\"></span>nificant in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in credit ris<span class=\"_ _2\"></span>k.<span class=\"_ _3bc\"> </span>For thos<span class=\"_ _2\"></span>e credit ex<span class=\"_ _2\"></span>posures fo<span class=\"_ _2\"></span>r which cre<span class=\"_ _2\"></span>dit risk has n<span class=\"_ _2\"></span>ot increa<span class=\"_ _2\"></span>sed sig<span class=\"_ _2\"></span>nificantl<span class=\"_ _2\"></span>y since initia<span class=\"_ _2\"></span>l reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, the Group m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>s loss allow<span class=\"_ _2\"></span>ances a<span class=\"_ _2\"></span>t an amo<span class=\"_ _2\"></span>unt equal to th<span class=\"_ _2\"></span>e total expe<span class=\"_ _2\"></span>cte<span class=\"_ _2\"></span>d credit los<span class=\"_ _2\"></span>ses re<span class=\"_ _2\"></span>sulting from d<span class=\"_ _2\"></span>efault event<span class=\"_ _2\"></span>s that are po<span class=\"_ _2\"></span>ssible wi<span class=\"_ _2\"></span>thin 12 months af<span class=\"_ _2\"></span>ter the re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting date (\u2018<span class=\"_ _2\"></span>12-mont<span class=\"_ _2\"></span>h ECL<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>). For those c<span class=\"_ _2\"></span>redit exp<span class=\"_ _2\"></span>osures for whi<span class=\"_ _2\"></span>ch there ha<span class=\"_ _2\"></span>s bee<span class=\"_ _2\"></span>n a signific<span class=\"_ _2\"></span>ant increa<span class=\"_ _2\"></span>se in credit r<span class=\"_ _2\"></span>isk since in<span class=\"_ _2\"></span>itial rec<span class=\"_ _2\"></span>ognition<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up mea<span class=\"_ _2\"></span>sures an<span class=\"_ _2\"></span>d recog<span class=\"_ _2\"></span>nises an a<span class=\"_ _2\"></span>llowance at a<span class=\"_ _2\"></span>n amount e<span class=\"_ _2\"></span>qual to the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d credit l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s over the rema<span class=\"_ _2\"></span>ining life of the expo<span class=\"_ _2\"></span>sure, irres<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tive of the timin<span class=\"_ _2\"></span>g of the default (<span class=\"_ _2\"></span>\u2018Lifetim<span class=\"_ _2\"></span>e E<span class=\"_ _5\"></span>CL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>). If the finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set be<span class=\"_ _2\"></span>come<span class=\"_ _2\"></span>s \u2018<span class=\"_ _5\"></span>cred<span class=\"_ _2\"></span>it-impaired<span class=\"_ _2\"></span>\u2019 (<span class=\"_ _5\"></span>following s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt financia<span class=\"_ _2\"></span>l diffic<span class=\"_ _2\"></span>ulty of is<span class=\"_ _2\"></span>suer/<span class=\"_ _3bc\"> </span>borrowe<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>, or a def<span class=\"_ _2\"></span>ault/<span class=\"_ _2\"></span>breach of a c<span class=\"_ _2\"></span>ovenant), the G<span class=\"_ _2\"></span>roup will rec<span class=\"_ _2\"></span>ognise a Lifet<span class=\"_ _2\"></span>ime ECL. ECL<span class=\"_ _2\"></span>s are derive<span class=\"_ _2\"></span>d from unbias<span class=\"_ _2\"></span>ed and p<span class=\"_ _2\"></span>robabilit<span class=\"_ _2\"></span>y-<span class=\"_ _3bc\"> </span>weighte<span class=\"_ _2\"></span>d estim<span class=\"_ _2\"></span>ates of expe<span class=\"_ _2\"></span>cted los<span class=\"_ _2\"></span>s. The lo<span class=\"_ _2\"></span>ss allowan<span class=\"_ _2\"></span>ce redu<span class=\"_ _2\"></span>ces the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value of th<span class=\"_ _2\"></span>e financi<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>et and is rea<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d at each re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting date. ECL<span class=\"_ _2\"></span>s and subs<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>nt reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ents of the ECL<span class=\"_ _2\"></span>, are rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>Fair<span class=\"_ _5\"></span> value estimation<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir values of finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s trad<span class=\"_ _2\"></span>ed in ac<span class=\"_ _2\"></span>tive markets suc<span class=\"_ _2\"></span>h as publicl<span class=\"_ _2\"></span>y trade<span class=\"_ _2\"></span>d sec<span class=\"_ _2\"></span>urities and d<span class=\"_ _2\"></span>erivatives a<span class=\"_ _2\"></span>re base<span class=\"_ _2\"></span>d on quoted m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et price<span class=\"_ _2\"></span>s at the pe<span class=\"_ _2\"></span>riod end<span class=\"_ _2\"></span>. The quote<span class=\"_ _2\"></span>d market price us<span class=\"_ _2\"></span>ed for finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets i<span class=\"_ _2\"></span>s the applic<span class=\"_ _2\"></span>able bid pr<span class=\"_ _2\"></span>ice on the p<span class=\"_ _2\"></span>eriod en<span class=\"_ _2\"></span>d date. The f<span class=\"_ _2\"></span>air value of investm<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>at are not tra<span class=\"_ _2\"></span>ded in an ac<span class=\"_ _2\"></span>tive market is determ<span class=\"_ _2\"></span>ined usin<span class=\"_ _2\"></span>g valuation te<span class=\"_ _2\"></span>chniqu<span class=\"_ _2\"></span>es such a<span class=\"_ _2\"></span>s broker quotes<span class=\"_ _2\"></span>, pricing m<span class=\"_ _2\"></span>odels or disc<span class=\"_ _2\"></span>ounted ca<span class=\"_ _2\"></span>sh flow tec<span class=\"_ _2\"></span>hniques<span class=\"_ _2\"></span>. Where p<span class=\"_ _2\"></span>ricing mo<span class=\"_ _2\"></span>dels are us<span class=\"_ _2\"></span>ed, inp<span class=\"_ _2\"></span>uts are b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n market related da<span class=\"_ _2\"></span>ta at the pe<span class=\"_ _2\"></span>riod en<span class=\"_ _2\"></span>d. Where disc<span class=\"_ _2\"></span>ounted ca<span class=\"_ _2\"></span>sh flow tec<span class=\"_ _2\"></span>hniques a<span class=\"_ _2\"></span>re used<span class=\"_ _2\"></span>, estim<span class=\"_ _2\"></span>ated fut<span class=\"_ _2\"></span>ure cash flow<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al cas<span class=\"_ _2\"></span>h flows using c<span class=\"_ _2\"></span>urrent market con<span class=\"_ _2\"></span>ditions and m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et c<span class=\"_ _2\"></span>alibrated dis<span class=\"_ _2\"></span>count ra<span class=\"_ _2\"></span>tes and interes<span class=\"_ _2\"></span>t rate as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s for similar ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>For units in un<span class=\"_ _2\"></span>it trust<span class=\"_ _2\"></span>s and sh<span class=\"_ _2\"></span>ares in ope<span class=\"_ _2\"></span>n-end<span class=\"_ _2\"></span>ed investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>anies<span class=\"_ _2\"></span>, fair value i<span class=\"_ _2\"></span>s determine<span class=\"_ _2\"></span>d by referenc<span class=\"_ _2\"></span>e to publishe<span class=\"_ _2\"></span>d bid value<span class=\"_ _2\"></span>s. The f<span class=\"_ _2\"></span>air value of re<span class=\"_ _2\"></span>ceivabl<span class=\"_ _2\"></span>es and flo<span class=\"_ _2\"></span>ating rate an<span class=\"_ _2\"></span>d overnight dep<span class=\"_ _2\"></span>osits wi<span class=\"_ _2\"></span>th credit ins<span class=\"_ _2\"></span>titutio<span class=\"_ _2\"></span>ns is their c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value<span class=\"_ _2\"></span>. The fair val<span class=\"_ _2\"></span>ue of fixed interes<span class=\"_ _2\"></span>t-<span class=\"_ _3bc\"> </span>bea<span class=\"_ _2\"></span>ring dep<span class=\"_ _2\"></span>osits is e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>d using dis<span class=\"_ _2\"></span>counted c<span class=\"_ _2\"></span>ash flow te<span class=\"_ _2\"></span>chnique<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Asso<span class=\"_ _2\"></span>ciates<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tments in a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciates that a<span class=\"_ _2\"></span>re held for inves<span class=\"_ _2\"></span>tment pur<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>s are acco<span class=\"_ _2\"></span>unted for unde<span class=\"_ _2\"></span>r IFRS 9 Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts for the c<span class=\"_ _2\"></span>urrent perio<span class=\"_ _2\"></span>d (2022<span class=\"_ _2\"></span>: IAS 39 Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts: Re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition and M<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment<span class=\"_ _3bc\"> </span>) as pe<span class=\"_ _2\"></span>rmit<span class=\"_ _2\"></span>ted by IAS 28 Inves<span class=\"_ _2\"></span>tments in A<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciates an<span class=\"_ _2\"></span>d Joint V<span class=\"_ _7\"></span>ent<span class=\"_ _2\"></span>ures. The<span class=\"_ _2\"></span>se are mea<span class=\"_ _2\"></span>sured at fa<span class=\"_ _2\"></span>ir value throu<span class=\"_ _2\"></span>gh profit or los<span class=\"_ _2\"></span>s. T<span class=\"_ _2\"></span>here are no inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s in ass<span class=\"_ _2\"></span>ociates wh<span class=\"_ _2\"></span>ich are of a stra<span class=\"_ _2\"></span>tegic nat<span class=\"_ _2\"></span>ure.<span class=\"_ _3bc\"> </span>Derecognition of financial assets<span class=\"_ _3bc\"> </span>A finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set (or par<span class=\"_ _2\"></span>t of a group of similar fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s) is derec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed where<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e rights to re<span class=\"_ _2\"></span>ceive c<span class=\"_ _2\"></span>ash flows from t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>et have expired; \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group ret<span class=\"_ _2\"></span>ains the right to re<span class=\"_ _2\"></span>ceive c<span class=\"_ _2\"></span>ash flows fro<span class=\"_ _2\"></span>m the ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>, but ha<span class=\"_ _2\"></span>s assum<span class=\"_ _2\"></span>ed an oblig<span class=\"_ _2\"></span>ation to pay th<span class=\"_ _2\"></span>em in full with<span class=\"_ _2\"></span>out materi<span class=\"_ _2\"></span>al delay to a third par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y under a \u2018pas<span class=\"_ _2\"></span>s-throu<span class=\"_ _2\"></span>gh\u2019 a<span class=\"_ _2\"></span>rrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>; or \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s trans<span class=\"_ _2\"></span>ferred it<span class=\"_ _2\"></span>s rights to re<span class=\"_ _2\"></span>ceive ca<span class=\"_ _2\"></span>sh flows from th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>t and has e<span class=\"_ _2\"></span>ither tra<span class=\"_ _2\"></span>nsferre<span class=\"_ _2\"></span>d subst<span class=\"_ _2\"></span>antially all th<span class=\"_ _2\"></span>e risks and re<span class=\"_ _2\"></span>wards of the as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>, or has ne<span class=\"_ _2\"></span>ither tra<span class=\"_ _2\"></span>nsferre<span class=\"_ _2\"></span>d nor retain<span class=\"_ _2\"></span>ed subs<span class=\"_ _2\"></span>tantia<span class=\"_ _2\"></span>lly all the risks a<span class=\"_ _2\"></span>nd rewards of the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>, but ha<span class=\"_ _2\"></span>s trans<span class=\"_ _2\"></span>ferred cont<span class=\"_ _2\"></span>rol of the ass<span class=\"_ _2\"></span>et. Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span>On initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, financi<span class=\"_ _2\"></span>al liabilities a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d when due an<span class=\"_ _2\"></span>d meas<span class=\"_ _2\"></span>ured at the f<span class=\"_ _2\"></span>air value of the co<span class=\"_ _2\"></span>nsider<span class=\"_ _2\"></span>ation rec<span class=\"_ _2\"></span>eived les<span class=\"_ _2\"></span>s direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n cost<span class=\"_ _2\"></span>s (with the except<span class=\"_ _2\"></span>ion of liabilities at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL for which a<span class=\"_ _2\"></span>ll transa<span class=\"_ _2\"></span>ction c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s are expen<span class=\"_ _2\"></span>sed)<span class=\"_ _3bc\"> </span>Subs<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>nt to initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n, finan<span class=\"_ _2\"></span>cial liabilit<span class=\"_ _2\"></span>ies (except for liabilit<span class=\"_ _2\"></span>ies under inve<span class=\"_ _2\"></span>stment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts with<span class=\"_ _2\"></span>out DPF a<span class=\"_ _2\"></span>nd other liab<span class=\"_ _2\"></span>ilities desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL) are me<span class=\"_ _2\"></span>asured at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost usin<span class=\"_ _2\"></span>g the ef<span class=\"_ _2\"></span>fective intere<span class=\"_ _2\"></span>st meth<span class=\"_ _2\"></span>od. Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties are des<span class=\"_ _2\"></span>ignated up<span class=\"_ _2\"></span>on initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition at FV<span class=\"_ _2\"></span>TPL wh<span class=\"_ _2\"></span>ere doing s<span class=\"_ _2\"></span>o result<span class=\"_ _2\"></span>s in more mea<span class=\"_ _2\"></span>ningful inform<span class=\"_ _2\"></span>ation be<span class=\"_ _2\"></span>caus<span class=\"_ _2\"></span>e either<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>t eliminates or s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>ntly reduc<span class=\"_ _2\"></span>es acc<span class=\"_ _2\"></span>ounting mi<span class=\"_ _2\"></span>smatche<span class=\"_ _2\"></span>s that would oth<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>wise aris<span class=\"_ _2\"></span>e from mea<span class=\"_ _2\"></span>suring as<span class=\"_ _2\"></span>sets o<span class=\"_ _2\"></span>r liabilities or re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nising the g<span class=\"_ _2\"></span>ains and lo<span class=\"_ _2\"></span>sses o<span class=\"_ _2\"></span>n them on dif<span class=\"_ _2\"></span>ferent ba<span class=\"_ _2\"></span>ses; or<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a g<span class=\"_ _2\"></span>roup of financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>, financi<span class=\"_ _2\"></span>al liabilitie<span class=\"_ _2\"></span>s or both is man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d and its p<span class=\"_ _2\"></span>erfo<span class=\"_ _2\"></span>rmanc<span class=\"_ _2\"></span>e is evaluated a<span class=\"_ _2\"></span>nd mana<span class=\"_ _2\"></span>ged o<span class=\"_ _2\"></span>n a fair value ba<span class=\"_ _2\"></span>sis, in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with a doc<span class=\"_ _2\"></span>umented ri<span class=\"_ _2\"></span>sk mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt or investme<span class=\"_ _2\"></span>nt strate<span class=\"_ _2\"></span>gy, and information a<span class=\"_ _2\"></span>bout th<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nts is provide<span class=\"_ _2\"></span>d internall<span class=\"_ _2\"></span>y on that b<span class=\"_ _2\"></span>asis to the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s key man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent per<span class=\"_ _2\"></span>sonne<span class=\"_ _2\"></span>l.<span class=\"_ _3bc\"> </span>Investment contrac<span class=\"_ _2\"></span>ts without DPF<span class=\"_ _3bc\"> </span>Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s under whi<span class=\"_ _2\"></span>ch the tran<span class=\"_ _2\"></span>sfer of insur<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>k to the Group from th<span class=\"_ _2\"></span>e policy<span class=\"_ _2\"></span>holder i<span class=\"_ _2\"></span>s not signific<span class=\"_ _2\"></span>ant are clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s investme<span class=\"_ _2\"></span>nt contra<span class=\"_ _2\"></span>cts and a<span class=\"_ _2\"></span>ccounte<span class=\"_ _2\"></span>d for as finan<span class=\"_ _2\"></span>cial liabilitie<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Rec<span class=\"_ _2\"></span>eipts an<span class=\"_ _2\"></span>d payment<span class=\"_ _2\"></span>s on investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>thout D<span class=\"_ _2\"></span>PF are acc<span class=\"_ _2\"></span>ounted for usin<span class=\"_ _2\"></span>g depos<span class=\"_ _2\"></span>it acco<span class=\"_ _2\"></span>unting<span class=\"_ _2\"></span>, under whic<span class=\"_ _2\"></span>h the amo<span class=\"_ _2\"></span>unts colle<span class=\"_ _2\"></span>cted and pa<span class=\"_ _2\"></span>id out are re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in the s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent of<span class=\"_ gs132\"> </span>conso<span class=\"_ _2\"></span>lidated fina<span class=\"_ _2\"></span>ncial p<span class=\"_ _2\"></span>osition as an a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment to th<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y to<span class=\"_ gs132\"> </span>the polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s withou<span class=\"_ _2\"></span>t DPF are me<span class=\"_ _2\"></span>asured a<span class=\"_ _2\"></span>t fair value whic<span class=\"_ _2\"></span>h is determin<span class=\"_ _2\"></span>ed using a va<span class=\"_ _2\"></span>luation tec<span class=\"_ _2\"></span>hnique to provid<span class=\"_ _2\"></span>e a reliable e<span class=\"_ _2\"></span>stimate of the am<span class=\"_ _2\"></span>ount for which th<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y could b<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>ferred in an ord<span class=\"_ _2\"></span>erly tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion bet<span class=\"_ _2\"></span>ween m<span class=\"_ _2\"></span>arket par<span class=\"_ _2\"></span>ticipant<span class=\"_ _2\"></span>s at the mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt date, subj<span class=\"_ _2\"></span>ect to a minimum e<span class=\"_ _2\"></span>qual to the s<span class=\"_ _2\"></span>urrender va<span class=\"_ _2\"></span>lue. The va<span class=\"_ _2\"></span>luation of liabilit<span class=\"_ _2\"></span>ies on unit-linked contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are held at th<span class=\"_ _2\"></span>e fair value of th<span class=\"_ _2\"></span>e related as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabilitie<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y is the sum of the un<span class=\"_ _2\"></span>it-link<span class=\"_ _5\"></span>ed liab<span class=\"_ _2\"></span>ilities plus a<span class=\"_ _2\"></span>n addition<span class=\"_ _2\"></span>al amount to c<span class=\"_ _2\"></span>over the pres<span class=\"_ _2\"></span>ent value of the exc<span class=\"_ _2\"></span>ess of fut<span class=\"_ _2\"></span>ure polic<span class=\"_ _2\"></span>y cos<span class=\"_ _2\"></span>ts over fut<span class=\"_ _2\"></span>ure charg<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span>Movem<span class=\"_ _2\"></span>ents in the f<span class=\"_ _2\"></span>air value of investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s without D<span class=\"_ _2\"></span>PF and rein<span class=\"_ _2\"></span>surers\u2019 sh<span class=\"_ _2\"></span>are of investme<span class=\"_ _2\"></span>nt contrac<span class=\"_ _2\"></span>t liabilitie<span class=\"_ _2\"></span>s are includ<span class=\"_ _2\"></span>ed in Chan<span class=\"_ _2\"></span>ge in investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties in the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated inco<span class=\"_ _2\"></span>me sta<span class=\"_ _2\"></span>tement. Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act p<span class=\"_ _2\"></span>olicyho<span class=\"_ _2\"></span>lders are c<span class=\"_ _2\"></span>harge<span class=\"_ _2\"></span>d for polic<span class=\"_ _2\"></span>y adminis<span class=\"_ _2\"></span>tration se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es, inve<span class=\"_ _2\"></span>stment m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices<span class=\"_ _2\"></span>, surrend<span class=\"_ _2\"></span>ers and ot<span class=\"_ _2\"></span>her contr<span class=\"_ _2\"></span>act fee<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>ese fee<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as revenue over t<span class=\"_ _2\"></span>he perio<span class=\"_ _2\"></span>d in which the re<span class=\"_ _2\"></span>lated se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es are pe<span class=\"_ _2\"></span>rforme<span class=\"_ _2\"></span>d. If the fe<span class=\"_ _2\"></span>es are for se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es provide<span class=\"_ _2\"></span>d in future p<span class=\"_ _2\"></span>eriods<span class=\"_ _2\"></span>, they are defe<span class=\"_ _2\"></span>rred and re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised over t<span class=\"_ _2\"></span>hose pe<span class=\"_ _2\"></span>riods<span class=\"_ _2\"></span>. \u2018Front en<span class=\"_ _2\"></span>d\u2019 fee<span class=\"_ _2\"></span>s are charg<span class=\"_ _2\"></span>ed on som<span class=\"_ _2\"></span>e non-pa<span class=\"_ _2\"></span>rticip<span class=\"_ _2\"></span>ating investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s. Whe<span class=\"_ _2\"></span>re the non-p<span class=\"_ _2\"></span>arti<span class=\"_ _2\"></span>cipating inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t is meas<span class=\"_ _2\"></span>ured at fair val<span class=\"_ _2\"></span>ue, such fe<span class=\"_ _2\"></span>es which re<span class=\"_ _2\"></span>late to the provisio<span class=\"_ _2\"></span>n of future inve<span class=\"_ _2\"></span>stment m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices are defe<span class=\"_ _2\"></span>rred and re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as t<span class=\"_ _2\"></span>he ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s are provided<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Net asset value attributable to<span class=\"_ _7\"></span> unitholders<span class=\"_ _3bc\"> </span>The n<span class=\"_ _2\"></span>et asse<span class=\"_ _2\"></span>t value at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to unithol<span class=\"_ _2\"></span>ders rep<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>s the non-<span class=\"_ _2\"></span>controllin<span class=\"_ _2\"></span>g interest in c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investme<span class=\"_ _2\"></span>nt schem<span class=\"_ _2\"></span>es which a<span class=\"_ _2\"></span>re<span class=\"_ gs132\"> </span>conso<span class=\"_ _2\"></span>lidated by the Gro<span class=\"_ _2\"></span>up. This interes<span class=\"_ _2\"></span>t is clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>t FV<span class=\"_ _2\"></span>TPL and m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value<span class=\"_ _2\"></span>, which is e<span class=\"_ _2\"></span>qual to the bid va<span class=\"_ _2\"></span>lue of the numb<span class=\"_ _2\"></span>er of units of the colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme n<span class=\"_ _2\"></span>ot owned by the G<span class=\"_ _2\"></span>roup.<span class=\"_ _3bc\"> </span>Obl<span class=\"_ _2\"></span>igatio<span class=\"_ _2\"></span>ns for rep<span class=\"_ _2\"></span>ayment of c<span class=\"_ _2\"></span>ollate<span class=\"_ _2\"></span>ral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span>It is the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s pra<span class=\"_ _2\"></span>ctice to obt<span class=\"_ _2\"></span>ain collate<span class=\"_ _2\"></span>ral in sto<span class=\"_ _2\"></span>ck lendin<span class=\"_ _2\"></span>g and deriva<span class=\"_ _2\"></span>tive trans<span class=\"_ _2\"></span>action<span class=\"_ _2\"></span>s, us<span class=\"_ _2\"></span>ually in the form of c<span class=\"_ _2\"></span>ash or ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>etab<span class=\"_ _2\"></span>le sec<span class=\"_ _2\"></span>urities<span class=\"_ _2\"></span>. Where c<span class=\"_ _2\"></span>ash c<span class=\"_ _2\"></span>ollateral re<span class=\"_ _2\"></span>ceived i<span class=\"_ _2\"></span>s available to the G<span class=\"_ _2\"></span>roup for investm<span class=\"_ _2\"></span>ent purpo<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>, it is rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d as a \u2018finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>\u2019 and the c<span class=\"_ _2\"></span>ollateral repayab<span class=\"_ _2\"></span>le is reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as \u2018obligatio<span class=\"_ _2\"></span>ns for repaym<span class=\"_ _2\"></span>ent of collater<span class=\"_ _2\"></span>al recei<span class=\"_ _2\"></span>ved\u2019 in th<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent of cons<span class=\"_ _2\"></span>olidated fin<span class=\"_ _2\"></span>ancial p<span class=\"_ _2\"></span>osition<span class=\"_ _2\"></span>. The \u2018obligatio<span class=\"_ _2\"></span>ns for repaym<span class=\"_ _2\"></span>ent of collater<span class=\"_ _2\"></span>al recei<span class=\"_ _2\"></span>ved\u2019 are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t, which in th<span class=\"_ _2\"></span>e case of c<span class=\"_ _2\"></span>ash is e<span class=\"_ _2\"></span>quivalent to th<span class=\"_ _2\"></span>e fair value of the con<span class=\"_ _2\"></span>sideratio<span class=\"_ _2\"></span>n receive<span class=\"_ _2\"></span>d. Furt<span class=\"_ _2\"></span>her deta<span class=\"_ _2\"></span>ils of the Group\u2019s collater<span class=\"_ _2\"></span>al arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts are incl<span class=\"_ _2\"></span>uded in note E4.<span class=\"_ _3bc\"> </span>Derecognition of financial l<span class=\"_ _5\"></span>iabilities<span class=\"_ _3bc\"> </span>A finan<span class=\"_ _2\"></span>cial liabilit<span class=\"_ _2\"></span>y is dere<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised w<span class=\"_ _2\"></span>hen the ob<span class=\"_ _2\"></span>ligation un<span class=\"_ _2\"></span>der the liabili<span class=\"_ _2\"></span>ty is dis<span class=\"_ _2\"></span>charg<span class=\"_ _2\"></span>ed, c<span class=\"_ _2\"></span>ancell<span class=\"_ _2\"></span>ed or expire<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>Offs<span class=\"_ _2\"></span>etting financial assets and financial liabil<span class=\"_ _5\"></span>ities<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s are offs<span class=\"_ _2\"></span>et and the n<span class=\"_ _2\"></span>et amount re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of financia<span class=\"_ _2\"></span>l position o<span class=\"_ _2\"></span>nly when th<span class=\"_ _2\"></span>ere is a leg<span class=\"_ _2\"></span>ally enforce<span class=\"_ _2\"></span>able right to of<span class=\"_ _2\"></span>fset th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d amount<span class=\"_ _2\"></span>s and there i<span class=\"_ _2\"></span>s an intention to set<span class=\"_ _2\"></span>tle on a ne<span class=\"_ _2\"></span>t basis<span class=\"_ _2\"></span>, or to realis<span class=\"_ _2\"></span>e the as<span class=\"_ _2\"></span>set and s<span class=\"_ _2\"></span>ettle t<span class=\"_ _2\"></span>he liabilit<span class=\"_ _2\"></span>y simult<span class=\"_ _2\"></span>aneo<span class=\"_ _2\"></span>usly. When finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s are offs<span class=\"_ _2\"></span>et any relate<span class=\"_ _2\"></span>d interest in<span class=\"_ _2\"></span>come an<span class=\"_ _2\"></span>d expens<span class=\"_ _2\"></span>e is off<span class=\"_ _2\"></span>set in the inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Hedg<span class=\"_ _2\"></span>e accountin<span class=\"_ _2\"></span>g<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up design<span class=\"_ _2\"></span>ates cer<span class=\"_ _2\"></span>tain d<span class=\"_ _2\"></span>erivatives a<span class=\"_ _2\"></span>s hedg<span class=\"_ _2\"></span>ing inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s in order to ef<span class=\"_ _2\"></span>fect c<span class=\"_ _2\"></span>ash flow he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>s. At the inc<span class=\"_ _2\"></span>eption of the h<span class=\"_ _2\"></span>edge relatio<span class=\"_ _2\"></span>nship, the G<span class=\"_ _2\"></span>roup docum<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>e relations<span class=\"_ _2\"></span>hip bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ing instr<span class=\"_ _2\"></span>ument an<span class=\"_ _2\"></span>d the hed<span class=\"_ _2\"></span>ged ite<span class=\"_ _2\"></span>m, alon<span class=\"_ _2\"></span>g with its ris<span class=\"_ _2\"></span>k manag<span class=\"_ _2\"></span>ement obj<span class=\"_ _2\"></span>ective<span class=\"_ _2\"></span>s and its s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y for under<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>king variou<span class=\"_ _2\"></span>s hedg<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>action<span class=\"_ _2\"></span>s. Fur<span class=\"_ _2\"></span>thermo<span class=\"_ _2\"></span>re, at the inc<span class=\"_ _2\"></span>eption of the h<span class=\"_ _2\"></span>edge an<span class=\"_ _2\"></span>d on an ong<span class=\"_ _2\"></span>oing bas<span class=\"_ _2\"></span>is, the Gro<span class=\"_ _2\"></span>up docum<span class=\"_ _2\"></span>ents whe<span class=\"_ _2\"></span>ther the h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g instrum<span class=\"_ _2\"></span>ent is high<span class=\"_ _2\"></span>ly effe<span class=\"_ _2\"></span>ctive in off<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>ting chan<span class=\"_ _2\"></span>ges in fa<span class=\"_ _2\"></span>ir values or c<span class=\"_ _2\"></span>ash flows of th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ed item at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to the he<span class=\"_ _2\"></span>dged r<span class=\"_ _2\"></span>isk. Where a c<span class=\"_ _2\"></span>ash flow h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relation<span class=\"_ _2\"></span>ship exist<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ctive por<span class=\"_ _2\"></span>tion of ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the fair value of de<span class=\"_ _2\"></span>rivatives th<span class=\"_ _2\"></span>at are desig<span class=\"_ _2\"></span>nated an<span class=\"_ _2\"></span>d qualif<span class=\"_ _2\"></span>y as c<span class=\"_ _2\"></span>ash flow he<span class=\"_ _2\"></span>dges is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income a<span class=\"_ _2\"></span>nd acc<span class=\"_ _2\"></span>umulated un<span class=\"_ _2\"></span>der the he<span class=\"_ _2\"></span>ading of ca<span class=\"_ _2\"></span>sh flow he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve. The gain or l<span class=\"_ _2\"></span>oss rel<span class=\"_ _2\"></span>ating to the inef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive por<span class=\"_ _2\"></span>tion is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed imme<span class=\"_ _2\"></span>diately in profit o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>, and is in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d in net investm<span class=\"_ _2\"></span>ent incom<span class=\"_ _2\"></span>e. Amo<span class=\"_ _2\"></span>unts previou<span class=\"_ _2\"></span>sly rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me and ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y are re<span class=\"_ _2\"></span>clas<span class=\"_ _2\"></span>sified to profit or l<span class=\"_ _2\"></span>oss in the p<span class=\"_ _2\"></span>eriods when t<span class=\"_ _2\"></span>he hedg<span class=\"_ _2\"></span>ed item af<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>ts profit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, in the sam<span class=\"_ _2\"></span>e line as the re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item. He<span class=\"_ _2\"></span>dge ac<span class=\"_ _2\"></span>counting i<span class=\"_ _2\"></span>s discontin<span class=\"_ _2\"></span>ued if: t<span class=\"_ _2\"></span>he Group\u2019s hedg<span class=\"_ _2\"></span>ing obje<span class=\"_ _2\"></span>ctive ha<span class=\"_ _2\"></span>s chang<span class=\"_ _2\"></span>ed (can re<span class=\"_ _2\"></span>sult in a par<span class=\"_ _2\"></span>tial dis<span class=\"_ _2\"></span>continua<span class=\"_ _2\"></span>nce); the h<span class=\"_ _2\"></span>edge<span class=\"_ _2\"></span>d item or hed<span class=\"_ _2\"></span>ging ins<span class=\"_ _2\"></span>trument n<span class=\"_ _2\"></span>o long<span class=\"_ _2\"></span>er exist<span class=\"_ _2\"></span>s or is sol<span class=\"_ _2\"></span>d; there is no lo<span class=\"_ _2\"></span>nger a<span class=\"_ _2\"></span>n econ<span class=\"_ _2\"></span>omic relatio<span class=\"_ _2\"></span>nship bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the hed<span class=\"_ _2\"></span>ged ite<span class=\"_ _2\"></span>m and the he<span class=\"_ _2\"></span>dging ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>; or the ef<span class=\"_ _2\"></span>fect of cre<span class=\"_ _2\"></span>dit risk s<span class=\"_ _2\"></span>tar<span class=\"_ _2\"></span>ts to domin<span class=\"_ _2\"></span>ate the value ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s that resul<span class=\"_ _2\"></span>t from the ec<span class=\"_ _2\"></span>onomic re<span class=\"_ _2\"></span>lationsh<span class=\"_ _2\"></span>ip. Any gain or los<span class=\"_ _2\"></span>s rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me and ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y at tha<span class=\"_ _2\"></span>t time is rec<span class=\"_ _2\"></span>ycled to profit or l<span class=\"_ _2\"></span>oss over the p<span class=\"_ _2\"></span>eriod th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ed item impa<span class=\"_ _2\"></span>cts p<span class=\"_ _2\"></span>rofit or los<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>E2<span class=\"_ _2\"></span>. Fair val<span class=\"_ _2\"></span>ue hier<span class=\"_ _2\"></span>archy<span class=\"_ _3bc\"> </span>E2<span class=\"_ _2\"></span>.1 Dete<span class=\"_ _2\"></span>rminat<span class=\"_ _2\"></span>ion of fa<span class=\"_ _2\"></span>ir valu<span class=\"_ _2\"></span>e and fa<span class=\"_ _2\"></span>ir value h<span class=\"_ _2\"></span>iera<span class=\"_ _2\"></span>rchy of fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial ins<span class=\"_ _2\"></span>trum<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>Level 1 fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir value of financ<span class=\"_ _2\"></span>ial inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s trade<span class=\"_ _2\"></span>d in active m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et<span class=\"_ _2\"></span>s (such as excha<span class=\"_ _2\"></span>nge tra<span class=\"_ _2\"></span>ded se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s and deri<span class=\"_ _2\"></span>vatives) is bas<span class=\"_ _2\"></span>ed on quote<span class=\"_ _2\"></span>d market price<span class=\"_ _2\"></span>s at the pe<span class=\"_ _2\"></span>riod end p<span class=\"_ _2\"></span>rovided by re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed pric<span class=\"_ _2\"></span>ing ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s. Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et depth a<span class=\"_ _2\"></span>nd bid-a<span class=\"_ _2\"></span>sk sprea<span class=\"_ _2\"></span>ds are use<span class=\"_ _2\"></span>d to corrobo<span class=\"_ _2\"></span>rate whethe<span class=\"_ _2\"></span>r an ac<span class=\"_ _2\"></span>tive market exist<span class=\"_ _2\"></span>s for an ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>. Greater de<span class=\"_ _2\"></span>pth and na<span class=\"_ _2\"></span>rrower bid-a<span class=\"_ _2\"></span>sk sprea<span class=\"_ _2\"></span>d indicate hig<span class=\"_ _2\"></span>her liquidi<span class=\"_ _2\"></span>ty in th<span class=\"_ _2\"></span>e instrum<span class=\"_ _2\"></span>ent and are c<span class=\"_ _2\"></span>lass<span class=\"_ _2\"></span>ed as Level 1 input<span class=\"_ _2\"></span>s. For c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investme<span class=\"_ _2\"></span>nt sche<span class=\"_ _2\"></span>mes and re<span class=\"_ _2\"></span>insurer<span class=\"_ _2\"></span>s\u2019 share of investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>ct liabiliti<span class=\"_ _2\"></span>es, f<span class=\"_ _2\"></span>air value is by referen<span class=\"_ _2\"></span>ce to publis<span class=\"_ _2\"></span>hed bid p<span class=\"_ _2\"></span>rices<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Level 2 fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts trad<span class=\"_ _2\"></span>ed in ac<span class=\"_ _2\"></span>tive markets with le<span class=\"_ _2\"></span>ss depth<span class=\"_ _2\"></span>, or wide<span class=\"_ _2\"></span>r bid-ask s<span class=\"_ _2\"></span>preads<span class=\"_ _2\"></span>, which d<span class=\"_ _2\"></span>o not mee<span class=\"_ _2\"></span>t the clas<span class=\"_ _2\"></span>sificat<span class=\"_ _2\"></span>ion as Level 1 inpu<span class=\"_ _2\"></span>ts, are cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as Level 2. The f<span class=\"_ _2\"></span>air values of fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts not tra<span class=\"_ _2\"></span>ded in ac<span class=\"_ _2\"></span>tive markets are d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d using broker quote<span class=\"_ _2\"></span>s or valuatio<span class=\"_ _2\"></span>n tech<span class=\"_ _2\"></span>niques with o<span class=\"_ _2\"></span>bser<span class=\"_ _2\"></span>vable m<span class=\"_ _2\"></span>arket inputs<span class=\"_ _2\"></span>. Finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s value<span class=\"_ _2\"></span>d using broker quotes a<span class=\"_ _2\"></span>re clas<span class=\"_ _2\"></span>sified as Level 2<span class=\"_ _2\"></span>, only whe<span class=\"_ _2\"></span>re there is a suf<span class=\"_ _2\"></span>ficient ra<span class=\"_ _2\"></span>nge of availabl<span class=\"_ _2\"></span>e quotes. T<span class=\"_ _2\"></span>he fair valu<span class=\"_ _2\"></span>e of ov<span class=\"_ _5\"></span>er-the<span class=\"_ _2\"></span>-co<span class=\"_ _2\"></span>unter derivative<span class=\"_ _2\"></span>s is estim<span class=\"_ _2\"></span>ated usin<span class=\"_ _2\"></span>g pricing m<span class=\"_ _2\"></span>odels or di<span class=\"_ _2\"></span>scounte<span class=\"_ _2\"></span>d cash fl<span class=\"_ _2\"></span>ow tech<span class=\"_ _2\"></span>niques<span class=\"_ _2\"></span>. Colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>hemes w<span class=\"_ _2\"></span>here the un<span class=\"_ _2\"></span>derlying a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s are not pric<span class=\"_ _2\"></span>ed usin<span class=\"_ _2\"></span>g active m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et pric<span class=\"_ _2\"></span>es are deter<span class=\"_ _2\"></span>mined to be Leve<span class=\"_ _2\"></span>l 2 ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s. Whe<span class=\"_ _2\"></span>re pricing m<span class=\"_ _2\"></span>odels a<span class=\"_ _2\"></span>re used<span class=\"_ _2\"></span>, inputs a<span class=\"_ _2\"></span>re base<span class=\"_ _2\"></span>d on market relate<span class=\"_ _2\"></span>d data at the p<span class=\"_ _2\"></span>eriod e<span class=\"_ _2\"></span>nd. Whe<span class=\"_ _2\"></span>re disco<span class=\"_ _2\"></span>unted cas<span class=\"_ _2\"></span>h flows are<span class=\"_ gs132\"> </span>use<span class=\"_ _2\"></span>d, es<span class=\"_ _2\"></span>timated f<span class=\"_ _2\"></span>uture ca<span class=\"_ _2\"></span>sh flows are b<span class=\"_ _2\"></span>ased on m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>\u2019s best e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>s and the dis<span class=\"_ _2\"></span>count rate us<span class=\"_ _2\"></span>ed is a ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et relate<span class=\"_ _2\"></span>d rate for<span class=\"_ gs132\"> </span>a<span class=\"_ gs132\"> </span>similar in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ent. Th<span class=\"_ _2\"></span>e fair value of inves<span class=\"_ _2\"></span>tment cont<span class=\"_ _2\"></span>ract lia<span class=\"_ _2\"></span>bilities refle<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s the fair value of th<span class=\"_ _2\"></span>e underly<span class=\"_ _2\"></span>ing ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabilities in th<span class=\"_ _2\"></span>e funds plus an a<span class=\"_ _2\"></span>dditiona<span class=\"_ _2\"></span>l amount to cover t<span class=\"_ _2\"></span>he prese<span class=\"_ _2\"></span>nt value of the exce<span class=\"_ _2\"></span>ss of fut<span class=\"_ _2\"></span>ure policy c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s over future ch<span class=\"_ _2\"></span>arges<span class=\"_ _2\"></span>. The liabili<span class=\"_ _2\"></span>ties are con<span class=\"_ _2\"></span>sequ<span class=\"_ _2\"></span>ently determin<span class=\"_ _2\"></span>ed to be Level 2 in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Level 3 fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l instrum<span class=\"_ _2\"></span>ents de<span class=\"_ _2\"></span>termined by va<span class=\"_ _2\"></span>luation tec<span class=\"_ _2\"></span>hnique<span class=\"_ _2\"></span>s using non<span class=\"_ _2\"></span>-obse<span class=\"_ _2\"></span>rvabl<span class=\"_ _2\"></span>e market input<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on a comb<span class=\"_ _2\"></span>ination of<span class=\"_ gs132\"> </span>indep<span class=\"_ _2\"></span>endent t<span class=\"_ _2\"></span>hird par<span class=\"_ _2\"></span>ty evi<span class=\"_ _2\"></span>dence a<span class=\"_ _2\"></span>nd internall<span class=\"_ _2\"></span>y develope<span class=\"_ _2\"></span>d mode<span class=\"_ _2\"></span>ls. In re<span class=\"_ _2\"></span>lation to invest<span class=\"_ _2\"></span>ments in h<span class=\"_ _2\"></span>edge f<span class=\"_ _2\"></span>unds and p<span class=\"_ _2\"></span>rivate equit<span class=\"_ _2\"></span>y investm<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, non-<span class=\"_ _2\"></span>obser<span class=\"_ _2\"></span>vable t<span class=\"_ _2\"></span>hird par<span class=\"_ _2\"></span>ty evi<span class=\"_ _2\"></span>dence in th<span class=\"_ _2\"></span>e form of net as<span class=\"_ _2\"></span>set valua<span class=\"_ _2\"></span>tion sta<span class=\"_ _2\"></span>tements i<span class=\"_ _2\"></span>s used a<span class=\"_ _2\"></span>s the basis fo<span class=\"_ _2\"></span>r the valuatio<span class=\"_ _2\"></span>n. Adju<span class=\"_ _2\"></span>stment<span class=\"_ _2\"></span>s may be m<span class=\"_ _2\"></span>ade to the ne<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>t valuation wh<span class=\"_ _2\"></span>ere other evi<span class=\"_ _2\"></span>dence<span class=\"_ _2\"></span>, for example re<span class=\"_ _2\"></span>cent sa<span class=\"_ _2\"></span>les of the und<span class=\"_ _2\"></span>erlying inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s in the<span class=\"_ gs132\"> </span>fund<span class=\"_ _2\"></span>, indic<span class=\"_ _2\"></span>ates this is re<span class=\"_ _2\"></span>quired. S<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties that are va<span class=\"_ _2\"></span>lued usin<span class=\"_ _2\"></span>g broker quotes whic<span class=\"_ _2\"></span>h could n<span class=\"_ _2\"></span>ot be corrob<span class=\"_ _2\"></span>orated a<span class=\"_ _2\"></span>cross a s<span class=\"_ _2\"></span>uffici<span class=\"_ _2\"></span>ent rang<span class=\"_ _2\"></span>e<span class=\"_ gs132\"> </span>of quotes are con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d as Level 3. For a s<span class=\"_ _2\"></span>mall numb<span class=\"_ _2\"></span>er of investme<span class=\"_ _2\"></span>nt vehicle<span class=\"_ _2\"></span>s and debt se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s, s<span class=\"_ _2\"></span>tanda<span class=\"_ _2\"></span>rd valuation m<span class=\"_ _2\"></span>odels a<span class=\"_ _2\"></span>re used<span class=\"_ _2\"></span>, as due to their nature a<span class=\"_ _2\"></span>nd comp<span class=\"_ _2\"></span>lexit<span class=\"_ _2\"></span>y they have no ex<span class=\"_ _2\"></span>terna<span class=\"_ _2\"></span>l market. Inp<span class=\"_ _2\"></span>uts into suc<span class=\"_ _2\"></span>h model<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on obse<span class=\"_ _2\"></span>rvab<span class=\"_ _2\"></span>le market data wh<span class=\"_ _2\"></span>ere applic<span class=\"_ _2\"></span>able. Th<span class=\"_ _2\"></span>e fair value of loa<span class=\"_ _2\"></span>ns, d<span class=\"_ _2\"></span>erivatives an<span class=\"_ _2\"></span>d some b<span class=\"_ _2\"></span>orrowing<span class=\"_ _2\"></span>s with no ex<span class=\"_ _2\"></span>ternal m<span class=\"_ _2\"></span>arket is determine<span class=\"_ _2\"></span>d by internally d<span class=\"_ _2\"></span>evelope<span class=\"_ _2\"></span>d disco<span class=\"_ _2\"></span>unted cas<span class=\"_ _2\"></span>h flow mode<span class=\"_ _2\"></span>ls using a<span class=\"_ _2\"></span>ppropriate a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns corrob<span class=\"_ _2\"></span>orated wi<span class=\"_ _2\"></span>th exter<span class=\"_ _2\"></span>nal market dat<span class=\"_ _2\"></span>a where pos<span class=\"_ _2\"></span>sible.<span class=\"_ _3bc\"> </span>For finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s that are re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed at fair v<span class=\"_ _2\"></span>alue on a rec<span class=\"_ _2\"></span>urring ba<span class=\"_ _2\"></span>sis, th<span class=\"_ _2\"></span>e Group deter<span class=\"_ _2\"></span>mines whe<span class=\"_ _2\"></span>ther tran<span class=\"_ _2\"></span>sfers h<span class=\"_ _2\"></span>ave occurre<span class=\"_ _2\"></span>d bet<span class=\"_ _2\"></span>ween l<span class=\"_ _2\"></span>evels in the hie<span class=\"_ _2\"></span>rarchy by re-<span class=\"_ _2\"></span>asse<span class=\"_ _2\"></span>ssing c<span class=\"_ _2\"></span>atego<span class=\"_ _2\"></span>risation (<span class=\"_ _2\"></span>base<span class=\"_ _2\"></span>d on the lowes<span class=\"_ _2\"></span>t level inpu<span class=\"_ _2\"></span>t that is signi<span class=\"_ _2\"></span>ficant to the fa<span class=\"_ _2\"></span>ir value me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt as a who<span class=\"_ _2\"></span>le) during eac<span class=\"_ _2\"></span>h repor<span class=\"_ _2\"></span>ting p<span class=\"_ _2\"></span>eriod.<span class=\"_ _3bc\"> </span>Fair value hi<span class=\"_ _2\"></span>erarchy informat<span class=\"_ _2\"></span>ion for non-fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts mea<span class=\"_ _2\"></span>sured at fa<span class=\"_ _2\"></span>ir value is incl<span class=\"_ _2\"></span>uded in note G3 for ow<span class=\"_ _2\"></span>ner-o<span class=\"_ _2\"></span>ccupie<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y and in note G4 for inves<span class=\"_ _2\"></span>tment pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty.<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs450\">E2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2 Fair value h<span class=\"_ _2\"></span>iera<span class=\"_ _2\"></span>rchy of fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial ins<span class=\"_ _2\"></span>tru<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs451\">The t<span class=\"_ _2\"></span>ables be<span class=\"_ _2\"></span>low sep<span class=\"_ _2\"></span>arately ide<span class=\"_ _2\"></span>ntify fin<span class=\"_ _2\"></span>ancial in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents c<span class=\"_ _2\"></span>arried at f<span class=\"_ _2\"></span>air value from th<span class=\"_ _2\"></span>ose me<span class=\"_ _2\"></span>asured o<span class=\"_ _2\"></span>n another b<span class=\"_ _2\"></span>asis but for w<span class=\"_ _2\"></span>hich fair </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs452\">value<span class=\"_ gs132\"> </span>is di<span class=\"_ _2\"></span>sclos<span class=\"_ _2\"></span>ed.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls70 ws67 gs453\">2023<span class=\"_ _3bc\"> </span></div><div class=\"gs454\"><table class=\"s w460 h2bb\" id=\"_875bba4f-ada3-4e1b-ba66-6d0ec7d8b512\"><tr><td></td><td class=\"t m0 x579 h3f y580e ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x80e h3f y580e ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ed h3f y580e ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 3<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x260 h3f y580e ff7 fsf fc1 sc0 lse3 wscd\">T<span class=\"_ _7\"></span>ot<span class=\"_ _2\"></span>al fair<span class=\"_ _5\"></span> value<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x55a h3f y580f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x25f h3f y580f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x80f h3f y580f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y580f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y5810 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets measured at fair v<span class=\"_ _5\"></span>alue<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5811 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5812 we8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x810 y5812 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x811 y5812 w461 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">231<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x812 y5812 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x813 y5812 w461 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">231<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5813 wea h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x814 y5813 w387 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">139<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x815 y5813 w1b8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">2,<span class=\"_ _2\"></span>398<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x816 y5813 we9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">232<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x817 y5813 w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5814 wef h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x818 y5814 w462 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">85,0<span class=\"_ _2\"></span>29<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x819 y5814 w197 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">1<span class=\"_ _2\"></span>32<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81a y5814 w1b6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">2<span class=\"_ _2\"></span>,49<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81b y5814 w41b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">8<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5815 wf3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment in as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>te<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81c y5815 wf5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">3<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81d y5815 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81e y5815 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81f y5815 w149 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">3<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5816 wf8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x820 y5816 w463 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">45<span class=\"_ _2\"></span>,529<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x821 y5816 w464 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">35,<span class=\"_ _2\"></span>438<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x822 y5816 w465 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">13,818<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x823 y5816 w41d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5817 wfc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x824 y5817 w466 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">76,<span class=\"_ _2\"></span>34<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x825 y5817 w467 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">3,1<span class=\"_ _2\"></span>93<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x826 y5817 w468 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">4<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x827 y5817 w420 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">79<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5818 w100 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers' sha<span class=\"_ _2\"></span>re of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment cont<span class=\"_ _2\"></span>ract lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x828 y5818 w421 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>,70<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x829 y5818 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82a y5818 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82b y5818 w421 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5819 w469 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82c y5819 w46a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">21<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82d y5819 w43e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82e y5819 w46b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">16,9<span class=\"_ _2\"></span>46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82f y5819 w46c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">275<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>427<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57ea w46d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x830 y57ea w46e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(1,6<span class=\"_ _2\"></span>39)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x831 y57ea w46f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">(1<span class=\"_ _2\"></span>81)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x832 y57ea w470 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">(<span class=\"_ _2\"></span>678)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x833 y57ea w426 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>498)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y581a w471 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue, exclu<span class=\"_ _2\"></span>ding amount<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s held for s<span class=\"_ _2\"></span>ale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x834 y581a w472 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">2<span class=\"_ _5\"></span>15,450<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x835 y581a w473 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x836 y581a w474 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls32 ws149\">16,268<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x837 y581a w475 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y581b ff7 fs7 fc1 sc0 ls0 ws0\">Fina<span class=\"_ _2\"></span>ncia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d at amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed co<span class=\"_ _2\"></span>st for whi<span class=\"_ _2\"></span>ch fair val<span class=\"_ _2\"></span>ues are d<span class=\"_ _2\"></span>isclo<span class=\"_ _2\"></span>sed<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y581c we8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x838 y581c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x839 y581c w2f6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83a y581c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83b y581c w2f6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x83c y55ef w476 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls96 ws8c\">2<span class=\"_ _5\"></span>15,450<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83d y55ef w473 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83e y55ef w477 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls32 ws149\">1<span class=\"_ _5\"></span>6,268<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83f y55ef w475 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">272<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls70 ws67 gs455\">2023<span class=\"_ _3bc\"> </span></div><div class=\"gs456\"><table class=\"s w478 h2bc\" id=\"_cbe5b74d-a69b-48c9-9a51-d2e28d324d52\"><tr><td></td><td class=\"t m0 x579 h3f y581d ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x80e h3f y581d ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ed h3f y581d ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 3<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x260 h3f y581d ff7 fsf fc1 sc0 lse3 wscd\">T<span class=\"_ _7\"></span>ot<span class=\"_ _2\"></span>al fair<span class=\"_ _5\"></span> value<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x55a h3f y581e ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x25f h3f y581e ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x80f h3f y581e ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y581e ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y581f ff7 fs7 fc1 sc0 ls68 ws5c\">Financial liabili<span class=\"_ _5\"></span>ties measured at fai<span class=\"_ _5\"></span>r value<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5820 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5821 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x814 y5821 we9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">152<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x840 y5821 w39a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,986<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x841 y5821 w32a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">206<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x842 y5821 w161 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,<span class=\"_ _2\"></span>344<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5822 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL upon initi<span class=\"_ _2\"></span>al<span class=\"_ gs132\"> </span>reco<span class=\"_ _2\"></span>gnition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5823 w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x843 y5823 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x844 y5823 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x845 y5823 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x846 y5823 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5824 w167 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x847 y5824 w168 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">2,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x848 y5824 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x849 y5824 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x84a y5824 w196 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">2,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5825 w479 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x843 y5825 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x84b y5825 w47a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,78<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x84c y5825 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x84d y5825 w42e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x84e y5792 w196 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x84f y5792 w47b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x850 y5792 w357 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x851 y5792 w42d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,75<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5826 w47c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x852 y5826 w10c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">3,<span class=\"_ _2\"></span>073<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x853 y5826 w47d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">165<span class=\"_ _2\"></span>,<span class=\"_ _7\"></span>770<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x854 y5826 w175 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">251<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x855 y5826 w47e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">169<span class=\"_ _2\"></span>,09<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5827 w46d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x856 y5827 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x857 y5827 w47f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x858 y5827 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x20a y5827 w8e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5828 w480 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value<span class=\"_ _2\"></span>, excluding am<span class=\"_ _2\"></span>ounts cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as hel<span class=\"_ _2\"></span>d for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x859 y5828 w10c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">3,<span class=\"_ _2\"></span>073<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85a y5828 w481 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">16<span class=\"_ _2\"></span>0,988<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85b y5828 w1b0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">251<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85c y5828 w482 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5829 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial liabili<span class=\"_ _5\"></span>ties measured at amortised cost for wh<span class=\"_ _5\"></span>ich fair v<span class=\"_ _5\"></span>alues are disclosed<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y57db w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x856 y57db w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85d y57db w2a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>39<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x858 y57db w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85e y57db w2a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,73<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y582a w16a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85f y582a w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x860 y582a w16b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1,0<span class=\"_ _2\"></span>05<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x861 y582a w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x862 y582a w16b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1<span class=\"_ _2\"></span>,005<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y581c w483 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cost for w<span class=\"_ _2\"></span>hich fair valu<span class=\"_ _2\"></span>es are disc<span class=\"_ _2\"></span>losed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x863 y581c w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x864 y581c w484 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws172\">4<span class=\"_ _2\"></span>,74<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83a y581c w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x865 y581c w485 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws172\">4<span class=\"_ _2\"></span>,74<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x866 y55ef w21f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">3,<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x867 y55ef w47d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _2\"></span>5,<span class=\"_ _7\"></span>732<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x868 y55ef w175 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b5 ws1b4\">251<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x869 y55ef w437 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1af ws1ab\">169,056<span class=\"_ _3bc\"> </span></div></td></tr></table></div>2022 r<span class=\"_ _5\"></span>estated<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span><table class=\"s w486 h2bd\" id=\"_76b9c58a-6fa5-4191-8a1e-5fb2a2a1db06\"><tr><td></td><td class=\"t m0 x86a h16 y582b ff3 fsf fc1 sc0 lse6 wsd0\">Level 1<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86b h16 y582b ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x552 h16 y582b ff3 fsf fc1 sc0 lse6 wsd0\">Level 3<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86c h16 y582b ff3 fsf fc1 sc0 ls17 ws15\">T<span class=\"_ _7\"></span>otal fair value<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x5ba h16 y582c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h16 y582c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86d h16 y582c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y582c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y582d ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets measured at fair v<span class=\"_ _5\"></span>alue<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y582e ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y582f wea h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x86e y582f w2fb h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">165<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x86f y582f w487 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">3<span class=\"_ _2\"></span>,75<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x870 y582f w488 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x871 y582f w489 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,071<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5830 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets d<span class=\"_ _2\"></span>esigna<span class=\"_ _2\"></span>ted at FV<span class=\"_ _2\"></span>TPL up<span class=\"_ _2\"></span>on initial<span class=\"_ gs132\"> </span>re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5831 wef h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x872 y5831 w48a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bb ws1ba\">74<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x873 y5831 w2d3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">1<span class=\"_ _2\"></span>24<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x874 y5831 w48b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">2<span class=\"_ _2\"></span>,192<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x875 y5831 w48c h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">76<span class=\"_ _3\"></span>,78<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5832 wf3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment in as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>te<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x876 y5832 wf6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">329<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x877 y5832 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x878 y5832 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x879 y5832 wf6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">329<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5833 wf8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87a y5833 w48d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">4<span class=\"_ _2\"></span>8,15<span class=\"_ _7\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87b y5833 w48e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87c y5833 w48f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _2\"></span>,465<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87d y5833 w43f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">8<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>,71<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5834 wfc h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87e y5834 w490 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c6 ws1c6\">75<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87f y5834 w103 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">2,<span class=\"_ _2\"></span>079<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x880 y5834 w37f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x881 y5834 w491 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">78,3<span class=\"_ _5\"></span>53<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5835 w100 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers' sha<span class=\"_ _2\"></span>re of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x882 y5835 w102 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,0<span class=\"_ _2\"></span>90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x883 y5835 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x884 y5835 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x885 y5835 w102 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,0<span class=\"_ _2\"></span>90<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x886 y5836 w492 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>7,<span class=\"_ _19\"></span>9<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x887 y5836 w22a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x888 y5836 w493 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">13,<span class=\"_ _2\"></span>969<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x889 y5836 w494 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>9,<span class=\"_ _3\"></span>26<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5837 w469 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88a y5837 w495 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">20<span class=\"_ _2\"></span>8,<span class=\"_ _2\"></span>161<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88b y5837 w496 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88c y5837 w497 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">14,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88d y5837 w498 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">253,333<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5838 w46d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88e y5838 w87 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls71 ws1a9\">(3,661)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88f y5838 w499 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>179<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x890 y5838 w49a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>789<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x891 y5838 w444 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(4,629<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5839 w49b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue, exclu<span class=\"_ _2\"></span>ding amount<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s held for s<span class=\"_ _2\"></span>ale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x892 y5839 w49c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">204,5<span class=\"_ _2\"></span>00<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x893 y5839 w49d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls4b ws122\">30,872<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x894 y5839 w6c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">13,<span class=\"_ _2\"></span>332<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x895 y5839 w49e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y583a ff7 fs7 fc1 sc0 ls0 ws0\">Fina<span class=\"_ _2\"></span>ncia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d at amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed co<span class=\"_ _2\"></span>st for whi<span class=\"_ _2\"></span>ch fair val<span class=\"_ _2\"></span>ues are d<span class=\"_ _2\"></span>isclo<span class=\"_ _2\"></span>sed<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y583b we8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x896 y583b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x897 y583b w2a8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">261<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x898 y583b wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cc y583b w49f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">268<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x899 y583c w4a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">20<span class=\"_ _2\"></span>4,50<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89a y583c w473 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">31,133<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89b y583c w4a1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">1<span class=\"_ _2\"></span>3,339<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89c y583c w4a2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x86a h16 y583d ff3 fsf fc1 sc0 lse6 wsd0\">Level 1<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86b h16 y583d ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x552 h16 y583d ff3 fsf fc1 sc0 lse6 wsd0\">Level 3<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86c h16 y583d ff3 fsf fc1 sc0 ls17 ws15\">T<span class=\"_ _7\"></span>otal fair value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y583e w2a6 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x5ba h16 y583f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h16 y583f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86d h16 y583f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y583f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y5840 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial liabili<span class=\"_ _5\"></span>ties measured at fai<span class=\"_ _5\"></span>r value<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y5841 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties man<span class=\"_ _2\"></span>datorily at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5614 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89d y5614 w8d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">98<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89e y5614 w4a3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">5,5<span class=\"_ _2\"></span>38<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89f y5614 w4a4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a0 y5614 w224 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">5<span class=\"_ _2\"></span>,879<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5842 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL upon initi<span class=\"_ _2\"></span>al<span class=\"_ gs132\"> </span>reco<span class=\"_ _2\"></span>gnition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y55e6 w15f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a1 y55e6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a2 y55e6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a3 y55e6 w44a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a4 y55e6 w201 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y55fa w167 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a5 y55fa w4a5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a6 y55fa w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a7 y55fa w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a8 y55fa w4a6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3,<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>42<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5843 w479 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a1 y5843 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a9 y5843 w44c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">149<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>481<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8aa y5843 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ab y5843 w44c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">149<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>481<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x8ac y5743 w44b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,0<span class=\"_ _3\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ad y5743 w4a7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">1<span class=\"_ _2\"></span>49,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ae y5743 w201 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8af y5743 w4a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">152,587<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fd w47c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x852 y55fd w421 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">3,<span class=\"_ _2\"></span>140<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b0 y55fd w4a9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">155<span class=\"_ _2\"></span>,019<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b1 y55fd w2a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">307<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b2 y55fd w4aa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">158,4<span class=\"_ _2\"></span>66<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5775 w46d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b3 y5775 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b4 y5775 w453 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b5 y5775 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b6 y5775 w22f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55eb w4ab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls194 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value<span class=\"_ _2\"></span>, excluding am<span class=\"_ _2\"></span>ounts cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as hel<span class=\"_ _2\"></span>d for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b7 y55eb w4ac h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">3,14<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b8 y55eb w16e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b9 y55eb w2a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">307<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ba y55eb w4ad h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">150,15<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5844 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial liabili<span class=\"_ _5\"></span>ties measured at amortised cost for wh<span class=\"_ _5\"></span>ich fair v<span class=\"_ _5\"></span>alues are disclosed<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561c w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8bb y561c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8bc y561c w2a7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">3,6<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8bd y561c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8be y561c w237 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">3,64<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w16a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85f y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8bf y561d w4ae h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c0 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c1 y561d w4af h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w483 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cost for w<span class=\"_ _2\"></span>hich fair valu<span class=\"_ _2\"></span>es are disc<span class=\"_ _2\"></span>losed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x863 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c2 y561e w103 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">5,35<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c3 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c4 y561e w103 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">5,<span class=\"_ _2\"></span>350<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x8ac y55ef w4b0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">3,14<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c5 y55ef w4b1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">15<span class=\"_ _5\"></span>2,053<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c6 y55ef w3b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">3<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c7 y55ef w456 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">155,5<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr></table>1. <span class=\"_ _2f\"> </span>P<span class=\"_ _2\"></span>rior p<span class=\"_ _2\"></span>erio<span class=\"_ _2\"></span>d comp<span class=\"_ _2\"></span>ara<span class=\"_ _2\"></span>tives h<span class=\"_ _2\"></span>ave be<span class=\"_ _2\"></span>en res<span class=\"_ _2\"></span>tat<span class=\"_ _2\"></span>ed on tr<span class=\"_ _2\"></span>ans<span class=\"_ _2\"></span>ition t<span class=\"_ _2\"></span>o IFRS 1<span class=\"_ _2\"></span>7 Ins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce Co<span class=\"_ _2\"></span>ntra<span class=\"_ _2\"></span>cts (s<span class=\"_ _2\"></span>ee n<span class=\"_ _2\"></span>ote A2.1 f<span class=\"_ _2\"></span>or fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r det<span class=\"_ _2\"></span>ails)<span class=\"_ _3bc\"> </span>E2<span class=\"_ _2\"></span>.3 S<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ifica<span class=\"_ _2\"></span>nt input<span class=\"_ _2\"></span>s and i<span class=\"_ _2\"></span>nput va<span class=\"_ _2\"></span>lues for L<span class=\"_ _2\"></span>evel 3 fina<span class=\"_ _2\"></span>ncia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rume<span class=\"_ _2\"></span>nts<span class=\"_ _3bc\"> </span><table class=\"s w4b2 h2be\" id=\"_1349bf0d-f760-4123-a3ad-d084c8f794aa\"><tr><td></td><td></td><td></td><td class=\"t m0 x8c8 h16 y5845 ff3 fsf fc1 sc0 ls17 ws15\">Key<span class=\"_ _5\"></span> unobservable input value<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td class=\"c n x1ea y5846 w26e h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">Desc<span class=\"_ _2\"></span>ription<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c9 y5846 w4b3 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls17 ws15\">V<span class=\"_ _5\"></span>aluation technique<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ca y5846 w4b4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">Signific<span class=\"_ _2\"></span>ant<span class=\"_ _5\"></span> inputs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8cb y5846 w4b5 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8cc y5846 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5847 w4b6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c x8cf y5847 w4b7 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Sing<span class=\"_ _2\"></span>le broker</div><div class=\"t m0 x8cd h13 y5848 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x8ce hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">and<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8d0 hd y5849 ff3 fs7 fc1 sc0 lsd6 ws0\">Sing<span class=\"_ _2\"></span>le broker </td><td class=\"c n x8d1 y5847 w4b8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">N<span class=\"_ _2\"></span>/A<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d2 y5847 w4b9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">N<span class=\"_ _2\"></span>/A<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x8d3 hd y584a ff3 fs7 fc1 sc0 lsd6 ws0\">net as<span class=\"_ _2\"></span>set val<span class=\"_ _2\"></span>ue<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d4 hd y584a ff3 fs7 fc1 sc0 ls12c ws1a\">indicative price<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x232 he y584b ff7 fs7 fc1 sc0 ls32 ws0\">Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities (se<span class=\"_ _2\"></span>e E2.<span class=\"_ _2\"></span>3.1 for fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r deta<span class=\"_ _2\"></span>ils)<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y584c ff3 fs7 fc1 sc0 ls0 ws0\">Loans g<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>ed by expo<span class=\"_ _2\"></span>rt cre<span class=\"_ _2\"></span>dit age<span class=\"_ _2\"></span>ncies </td><td class=\"t m0 x8d5 hd y584c ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"c n x8d6 y584d w4ba h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d7 y584d w4bb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">78b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8d8 hd y584e ff3 fs7 fc1 sc0 ls5d ws1c0\">111b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y584f ff3 fs7 fc1 sc0 ls18 ws16\">&amp;<span class=\"_ gs132\"> </span>supranationals<span class=\"_ _3bc\"> </span></td><td></td><td></td><td class=\"t m0 x488 he y5850 ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y5850 ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5851 w4bc h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Private corporate credit<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8da y5851 w4bd h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">D<span class=\"_ _2\"></span>CF mod<span class=\"_ _2\"></span>el<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d6 y5852 w4ba h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8db y5852 w4be h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">145<span class=\"_ _2\"></span>bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8dc hd y5853 ff3 fs7 fc1 sc0 ls9d ws58\">169<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y5854 ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y5854 ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5855 w4bf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Infras<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>ture loan<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8dd y5855 w4bd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d6 y5855 w4ba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8de y5855 w4c0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls77 ws6c\">1<span class=\"_ _7\"></span>60<span class=\"_ _2\"></span>bps<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8dc hd y5856 ff3 fs7 fc1 sc0 ls1ad ws1a6\">220<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y5857 ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y5857 ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5858 w4c1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Loans to h<span class=\"_ _2\"></span>ousing a<span class=\"_ _2\"></span>ssoc<span class=\"_ _2\"></span>iations<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8df y5858 w4bd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d6 y5858 w4ba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8de y5858 w4c2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">139<span class=\"_ _2\"></span>bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8dc hd y5859 ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _2\"></span>4bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y585a ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y585a ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y585b w4c3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Local auth<span class=\"_ _2\"></span>ority loans<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8e0 y585b w4c4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">D<span class=\"_ _2\"></span>CF mo<span class=\"_ _2\"></span>del<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d6 y585c w4ba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8de y585c w4c5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls47 ws19d\">130b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8d8 hd y585d ff3 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>37b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y585e ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y585e ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y585f w4c6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Equit<span class=\"_ _2\"></span>y Relea<span class=\"_ _2\"></span>se Mor<span class=\"_ _2\"></span>tga<span class=\"_ _2\"></span>ge loan<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>ERM<span class=\"_ _2\"></span>\u2019)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8e1 y585f w4c7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">DCF m<span class=\"_ _2\"></span>odel an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8e2 y585f w4c8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls14 ws12\">Spread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8e3 y585f w4c9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a ws0\">2<span class=\"_ _5\"></span>56bps over S<span class=\"_ _2\"></span>onia pl<span class=\"_ _2\"></span>us</div></td><td class=\"t m0 x57c hd y5860 ff3 fs7 fc1 sc0 lsd6 ws0\">2<span class=\"_ _5\"></span>60b<span class=\"_ _2\"></span>ps over the IFR<span class=\"_ _2\"></span>S </td></tr><tr><td></td><td class=\"t m0 x8e4 hd y5861 ff3 fs7 fc1 sc0 ls0 ws0\">Black-<span class=\"_ _5\"></span>Schole<span class=\"_ _2\"></span>s </td><td></td><td class=\"t m0 x8e5 he y5862 ff7 fs7 fc1 sc0 ls8b ws114\">36b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8e6 hd y5862 ff3 fs7 fc1 sc0 lsd6 ws0\">referen<span class=\"_ _2\"></span>ce cur<span class=\"_ _2\"></span>ve<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8e7 hd y5863 ff3 fs7 fc1 sc0 ls8c ws6b\">model<span class=\"_ _3bc\"> </span></td><td class=\"c n x8e8 y5864 w4ca h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c3 ws15\">Hous<span class=\"_ _2\"></span>e price inflation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8e9 y5864 w4cb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws0\">+<span class=\"_ _6\"></span>7<span class=\"_ _5\"></span>5bps a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment t<span class=\"_ _2\"></span>o RPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ea y5864 w4cc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">+<span class=\"_ _26\"></span>75<span class=\"_ _5\"></span>bps a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment to RP<span class=\"_ _2\"></span>I<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x8eb y5865 w4cd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls69 ws11\">House pr<span class=\"_ _5\"></span>ices<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ec y5865 w4ce h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a ws0\">\u00a3280,<span class=\"_ _5\"></span>3<span class=\"_ _7\"></span>16 (avera<span class=\"_ _2\"></span>ge)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ed y5865 w4cf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsdc ws149\">\u00a330<span class=\"_ _2\"></span>4,088 (aver<span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x8ee y5866 w4d0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">Mor<span class=\"_ _2\"></span>tality<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ef y5866 w4d1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws14\">Av<span class=\"_ _5\"></span>erage li<span class=\"_ _7\"></span>fe ex<span class=\"_ _5\"></span>pectancy</div></td><td class=\"t m0 x489 hd y5867 ff3 fs7 fc1 sc0 lsd6 ws0\">Averag<span class=\"_ _2\"></span>e life expec<span class=\"_ _2\"></span>tanc<span class=\"_ _2\"></span>y </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x8f0 he y5868 ff7 fs7 fc1 sc0 ls47 ws0\">of a mal<span class=\"_ _2\"></span>e and fema<span class=\"_ _2\"></span>le </td><td class=\"t m0 x8f1 hd y5869 ff3 fs7 fc1 sc0 lsd6 ws0\">of a male an<span class=\"_ _2\"></span>d female </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y586a ff7 fs7 fc1 sc0 ls47 ws0\">curr<span class=\"_ _2\"></span>ently ag<span class=\"_ _2\"></span>ed 75 is </td><td class=\"t m0 x262 hd y586b ff3 fs7 fc1 sc0 lsd6 ws0\">current<span class=\"_ _2\"></span>ly age<span class=\"_ _2\"></span>d 7<span class=\"_ _7\"></span>5 is<span class=\"_ _2\"></span> </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x582 he y586c ff7 fs7 fc1 sc0 ls47 ws0\">14<span class=\"_ _7\"></span>.1<span class=\"_ gs234\"> </span>year<span class=\"_ _2\"></span>s and 15.<span class=\"_ _7\"></span>6<span class=\"_ gs234\"> </span>yea<span class=\"_ _2\"></span>rs </td><td class=\"t m0 x8f2 hd y586d ff3 fs7 fc1 sc0 lsd6 ws0\">1<span class=\"_ _5\"></span>4.<span class=\"_ _7\"></span>5<span class=\"_ gs132\"> </span>ye<span class=\"_ _2\"></span>ars and 15.<span class=\"_ _5\"></span>9 year<span class=\"_ _2\"></span>s </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x8f3 he y586e ff7 fs7 fc1 sc0 lsd6 ws195\">respectively<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8f4 hd y586f ff3 fs7 fc1 sc0 ls12c ws170\">respe<span class=\"_ _2\"></span>ctively<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x62e hd y5870 ff3 fs7 fc1 sc0 lsd6 ws195\">V<span class=\"_ _7\"></span>ol<span class=\"_ _2\"></span>untar<span class=\"_ _2\"></span>y </td><td class=\"c n x8f5 y5871 w4d2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a ws0\">190b<span class=\"_ _2\"></span>ps to 650bps<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8f6 y5871 w4d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">150bps to 700bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x8f7 hd y5872 ff3 fs7 fc1 sc0 lsd6 ws0\">rede<span class=\"_ _2\"></span>mption rate<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5873 w4d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>mercial re<span class=\"_ _2\"></span>al est<span class=\"_ _2\"></span>ate loans<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8dd y5873 w4bd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d6 y5874 w4ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8db y5874 w4d5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>3b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8d8 hd y5875 ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>3b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y5876 ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y5876 ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y5877 ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>ome strip<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"c n x8f8 y5878 w4d6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12c ws1a\">Incom<span class=\"_ _2\"></span>e capitalisation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8f9 y5878 w4d7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Cre<span class=\"_ _2\"></span>dit sprea<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8fa y5878 w4d8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">613<span class=\"_ _2\"></span>bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8fb y5878 w4d9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">661<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5879 w4da h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16 ws14\">Collecti<span class=\"_ _5\"></span>ve<span class=\"_ _5\"></span> inv<span class=\"_ _7\"></span>estment schemes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8fc y5879 w4db h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Net as<span class=\"_ _2\"></span>set value<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8fd y5879 w4b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">N<span class=\"_ _2\"></span>/A<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8fe y5879 w4dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws172\">N<span class=\"_ _2\"></span>/A<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ff y5879 w4dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">N<span class=\"_ _2\"></span>/A<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x900 hd y587a ff3 fs7 fc1 sc0 ls61 ws5f\">statements<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 he y587b ff7 fs7 fc1 sc0 ls16 ws14\">Borro<span class=\"_ _5\"></span>wings<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y587c w4de h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y reversi<span class=\"_ _2\"></span>ons loan<span class=\"_ _2\"></span>s (see note E5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x901 y587c w4df h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8c ws5e\">Internally developed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x902 y587c w4e0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Mor<span class=\"_ _2\"></span>tali<span class=\"_ _2\"></span>ty ra<span class=\"_ _2\"></span>te<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x903 y587c w4e1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">130% IFL92<span class=\"_ _7\"></span>C15<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x904 hd y587d ff3 fs7 fc1 sc0 ls1a8 ws122\">130<span class=\"_ _2\"></span>% I<span class=\"_ _2\"></span>FL<span class=\"_ _2\"></span>92C15 </td></tr><tr><td></td><td class=\"t m0 x905 hd y587e ff3 fs7 fc1 sc0 ls8c ws6b\">model<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x5e7 he y587e ff7 fs7 fc1 sc0 ls5d ws1c0\">(Fe<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>e) </td><td class=\"t m0 x906 hd y587f ff3 fs7 fc1 sc0 lsdc wsc7\">(Fe<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>le) </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x582 he y5880 ff7 fs7 fc1 sc0 ls1ac ws0\">130% IML<span class=\"_ _2\"></span>92<span class=\"_ _7\"></span>C15 (Male) </td><td class=\"t m0 x48d hd y5880 ff3 fs7 fc1 sc0 ls1bd ws122\">130<span class=\"_ _2\"></span>% I<span class=\"_ _2\"></span>M<span class=\"_ _2\"></span>L92C15<span class=\"_ _2\"></span> (M<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x907 hd y5881 ff3 fs7 fc1 sc0 ls69 ws11\">House pr<span class=\"_ _5\"></span>ice </td><td class=\"t m0 x488 he y5881 ff7 fs7 fc1 sc0 ls1a ws0\">3-year R<span class=\"_ _2\"></span>PI rate pl<span class=\"_ _2\"></span>us </td><td class=\"t m0 x908 hd y5881 ff3 fs7 fc1 sc0 lsd6 ws0\">3-year R<span class=\"_ _2\"></span>PI rate plus </td></tr><tr><td></td><td></td><td class=\"t m0 x909 hd y5882 ff3 fs7 fc1 sc0 ls12c ws170\">inflation<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8e5 he y5882 ff7 fs7 fc1 sc0 lsd0 ws1a0\">75b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 hd y5882 ff3 fs7 fc1 sc0 ls1c6 ws1c6\">75b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"c n x902 y5883 w4e2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Dis<span class=\"_ _2\"></span>count rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x90a y5883 w4e3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws0\">3-year swa<span class=\"_ _2\"></span>p rate pl<span class=\"_ _2\"></span>us</div></td><td class=\"t m0 x90b hd y5884 ff3 fs7 fc1 sc0 lsd6 ws0\">3-year swa<span class=\"_ _2\"></span>p rate plus </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x90c he y5885 ff7 fs7 fc1 sc0 ls1a9 ws1a7\">17<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8dc hd y5885 ff3 fs7 fc1 sc0 lsd6 ws195\">1<span class=\"_ _7\"></span>70<span class=\"_ gs132\"> </span>bps<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x90d hd y5886 ff3 fs7 fc1 sc0 lsd6 ws1dd\">Deferre<span class=\"_ _2\"></span>d pos<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sion </td><td class=\"c n x90e y5887 w4e4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">37<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x90f y5887 w4e5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">370<span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x910 hd y5888 ff3 fs7 fc1 sc0 ls76 ws19a\">rate<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x232 he y5889 ff7 fs7 fc1 sc0 ls61 ws5f\">Derivative ass<span class=\"_ _2\"></span>ets and liabilities<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y588a ff3 fs7 fc1 sc0 ls0 ws0\">For<span class=\"_ _2\"></span>ward private pl<span class=\"_ _2\"></span>acem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, infrast<span class=\"_ _2\"></span>ructure </td><td class=\"t m0 x8d5 hd y588b ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"c n x8d6 y588c w4ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8de y588c w4c2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">111<span class=\"_ _2\"></span>bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8d8 hd y588b ff3 fs7 fc1 sc0 ls1be ws1bd\">145b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y588d ff3 fs7 fc1 sc0 ls0 ws0\">and lo<span class=\"_ _2\"></span>cal au<span class=\"_ _2\"></span>thorit<span class=\"_ _2\"></span>y loan<span class=\"_ _2\"></span>s </td><td></td><td></td><td class=\"t m0 x488 he y588e ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y588e ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y588f ff3 fs7 fc1 sc0 ls0 ws0\">Long<span class=\"_ _2\"></span>evity s<span class=\"_ _2\"></span>waps </td><td class=\"t m0 x8d5 hd y5890 ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"c n x911 y55ee w4e6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Swap c<span class=\"_ _2\"></span>urve<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x912 y55ee w4e7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls76 ws1ca\">sw<span class=\"_ _2\"></span>ap cur<span class=\"_ _2\"></span>ve<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x913 y55ee w4e8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">sw<span class=\"_ _2\"></span>ap cur<span class=\"_ _2\"></span>ve + 3<span class=\"_ _7\"></span>6b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5891 ff3 fs7 fc1 sc0 ls32 ws0\">Equit<span class=\"_ _2\"></span>y Rele<span class=\"_ _2\"></span>ase Inc<span class=\"_ _2\"></span>ome Plan tot<span class=\"_ _2\"></span>al return sw<span class=\"_ _2\"></span>ap<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d5 hd y5892 ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"c n x8d6 y55ef w4ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x914 y55ef w4e9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws2f\">500<span class=\"_ _2\"></span>bps<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x915 y55ef w4ea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">50<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td></tr></table>2<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>3 5<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>6 6<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>8<span class=\"_ _3bc\"> </span>3 9<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>1 <span class=\"_ _1b\"> </span><span class=\"ws0\">Bro<span class=\"_ _2\"></span>ker ind<span class=\"_ _2\"></span>icat<span class=\"_ _2\"></span>ive pri<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>: Alth<span class=\"_ _2\"></span>ough s<span class=\"_ _2\"></span>uch va<span class=\"_ _2\"></span>luat<span class=\"_ _2\"></span>ions a<span class=\"_ _2\"></span>re sen<span class=\"_ _2\"></span>siti<span class=\"_ _2\"></span>ve to es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>tes<span class=\"_ _2\"></span>, it is be<span class=\"_ _2\"></span>lieve<span class=\"_ _2\"></span>d that c<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ging o<span class=\"_ _2\"></span>ne or m<span class=\"_ _2\"></span>ore of th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>umpti<span class=\"_ _2\"></span>ons to re<span class=\"_ _2\"></span>aso<span class=\"_ _2\"></span>nab<span class=\"_ _2\"></span>ly pos<span class=\"_ _2\"></span>sib<span class=\"_ _2\"></span>le alte<span class=\"_ _2\"></span>rnat<span class=\"_ _2\"></span>ive as<span class=\"_ _2\"></span>sump<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s would n<span class=\"_ _2\"></span>ot </span>change the fair value<span class=\"_ _5\"></span> significantly.<span class=\"_ _3bc\"> </span>2 <span class=\"_ _9\"> </span><span class=\"ws0\">N<span class=\"_ _2\"></span>et ass<span class=\"_ _2\"></span>et val<span class=\"_ _2\"></span>ue st<span class=\"_ _2\"></span>atem<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s: Net a<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>et st<span class=\"_ _2\"></span>atem<span class=\"_ _2\"></span>ents a<span class=\"_ _2\"></span>re prov<span class=\"_ _2\"></span>ided b<span class=\"_ _2\"></span>y inde<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>dent t<span class=\"_ _2\"></span>hird pa<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, and th<span class=\"_ _2\"></span>erefo<span class=\"_ _2\"></span>re no si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant n<span class=\"_ _2\"></span>on-<span class=\"_ _2\"></span>obse<span class=\"_ _2\"></span>rva<span class=\"_ _2\"></span>ble in<span class=\"_ _2\"></span>put or s<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>itiv<span class=\"_ _2\"></span>ity i<span class=\"_ _2\"></span>nform<span class=\"_ _2\"></span>ation h<span class=\"_ _2\"></span>as be<span class=\"_ _2\"></span>en pr<span class=\"_ _2\"></span>epar<span class=\"_ _2\"></span>ed for t<span class=\"_ _2\"></span>hose<span class=\"_ _2\"></span> </span>instruments valued on this basis.<span class=\"_ _3bc\"> </span>3 <span class=\"_ _9\"> </span><span class=\"ws0\">Di<span class=\"_ _2\"></span>sco<span class=\"_ _2\"></span>unted c<span class=\"_ _2\"></span>ash fl<span class=\"_ _2\"></span>ow (\u2018<span class=\"_ _2\"></span>DC<span class=\"_ _2\"></span>F\u2019<span class=\"_ _2\"></span>) mod<span class=\"_ _2\"></span>el: E<span class=\"_ _2\"></span>xcep<span class=\"_ _2\"></span>t wher<span class=\"_ _2\"></span>e other<span class=\"_ _2\"></span>wi<span class=\"_ _2\"></span>se st<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, the di<span class=\"_ _2\"></span>sco<span class=\"_ _2\"></span>unt rat<span class=\"_ _2\"></span>e use<span class=\"_ _2\"></span>d is bas<span class=\"_ _2\"></span>ed on a r<span class=\"_ _2\"></span>isk-fre<span class=\"_ _2\"></span>e cur<span class=\"_ _2\"></span>ve an<span class=\"_ _2\"></span>d a cred<span class=\"_ _2\"></span>it spr<span class=\"_ _2\"></span>ead<span class=\"_ _2\"></span>. The ri<span class=\"_ _2\"></span>sk-fre<span class=\"_ _2\"></span>e rate is t<span class=\"_ _2\"></span>aken fr<span class=\"_ _2\"></span>om an ap<span class=\"_ _2\"></span>propr<span class=\"_ _2\"></span>iate g<span class=\"_ _2\"></span>ilt of </span>com<span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>able d<span class=\"_ _2\"></span>urati<span class=\"_ _2\"></span>on. T<span class=\"_ _2\"></span>he spr<span class=\"_ _2\"></span>ead i<span class=\"_ _2\"></span>s deri<span class=\"_ _2\"></span>ved fro<span class=\"_ _2\"></span>m a bas<span class=\"_ _2\"></span>ket of com<span class=\"_ _2\"></span>para<span class=\"_ _2\"></span>ble s<span class=\"_ _2\"></span>ecur<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>4 <span class=\"_ _9\"> </span><span class=\"ws0\">ER<span class=\"_ _2\"></span>M loan<span class=\"_ _2\"></span>s: Th<span class=\"_ _2\"></span>e loan<span class=\"_ _2\"></span>s are va<span class=\"_ _2\"></span>lued u<span class=\"_ _2\"></span>sing a D<span class=\"_ _2\"></span>CF m<span class=\"_ _2\"></span>odel a<span class=\"_ _2\"></span>nd a Bl<span class=\"_ _2\"></span>ack-Sc<span class=\"_ _2\"></span>hol<span class=\"_ _2\"></span>es mo<span class=\"_ _2\"></span>del fo<span class=\"_ _2\"></span>r valua<span class=\"_ _2\"></span>tion of t<span class=\"_ _2\"></span>he No<span class=\"_ _2\"></span>-Ne<span class=\"_ _2\"></span>gat<span class=\"_ _2\"></span>ive Equ<span class=\"_ _2\"></span>ity G<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>antee (<span class=\"_ _2\"></span>\u2018N<span class=\"_ _2\"></span>NEG<span class=\"_ _2\"></span>\u2019). T<span class=\"_ _2\"></span>he NN<span class=\"_ _2\"></span>EG cap<span class=\"_ _2\"></span>s the lo<span class=\"_ _2\"></span>an rep<span class=\"_ _2\"></span>ayme<span class=\"_ _2\"></span>nt in th<span class=\"_ _2\"></span>e event of d<span class=\"_ _2\"></span>eath o<span class=\"_ _2\"></span>r </span>ent<span class=\"_ _2\"></span>ry in<span class=\"_ _2\"></span>to long<span class=\"_ _2\"></span>-ter<span class=\"_ _2\"></span>m care t<span class=\"_ _2\"></span>o be no g<span class=\"_ _2\"></span>reate<span class=\"_ _2\"></span>r than t<span class=\"_ _2\"></span>he sa<span class=\"_ _2\"></span>les pr<span class=\"_ _2\"></span>oce<span class=\"_ _2\"></span>eds f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y. The f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re cas<span class=\"_ _2\"></span>h flows a<span class=\"_ _2\"></span>re es<span class=\"_ _2\"></span>timat<span class=\"_ _2\"></span>ed ba<span class=\"_ _2\"></span>sed o<span class=\"_ _2\"></span>n ass<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>d level<span class=\"_ _2\"></span>s of mor<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y deri<span class=\"_ _2\"></span>ved fro<span class=\"_ _2\"></span>m publ<span class=\"_ _2\"></span>ishe<span class=\"_ _2\"></span>d mor<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y tabl<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, ent<span class=\"_ _2\"></span>ry in<span class=\"_ _2\"></span>to long<span class=\"_ _2\"></span>-ter<span class=\"_ _2\"></span>m care r<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd vol<span class=\"_ _2\"></span>untar<span class=\"_ _2\"></span>y re<span class=\"_ _2\"></span>dem<span class=\"_ _2\"></span>ption r<span class=\"_ _2\"></span>ates<span class=\"_ _2\"></span>. Cas<span class=\"_ _2\"></span>h flows i<span class=\"_ _2\"></span>nclu<span class=\"_ _2\"></span>de an al<span class=\"_ _2\"></span>lowan<span class=\"_ _2\"></span>ce fo<span class=\"_ _2\"></span>r the ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted c<span class=\"_ _2\"></span>ost of p<span class=\"_ _2\"></span>rovidi<span class=\"_ _2\"></span>ng a NN<span class=\"_ _2\"></span>EG as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed u<span class=\"_ _2\"></span>nder a r<span class=\"_ _2\"></span>eal wo<span class=\"_ _2\"></span>rld ap<span class=\"_ _2\"></span>proa<span class=\"_ _2\"></span>ch usi<span class=\"_ _2\"></span>ng a clo<span class=\"_ _2\"></span>sed f<span class=\"_ _2\"></span>orm mo<span class=\"_ _2\"></span>del in<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>ing an a<span class=\"_ _2\"></span>ssu<span class=\"_ _2\"></span>med l<span class=\"_ _2\"></span>evel of pr<span class=\"_ _2\"></span>ope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y valu<span class=\"_ _2\"></span>e vola<span class=\"_ _2\"></span>tilit<span class=\"_ _2\"></span>y. For th<span class=\"_ _2\"></span>e NNEG a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>, prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty v<span class=\"_ _2\"></span>alue<span class=\"_ _2\"></span>s are ind<span class=\"_ _2\"></span>exed f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e lates<span class=\"_ _2\"></span>t pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty v<span class=\"_ _2\"></span>alua<span class=\"_ _2\"></span>tion p<span class=\"_ _2\"></span>oint an<span class=\"_ _2\"></span>d the<span class=\"_ _2\"></span>n ass<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>d to grow in l<span class=\"_ _2\"></span>ine wi<span class=\"_ _2\"></span>th an RP<span class=\"_ _2\"></span>I ba<span class=\"_ _2\"></span>sed a<span class=\"_ _2\"></span>ssum<span class=\"_ _2\"></span>ptio<span class=\"_ _2\"></span>n. Ca<span class=\"_ _2\"></span>sh flow<span class=\"_ _2\"></span>s are dis<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nted u<span class=\"_ _2\"></span>sing a ri<span class=\"_ _2\"></span>sk fre<span class=\"_ _2\"></span>e cur<span class=\"_ _2\"></span>ve plu<span class=\"_ _2\"></span>s a spre<span class=\"_ _2\"></span>ad, w<span class=\"_ _2\"></span>here t<span class=\"_ _2\"></span>he sp<span class=\"_ _2\"></span>read i<span class=\"_ _2\"></span>s bas<span class=\"_ _2\"></span>ed on re<span class=\"_ _2\"></span>cen<span class=\"_ _2\"></span>t orig<span class=\"_ _2\"></span>inat<span class=\"_ _2\"></span>ions<span class=\"_ _2\"></span>, with m<span class=\"_ _2\"></span>arg<span class=\"_ _2\"></span>ins to all<span class=\"_ _2\"></span>ow for th<span class=\"_ _2\"></span>e dif<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nt risk p<span class=\"_ _2\"></span>rofile<span class=\"_ _2\"></span>s of ERM l<span class=\"_ _2\"></span>oans<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>5 <span class=\"_ _9\"> </span><span class=\"ws0\">In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e stri<span class=\"_ _2\"></span>ps are t<span class=\"_ _2\"></span>rans<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>ions w<span class=\"_ _2\"></span>here a<span class=\"_ _2\"></span>n owne<span class=\"_ _2\"></span>r-o<span class=\"_ _2\"></span>ccup<span class=\"_ _2\"></span>ier of a p<span class=\"_ _2\"></span>rope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y has s<span class=\"_ _2\"></span>old a f<span class=\"_ _2\"></span>reeh<span class=\"_ _2\"></span>old or l<span class=\"_ _2\"></span>ong l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>ehol<span class=\"_ _2\"></span>d inter<span class=\"_ _2\"></span>est to t<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up, an<span class=\"_ _2\"></span>d has s<span class=\"_ _2\"></span>igne<span class=\"_ _2\"></span>d a lon<span class=\"_ _2\"></span>g leas<span class=\"_ _2\"></span>e (ty<span class=\"_ _2\"></span>pica<span class=\"_ _2\"></span>lly 3<span class=\"_ _2\"></span>0-<span class=\"_ _2\"></span>45 ye<span class=\"_ _2\"></span>ars) or a g<span class=\"_ _2\"></span>roun<span class=\"_ _2\"></span>d lea<span class=\"_ _2\"></span>se </span>(t<span class=\"_ _2\"></span>ypic<span class=\"_ _2\"></span>ally 4<span class=\"_ _2\"></span>5-175 y<span class=\"_ _2\"></span>ears<span class=\"_ _2\"></span>) and re<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span>s the rig<span class=\"_ _2\"></span>ht to re<span class=\"_ _2\"></span>purch<span class=\"_ _2\"></span>ase t<span class=\"_ _2\"></span>he pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y at the e<span class=\"_ _2\"></span>nd of the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e for a no<span class=\"_ _2\"></span>mina<span class=\"_ _2\"></span>l sum (us<span class=\"_ _2\"></span>uall<span class=\"_ _2\"></span>y \u00a31). T<span class=\"_ _2\"></span>he inc<span class=\"_ _2\"></span>ome s<span class=\"_ _2\"></span>trip<span class=\"_ _2\"></span>s are val<span class=\"_ _2\"></span>ued u<span class=\"_ _2\"></span>sing a<span class=\"_ _2\"></span>n inco<span class=\"_ _2\"></span>me ca<span class=\"_ _2\"></span>pita<span class=\"_ _2\"></span>lisa<span class=\"_ _2\"></span>tion a<span class=\"_ _2\"></span>ppro<span class=\"_ _2\"></span>ach<span class=\"_ _2\"></span>, whe<span class=\"_ _2\"></span>re the a<span class=\"_ _2\"></span>nnua<span class=\"_ _2\"></span>l rent<span class=\"_ _2\"></span>al inc<span class=\"_ _2\"></span>ome i<span class=\"_ _2\"></span>s capi<span class=\"_ _2\"></span>tali<span class=\"_ _2\"></span>sed u<span class=\"_ _2\"></span>sing a<span class=\"_ _2\"></span>n appr<span class=\"_ _2\"></span>opri<span class=\"_ _2\"></span>ate yie<span class=\"_ _2\"></span>ld. Th<span class=\"_ _2\"></span>e yie<span class=\"_ _2\"></span>ld is det<span class=\"_ _2\"></span>ermi<span class=\"_ _2\"></span>ned by c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>ider<span class=\"_ _2\"></span>ing re<span class=\"_ _2\"></span>cent t<span class=\"_ _2\"></span>rans<span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s involv<span class=\"_ _2\"></span>ing sim<span class=\"_ _2\"></span>ilar i<span class=\"_ _2\"></span>ncom<span class=\"_ _2\"></span>e str<span class=\"_ _2\"></span>ips<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>6 <span class=\"_ _9\"> </span><span class=\"ws0\">IFL<span class=\"_ _2\"></span>92C1<span class=\"_ _2\"></span>5 an<span class=\"_ _2\"></span>d IML<span class=\"_ _2\"></span>92C<span class=\"_ _2\"></span>15 re<span class=\"_ _2\"></span>late to im<span class=\"_ _2\"></span>med<span class=\"_ _2\"></span>iate an<span class=\"_ _2\"></span>nuit<span class=\"_ _2\"></span>ant fem<span class=\"_ _2\"></span>ale a<span class=\"_ _2\"></span>nd mal<span class=\"_ _2\"></span>e live<span class=\"_ _2\"></span>s and ref<span class=\"_ _2\"></span>er to the 9<span class=\"_ _2\"></span>2 ser<span class=\"_ _2\"></span>ies m<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y ta<span class=\"_ _2\"></span>bles p<span class=\"_ _2\"></span>rodu<span class=\"_ _2\"></span>ced b<span class=\"_ _2\"></span>y the C<span class=\"_ _2\"></span>ontin<span class=\"_ _2\"></span>uous M<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tali<span class=\"_ _2\"></span>ty I<span class=\"_ _2\"></span>nves<span class=\"_ _2\"></span>tiga<span class=\"_ _2\"></span>tion (C<span class=\"_ _2\"></span>MI)<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></span>7 <span class=\"_ _6d\"> </span><span class=\"ws0\">De<span class=\"_ _2\"></span>rivat<span class=\"_ _2\"></span>ive lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>ies in<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>e for<span class=\"_ _2\"></span>ward i<span class=\"_ _2\"></span>nvest<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s of \u00a35<span class=\"_ _2\"></span>4 milli<span class=\"_ _2\"></span>on (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>46 m<span class=\"_ _2\"></span>illion<span class=\"_ _2\"></span>) which i<span class=\"_ _2\"></span>nclu<span class=\"_ _2\"></span>de a co<span class=\"_ _2\"></span>mmit<span class=\"_ _2\"></span>ment to a<span class=\"_ _2\"></span>cqu<span class=\"_ _2\"></span>ire or pr<span class=\"_ _2\"></span>ovide f<span class=\"_ _2\"></span>undi<span class=\"_ _2\"></span>ng for fix<span class=\"_ _2\"></span>ed rat<span class=\"_ _2\"></span>e debt in<span class=\"_ _2\"></span>str<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>nts at s<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ified f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re date<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></span>8 <span class=\"_ _9\"> </span><span class=\"ws0\">In<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>ded w<span class=\"_ _2\"></span>ithin d<span class=\"_ _2\"></span>eriva<span class=\"_ _2\"></span>tive a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s are lo<span class=\"_ _2\"></span>ngev<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y swap c<span class=\"_ _2\"></span>ontr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s with c<span class=\"_ _2\"></span>orp<span class=\"_ _2\"></span>orate p<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ion sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>es wit<span class=\"_ _2\"></span>h a fair v<span class=\"_ _2\"></span>alue of \u00a3<span class=\"_ _2\"></span>230 m<span class=\"_ _2\"></span>illio<span class=\"_ _2\"></span>n (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>52 milli<span class=\"_ _2\"></span>on) an<span class=\"_ _2\"></span>d \u00a310<span class=\"_ _2\"></span>0 mil<span class=\"_ _2\"></span>lion (2<span class=\"_ _2\"></span>022: \u00a3<span class=\"_ _2\"></span>34 mi<span class=\"_ _2\"></span>llion) r<span class=\"_ _2\"></span>esp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ively.<span class=\"_ _3bc\"> </span></span>9 <span class=\"_ _9\"> </span><span class=\"ws0\">Inc<span class=\"_ _2\"></span>lude<span class=\"_ _2\"></span>d with<span class=\"_ _2\"></span>in der<span class=\"_ _2\"></span>ivati<span class=\"_ _2\"></span>ve liab<span class=\"_ _2\"></span>ilitie<span class=\"_ _2\"></span>s is th<span class=\"_ _2\"></span>e Equit<span class=\"_ _2\"></span>y Rel<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e Inc<span class=\"_ _2\"></span>ome Pl<span class=\"_ _2\"></span>an (\u2018<span class=\"_ _2\"></span>ER<span class=\"_ _2\"></span>IP<span class=\"_ _2\"></span>\u2019) tot<span class=\"_ _2\"></span>al ret<span class=\"_ _2\"></span>urn sw<span class=\"_ _2\"></span>ap wit<span class=\"_ _2\"></span>h a valu<span class=\"_ _2\"></span>e of \u00a350 mi<span class=\"_ _2\"></span>llion (<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span>: \u00a363 m<span class=\"_ _2\"></span>illion<span class=\"_ _2\"></span>), unde<span class=\"_ _2\"></span>r whic<span class=\"_ _2\"></span>h a sha<span class=\"_ _2\"></span>re of the di<span class=\"_ _2\"></span>spo<span class=\"_ _2\"></span>sal pr<span class=\"_ _2\"></span>oce<span class=\"_ _2\"></span>eds a<span class=\"_ _2\"></span>risin<span class=\"_ _2\"></span>g on a </span>po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folio of p<span class=\"_ _2\"></span>rope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y reve<span class=\"_ _2\"></span>rsi<span class=\"_ _2\"></span>ons is p<span class=\"_ _2\"></span>ayabl<span class=\"_ _2\"></span>e to a thir<span class=\"_ _2\"></span>d par<span class=\"_ _2\"></span>ty (s<span class=\"_ _2\"></span>ee n<span class=\"_ _2\"></span>ote E.<span class=\"_ _2\"></span>3.<span class=\"_ _2\"></span>3 for f<span class=\"_ _2\"></span>urth<span class=\"_ _2\"></span>er de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>)<span class=\"_ _3bc\"> </span>E2<span class=\"_ _2\"></span>.3<span class=\"_ _2\"></span>.1 Deb<span class=\"_ _2\"></span>t secu<span class=\"_ _2\"></span>rities<span class=\"_ _3bc\"> </span>Ana<span class=\"_ _2\"></span>lysi<span class=\"_ _2\"></span>s of Level 3 d<span class=\"_ _2\"></span>ebt se<span class=\"_ _2\"></span>cur<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span><table class=\"s w4eb h2bf\" id=\"_e7b54a91-695b-4136-aa9a-140c7ddf08da\"><tr><td></td><td class=\"t m0 x916 h3f y5893 ff7 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>3 </td><td class=\"t m0 x917 h16 y5893 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x2c5 h3f y5894 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x553 h16 y5894 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5895 ff3 fs7 fc1 sc0 ls18 ws16\">Unquoted corporate bonds:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x249 y5896 w4ec h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Loans g<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>ed by expo<span class=\"_ _2\"></span>rt cre<span class=\"_ _2\"></span>dit age<span class=\"_ _2\"></span>ncies &amp; s<span class=\"_ _2\"></span>upranatio<span class=\"_ _2\"></span>nals<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x918 y5896 w4ed h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">486<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x919 y5896 w30e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls32 ws149\">4<span class=\"_ _2\"></span>02<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5616 w4ee h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Private co<span class=\"_ _2\"></span>rporate cre<span class=\"_ _2\"></span>dit<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91a y5616 wd5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">1,<span class=\"_ _2\"></span>829<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91b y5616 w4ef h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>42<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5897 w4f0 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Infras<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>ture loan<span class=\"_ _2\"></span>s \u2013 proje<span class=\"_ _2\"></span>ct finan<span class=\"_ _2\"></span>ce<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91c y5897 w4f1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91d y5897 w4f2 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">882<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5617 w4f3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Infras<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>ture loan<span class=\"_ _2\"></span>s \u2013 corpor<span class=\"_ _2\"></span>ate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91e y5617 w1b6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>493<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91f y5617 w4f4 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>175<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y55e8 w4c1 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Loans to h<span class=\"_ _2\"></span>ousing a<span class=\"_ _2\"></span>ssoc<span class=\"_ _2\"></span>iations<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x920 y55e8 w4f5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">1<span class=\"_ _2\"></span>,186<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x921 y55e8 w4f6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d9 ws1d9\">6<span class=\"_ _2\"></span>91<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5774 w4c3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Local auth<span class=\"_ _2\"></span>ority loans<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x922 y5774 w240 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">932<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x923 y5774 w4f7 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">596<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5898 w4f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Equit<span class=\"_ _2\"></span>y relea<span class=\"_ _2\"></span>se mor<span class=\"_ _2\"></span>tgag<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x924 y5898 w302 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">4,486<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x925 y5898 w162 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,<span class=\"_ _2\"></span>934<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5775 w4d4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>mercial re<span class=\"_ _2\"></span>al est<span class=\"_ _2\"></span>ate loans<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x926 y5775 w4f9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>147<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x927 y5775 w48b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">1<span class=\"_ _2\"></span>,104<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57ab w4fa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>ome strip<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x928 y57ab w4fb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">6<span class=\"_ _2\"></span>74<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x929 y57ab wf6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">786<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5746 w4fc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Bridg<span class=\"_ _2\"></span>ing loan<span class=\"_ _2\"></span>s to private equit<span class=\"_ _2\"></span>y fun<span class=\"_ _2\"></span>ds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92a y5746 w2b7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">47<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92b y5746 w4fd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsdc wsc7\">462<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5899 w393 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6de y5899 w17a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92c y5899 w307 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w4fe h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l Level 3 debt s<span class=\"_ _2\"></span>ecur<span class=\"_ _2\"></span>ities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92d y561d w4ff h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">13,8<span class=\"_ _5\"></span>18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92e y561d w48f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11,<span class=\"_ _2\"></span>465<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y589a ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></td><td class=\"c n x25d y561e w500 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>74)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92f y561e w49a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>786<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w501 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l Level 3 debt s<span class=\"_ _2\"></span>ecur<span class=\"_ _2\"></span>ities excl<span class=\"_ _2\"></span>uding am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sifie<span class=\"_ _2\"></span>d as held fo<span class=\"_ _2\"></span>r sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x930 y55ef w502 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">13,14<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x931 y55ef w503 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">10<span class=\"_ _2\"></span>,679<span class=\"_ _3bc\"> </span></div></td></tr></table>E2<span class=\"_ _2\"></span>.4 S<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>itivit<span class=\"_ _2\"></span>ies of Level 3 i<span class=\"_ _2\"></span>nst<span class=\"_ _2\"></span>rumen<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span><table class=\"s w504 h2c0\" id=\"_bf010d0c-9040-453b-9bdc-cc7a0ab11387\"><tr><td></td><td class=\"t m0 x916 h3f y589b ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x917 h16 y589b ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x2c5 h3f y589c ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x553 h16 y589c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y589d ff7 fs7 fc1 sc0 ls0 ws0\">Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 Lo<span class=\"_ _2\"></span>ans gu<span class=\"_ _2\"></span>arante<span class=\"_ _2\"></span>ed by exp<span class=\"_ _2\"></span>ort c<span class=\"_ _2\"></span>redit a<span class=\"_ _2\"></span>genc<span class=\"_ _2\"></span>ies &amp; sup<span class=\"_ _2\"></span>ran<span class=\"_ _2\"></span>ationa<span class=\"_ _2\"></span>ls<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y589e w505 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x932 y589e w506 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(13)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x933 y589e w80 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(9)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y589f w507 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x934 y589f w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x935 y589f w2f2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58a0 ff7 fs7 fc1 sc0 ls0 ws0\">Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 Priva<span class=\"_ _2\"></span>te corp<span class=\"_ _2\"></span>orate c<span class=\"_ _2\"></span>redit<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58a1 w505 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x936 y58a1 w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(10<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x937 y58a1 w508 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">(98)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58a2 w507 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x938 y58a2 w2ab h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">116<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x939 y58a2 w172 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">112<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58a3 ff7 fs7 fc1 sc0 ls68 ws5c\">Debt securities \u2013<span class=\"_ _5\"></span> Infrastructure loans<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58a4 w505 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x936 y58a4 wc2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(129<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x93a y58a4 w378 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(10<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58a5 w507 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x938 y58a5 w1ff h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">134<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x93b y58a5 w239 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">107<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58a6 ff7 fs7 fc1 sc0 ls0 ws0\">Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 Lo<span class=\"_ _2\"></span>ans to ho<span class=\"_ _2\"></span>using a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciatio<span class=\"_ _2\"></span>ns<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58a7 w505 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x932 y58a7 w28e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">(93)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x93c y58a7 w509 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(5<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58a8 w507 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x938 y58a8 wd9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">105<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x93d y58a8 w319 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">58<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58a9 ff7 fs7 fc1 sc0 ls0 ws0\">Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 Lo<span class=\"_ _2\"></span>cal au<span class=\"_ _2\"></span>thorit<span class=\"_ _2\"></span>y loa<span class=\"_ _2\"></span>ns<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58aa w505 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x932 y58aa w2c3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(82)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x93e y58aa w23a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58ab w507 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x93f y58ab w50a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18 ws16\">90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x940 y58ab w138 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">55<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58ac ff7 fs7 fc1 sc0 ls0 ws0\">Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 ER<span class=\"_ _2\"></span>M loan<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58ad w50b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s increas<span class=\"_ _2\"></span>e in sprea<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x941 y58ad w33e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">(37<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x942 y58ad w378 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(32<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58ae w50c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s decrea<span class=\"_ _2\"></span>se in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x943 y58ae w50d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">410<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x944 y58ae w2ac h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">37<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58af w50e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5% increa<span class=\"_ _2\"></span>se in mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x945 y58af w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x946 y58af w13f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">13<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58b0 w50f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5% decre<span class=\"_ _2\"></span>ase in mo<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ality<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x947 y58b0 w29d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x948 y58b0 w1fd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(14)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58b1 w510 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">15% inc<span class=\"_ _2\"></span>rease in vol<span class=\"_ _2\"></span>untar<span class=\"_ _2\"></span>y redem<span class=\"_ _2\"></span>ption rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x949 y58b1 w511 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb2 wse8\">44<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x94a y58b1 w1d7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">49<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58b2 w512 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">15% de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in voluntar<span class=\"_ _2\"></span>y rede<span class=\"_ _2\"></span>mption rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x94b y58b2 w513 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">(<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x94c y58b2 w514 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>52)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58b3 w515 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1% incre<span class=\"_ _2\"></span>ase in ho<span class=\"_ _2\"></span>use pric<span class=\"_ _2\"></span>e inflation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x94d y58b3 w2a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x94e y58b3 wbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58b4 w516 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1% dec<span class=\"_ _2\"></span>rease in h<span class=\"_ _2\"></span>ouse pr<span class=\"_ _2\"></span>ice inflation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x94f y58b4 w517 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws172\">(<span class=\"_ _2\"></span>74<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x950 y58b4 w518 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>42<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58b5 w519 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>% increas<span class=\"_ _2\"></span>e in hous<span class=\"_ _2\"></span>e prices<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x951 y58b5 w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">38<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x952 y58b5 w51a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">22<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58b6 w51b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>% decrea<span class=\"_ _2\"></span>se in hou<span class=\"_ _2\"></span>se price<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x953 y58b6 w3dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">(59)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x954 y58b6 w1dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(38)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58b7 ff7 fs7 fc1 sc0 ls0 ws0\">Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 C<span class=\"_ _2\"></span>RELs<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58b8 w505 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x955 y58b8 w1ad h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x956 y58b8 w1d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(18)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58b9 w507 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x93f y58b9 w60 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">48<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x957 y58b9 w51c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">19<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58ba ff7 fs7 fc1 sc0 ls16 ws14\">Debt secu<span class=\"_ _5\"></span>rit<span class=\"_ _5\"></span>ies \u2013<span class=\"_ _7\"></span> Income strips<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58bb w51d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65<span class=\"_ _2\"></span>bps inc<span class=\"_ _2\"></span>rease in sp<span class=\"_ _2\"></span>read (202<span class=\"_ _2\"></span>2: 35 bp<span class=\"_ _2\"></span>s increa<span class=\"_ _2\"></span>se in sprea<span class=\"_ _2\"></span>d)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x958 y58bb w9e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(89)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x959 y58bb w2cf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>76<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58bc w51e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65<span class=\"_ _2\"></span>bps de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in spread (2<span class=\"_ _2\"></span>022: 3<span class=\"_ _2\"></span>5 bps dec<span class=\"_ _2\"></span>rease in sp<span class=\"_ _2\"></span>read)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x95a y58bc wd9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">109<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x95b y58bc w8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">88<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58bd ff7 fs7 fc1 sc0 ls68 ws5c\">Derivativ<span class=\"_ _5\"></span>es \u2013 F<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>ward pr<span class=\"_ _5\"></span>ivate placements, infrastructure and local authority loans<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58be w505 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x95c y58be w7f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x95d y58be w51f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">(30<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58bf w507 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x95e y58bf w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x95f y58bf w520 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58c0 ff7 fs7 fc1 sc0 ls1c ws1a\">Derivatives \u2013 Lon<span class=\"_ _2\"></span>gevity swa<span class=\"_ _2\"></span>p contrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58c1 w521 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s increas<span class=\"_ _2\"></span>e in swap cur<span class=\"_ _2\"></span>ve<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x758 y58c1 w1ed h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">(20)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x960 y58c1 w30b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5718 w522 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s decrea<span class=\"_ _2\"></span>se in swap c<span class=\"_ _2\"></span>urve<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x961 y5718 w2f7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x962 y5718 w160 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58c2 ff7 fs7 fc1 sc0 ls68 ws5c\">Derivativ<span class=\"_ _5\"></span>es \u2013 Equ<span class=\"_ _5\"></span>ity Release Income Plan total retur<span class=\"_ _5\"></span>n swap<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ee w50b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s increas<span class=\"_ _2\"></span>e in sprea<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x963 y55ee wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x964 y55ee w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w50c h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s decrea<span class=\"_ _2\"></span>se in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x965 y55ef w523 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x966 y55ef w524 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\"><span class=\"ls1ad ws1a6\">(<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></span><span class=\"ls1ad ws1a6\">)<span class=\"_ _3bc\"> </span></span></div></td></tr></table><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs461\">For the pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty reve<span class=\"_ _2\"></span>rsions lo<span class=\"_ _2\"></span>ans and b<span class=\"_ _2\"></span>ridging lo<span class=\"_ _2\"></span>ans to private e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y funds<span class=\"_ _2\"></span>, there are n<span class=\"_ _2\"></span>o reas<span class=\"_ _2\"></span>onably p<span class=\"_ _2\"></span>ossibl<span class=\"_ _2\"></span>e movement<span class=\"_ _2\"></span>s in unobs<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span>ble input </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs462\">value<span class=\"_ _2\"></span>s which would re<span class=\"_ _2\"></span>sult in a signifi<span class=\"_ _2\"></span>cant movem<span class=\"_ _2\"></span>ent in the fair va<span class=\"_ _2\"></span>lue of the finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs463\">For thos<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets value<span class=\"_ _2\"></span>d using n<span class=\"_ _2\"></span>et ass<span class=\"_ _2\"></span>et value st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s (equities a<span class=\"_ _2\"></span>nd colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>hemes) n<span class=\"_ _2\"></span>o sensit<span class=\"_ _2\"></span>ivity infor<span class=\"_ _2\"></span>mation ha<span class=\"_ _2\"></span>s been </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs464\">prepa<span class=\"_ _2\"></span>red as the n<span class=\"_ _2\"></span>et ass<span class=\"_ _2\"></span>et state<span class=\"_ _2\"></span>ments a<span class=\"_ _2\"></span>re provided by in<span class=\"_ _2\"></span>depen<span class=\"_ _2\"></span>dent third pa<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs465\">E2<span class=\"_ _2\"></span>.5 Transf<span class=\"_ _2\"></span>ers of fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial ins<span class=\"_ _2\"></span>trum<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s bet<span class=\"_ _2\"></span>ween Leve<span class=\"_ _2\"></span>l 1 and Level 2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls70 ws67 gs466\">2023<span class=\"_ _3bc\"> </span></div><div class=\"gs467\"><table class=\"s w525 h2c2\" id=\"_f616cd18-806f-4f45-b195-f63e640b4388\"><tr><td></td><td class=\"t m0 x559 h3f y58c3 ff7 fsf fc1 sc0 ls0 ws0\">From L<span class=\"_ _2\"></span>evel 1 to </td><td class=\"t m0 x8f4 h3f y58c3 ff7 fsf fc1 sc0 ls0 ws0\">From L<span class=\"_ _2\"></span>evel 2 to </td></tr><tr><td></td><td class=\"t m0 x5a0 h3f y58c4 ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x967 h3f y58c4 ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x262 h3f y58c5 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y58c5 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y58c6 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets measured at fair v<span class=\"_ _5\"></span>alue<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y58c7 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x26c y58c8 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x968 y58c8 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x969 y58c8 w31f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y58c9 wef h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96a y58c9 wd2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96b y58c9 w60 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y58ca wf8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96c y58ca w526 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>23<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96d y58ca w1b0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">725<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7ed hd y58cb ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"c n x6f6 y55ef w527 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsb3 wsf4\">1,188<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96e y55ef w132 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs468\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs469\">1 <span class=\"_ _b3\"> </span>As a r<span class=\"_ _2\"></span>esul<span class=\"_ _2\"></span>t of the a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssm<span class=\"_ _2\"></span>ent of th<span class=\"_ _2\"></span>e liqu<span class=\"_ _2\"></span>idit<span class=\"_ _2\"></span>y of the u<span class=\"_ _2\"></span>nder<span class=\"_ _2\"></span>lyin<span class=\"_ _2\"></span>g inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nts he<span class=\"_ _2\"></span>ld wit<span class=\"_ _2\"></span>hin co<span class=\"_ _2\"></span>llec<span class=\"_ _2\"></span>tive i<span class=\"_ _2\"></span>nves<span class=\"_ _2\"></span>tmen<span class=\"_ _2\"></span>t sche<span class=\"_ _2\"></span>mes<span class=\"_ _2\"></span>, in ac<span class=\"_ _2\"></span>cor<span class=\"_ _2\"></span>danc<span class=\"_ _2\"></span>e with t<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up\u2019s fai<span class=\"_ _2\"></span>r value h<span class=\"_ _2\"></span>iera<span class=\"_ _2\"></span>rchy c<span class=\"_ _2\"></span>las<span class=\"_ _2\"></span>sific<span class=\"_ _2\"></span>ation m<span class=\"_ _2\"></span>eth<span class=\"_ _2\"></span>odol<span class=\"_ _2\"></span>ogy </div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs46a\">a<span class=\"_ gs2dc\"> </span>net \u00a3<span class=\"_ _2\"></span>1,1<span class=\"_ _2\"></span>72 milli<span class=\"_ _2\"></span>on of co<span class=\"_ _2\"></span>llec<span class=\"_ _2\"></span>tive in<span class=\"_ _2\"></span>vest<span class=\"_ _2\"></span>ment s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>mes h<span class=\"_ _2\"></span>as tra<span class=\"_ _2\"></span>nsf<span class=\"_ _2\"></span>erre<span class=\"_ _2\"></span>d from Le<span class=\"_ _2\"></span>vel 1 to Leve<span class=\"_ _2\"></span>l 2.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 lse3 wscd gs46b\">2022<span class=\"_ _3bc\"> </span></div><div class=\"gs46c\"><table class=\"s w528 h2c3\" id=\"_46162073-417c-4e24-b7a0-44c8e28f48a5\"><tr><td></td><td class=\"t m0 x749 h16 y58cc ff3 fsf fc1 sc0 ls0 ws0\">From Le<span class=\"_ _2\"></span>vel 1 to </td><td class=\"t m0 x260 h16 y58cc ff3 fsf fc1 sc0 ls0 ws0\">From Le<span class=\"_ _2\"></span>vel 2 to </td></tr><tr><td></td><td class=\"t m0 x5a0 h16 y58cd ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5a1 h16 y58cd ff3 fsf fc1 sc0 lse6 wsd0\">Level 1<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x262 h16 y58ce ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y58ce ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y58cf ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets measured at fair v<span class=\"_ _5\"></span>alue<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y58d0 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x26c y58c1 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96f y58c1 w8d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">48<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x970 y58c1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y58d1 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets d<span class=\"_ _2\"></span>esigna<span class=\"_ _2\"></span>ted at FV<span class=\"_ _2\"></span>TPL up<span class=\"_ _2\"></span>on initial re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x26c y56f9 wef h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96a y56f9 w1a9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">73<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x971 y56f9 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y55ee wf8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x972 y55ee w529 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x973 y55ee w52a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>267<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y55ef wfc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x974 y55ef w192 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x975 y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs46d\">Con<span class=\"_ _2\"></span>sistent wi<span class=\"_ _2\"></span>th the prior ye<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>, all th<span class=\"_ _2\"></span>e Group\u2019s Level 1 and Level 2 as<span class=\"_ _2\"></span>sets h<span class=\"_ _2\"></span>ave been val<span class=\"_ _2\"></span>ued usin<span class=\"_ _2\"></span>g stan<span class=\"_ _2\"></span>dard market pric<span class=\"_ _2\"></span>ing sourc<span class=\"_ _2\"></span>es. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs46e\">The ap<span class=\"_ _2\"></span>plicatio<span class=\"_ _2\"></span>n of the Group\u2019s fair value hie<span class=\"_ _2\"></span>rarchy clas<span class=\"_ _2\"></span>sific<span class=\"_ _2\"></span>ation meth<span class=\"_ _2\"></span>odolog<span class=\"_ _2\"></span>y at an indivi<span class=\"_ _2\"></span>dual se<span class=\"_ _2\"></span>curit<span class=\"_ _2\"></span>y level, in pa<span class=\"_ _2\"></span>rtic<span class=\"_ _2\"></span>ular obse<span class=\"_ _2\"></span>rvat<span class=\"_ _2\"></span>ions with </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs46f\">reg<span class=\"_ _2\"></span>ard to meas<span class=\"_ _2\"></span>ures of market depth an<span class=\"_ _2\"></span>d bid-as<span class=\"_ _2\"></span>k spread<span class=\"_ _2\"></span>s, res<span class=\"_ _2\"></span>ulted in an overa<span class=\"_ _2\"></span>ll net moveme<span class=\"_ _2\"></span>nt of debt sec<span class=\"_ _2\"></span>urities fro<span class=\"_ _2\"></span>m Level 1 to Level 2 in both the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs470\">current a<span class=\"_ _2\"></span>nd prior p<span class=\"_ _2\"></span>eriod. </div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs471\">E2<span class=\"_ _2\"></span>.6 M<span class=\"_ _2\"></span>ovement in L<span class=\"_ _2\"></span>evel 3 fina<span class=\"_ _2\"></span>ncia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rume<span class=\"_ _2\"></span>nts m<span class=\"_ _2\"></span>easu<span class=\"_ _2\"></span>red at fa<span class=\"_ _2\"></span>ir valu<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls70 ws67 gs472\">2023<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls5b ws76 gs473\">At 1<span class=\"_ _7\"></span> Januar<span class=\"_ _2\"></span>y </div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls70 ws67 gs474\">2023<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 lsa8 ws98 gs475\">\u00a3m<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h1d6 ff3 fs172 fc1 sc0 ls0 ws0 gs476\">1<span class=\"_ _3bc\"> </span></div><div class=\"gs477\"><table class=\"s w52b h2c4\" id=\"_c4bcc8b9-3e66-4719-8b22-41b02f1ef5a0\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x976 h3f y58d2 ff7 fsf fc1 sc0 ls5b ws76\">Unrealised </td></tr><tr><td></td><td></td><td class=\"t m0 x977 h3f y58d3 ff7 fsf fc1 sc0 ls199 ws185\">Reclassification </td><td class=\"t m0 x978 h3f y58d3 ff7 fsf fc1 sc0 ls0 ws0\">At </td><td class=\"t m0 x979 h3f y58d3 ff7 fsf fc1 sc0 ls81 ws75\">Net (losses)<span class=\"_ _5\"></span>/<span class=\"_ _3bc\"> </span></td><td></td><td></td><td class=\"t m0 x97a h3f y58d3 ff7 fsf fc1 sc0 ls5b ws76\">T<span class=\"_ _7\"></span>rans<span class=\"_ _2\"></span>fers<span class=\"_ _3bc\"> </span></td><td></td><td></td><td class=\"t m0 x59f h3f y58d3 ff7 fsf fc1 sc0 ls0 ws0\">ga<span class=\"_ _2\"></span>ins on </td></tr><tr><td></td><td></td><td class=\"t m0 x97b h3f y58d4 ff7 fsf fc1 sc0 ls0 ws0\">of ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ces o<span class=\"_ _2\"></span>n </td><td class=\"t m0 x97c h3f y58d4 ff7 fsf fc1 sc0 ls5b ws76\">1 January </td><td class=\"t m0 x97d h3f y58d4 ff7 fsf fc1 sc0 ls0 ws0\">ga<span class=\"_ _2\"></span>ins in </td><td></td><td></td><td class=\"t m0 x97e h3f y58d4 ff7 fsf fc1 sc0 ls0 ws0\"> fro<span class=\"_ _2\"></span>m </td><td class=\"t m0 x97f h3f y58d4 ff7 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>ra<span class=\"_ _2\"></span>nsfe<span class=\"_ _2\"></span>rs to </td><td class=\"t m0 x980 h3f y58d4 ff7 fsf fc1 sc0 ls0 ws0\">At </td><td class=\"t m0 x976 h3f y58d4 ff7 fsf fc1 sc0 ls5b ws76\">assets held </td></tr><tr><td></td><td></td><td class=\"t m0 x981 h3f y58d5 ff7 fsf fc1 sc0 ls70 ws67\">transitio<span class=\"_ _2\"></span>n<span class=\"_ _5\"></span> to </td><td class=\"t m0 x900 h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>3 </td><td class=\"t m0 x97d h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">inc<span class=\"_ _2\"></span>ome </td><td></td><td></td><td class=\"t m0 x982 h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1 </td><td class=\"t m0 x983 h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1 and </td><td class=\"t m0 x77f h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td><td class=\"t m0 x7e8 h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">at en<span class=\"_ _2\"></span>d of </td></tr><tr><td></td><td></td><td class=\"t m0 x984 h3f y58d6 ff7 fsf fc1 sc0 ls0 ws0\">IFR<span class=\"_ _2\"></span>S 9<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x97c h3f y58d6 ff7 fsf fc1 sc0 lsd4 wsc2\">(re<span class=\"_ _2\"></span>sta<span class=\"_ _2\"></span>ted)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x985 h3f y58d6 ff7 fsf fc1 sc0 ls70 ws67\">statem<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d0 h3f y58d6 ff7 fsf fc1 sc0 ls81 ws75\">Purchases<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x582 h3f y58d6 ff7 fsf fc1 sc0 ls81 ws75\">Sales<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x986 h3f y58d6 ff7 fsf fc1 sc0 ls0 ws0\">an<span class=\"_ _2\"></span>d Level 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x25f h3f y58d6 ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span></td><td class=\"c x988 y58d8 w52c h2c5\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">2023</div><div class=\"t m0 x987 h1d6 y58d7 ff3 fs172 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x967 h3f y58d6 ff7 fsf fc1 sc0 ls70 ws67\">period<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x989 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x98a h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x611 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x909 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e5 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x98b h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x749 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x98c h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y58da ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 he y58db ff7 fs7 fc1 sc0 ls0 ws0\">mea<span class=\"_ _2\"></span>sure<span class=\"_ _2\"></span>d at fair val<span class=\"_ _2\"></span>ue<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y58dc ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y58dd ff3 fs7 fc1 sc0 ls0 ws0\">man<span class=\"_ _2\"></span>datorily hel<span class=\"_ _2\"></span>d </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y58de ff3 fs7 fc1 sc0 ls0 ws0\">at<span class=\"_ gs132\"> </span>FV<span class=\"_ _2\"></span>TPL<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58df we8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x98d y58df w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x98e y58df w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x98f y58df wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x990 y58df w52d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x991 y58df w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x992 y58df w7f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x993 y58df w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x994 y58df w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x995 y58df w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x996 y58df w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5652 wea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x997 y5652 we9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">152<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x998 y5652 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x999 y5652 w52e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">152<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99a y5652 w31a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws2f\">80<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99b y5652 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99c y5652 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99d y5652 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99e y5652 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99f y5652 w2eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">23<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a0 y5652 w31a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws2f\">80<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y58e0 wef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a1 y58e0 w52f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">2,19<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a2 y58e0 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a3 y58e0 w52f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">2<span class=\"_ _2\"></span>,192<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a4 y58e0 w530 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a5 y58e0 w112 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a8 ws19f\">433<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a6 y58e0 w531 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">(293)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a7 y58e0 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a8 y58e0 w2dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a9 y58e0 w144 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">2,<span class=\"_ _2\"></span>495<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9aa y58e0 w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y58e1 wf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ab y58e1 w532 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">11,<span class=\"_ _2\"></span>465<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ac y58e1 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ad y58e1 w532 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">11,<span class=\"_ _2\"></span>465<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ae y58e1 w533 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9af y58e1 w10d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b0 y58e1 w534 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5,<span class=\"_ _2\"></span>22<span class=\"_ _7\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b1 y58e1 w1eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">150<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b2 y58e1 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b3 y58e1 w535 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls194 ws1b0\">13,818<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b4 y58e1 w536 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">475<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7ed hd y58e2 ff3 fs7 fc1 sc0 ls1c ws1a\">Collec<span class=\"_ _2\"></span>tive </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x7ed hd y58e3 ff3 fs7 fc1 sc0 ls0 ws0\">investm<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y58e4 w537 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">schemes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b5 y58e4 w538 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b6 y58e4 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b7 y58e4 w538 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b8 y58e4 w194 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls25 ws23\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b9 y58e4 w539 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ba y58e4 w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9bb y58e4 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9bc y58e4 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9bd y58e4 w468 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">4<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9be y58e4 w53a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls25 ws23\">46<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y58e5 ff7 fs7 fc1 sc0 ls61 ws5c\">T<span class=\"_ _7\"></span>otal financial assets </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ef w53b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a ws0\">mea<span class=\"_ _2\"></span>sure<span class=\"_ _2\"></span>d at fair valu<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9bf y55ef w53c h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">1<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c0 y55ef w1a0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c1 y55ef w53d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">14<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c2 y55ef w530 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">70<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c3 y55ef w216 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c4 y55ef w53e h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls96 ws8c\">(5,52<span class=\"_ _7\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c5 y55ef w1eb h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls96 ws8c\">153<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c6 y55ef w2dc h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c7 y55ef w53f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _2\"></span>,94<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c8 y55ef w540 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">61<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs478\">1 <span class=\"_ _b3\"> </span>S<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her d<span class=\"_ _2\"></span>etai<span class=\"_ _2\"></span>ls.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs479\">2 <span class=\"_ _2f\"> </span>T<span class=\"_ _5\"></span>ota<span class=\"_ _2\"></span>l finan<span class=\"_ _2\"></span>cial a<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>ets of \u00a3<span class=\"_ _2\"></span>16<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>46 m<span class=\"_ _2\"></span>illio<span class=\"_ _2\"></span>n incl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>s \u00a3678 mi<span class=\"_ _2\"></span>llion of a<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>ets cl<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ifie<span class=\"_ _2\"></span>d as hel<span class=\"_ _2\"></span>d for sa<span class=\"_ _2\"></span>le<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div>Unrealised T<span class=\"_ _7\"></span>rans<span class=\"_ _2\"></span>fers<span class=\"_ _7\"></span> losses on Ne<span class=\"_ _2\"></span>t los<span class=\"_ _2\"></span>ses in from<span class=\"_ _3bc\"> </span>T<span class=\"_ _5\"></span>ra<span class=\"_ _2\"></span>nsfe<span class=\"_ _2\"></span>rs to At liabilities held At 1<span class=\"_ _7\"></span> Januar<span class=\"_ _2\"></span>y inc<span class=\"_ _2\"></span>ome Sales/ Leve<span class=\"_ _2\"></span>l 1 and Leve<span class=\"_ _2\"></span>l 1 and 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r at en<span class=\"_ _2\"></span>d of 2023<span class=\"_ _3bc\"> </span>statem<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> </span>Purchases<span class=\"_ _3bc\"> </span>repayments<span class=\"_ _3bc\"> </span>Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span>Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span>period<span class=\"_ _3bc\"> </span>023<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>Financial liabili<span class=\"_ _5\"></span>ties measured at fai<span class=\"_ _5\"></span>r value<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties man<span class=\"_ _2\"></span>datorily he<span class=\"_ _2\"></span>ld at<span class=\"_ gs132\"> </span>FV<span class=\"_ _2\"></span>TPL<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>Derivatives<span class=\"_ _3bc\"> </span>24<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span>67<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(10<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>20<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span>59<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL upon initial recog<span class=\"_ _2\"></span>nition:<span class=\"_ _3bc\"> </span>Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span>64<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(21<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>45<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>otal financial liabil<span class=\"_ _5\"></span>ities measured at<span class=\"_ _3bc\"> </span>fair<span class=\"_ gs234\"> </span><span class=\"_ _5\"></span>value<span class=\"_ _3bc\"> </span>3<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span>69<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(1<span class=\"_ _2\"></span>25)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>251<span class=\"_ _3bc\"> </span>61<span class=\"_ _3bc\"> </span><table class=\"s w547 h2c8\" id=\"_e01948cf-ba1a-4e6c-a9b9-7e88d0c81104\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x9f5 h16 y58f3 ff3 fsf fc1 sc0 ls82 ws77\">Unrealis<span class=\"_ _2\"></span>ed </td></tr><tr><td></td><td></td><td class=\"t m0 x9f6 h16 y58f4 ff3 fsf fc1 sc0 ls17 ws15\">Net (losses)/<span class=\"_ _3bc\"> </span></td><td></td><td></td><td class=\"t m0 x9f7 h16 y58f4 ff3 fsf fc1 sc0 ls5b ws76\">T<span class=\"_ _7\"></span>ransfers<span class=\"_ _3bc\"> </span></td><td></td><td></td><td class=\"t m0 x9f8 h16 y58f4 ff3 fsf fc1 sc0 ls17 ws15\">(losses)/<span class=\"_ _7\"></span>gains </td></tr><tr><td></td><td></td><td class=\"t m0 x9f9 h16 y58f5 ff3 fsf fc1 sc0 ls0 ws0\">ga<span class=\"_ _2\"></span>ins in </td><td></td><td></td><td class=\"t m0 x9cb h16 y58f5 ff3 fsf fc1 sc0 ls0 ws0\"> fro<span class=\"_ _2\"></span>m </td><td class=\"t m0 x9fa h16 y58f5 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>ran<span class=\"_ _2\"></span>sfe<span class=\"_ _2\"></span>rs to </td><td class=\"t m0 x9cd h16 y58f5 ff3 fsf fc1 sc0 ls0 ws0\">At </td><td class=\"t m0 x9fb h16 y58f5 ff3 fsf fc1 sc0 ls0 ws0\">on as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s hel<span class=\"_ _2\"></span>d </td></tr><tr><td></td><td class=\"t m0 x9fc h16 y58f6 ff3 fsf fc1 sc0 ls0 ws0\">At 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y </td><td class=\"t m0 x9f9 h16 y58f6 ff3 fsf fc1 sc0 lse1 wscb\">income<span class=\"_ _5\"></span> </td><td></td><td></td><td class=\"t m0 x537 h16 y58f6 ff3 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1 </td><td class=\"t m0 x9fd h16 y58f6 ff3 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1 and </td><td class=\"t m0 x79a h16 y58f6 ff3 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td><td class=\"t m0 x23f h16 y58f6 ff3 fsf fc1 sc0 ls0 ws0\">at en<span class=\"_ _2\"></span>d of </td></tr><tr><td></td><td class=\"t m0 x9fe h16 y58f7 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9ff h16 y58f7 ff3 fsf fc1 sc0 ls83 ws78\">statement<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa00 h16 y58f7 ff3 fsf fc1 sc0 ls84 ws79\">Purchases<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa01 h16 y58f7 ff3 fsf fc1 sc0 ls17 ws15\">Sales<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa02 h16 y58f7 ff3 fsf fc1 sc0 ls0 ws0\">and L<span class=\"_ _2\"></span>evel 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7cf h16 y58f7 ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"c xa04 y58f8 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022</div><div class=\"t m0 xa03 h1d6 y56f3 ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x9d6 h16 y58f7 ff3 fsf fc1 sc0 ls51 ws4b\">period<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h16 y58f9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa05 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d8 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d9 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x523 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa06 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa07 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa08 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y58fa ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets measured at fair v<span class=\"_ _5\"></span>alue<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y58fb ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58fc wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa09 y58fc w548 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">237<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0a y58fc w1cd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(85<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0b y58fc w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0c y58fc w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0d y58fc w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0e y58fc w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0f y58fc w461 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">152<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa10 y58fc w1cd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(85<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y58fd ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets d<span class=\"_ _2\"></span>esigna<span class=\"_ _2\"></span>ted at FV<span class=\"_ _2\"></span>TPL up<span class=\"_ _2\"></span>on </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y58fe ff3 fs7 fc1 sc0 ls1c ws1a\">initial recog<span class=\"_ _2\"></span>nition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57ab wef h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa11 y57ab w549 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls4b ws122\">1<span class=\"_ _2\"></span>,899<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa12 y57ab w54a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa13 y57ab w240 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">438<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa14 y57ab w24e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">(369<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa15 y57ab w365 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa16 y57ab w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa17 y57ab w10f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">2,192<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa18 y57ab w372 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5746 wf8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa19 y5746 w54b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">12<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>452<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1a y5746 w54c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(3<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>44)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1b y5746 w54d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">6,<span class=\"_ _2\"></span>838<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1c y5746 w43f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1d y5746 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1e y5746 w364 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1f y5746 w48f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _2\"></span>,465<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa20 y5746 w238 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,<span class=\"_ _2\"></span>595)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5899 wfc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa21 y5899 w4f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa22 y5899 w54e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(79<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa23 y5899 w112 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">108<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa24 y5899 w54f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa25 y5899 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa26 y5899 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa27 y5899 wf7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa28 y5899 w550 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xa29 y561d w551 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">14<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2a y561d w225 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,<span class=\"_ _2\"></span>44<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2b y561d w552 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _19\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2c y561d w261 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(4<span class=\"_ _2\"></span>,649<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2d y561d w1d7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2e y561d w80 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2f y561d w553 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">13,<span class=\"_ _2\"></span>96<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa30 y561d w554 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">(3,656)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w555 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial assets measured at fair<span class=\"_ _5\"></span> value<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa31 y55ef w556 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>74<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa32 y55ef w452 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa33 y55ef w557 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa34 y55ef w9f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(4,6<span class=\"_ _2\"></span>49)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa35 y55ef w1d7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa36 y55ef w252 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa37 y55ef w73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">14<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5d9 y55ef w558 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>741<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table>1 <span class=\"_ _b3\"> </span>Total fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s of \u00a314<span class=\"_ _2\"></span>,12<span class=\"_ _2\"></span>1 millio<span class=\"_ _2\"></span>n incl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>s \u00a378<span class=\"_ _2\"></span>9 millio<span class=\"_ _2\"></span>n cla<span class=\"_ _2\"></span>ssifi<span class=\"_ _2\"></span>ed as h<span class=\"_ _2\"></span>eld fo<span class=\"_ _2\"></span>r sale<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><table class=\"s w559 h2c9\" id=\"_80db2b02-2e38-450a-a4b9-967b0d4f3339\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x9f5 h16 y58ff ff3 fsf fc1 sc0 ls82 ws77\">Unrealis<span class=\"_ _2\"></span>ed </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x23f h16 y5900 ff3 fsf fc1 sc0 ls0 ws0\">los<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>s on </td></tr><tr><td></td><td></td><td class=\"t m0 x9f6 h16 y5901 ff3 fsf fc1 sc0 ls0 ws0\">Ne<span class=\"_ _2\"></span>t loss<span class=\"_ _2\"></span>es in </td><td></td><td></td><td class=\"t m0 x75f h16 y5901 ff3 fsf fc1 sc0 ls17 ws15\">T<span class=\"_ _7\"></span>rans<span class=\"_ _2\"></span>fers fr<span class=\"_ _5\"></span>om<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9fa h16 y5901 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>ran<span class=\"_ _2\"></span>sfe<span class=\"_ _2\"></span>rs to </td><td class=\"t m0 x9cd h16 y5901 ff3 fsf fc1 sc0 ls0 ws0\">At </td><td class=\"t m0 x9fb h16 y5902 ff3 fsf fc1 sc0 ls82 ws77\">liabilities he<span class=\"_ _2\"></span>ld </td></tr><tr><td></td><td class=\"t m0 x9fc h16 y5903 ff3 fsf fc1 sc0 ls0 ws0\">At 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y </td><td class=\"t m0 x9f9 h16 y5903 ff3 fsf fc1 sc0 lse1 wscb\">income<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 xa38 h16 y5903 ff3 fsf fc1 sc0 ls17 ws15\">Sales/</td><td class=\"t m0 xa02 h16 y5903 ff3 fsf fc1 sc0 ls0 ws0\"> Leve<span class=\"_ _2\"></span>l 1 and </td><td class=\"t m0 x9fd h16 y5903 ff3 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1 and </td><td class=\"t m0 x79a h16 y5903 ff3 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td><td class=\"t m0 x23f h16 y5904 ff3 fsf fc1 sc0 ls0 ws0\">at en<span class=\"_ _2\"></span>d of </td></tr><tr><td></td><td class=\"t m0 x9fe h16 y5905 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9ff h16 y5905 ff3 fsf fc1 sc0 ls83 ws78\">statement<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa00 h16 y5905 ff3 fsf fc1 sc0 ls84 ws79\">Purchases<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5b9 h16 y5905 ff3 fsf fc1 sc0 ls83 ws78\">Repayments<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x520 h16 y5905 ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7cf h16 y5905 ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"c xa04 y5906 w3a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022</div><div class=\"t m0 xa03 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x9d6 h16 y5907 ff3 fsf fc1 sc0 ls51 ws4b\">period<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h16 y5908 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa05 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d8 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d9 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x523 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa06 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa07 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa08 h16 y5909 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5909 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y590a ff7 fs7 fc1 sc0 ls68 ws5c\">Financial liabili<span class=\"_ _5\"></span>ties measured at fai<span class=\"_ _5\"></span>r value<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y590b ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties man<span class=\"_ _2\"></span>datorily he<span class=\"_ _2\"></span>ld </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y590c ff3 fs7 fc1 sc0 ls0 ws0\">at<span class=\"_ gs132\"> </span>FV<span class=\"_ _2\"></span>TPL<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y590d wea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa39 y590d we1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">1<span class=\"_ _2\"></span>25<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3a y590d we2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls4b ws122\">130<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3b y590d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3c y590d w135 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3d y590d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3e y590d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3f y590d w4a4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa40 y590d w2a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">123<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y590e ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y590f ff3 fs7 fc1 sc0 ls1c ws1a\">upon initial recog<span class=\"_ _2\"></span>nition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5910 w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa41 y5910 w357 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c4 ws1c4\">70<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa42 y5910 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa43 y5910 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa44 y5910 w1d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(15)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa45 y5910 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa46 y5910 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa47 y5910 w44a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa48 y5910 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55ef w545 h2ca\"><div class=\"t m0 x1e6 he y5654 ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial liabil<span class=\"_ _5\"></span>ities measured at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">fair<span class=\"_ gs234\"> </span><span class=\"_ _5\"></span>value<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa49 y55ef w55a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">195<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4a y55ef w55b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">1<span class=\"_ _2\"></span>39<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4b y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4c y55ef w55c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4d y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4e y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4f y55ef w239 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">307<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa50 y55ef w40f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">1<span class=\"_ _2\"></span>32<span class=\"_ _3bc\"> </span></div></td></tr></table>Gains a<span class=\"_ _2\"></span>nd los<span class=\"_ _2\"></span>ses on Level 3 fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts are inc<span class=\"_ _2\"></span>luded in n<span class=\"_ _2\"></span>et investme<span class=\"_ _2\"></span>nt incom<span class=\"_ _2\"></span>e in the cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt. The<span class=\"_ _2\"></span>re were no gain<span class=\"_ _2\"></span>s or loss<span class=\"_ _2\"></span>es rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me in eithe<span class=\"_ _2\"></span>r the current o<span class=\"_ _2\"></span>r compar<span class=\"_ _2\"></span>ative perio<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span>E3. D<span class=\"_ _2\"></span>erivatives<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up purcha<span class=\"_ _2\"></span>ses der<span class=\"_ _2\"></span>ivative financ<span class=\"_ _2\"></span>ial inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s principa<span class=\"_ _2\"></span>lly in conne<span class=\"_ _2\"></span>ction w<span class=\"_ _2\"></span>ith the man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent of its ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties bas<span class=\"_ _2\"></span>ed on the p<span class=\"_ _2\"></span>rinciple<span class=\"_ _2\"></span>s of reduct<span class=\"_ _2\"></span>ion of risk and ef<span class=\"_ _2\"></span>ficient p<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tfolio ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment. T<span class=\"_ _2\"></span>he Group do<span class=\"_ _2\"></span>es not t<span class=\"_ _2\"></span>ypica<span class=\"_ _2\"></span>lly hold deriva<span class=\"_ _2\"></span>tives for the pur<span class=\"_ _2\"></span>pose of se<span class=\"_ _2\"></span>lling and rep<span class=\"_ _2\"></span>urchasin<span class=\"_ _2\"></span>g in the nea<span class=\"_ _2\"></span>r term or with the o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tive of gen<span class=\"_ _2\"></span>erating a profi<span class=\"_ _2\"></span>t from shor<span class=\"_ _2\"></span>t-term fluc<span class=\"_ _2\"></span>tuation<span class=\"_ _2\"></span>s in price o<span class=\"_ _2\"></span>r margin<span class=\"_ _2\"></span>. The Group a<span class=\"_ _2\"></span>lso hold<span class=\"_ _2\"></span>s derivatives w<span class=\"_ _2\"></span>hich are des<span class=\"_ _2\"></span>ignated a<span class=\"_ _2\"></span>s hedg<span class=\"_ _2\"></span>ing instr<span class=\"_ _2\"></span>ument<span class=\"_ _2\"></span>s in order to he<span class=\"_ _2\"></span>dge the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s Euro and US Dolla<span class=\"_ _2\"></span>r borrowing<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>ese he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>s qualif<span class=\"_ _2\"></span>y for hed<span class=\"_ _2\"></span>ge acc<span class=\"_ _2\"></span>ounting un<span class=\"_ _2\"></span>der IFRS 9 a<span class=\"_ _2\"></span>nd are desi<span class=\"_ _2\"></span>gnated a<span class=\"_ _2\"></span>s cash flow h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span>Der<span class=\"_ _2\"></span>ivative financ<span class=\"_ _2\"></span>ial instr<span class=\"_ _2\"></span>ument<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d initially at fa<span class=\"_ _2\"></span>ir value and are s<span class=\"_ _2\"></span>ubseq<span class=\"_ _2\"></span>uently rem<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d to fair value<span class=\"_ _2\"></span>. The gain or l<span class=\"_ _2\"></span>oss on reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent to fair value is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt where the de<span class=\"_ _2\"></span>rivatives are h<span class=\"_ _2\"></span>eld for tra<span class=\"_ _2\"></span>ding. Wh<span class=\"_ _2\"></span>ere derivat<span class=\"_ _2\"></span>ive finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s are held to h<span class=\"_ _2\"></span>edge th<span class=\"_ _2\"></span>e Group\u2019s Euro and US Do<span class=\"_ _2\"></span>llar borrowin<span class=\"_ _2\"></span>gs<span class=\"_ _2\"></span>, the effe<span class=\"_ _2\"></span>ctive por<span class=\"_ _2\"></span>tion of any g<span class=\"_ _2\"></span>ain or los<span class=\"_ _2\"></span>s that arise<span class=\"_ _2\"></span>s on reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent to fair value is in<span class=\"_ _2\"></span>itially rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in other c<span class=\"_ _2\"></span>ompreh<span class=\"_ _2\"></span>ensive inc<span class=\"_ _2\"></span>ome and is re<span class=\"_ _2\"></span>cycle<span class=\"_ _2\"></span>d to profit or los<span class=\"_ _2\"></span>s as the he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item impac<span class=\"_ _2\"></span>ts the profit o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>. Se<span class=\"_ _2\"></span>e notes E1 and D3 for f<span class=\"_ _2\"></span>urth<span class=\"_ _2\"></span>er details of th<span class=\"_ _2\"></span>e Group\u2019s hedgin<span class=\"_ _2\"></span>g acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span><span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>E3.1 Summary<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir values of deri<span class=\"_ _2\"></span>vative financ<span class=\"_ _2\"></span>ial instr<span class=\"_ _2\"></span>ument<span class=\"_ _2\"></span>s are as follows: <table class=\"s w286 h2cb\" id=\"_b28e4540-4964-49be-abff-d229670e8dcf\"><tr><td></td><td class=\"t m0 xa51 h3f y5911 ff7 fsf fc1 sc0 ls51 ws4b\">Assets<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x97e h3f y5911 ff7 fsf fc1 sc0 ls70 ws67\">Liabilities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x557 h16 y5911 ff3 fsf fc1 sc0 lse3 wscd\">Asset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7e8 h16 y5911 ff3 fsf fc1 sc0 ls82 ws77\">Liabilities<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xa52 h3f y5912 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa53 h3f y5912 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x44d h16 y5912 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5912 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x582 h3f y5913 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h3f y5913 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h16 y5913 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5913 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5914 w55d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">For<span class=\"_ _2\"></span>ward curren<span class=\"_ _2\"></span>cy<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x3a0 y5914 w91 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">265<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa54 y5914 w1bc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa55 y5914 w55e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc wsba\">327<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x256 y5914 wd0 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">2<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5915 w55f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Credit d<span class=\"_ _2\"></span>efault swa<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa56 y5915 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa57 y5915 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa58 y5915 wb5 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x78c y5915 w374 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">18<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5916 w560 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s for differe<span class=\"_ _2\"></span>nce<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa59 y5916 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5a y5916 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5b y5916 w158 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5c y5916 w158 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5896 w561 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t rate swa<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5d y5896 w562 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1,<span class=\"_ _2\"></span>456<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5e y5896 wd5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">2,<span class=\"_ _2\"></span>290<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5f y5896 w563 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">2,<span class=\"_ _2\"></span>281<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa60 y5896 w44b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5616 w564 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Swaptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa61 y5616 w530 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa62 y5616 w13e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls47 ws19d\">65<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa63 y5616 w1e1 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">187<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa64 y5616 w1df h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls47 ws19d\">46<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57a4 w565 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls77 ws6c\">Inflation swap<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa65 y57a4 w4f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa66 y57a4 w85 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">142<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ce y57a4 w9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">295<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa67 y57a4 w61 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5617 w566 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Equit<span class=\"_ _2\"></span>y options<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa68 y5617 w567 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">107<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa69 y5617 we0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa6a y5617 w112 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">334<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa6b y5617 w19c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">147<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55e8 w568 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Stock in<span class=\"_ _2\"></span>dex future<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa6c y55e8 w569 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa6d y55e8 w192 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa6e y55e8 w91 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">162<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa6f y55e8 wcb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">36<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5774 w56a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Fixe<span class=\"_ _2\"></span>d income f<span class=\"_ _2\"></span>utures<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa70 y5774 w56b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd2 wsc0\">84<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa71 y5774 wd0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">1<span class=\"_ _2\"></span>24<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6da y5774 w56c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">95<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa72 y5774 w56d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">231<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fd w56e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Longevit<span class=\"_ _2\"></span>y swap contrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa73 y55fd w52e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">230<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2c8 y55fd w130 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa63 y55fd w461 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">152<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa74 y55fd w13f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">34<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5775 w56f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Curren<span class=\"_ _2\"></span>cy fut<span class=\"_ _2\"></span>ures<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa75 y5775 w13f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">15<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa76 y5775 w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa77 y5775 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa78 y5775 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57ab w570 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Cros<span class=\"_ _2\"></span>s currenc<span class=\"_ _2\"></span>y swaps<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa79 y57ab we9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">232<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7a y57ab w571 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">274<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x209 y57ab w1f7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x701 y57ab w32a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">653<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5746 w572 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Equit<span class=\"_ _2\"></span>y Relea<span class=\"_ _2\"></span>se Inc<span class=\"_ _2\"></span>ome Plan tota<span class=\"_ _2\"></span>l return swap<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7b y5746 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7c y5746 w31a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a ws2f\">50<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7d y5746 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7e y5746 w17e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls76 ws19a\">63<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5747 w393 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7f y5747 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa80 y5747 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa81 y5747 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa82 y5747 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xa83 y5684 w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa84 y5684 w42c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,3<span class=\"_ _2\"></span>44<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa85 y5684 wde h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>71<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa86 y5684 w224 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">5,<span class=\"_ _2\"></span>879<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w46d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa87 y561e w573 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa88 y561e w574 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa89 y561e w575 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa8a y561e w576 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xa83 y55ef w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa8b y55ef w311 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>342<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa8c y55ef w168 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">4,068<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa8d y55ef w577 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c6 ws1c6\">5,875<span class=\"_ _3bc\"> </span></div></td></tr></table>E3<span class=\"_ _2\"></span>.2 L<span class=\"_ _2\"></span>ong<span class=\"_ _2\"></span>evity s<span class=\"_ _2\"></span>wap co<span class=\"_ _2\"></span>ntra<span class=\"_ _2\"></span>cts<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has in pla<span class=\"_ _2\"></span>ce long<span class=\"_ _2\"></span>evit<span class=\"_ _2\"></span>y swap arr<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>ments wi<span class=\"_ _2\"></span>th corpor<span class=\"_ _2\"></span>ate pens<span class=\"_ _2\"></span>ion sche<span class=\"_ _2\"></span>mes whic<span class=\"_ _2\"></span>h do not me<span class=\"_ _2\"></span>et the definitio<span class=\"_ _2\"></span>n of insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts under t<span class=\"_ _2\"></span>he Group\u2019s acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>ies. U<span class=\"_ _2\"></span>nder the<span class=\"_ _2\"></span>se arra<span class=\"_ _2\"></span>ngem<span class=\"_ _2\"></span>ents the m<span class=\"_ _2\"></span>ajori<span class=\"_ _2\"></span>ty of the lo<span class=\"_ _2\"></span>ngevit<span class=\"_ _2\"></span>y risk h<span class=\"_ _2\"></span>as be<span class=\"_ _2\"></span>en pas<span class=\"_ _2\"></span>sed to third p<span class=\"_ _2\"></span>artie<span class=\"_ _2\"></span>s. D<span class=\"_ _2\"></span>erivative as<span class=\"_ _2\"></span>sets of \u00a32<span class=\"_ _2\"></span>30 million an<span class=\"_ _2\"></span>d derivative lia<span class=\"_ _2\"></span>bilities of \u00a31<span class=\"_ _2\"></span>00 millio<span class=\"_ _2\"></span>n have bee<span class=\"_ _2\"></span>n recog<span class=\"_ _2\"></span>nised a<span class=\"_ _2\"></span>s at 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023 (2022<span class=\"_ _2\"></span>: \u00a3152 million a<span class=\"_ _2\"></span>nd \u00a334 m<span class=\"_ _2\"></span>illion respe<span class=\"_ _2\"></span>ctively)<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>E3<span class=\"_ _2\"></span>.3 E<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y Rele<span class=\"_ _2\"></span>ase In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e Plan (\u2018<span class=\"_ _2\"></span>ER<span class=\"_ _2\"></span>IP<span class=\"_ _2\"></span>\u2019) t<span class=\"_ _2\"></span>otal re<span class=\"_ _2\"></span>turn sw<span class=\"_ _2\"></span>ap<span class=\"_ _3bc\"> </span>ERI<span class=\"_ _2\"></span>P contra<span class=\"_ _2\"></span>cts are a<span class=\"_ _2\"></span>n equit<span class=\"_ _2\"></span>y relea<span class=\"_ _2\"></span>se produ<span class=\"_ _2\"></span>ct unde<span class=\"_ _2\"></span>r which the Gro<span class=\"_ _2\"></span>up holds a reve<span class=\"_ _2\"></span>rsiona<span class=\"_ _2\"></span>ry intere<span class=\"_ _2\"></span>st in the re<span class=\"_ _2\"></span>sidential p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y of policyh<span class=\"_ _2\"></span>older<span class=\"_ _2\"></span>s who have b<span class=\"_ _2\"></span>een provid<span class=\"_ _2\"></span>ed with a lifetim<span class=\"_ _2\"></span>e annuit<span class=\"_ _2\"></span>y in return for th<span class=\"_ _2\"></span>e lega<span class=\"_ _2\"></span>l title to their pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty (s<span class=\"_ _2\"></span>ee note G4<span class=\"_ _2\"></span>). The Group is pa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y to an ERI<span class=\"_ _2\"></span>P total return s<span class=\"_ _2\"></span>wap under w<span class=\"_ _2\"></span>hich a share of th<span class=\"_ _2\"></span>e future ge<span class=\"_ _2\"></span>nerate<span class=\"_ _2\"></span>d cash fl<span class=\"_ _2\"></span>ows arising un<span class=\"_ _2\"></span>der the ER<span class=\"_ _2\"></span>IP contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s is payable to a thir<span class=\"_ _2\"></span>d part<span class=\"_ _2\"></span>y. Over tim<span class=\"_ _2\"></span>e, as the prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y rever<span class=\"_ _2\"></span>sions are rea<span class=\"_ _2\"></span>lised<span class=\"_ _2\"></span>, the relevant s<span class=\"_ _2\"></span>hare of dispo<span class=\"_ _2\"></span>sal proc<span class=\"_ _2\"></span>eed<span class=\"_ _2\"></span>s is trans<span class=\"_ _2\"></span>ferred to a third p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y who al<span class=\"_ _2\"></span>so holds a b<span class=\"_ _2\"></span>enefic<span class=\"_ _2\"></span>ial interes<span class=\"_ _2\"></span>t in thes<span class=\"_ _2\"></span>e reside<span class=\"_ _2\"></span>ntial prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s. The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying am<span class=\"_ _2\"></span>ount of the deriv<span class=\"_ _2\"></span>ative liabilit<span class=\"_ _2\"></span>y is the pre<span class=\"_ _2\"></span>sent value of all f<span class=\"_ _2\"></span>uture ca<span class=\"_ _2\"></span>sh flows due to th<span class=\"_ _2\"></span>e third par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y under the total re<span class=\"_ _2\"></span>turn swap<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>E4. Collateral<span class=\"_ _5\"></span> arrangements<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up rece<span class=\"_ _2\"></span>ives and ple<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>s collatera<span class=\"_ _2\"></span>l in the form of cas<span class=\"_ _2\"></span>h or non-c<span class=\"_ _2\"></span>ash as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s in respe<span class=\"_ _2\"></span>ct of sto<span class=\"_ _2\"></span>ck lendin<span class=\"_ _2\"></span>g transa<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s, der<span class=\"_ _2\"></span>ivative contra<span class=\"_ _2\"></span>cts and rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts in order to re<span class=\"_ _2\"></span>duce th<span class=\"_ _2\"></span>e credit ris<span class=\"_ _2\"></span>k of these tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>. The amo<span class=\"_ _2\"></span>unt and t<span class=\"_ _2\"></span>ype of coll<span class=\"_ _2\"></span>ateral req<span class=\"_ _2\"></span>uired whe<span class=\"_ _2\"></span>re the Group re<span class=\"_ _2\"></span>ceives c<span class=\"_ _2\"></span>ollateral d<span class=\"_ _2\"></span>epen<span class=\"_ _2\"></span>ds on an as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ment of<span class=\"_ gs132\"> </span>the cre<span class=\"_ _2\"></span>dit risk of the c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, but is u<span class=\"_ _2\"></span>sually in the fo<span class=\"_ _2\"></span>rm of cash an<span class=\"_ _2\"></span>d marketable sec<span class=\"_ _2\"></span>urities.<span class=\"_ _3bc\"> </span>Coll<span class=\"_ _2\"></span>ateral rec<span class=\"_ _2\"></span>eived in th<span class=\"_ _2\"></span>e form of cash<span class=\"_ _2\"></span>, where th<span class=\"_ _2\"></span>e Group has c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual rig<span class=\"_ _2\"></span>hts to rece<span class=\"_ _2\"></span>ive the ca<span class=\"_ _2\"></span>sh flows ge<span class=\"_ _2\"></span>nerate<span class=\"_ _2\"></span>d and is availab<span class=\"_ _2\"></span>le to the Group for inves<span class=\"_ _2\"></span>tment p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>s, is re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as a fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l asset in t<span class=\"_ _2\"></span>he state<span class=\"_ _2\"></span>ment of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financi<span class=\"_ _2\"></span>al positio<span class=\"_ _2\"></span>n with a corre<span class=\"_ _2\"></span>spondin<span class=\"_ _2\"></span>g finan<span class=\"_ _2\"></span>cial liabilit<span class=\"_ _2\"></span>y for it<span class=\"_ _2\"></span>s repayme<span class=\"_ _2\"></span>nt. Non-<span class=\"_ _2\"></span>cash c<span class=\"_ _2\"></span>ollateral re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d is not rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the s<span class=\"_ _2\"></span>tatement of c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial pos<span class=\"_ _2\"></span>ition, unl<span class=\"_ _2\"></span>ess the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y default<span class=\"_ _2\"></span>s on its obli<span class=\"_ _2\"></span>gations un<span class=\"_ _2\"></span>der the<span class=\"_ gs132\"> </span>rel<span class=\"_ _2\"></span>evant agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Non-<span class=\"_ _2\"></span>cash c<span class=\"_ _2\"></span>ollatera<span class=\"_ _2\"></span>l pledg<span class=\"_ _2\"></span>ed whe<span class=\"_ _2\"></span>re the Group ret<span class=\"_ _2\"></span>ains the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual right<span class=\"_ _2\"></span>s to recei<span class=\"_ _2\"></span>ve the cas<span class=\"_ _2\"></span>h flows gen<span class=\"_ _2\"></span>erated is n<span class=\"_ _2\"></span>ot derec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed from the st<span class=\"_ _2\"></span>atement of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial positi<span class=\"_ _2\"></span>on, unle<span class=\"_ _2\"></span>ss the Gro<span class=\"_ _2\"></span>up default<span class=\"_ _2\"></span>s on its ob<span class=\"_ _2\"></span>ligation<span class=\"_ _2\"></span>s under the re<span class=\"_ _2\"></span>levant agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>. Cash c<span class=\"_ _2\"></span>ollateral ple<span class=\"_ _2\"></span>dged<span class=\"_ _2\"></span>, where th<span class=\"_ _2\"></span>e counterpa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y has c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual right<span class=\"_ _2\"></span>s to rece<span class=\"_ _2\"></span>ive the cas<span class=\"_ _2\"></span>h flows ge<span class=\"_ _2\"></span>nerate<span class=\"_ _2\"></span>d, is dere<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed from th<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l position a<span class=\"_ _2\"></span>nd a corre<span class=\"_ _2\"></span>spondin<span class=\"_ _2\"></span>g recei<span class=\"_ _2\"></span>vable is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed for it<span class=\"_ _2\"></span>s return.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is also p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y to revers<span class=\"_ _2\"></span>e repurch<span class=\"_ _2\"></span>ase ag<span class=\"_ _2\"></span>reeme<span class=\"_ _2\"></span>nts unde<span class=\"_ _2\"></span>r which se<span class=\"_ _2\"></span>curities a<span class=\"_ _2\"></span>re purchas<span class=\"_ _2\"></span>ed from third p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>ies with an ob<span class=\"_ _2\"></span>ligation to res<span class=\"_ _2\"></span>ell the se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e securi<span class=\"_ _2\"></span>ties are not re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed as fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s on the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition, un<span class=\"_ _2\"></span>less th<span class=\"_ _2\"></span>e counterp<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y default<span class=\"_ _2\"></span>s on its o<span class=\"_ _2\"></span>bligation<span class=\"_ _2\"></span>s under th<span class=\"_ _2\"></span>e relevant ag<span class=\"_ _2\"></span>reeme<span class=\"_ _2\"></span>nt. The rig<span class=\"_ _2\"></span>ht to receive th<span class=\"_ _2\"></span>e return of any ca<span class=\"_ _2\"></span>sh paid as p<span class=\"_ _2\"></span>urchase c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>ration plu<span class=\"_ _2\"></span>s interes<span class=\"_ _2\"></span>t is reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as a finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set on the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of financia<span class=\"_ _2\"></span>l position<span class=\"_ _3bc\"> <span class=\"_ _3bc\"> </span></span><div class=\"t m0 he ff2 fs7 fc1 sc0 ls13 ws11 gs481\">E4.1<span class=\"_ _7\"></span> Financial instrument collat<span class=\"_ _5\"></span>eral arrangements<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs482\">The Gro<span class=\"_ _2\"></span>up has no fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and fina<span class=\"_ _2\"></span>ncial liab<span class=\"_ _2\"></span>ilities that h<span class=\"_ _2\"></span>ave been of<span class=\"_ _2\"></span>fset in th<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment of cons<span class=\"_ _2\"></span>olidated fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l position a<span class=\"_ _2\"></span>s at </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs483\">31<span class=\"_ gs132\"> </span>De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023 (202<span class=\"_ _2\"></span>2: none).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs484\">The t<span class=\"_ _2\"></span>able bel<span class=\"_ _2\"></span>ow contain<span class=\"_ _2\"></span>s disclos<span class=\"_ _2\"></span>ures relate<span class=\"_ _2\"></span>d to financia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts and fin<span class=\"_ _2\"></span>ancial lia<span class=\"_ _2\"></span>bilities rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of conso<span class=\"_ _2\"></span>lidated fina<span class=\"_ _2\"></span>ncial </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs485\">posi<span class=\"_ _2\"></span>tion that are s<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to enforcea<span class=\"_ _2\"></span>ble mas<span class=\"_ _2\"></span>ter net<span class=\"_ _2\"></span>ting arr<span class=\"_ _2\"></span>angem<span class=\"_ _2\"></span>ents or s<span class=\"_ _2\"></span>imilar agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s. S<span class=\"_ _2\"></span>uch agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s do not me<span class=\"_ _2\"></span>et the crite<span class=\"_ _2\"></span>ria </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs486\">for<span class=\"_ gs132\"> </span>off<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>ting in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition as th<span class=\"_ _2\"></span>e Group has n<span class=\"_ _2\"></span>o current le<span class=\"_ _2\"></span>gally e<span class=\"_ _2\"></span>nforceable r<span class=\"_ _2\"></span>ight to offs<span class=\"_ _2\"></span>et reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs487\">finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s. Fur<span class=\"_ _2\"></span>thermo<span class=\"_ _2\"></span>re, cer<span class=\"_ _2\"></span>tain re<span class=\"_ _2\"></span>lated as<span class=\"_ _2\"></span>sets re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d as collater<span class=\"_ _2\"></span>al under th<span class=\"_ _2\"></span>e net<span class=\"_ _2\"></span>ting arra<span class=\"_ _2\"></span>ngem<span class=\"_ _2\"></span>ents will not b<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs488\">the<span class=\"_ gs132\"> </span>s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition as the G<span class=\"_ _2\"></span>roup doe<span class=\"_ _2\"></span>s not have perm<span class=\"_ _2\"></span>ission to s<span class=\"_ _2\"></span>ell or re-p<span class=\"_ _2\"></span>ledge<span class=\"_ _2\"></span>, except in the c<span class=\"_ _2\"></span>ase of defa<span class=\"_ _2\"></span>ult. De<span class=\"_ _2\"></span>tails </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs489\">of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s c<span class=\"_ _2\"></span>ollateral ar<span class=\"_ _2\"></span>range<span class=\"_ _2\"></span>ments in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of thes<span class=\"_ _2\"></span>e recog<span class=\"_ _2\"></span>nised a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liab<span class=\"_ _2\"></span>ilities are provid<span class=\"_ _2\"></span>ed bel<span class=\"_ _2\"></span>ow<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"gs48a\"><table class=\"s w578 h2cc\" id=\"_edb6eefc-6ecd-4967-9a80-86139ae90eca\"><tr><td></td><td></td><td></td><td class=\"t m0 xa8e h3f y5917 ff7 fsf fc1 sc0 ls5b ws76\">Related amounts<span class=\"_ _5\"></span> not offset<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xa8f h3f y5918 ff7 fsf fc1 sc0 ls0 ws0\">Gr<span class=\"_ _2\"></span>oss a<span class=\"_ _2\"></span>nd net </td><td class=\"t m0 x75e h3f y5918 ff7 fsf fc1 sc0 ls5b ws76\">Financial </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xa90 h3f y5919 ff7 fsf fc1 sc0 ls0 ws0\">am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s of </td><td class=\"t m0 xa91 h3f y5919 ff7 fsf fc1 sc0 ls0 ws0\" colspan=\"2\">ins<span class=\"_ _2\"></span>tru<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d </td><td></td></tr><tr><td></td><td class=\"t m0 xa92 h3f y591a ff7 fsf fc1 sc0 lse4 wsce\">recognised </td><td class=\"t m0 x9f7 h3f y591a ff7 fsf fc1 sc0 ls0 ws0\" colspan=\"2\">ca<span class=\"_ _2\"></span>sh co<span class=\"_ _2\"></span>llat<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span>l </td><td class=\"t m0 x553 h3f y591a ff7 fsf fc1 sc0 ls5b ws76\">Net<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xa93 h3f y591b ff7 fsf fc1 sc0 ls5b ws76\">financial assets </td><td class=\"c n x7ca y591c w579 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls1b ws19\">rec<span class=\"_ _2\"></span>eived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa94 y591c w57a h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lse3 wscd\">Derivative liabilities</div></td><td class=\"t m0 x481 h3f y591b ff7 fsf fc1 sc0 ls70 ws67\"> amount<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y591d w402 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa95 y591d w44 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa96 y591d w44 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa97 y591d w44 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa98 y591d w44 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y591e ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y591f w57b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">OT<span class=\"_ _7\"></span>C derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa99 y591f w57c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">2,6<span class=\"_ _2\"></span>29<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa9a y591f w85 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">976<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa9b y591f w1b6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>459<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa9c y591f w57d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd6 ws195\">19<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5920 w57e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Exch<span class=\"_ _2\"></span>ange trade<span class=\"_ _2\"></span>d derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa9d y5920 w29d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">1<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa9e y5920 w307 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x236 y5920 wa4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa9f y5920 wb2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">76<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5921 w57f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Stock l<span class=\"_ _2\"></span>ending<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa0 y5921 wcf h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">836<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x585 y5921 w4f7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">836<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa1 y5921 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa2 y5921 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5922 w580 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Repurc<span class=\"_ _2\"></span>hase ar<span class=\"_ _2\"></span>range<span class=\"_ _2\"></span>ment<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa3 y5922 we0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa4 y5922 wd9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">100<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa5 y5922 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa6 y5922 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5923 w581 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b7 ws1b6\">To<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa7 y5923 wec h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa8 y5923 w1b6 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa9 y5923 w582 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaaa y5923 w1a7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 xa8e h3f y5924 ff7 fsf fc1 sc0 ls5b ws76\" colspan=\"2\">Related amounts<span class=\"_ _5\"></span> not offset<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xa8f h3f y5925 ff7 fsf fc1 sc0 ls0 ws0\">Gr<span class=\"_ _2\"></span>oss a<span class=\"_ _2\"></span>nd net </td><td class=\"t m0 x75e h3f y5925 ff7 fsf fc1 sc0 ls5b ws76\">Financial </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xa90 h3f y5926 ff7 fsf fc1 sc0 ls0 ws0\">am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s of </td><td class=\"t m0 xa91 h3f y5926 ff7 fsf fc1 sc0 ls0 ws0\" colspan=\"2\">ins<span class=\"_ _2\"></span>tru<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d </td><td></td></tr><tr><td></td><td class=\"t m0 xa92 h3f y5927 ff7 fsf fc1 sc0 lse4 wsce\">recognised </td><td class=\"t m0 x9f7 h3f y5927 ff7 fsf fc1 sc0 ls0 ws0\" colspan=\"2\">ca<span class=\"_ _2\"></span>sh co<span class=\"_ _2\"></span>llat<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span>l </td><td class=\"t m0 x553 h3f y5927 ff7 fsf fc1 sc0 ls5b ws76\">Net<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x536 h3f y5928 ff7 fsf fc1 sc0 lse3 wscd\">financial liabilities<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ae y5929 w583 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsd5 wsc3\">pledged<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaab y5929 w584 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">Derivative asse<span class=\"_ _2\"></span>ts</div></td><td class=\"t m0 x481 h3f y5928 ff7 fsf fc1 sc0 ls70 ws67\"> amount<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"c n xaac y592a w44 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaad y592a w44 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaae y592a w403 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaaf y592a w44 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y592b ff7 fs7 fc1 sc0 ls61 ws5f\">Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y592c w57b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">OT<span class=\"_ _7\"></span>C derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa99 y592c w14f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">3,<span class=\"_ _2\"></span>126<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab0 y592c w585 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">1<span class=\"_ _2\"></span>,52<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab1 y592c w1b6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>459<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab2 y592c w157 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">1<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y592d w57e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Exch<span class=\"_ _2\"></span>ange trade<span class=\"_ _2\"></span>d derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa9d y592d w586 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab3 y592d w587 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls32 ws149\">68<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab4 y592d wa4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab5 y592d w32a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">120<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y592e w581 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b7 ws1b6\">To<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa7 y592e w10f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b4 ws1b3\">3,<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab6 y592e w588 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsb3 wsf4\">1,588<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab7 y592e w582 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab8 y592e w91 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls9d ws58\">267<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 xab9 h16 y592f ff3 fsf fc1 sc0 lse1 wscb\" colspan=\"2\">Relat<span class=\"_ _5\"></span>ed amoun<span class=\"_ _5\"></span>ts not<span class=\"_ _5\"></span> offset<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xa8f h16 y5930 ff3 fsf fc1 sc0 ls0 ws0\">Gro<span class=\"_ _2\"></span>ss an<span class=\"_ _2\"></span>d net </td><td class=\"t m0 x9db h16 y5930 ff3 fsf fc1 sc0 ls17 ws15\">Financial </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xa90 h16 y5931 ff3 fsf fc1 sc0 ls0 ws0\">amo<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>s of </td><td class=\"t m0 x5ba h16 y5931 ff3 fsf fc1 sc0 ls82 ws77\" colspan=\"2\">instr<span class=\"_ _2\"></span>uments and </td><td></td></tr><tr><td></td><td class=\"t m0 xa90 h16 y5932 ff3 fsf fc1 sc0 lse1 wscb\">recognised<span class=\"_ _5\"></span> </td><td class=\"t m0 xaba h16 y5932 ff3 fsf fc1 sc0 ls17 ws15\" colspan=\"2\">cash collateral </td><td class=\"t m0 x553 h16 y5932 ff3 fsf fc1 sc0 lse3 wscd\">Net<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xabb h16 y5933 ff3 fsf fc1 sc0 lse3 wscd\">financial assets<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ae y5934 w589 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1dd ws1df\">recei<span class=\"_ _5\"></span>ved<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xabc y5934 w58a h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls70 ws67\">Derivative liabilities</div></td><td class=\"t m0 xabd h16 y5933 ff3 fsf fc1 sc0 ls82 ws77\"> amount<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5935 w3a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xabe y5935 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xabf y5935 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac0 y5935 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac1 y5935 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5936 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5937 w57b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">OT<span class=\"_ _7\"></span>C derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac2 y5937 w299 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">3,<span class=\"_ _2\"></span>747<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac3 y5937 w212 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">1<span class=\"_ _2\"></span>,055<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac4 y5937 w58b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">2,293<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac5 y5937 w58c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">399<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5938 w57e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Exch<span class=\"_ _2\"></span>ange trade<span class=\"_ _2\"></span>d derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac6 y5938 w384 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">324<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x320 y5938 w32a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">193<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac7 y5938 w192 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac8 y5938 w112 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">103<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5939 w57f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Stock l<span class=\"_ _2\"></span>ending<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac9 y5939 w58d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>451<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaca y5939 w58e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>451<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xacb y5939 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xacc y5939 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y593a w581 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b7 ws1b6\">To<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xacd y593a w39b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">5,<span class=\"_ _2\"></span>522<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xace y593a w11f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">2<span class=\"_ _2\"></span>,699<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xacf y593a w30f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>321<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad0 y593a w58f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls32 ws149\">502<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 xab9 h16 y593b ff3 fsf fc1 sc0 lse1 wscb\" colspan=\"2\">Relat<span class=\"_ _5\"></span>ed amoun<span class=\"_ _5\"></span>ts not<span class=\"_ _5\"></span> offset<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xa8f h16 y593c ff3 fsf fc1 sc0 ls0 ws0\">Gro<span class=\"_ _2\"></span>ss an<span class=\"_ _2\"></span>d net </td><td class=\"t m0 x9db h16 y593c ff3 fsf fc1 sc0 ls17 ws15\">Financial </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xa90 h16 y593d ff3 fsf fc1 sc0 ls0 ws0\">amo<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>s of </td><td class=\"t m0 x5ba h16 y593d ff3 fsf fc1 sc0 ls82 ws77\" colspan=\"2\">instr<span class=\"_ _2\"></span>uments and </td><td></td></tr><tr><td></td><td class=\"t m0 xa90 h16 y593e ff3 fsf fc1 sc0 lse1 wscb\">recognised<span class=\"_ _5\"></span> </td><td class=\"t m0 xaba h16 y593e ff3 fsf fc1 sc0 ls17 ws15\" colspan=\"2\">cash collateral </td><td class=\"t m0 x553 h16 y593e ff3 fsf fc1 sc0 lse3 wscd\">Net<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xad1 h16 y593f ff3 fsf fc1 sc0 ls82 ws77\">financi<span class=\"_ _2\"></span>al liabilities<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ae y5940 w549 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse4 wsce\">pledged<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad2 y5940 w590 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls70 ws67\">Derivative asset<span class=\"_ _2\"></span>s</div></td><td class=\"t m0 xabd h16 y593f ff3 fsf fc1 sc0 ls82 ws77\"> amount<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"c n x4e9 y56f4 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad3 y56f4 w591 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad4 y56f4 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad5 y56f4 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5941 ff7 fs7 fc1 sc0 ls61 ws5f\">Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561d w57b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">OT<span class=\"_ _7\"></span>C derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa99 y561d w11f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">5,60<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad6 y561d wd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">2,<span class=\"_ _2\"></span>206<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad7 y561d w592 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">2,293<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad8 y561d w10f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">1,107<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w57e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Exch<span class=\"_ _2\"></span>ange trade<span class=\"_ _2\"></span>d derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa9d y561e w586 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad9 y561e wcb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">36<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xada y561e w192 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xadb y561e w593 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">20<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w581 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b7 ws1b6\">To<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xadc y55ef w224 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">5,<span class=\"_ _2\"></span>879<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xadd y55ef w216 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>242<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xacf y55ef w30f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>321<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xade y55ef w594 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">1<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>316<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls13 ws11 gs48c\">E4.2 Derivativ<span class=\"_ _7\"></span>e collateral arrangements<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls60 ws57 gs48d\">Assets accepted<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs48e\">It is the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s pra<span class=\"_ _2\"></span>ctice to obt<span class=\"_ _2\"></span>ain collate<span class=\"_ _2\"></span>ral to mitig<span class=\"_ _2\"></span>ate the counter<span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k related to over-th<span class=\"_ _2\"></span>e-co<span class=\"_ _2\"></span>unter (\u2018OTC\u2019<span class=\"_ _2\"></span>) derivative<span class=\"_ _2\"></span>s usually in th<span class=\"_ _2\"></span>e form of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs48f\">ca<span class=\"_ _2\"></span>sh or marketabl<span class=\"_ _2\"></span>e financia<span class=\"_ _2\"></span>l instr<span class=\"_ _2\"></span>uments<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs490\">The fa<span class=\"_ _2\"></span>ir value of financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets ac<span class=\"_ _2\"></span>cepte<span class=\"_ _2\"></span>d as<span class=\"_ gs132\"> </span>collater<span class=\"_ _2\"></span>al for OT<span class=\"_ _7\"></span>C de<span class=\"_ _2\"></span>rivatives but n<span class=\"_ _2\"></span>ot reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the st<span class=\"_ _2\"></span>atement of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial positi<span class=\"_ _2\"></span>on </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs491\">amo<span class=\"_ _2\"></span>unts to \u00a350<span class=\"_ _2\"></span>5 million (2022<span class=\"_ _2\"></span>: \u00a3<span class=\"_ _7\"></span>471 m<span class=\"_ _2\"></span>illion). </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs492\">The am<span class=\"_ _2\"></span>ounts re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed as fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liabili<span class=\"_ _2\"></span>ties from c<span class=\"_ _2\"></span>ash collate<span class=\"_ _2\"></span>ral rec<span class=\"_ _2\"></span>eived at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>3 are set<span class=\"_ gs132\"> </span>out<span class=\"_ gs132\"> </span>b<span class=\"_ _2\"></span>elow.<span class=\"_ _3bc\"> </span></div><div class=\"gs493\"><table class=\"s w3a0 h2cd\" id=\"_1e6ce4ac-988e-4fe6-9cb0-80575abacc9b\"><tr><td></td><td class=\"t m0 x57c h16 y5942 ff3 fsf fc1 sc0 ls70 ws67\">OT<span class=\"_ _5\"></span>C derivatives<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"c n x6f4 y5943 w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f5 y5943 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xadf y5944 w44 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xae0 y5944 w591 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y571a w221 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xae1 y571a w595 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">971<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xae2 y571a w596 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w597 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xae3 y55ef w598 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>971<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xae4 y55ef w259 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs494\">The m<span class=\"_ _2\"></span>aximum exp<span class=\"_ _2\"></span>osure to cre<span class=\"_ _2\"></span>dit risk in resp<span class=\"_ _2\"></span>ect of OTC derivative as<span class=\"_ _2\"></span>sets is \u00a3<span class=\"_ _2\"></span>2,6<span class=\"_ _2\"></span>29 million (202<span class=\"_ _2\"></span>2: \u00a33<span class=\"_ _2\"></span>,7<span class=\"_ _7\"></span>47 million) of which c<span class=\"_ _2\"></span>redit risk of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs495\">\u00a32,<span class=\"_ _2\"></span>43<span class=\"_ _2\"></span>4 million (2022: \u00a3<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>34<span class=\"_ _2\"></span>8 million) is miti<span class=\"_ _2\"></span>gated by us<span class=\"_ _2\"></span>e of collatera<span class=\"_ _2\"></span>l arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s (which are set<span class=\"_ _2\"></span>tled n<span class=\"_ _2\"></span>et afte<span class=\"_ _2\"></span>r taking a<span class=\"_ _2\"></span>ccount of any OT<span class=\"_ _5\"></span>C </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs496\">deriva<span class=\"_ _2\"></span>tive liabilities owe<span class=\"_ _2\"></span>d to the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>ty).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs497\">Credit r<span class=\"_ _2\"></span>isk on exchan<span class=\"_ _2\"></span>ge tra<span class=\"_ _2\"></span>ded der<span class=\"_ _2\"></span>ivative ass<span class=\"_ _2\"></span>ets of \u00a3137 m<span class=\"_ _2\"></span>illion (2022: \u00a3<span class=\"_ _2\"></span>32<span class=\"_ _5\"></span>4 million) is mitig<span class=\"_ _2\"></span>ated thro<span class=\"_ _2\"></span>ugh reg<span class=\"_ _2\"></span>ular marg<span class=\"_ _2\"></span>ining and th<span class=\"_ _2\"></span>e protectio<span class=\"_ _2\"></span>n </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs498\">offere<span class=\"_ _2\"></span>d by the excha<span class=\"_ _2\"></span>nge.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls12a ws113 gs499\">Assets p<span class=\"_ _5\"></span>ledged </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs49a\">The Gro<span class=\"_ _2\"></span>up pled<span class=\"_ _2\"></span>ges coll<span class=\"_ _2\"></span>ateral in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of its OT<span class=\"_ _7\"></span>C de<span class=\"_ _2\"></span>rivative liabilitie<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e value of ass<span class=\"_ _2\"></span>ets ple<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d at 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023 in resp<span class=\"_ _2\"></span>ect of OTC </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs49b\">deriva<span class=\"_ _2\"></span>tive liabilities of \u00a33<span class=\"_ _2\"></span>,126 millio<span class=\"_ _2\"></span>n (2022: \u00a35<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>06 millio<span class=\"_ _2\"></span>n) amounted to \u00a3<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>93<span class=\"_ _2\"></span>6 million (202<span class=\"_ _2\"></span>2: \u00a33<span class=\"_ _2\"></span>,228 m<span class=\"_ _2\"></span>illion).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls13 ws11 gs49c\">E4.3 Stock lending<span class=\"_ _5\"></span> collateral ar<span class=\"_ _5\"></span>rangements<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs49d\">The Gro<span class=\"_ _2\"></span>up lends li<span class=\"_ _2\"></span>sted fina<span class=\"_ _2\"></span>ncial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s held in it<span class=\"_ _2\"></span>s investme<span class=\"_ _2\"></span>nt por<span class=\"_ _2\"></span>tfolio to oth<span class=\"_ _2\"></span>er insti<span class=\"_ _2\"></span>tutions<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls12c ws0 gs49e\">The Gro<span class=\"_ _2\"></span>up cond<span class=\"_ _2\"></span>ucts s<span class=\"_ _2\"></span>tock le<span class=\"_ _2\"></span>nding only w<span class=\"_ _2\"></span>ith well-es<span class=\"_ _2\"></span>tablis<span class=\"_ _2\"></span>hed<span class=\"_ _2\"></span>, reputa<span class=\"_ _2\"></span>ble insti<span class=\"_ _2\"></span>tutions in a<span class=\"_ _2\"></span>ccorda<span class=\"_ _2\"></span>nce with e<span class=\"_ _2\"></span>stab<span class=\"_ _2\"></span>lished m<span class=\"_ _2\"></span>arket conventions<span class=\"_ _2\"></span>. The </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls12c ws0 gs49f\">finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets do n<span class=\"_ _2\"></span>ot qualif<span class=\"_ _2\"></span>y for dere<span class=\"_ _2\"></span>cogniti<span class=\"_ _2\"></span>on as the Gro<span class=\"_ _2\"></span>up retains all th<span class=\"_ _2\"></span>e risks and re<span class=\"_ _2\"></span>wards of the tran<span class=\"_ _2\"></span>sferre<span class=\"_ _2\"></span>d asse<span class=\"_ _2\"></span>ts except for t<span class=\"_ _2\"></span>he voting right<span class=\"_ _2\"></span>s. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4a0\">It is the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s pra<span class=\"_ _2\"></span>ctice to obt<span class=\"_ _2\"></span>ain collate<span class=\"_ _2\"></span>ral in sto<span class=\"_ _2\"></span>ck lendin<span class=\"_ _2\"></span>g transa<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s, usu<span class=\"_ _2\"></span>ally in the form of c<span class=\"_ _2\"></span>ash or mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>table fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4a1\">The fa<span class=\"_ _2\"></span>ir value of financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets ac<span class=\"_ _2\"></span>cepte<span class=\"_ _2\"></span>d as such c<span class=\"_ _2\"></span>ollateral b<span class=\"_ _2\"></span>ut not reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the st<span class=\"_ _2\"></span>atement of c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial posi<span class=\"_ _2\"></span>tion amount<span class=\"_ _2\"></span>s to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4a2\">\u00a38<span class=\"_ _2\"></span>97 million (2022: \u00a3<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>58<span class=\"_ _2\"></span>6 million).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4a3\">The m<span class=\"_ _2\"></span>aximum exp<span class=\"_ _2\"></span>osure to cre<span class=\"_ _2\"></span>dit risk in resp<span class=\"_ _2\"></span>ect of s<span class=\"_ _2\"></span>tock len<span class=\"_ _2\"></span>ding tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tions is \u00a38<span class=\"_ _2\"></span>36 millio<span class=\"_ _2\"></span>n (2022: \u00a31<span class=\"_ _2\"></span>,4<span class=\"_ _2\"></span>51 million) of which credi<span class=\"_ _2\"></span>t risk </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4a4\">of<span class=\"_ gs132\"> </span>\u00a383<span class=\"_ _2\"></span>3 million (2022<span class=\"_ _2\"></span>: \u00a31,<span class=\"_ _2\"></span>451 million) is mitig<span class=\"_ _2\"></span>ated thro<span class=\"_ _2\"></span>ugh the us<span class=\"_ _2\"></span>e of collatera<span class=\"_ _2\"></span>l arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s.</div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls13 ws11 gs4a5\"> E4.4 Other collateral<span class=\"_ _5\"></span> arrangements </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4a6\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023<span class=\"_ _2\"></span>, the Group h<span class=\"_ _2\"></span>ad entere<span class=\"_ _2\"></span>d into reverse re<span class=\"_ _2\"></span>purchas<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>ns under wh<span class=\"_ _2\"></span>ich it purch<span class=\"_ _2\"></span>ased s<span class=\"_ _2\"></span>ecurit<span class=\"_ _2\"></span>ies and ha<span class=\"_ _2\"></span>d taken on the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4a7\">oblig<span class=\"_ _2\"></span>ation to rese<span class=\"_ _2\"></span>ll the se<span class=\"_ _2\"></span>curities<span class=\"_ _2\"></span>. The fair va<span class=\"_ _2\"></span>lue of the finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>ccepte<span class=\"_ _2\"></span>d as collate<span class=\"_ _2\"></span>ral in resp<span class=\"_ _2\"></span>ect of th<span class=\"_ _2\"></span>ese tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>, but not re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4a8\">in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition, is \u00a3<span class=\"_ _2\"></span>10<span class=\"_ _2\"></span>0 million (202<span class=\"_ _2\"></span>2: \u00a3nil).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4a9\">The m<span class=\"_ _2\"></span>aximum exp<span class=\"_ _2\"></span>osure to cre<span class=\"_ _2\"></span>dit risk in resp<span class=\"_ _2\"></span>ect of reve<span class=\"_ _2\"></span>rse rep<span class=\"_ _2\"></span>urchase t<span class=\"_ _2\"></span>ransa<span class=\"_ _2\"></span>ctions i<span class=\"_ _2\"></span>s \u00a310<span class=\"_ _2\"></span>0 million (202<span class=\"_ _2\"></span>2: \u00a3 nil) of which cre<span class=\"_ _2\"></span>dit risk of \u00a31<span class=\"_ _2\"></span>00 millio<span class=\"_ _2\"></span>n </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4aa\">(2022<span class=\"_ _2\"></span>: \u00a3 nil) is mitigate<span class=\"_ _2\"></span>d throug<span class=\"_ _2\"></span>h the use of coll<span class=\"_ _2\"></span>ateral arr<span class=\"_ _2\"></span>angem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4ab\">Det<span class=\"_ _2\"></span>ails of collater<span class=\"_ _2\"></span>al rece<span class=\"_ _2\"></span>ived to mitig<span class=\"_ _2\"></span>ate the counter<span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k arising from t<span class=\"_ _2\"></span>he Group\u2019s reinsura<span class=\"_ _2\"></span>nce tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tions is give<span class=\"_ _2\"></span>n in note F10.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4ac\">Coll<span class=\"_ _2\"></span>ateral ha<span class=\"_ _2\"></span>s also be<span class=\"_ _2\"></span>en ple<span class=\"_ _2\"></span>dged a<span class=\"_ _2\"></span>nd charg<span class=\"_ _2\"></span>es have be<span class=\"_ _2\"></span>en grante<span class=\"_ _2\"></span>d in respe<span class=\"_ _2\"></span>ct of cer<span class=\"_ _2\"></span>tain G<span class=\"_ _2\"></span>roup borrowin<span class=\"_ _2\"></span>gs<span class=\"_ _2\"></span>. The deta<span class=\"_ _2\"></span>ils of these arr<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>ments </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4ad\">are<span class=\"_ gs132\"> </span>set o<span class=\"_ _2\"></span>ut in note E5.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls17 ws15 gs4af\">E5. Borrowings<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4b0\">The Gro<span class=\"_ _2\"></span>up clas<span class=\"_ _2\"></span>sifies the m<span class=\"_ _2\"></span>ajori<span class=\"_ _2\"></span>ty of it<span class=\"_ _2\"></span>s interest-be<span class=\"_ _2\"></span>aring b<span class=\"_ _2\"></span>orrowings a<span class=\"_ _2\"></span>s financi<span class=\"_ _2\"></span>al liabilities c<span class=\"_ _2\"></span>arrie<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cost a<span class=\"_ _2\"></span>nd thes<span class=\"_ _2\"></span>e are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4b1\">initiall<span class=\"_ _2\"></span>y at fair value le<span class=\"_ _2\"></span>ss any direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion cos<span class=\"_ _2\"></span>ts. T<span class=\"_ _2\"></span>he differe<span class=\"_ _2\"></span>nce be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en initial c<span class=\"_ _2\"></span>ost and t<span class=\"_ _2\"></span>he redem<span class=\"_ _2\"></span>ption value is am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tised </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4b2\">throu<span class=\"_ _2\"></span>gh the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent over the pe<span class=\"_ _2\"></span>riod of the b<span class=\"_ _2\"></span>orrowing usin<span class=\"_ _2\"></span>g the effe<span class=\"_ _2\"></span>ctive intere<span class=\"_ _2\"></span>st meth<span class=\"_ _2\"></span>od.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4b3\">Ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in borrowing<span class=\"_ _2\"></span>s are desig<span class=\"_ _2\"></span>nated upo<span class=\"_ _2\"></span>n initial rec<span class=\"_ _2\"></span>ogniti<span class=\"_ _2\"></span>on at fair value th<span class=\"_ _2\"></span>rough profit o<span class=\"_ _2\"></span>r loss an<span class=\"_ _2\"></span>d meas<span class=\"_ _2\"></span>ured at fair val<span class=\"_ _2\"></span>ue where doin<span class=\"_ _2\"></span>g so </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4b4\">provide<span class=\"_ _2\"></span>s more mea<span class=\"_ _2\"></span>ningful inform<span class=\"_ _2\"></span>ation due to th<span class=\"_ _2\"></span>e reason<span class=\"_ _2\"></span>s state<span class=\"_ _2\"></span>d in the finan<span class=\"_ _2\"></span>cial liabiliti<span class=\"_ _2\"></span>es acc<span class=\"_ _2\"></span>ounting po<span class=\"_ _2\"></span>licy (see n<span class=\"_ _2\"></span>ote E1). T<span class=\"_ _6\"></span>ra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion cos<span class=\"_ _2\"></span>ts </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4b5\">relatin<span class=\"_ _2\"></span>g to borrowing<span class=\"_ _2\"></span>s desig<span class=\"_ _2\"></span>nated upo<span class=\"_ _2\"></span>n initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n at fair value th<span class=\"_ _2\"></span>rough profit or l<span class=\"_ _2\"></span>oss are ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>d as inc<span class=\"_ _2\"></span>urred. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4b6\">Borrow<span class=\"_ _2\"></span>ings are cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as eith<span class=\"_ _2\"></span>er polic<span class=\"_ _2\"></span>yholder o<span class=\"_ _2\"></span>r shareh<span class=\"_ _2\"></span>older bo<span class=\"_ _2\"></span>rrowings<span class=\"_ _2\"></span>. Policyho<span class=\"_ _2\"></span>lder bor<span class=\"_ _2\"></span>rowings are th<span class=\"_ _2\"></span>ose bo<span class=\"_ _2\"></span>rrowings wh<span class=\"_ _2\"></span>ere there is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4b7\">eithe<span class=\"_ _2\"></span>r no or limite<span class=\"_ _2\"></span>d shareh<span class=\"_ _2\"></span>older exp<span class=\"_ _2\"></span>osure, for exa<span class=\"_ _2\"></span>mple, b<span class=\"_ _2\"></span>orrowings a<span class=\"_ _2\"></span>ttrib<span class=\"_ _2\"></span>utable to th<span class=\"_ _2\"></span>e Group\u2019s with-profit op<span class=\"_ _2\"></span>erations<span class=\"_ _2\"></span>. </div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs4b8\">E5<span class=\"_ _2\"></span>.1 Analy<span class=\"_ _2\"></span>sis of bo<span class=\"_ _2\"></span>rrowin<span class=\"_ _2\"></span>gs<span class=\"_ _3bc\"> </span></div><div class=\"gs4b9\"><table class=\"s w599 h2ce\" id=\"_34de8b78-f2aa-478f-bdf0-a48dde71cd65\"><tr><td></td><td class=\"c n xae5 y5945 w59a h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls17 ws15\">Carrying value<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xae6 y5945 w453 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls17 ws15\">Fair value<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 xa01 h3f y5946 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x797 h16 y5946 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x916 h3f y5946 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h16 y5946 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x9da h3f y5947 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h16 y5947 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y5947 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5947 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5948 w59b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u00a33<span class=\"_ _2\"></span>00 million m<span class=\"_ _2\"></span>ulti-curre<span class=\"_ _2\"></span>ncy revolvin<span class=\"_ _2\"></span>g credit fa<span class=\"_ _2\"></span>cilit<span class=\"_ _2\"></span>y (note a)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xae7 y5948 w50a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18 ws16\">90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xae8 y5948 w59c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsdc wsc7\">62<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x758 y5948 w50a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18 ws16\">90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xae9 y5948 w59c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsdc wsc7\">62<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5949 w59d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y reversi<span class=\"_ _2\"></span>ons loan (note b)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaea y5949 w34c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaeb y5949 w201 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaec y5949 w357 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaed y5949 w44a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y594a w59e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal p<span class=\"_ _2\"></span>olicyh<span class=\"_ _2\"></span>older bo<span class=\"_ _2\"></span>rrowings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaee y594a w58c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">135<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaef y594a we9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">126<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf0 y594a w227 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">135<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf1 y594a w2eb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">1<span class=\"_ _2\"></span>26<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b1 w59f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u00a34<span class=\"_ _5\"></span>28 millio<span class=\"_ _2\"></span>n Tier 2 sub<span class=\"_ _2\"></span>ordinated n<span class=\"_ _2\"></span>otes (note c)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf2 y56b1 w2ac h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf3 y56b1 w373 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">427<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf4 y56b1 w32a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">202<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf5 y56b1 w291 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">429<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b2 w5a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">US $<span class=\"_ _2\"></span>500 m<span class=\"_ _2\"></span>illion Tier 2 n<span class=\"_ _2\"></span>otes (note d)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf6 y56b2 w3b9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">3<span class=\"_ _2\"></span>91<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf7 y56b2 w116 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf8 y56b2 w1a7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">37<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf9 y56b2 w55b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">39<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e2 w5a1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u20ac5<span class=\"_ _2\"></span>00 million T<span class=\"_ _2\"></span>ier 2 bon<span class=\"_ _2\"></span>ds (note e)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xafa y56e2 w5a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a8 ws19f\">43<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xafb y56e2 w227 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">439<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xafc y56e2 w5a3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _3\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xafd y56e2 w116 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e3 w5a4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">US $75<span class=\"_ _2\"></span>0 million Contin<span class=\"_ _2\"></span>gent C<span class=\"_ _2\"></span>onvertib<span class=\"_ _2\"></span>le Tier 1 n<span class=\"_ _2\"></span>otes (note f)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xafe y56e3 w78 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">587<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaff y56e3 w2a8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">618<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb00 y56e3 w5a5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">563<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb01 y56e3 wcf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">580<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5771 w5a6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u00a350<span class=\"_ _2\"></span>0 million Tie<span class=\"_ _2\"></span>r 2 notes (note g)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb02 y5771 w4ed h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">489<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb03 y5771 w348 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">4<span class=\"_ _2\"></span>87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb04 y5771 w157 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">47<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb05 y5771 w240 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">445<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5772 w5a7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">US $<span class=\"_ _2\"></span>500 m<span class=\"_ _2\"></span>illion Fixed Ra<span class=\"_ _2\"></span>te Reset T<span class=\"_ _2\"></span>ier 2 notes (note h)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb06 y5772 w571 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">274<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb07 y5772 w5a8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _3\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb08 y5772 w59 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">26<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb09 y5772 w240 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">382<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y594b w5a9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u00a350<span class=\"_ _2\"></span>0 million 5.<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>67% Tie<span class=\"_ _2\"></span>r 2 subordin<span class=\"_ _2\"></span>ated notes (note i)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2ec y594b wcf h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">536<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb0a y594b wce h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">5<span class=\"_ _2\"></span>43<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb0b y594b w1b7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">493<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb0c y594b wce h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">4<span class=\"_ _2\"></span>65<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y594c w5aa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u00a325<span class=\"_ _2\"></span>0 million Fixe<span class=\"_ _2\"></span>d Rate Reset C<span class=\"_ _2\"></span>allable T<span class=\"_ _2\"></span>ier 2 subo<span class=\"_ _2\"></span>rdinated n<span class=\"_ _2\"></span>otes (note j)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb0d y594c w2ff h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb0e y594c we1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb0f y594c w49f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">239<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb10 y594c w4a4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5786 w5ab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u00a325<span class=\"_ _2\"></span>0 million 4.<span class=\"_ _2\"></span>016<span class=\"_ _2\"></span>% Tier 3 sub<span class=\"_ _2\"></span>ordinate<span class=\"_ _2\"></span>d notes (note k)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb11 y5786 w1b0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">253<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb12 y5786 we1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb13 y5786 w3b6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb14 y5786 wf7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">2<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5781 w5ac h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u00a33<span class=\"_ _2\"></span>50 million Fi<span class=\"_ _2\"></span>xed Rate Res<span class=\"_ _2\"></span>et Callabl<span class=\"_ _2\"></span>e Tier 2 sub<span class=\"_ _2\"></span>ordinated n<span class=\"_ _2\"></span>otes (note l)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb15 y5781 w1ff h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">346<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb16 y5781 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb17 y5781 w593 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">36<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb18 y5781 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y594d w5ad h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal s<span class=\"_ _2\"></span>hareho<span class=\"_ _2\"></span>lder bor<span class=\"_ _2\"></span>rowings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb19 y594d w2a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,75<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb1a y594d w237 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">3,85<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb1b y594d w144 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">3,6<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad8 y594d w5ae h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">3,582<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e9 w5af h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16 ws14\">T<span class=\"_ _6\"></span>otal borro<span class=\"_ _5\"></span>wings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb1c y56e9 we5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,892<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb1d y56e9 w162 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">3,9<span class=\"_ _2\"></span>80<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad7 y56e9 w2a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x281 y56e9 w1ca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w5b0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt due for set<span class=\"_ _2\"></span>tleme<span class=\"_ _2\"></span>nt after 1<span class=\"_ _2\"></span>2 months<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb1e y55ef w42c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,8<span class=\"_ _2\"></span>02<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb1f y55ef w5b1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d9 ws1d9\">3,91<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td></td><td></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4ba\">a <span class=\"_ _108\"> </span>abrdn Priva<span class=\"_ _2\"></span>te Equity O<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>tunitie<span class=\"_ _2\"></span>s T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust plc (<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>APEOT\u2019<span class=\"_ _2\"></span>) has in pla<span class=\"_ _2\"></span>ce a syn<span class=\"_ _2\"></span>dicated m<span class=\"_ _2\"></span>ulti-curre<span class=\"_ _2\"></span>ncy revolvin<span class=\"_ _2\"></span>g credit fa<span class=\"_ _2\"></span>cilit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, of whi<span class=\"_ _2\"></span>ch \u00a39<span class=\"_ _2\"></span>0 million </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4bb\">(2022<span class=\"_ _2\"></span>: \u00a362 million) ha<span class=\"_ _2\"></span>d been dr<span class=\"_ _2\"></span>awn down as at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23. D<span class=\"_ _2\"></span>uring 2022 t<span class=\"_ _2\"></span>he amount of th<span class=\"_ _2\"></span>e facilit<span class=\"_ _2\"></span>y was inc<span class=\"_ _2\"></span>rease<span class=\"_ _2\"></span>d from \u00a320<span class=\"_ _2\"></span>0 million </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4bc\">to \u00a33<span class=\"_ _2\"></span>00 million an<span class=\"_ _2\"></span>d its term m<span class=\"_ _2\"></span>aturit<span class=\"_ _2\"></span>y was ex<span class=\"_ _2\"></span>tende<span class=\"_ _2\"></span>d to Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2025. I<span class=\"_ _2\"></span>nterest a<span class=\"_ _2\"></span>ccrue<span class=\"_ _2\"></span>s on this fac<span class=\"_ _2\"></span>ility at a m<span class=\"_ _2\"></span>argin over the refere<span class=\"_ _2\"></span>nce rate of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4bd\">the cur<span class=\"_ _2\"></span>rency dr<span class=\"_ _2\"></span>awn. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4be\">b <span class=\"_ _117\"> </span>Th<span class=\"_ _2\"></span>e Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Reversion<span class=\"_ _2\"></span>s loan from S<span class=\"_ _2\"></span>antan<span class=\"_ _2\"></span>der UK pl<span class=\"_ _2\"></span>c (\u2018S<span class=\"_ _2\"></span>antan<span class=\"_ _2\"></span>der\u2019<span class=\"_ _2\"></span>) was rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted financ<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s at fair value. I<span class=\"_ _2\"></span>t </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4bf\">relate<span class=\"_ _2\"></span>s to the sale of E<span class=\"_ _2\"></span>xtr<span class=\"_ _2\"></span>a-In<span class=\"_ _2\"></span>come Pla<span class=\"_ _2\"></span>n policie<span class=\"_ _2\"></span>s that Sant<span class=\"_ _2\"></span>ander fin<span class=\"_ _2\"></span>ance<span class=\"_ _2\"></span>s to the value of the a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty reve<span class=\"_ _2\"></span>rsions<span class=\"_ _2\"></span>. As par<span class=\"_ _2\"></span>t of the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4c0\">arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt Sant<span class=\"_ _2\"></span>ander re<span class=\"_ _2\"></span>ceives an a<span class=\"_ _2\"></span>mount ca<span class=\"_ _2\"></span>lculated by refe<span class=\"_ _2\"></span>rence to the m<span class=\"_ _2\"></span>ovement in th<span class=\"_ _2\"></span>e Halifax H<span class=\"_ _2\"></span>ouse Pri<span class=\"_ _2\"></span>ce Index a<span class=\"_ _2\"></span>nd the Gro<span class=\"_ _2\"></span>up is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4c1\">require<span class=\"_ _2\"></span>d to indemn<span class=\"_ _2\"></span>ify S<span class=\"_ _2\"></span>antand<span class=\"_ _2\"></span>er aga<span class=\"_ _2\"></span>inst profit<span class=\"_ _2\"></span>s or los<span class=\"_ _2\"></span>ses arisin<span class=\"_ _2\"></span>g from mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y or s<span class=\"_ _2\"></span>urrender ex<span class=\"_ _2\"></span>perien<span class=\"_ _2\"></span>ce which dif<span class=\"_ _2\"></span>fers f<span class=\"_ _2\"></span>rom the basi<span class=\"_ _2\"></span>s used to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4c2\">cal<span class=\"_ _2\"></span>culate the rever<span class=\"_ _2\"></span>sion amo<span class=\"_ _2\"></span>unt. Durin<span class=\"_ _2\"></span>g 2023<span class=\"_ _2\"></span>, repayme<span class=\"_ _2\"></span>nts totallin<span class=\"_ _2\"></span>g \u00a321 million we<span class=\"_ _2\"></span>re made (20<span class=\"_ _2\"></span>22: \u00a31<span class=\"_ _2\"></span>5 million). Note G4 co<span class=\"_ _2\"></span>ntains det<span class=\"_ _2\"></span>ails of the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4c3\">as<span class=\"_ _2\"></span>sets th<span class=\"_ _2\"></span>at suppor<span class=\"_ _2\"></span>t this lo<span class=\"_ _2\"></span>an. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4c4\">c <span class=\"_ _16\"> </span>O<span class=\"_ _2\"></span>n 23 Januar<span class=\"_ _2\"></span>y 20<span class=\"_ _2\"></span>15<span class=\"_ _2\"></span>, PGH Cap<span class=\"_ _2\"></span>ital plc (<span class=\"_ _2\"></span>\u2018P<span class=\"_ _2\"></span>GHC<span class=\"_ _2\"></span>\u2019) i<span class=\"_ _2\"></span>ssue<span class=\"_ _2\"></span>d \u00a3<span class=\"_ _7\"></span>42<span class=\"_ _2\"></span>8 million of subord<span class=\"_ _2\"></span>inated note<span class=\"_ _2\"></span>s due 2025 at a c<span class=\"_ _2\"></span>oupon of 6<span class=\"_ _2\"></span>.625%<span class=\"_ _2\"></span>. Fee<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4c5\">as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with the<span class=\"_ _2\"></span>se notes of \u00a33 millio<span class=\"_ _2\"></span>n were deferred a<span class=\"_ _2\"></span>nd are bein<span class=\"_ _2\"></span>g amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d over the life of the notes in t<span class=\"_ _2\"></span>he state<span class=\"_ _2\"></span>ment of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4c6\">finan<span class=\"_ _2\"></span>cial pos<span class=\"_ _2\"></span>ition. Up<span class=\"_ _2\"></span>on exchan<span class=\"_ _2\"></span>ge \u00a332 millio<span class=\"_ _2\"></span>n of these note<span class=\"_ _2\"></span>s were held by G<span class=\"_ _2\"></span>roup comp<span class=\"_ _2\"></span>anies<span class=\"_ _2\"></span>. During 20<span class=\"_ _2\"></span>17<span class=\"_ _7\"></span>, the intern<span class=\"_ _2\"></span>al holdin<span class=\"_ _2\"></span>gs were sol<span class=\"_ _2\"></span>d to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4c7\">third par<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>, the<span class=\"_ _2\"></span>reby increa<span class=\"_ _2\"></span>sing ex<span class=\"_ _2\"></span>ternal b<span class=\"_ _2\"></span>orrowing<span class=\"_ _2\"></span>s by \u00a332 million. O<span class=\"_ _2\"></span>n 20 Marc<span class=\"_ _2\"></span>h 2017<span class=\"_ _7\"></span>, Ol<span class=\"_ _2\"></span>d PGH (the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ult<span class=\"_ _2\"></span>imate parent c<span class=\"_ _2\"></span>ompany up </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4c8\">to De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2018<span class=\"_ _2\"></span>) was subs<span class=\"_ _2\"></span>tituted in p<span class=\"_ _2\"></span>lace of PG<span class=\"_ _2\"></span>HC as is<span class=\"_ _2\"></span>suer of the \u00a3428 million s<span class=\"_ _2\"></span>ubordinate<span class=\"_ _2\"></span>d notes and t<span class=\"_ _2\"></span>hen on 12 D<span class=\"_ _2\"></span>ecemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>8 the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4c9\">Com<span class=\"_ _2\"></span>pany was subs<span class=\"_ _2\"></span>titute<span class=\"_ _2\"></span>d in place of O<span class=\"_ _2\"></span>ld PGH a<span class=\"_ _2\"></span>s issue<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>. On 7 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>3, the C<span class=\"_ _2\"></span>ompany re<span class=\"_ _2\"></span>purchas<span class=\"_ _2\"></span>ed \u00a323<span class=\"_ _2\"></span>1 million of the prin<span class=\"_ _2\"></span>cipal </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4ca\">amo<span class=\"_ _2\"></span>unt of the notes via a ten<span class=\"_ _2\"></span>der offe<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>. The re<span class=\"_ _2\"></span>maining p<span class=\"_ _2\"></span>rincipal am<span class=\"_ _2\"></span>ount of the note<span class=\"_ _2\"></span>s at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023 is \u00a31<span class=\"_ _2\"></span>97 million.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4cb\">d <span class=\"_ _117\"> </span>O<span class=\"_ _2\"></span>n 6 July 2017<span class=\"_ _5\"></span>, Old P<span class=\"_ _2\"></span>GH iss<span class=\"_ _2\"></span>ued US $<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>0 million Tie<span class=\"_ _2\"></span>r 2 bonds du<span class=\"_ _2\"></span>e 2027 with a co<span class=\"_ _2\"></span>upon of 5.<span class=\"_ _2\"></span>375%<span class=\"_ _2\"></span>. Fees as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ated with the<span class=\"_ _2\"></span>se notes of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4cc\">\u00a32 millio<span class=\"_ _2\"></span>n were deferred a<span class=\"_ _2\"></span>nd are bein<span class=\"_ _2\"></span>g amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d over the life of the notes<span class=\"_ _2\"></span>. On 12 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 201<span class=\"_ _2\"></span>8 the Co<span class=\"_ _2\"></span>mpany was sub<span class=\"_ _2\"></span>stitu<span class=\"_ _2\"></span>ted in plac<span class=\"_ _2\"></span>e of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4cd\">Old P<span class=\"_ _2\"></span>GH as is<span class=\"_ _2\"></span>suer<span class=\"_ _5\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4ce\">e <span class=\"_ _16\"> </span>On 24 Septemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>8, O<span class=\"_ _2\"></span>ld PGH is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d \u20ac50<span class=\"_ _2\"></span>0 million Ti<span class=\"_ _2\"></span>er 2 notes due 2<span class=\"_ _2\"></span>029 with a co<span class=\"_ _2\"></span>upon of 4.<span class=\"_ _2\"></span>375%<span class=\"_ _2\"></span>. Fees as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ated with th<span class=\"_ _2\"></span>ese notes of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4cf\">\u00a37 million we<span class=\"_ _2\"></span>re deferred an<span class=\"_ _2\"></span>d are being a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised over t<span class=\"_ _2\"></span>he life of the notes<span class=\"_ _2\"></span>. On 12 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>8 the Com<span class=\"_ _2\"></span>pany was subs<span class=\"_ _2\"></span>titute<span class=\"_ _2\"></span>d in place of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4d0\">Old P<span class=\"_ _2\"></span>GH as is<span class=\"_ _2\"></span>suer<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span></div>O<span class=\"_ _2\"></span>n 29 Janu<span class=\"_ _2\"></span>ary 2<span class=\"_ _2\"></span>020, the C<span class=\"_ _2\"></span>ompany is<span class=\"_ _2\"></span>sued U<span class=\"_ _2\"></span>S $750 million fi<span class=\"_ _2\"></span>xed rate res<span class=\"_ _2\"></span>et perp<span class=\"_ _2\"></span>etual res<span class=\"_ _2\"></span>tricte<span class=\"_ _2\"></span>d Tier 1 c<span class=\"_ _2\"></span>ontinge<span class=\"_ _2\"></span>nt conver<span class=\"_ _2\"></span>tible notes (the \u2018Co<span class=\"_ _2\"></span>ntingent C<span class=\"_ _2\"></span>onver<span class=\"_ _2\"></span>tible Tie<span class=\"_ _2\"></span>r 1 Notes\u2019) wh<span class=\"_ _2\"></span>ich are unse<span class=\"_ _2\"></span>cured a<span class=\"_ _2\"></span>nd subord<span class=\"_ _2\"></span>inated. T<span class=\"_ _2\"></span>he Contin<span class=\"_ _2\"></span>gent Co<span class=\"_ _2\"></span>nvertibl<span class=\"_ _2\"></span>e Tier 1 N<span class=\"_ _2\"></span>otes have no fixed matur<span class=\"_ _2\"></span>ity da<span class=\"_ _2\"></span>te and interes<span class=\"_ _2\"></span>t is payable on<span class=\"_ _2\"></span>ly at the sol<span class=\"_ _2\"></span>e and abs<span class=\"_ _2\"></span>olute discret<span class=\"_ _2\"></span>ion of the Com<span class=\"_ _2\"></span>pany<span class=\"_ _5\"></span>. The C<span class=\"_ _2\"></span>ontinge<span class=\"_ _2\"></span>nt Conver<span class=\"_ _2\"></span>tible T<span class=\"_ _2\"></span>ier 1 Notes b<span class=\"_ _2\"></span>ear interes<span class=\"_ _2\"></span>t on their pr<span class=\"_ _2\"></span>incipal am<span class=\"_ _2\"></span>ount at a fixed r<span class=\"_ _2\"></span>ate of 5.62<span class=\"_ _2\"></span>5% per ann<span class=\"_ _2\"></span>um up to the \u2018F<span class=\"_ _2\"></span>irst Re<span class=\"_ _2\"></span>set Date\u2019 of 26 A<span class=\"_ _2\"></span>pril 2025<span class=\"_ _2\"></span>. There<span class=\"_ _2\"></span>after th<span class=\"_ _2\"></span>e fixed rate of interes<span class=\"_ _2\"></span>t will be rese<span class=\"_ _2\"></span>t on the Firs<span class=\"_ _2\"></span>t Rese<span class=\"_ _2\"></span>t Date and on e<span class=\"_ _2\"></span>ach fif<span class=\"_ _2\"></span>th anniver<span class=\"_ _2\"></span>sar<span class=\"_ _2\"></span>y of this date by referen<span class=\"_ _2\"></span>ce to the sum of the y<span class=\"_ _2\"></span>ield of the C<span class=\"_ _2\"></span>onst<span class=\"_ _2\"></span>ant Mat<span class=\"_ _2\"></span>urity T<span class=\"_ _7\"></span>re<span class=\"_ _2\"></span>asur<span class=\"_ _2\"></span>y (\u2018C<span class=\"_ _2\"></span>MT\u2019<span class=\"_ _2\"></span>) rate (ba<span class=\"_ _2\"></span>sed on t<span class=\"_ _2\"></span>he prevailing five<span class=\"_ _2\"></span>-year U<span class=\"_ _2\"></span>S T<span class=\"_ _6\"></span>re<span class=\"_ _2\"></span>asur<span class=\"_ _2\"></span>y yield) p<span class=\"_ _2\"></span>lus a margin of 4<span class=\"_ _2\"></span>.035%<span class=\"_ _2\"></span>, be<span class=\"_ _2\"></span>ing the initia<span class=\"_ _2\"></span>l credit sp<span class=\"_ _2\"></span>read use<span class=\"_ _2\"></span>d in pricing th<span class=\"_ _2\"></span>e notes<span class=\"_ _2\"></span>. Interest i<span class=\"_ _2\"></span>s payable on th<span class=\"_ _2\"></span>e Conting<span class=\"_ _2\"></span>ent Conver<span class=\"_ _2\"></span>tible T<span class=\"_ _2\"></span>ier 1 Note<span class=\"_ _2\"></span>s semi-an<span class=\"_ _2\"></span>nually in arre<span class=\"_ _2\"></span>ars on 2<span class=\"_ _2\"></span>6 April and 2<span class=\"_ _2\"></span>6 Octob<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>. If an interes<span class=\"_ _2\"></span>t payme<span class=\"_ _2\"></span>nt is not mad<span class=\"_ _2\"></span>e it is canc<span class=\"_ _2\"></span>elled a<span class=\"_ _2\"></span>nd it shall n<span class=\"_ _2\"></span>ot accum<span class=\"_ _2\"></span>ulate or be payab<span class=\"_ _2\"></span>le at any time the<span class=\"_ _2\"></span>reaf<span class=\"_ _2\"></span>ter<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>The ter<span class=\"_ _2\"></span>ms of the Contin<span class=\"_ _2\"></span>gent C<span class=\"_ _2\"></span>onvertib<span class=\"_ _2\"></span>le Tier 1 N<span class=\"_ _2\"></span>otes conta<span class=\"_ _2\"></span>in a conting<span class=\"_ _2\"></span>ent set<span class=\"_ _2\"></span>tleme<span class=\"_ _2\"></span>nt provision whi<span class=\"_ _2\"></span>ch is linked to the oc<span class=\"_ _2\"></span>currenc<span class=\"_ _2\"></span>e of a \u2018Cap<span class=\"_ _2\"></span>ital Dis<span class=\"_ _2\"></span>qualific<span class=\"_ _2\"></span>ation Event\u2019. Such an event is d<span class=\"_ _2\"></span>eeme<span class=\"_ _2\"></span>d to have taken plac<span class=\"_ _2\"></span>e where, a<span class=\"_ _2\"></span>s a result of a ch<span class=\"_ _2\"></span>ange to the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II reg<span class=\"_ _2\"></span>ulations<span class=\"_ _2\"></span>, the Contin<span class=\"_ _2\"></span>gent C<span class=\"_ _2\"></span>onvert<span class=\"_ _2\"></span>ible Tier 1 N<span class=\"_ _2\"></span>otes are fully exc<span class=\"_ _2\"></span>luded fro<span class=\"_ _2\"></span>m counting a<span class=\"_ _2\"></span>s own funds<span class=\"_ _2\"></span>. On the o<span class=\"_ _2\"></span>ccurren<span class=\"_ _2\"></span>ce of such a<span class=\"_ _2\"></span>n event and whe<span class=\"_ _2\"></span>re the Com<span class=\"_ _2\"></span>pany has ch<span class=\"_ _2\"></span>osen n<span class=\"_ _2\"></span>ot to use its c<span class=\"_ _2\"></span>orrespo<span class=\"_ _2\"></span>nding right to re<span class=\"_ _2\"></span>deem t<span class=\"_ _2\"></span>he notes the C<span class=\"_ _2\"></span>ompany sh<span class=\"_ _2\"></span>all no lon<span class=\"_ _2\"></span>ger be a<span class=\"_ _2\"></span>ble to exercise it<span class=\"_ _2\"></span>s discre<span class=\"_ _2\"></span>tion to can<span class=\"_ _2\"></span>cel any intere<span class=\"_ _2\"></span>st payme<span class=\"_ _2\"></span>nts due on s<span class=\"_ _2\"></span>uch Cont<span class=\"_ _2\"></span>ingent C<span class=\"_ _2\"></span>onvert<span class=\"_ _2\"></span>ible Tier 1 N<span class=\"_ _2\"></span>otes on any interes<span class=\"_ _2\"></span>t payme<span class=\"_ _2\"></span>nt date following the o<span class=\"_ _2\"></span>ccurre<span class=\"_ _2\"></span>nce of this event<span class=\"_ _2\"></span>. Accordin<span class=\"_ _2\"></span>gly the C<span class=\"_ _2\"></span>onting<span class=\"_ _2\"></span>ent Conver<span class=\"_ _2\"></span>tible T<span class=\"_ _2\"></span>ier 1 Notes are c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>red to me<span class=\"_ _2\"></span>et the definitio<span class=\"_ _2\"></span>n of a financial li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y for financi<span class=\"_ _2\"></span>al repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g purpos<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span>The C<span class=\"_ _2\"></span>ontinge<span class=\"_ _2\"></span>nt Conver<span class=\"_ _2\"></span>tible Ti<span class=\"_ _2\"></span>er 1 Notes may b<span class=\"_ _2\"></span>e rede<span class=\"_ _2\"></span>emed at p<span class=\"_ _2\"></span>ar on the Fir<span class=\"_ _2\"></span>st Res<span class=\"_ _2\"></span>et Date or on any inte<span class=\"_ _2\"></span>rest paym<span class=\"_ _2\"></span>ent date the<span class=\"_ _2\"></span>reafte<span class=\"_ _2\"></span>r at the option of the C<span class=\"_ _2\"></span>ompany an<span class=\"_ _2\"></span>d also in othe<span class=\"_ _2\"></span>r limited circ<span class=\"_ _2\"></span>umsta<span class=\"_ _2\"></span>nces<span class=\"_ _2\"></span>. If such re<span class=\"_ _2\"></span>demptio<span class=\"_ _2\"></span>n occur<span class=\"_ _2\"></span>s prior to the fif<span class=\"_ _2\"></span>th anni<span class=\"_ _2\"></span>versar<span class=\"_ _2\"></span>y of the I<span class=\"_ _2\"></span>ssue D<span class=\"_ _2\"></span>ate such rede<span class=\"_ _2\"></span>mption mus<span class=\"_ _2\"></span>t be fun<span class=\"_ _2\"></span>ded out of th<span class=\"_ _2\"></span>e proce<span class=\"_ _2\"></span>eds of a new is<span class=\"_ _2\"></span>suan<span class=\"_ _2\"></span>ce of, or exchang<span class=\"_ _2\"></span>ed into, Ti<span class=\"_ _2\"></span>er 1 Own Funds of th<span class=\"_ _2\"></span>e same or a h<span class=\"_ _2\"></span>igher qua<span class=\"_ _2\"></span>lity than th<span class=\"_ _2\"></span>e Conting<span class=\"_ _2\"></span>ent Conve<span class=\"_ _2\"></span>rtibl<span class=\"_ _2\"></span>e Tier 1 Note<span class=\"_ _2\"></span>s. In res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of any redempti<span class=\"_ _2\"></span>on or purcha<span class=\"_ _2\"></span>se of the Co<span class=\"_ _2\"></span>ntingent C<span class=\"_ _2\"></span>onver<span class=\"_ _2\"></span>tible Tie<span class=\"_ _2\"></span>r 1 Notes<span class=\"_ _2\"></span>, such rede<span class=\"_ _2\"></span>mption or purc<span class=\"_ _2\"></span>hase is s<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to the rec<span class=\"_ _2\"></span>eipt of permi<span class=\"_ _2\"></span>ssion to do s<span class=\"_ _2\"></span>o from the PR<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>. Furthe<span class=\"_ _2\"></span>rmore, on o<span class=\"_ _2\"></span>ccurre<span class=\"_ _2\"></span>nce of a trig<span class=\"_ _2\"></span>ger event<span class=\"_ _2\"></span>, link<span class=\"_ _5\"></span>ed to the S<span class=\"_ _2\"></span>olvency I<span class=\"_ _2\"></span>I capit<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion and as do<span class=\"_ _2\"></span>cume<span class=\"_ _2\"></span>nted in the term<span class=\"_ _2\"></span>s of the Contin<span class=\"_ _2\"></span>gent Co<span class=\"_ _2\"></span>nvertibl<span class=\"_ _2\"></span>e Tier 1 Note<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e Conting<span class=\"_ _2\"></span>ent Conver<span class=\"_ _2\"></span>tible Tie<span class=\"_ _2\"></span>r 1 Notes will autom<span class=\"_ _2\"></span>aticall<span class=\"_ _2\"></span>y be subj<span class=\"_ _2\"></span>ect to c<span class=\"_ _2\"></span>onversion to ordin<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y shares of th<span class=\"_ _2\"></span>e Company at t<span class=\"_ _2\"></span>he convers<span class=\"_ _2\"></span>ion price of US $<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>0 per sha<span class=\"_ _2\"></span>re, subj<span class=\"_ _2\"></span>ect to a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment in ac<span class=\"_ _2\"></span>cordan<span class=\"_ _2\"></span>ce with the te<span class=\"_ _2\"></span>rms and co<span class=\"_ _2\"></span>nditions of th<span class=\"_ _2\"></span>e notes and a<span class=\"_ _2\"></span>ll accru<span class=\"_ _2\"></span>ed and unp<span class=\"_ _2\"></span>aid interes<span class=\"_ _2\"></span>t will be ca<span class=\"_ _2\"></span>ncelle<span class=\"_ _2\"></span>d. Following s<span class=\"_ _2\"></span>uch conver<span class=\"_ _2\"></span>sion there s<span class=\"_ _2\"></span>hall be n<span class=\"_ _2\"></span>o reinst<span class=\"_ _2\"></span>atement of any par<span class=\"_ _2\"></span>t of the pr<span class=\"_ _2\"></span>incipal am<span class=\"_ _2\"></span>ount of, or interest on<span class=\"_ _2\"></span>, the C<span class=\"_ _2\"></span>ontingent C<span class=\"_ _2\"></span>onver<span class=\"_ _2\"></span>tible Tie<span class=\"_ _2\"></span>r 1 Notes at any time<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>g <span class=\"_ _116\"> </span>On 28 Ap<span class=\"_ _2\"></span>ril 2020, th<span class=\"_ _2\"></span>e Compa<span class=\"_ _2\"></span>ny issue<span class=\"_ _2\"></span>d \u00a3500 m<span class=\"_ _2\"></span>illion fixed rate T<span class=\"_ _2\"></span>ier 2 Notes (the \u2018<span class=\"_ _2\"></span>Tie<span class=\"_ _2\"></span>r 2 Notes\u2019<span class=\"_ _2\"></span>) which are uns<span class=\"_ _2\"></span>ecure<span class=\"_ _2\"></span>d and subo<span class=\"_ _2\"></span>rdinated<span class=\"_ _2\"></span>. The Tie<span class=\"_ _2\"></span>r 2 Notes have a mat<span class=\"_ _2\"></span>urity d<span class=\"_ _2\"></span>ate of 28 April 2031 an<span class=\"_ _2\"></span>d includ<span class=\"_ _2\"></span>e an issu<span class=\"_ _2\"></span>er par ca<span class=\"_ _2\"></span>ll right for the thre<span class=\"_ _2\"></span>e-m<span class=\"_ _2\"></span>onth perio<span class=\"_ _2\"></span>d prior to mat<span class=\"_ _2\"></span>urity. The T<span class=\"_ _2\"></span>ier 2 Notes b<span class=\"_ _2\"></span>ear interes<span class=\"_ _2\"></span>t on the prin<span class=\"_ _2\"></span>cipal am<span class=\"_ _2\"></span>ount at a fixed r<span class=\"_ _2\"></span>ate of 5.62<span class=\"_ _2\"></span>5% per ann<span class=\"_ _2\"></span>um payable ann<span class=\"_ _2\"></span>ually in arrea<span class=\"_ _2\"></span>rs on 28 Apr<span class=\"_ _2\"></span>il each yea<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>h <span class=\"_ _116\"> </span>O<span class=\"_ _2\"></span>n 4 June 2020<span class=\"_ _2\"></span>, the Co<span class=\"_ _2\"></span>mpany iss<span class=\"_ _2\"></span>ued US $<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>0 million fixed r<span class=\"_ _2\"></span>ate reset c<span class=\"_ _2\"></span>allable T<span class=\"_ _2\"></span>ier 2 notes (the \u2018<span class=\"_ _2\"></span>Fixed R<span class=\"_ _2\"></span>ate Reset T<span class=\"_ _2\"></span>ier 2 Notes\u2019<span class=\"_ _2\"></span>) which are unse<span class=\"_ _2\"></span>cured a<span class=\"_ _2\"></span>nd subordin<span class=\"_ _2\"></span>ated. Th<span class=\"_ _2\"></span>e Fixed Ra<span class=\"_ _2\"></span>te Reset Ti<span class=\"_ _2\"></span>er 2 notes have a ma<span class=\"_ _2\"></span>turit<span class=\"_ _2\"></span>y date of 4 Septem<span class=\"_ _2\"></span>ber 2031 w<span class=\"_ _2\"></span>ith an optiona<span class=\"_ _2\"></span>l issue<span class=\"_ _2\"></span>r par ca<span class=\"_ _2\"></span>ll right on any d<span class=\"_ _2\"></span>ay in the three<span class=\"_ _2\"></span>-month p<span class=\"_ _2\"></span>eriod up to and in<span class=\"_ _2\"></span>cluding 4 S<span class=\"_ _2\"></span>eptemb<span class=\"_ _2\"></span>er 2026<span class=\"_ _2\"></span>. The F<span class=\"_ _2\"></span>ixed Rate Res<span class=\"_ _2\"></span>et Tier 2 N<span class=\"_ _2\"></span>otes bea<span class=\"_ _2\"></span>r interest on t<span class=\"_ _2\"></span>he princ<span class=\"_ _2\"></span>ipal amo<span class=\"_ _2\"></span>unt at a fixed rate of 4<span class=\"_ _2\"></span>.75% per annum up to th<span class=\"_ _2\"></span>e interest r<span class=\"_ _2\"></span>ate reset date of 4 S<span class=\"_ _2\"></span>eptembe<span class=\"_ _2\"></span>r 2026<span class=\"_ _2\"></span>. If the Fixe<span class=\"_ _2\"></span>d Rate Rese<span class=\"_ _2\"></span>t Tier 2 Notes are n<span class=\"_ _2\"></span>ot rede<span class=\"_ _2\"></span>emed b<span class=\"_ _2\"></span>efore that date<span class=\"_ _2\"></span>, the interes<span class=\"_ _2\"></span>t rate reset<span class=\"_ _2\"></span>s to the sum of the a<span class=\"_ _2\"></span>pplicab<span class=\"_ _2\"></span>le CMT rate (<span class=\"_ _2\"></span>base<span class=\"_ _2\"></span>d on the prevailin<span class=\"_ _2\"></span>g five-ye<span class=\"_ _2\"></span>ar US T<span class=\"_ _7\"></span>reas<span class=\"_ _2\"></span>ury yi<span class=\"_ _2\"></span>eld) plus a m<span class=\"_ _2\"></span>argin of 4.<span class=\"_ _2\"></span>276%<span class=\"_ _2\"></span>, bein<span class=\"_ _2\"></span>g the initial c<span class=\"_ _2\"></span>redit spre<span class=\"_ _2\"></span>ad use<span class=\"_ _2\"></span>d in pricing t<span class=\"_ _2\"></span>he notes<span class=\"_ _2\"></span>. Interes<span class=\"_ _2\"></span>t is payable on th<span class=\"_ _2\"></span>e Fixed Rate Re<span class=\"_ _2\"></span>set Tie<span class=\"_ _2\"></span>r 2 Notes sem<span class=\"_ _2\"></span>i-annua<span class=\"_ _2\"></span>lly in arrear<span class=\"_ _2\"></span>s on 4 March a<span class=\"_ _2\"></span>nd 4 Septe<span class=\"_ _2\"></span>mber e<span class=\"_ _2\"></span>ach year. On 7 Dec<span class=\"_ _2\"></span>ember 2<span class=\"_ _2\"></span>023<span class=\"_ _2\"></span>, the Comp<span class=\"_ _2\"></span>any repurch<span class=\"_ _2\"></span>ased U<span class=\"_ _2\"></span>S $1<span class=\"_ _2\"></span>50 million of the p<span class=\"_ _2\"></span>rincipal am<span class=\"_ _2\"></span>ount of the Fixe<span class=\"_ _2\"></span>d Rate Rese<span class=\"_ _2\"></span>t Tier 2 N<span class=\"_ _2\"></span>otes via a tende<span class=\"_ _2\"></span>r offer<span class=\"_ _5\"></span>. The re<span class=\"_ _2\"></span>maining pr<span class=\"_ _2\"></span>incipal am<span class=\"_ _2\"></span>ount of the notes a<span class=\"_ _2\"></span>t 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023 is US $<span class=\"_ _2\"></span>35<span class=\"_ _2\"></span>0 million.<span class=\"_ _3bc\"> </span>i <span class=\"_ _11\"> </span>O<span class=\"_ _2\"></span>n 22 July 2<span class=\"_ _2\"></span>020, as pa<span class=\"_ _2\"></span>rt of the a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n of ReAss<span class=\"_ _2\"></span>ure Group plc<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up assum<span class=\"_ _2\"></span>ed the \u00a35<span class=\"_ _2\"></span>00 million 5<span class=\"_ _2\"></span>.8<span class=\"_ _2\"></span>67% T<span class=\"_ _2\"></span>ier 2 sub<span class=\"_ _2\"></span>ordinated n<span class=\"_ _2\"></span>otes. On the s<span class=\"_ _2\"></span>ame date<span class=\"_ _2\"></span>, the Com<span class=\"_ _2\"></span>pany was subs<span class=\"_ _2\"></span>titute<span class=\"_ _2\"></span>d in place of ReA<span class=\"_ _2\"></span>ssure G<span class=\"_ _2\"></span>roup plc as is<span class=\"_ _2\"></span>suer of the n<span class=\"_ _2\"></span>otes. T<span class=\"_ _2\"></span>he \u00a350<span class=\"_ _2\"></span>0 million 5.<span class=\"_ _2\"></span>86<span class=\"_ _2\"></span>7% Tier 2 subo<span class=\"_ _2\"></span>rdinated note<span class=\"_ _2\"></span>s have a maturit<span class=\"_ _2\"></span>y date of 13 J<span class=\"_ _2\"></span>une 2029 an<span class=\"_ _2\"></span>d were initiall<span class=\"_ _2\"></span>y recog<span class=\"_ _2\"></span>nised a<span class=\"_ _2\"></span>t their fair val<span class=\"_ _2\"></span>ue as at the date of ac<span class=\"_ _2\"></span>quisition of \u00a355<span class=\"_ _2\"></span>9 million. Th<span class=\"_ _2\"></span>e fair value a<span class=\"_ _2\"></span>djust<span class=\"_ _2\"></span>ment is be<span class=\"_ _2\"></span>ing amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d over the rem<span class=\"_ _2\"></span>aining life of the notes<span class=\"_ _2\"></span>. Interes<span class=\"_ _2\"></span>t is payabl<span class=\"_ _2\"></span>e semi-a<span class=\"_ _2\"></span>nnually in ar<span class=\"_ _2\"></span>rears on 13 Jun<span class=\"_ _2\"></span>e and 13 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>j <span class=\"_ _4\"> </span>On 2<span class=\"_ _2\"></span>2 July 2020<span class=\"_ _2\"></span>, as par<span class=\"_ _2\"></span>t of the acq<span class=\"_ _2\"></span>uisition of ReA<span class=\"_ _2\"></span>ssure Gro<span class=\"_ _2\"></span>up plc, th<span class=\"_ _2\"></span>e Group as<span class=\"_ _2\"></span>sume<span class=\"_ _2\"></span>d the \u00a325<span class=\"_ _2\"></span>0 million fixed r<span class=\"_ _2\"></span>ate reset c<span class=\"_ _2\"></span>allable T<span class=\"_ _2\"></span>ier 2 subo<span class=\"_ _2\"></span>rdinated note<span class=\"_ _2\"></span>s. On th<span class=\"_ _2\"></span>e same d<span class=\"_ _2\"></span>ate, the Co<span class=\"_ _2\"></span>mpany was sub<span class=\"_ _2\"></span>stitute<span class=\"_ _2\"></span>d in plac<span class=\"_ _2\"></span>e of ReAss<span class=\"_ _2\"></span>ure Group plc as i<span class=\"_ _2\"></span>ssue<span class=\"_ _2\"></span>r of the notes<span class=\"_ _2\"></span>. The \u00a325<span class=\"_ _2\"></span>0 million fixed r<span class=\"_ _2\"></span>ate reset c<span class=\"_ _2\"></span>allable T<span class=\"_ _2\"></span>ier 2 subor<span class=\"_ _2\"></span>dinated note<span class=\"_ _2\"></span>s have a maturit<span class=\"_ _2\"></span>y date of 13 Jun<span class=\"_ _2\"></span>e 2029 an<span class=\"_ _2\"></span>d were initially re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised at th<span class=\"_ _2\"></span>eir fair valu<span class=\"_ _2\"></span>e as at the date of ac<span class=\"_ _2\"></span>quisition of \u00a3<span class=\"_ _2\"></span>275 million. T<span class=\"_ _2\"></span>he fair value a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment is b<span class=\"_ _2\"></span>eing amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed over the re<span class=\"_ _2\"></span>maining life of the n<span class=\"_ _2\"></span>otes. Th<span class=\"_ _2\"></span>e notes inclu<span class=\"_ _2\"></span>de an iss<span class=\"_ _2\"></span>uer par c<span class=\"_ _2\"></span>all right exerci<span class=\"_ _2\"></span>sable on 13 J<span class=\"_ _2\"></span>une 2024. Intere<span class=\"_ _2\"></span>st is payab<span class=\"_ _2\"></span>le semi-<span class=\"_ _2\"></span>annually in a<span class=\"_ _2\"></span>rrears o<span class=\"_ _2\"></span>n 13 June an<span class=\"_ _2\"></span>d 13 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>. The<span class=\"_ _2\"></span>se notes initiall<span class=\"_ _2\"></span>y bear intere<span class=\"_ _2\"></span>st at a rate of 5<span class=\"_ _2\"></span>.766% o<span class=\"_ _2\"></span>n the princ<span class=\"_ _2\"></span>ipal amo<span class=\"_ _2\"></span>unt and the rate of intere<span class=\"_ _2\"></span>st will res<span class=\"_ _2\"></span>et on 13 Jun<span class=\"_ _2\"></span>e 202<span class=\"_ _5\"></span>4, a<span class=\"_ _2\"></span>nd on ea<span class=\"_ _2\"></span>ch interest payme<span class=\"_ _2\"></span>nt date there<span class=\"_ _2\"></span>after, to a margin of 5.17% pl<span class=\"_ _2\"></span>us the yield of a U<span class=\"_ _2\"></span>K T<span class=\"_ _6\"></span>re<span class=\"_ _2\"></span>asur<span class=\"_ _2\"></span>y Bill of similar te<span class=\"_ _2\"></span>rm.<span class=\"_ _3bc\"> </span>k <span class=\"_ _108\"> </span>O<span class=\"_ _2\"></span>n 22 July 2<span class=\"_ _2\"></span>020, as pa<span class=\"_ _2\"></span>rt of the a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n of ReAss<span class=\"_ _2\"></span>ure Group plc<span class=\"_ _2\"></span>, the Group a<span class=\"_ _2\"></span>ssum<span class=\"_ _2\"></span>ed the \u00a3<span class=\"_ _2\"></span>250 million 4<span class=\"_ _2\"></span>.01<span class=\"_ _2\"></span>6% Tie<span class=\"_ _2\"></span>r 3 subordin<span class=\"_ _2\"></span>ated notes<span class=\"_ _2\"></span>. On the s<span class=\"_ _2\"></span>ame date<span class=\"_ _2\"></span>, the Com<span class=\"_ _2\"></span>pany was subs<span class=\"_ _2\"></span>titute<span class=\"_ _2\"></span>d in place of ReA<span class=\"_ _2\"></span>ssure G<span class=\"_ _2\"></span>roup plc as is<span class=\"_ _2\"></span>suer of the n<span class=\"_ _2\"></span>otes. T<span class=\"_ _2\"></span>he \u00a3250 m<span class=\"_ _2\"></span>illion 4.0<span class=\"_ _2\"></span>16% T<span class=\"_ _2\"></span>ier 3 subo<span class=\"_ _2\"></span>rdinated note<span class=\"_ _2\"></span>s have a maturit<span class=\"_ _2\"></span>y date of 13 J<span class=\"_ _2\"></span>une 2026 an<span class=\"_ _2\"></span>d were initially re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised at t<span class=\"_ _2\"></span>heir fair valu<span class=\"_ _2\"></span>e as at the date of ac<span class=\"_ _2\"></span>quisition of \u00a325<span class=\"_ _2\"></span>9 million. T<span class=\"_ _2\"></span>he fair value a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment is b<span class=\"_ _2\"></span>eing amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed over the re<span class=\"_ _2\"></span>maining life of the n<span class=\"_ _2\"></span>otes. Intere<span class=\"_ _2\"></span>st is payab<span class=\"_ _2\"></span>le semi-<span class=\"_ _2\"></span>annuall<span class=\"_ _2\"></span>y in arrears o<span class=\"_ _2\"></span>n 13 Jun<span class=\"_ _2\"></span>e and 13 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>l <span class=\"_ _11\"> </span>O<span class=\"_ _2\"></span>n 6 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023<span class=\"_ _2\"></span>, the Com<span class=\"_ _2\"></span>pany issu<span class=\"_ _2\"></span>ed \u00a33<span class=\"_ _2\"></span>50 million fixe<span class=\"_ _2\"></span>d rate reset c<span class=\"_ _2\"></span>allabl<span class=\"_ _2\"></span>e Tier 2 note<span class=\"_ _2\"></span>s which are uns<span class=\"_ _2\"></span>ecure<span class=\"_ _2\"></span>d and subo<span class=\"_ _2\"></span>rdinated. T<span class=\"_ _2\"></span>he notes h<span class=\"_ _2\"></span>ave a maturit<span class=\"_ _2\"></span>y date of 6 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 205<span class=\"_ _2\"></span>3 with an option<span class=\"_ _2\"></span>al issu<span class=\"_ _2\"></span>er par ca<span class=\"_ _2\"></span>ll right on any day in the s<span class=\"_ _2\"></span>ix-month pe<span class=\"_ _2\"></span>riod up to and in<span class=\"_ _2\"></span>cluding 6 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2033<span class=\"_ _2\"></span>. The n<span class=\"_ _2\"></span>otes bear inte<span class=\"_ _2\"></span>rest on th<span class=\"_ _2\"></span>e principa<span class=\"_ _2\"></span>l amount at a fixe<span class=\"_ _2\"></span>d rate of 7<span class=\"_ _7\"></span>.75% per an<span class=\"_ _2\"></span>num up to the interes<span class=\"_ _2\"></span>t rate res<span class=\"_ _2\"></span>et date of 6 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2033<span class=\"_ _2\"></span>. If the note<span class=\"_ _2\"></span>s are not rede<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>d before that d<span class=\"_ _2\"></span>ate, the interes<span class=\"_ _2\"></span>t rate res<span class=\"_ _2\"></span>ets to the s<span class=\"_ _2\"></span>um of the 5 year ben<span class=\"_ _2\"></span>chmark G<span class=\"_ _2\"></span>ilt rate plus a margin of 4<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>5%, b<span class=\"_ _2\"></span>eing the s<span class=\"_ _2\"></span>um of the initial cre<span class=\"_ _2\"></span>dit sprea<span class=\"_ _2\"></span>d use<span class=\"_ _2\"></span>d in pricing th<span class=\"_ _2\"></span>e notes and a 1% m<span class=\"_ _2\"></span>argin ste<span class=\"_ _2\"></span>p-up. Intere<span class=\"_ _2\"></span>st is payab<span class=\"_ _2\"></span>le on the note<span class=\"_ _2\"></span>s sem<span class=\"_ _2\"></span>i-annua<span class=\"_ _2\"></span>lly in arrear<span class=\"_ _2\"></span>s on 6 June an<span class=\"_ _2\"></span>d 6 Dec<span class=\"_ _2\"></span>ember e<span class=\"_ _2\"></span>ach year.<span class=\"_ _3bc\"> </span>m <span class=\"_ _189\"> </span>T<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s in place a \u00a3<span class=\"_ _2\"></span>1.75 billio<span class=\"_ _2\"></span>n unsec<span class=\"_ _2\"></span>ured revolvin<span class=\"_ _2\"></span>g credit fa<span class=\"_ _2\"></span>cilit<span class=\"_ _2\"></span>y (the \u2018<span class=\"_ _5\"></span>revolving f<span class=\"_ _2\"></span>acilit<span class=\"_ _2\"></span>y\u2019<span class=\"_ _2\"></span>), maturing in J<span class=\"_ _2\"></span>une 2026<span class=\"_ _2\"></span>. The fa<span class=\"_ _2\"></span>cilit<span class=\"_ _2\"></span>y accr<span class=\"_ _2\"></span>ues interes<span class=\"_ _2\"></span>t at a margin over S<span class=\"_ _2\"></span>ONIA th<span class=\"_ _2\"></span>at is bas<span class=\"_ _2\"></span>ed on cre<span class=\"_ _2\"></span>dit rating<span class=\"_ _2\"></span>. The fac<span class=\"_ _2\"></span>ility re<span class=\"_ _2\"></span>mains undr<span class=\"_ _2\"></span>awn as at 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>E5<span class=\"_ _2\"></span>.2 R<span class=\"_ _2\"></span>eco<span class=\"_ _2\"></span>ncili<span class=\"_ _2\"></span>ation o<span class=\"_ _2\"></span>f liabi<span class=\"_ _2\"></span>lities a<span class=\"_ _2\"></span>risin<span class=\"_ _2\"></span>g from fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ing a<span class=\"_ _2\"></span>ctiv<span class=\"_ _2\"></span>ities The t<span class=\"_ _2\"></span>able bel<span class=\"_ _2\"></span>ow details ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the Group\u2019s liabilitie<span class=\"_ _2\"></span>s arising from fi<span class=\"_ _2\"></span>nancin<span class=\"_ _2\"></span>g activit<span class=\"_ _2\"></span>ies, in<span class=\"_ _2\"></span>cluding b<span class=\"_ _2\"></span>oth cash a<span class=\"_ _2\"></span>nd non-<span class=\"_ _2\"></span>cash c<span class=\"_ _2\"></span>hange<span class=\"_ _2\"></span>s (with the excepti<span class=\"_ _2\"></span>on of lease lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>, which have b<span class=\"_ _2\"></span>een inc<span class=\"_ _2\"></span>luded in n<span class=\"_ _2\"></span>ote G9). Liabilitie<span class=\"_ _2\"></span>s arising fro<span class=\"_ _2\"></span>m financin<span class=\"_ _2\"></span>g activi<span class=\"_ _2\"></span>ties are tho<span class=\"_ _2\"></span>se for which c<span class=\"_ _2\"></span>ash flows were, or f<span class=\"_ _2\"></span>uture ca<span class=\"_ _2\"></span>sh flows will b<span class=\"_ _2\"></span>e, clas<span class=\"_ _2\"></span>sified in th<span class=\"_ _2\"></span>e Group\u2019s consoli<span class=\"_ _2\"></span>dated st<span class=\"_ _2\"></span>atement of c<span class=\"_ _2\"></span>ash flows a<span class=\"_ _2\"></span>s cash fl<span class=\"_ _2\"></span>ows from finan<span class=\"_ _2\"></span>cing ac<span class=\"_ _2\"></span>tivities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><table class=\"s w5b2 h2cf\" id=\"_61ce9d14-a6c9-40b8-a457-d44b566c713e\"><tr><td></td><td></td><td></td><td class=\"c n x4e4 y594e w5b3 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls5b ws76\">Cash movements<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xb20 y594e w5b4 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls11f ws106\">Non-cash mo<span class=\"_ _7\"></span>vements<span class=\"_ _3bc\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xb21 h3f y594f ff7 fsf fc1 sc0 ls0 ws0\">New </td><td></td><td></td><td class=\"t m0 xb22 h3f y594f ff7 fsf fc1 sc0 ls0 ws0\">Mov<span class=\"_ _2\"></span>emen<span class=\"_ _2\"></span>t in </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xb23 h3f y5950 ff7 fsf fc1 sc0 ls5b ws76\">At 1<span class=\"_ _7\"></span> Januar<span class=\"_ _2\"></span>y </td><td class=\"t m0 x9d3 h3f y5950 ff7 fsf fc1 sc0 ls0 ws0\">bo<span class=\"_ _2\"></span>rrowi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>, ne<span class=\"_ _2\"></span>t </td><td></td><td class=\"t m0 xa01 h3f y5950 ff7 fsf fc1 sc0 ls0 ws0\">Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>es in fa<span class=\"_ _2\"></span>ir </td><td class=\"t m0 x9cc h3f y5950 ff7 fsf fc1 sc0 ls81 ws75\">foreign </td><td class=\"t m0 xb24 h3f y5950 ff7 fsf fc1 sc0 ls0 ws0\">Ot<span class=\"_ _2\"></span>her </td><td class=\"t m0 xb25 h3f y5951 ff7 fsf fc1 sc0 ls0 ws0\">At 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td></tr><tr><td></td><td class=\"t m0 xb26 h3f y5952 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb27 h3f y5952 ff7 fsf fc1 sc0 ls0 ws0\">of co<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb28 h3f y5952 ff7 fsf fc1 sc0 ls5b ws76\">Repayments<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb29 h3f y5952 ff7 fsf fc1 sc0 ls81 ws75\">value<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2a h3f y5952 ff7 fsf fc1 sc0 ls82 ws77\">exchan<span class=\"_ _2\"></span>ge<span class=\"_ _3bc\"> </span></td><td class=\"c x6df y5954 w5b5 h2d0\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls1b ws19\">movem<span class=\"_ _2\"></span>ents</div><div class=\"t m0 xb2b h1d6 y5953 ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x23e h3f y5955 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xb2c h3f y5956 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2d h3f y5956 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5b9 h3f y5956 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h3f y5956 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h3f y5956 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5bb h3f y5957 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5957 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5958 ff3 fs7 fc1 sc0 ls0 ws0\">\u00a33<span class=\"_ _2\"></span>00 million m<span class=\"_ _2\"></span>ulti-curre<span class=\"_ _2\"></span>ncy revolvin<span class=\"_ _2\"></span>g </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5959 w5b6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">credi<span class=\"_ _2\"></span>t<span class=\"_ gs132\"> </span>facilit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb2e y5959 w5b7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b0 ws1ac\">62<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb2f y5959 w543 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb30 y5959 w1da h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">(37<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb31 y5959 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb32 y5959 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb33 y5959 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb34 y5959 w50a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18 ws16\">90<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y595a w5b8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Propert<span class=\"_ _2\"></span>y Reversions loan<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb35 y595a w543 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb36 y595a w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb37 y595a w5b9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">(21<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5c2 y595a wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb38 y595a w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb39 y595a w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb3a y595a w34c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y595b w5ba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u00a34<span class=\"_ _5\"></span>28 millio<span class=\"_ _2\"></span>n Tier 2 sub<span class=\"_ _2\"></span>ordinated n<span class=\"_ _2\"></span>otes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb3b y595b w55 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">427<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb3c y595b w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb3d y595b w5bb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(2<span class=\"_ _2\"></span>31)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb3e y595b w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb3f y595b w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb40 y595b wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb41 y595b w2ac h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y595c w5bc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">US $<span class=\"_ _2\"></span>500 m<span class=\"_ _2\"></span>illion Tier 2 b<span class=\"_ _2\"></span>onds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb42 y595c w38b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb43 y595c w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb44 y595c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb45 y595c w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb46 y595c w1b0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb47 y595c w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb48 y595c w239 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">391<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y595d w5bd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u20ac5<span class=\"_ _2\"></span>00 million T<span class=\"_ _2\"></span>ier 2 notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb49 y595d w112 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a8 ws19f\">439<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb4a y595d w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb4b y595d w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb4c y595d w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb4d y595d w55 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(10)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb4e y595d wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb4f y595d w112 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a8 ws19f\">430<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y595e ff3 fs7 fc1 sc0 ls0 ws0\">US $75<span class=\"_ _2\"></span>0 million Contin<span class=\"_ _2\"></span>gent C<span class=\"_ _2\"></span>onvertib<span class=\"_ _2\"></span>le </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y595f w5be h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Tie<span class=\"_ _2\"></span>r<span class=\"_ gs132\"> </span>1 notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb50 y595f w5bf h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">618<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb51 y595f w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb52 y595f w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb53 y595f w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb54 y595f w2c3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(32)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb55 y595f w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb56 y595f w4f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">5<span class=\"_ _2\"></span>87<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5960 w5c0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u00a350<span class=\"_ _2\"></span>0 million Tie<span class=\"_ _2\"></span>r 2 notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb57 y5960 w4f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">4<span class=\"_ _2\"></span>87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb58 y5960 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb59 y5960 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb5a y5960 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb5b y5960 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb5c y5960 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb5d y5960 w5a5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">489<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5961 w5c1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">US $<span class=\"_ _2\"></span>500 m<span class=\"_ _2\"></span>illion Fixed Ra<span class=\"_ _2\"></span>te Reset T<span class=\"_ _2\"></span>ier 2 notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb5e y5961 w533 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb5f y5961 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb60 y5961 w296 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(119)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb61 y5961 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb62 y5961 w5c2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">(20<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb63 y5961 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb64 y5961 w4fb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">2<span class=\"_ _2\"></span>74<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5962 ff3 fs7 fc1 sc0 ls0 ws0\">\u00a350<span class=\"_ _2\"></span>0 million 5.<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>67% Tie<span class=\"_ _2\"></span>r 2 subordin<span class=\"_ _2\"></span>ated </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5963 w5c3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb65 y5963 w112 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a8 ws19f\">543<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb66 y5963 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5fa y5963 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb67 y5963 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb68 y5963 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb69 y5963 w8d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb6a y5963 w4f7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">536<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5964 ff3 fs7 fc1 sc0 ls0 ws0\">\u00a325<span class=\"_ _2\"></span>0 million Fixe<span class=\"_ _2\"></span>d Rate Reset C<span class=\"_ _2\"></span>allable T<span class=\"_ _2\"></span>ier 2 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5965 w5c4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">subo<span class=\"_ _2\"></span>rdinated note<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb6b y5965 w5c5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">259<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb6c y5965 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb6d y5965 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb6e y5965 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb6f y5965 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb70 y5965 w1bc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac8 y5965 w3b6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5966 ff3 fs7 fc1 sc0 ls0 ws0\">\u00a325<span class=\"_ _2\"></span>0 million 4.<span class=\"_ _2\"></span>016<span class=\"_ _2\"></span>% Tier 3 sub<span class=\"_ _2\"></span>ordinate<span class=\"_ _2\"></span>d </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5967 w5c3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb65 y5967 w5c6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb71 y5967 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb72 y5967 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb73 y5967 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb74 y5967 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb75 y5967 w5c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x256 y5967 w2ff h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5968 ff3 fs7 fc1 sc0 ls0 ws0\">\u00a33<span class=\"_ _2\"></span>50 million Fi<span class=\"_ _2\"></span>xed Rate Res<span class=\"_ _2\"></span>et Callabl<span class=\"_ _2\"></span>e Tier 2 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5969 w5c4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">subo<span class=\"_ _2\"></span>rdinated note<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb76 y5969 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb77 y5969 w5c8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">346<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb78 y5969 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x3fb y5969 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb79 y5969 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb7a y5969 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb7b y5969 w3c9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">346<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y596a ff3 fs7 fc1 sc0 ls1c ws1a\">Derivative ass<span class=\"_ _2\"></span>ets<span class=\"_ _3bc\"> </span></td><td class=\"c n xb7c y561e w546 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(2<span class=\"_ _2\"></span>25)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb7d y561e w199 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb7e y561e w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb7f y561e w130 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb80 y561e w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb81 y561e w5c9 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb82 y561e w8b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">(118)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xb83 y55ef w2a2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,75<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb84 y55ef w38b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb85 y55ef w2cb h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(4<span class=\"_ _2\"></span>08)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb86 y55ef w387 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">110<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb87 y55ef w1ad h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">(8<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb88 y55ef w316 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb89 y55ef w485 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls18c ws172\">3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>74<span class=\"_ _3bc\"> </span></div></td></tr></table>2<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>incip<span class=\"_ _2\"></span>ally c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>rise<span class=\"_ _2\"></span>s amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n unde<span class=\"_ _2\"></span>r the ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ctive i<span class=\"_ _2\"></span>ntere<span class=\"_ _2\"></span>st me<span class=\"_ _2\"></span>tho<span class=\"_ _2\"></span>d appl<span class=\"_ _2\"></span>ied to b<span class=\"_ _2\"></span>orrow<span class=\"_ _2\"></span>ings h<span class=\"_ _2\"></span>eld a<span class=\"_ _2\"></span>t amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ed c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. No inte<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>t was c<span class=\"_ _2\"></span>apit<span class=\"_ _2\"></span>alis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e year. 2 <span class=\"_ _2f\"> </span>Cro<span class=\"_ _2\"></span>ss cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y swa<span class=\"_ _2\"></span>ps to he<span class=\"_ _2\"></span>dge a<span class=\"_ _2\"></span>gai<span class=\"_ _2\"></span>nst a<span class=\"_ _2\"></span>dver<span class=\"_ _2\"></span>se cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of Gr<span class=\"_ _2\"></span>oup\u2019s Euro a<span class=\"_ _2\"></span>nd US D<span class=\"_ _2\"></span>olla<span class=\"_ _2\"></span>r deno<span class=\"_ _2\"></span>mina<span class=\"_ _2\"></span>ted b<span class=\"_ _2\"></span>orrow<span class=\"_ _2\"></span>ings<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><table class=\"s w5ca h2d1\" id=\"_f3c7b265-81be-470b-ada4-8715f086fce3\"><tr><td></td><td></td><td></td><td class=\"c n xb8a y596b w5cb h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls83 ws78\">Cash mov<span class=\"_ _5\"></span>ements<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xb8b y596b w5cc h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse1 wscb\">Non-cash<span class=\"_ _5\"></span> movemen<span class=\"_ _5\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x5b7 h16 y596c ff3 fsf fc1 sc0 ls0 ws0\">Mov<span class=\"_ _2\"></span>emen<span class=\"_ _2\"></span>t in </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xb8c h16 y596d ff3 fsf fc1 sc0 ls0 ws0\">At 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y </td><td class=\"t m0 xb8d h16 y596d ff3 fsf fc1 sc0 ls0 ws0\">Ne<span class=\"_ _2\"></span>w borr<span class=\"_ _2\"></span>owing<span class=\"_ _2\"></span>s, </td><td></td><td class=\"t m0 xb8e h16 y596d ff3 fsf fc1 sc0 ls0 ws0\">Cha<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>s in fai<span class=\"_ _2\"></span>r </td><td class=\"t m0 x9fa h16 y596d ff3 fsf fc1 sc0 ls81 ws75\">foreign<span class=\"_ _5\"></span> </td><td class=\"t m0 xb24 h16 y596d ff3 fsf fc1 sc0 ls83 ws78\">Other </td><td class=\"t m0 xb8f h16 y596e ff3 fsf fc1 sc0 ls0 ws0\">At 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td></tr><tr><td></td><td class=\"t m0 xb26 h16 y596f ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"c n xb90 y5970 w5cd h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">net o<span class=\"_ _2\"></span>f cos<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb91 y5970 w5ce h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls83 ws78\">Repayments<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x75d h16 y596f ff3 fsf fc1 sc0 ls17 ws15\">value<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h16 y596f ff3 fsf fc1 sc0 ls84 ws79\">exchange<span class=\"_ _3bc\"> </span></td><td class=\"c xb93 y5970 w5cf h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls83 ws78\">movements</div><div class=\"t m0 xb92 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x23e h16 y5971 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"c n xb94 y5972 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb95 y5972 w5d0 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb96 y5972 w591 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb97 y5972 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb98 y5972 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb99 y5972 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb9a y5972 w591 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5973 ff3 fs7 fc1 sc0 ls0 ws0\">\u00a33<span class=\"_ _2\"></span>00 million m<span class=\"_ _2\"></span>ulti-curre<span class=\"_ _2\"></span>ncy revolvin<span class=\"_ _2\"></span>g </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5974 w5b6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">credi<span class=\"_ _2\"></span>t<span class=\"_ gs132\"> </span>facilit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb9b y5974 w5d1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb9c y5974 w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">61<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb9d y5974 w30b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb9e y5974 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb9f y5974 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba0 y5974 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba1 y5974 w59c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">62<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5975 w5b8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Propert<span class=\"_ _2\"></span>y Reversions loan<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba2 y5975 w357 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c4 ws1c4\">70<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba3 y5975 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba4 y5975 w1d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(15)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba5 y5975 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba6 y5975 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba7 y5975 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba8 y5975 w44a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5976 w5ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u00a34<span class=\"_ _5\"></span>28 millio<span class=\"_ _2\"></span>n Tier 2 sub<span class=\"_ _2\"></span>ordinated n<span class=\"_ _2\"></span>otes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba9 y5976 w2ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">427<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbaa y5976 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbab y5976 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbac y5976 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbad y5976 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbae y5976 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbaf y5976 w6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">42<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5977 w5d2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u00a3450 million T<span class=\"_ _2\"></span>ier 3 subo<span class=\"_ _2\"></span>rdinated note<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb0 y5977 w5d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">45<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb1 y5977 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb2 y5977 w5d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(45<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb3 y5977 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb4 y5977 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb5 y5977 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb6 y5977 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5978 w5bc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">US $<span class=\"_ _2\"></span>500 m<span class=\"_ _2\"></span>illion Tier 2 b<span class=\"_ _2\"></span>onds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb7 y5978 w5d5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">368<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb8 y5978 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb9 y5978 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbba y5978 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbbb y5978 w31d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbbc y5978 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbbd y5978 w5a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _3\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5979 w5bd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u20ac5<span class=\"_ _2\"></span>00 million T<span class=\"_ _2\"></span>ier 2 notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbbe y5979 w116 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbbf y5979 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc0 y5979 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc1 y5979 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc2 y5979 w51a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">22<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc3 y5979 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc4 y5979 w227 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">439<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y597a ff3 fs7 fc1 sc0 ls0 ws0\">US $75<span class=\"_ _2\"></span>0 million Contin<span class=\"_ _2\"></span>gent C<span class=\"_ _2\"></span>onvertib<span class=\"_ _2\"></span>le </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y597b w5be h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Tie<span class=\"_ _2\"></span>r<span class=\"_ gs132\"> </span>1 notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc5 y597b w5d6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">551<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc6 y597b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb52 y597b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc7 y597b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc8 y597b w17e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">66<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc9 y597b w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbca y597b w2a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">618<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y597c w5c0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u00a350<span class=\"_ _2\"></span>0 million Tie<span class=\"_ _2\"></span>r 2 notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb57 y597c w5d7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">485<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbcb y597c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbcc y597c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbcd y597c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbce y597c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbcf y597c w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd0 y597c w1e1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">487<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y597d w5c1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">US $<span class=\"_ _2\"></span>500 m<span class=\"_ _2\"></span>illion Fixed Ra<span class=\"_ _2\"></span>te Reset T<span class=\"_ _2\"></span>ier 2 notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd1 y597d w5d5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">368<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd2 y597d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd3 y597d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd4 y597d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd5 y597d w31a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">44<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd6 y597d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd7 y597d w5a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _3\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y597e ff3 fs7 fc1 sc0 ls0 ws0\">\u00a350<span class=\"_ _2\"></span>0 million 5.<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>67% Tie<span class=\"_ _2\"></span>r 2 subordin<span class=\"_ _2\"></span>ated </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y597f w5c3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb65 y597f w9c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">550<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd8 y597f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd9 y597f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbda y597f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbdb y597f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbdc y597f w419 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbdd y597f w32a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">543<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5980 ff3 fs7 fc1 sc0 ls0 ws0\">\u00a325<span class=\"_ _2\"></span>0 million Fixe<span class=\"_ _2\"></span>d Rate Reset C<span class=\"_ _2\"></span>allable T<span class=\"_ _2\"></span>ier 2 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5981 w5c4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">subo<span class=\"_ _2\"></span>rdinated note<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbde y5981 w2eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">26<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbdf y5981 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe0 y5981 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe1 y5981 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe2 y5981 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe3 y5981 w3d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe4 y5981 we1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5982 ff3 fs7 fc1 sc0 ls0 ws0\">\u00a325<span class=\"_ _2\"></span>0 million 4.<span class=\"_ _2\"></span>016<span class=\"_ _2\"></span>% Tier 3 sub<span class=\"_ _2\"></span>ordinate<span class=\"_ _2\"></span>d </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5983 w5c3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe5 y5983 w5d8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">257<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe6 y5983 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe7 y5983 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe8 y5983 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe9 y5983 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbea y5983 w5d9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbeb y5983 we1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5984 ff3 fs7 fc1 sc0 ls1c ws1a\">Derivative ass<span class=\"_ _2\"></span>ets<span class=\"_ _3bc\"> </span></td><td class=\"c n xbec y561d w1c4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls38 ws35\">(48)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbed y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbee y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbef y561d w254 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf0 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf1 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf2 y561d w5da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">(2<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5985 ff3 fs7 fc1 sc0 ls1c ws1a\">Derivative liabilities<span class=\"_ _3bc\"> </span></td><td class=\"c n xbf3 y561e w1a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf4 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf5 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf6 y561e w5db h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a6 ws196\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf7 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf8 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf9 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xbfa y55ef w196 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">4,182<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbfb y55ef w1b4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">61<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbfc y55ef w5dc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(482)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbfd y55ef w5dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>173<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbfe y55ef w389 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbff y55ef w5de h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(11<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc00 y55ef w1ca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr></table>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>incip<span class=\"_ _2\"></span>ally c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>rise<span class=\"_ _2\"></span>s amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n unde<span class=\"_ _2\"></span>r the ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ctive i<span class=\"_ _2\"></span>ntere<span class=\"_ _2\"></span>st me<span class=\"_ _2\"></span>tho<span class=\"_ _2\"></span>d appl<span class=\"_ _2\"></span>ied to b<span class=\"_ _2\"></span>orrow<span class=\"_ _2\"></span>ings h<span class=\"_ _2\"></span>eld a<span class=\"_ _2\"></span>t amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ed c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. No inte<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>t was c<span class=\"_ _2\"></span>apit<span class=\"_ _2\"></span>alis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e year.<span class=\"_ _3bc\"> </span>2 <span class=\"_ _2f\"> </span>Cro<span class=\"_ _2\"></span>ss cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y swa<span class=\"_ _2\"></span>ps to he<span class=\"_ _2\"></span>dge a<span class=\"_ _2\"></span>gai<span class=\"_ _2\"></span>nst a<span class=\"_ _2\"></span>dver<span class=\"_ _2\"></span>se cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of Gr<span class=\"_ _2\"></span>oup\u2019s Euro a<span class=\"_ _2\"></span>nd US D<span class=\"_ _2\"></span>olla<span class=\"_ _2\"></span>r deno<span class=\"_ _2\"></span>mina<span class=\"_ _2\"></span>ted b<span class=\"_ _2\"></span>orrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff2 fs7 fc1 sc0 ls13 ws11 gs511\">E6. Risk management \u2013 financial<span class=\"_ _7\"></span> and other risks<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs512\">This note for<span class=\"_ _2\"></span>ms one par<span class=\"_ _2\"></span>t of the ris<span class=\"_ _2\"></span>k manag<span class=\"_ _2\"></span>ement di<span class=\"_ _2\"></span>sclosure<span class=\"_ _2\"></span>s in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financi<span class=\"_ _2\"></span>al state<span class=\"_ _2\"></span>ments<span class=\"_ _2\"></span>. An over<span class=\"_ _2\"></span>view of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ap<span class=\"_ _2\"></span>proach to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs513\">risk ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment is ou<span class=\"_ _2\"></span>tlined in note I3 a<span class=\"_ _2\"></span>nd the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement of ins<span class=\"_ _2\"></span>urance ri<span class=\"_ _2\"></span>sk is detail<span class=\"_ _2\"></span>ed in note F11<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs514\">E6<span class=\"_ _2\"></span>.1 Finan<span class=\"_ _2\"></span>cial r<span class=\"_ _2\"></span>isk an<span class=\"_ _2\"></span>d the A<span class=\"_ _2\"></span>sset Li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ty M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt (\u2018<span class=\"_ _7\"></span>ALM<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>) fram<span class=\"_ _2\"></span>ework<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs515\">The us<span class=\"_ _2\"></span>e of financia<span class=\"_ _2\"></span>l instrum<span class=\"_ _2\"></span>ents n<span class=\"_ _2\"></span>aturally ex<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>s the Group to the r<span class=\"_ _2\"></span>isks ass<span class=\"_ _2\"></span>ociate<span class=\"_ _2\"></span>d with them<span class=\"_ _2\"></span>, chiefly m<span class=\"_ _2\"></span>arket risk, c<span class=\"_ _2\"></span>redit risk an<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs516\">soun<span class=\"_ _2\"></span>dnes<span class=\"_ _2\"></span>s risk. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs517\">Resp<span class=\"_ _2\"></span>onsibilit<span class=\"_ _2\"></span>y for ag<span class=\"_ _2\"></span>reeing th<span class=\"_ _2\"></span>e financi<span class=\"_ _2\"></span>al risk profile res<span class=\"_ _2\"></span>ts with t<span class=\"_ _2\"></span>he Board of e<span class=\"_ _2\"></span>ach Life Com<span class=\"_ _2\"></span>pany<span class=\"_ _5\"></span>, as adv<span class=\"_ _2\"></span>ised by inves<span class=\"_ _2\"></span>tment m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>rs<span class=\"_ _2\"></span>, internal </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs518\">comm<span class=\"_ _2\"></span>itte<span class=\"_ _2\"></span>es and<span class=\"_ gs132\"> </span>th<span class=\"_ _2\"></span>e actu<span class=\"_ _2\"></span>arial func<span class=\"_ _2\"></span>tion. I<span class=\"_ _2\"></span>n set<span class=\"_ _2\"></span>ting the ris<span class=\"_ _2\"></span>k profile, the B<span class=\"_ _2\"></span>oard of eac<span class=\"_ _2\"></span>h Life Company will re<span class=\"_ _2\"></span>ceive ad<span class=\"_ _2\"></span>vice from the C<span class=\"_ _2\"></span>hief Investm<span class=\"_ _2\"></span>ent </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs519\">Of<span class=\"_ _2\"></span>ficer, the releva<span class=\"_ _2\"></span>nt With-profit Ac<span class=\"_ _2\"></span>tuar<span class=\"_ _2\"></span>y and th<span class=\"_ _2\"></span>e relevant ac<span class=\"_ _2\"></span>tuaria<span class=\"_ _2\"></span>l funct<span class=\"_ _2\"></span>ion holde<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>/Chief Actu<span class=\"_ _2\"></span>ary a<span class=\"_ _2\"></span>s to the potential im<span class=\"_ _2\"></span>plicatio<span class=\"_ _2\"></span>ns of that risk </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs51a\">profile with re<span class=\"_ _2\"></span>gard to th<span class=\"_ _2\"></span>e probabilit<span class=\"_ _2\"></span>y of both re<span class=\"_ _2\"></span>alistic in<span class=\"_ _2\"></span>solvenc<span class=\"_ _2\"></span>y and of failing to m<span class=\"_ _2\"></span>eet the re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y Minim<span class=\"_ _2\"></span>um Capita<span class=\"_ _2\"></span>l Requirem<span class=\"_ _2\"></span>ent. Th<span class=\"_ _2\"></span>e Chief </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs51b\">Act<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y will also ad<span class=\"_ _2\"></span>vise the ex<span class=\"_ _2\"></span>tent to<span class=\"_ gs132\"> </span>which t<span class=\"_ _2\"></span>he investm<span class=\"_ _2\"></span>ent risk taken is c<span class=\"_ _2\"></span>onsis<span class=\"_ _2\"></span>tent with the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s c<span class=\"_ _2\"></span>ommitme<span class=\"_ _2\"></span>nt to help cus<span class=\"_ _2\"></span>tomer<span class=\"_ _2\"></span>s sec<span class=\"_ _2\"></span>ure a life of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs51c\">pos<span class=\"_ _2\"></span>sibilities<span class=\"_ _2\"></span>, incl<span class=\"_ _2\"></span>uding me<span class=\"_ _2\"></span>eting the FCA\u2019<span class=\"_ _7\"></span>s exp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ations un<span class=\"_ _2\"></span>der the Ne<span class=\"_ _2\"></span>w Cons<span class=\"_ _2\"></span>umer Dut<span class=\"_ _2\"></span>y.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs51d\">Der<span class=\"_ _2\"></span>ivatives are us<span class=\"_ _2\"></span>ed in many of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s fund<span class=\"_ _2\"></span>s, within p<span class=\"_ _2\"></span>olicy g<span class=\"_ _2\"></span>uidelines a<span class=\"_ _2\"></span>gree<span class=\"_ _2\"></span>d by the Boa<span class=\"_ _2\"></span>rd of each Life Co<span class=\"_ _2\"></span>mpany and over<span class=\"_ _2\"></span>seen by </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs51e\">investm<span class=\"_ _2\"></span>ent comm<span class=\"_ _2\"></span>itte<span class=\"_ _2\"></span>es of the Boa<span class=\"_ _2\"></span>rds of each Life C<span class=\"_ _2\"></span>ompany supp<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ted by mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt oversight c<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>tees<span class=\"_ _2\"></span>. Deriv<span class=\"_ _2\"></span>atives are prim<span class=\"_ _2\"></span>arily use<span class=\"_ _2\"></span>d for </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs51f\">risk he<span class=\"_ _2\"></span>dging p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>s or for ef<span class=\"_ _2\"></span>ficient por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folio mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt, incl<span class=\"_ _2\"></span>uding the a<span class=\"_ _2\"></span>ctivitie<span class=\"_ _2\"></span>s of the Group\u2019s T<span class=\"_ _6\"></span>re<span class=\"_ _2\"></span>asur<span class=\"_ _2\"></span>y func<span class=\"_ _2\"></span>tion.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs520\">More de<span class=\"_ _2\"></span>tail on the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s expo<span class=\"_ _2\"></span>sure to financ<span class=\"_ _2\"></span>ial risk is provi<span class=\"_ _2\"></span>ded in note E6<span class=\"_ _2\"></span>.2 be<span class=\"_ _2\"></span>low.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs521\">The Gro<span class=\"_ _2\"></span>up is also ex<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>d to insuran<span class=\"_ _2\"></span>ce risk aris<span class=\"_ _2\"></span>ing from it<span class=\"_ _2\"></span>s Life, Pensions an<span class=\"_ _2\"></span>d Saving<span class=\"_ _2\"></span>s busine<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>. Life insuranc<span class=\"_ _2\"></span>e risk in the G<span class=\"_ _2\"></span>roup arise<span class=\"_ _2\"></span>s through i<span class=\"_ _2\"></span>ts </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs522\">expo<span class=\"_ _2\"></span>sure to long<span class=\"_ _2\"></span>evity, per<span class=\"_ _2\"></span>sisten<span class=\"_ _2\"></span>cy, mort<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y and to other va<span class=\"_ _2\"></span>riance<span class=\"_ _2\"></span>s bet<span class=\"_ _2\"></span>ween as<span class=\"_ _2\"></span>sume<span class=\"_ _2\"></span>d and ac<span class=\"_ _2\"></span>tual exp<span class=\"_ _2\"></span>erien<span class=\"_ _2\"></span>ce. The<span class=\"_ _2\"></span>se varian<span class=\"_ _2\"></span>ces c<span class=\"_ _2\"></span>an be in fac<span class=\"_ _2\"></span>tors </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs523\">such a<span class=\"_ _2\"></span>s adminis<span class=\"_ _2\"></span>trative expe<span class=\"_ _2\"></span>nses a<span class=\"_ _2\"></span>nd new bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s pricing<span class=\"_ _2\"></span>. More det<span class=\"_ _2\"></span>ail on the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ex<span class=\"_ _2\"></span>posure to ins<span class=\"_ _2\"></span>urance r<span class=\"_ _2\"></span>isk is provide<span class=\"_ _2\"></span>d in note F11.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs524\">The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ove<span class=\"_ _2\"></span>rall expo<span class=\"_ _2\"></span>sure to market and cre<span class=\"_ _2\"></span>dit risk is m<span class=\"_ _2\"></span>onitored by app<span class=\"_ _2\"></span>ropriate co<span class=\"_ _2\"></span>mmit<span class=\"_ _2\"></span>tees<span class=\"_ _2\"></span>, which ag<span class=\"_ _2\"></span>ree polic<span class=\"_ _2\"></span>ies for man<span class=\"_ _2\"></span>aging ea<span class=\"_ _2\"></span>ch t<span class=\"_ _2\"></span>ype of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs525\">risk on an<span class=\"_ gs132\"> </span>o<span class=\"_ _2\"></span>ngoin<span class=\"_ _2\"></span>g basis<span class=\"_ _2\"></span>, in line with th<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt strate<span class=\"_ _2\"></span>gy develop<span class=\"_ _2\"></span>ed to ach<span class=\"_ _2\"></span>ieve investme<span class=\"_ _2\"></span>nt returns in exce<span class=\"_ _2\"></span>ss of amo<span class=\"_ _2\"></span>unts due in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs526\">insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ctivene<span class=\"_ _2\"></span>ss of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ALM f<span class=\"_ _2\"></span>ramework re<span class=\"_ _2\"></span>lies on the m<span class=\"_ _2\"></span>atching of as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s arising from in<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs527\">investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, ta<span class=\"_ _2\"></span>king into acc<span class=\"_ _2\"></span>ount the t<span class=\"_ _2\"></span>ypes of b<span class=\"_ _2\"></span>enefit<span class=\"_ _2\"></span>s payable to po<span class=\"_ _2\"></span>licyhold<span class=\"_ _2\"></span>ers und<span class=\"_ _2\"></span>er each t<span class=\"_ _2\"></span>yp<span class=\"_ _2\"></span>e of contrac<span class=\"_ _2\"></span>t. Se<span class=\"_ _2\"></span>parate po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folios of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs528\">as<span class=\"_ _2\"></span>sets are m<span class=\"_ _2\"></span>aintaine<span class=\"_ _2\"></span>d for with-profit b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s funds (whic<span class=\"_ _2\"></span>h include a<span class=\"_ _2\"></span>ll of the Group\u2019s part<span class=\"_ _2\"></span>icipating b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s), non-linked no<span class=\"_ _2\"></span>n-profit fund<span class=\"_ _2\"></span>s and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs529\">unit-linked fund<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls14 ws12 gs52a\">E6<span class=\"_ _2\"></span>.2 Financia<span class=\"_ _2\"></span>l r<span class=\"_ _5\"></span>isk analysis<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs52b\">T<span class=\"_ _7\"></span>ran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ions in finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s result in th<span class=\"_ _2\"></span>e Group as<span class=\"_ _2\"></span>suming fina<span class=\"_ _2\"></span>ncial ris<span class=\"_ _2\"></span>ks. The<span class=\"_ _2\"></span>se inclu<span class=\"_ _2\"></span>de credit ri<span class=\"_ _2\"></span>sk, ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et risk an<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial soun<span class=\"_ _2\"></span>dness </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs52c\">risk<span class=\"_ _2\"></span>. Each of the<span class=\"_ _2\"></span>se are des<span class=\"_ _2\"></span>cribe<span class=\"_ _2\"></span>d below, tog<span class=\"_ _2\"></span>ether with a s<span class=\"_ _2\"></span>ummar<span class=\"_ _2\"></span>y of how the G<span class=\"_ _2\"></span>roup mana<span class=\"_ _2\"></span>ges the r<span class=\"_ _2\"></span>isk, al<span class=\"_ _2\"></span>ong with se<span class=\"_ _2\"></span>nsitivit<span class=\"_ _2\"></span>y ana<span class=\"_ _2\"></span>lysis whe<span class=\"_ _2\"></span>re </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs52d\">approp<span class=\"_ _2\"></span>riate. The s<span class=\"_ _2\"></span>ensitivi<span class=\"_ _2\"></span>ty an<span class=\"_ _2\"></span>alysis do<span class=\"_ _2\"></span>es not ta<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e into a<span class=\"_ _2\"></span>ccount th<span class=\"_ _2\"></span>e impac<span class=\"_ _2\"></span>t on the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s, in<span class=\"_ _2\"></span>cluding any imp<span class=\"_ _2\"></span>act ari<span class=\"_ _2\"></span>sing as a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs52e\">result of th<span class=\"_ _2\"></span>e eliminatio<span class=\"_ _2\"></span>n of intra-gro<span class=\"_ _2\"></span>up buy-in tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tions be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en the life comp<span class=\"_ _2\"></span>anies an<span class=\"_ _2\"></span>d the Group\u2019s pens<span class=\"_ _2\"></span>ion sche<span class=\"_ _2\"></span>mes<span class=\"_ _2\"></span>. It also do<span class=\"_ _2\"></span>es not inc<span class=\"_ _2\"></span>lude </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs52f\">se<span class=\"_ _2\"></span>cond orde<span class=\"_ _2\"></span>r impac<span class=\"_ _2\"></span>ts of market movem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, for<span class=\"_ gs132\"> </span>example<span class=\"_ _2\"></span>, where a ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et movem<span class=\"_ _2\"></span>ent may give ris<span class=\"_ _2\"></span>e to potential in<span class=\"_ _2\"></span>dicators of imp<span class=\"_ _2\"></span>airment for th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs530\">Group\u2019s intang<span class=\"_ _2\"></span>ible balan<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls61 ws5f gs531\">Climate risk<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs532\">The Gro<span class=\"_ _2\"></span>up is expos<span class=\"_ _2\"></span>ed to finan<span class=\"_ _2\"></span>cial risks (in p<span class=\"_ _2\"></span>arti<span class=\"_ _2\"></span>cular mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t and credi<span class=\"_ _2\"></span>t risk) rela<span class=\"_ _2\"></span>ted to the tran<span class=\"_ _2\"></span>sition to a low c<span class=\"_ _2\"></span>arbon e<span class=\"_ _2\"></span>conomy, and the p<span class=\"_ _2\"></span>hysical </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs533\">impac<span class=\"_ _2\"></span>ts res<span class=\"_ _2\"></span>ulting from clim<span class=\"_ _2\"></span>ate chan<span class=\"_ _2\"></span>ge which c<span class=\"_ _2\"></span>ould resul<span class=\"_ _2\"></span>t in long-term m<span class=\"_ _2\"></span>arket, cred<span class=\"_ _2\"></span>it, insur<span class=\"_ _2\"></span>ance, re<span class=\"_ _2\"></span>putati<span class=\"_ _2\"></span>on, prop<span class=\"_ _2\"></span>osition an<span class=\"_ _2\"></span>d oper<span class=\"_ _2\"></span>ational </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs534\">implic<span class=\"_ _2\"></span>ations<span class=\"_ _2\"></span>. As such<span class=\"_ _2\"></span>, this<span class=\"_ gs132\"> </span>risk i<span class=\"_ _2\"></span>s treated as a c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ent of the cros<span class=\"_ _2\"></span>s-c<span class=\"_ _2\"></span>uttin<span class=\"_ _2\"></span>g Sus<span class=\"_ _2\"></span>tainabili<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k in the Group\u2019s Risk Unive<span class=\"_ _2\"></span>rse. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs535\">Ide<span class=\"_ _2\"></span>ntificatio<span class=\"_ _2\"></span>n of climate relate<span class=\"_ _2\"></span>d risks has b<span class=\"_ _2\"></span>een em<span class=\"_ _2\"></span>bedde<span class=\"_ _2\"></span>d into the Group\u2019s Risk M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement Frame<span class=\"_ _2\"></span>work. Si<span class=\"_ _2\"></span>gnificant p<span class=\"_ _2\"></span>rogres<span class=\"_ _2\"></span>s has be<span class=\"_ _2\"></span>en ma<span class=\"_ _2\"></span>de in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs536\">rec<span class=\"_ _2\"></span>ent years in de<span class=\"_ _2\"></span>veloping ris<span class=\"_ _2\"></span>k metric<span class=\"_ _2\"></span>s and es<span class=\"_ _2\"></span>tablish<span class=\"_ _2\"></span>ing approp<span class=\"_ _2\"></span>riate governa<span class=\"_ _2\"></span>nce and r<span class=\"_ _2\"></span>isk mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt proce<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>. The G<span class=\"_ _2\"></span>roup has a<span class=\"_ _2\"></span>dopted a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs537\">proa<span class=\"_ _2\"></span>ctive appro<span class=\"_ _2\"></span>ach towards c<span class=\"_ _2\"></span>ombat<span class=\"_ _2\"></span>ting clim<span class=\"_ _2\"></span>ate chang<span class=\"_ _2\"></span>e, with key net zero ta<span class=\"_ _2\"></span>rgets<span class=\"_ _2\"></span>. Furth<span class=\"_ _2\"></span>er details o<span class=\"_ _2\"></span>n these t<span class=\"_ _2\"></span>arget<span class=\"_ _2\"></span>s and on man<span class=\"_ _2\"></span>aging th<span class=\"_ _2\"></span>e related </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs538\">climate c<span class=\"_ _2\"></span>hange r<span class=\"_ _2\"></span>isks are provide<span class=\"_ _2\"></span>d in the Climate Re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t and T<span class=\"_ _7\"></span>ask Fo<span class=\"_ _2\"></span>rce for Climate<span class=\"_ _2\"></span>-related F<span class=\"_ _2\"></span>inancia<span class=\"_ _2\"></span>l Disclo<span class=\"_ _2\"></span>sures (\u2018<span class=\"_ _2\"></span>TCFD\u2019<span class=\"_ _2\"></span>).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs539\">E6<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2.1 Cr<span class=\"_ _2\"></span>edit ris<span class=\"_ _2\"></span>k<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs53a\">Credit r<span class=\"_ _2\"></span>isk is define<span class=\"_ _2\"></span>d as the ris<span class=\"_ _2\"></span>k of reducti<span class=\"_ _2\"></span>ons in earnin<span class=\"_ _2\"></span>gs and/<span class=\"_ _5\"></span>or value<span class=\"_ _2\"></span>, throug<span class=\"_ _2\"></span>h financia<span class=\"_ _2\"></span>l or reput<span class=\"_ _2\"></span>ational lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, as a result of the d<span class=\"_ _2\"></span>efault of a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs53b\">counte<span class=\"_ _2\"></span>rpar<span class=\"_ _2\"></span>ty or a<span class=\"_ _2\"></span>n asso<span class=\"_ _2\"></span>ciate of such a c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y to a financ<span class=\"_ _2\"></span>ial trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on (i.e. failure to h<span class=\"_ _2\"></span>onour the<span class=\"_ _2\"></span>ir financi<span class=\"_ _2\"></span>al obligat<span class=\"_ _2\"></span>ions<span class=\"_ _2\"></span>, or failing to pe<span class=\"_ _2\"></span>rform </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs53c\">them in a tim<span class=\"_ _2\"></span>ely man<span class=\"_ _2\"></span>ner), whethe<span class=\"_ _2\"></span>r on or off b<span class=\"_ _2\"></span>alance s<span class=\"_ _2\"></span>heet<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs53d\">There a<span class=\"_ _2\"></span>re two pr<span class=\"_ _2\"></span>incipal s<span class=\"_ _2\"></span>ources of cre<span class=\"_ _2\"></span>dit risk for the G<span class=\"_ _2\"></span>roup:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs53e\">\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>redit risk w<span class=\"_ _2\"></span>hich result<span class=\"_ _2\"></span>s from direc<span class=\"_ _2\"></span>t investm<span class=\"_ _2\"></span>ent activ<span class=\"_ _2\"></span>ities<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g investme<span class=\"_ _2\"></span>nts in debt s<span class=\"_ _2\"></span>ecuritie<span class=\"_ _2\"></span>s, de<span class=\"_ _2\"></span>rivatives c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>, colle<span class=\"_ _2\"></span>ctive </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs53f\">investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes<span class=\"_ _2\"></span>, hed<span class=\"_ _2\"></span>ge fund<span class=\"_ _2\"></span>s and the pl<span class=\"_ _2\"></span>acing of ca<span class=\"_ _2\"></span>sh depo<span class=\"_ _2\"></span>sits; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs540\">\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>redit risk w<span class=\"_ _2\"></span>hich result<span class=\"_ _2\"></span>s indirec<span class=\"_ _2\"></span>tly from ac<span class=\"_ _2\"></span>tivitie<span class=\"_ _2\"></span>s under<span class=\"_ _2\"></span>taken in the no<span class=\"_ _2\"></span>rmal co<span class=\"_ _2\"></span>urse of bus<span class=\"_ _2\"></span>iness<span class=\"_ _2\"></span>. Suc<span class=\"_ _2\"></span>h activi<span class=\"_ _2\"></span>ties inclu<span class=\"_ _2\"></span>de premium p<span class=\"_ _2\"></span>ayments<span class=\"_ _2\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs541\">out<span class=\"_ _2\"></span>sourcin<span class=\"_ _2\"></span>g contrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, reinsur<span class=\"_ _2\"></span>ance ag<span class=\"_ _2\"></span>reem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, expos<span class=\"_ _2\"></span>ure from materia<span class=\"_ _2\"></span>l supplier<span class=\"_ _2\"></span>s and the le<span class=\"_ _2\"></span>nding of se<span class=\"_ _2\"></span>curities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs542\">The am<span class=\"_ _2\"></span>ount discl<span class=\"_ _2\"></span>osed in th<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment of cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l position in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of all finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, toget<span class=\"_ _2\"></span>her with rig<span class=\"_ _2\"></span>hts se<span class=\"_ _2\"></span>cured und<span class=\"_ _2\"></span>er off </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs543\">bala<span class=\"_ _2\"></span>nce she<span class=\"_ _2\"></span>et collate<span class=\"_ _2\"></span>ral arran<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, but exclu<span class=\"_ _2\"></span>ding the mino<span class=\"_ _2\"></span>rity inte<span class=\"_ _2\"></span>rest in co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s and thos<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets that </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs544\">bac<span class=\"_ _2\"></span>k policyh<span class=\"_ _2\"></span>older lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>, repres<span class=\"_ _2\"></span>ents the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s ma<span class=\"_ _2\"></span>ximum expo<span class=\"_ _2\"></span>sure to credit r<span class=\"_ _2\"></span>isk. Th<span class=\"_ _2\"></span>e credit ris<span class=\"_ _2\"></span>k borne by the s<span class=\"_ _2\"></span>hareho<span class=\"_ _2\"></span>lder on with<span class=\"_ _2\"></span>-profit </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs545\">polic<span class=\"_ _2\"></span>ies is dep<span class=\"_ _2\"></span>endent on t<span class=\"_ _2\"></span>he exte<span class=\"_ _2\"></span>nt to which the un<span class=\"_ _2\"></span>derlying in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e fund is re<span class=\"_ _2\"></span>lying on sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er suppo<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs546\">The imp<span class=\"_ _2\"></span>act of non<span class=\"_ _2\"></span>-governm<span class=\"_ _2\"></span>ent debt se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s and, inter a<span class=\"_ _2\"></span>lia, the c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e in market credit sp<span class=\"_ _2\"></span>reads dur<span class=\"_ _2\"></span>ing the year is f<span class=\"_ _2\"></span>ully reflec<span class=\"_ _2\"></span>ted in the va<span class=\"_ _2\"></span>lues </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs547\">shown in t<span class=\"_ _2\"></span>hese c<span class=\"_ _2\"></span>onsolida<span class=\"_ _2\"></span>ted finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s. Cre<span class=\"_ _2\"></span>dit sprea<span class=\"_ _2\"></span>ds are the exce<span class=\"_ _2\"></span>ss of corp<span class=\"_ _2\"></span>orate bon<span class=\"_ _2\"></span>d yields over g<span class=\"_ _2\"></span>ilt yields to refle<span class=\"_ _2\"></span>ct the h<span class=\"_ _2\"></span>igher </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs548\">level of risk<span class=\"_ _2\"></span>. Similar<span class=\"_ _2\"></span>ly<span class=\"_ _7\"></span>, t<span class=\"_ _2\"></span>he value of deri<span class=\"_ _2\"></span>vatives that th<span class=\"_ _2\"></span>e Group hol<span class=\"_ _2\"></span>ds takes into acc<span class=\"_ _2\"></span>ount fully th<span class=\"_ _2\"></span>e chang<span class=\"_ _2\"></span>es in swap r<span class=\"_ _2\"></span>ates. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs549\">There i<span class=\"_ _2\"></span>s an expos<span class=\"_ _2\"></span>ure to spread c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es affe<span class=\"_ _2\"></span>cting th<span class=\"_ _2\"></span>e prices of c<span class=\"_ _2\"></span>orporate b<span class=\"_ _2\"></span>onds an<span class=\"_ _2\"></span>d derivatives<span class=\"_ _2\"></span>. This exp<span class=\"_ _2\"></span>osure app<span class=\"_ _2\"></span>lies to supp<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d with-profit </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs54a\">fund<span class=\"_ _2\"></span>s (<span class=\"_ _5\"></span>where r<span class=\"_ _2\"></span>isks and rewa<span class=\"_ _2\"></span>rds fall wholl<span class=\"_ _2\"></span>y to shareh<span class=\"_ _2\"></span>olders), no<span class=\"_ _2\"></span>n-profit fun<span class=\"_ _2\"></span>ds and sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>rs\u2019 funds<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div>The Gro<span class=\"_ _2\"></span>up holds \u00a3<span class=\"_ _2\"></span>18<span class=\"_ _2\"></span>,479 million (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>977 millio<span class=\"_ _2\"></span>n) o<span class=\"_ _5\"></span>f corp<span class=\"_ _2\"></span>orate bon<span class=\"_ _2\"></span>ds which are u<span class=\"_ _2\"></span>sed to ba<span class=\"_ _2\"></span>ck annuit<span class=\"_ _2\"></span>y liabilit<span class=\"_ _2\"></span>ies in non-p<span class=\"_ _2\"></span>rofit funds<span class=\"_ _2\"></span>. The<span class=\"_ _2\"></span>se<span class=\"_ gs132\"> </span>annuit<span class=\"_ _2\"></span>y liabili<span class=\"_ _2\"></span>ties inclu<span class=\"_ _2\"></span>de an agg<span class=\"_ _2\"></span>regate c<span class=\"_ _2\"></span>redit defaul<span class=\"_ _2\"></span>t provision of \u00a33<span class=\"_ _2\"></span>88 milli<span class=\"_ _2\"></span>on (2022: \u00a3<span class=\"_ _2\"></span>305 m<span class=\"_ _2\"></span>illion) to fund ag<span class=\"_ _2\"></span>ainst th<span class=\"_ _2\"></span>e risk of default<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A 10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s widening of cre<span class=\"_ _2\"></span>dit spre<span class=\"_ _2\"></span>ads, w<span class=\"_ _2\"></span>ith all other var<span class=\"_ _2\"></span>iables h<span class=\"_ _2\"></span>eld con<span class=\"_ _2\"></span>stant an<span class=\"_ _2\"></span>d no chan<span class=\"_ _2\"></span>ge in as<span class=\"_ _2\"></span>sumed e<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted defa<span class=\"_ _2\"></span>ults<span class=\"_ _2\"></span>, would resul<span class=\"_ _2\"></span>t in a dec<span class=\"_ _2\"></span>rease in th<span class=\"_ _2\"></span>e profit afte<span class=\"_ _2\"></span>r tax in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of a full financ<span class=\"_ _2\"></span>ial year, and in equit<span class=\"_ _2\"></span>y, of \u00a3357 millio<span class=\"_ _2\"></span>n (2022: \u00a348<span class=\"_ _2\"></span>0 million), and a de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in CSM of \u00a35 million (20<span class=\"_ _2\"></span>22: \u00a36 million).<span class=\"_ _3bc\"> </span>A 10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s narrowing of cre<span class=\"_ _2\"></span>dit sprea<span class=\"_ _2\"></span>ds, w<span class=\"_ _2\"></span>ith all other var<span class=\"_ _2\"></span>iables he<span class=\"_ _2\"></span>ld cons<span class=\"_ _2\"></span>tant an<span class=\"_ _2\"></span>d no chan<span class=\"_ _2\"></span>ge in as<span class=\"_ _2\"></span>sumed ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted defaul<span class=\"_ _2\"></span>ts, wo<span class=\"_ _2\"></span>uld result in a<span class=\"_ _2\"></span>n incre<span class=\"_ _2\"></span>ase in the p<span class=\"_ _2\"></span>rofit after t<span class=\"_ _2\"></span>ax in resp<span class=\"_ _2\"></span>ect of a f<span class=\"_ _2\"></span>ull financia<span class=\"_ _2\"></span>l year<span class=\"_ _7\"></span>, a<span class=\"_ _2\"></span>nd in equit<span class=\"_ _2\"></span>y, of \u00a3<span class=\"_ _7\"></span>4<span class=\"_ _2\"></span>85 millio<span class=\"_ _2\"></span>n (2022: \u00a36<span class=\"_ _2\"></span>26 million), and a<span class=\"_ _2\"></span>n increas<span class=\"_ _2\"></span>e in CSM of \u00a36 million (20<span class=\"_ _2\"></span>22: \u00a31<span class=\"_ _2\"></span>0 million).<span class=\"_ _3bc\"> </span>Credit r<span class=\"_ _2\"></span>isk is man<span class=\"_ _2\"></span>aged by th<span class=\"_ _2\"></span>e monitorin<span class=\"_ _2\"></span>g of aggre<span class=\"_ _2\"></span>gate Group e<span class=\"_ _2\"></span>xposure<span class=\"_ _2\"></span>s to individual c<span class=\"_ _2\"></span>ounterpa<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s and by appro<span class=\"_ _2\"></span>priate credi<span class=\"_ _2\"></span>t risk divers<span class=\"_ _2\"></span>ification<span class=\"_ _2\"></span>. The<span class=\"_ gs132\"> </span>Gro<span class=\"_ _2\"></span>up manag<span class=\"_ _2\"></span>es the leve<span class=\"_ _2\"></span>l of credit risk i<span class=\"_ _2\"></span>t acce<span class=\"_ _2\"></span>pts throu<span class=\"_ _2\"></span>gh credit ri<span class=\"_ _2\"></span>sk toleran<span class=\"_ _2\"></span>ces an<span class=\"_ _2\"></span>d limits (inc<span class=\"_ _2\"></span>luding as<span class=\"_ _2\"></span>set cla<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, indus<span class=\"_ _2\"></span>try an<span class=\"_ _2\"></span>d ge<span class=\"_ _2\"></span>ograp<span class=\"_ _2\"></span>hy limits). Additiona<span class=\"_ _2\"></span>l controls for illiq<span class=\"_ _2\"></span>uid ass<span class=\"_ _2\"></span>et conc<span class=\"_ _2\"></span>entration ri<span class=\"_ _2\"></span>sk are set ou<span class=\"_ _2\"></span>t via spe<span class=\"_ _2\"></span>cific risk limit<span class=\"_ _2\"></span>s within the ri<span class=\"_ _2\"></span>sk appeti<span class=\"_ _2\"></span>te framewor<span class=\"_ _2\"></span>k. Credit r<span class=\"_ _2\"></span>isk on deriva<span class=\"_ _2\"></span>tives and<span class=\"_ gs132\"> </span>s<span class=\"_ _2\"></span>ecuritie<span class=\"_ _2\"></span>s lendin<span class=\"_ _2\"></span>g is mitigate<span class=\"_ _2\"></span>d through t<span class=\"_ _2\"></span>he use of coll<span class=\"_ _2\"></span>ateral with ap<span class=\"_ _2\"></span>propriate h<span class=\"_ _2\"></span>aircuts<span class=\"_ _2\"></span>. Cre<span class=\"_ _2\"></span>dit qual<span class=\"_ _2\"></span>ity of a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>An indic<span class=\"_ _2\"></span>ation of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ex<span class=\"_ _2\"></span>posure to cre<span class=\"_ _2\"></span>dit risk is th<span class=\"_ _2\"></span>e qualit<span class=\"_ _2\"></span>y of the invest<span class=\"_ _2\"></span>ments an<span class=\"_ _2\"></span>d counterp<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>ies with whic<span class=\"_ _2\"></span>h it trans<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s. The foll<span class=\"_ _2\"></span>owing tabl<span class=\"_ _2\"></span>e provides inform<span class=\"_ _2\"></span>ation reg<span class=\"_ _2\"></span>arding the a<span class=\"_ _2\"></span>ggreg<span class=\"_ _2\"></span>ate credit ex<span class=\"_ _2\"></span>posure sp<span class=\"_ _2\"></span>lit by credit r<span class=\"_ _2\"></span>ating.<span class=\"_ _3bc\"> </span><table class=\"s w5df h2d2\" id=\"_b3761a49-b158-47d9-91d0-35df88ac3d88\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc01 h3f y5986 ff7 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc02 h3f y5987 ff7 fsf fc1 sc0 ls0 ws0\">am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc03 h3f y5988 ff7 fsf fc1 sc0 ls81 ws75\">classified </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xa90 h3f y5989 ff7 fsf fc1 sc0 ls0 ws0\">BB a<span class=\"_ _2\"></span>nd </td><td></td><td></td><td></td><td class=\"t m0 x54a h3f y5989 ff7 fsf fc1 sc0 ls0 ws0\">as h<span class=\"_ _2\"></span>eld fo<span class=\"_ _2\"></span>r </td><td></td></tr><tr><td></td><td class=\"t m0 xc04 h3f y598a ff7 fsf fc1 sc0 ls1de ws1e0\">AAA<span class=\"_ _5\"></span> </td><td class=\"t m0 xb2c h3f y598a ff7 fsf fc1 sc0 ls0 ws0\">A<span class=\"_ _2\"></span>A </td><td class=\"t m0 x51d h3f y598a ff7 fsf fc1 sc0 ls0 ws0\">A </td><td class=\"t m0 xc05 h3f y598a ff7 fsf fc1 sc0 lsd5 wsc3\">BBB </td><td class=\"t m0 xc06 h3f y598a ff7 fsf fc1 sc0 ls0 ws0\">be<span class=\"_ _2\"></span>low </td><td class=\"t m0 xc07 h3f y598a ff7 fsf fc1 sc0 ls11f ws106\">Non-rated<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x75e h3f y598a ff7 fsf fc1 sc0 lse3 wscd\">Unit-linked </td><td class=\"t m0 xc08 h3f y598a ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 xc09 h3f y598a ff7 fsf fc1 sc0 ls81 ws75\">sale<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h3f y598a ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h3f y598b ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0a h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0b h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0c h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0d h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0e h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0f h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9cc h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc10 h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc11 h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y598c we8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc12 y598c w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc13 y598c w1a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc14 y598c w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc15 y598c w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc16 y598c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc17 y598c w329 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">245<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc18 y598c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc19 y598c wd0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">24<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1a y598c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1b y598c wd0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">24<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y598d wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1c y598d w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1d y598d w5e0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1e y598d w5d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">736<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1f y598d w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc20 y598d w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc21 y598d w5e1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b0 ws1ac\">662<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc22 y598d w1d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc23 y598d w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc24 y598d w5c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc25 y598d w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2,7<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y598e ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></td><td class=\"c n xc26 y598f w5e2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc27 y598f w5e3 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls8b ws114\">34,1<span class=\"_ _2\"></span>33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc28 y598f w5e4 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a9 ws1a1\">21<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc29 y598f w41f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">14<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2a y598f w14c h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">2,933<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2b y598f w5e5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2c y598f w10d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2d y598f w335 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2e y598f w5e6 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls142 ws125\">(<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2f y598f w5e7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls18c ws172\">9<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>374<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5990 w10a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc30 y5990 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc31 y5990 w5e8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls4b ws122\">2,6<span class=\"_ _2\"></span>90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc32 y5990 w393 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">2,163<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc33 y5990 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc34 y5990 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc35 y5990 w2a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">23<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc36 y5990 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc37 y5990 w5e9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>876<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc38 y5990 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2ef y5990 w5ea h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">4<span class=\"_ _2\"></span>,876<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5991 ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers\u2019 share of inves<span class=\"_ _2\"></span>tment </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y57dc w5eb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc39 y57dc w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3a y57dc w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3b y57dc w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3c y57dc w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3d y57dc w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3e y57dc w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3f y57dc wec h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc40 y57dc wec h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc41 y57dc w2c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>28)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc42 y57dc w300 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">9,672<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y581c w120 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc43 y581c w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc44 y581c w5ec h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">1<span class=\"_ _2\"></span>,2<span class=\"_ _7\"></span>54<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc45 y581c w195 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">4,<span class=\"_ _2\"></span>383<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc46 y581c w17a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">88<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc47 y581c w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc48 y581c w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc49 y581c w1b6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>495<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4a y581c w10d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4b y581c w214 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">(52)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85e y581c w10d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xc26 y55ef w5e2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc27 y55ef w5ed h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">39,394<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4c y55ef w67 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>452<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4d y55ef w5ee h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls9d ws58\">14,<span class=\"_ _2\"></span>857<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4e y55ef w1b8 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">2,<span class=\"_ _2\"></span>933<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4f y55ef w5ef h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls9d ws58\">8<span class=\"_ _2\"></span>,26<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc50 y55ef w5f0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc51 y55ef w3f1 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsb3 wsf4\">119,598<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc52 y55ef w5f1 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>49<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc53 y55ef w5f2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls8b ws114\">118,10<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr></table>1,2<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span> For fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cial a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts th<span class=\"_ _2\"></span>at do not h<span class=\"_ _2\"></span>ave cre<span class=\"_ _2\"></span>dit r<span class=\"_ _2\"></span>ating<span class=\"_ _2\"></span>s as<span class=\"_ _2\"></span>sign<span class=\"_ _2\"></span>ed by ex<span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>nal ra<span class=\"_ _2\"></span>ting<span class=\"_ _2\"></span>s age<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>es, t<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up as<span class=\"_ _2\"></span>sign<span class=\"_ _2\"></span>s inter<span class=\"_ _2\"></span>nal r<span class=\"_ _2\"></span>ating<span class=\"_ _2\"></span>s for us<span class=\"_ _2\"></span>e in ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>emen<span class=\"_ _2\"></span>t and m<span class=\"_ _2\"></span>onito<span class=\"_ _2\"></span>ring of c<span class=\"_ _2\"></span>redi<span class=\"_ _2\"></span>t risk<span class=\"_ _2\"></span>. \u00a31<span class=\"_ _2\"></span>69 m<span class=\"_ _2\"></span>illion o<span class=\"_ _2\"></span>f AA<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, \u00a31<span class=\"_ _2\"></span>,4<span class=\"_ _2\"></span>35 mi<span class=\"_ _2\"></span>llion of A<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, \u00a32<span class=\"_ _2\"></span>,470 mill<span class=\"_ _2\"></span>ion of A<span class=\"_ _2\"></span>, \u00a31<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>19 mi<span class=\"_ _2\"></span>llion of B<span class=\"_ _2\"></span>BB a<span class=\"_ _2\"></span>nd \u00a3247 mil<span class=\"_ _2\"></span>lion of B<span class=\"_ _2\"></span>B and b<span class=\"_ _2\"></span>elow d<span class=\"_ _2\"></span>ebt se<span class=\"_ _2\"></span>cur<span class=\"_ _2\"></span>ities a<span class=\"_ _2\"></span>re inte<span class=\"_ _2\"></span>rnal<span class=\"_ _2\"></span>ly rate<span class=\"_ _2\"></span>d. If a fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>t is nei<span class=\"_ _2\"></span>ther r<span class=\"_ _2\"></span>ated b<span class=\"_ _2\"></span>y an ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al age<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>y nor inte<span class=\"_ _2\"></span>rnal<span class=\"_ _2\"></span>ly rate<span class=\"_ _2\"></span>d, it i<span class=\"_ _2\"></span>s cla<span class=\"_ _2\"></span>ssifi<span class=\"_ _2\"></span>ed as \u2018n<span class=\"_ _2\"></span>on-r<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>\u2019<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>2 <span class=\"_ _2f\"> </span>Non<span class=\"_ _2\"></span>-rat<span class=\"_ _2\"></span>ed de<span class=\"_ _2\"></span>bt sec<span class=\"_ _2\"></span>urit<span class=\"_ _2\"></span>ies in<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>es eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y rele<span class=\"_ _2\"></span>ase m<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tgag<span class=\"_ _2\"></span>es wi<span class=\"_ _2\"></span>th a valu<span class=\"_ _2\"></span>e of \u00a34,4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>6 milli<span class=\"_ _2\"></span>on (fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r deta<span class=\"_ _2\"></span>ils are s<span class=\"_ _2\"></span>et ou<span class=\"_ _2\"></span>t in note E<span class=\"_ _2\"></span>2.3<span class=\"_ _2\"></span>) and n<span class=\"_ _2\"></span>on-r<span class=\"_ _2\"></span>ated b<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span><table class=\"s w29b h2d3\" id=\"_9fdddeea-9bcf-490d-8ada-b2f2c49e20cc\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc01 h16 y5992 ff3 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x5bb h16 y5993 ff3 fsf fc1 sc0 ls82 ws77\">amount<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xa90 h16 y5994 ff3 fsf fc1 sc0 ls0 ws0\">BB a<span class=\"_ _2\"></span>nd </td><td></td><td></td><td></td><td class=\"t m0 x552 h16 y5994 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ssi<span class=\"_ _2\"></span>fied a<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td class=\"t m0 xc54 h16 y5995 ff3 fsf fc1 sc0 ls1df ws1e1\">AAA<span class=\"_ _5\"></span> </td><td class=\"t m0 xc0b h16 y5995 ff3 fsf fc1 sc0 ls0 ws0\">A<span class=\"_ _2\"></span>A </td><td class=\"t m0 x51d h16 y5995 ff3 fsf fc1 sc0 ls0 ws0\">A </td><td class=\"t m0 xc05 h16 y5995 ff3 fsf fc1 sc0 ls86 ws7b\">BBB </td><td class=\"t m0 xc55 h16 y5995 ff3 fsf fc1 sc0 ls0 ws0\">be<span class=\"_ _2\"></span>low </td><td class=\"t m0 xc56 h16 y5995 ff3 fsf fc1 sc0 ls17 ws15\">Non-rated<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa06 h16 y5995 ff3 fsf fc1 sc0 ls82 ws77\">Unit-linked </td><td class=\"t m0 xc08 h16 y5995 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x552 h16 y5995 ff3 fsf fc1 sc0 ls0 ws0\">he<span class=\"_ _2\"></span>ld for s<span class=\"_ _2\"></span>ale </td><td class=\"t m0 x487 h16 y5995 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h16 y5996 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0a h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0b h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0c h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0d h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0e h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0f h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9cc h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc10 h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc11 h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5997 we8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc57 y5997 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc58 y5997 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc59 y5997 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5a y5997 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaee y5997 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5b y5997 w32a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">193<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5c y5997 w1bc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">71<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5d y5997 w2eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">26<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5e y5997 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5f y5997 we9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">268<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5998 wea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1c y5998 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc60 y5998 w5f3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">1<span class=\"_ _2\"></span>,50<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc61 y5998 w5f4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">1<span class=\"_ _2\"></span>,06<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc62 y5998 w192 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc63 y5998 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc64 y5998 wde h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>370<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc65 y5998 w387 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">113<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc66 y5998 wde h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>71<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc67 y5998 w54f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc68 y5998 w168 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">4,068<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5999 ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></td><td class=\"c n xc69 y598f w5f5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls4b ws122\">6,834<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6a y598f w5f6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">26<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>95<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6b y598f w5f7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">1<span class=\"_ _2\"></span>9,0<span class=\"_ _2\"></span>45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6c y598f w5f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">16<span class=\"_ _2\"></span>,238<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6d y598f w212 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">1<span class=\"_ _2\"></span>,929<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6e y598f w5f9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6f y598f w5fa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc70 y598f w5fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">8<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc71 y598f w5fc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,59<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc72 y598f wfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">83,<span class=\"_ _2\"></span>116<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y570f w10a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc73 y570f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc74 y570f w5fd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc75 y570f w141 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,579<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc76 y570f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc77 y570f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc78 y570f w5fe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">74<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc79 y570f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7a y570f wde h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>071<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7b y570f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7c y570f wde h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>071<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y599a ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers\u2019 share of inves<span class=\"_ _2\"></span>tment </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561d w5eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc39 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7d y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7e y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7f y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc80 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc81 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc82 y561d w5ff h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc83 y561d w600 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,<span class=\"_ _2\"></span>09<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc84 y561d w601 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">(<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc85 y561d w102 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,0<span class=\"_ _2\"></span>65<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w120 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc86 y561e w602 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">339<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc87 y561e w603 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,16<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc88 y561e w142 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">5<span class=\"_ _2\"></span>,74<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc89 y561e w17e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">63<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8a y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8b y561e wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8c y561e w5e9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">1<span class=\"_ _2\"></span>,556<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8d y561e w224 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">8<span class=\"_ _2\"></span>,872<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8e y561e w1da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(3<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8f y561e w217 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">8,8<span class=\"_ _2\"></span>39<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xc26 y55ef w604 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc90 y55ef w605 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">31<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc91 y55ef w22c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc92 y55ef w606 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">16<span class=\"_ _2\"></span>,32<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc93 y55ef w607 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>929<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc94 y55ef w24a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>24<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc95 y55ef w608 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>217<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc96 y55ef w609 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">111<span class=\"_ _2\"></span>,082<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc97 y55ef w60a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(1<span class=\"_ _2\"></span>,655<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc98 y55ef w60b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>427<span class=\"_ _3bc\"> </span></div></td></tr></table>2,3<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion of I<span class=\"_ _2\"></span>FRS<span class=\"_ _2\"></span>17 Ins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce Co<span class=\"_ _2\"></span>ntra<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s (see n<span class=\"_ _2\"></span>ote A2<span class=\"_ _2\"></span>.1 for fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r det<span class=\"_ _2\"></span>ails).<span class=\"_ _3bc\"> </span>2 <span class=\"_ _2f\"> </span>For fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s tha<span class=\"_ _2\"></span>t do not h<span class=\"_ _2\"></span>ave cre<span class=\"_ _2\"></span>dit rat<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s ass<span class=\"_ _2\"></span>igne<span class=\"_ _2\"></span>d by ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al rat<span class=\"_ _2\"></span>ings a<span class=\"_ _2\"></span>gen<span class=\"_ _2\"></span>cie<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p ass<span class=\"_ _2\"></span>igns i<span class=\"_ _2\"></span>ntern<span class=\"_ _2\"></span>al rat<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s for use i<span class=\"_ _2\"></span>n man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>ment a<span class=\"_ _2\"></span>nd mo<span class=\"_ _2\"></span>nitor<span class=\"_ _2\"></span>ing of cr<span class=\"_ _2\"></span>edit r<span class=\"_ _2\"></span>isk<span class=\"_ _2\"></span>. \u00a314<span class=\"_ _2\"></span>9 milli<span class=\"_ _2\"></span>on of AA<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, \u00a31<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>83 mil<span class=\"_ _2\"></span>lion of A<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, \u00a31<span class=\"_ _2\"></span>,742 millio<span class=\"_ _2\"></span>n of A<span class=\"_ _2\"></span>, \u00a32,7<span class=\"_ _2\"></span>66 mi<span class=\"_ _2\"></span>llion of B<span class=\"_ _2\"></span>BB an<span class=\"_ _2\"></span>d \u00a33<span class=\"_ _2\"></span>67 mill<span class=\"_ _2\"></span>ion of B<span class=\"_ _2\"></span>B and be<span class=\"_ _2\"></span>low de<span class=\"_ _2\"></span>bt se<span class=\"_ _2\"></span>curi<span class=\"_ _2\"></span>ties a<span class=\"_ _2\"></span>re inte<span class=\"_ _2\"></span>rnall<span class=\"_ _2\"></span>y rate<span class=\"_ _2\"></span>d. If a fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>set i<span class=\"_ _2\"></span>s neit<span class=\"_ _2\"></span>her r<span class=\"_ _2\"></span>ated by a<span class=\"_ _2\"></span>n ext<span class=\"_ _2\"></span>erna<span class=\"_ _2\"></span>l age<span class=\"_ _2\"></span>ncy n<span class=\"_ _2\"></span>or inte<span class=\"_ _2\"></span>rnal<span class=\"_ _2\"></span>ly rate<span class=\"_ _2\"></span>d, it i<span class=\"_ _2\"></span>s cla<span class=\"_ _2\"></span>ssifi<span class=\"_ _2\"></span>ed as \u2018n<span class=\"_ _2\"></span>on-r<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>\u2019<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>3 <span class=\"_ _19\"> </span>N<span class=\"_ _2\"></span>on-r<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>d debt s<span class=\"_ _2\"></span>ecur<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s incl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>s equi<span class=\"_ _2\"></span>ty re<span class=\"_ _2\"></span>lea<span class=\"_ _2\"></span>se mo<span class=\"_ _2\"></span>rtg<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>s with a v<span class=\"_ _2\"></span>alue of \u00a3<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>93<span class=\"_ _2\"></span>4 milli<span class=\"_ _2\"></span>on (fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r det<span class=\"_ _2\"></span>ails ar<span class=\"_ _2\"></span>e set ou<span class=\"_ _2\"></span>t in note E<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>3) and n<span class=\"_ _2\"></span>on-<span class=\"_ _2\"></span>rate<span class=\"_ _2\"></span>d bond<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Credit r<span class=\"_ _2\"></span>atings h<span class=\"_ _2\"></span>ave not bee<span class=\"_ _2\"></span>n disclos<span class=\"_ _2\"></span>ed in the ab<span class=\"_ _2\"></span>ove tables for t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>ets of the unit-linked f<span class=\"_ _2\"></span>unds sinc<span class=\"_ _2\"></span>e the share<span class=\"_ _2\"></span>holder i<span class=\"_ _2\"></span>s not direc<span class=\"_ _2\"></span>tly expos<span class=\"_ _2\"></span>ed to credi<span class=\"_ _2\"></span>t risks from the<span class=\"_ _2\"></span>se ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>. Inclu<span class=\"_ _2\"></span>ded in unit-linked fun<span class=\"_ _2\"></span>ds are ass<span class=\"_ _2\"></span>ets whic<span class=\"_ _2\"></span>h are held a<span class=\"_ _2\"></span>s reinsure<span class=\"_ _2\"></span>d extern<span class=\"_ _2\"></span>al fund links<span class=\"_ _2\"></span>. Unde<span class=\"_ _2\"></span>r cer<span class=\"_ _2\"></span>tain circum<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>, the<span class=\"_ gs132\"> </span>sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>r may be exp<span class=\"_ _2\"></span>osed to lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s relating to the d<span class=\"_ _2\"></span>efault of the rein<span class=\"_ _2\"></span>sured ex<span class=\"_ _2\"></span>ternal f<span class=\"_ _2\"></span>und link. Credit r<span class=\"_ _2\"></span>atings h<span class=\"_ _2\"></span>ave not bee<span class=\"_ _2\"></span>n disclos<span class=\"_ _2\"></span>ed in the ab<span class=\"_ _2\"></span>ove tables for h<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s in uncons<span class=\"_ _2\"></span>olidated c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investm<span class=\"_ _2\"></span>ent sche<span class=\"_ _2\"></span>mes an<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nts in as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>s. The<span class=\"_ gs132\"> </span>c<span class=\"_ _2\"></span>redit qua<span class=\"_ _2\"></span>lity of the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g debt se<span class=\"_ _2\"></span>curities w<span class=\"_ _2\"></span>ithin thes<span class=\"_ _2\"></span>e vehicles is m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed by the s<span class=\"_ _2\"></span>afeguar<span class=\"_ _2\"></span>ds built into the inves<span class=\"_ _2\"></span>tment mandat<span class=\"_ _5\"></span>es fo<span class=\"_ _5\"></span>r these v<span class=\"_ _7\"></span>ehicles.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up maintain<span class=\"_ _2\"></span>s accur<span class=\"_ _2\"></span>ate and con<span class=\"_ _2\"></span>sistent ri<span class=\"_ _2\"></span>sk rating<span class=\"_ _2\"></span>s acros<span class=\"_ _2\"></span>s its as<span class=\"_ _2\"></span>set por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folio. This en<span class=\"_ _2\"></span>ables m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>ment to foc<span class=\"_ _2\"></span>us on the app<span class=\"_ _2\"></span>licable r<span class=\"_ _2\"></span>isks and to<span class=\"_ gs132\"> </span>comp<span class=\"_ _2\"></span>are credit ex<span class=\"_ _2\"></span>posure<span class=\"_ _2\"></span>s across a<span class=\"_ _2\"></span>ll lines of busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>, ge<span class=\"_ _2\"></span>ograp<span class=\"_ _2\"></span>hical re<span class=\"_ _2\"></span>gions an<span class=\"_ _2\"></span>d produc<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. The rating s<span class=\"_ _2\"></span>ystem is s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>ted by a vari<span class=\"_ _2\"></span>ety of finan<span class=\"_ _2\"></span>cial anal<span class=\"_ _2\"></span>ytic<span class=\"_ _2\"></span>s combin<span class=\"_ _2\"></span>ed with m<span class=\"_ _2\"></span>arket inf<span class=\"_ _5\"></span>orma<span class=\"_ _2\"></span>tion to provide the m<span class=\"_ _2\"></span>ain input<span class=\"_ _2\"></span>s for the me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt of counterpa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y risk<span class=\"_ _2\"></span>. All risk ratin<span class=\"_ _2\"></span>gs are tailo<span class=\"_ _2\"></span>red to the vario<span class=\"_ _2\"></span>us cate<span class=\"_ _2\"></span>gories of a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and are as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed an<span class=\"_ _2\"></span>d update<span class=\"_ _2\"></span>d regula<span class=\"_ _2\"></span>rly<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs54c\">The Gro<span class=\"_ _2\"></span>up oper<span class=\"_ _2\"></span>ates an As<span class=\"_ _2\"></span>set Man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent Risk C<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>tee, a Ra<span class=\"_ _2\"></span>ting Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>e and a Por<span class=\"_ _2\"></span>tfolio Cre<span class=\"_ _2\"></span>dit Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>e to monitor an<span class=\"_ _2\"></span>d per<span class=\"_ _2\"></span>form </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs54d\">oversig<span class=\"_ _2\"></span>ht of internal cre<span class=\"_ _2\"></span>dit rating<span class=\"_ _2\"></span>s for exte<span class=\"_ _2\"></span>rnally rate<span class=\"_ _2\"></span>d and intern<span class=\"_ _2\"></span>ally rated a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s. A vari<span class=\"_ _2\"></span>ety of me<span class=\"_ _2\"></span>thods are u<span class=\"_ _2\"></span>sed to valid<span class=\"_ _2\"></span>ate the approp<span class=\"_ _2\"></span>riatenes<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs54e\">of credit a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssme<span class=\"_ _2\"></span>nts from ex<span class=\"_ _2\"></span>ternal in<span class=\"_ _2\"></span>stitu<span class=\"_ _2\"></span>tions and f<span class=\"_ _2\"></span>und man<span class=\"_ _2\"></span>ager<span class=\"_ _2\"></span>s. Intern<span class=\"_ _2\"></span>ally rate<span class=\"_ _2\"></span>d asse<span class=\"_ _2\"></span>ts do not have a p<span class=\"_ _2\"></span>ublic rating fro<span class=\"_ _2\"></span>m an exte<span class=\"_ _2\"></span>rnal cre<span class=\"_ _2\"></span>dit </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs54f\">as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ment ins<span class=\"_ _2\"></span>titution o<span class=\"_ _2\"></span>r from exte<span class=\"_ _2\"></span>rnal as<span class=\"_ _2\"></span>set man<span class=\"_ _2\"></span>ager<span class=\"_ _2\"></span>s. In<span class=\"_ _2\"></span>stead inte<span class=\"_ _2\"></span>rnal cre<span class=\"_ _2\"></span>dit rating<span class=\"_ _2\"></span>s are use<span class=\"_ _2\"></span>d by the Group whic<span class=\"_ _2\"></span>h are provide<span class=\"_ _2\"></span>d by fund </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs550\">man<span class=\"_ _2\"></span>ager<span class=\"_ _2\"></span>s or for cer<span class=\"_ _2\"></span>tain a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s (in par<span class=\"_ _2\"></span>ticular, equit<span class=\"_ _2\"></span>y relea<span class=\"_ _2\"></span>se mor<span class=\"_ _2\"></span>tga<span class=\"_ _2\"></span>ges an<span class=\"_ _2\"></span>d illiquid ass<span class=\"_ _2\"></span>ets) are dete<span class=\"_ _2\"></span>rmined by th<span class=\"_ _2\"></span>e Life Compan<span class=\"_ _2\"></span>ies. Th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs551\">Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>es review th<span class=\"_ _2\"></span>e policie<span class=\"_ _2\"></span>s, pro<span class=\"_ _2\"></span>cess<span class=\"_ _2\"></span>es and p<span class=\"_ _2\"></span>ractic<span class=\"_ _2\"></span>es to ens<span class=\"_ _2\"></span>ure the approp<span class=\"_ _2\"></span>riatenes<span class=\"_ _2\"></span>s of the interna<span class=\"_ _2\"></span>l rating<span class=\"_ _2\"></span>s, and to e<span class=\"_ _2\"></span>nsure they a<span class=\"_ _2\"></span>re in line with </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs552\">reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y requirem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs553\">Throu<span class=\"_ _2\"></span>ghout 2<span class=\"_ _2\"></span>023, t<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s taken de-ri<span class=\"_ _2\"></span>sking ac<span class=\"_ _2\"></span>tion to incre<span class=\"_ _2\"></span>ase the over<span class=\"_ _2\"></span>all credit qu<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y of its ass<span class=\"_ _2\"></span>et por<span class=\"_ _2\"></span>tfo<span class=\"_ _2\"></span>lio and mitig<span class=\"_ _2\"></span>ate the impa<span class=\"_ _2\"></span>ct of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs554\">future d<span class=\"_ _2\"></span>owngra<span class=\"_ _2\"></span>des on risk c<span class=\"_ _2\"></span>apita<span class=\"_ _2\"></span>l. Furth<span class=\"_ _2\"></span>er details a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d in the Risk M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>on of the Strate<span class=\"_ _2\"></span>gic Repo<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs555\">The Gro<span class=\"_ _2\"></span>up has inc<span class=\"_ _2\"></span>rease<span class=\"_ _2\"></span>d expos<span class=\"_ _2\"></span>ure to an array of illiquid cre<span class=\"_ _2\"></span>dit as<span class=\"_ _2\"></span>sets su<span class=\"_ _2\"></span>ch as eq<span class=\"_ _2\"></span>uity re<span class=\"_ _2\"></span>lease m<span class=\"_ _2\"></span>ortg<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>s, lo<span class=\"_ _2\"></span>cal auth<span class=\"_ _2\"></span>orit<span class=\"_ _2\"></span>y loans<span class=\"_ _2\"></span>, so<span class=\"_ _2\"></span>cial hou<span class=\"_ _2\"></span>sing, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs556\">infras<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ure and com<span class=\"_ _2\"></span>mercia<span class=\"_ _2\"></span>l real es<span class=\"_ _2\"></span>tate loans w<span class=\"_ _2\"></span>ith the aim of ach<span class=\"_ _2\"></span>ieving grea<span class=\"_ _2\"></span>ter diversific<span class=\"_ _2\"></span>ation an<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt returns<span class=\"_ _2\"></span>, consi<span class=\"_ _2\"></span>stent with th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs557\">Strate<span class=\"_ _2\"></span>gic As<span class=\"_ _2\"></span>set Alloc<span class=\"_ _2\"></span>ation app<span class=\"_ _2\"></span>roved by the Bo<span class=\"_ _2\"></span>ard.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs558\">A fur<span class=\"_ _2\"></span>ther in<span class=\"_ _2\"></span>dicator of the qu<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y of the Group\u2019s financia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts is the ex<span class=\"_ _2\"></span>tent to which t<span class=\"_ _2\"></span>hey are neit<span class=\"_ _2\"></span>her pas<span class=\"_ _2\"></span>t due nor im<span class=\"_ _2\"></span>paired. A<span class=\"_ _2\"></span>ll of the amount<span class=\"_ _2\"></span>s in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs559\">the ta<span class=\"_ _2\"></span>ble above for the c<span class=\"_ _2\"></span>urrent and p<span class=\"_ _2\"></span>rior year are ne<span class=\"_ _2\"></span>ither pa<span class=\"_ _2\"></span>st due n<span class=\"_ _2\"></span>or impaired<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs55a\">Addition<span class=\"_ _2\"></span>al life comp<span class=\"_ _2\"></span>any asset d<span class=\"_ _2\"></span>isclos<span class=\"_ _2\"></span>ures are inclu<span class=\"_ _2\"></span>ded on pa<span class=\"_ _2\"></span>ge 30<span class=\"_ _2\"></span>6 and in<span class=\"_ _2\"></span>clude inform<span class=\"_ _2\"></span>ation on the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s market exp<span class=\"_ _2\"></span>osure anal<span class=\"_ _2\"></span>ysed by cre<span class=\"_ _2\"></span>dit </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs55b\">ratin<span class=\"_ _2\"></span>g, se<span class=\"_ _2\"></span>ctor and c<span class=\"_ _2\"></span>ountr<span class=\"_ _2\"></span>y of expos<span class=\"_ _2\"></span>ure for the share<span class=\"_ _2\"></span>holder d<span class=\"_ _2\"></span>ebt por<span class=\"_ _2\"></span>tfoli<span class=\"_ _2\"></span>o.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs55c\">Cre<span class=\"_ _2\"></span>dit risk of fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial liab<span class=\"_ _2\"></span>ilities de<span class=\"_ _2\"></span>sign<span class=\"_ _2\"></span>ated at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs55d\">The fa<span class=\"_ _2\"></span>ir value of investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>cts a<span class=\"_ _2\"></span>nd net as<span class=\"_ _2\"></span>set valu<span class=\"_ _2\"></span>e attrib<span class=\"_ _2\"></span>utable to uni<span class=\"_ _2\"></span>tholder<span class=\"_ _2\"></span>s liabilitie<span class=\"_ _2\"></span>s are determin<span class=\"_ _2\"></span>ed bas<span class=\"_ _2\"></span>ed upon th<span class=\"_ _2\"></span>e per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs55e\">the as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s backin<span class=\"_ _2\"></span>g those lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>. This has th<span class=\"_ _2\"></span>e effec<span class=\"_ _2\"></span>t that th<span class=\"_ _2\"></span>e fair value of the lia<span class=\"_ _2\"></span>bility p<span class=\"_ _2\"></span>rimarily refl<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s ass<span class=\"_ _2\"></span>et-spec<span class=\"_ _2\"></span>ific per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce risk rat<span class=\"_ _2\"></span>her </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs55f\">than c<span class=\"_ _2\"></span>redit risk<span class=\"_ _2\"></span>. As a resul<span class=\"_ _2\"></span>t, the valu<span class=\"_ _2\"></span>e of credit risk a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated wit<span class=\"_ _2\"></span>h financia<span class=\"_ _2\"></span>l liabilities de<span class=\"_ _2\"></span>signate<span class=\"_ _2\"></span>d at FV<span class=\"_ _2\"></span>TPL is n<span class=\"_ _2\"></span>ot conside<span class=\"_ _2\"></span>red to be sig<span class=\"_ _2\"></span>nificant<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs560\">Con<span class=\"_ _2\"></span>cent<span class=\"_ _2\"></span>ration of c<span class=\"_ _2\"></span>redit ri<span class=\"_ _2\"></span>sk<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs561\">Con<span class=\"_ _2\"></span>centrat<span class=\"_ _2\"></span>ion of credit ris<span class=\"_ _2\"></span>k might exis<span class=\"_ _2\"></span>t where the G<span class=\"_ _2\"></span>roup has si<span class=\"_ _2\"></span>gnificant e<span class=\"_ _2\"></span>xposure to an in<span class=\"_ _2\"></span>dividual c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y or a group of c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>ties wi<span class=\"_ _2\"></span>th </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs313\">similar<span class=\"_ gs132\"> </span>e<span class=\"_ _2\"></span>cono<span class=\"_ _2\"></span>mic chara<span class=\"_ _2\"></span>cteris<span class=\"_ _2\"></span>tics t<span class=\"_ _2\"></span>hat would c<span class=\"_ _2\"></span>ause th<span class=\"_ _2\"></span>eir abilit<span class=\"_ _2\"></span>y to meet c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual obli<span class=\"_ _2\"></span>gations to b<span class=\"_ _2\"></span>e similarly af<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>ted by chan<span class=\"_ _2\"></span>ges in e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs562\">and oth<span class=\"_ _2\"></span>er<span class=\"_ gs132\"> </span>condit<span class=\"_ _2\"></span>ions. T<span class=\"_ _2\"></span>he Group h<span class=\"_ _2\"></span>as mos<span class=\"_ _2\"></span>t of its counte<span class=\"_ _2\"></span>rpar<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k within its life b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s and is mo<span class=\"_ _2\"></span>nitored by the G<span class=\"_ _2\"></span>roup Co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>ty C<span class=\"_ _2\"></span>redit Risk </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs563\">Framework c<span class=\"_ _2\"></span>ontaine<span class=\"_ _2\"></span>d within the G<span class=\"_ _2\"></span>roup Credit R<span class=\"_ _2\"></span>isk Policy. It is fur<span class=\"_ _2\"></span>ther provi<span class=\"_ _2\"></span>ded for in inves<span class=\"_ _2\"></span>tment man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s, overl<span class=\"_ _2\"></span>aid by </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs564\">reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y requirem<span class=\"_ _2\"></span>ents an<span class=\"_ _2\"></span>d the monitor<span class=\"_ _2\"></span>ing of aggre<span class=\"_ _2\"></span>gate co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y exposure<span class=\"_ _2\"></span>s acros<span class=\"_ _2\"></span>s the Group a<span class=\"_ _2\"></span>gains<span class=\"_ _2\"></span>t additio<span class=\"_ _2\"></span>nal Group c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs565\">limits<span class=\"_ _2\"></span>. Co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y risk in resp<span class=\"_ _2\"></span>ect of OT<span class=\"_ _5\"></span>C derivat<span class=\"_ _2\"></span>ive counterpa<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s is monitore<span class=\"_ _2\"></span>d using a Potential Fut<span class=\"_ _2\"></span>ure Exp<span class=\"_ _2\"></span>osure (\u2018<span class=\"_ _2\"></span>PFE\u2019<span class=\"_ _2\"></span>) value me<span class=\"_ _2\"></span>tric.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls49 ws0 gs318\">The Gro<span class=\"_ _2\"></span>up is also ex<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>d to conce<span class=\"_ _2\"></span>ntration ris<span class=\"_ _2\"></span>k with out<span class=\"_ _2\"></span>source p<span class=\"_ _2\"></span>artn<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up operate<span class=\"_ _2\"></span>s a<span class=\"_ gs132\"> </span>policy to m<span class=\"_ _2\"></span>anage o<span class=\"_ _2\"></span>utso<span class=\"_ _2\"></span>urcer se<span class=\"_ _2\"></span>rvi<span class=\"_ _2\"></span>ce counter<span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls49 ws0 gs566\">expo<span class=\"_ _2\"></span>sures and th<span class=\"_ _2\"></span>e impac<span class=\"_ _2\"></span>t from default i<span class=\"_ _2\"></span>s reviewed re<span class=\"_ _2\"></span>gularly by exe<span class=\"_ _2\"></span>cutive com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>es and m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d throug<span class=\"_ _2\"></span>h stres<span class=\"_ _2\"></span>s and sc<span class=\"_ _2\"></span>enario te<span class=\"_ _2\"></span>sting<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls16 ws14 gs567\">Reinsu<span class=\"_ _5\"></span>rance<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs568\">The Gro<span class=\"_ _2\"></span>up is expos<span class=\"_ _2\"></span>ed to cre<span class=\"_ _2\"></span>dit risk as a re<span class=\"_ _2\"></span>sult of insuran<span class=\"_ _2\"></span>ce risk tr<span class=\"_ _2\"></span>ansfer c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts with rein<span class=\"_ _2\"></span>surers<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>olicy is to pl<span class=\"_ _2\"></span>ace reins<span class=\"_ _2\"></span>urance o<span class=\"_ _2\"></span>nly </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs569\">with hig<span class=\"_ _2\"></span>hly rated c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>ties (minim<span class=\"_ _2\"></span>um rating re<span class=\"_ _2\"></span>quirement of A-)<span class=\"_ _5\"></span>. The G<span class=\"_ _2\"></span>roup rest<span class=\"_ _2\"></span>ricts c<span class=\"_ _2\"></span>once<span class=\"_ _2\"></span>ntration with in<span class=\"_ _2\"></span>dividual ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al reinsurer<span class=\"_ _2\"></span>s by </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs56a\">spe<span class=\"_ _2\"></span>cif<span class=\"_ _2\"></span>ying limit<span class=\"_ _2\"></span>s on cedin<span class=\"_ _2\"></span>g and minimum c<span class=\"_ _2\"></span>ondition<span class=\"_ _2\"></span>s for acce<span class=\"_ _2\"></span>ptanc<span class=\"_ _2\"></span>e and retention of rein<span class=\"_ _2\"></span>surers<span class=\"_ _2\"></span>. In rec<span class=\"_ _2\"></span>ent year<span class=\"_ _2\"></span>s the Group h<span class=\"_ _2\"></span>as made p<span class=\"_ _2\"></span>rogres<span class=\"_ _2\"></span>s in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs56b\">incre<span class=\"_ _2\"></span>asing the n<span class=\"_ _2\"></span>umber of<span class=\"_ gs132\"> </span>rein<span class=\"_ _2\"></span>surers it t<span class=\"_ _2\"></span>ransa<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>th, however, an elem<span class=\"_ _2\"></span>ent of conc<span class=\"_ _2\"></span>entration re<span class=\"_ _2\"></span>mains due to th<span class=\"_ _2\"></span>e nature of the re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce market </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs56c\">and th<span class=\"_ _2\"></span>e restric<span class=\"_ _2\"></span>ted ran<span class=\"_ _2\"></span>ge of reinsure<span class=\"_ _2\"></span>rs availabl<span class=\"_ _2\"></span>e. The Gro<span class=\"_ _2\"></span>up manag<span class=\"_ _2\"></span>es its e<span class=\"_ _2\"></span>xposure to rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e credit ri<span class=\"_ _2\"></span>sk throug<span class=\"_ _2\"></span>h the oper<span class=\"_ _2\"></span>ation of a credi<span class=\"_ _2\"></span>t </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs56d\">polic<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, c<span class=\"_ _2\"></span>ollatera<span class=\"_ _2\"></span>lisation<span class=\"_ _2\"></span>, and reg<span class=\"_ _2\"></span>ular moni<span class=\"_ _2\"></span>toring of expo<span class=\"_ _2\"></span>sures at the Re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce Man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent Comm<span class=\"_ _2\"></span>itte<span class=\"_ _2\"></span>e and other c<span class=\"_ _2\"></span>redit foc<span class=\"_ _2\"></span>used c<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>tees<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs56e\">Collateral<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs56f\">The cre<span class=\"_ _2\"></span>dit risk of the G<span class=\"_ _2\"></span>roup is mitig<span class=\"_ _2\"></span>ated, in c<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>ain circums<span class=\"_ _2\"></span>tan<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>, by entering into co<span class=\"_ _2\"></span>llateral ag<span class=\"_ _2\"></span>reem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. The amo<span class=\"_ _2\"></span>unt and t<span class=\"_ _2\"></span>ype of collate<span class=\"_ _2\"></span>ral </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs570\">require<span class=\"_ _2\"></span>d depe<span class=\"_ _2\"></span>nds on an as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of th<span class=\"_ _2\"></span>e credit ris<span class=\"_ _2\"></span>k of the counterp<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y. Guidelin<span class=\"_ _2\"></span>es are imple<span class=\"_ _2\"></span>mented re<span class=\"_ _2\"></span>gardin<span class=\"_ _2\"></span>g the acc<span class=\"_ _2\"></span>eptabilit<span class=\"_ _2\"></span>y of t<span class=\"_ _2\"></span>ypes of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs571\">collate<span class=\"_ _2\"></span>ral and th<span class=\"_ _2\"></span>e valuation p<span class=\"_ _2\"></span>aramete<span class=\"_ _2\"></span>rs. C<span class=\"_ _2\"></span>ollatera<span class=\"_ _2\"></span>l is mainly obt<span class=\"_ _2\"></span>ained in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of stock l<span class=\"_ _2\"></span>ending<span class=\"_ _2\"></span>, cer<span class=\"_ _2\"></span>tain re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts and to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs572\">provide s<span class=\"_ _2\"></span>ecurit<span class=\"_ _2\"></span>y ag<span class=\"_ _2\"></span>ainst th<span class=\"_ _2\"></span>e daily mar<span class=\"_ _2\"></span>k to model va<span class=\"_ _2\"></span>lue of derivative fin<span class=\"_ _2\"></span>ancial in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. Mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt monitors t<span class=\"_ _2\"></span>he market value of the c<span class=\"_ _2\"></span>ollatera<span class=\"_ _2\"></span>l </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs573\">rec<span class=\"_ _2\"></span>eived, re<span class=\"_ _2\"></span>ques<span class=\"_ _2\"></span>ts addi<span class=\"_ _2\"></span>tional co<span class=\"_ _2\"></span>llateral wh<span class=\"_ _2\"></span>en nee<span class=\"_ _2\"></span>ded<span class=\"_ _2\"></span>, and per<span class=\"_ _2\"></span>forms an im<span class=\"_ _2\"></span>pairment va<span class=\"_ _2\"></span>luation wh<span class=\"_ _2\"></span>en impairm<span class=\"_ _2\"></span>ent indica<span class=\"_ _2\"></span>tors exis<span class=\"_ _2\"></span>t and the as<span class=\"_ _2\"></span>set is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs574\">not fully s<span class=\"_ _2\"></span>ecure<span class=\"_ _2\"></span>d and is not c<span class=\"_ _2\"></span>arrie<span class=\"_ _2\"></span>d at fair value. S<span class=\"_ _2\"></span>ee<span class=\"_ gs132\"> </span>note E4 for fur<span class=\"_ _2\"></span>ther inform<span class=\"_ _2\"></span>ation on co<span class=\"_ _2\"></span>llateral arr<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>ments<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs575\">E6<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>2 Ma<span class=\"_ _2\"></span>rket risk<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs576\">Market risk i<span class=\"_ _2\"></span>s defined a<span class=\"_ _2\"></span>s the risk of red<span class=\"_ _2\"></span>uctions in e<span class=\"_ _2\"></span>arning<span class=\"_ _2\"></span>s and/<span class=\"_ _7\"></span>or val<span class=\"_ _2\"></span>ue, throu<span class=\"_ _2\"></span>gh financ<span class=\"_ _2\"></span>ial or repu<span class=\"_ _2\"></span>tationa<span class=\"_ _2\"></span>l loss<span class=\"_ _2\"></span>, from unfavourab<span class=\"_ _2\"></span>le market </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs577\">moveme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>. The<span class=\"_ gs132\"> </span>risk t<span class=\"_ _2\"></span>ypic<span class=\"_ _2\"></span>ally arise<span class=\"_ _2\"></span>s from expo<span class=\"_ _2\"></span>sure to equit<span class=\"_ _2\"></span>y, proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y and fixed in<span class=\"_ _2\"></span>come a<span class=\"_ _2\"></span>sset cl<span class=\"_ _2\"></span>asse<span class=\"_ _2\"></span>s and the im<span class=\"_ _2\"></span>pact of ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in interest r<span class=\"_ _2\"></span>ates, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs578\">inflation r<span class=\"_ _2\"></span>ates and c<span class=\"_ _2\"></span>urrency exc<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e rates.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs579\">The Gro<span class=\"_ _2\"></span>up is mainly e<span class=\"_ _2\"></span>xpose<span class=\"_ _2\"></span>d to market risk as a re<span class=\"_ _2\"></span>sult of:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs57a\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e mismatc<span class=\"_ _2\"></span>h bet<span class=\"_ _2\"></span>ween liabili<span class=\"_ _2\"></span>ty profil<span class=\"_ _2\"></span>es and the re<span class=\"_ _2\"></span>lated as<span class=\"_ _2\"></span>set inves<span class=\"_ _2\"></span>tment po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folios;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs57b\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt of surplus as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s includin<span class=\"_ _2\"></span>g shareh<span class=\"_ _2\"></span>older res<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ves yet to be dist<span class=\"_ _2\"></span>ributed<span class=\"_ _2\"></span>, surplus as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s within the wit<span class=\"_ _2\"></span>h-profit fund<span class=\"_ _2\"></span>s and as<span class=\"_ _2\"></span>sets h<span class=\"_ _2\"></span>eld </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs57c\">to mee<span class=\"_ _2\"></span>t regulato<span class=\"_ _2\"></span>ry c<span class=\"_ _2\"></span>apital an<span class=\"_ _2\"></span>d solven<span class=\"_ _2\"></span>cy require<span class=\"_ _2\"></span>ments<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs57d\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e incom<span class=\"_ _2\"></span>e flow of mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt charge<span class=\"_ _2\"></span>s derived f<span class=\"_ _2\"></span>rom the value of inves<span class=\"_ _2\"></span>ted as<span class=\"_ _2\"></span>sets of the b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs57e\">The Gro<span class=\"_ _2\"></span>up mana<span class=\"_ _2\"></span>ges the l<span class=\"_ _2\"></span>evels of market risk tha<span class=\"_ _2\"></span>t it acce<span class=\"_ _2\"></span>pts throu<span class=\"_ _2\"></span>gh the ope<span class=\"_ _2\"></span>ration of a mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t risk polic<span class=\"_ _2\"></span>y using a num<span class=\"_ _2\"></span>ber of control<span class=\"_ _2\"></span>s and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs57f\">tech<span class=\"_ _2\"></span>niques inc<span class=\"_ _2\"></span>luding:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs580\">\u2022 <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>efined lis<span class=\"_ _2\"></span>ts of per<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>d sec<span class=\"_ _2\"></span>urities and<span class=\"_ _2\"></span>/<span class=\"_ _6\"></span>or a<span class=\"_ _2\"></span>pplicat<span class=\"_ _2\"></span>ion of investme<span class=\"_ _2\"></span>nt cons<span class=\"_ _2\"></span>traints an<span class=\"_ _2\"></span>d por<span class=\"_ _2\"></span>tfolio lim<span class=\"_ _2\"></span>its;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs581\">\u2022 <span class=\"_ _9\"> </span><span class=\"ls18 ws16\">cle<span class=\"_ _2\"></span>arly defined in<span class=\"_ _5\"></span>vestment benc<span class=\"_ _2\"></span>hmarks f<span class=\"_ _5\"></span>or policyholder and shareholder funds<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs582\">\u2022 <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tocha<span class=\"_ _2\"></span>stic an<span class=\"_ _2\"></span>d determinis<span class=\"_ _2\"></span>tic ass<span class=\"_ _2\"></span>et/li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y modellin<span class=\"_ _2\"></span>g;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs583\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>ctive use of de<span class=\"_ _2\"></span>rivatives to imp<span class=\"_ _2\"></span>rove the matching c<span class=\"_ _2\"></span>harac<span class=\"_ _2\"></span>teris<span class=\"_ _2\"></span>tics of as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabilitie<span class=\"_ _2\"></span>s and to reduc<span class=\"_ _2\"></span>e the risk ex<span class=\"_ _2\"></span>posure of a po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folio; and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs584\">\u2022 <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ettin<span class=\"_ _2\"></span>g risk limit<span class=\"_ _2\"></span>s for main mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t risks and ma<span class=\"_ _2\"></span>nagin<span class=\"_ _2\"></span>g exposure<span class=\"_ _2\"></span>s again<span class=\"_ _2\"></span>st the<span class=\"_ _2\"></span>se appet<span class=\"_ _2\"></span>ites.<span class=\"_ _3bc\"> </span></div>All ope<span class=\"_ _2\"></span>rations c<span class=\"_ _2\"></span>omply with re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s relating to th<span class=\"_ _2\"></span>e taking of m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et risk<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>As<span class=\"_ _2\"></span>sets in th<span class=\"_ _2\"></span>e shareh<span class=\"_ _2\"></span>older fun<span class=\"_ _2\"></span>ds are man<span class=\"_ _2\"></span>aged a<span class=\"_ _2\"></span>gains<span class=\"_ _2\"></span>t ben<span class=\"_ _2\"></span>chmarks th<span class=\"_ _2\"></span>at ensure th<span class=\"_ _2\"></span>ey are diversifi<span class=\"_ _2\"></span>ed acro<span class=\"_ _2\"></span>ss a ran<span class=\"_ _2\"></span>ge of ass<span class=\"_ _2\"></span>et clas<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>, instr<span class=\"_ _2\"></span>uments and g<span class=\"_ _2\"></span>eogr<span class=\"_ _2\"></span>aphies th<span class=\"_ _2\"></span>at are approp<span class=\"_ _2\"></span>riate to the liabiliti<span class=\"_ _2\"></span>es of the fund<span class=\"_ _2\"></span>s or are held to m<span class=\"_ _2\"></span>atch the c<span class=\"_ _2\"></span>ash flows antic<span class=\"_ _2\"></span>ipated to aris<span class=\"_ _2\"></span>e in the bus<span class=\"_ _2\"></span>iness<span class=\"_ _2\"></span>. A comb<span class=\"_ _2\"></span>ination of<span class=\"_ gs132\"> </span>limit<span class=\"_ _2\"></span>s by name of iss<span class=\"_ _2\"></span>uer, sector, geo<span class=\"_ _2\"></span>graphic<span class=\"_ _2\"></span>al reg<span class=\"_ _2\"></span>ion and cre<span class=\"_ _2\"></span>dit rating a<span class=\"_ _2\"></span>re used wh<span class=\"_ _2\"></span>ere relevant to re<span class=\"_ _2\"></span>duce co<span class=\"_ _2\"></span>ncentr<span class=\"_ _2\"></span>ation risk among the<span class=\"_ _5\"></span> assets held.<span class=\"_ _3bc\"> </span>The as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s of the par<span class=\"_ _2\"></span>ticipatin<span class=\"_ _2\"></span>g busine<span class=\"_ _2\"></span>ss are prin<span class=\"_ _2\"></span>cipally m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>d to suppo<span class=\"_ _2\"></span>rt the li<span class=\"_ _2\"></span>abilities of the p<span class=\"_ _2\"></span>arti<span class=\"_ _2\"></span>cipating b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s and are app<span class=\"_ _2\"></span>ropriately divers<span class=\"_ _2\"></span>ified by<span class=\"_ gs132\"> </span>both a<span class=\"_ _2\"></span>sset cl<span class=\"_ _2\"></span>ass an<span class=\"_ _2\"></span>d geo<span class=\"_ _2\"></span>graphy, consid<span class=\"_ _2\"></span>ering:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e econ<span class=\"_ _2\"></span>omic liabilit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d how this varie<span class=\"_ _2\"></span>s with market con<span class=\"_ _2\"></span>ditions;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e nee<span class=\"_ _2\"></span>d to invest as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>ting par<span class=\"_ _2\"></span>ticip<span class=\"_ _2\"></span>ating bus<span class=\"_ _2\"></span>iness in a m<span class=\"_ _2\"></span>anner c<span class=\"_ _2\"></span>onsis<span class=\"_ _2\"></span>tent with the pa<span class=\"_ _2\"></span>rticip<span class=\"_ _2\"></span>ating poli<span class=\"_ _2\"></span>cyhold<span class=\"_ _2\"></span>ers\u2019 reas<span class=\"_ _2\"></span>onable expe<span class=\"_ _2\"></span>ctat<span class=\"_ _2\"></span>ions and Prin<span class=\"_ _2\"></span>ciples an<span class=\"_ _2\"></span>d Prac<span class=\"_ _2\"></span>tices of Fina<span class=\"_ _2\"></span>ncial M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement (<span class=\"_ _2\"></span>\u2018PPFM<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>); and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e nee<span class=\"_ _2\"></span>d to ensure th<span class=\"_ _2\"></span>at regula<span class=\"_ _2\"></span>tory an<span class=\"_ _2\"></span>d capit<span class=\"_ _2\"></span>al require<span class=\"_ _2\"></span>ments a<span class=\"_ _2\"></span>re met.<span class=\"_ _3bc\"> </span>In pra<span class=\"_ _2\"></span>ctice<span class=\"_ _2\"></span>, an elem<span class=\"_ _2\"></span>ent of market risk aris<span class=\"_ _2\"></span>es as a co<span class=\"_ _2\"></span>nsequ<span class=\"_ _2\"></span>ence of the n<span class=\"_ _2\"></span>eed to b<span class=\"_ _2\"></span>alanc<span class=\"_ _2\"></span>e these c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>rations<span class=\"_ _2\"></span>, for exampl<span class=\"_ _2\"></span>e, in cer<span class=\"_ _2\"></span>tain in<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces par<span class=\"_ _2\"></span>ticipat<span class=\"_ _2\"></span>ing polic<span class=\"_ _2\"></span>yholder<span class=\"_ _2\"></span>s may exp<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>at equit<span class=\"_ _2\"></span>y market risk will b<span class=\"_ _2\"></span>e taken on their b<span class=\"_ _2\"></span>ehalf, and d<span class=\"_ _2\"></span>erivative ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s may be us<span class=\"_ _2\"></span>ed to manage these<span class=\"_ _5\"></span> risk<span class=\"_ _5\"></span>s.<span class=\"_ _3bc\"> </span>Markets re<span class=\"_ _2\"></span>main volatile p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>icularly g<span class=\"_ _2\"></span>iven geo<span class=\"_ _2\"></span>politic<span class=\"_ _2\"></span>al tension<span class=\"_ _2\"></span>s, he<span class=\"_ _2\"></span>ightene<span class=\"_ _2\"></span>d inflation<span class=\"_ _2\"></span>, and ac<span class=\"_ _2\"></span>tion by centra<span class=\"_ _2\"></span>l banks to red<span class=\"_ _2\"></span>uce inflatio<span class=\"_ _2\"></span>nar<span class=\"_ _2\"></span>y press<span class=\"_ _2\"></span>ures on ec<span class=\"_ _2\"></span>onomie<span class=\"_ _2\"></span>s whilst b<span class=\"_ _2\"></span>alancin<span class=\"_ _2\"></span>g the nee<span class=\"_ _2\"></span>d to aid pos<span class=\"_ _2\"></span>t-pande<span class=\"_ _2\"></span>mic recover<span class=\"_ _2\"></span>y. This is note<span class=\"_ _2\"></span>d in the Strate<span class=\"_ _2\"></span>gic Repo<span class=\"_ _2\"></span>rt prin<span class=\"_ _2\"></span>cipal ris<span class=\"_ _2\"></span>k sec<span class=\"_ _2\"></span>tion.<span class=\"_ _3bc\"> </span>Inte<span class=\"_ _2\"></span>rest r<span class=\"_ _2\"></span>ate and in<span class=\"_ _2\"></span>flation r<span class=\"_ _2\"></span>isk<span class=\"_ _3bc\"> </span>Interes<span class=\"_ _2\"></span>t rate risk is t<span class=\"_ _2\"></span>he risk that t<span class=\"_ _2\"></span>he fair value of f<span class=\"_ _2\"></span>uture cas<span class=\"_ _2\"></span>h flows of a finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument will fl<span class=\"_ _2\"></span>uctua<span class=\"_ _2\"></span>te relative to the res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tive liabilit<span class=\"_ _2\"></span>y due to the impac<span class=\"_ _2\"></span>t of chan<span class=\"_ _2\"></span>ges in mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t interest r<span class=\"_ _2\"></span>ates on the val<span class=\"_ _2\"></span>ue of interest-be<span class=\"_ _2\"></span>aring as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and on the val<span class=\"_ _2\"></span>ue of future gu<span class=\"_ _2\"></span>arantee<span class=\"_ _2\"></span>s provided un<span class=\"_ _2\"></span>der cer<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>in contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s of insuranc<span class=\"_ _2\"></span>e. The pa<span class=\"_ _2\"></span>ragra<span class=\"_ _2\"></span>phs in this se<span class=\"_ _2\"></span>ction al<span class=\"_ _2\"></span>so apply to infl<span class=\"_ _2\"></span>ation risk<span class=\"_ _2\"></span>, but refere<span class=\"_ _2\"></span>nces to fixe<span class=\"_ _2\"></span>d rate ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabilities wo<span class=\"_ _2\"></span>uld be repla<span class=\"_ _2\"></span>ced wit<span class=\"_ _2\"></span>h index-linked as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is require<span class=\"_ _2\"></span>d to mana<span class=\"_ _2\"></span>ge its intere<span class=\"_ _2\"></span>st rate exp<span class=\"_ _2\"></span>osures in lin<span class=\"_ _2\"></span>e with qualit<span class=\"_ _2\"></span>ative risk app<span class=\"_ _2\"></span>etite st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s, qua<span class=\"_ _2\"></span>ntitative risk m<span class=\"_ _2\"></span>etric<span class=\"_ _2\"></span>s and any addit<span class=\"_ _2\"></span>ional he<span class=\"_ _2\"></span>dging b<span class=\"_ _2\"></span>enchm<span class=\"_ _2\"></span>arks. Inte<span class=\"_ _2\"></span>rest rate ri<span class=\"_ _2\"></span>sk is mana<span class=\"_ _2\"></span>ged by m<span class=\"_ _2\"></span>atching as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s where pr<span class=\"_ _2\"></span>actic<span class=\"_ _2\"></span>able and by e<span class=\"_ _2\"></span>ntering into deri<span class=\"_ _2\"></span>vative arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts for he<span class=\"_ _2\"></span>dging p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>s where app<span class=\"_ _2\"></span>ropriate. Thi<span class=\"_ _2\"></span>s is par<span class=\"_ _2\"></span>ticularl<span class=\"_ _2\"></span>y the cas<span class=\"_ _2\"></span>e for the non<span class=\"_ _2\"></span>-par<span class=\"_ _2\"></span>ticipating f<span class=\"_ _2\"></span>unds and s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>ted pa<span class=\"_ _2\"></span>rticip<span class=\"_ _2\"></span>ating fund<span class=\"_ _2\"></span>s. For unsup<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>ting busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>, some e<span class=\"_ _2\"></span>lement of inves<span class=\"_ _2\"></span>tment mi<span class=\"_ _2\"></span>smatchin<span class=\"_ _2\"></span>g is permit<span class=\"_ _2\"></span>ted wh<span class=\"_ _2\"></span>ere it is con<span class=\"_ _2\"></span>sistent wi<span class=\"_ _2\"></span>th the princ<span class=\"_ _2\"></span>iples of treatin<span class=\"_ _2\"></span>g custo<span class=\"_ _2\"></span>mers fa<span class=\"_ _2\"></span>irly<span class=\"_ _5\"></span>. The<span class=\"_ gs132\"> </span>wi<span class=\"_ _2\"></span>th-profit fun<span class=\"_ _2\"></span>ds of the Group provi<span class=\"_ _2\"></span>de capit<span class=\"_ _2\"></span>al to allow such m<span class=\"_ _2\"></span>ismatchin<span class=\"_ _2\"></span>g to be effe<span class=\"_ _2\"></span>cted<span class=\"_ _2\"></span>. In prac<span class=\"_ _2\"></span>tice, th<span class=\"_ _2\"></span>e life comp<span class=\"_ _2\"></span>anies of the G<span class=\"_ _2\"></span>roup mainta<span class=\"_ _2\"></span>in an<span class=\"_ gs132\"> </span>appropri<span class=\"_ _2\"></span>ate mix of fixed an<span class=\"_ _2\"></span>d variable ra<span class=\"_ _2\"></span>te instrum<span class=\"_ _2\"></span>ents ac<span class=\"_ _2\"></span>cording to th<span class=\"_ _2\"></span>e underl<span class=\"_ _2\"></span>ying insur<span class=\"_ _2\"></span>ance or inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and will review thi<span class=\"_ _2\"></span>s at regula<span class=\"_ _2\"></span>r interva<span class=\"_ _2\"></span>ls to ensure th<span class=\"_ _2\"></span>at overall expo<span class=\"_ _2\"></span>sure is kept within the ri<span class=\"_ _2\"></span>sk profile agre<span class=\"_ _2\"></span>ed for ea<span class=\"_ _2\"></span>ch par<span class=\"_ _2\"></span>ticula<span class=\"_ _2\"></span>r fund. Thi<span class=\"_ _2\"></span>s also re<span class=\"_ _2\"></span>quires the m<span class=\"_ _2\"></span>aturit<span class=\"_ _2\"></span>y profile of the<span class=\"_ _2\"></span>se ass<span class=\"_ _2\"></span>ets to be m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed in line with t<span class=\"_ _2\"></span>he liabilitie<span class=\"_ _2\"></span>s to policyh<span class=\"_ _2\"></span>older<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The s<span class=\"_ _2\"></span>ensitivit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>alysis for intere<span class=\"_ _2\"></span>st rate an<span class=\"_ _2\"></span>d inflation ris<span class=\"_ _2\"></span>k indicates h<span class=\"_ _2\"></span>ow chan<span class=\"_ _2\"></span>ges in the f<span class=\"_ _2\"></span>air value or fu<span class=\"_ _2\"></span>ture cas<span class=\"_ _2\"></span>h flows of a financ<span class=\"_ _2\"></span>ial instr<span class=\"_ _2\"></span>ument arisin<span class=\"_ _2\"></span>g from chan<span class=\"_ _2\"></span>ges in ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et interes<span class=\"_ _2\"></span>t and inflat<span class=\"_ _2\"></span>ion rates at th<span class=\"_ _2\"></span>e repor<span class=\"_ _2\"></span>ting date re<span class=\"_ _2\"></span>sult in a chan<span class=\"_ _2\"></span>ge in profit af<span class=\"_ _2\"></span>ter ta<span class=\"_ _2\"></span>x, eq<span class=\"_ _2\"></span>uity a<span class=\"_ _2\"></span>nd CS<span class=\"_ _2\"></span>M. It t<span class=\"_ _2\"></span>ak<span class=\"_ _5\"></span>es into acc<span class=\"_ _2\"></span>ount the ef<span class=\"_ _2\"></span>fect of s<span class=\"_ _2\"></span>uch chan<span class=\"_ _2\"></span>ges in ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et interes<span class=\"_ _2\"></span>t and inflat<span class=\"_ _2\"></span>ion rates on all a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liabili<span class=\"_ _2\"></span>ties that c<span class=\"_ _2\"></span>ontribute to the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s repo<span class=\"_ _2\"></span>rte<span class=\"_ _2\"></span>d profit af<span class=\"_ _2\"></span>ter tax an<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y. Change<span class=\"_ _2\"></span>s in the value of th<span class=\"_ _2\"></span>e Group\u2019s holdings in s<span class=\"_ _2\"></span>waptions a<span class=\"_ _2\"></span>s a result of time d<span class=\"_ _2\"></span>ecay or c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es to interest r<span class=\"_ _2\"></span>ate volatilit<span class=\"_ _2\"></span>y are not c<span class=\"_ _2\"></span>aptured in th<span class=\"_ _2\"></span>e sensiti<span class=\"_ _2\"></span>vity a<span class=\"_ _2\"></span>nalysis<span class=\"_ _2\"></span>. With-p<span class=\"_ _2\"></span>rofit busine<span class=\"_ _2\"></span>ss and n<span class=\"_ _2\"></span>on-par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>ting busin<span class=\"_ _2\"></span>ess with<span class=\"_ _2\"></span>in the with-profi<span class=\"_ _2\"></span>t funds are ex<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>d to interest r<span class=\"_ _2\"></span>ate risk as gu<span class=\"_ _2\"></span>arantee<span class=\"_ _2\"></span>d liabilities a<span class=\"_ _2\"></span>re value<span class=\"_ _2\"></span>d relative to mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t interest r<span class=\"_ _2\"></span>ates and inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s include fi<span class=\"_ _2\"></span>xed interes<span class=\"_ _2\"></span>t secur<span class=\"_ _2\"></span>ities and d<span class=\"_ _2\"></span>erivatives<span class=\"_ _2\"></span>. For unsupp<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ted with-profi<span class=\"_ _2\"></span>t busines<span class=\"_ _2\"></span>s the profit or lo<span class=\"_ _2\"></span>ss arisin<span class=\"_ _2\"></span>g from misma<span class=\"_ _2\"></span>tches be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en such as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabiliti<span class=\"_ _2\"></span>es is large<span class=\"_ _2\"></span>ly offs<span class=\"_ _2\"></span>et by incre<span class=\"_ _2\"></span>ased or re<span class=\"_ _2\"></span>duce<span class=\"_ _2\"></span>d discreti<span class=\"_ _2\"></span>onar<span class=\"_ _2\"></span>y polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r ben<span class=\"_ _2\"></span>efits de<span class=\"_ _2\"></span>pende<span class=\"_ _2\"></span>nt on the exis<span class=\"_ _2\"></span>tence of po<span class=\"_ _2\"></span>licyhol<span class=\"_ _2\"></span>der gua<span class=\"_ _2\"></span>rantees<span class=\"_ _2\"></span>. The c<span class=\"_ _2\"></span>ontribution of un<span class=\"_ _2\"></span>suppor<span class=\"_ _2\"></span>ted pa<span class=\"_ _2\"></span>rtic<span class=\"_ _2\"></span>ipating bu<span class=\"_ _2\"></span>siness to t<span class=\"_ _2\"></span>he Group res<span class=\"_ _2\"></span>ult is large<span class=\"_ _2\"></span>ly limited to th<span class=\"_ _2\"></span>e shareh<span class=\"_ _2\"></span>older<span class=\"_ _2\"></span>s\u2019 share of bonus<span class=\"_ _2\"></span>es. T<span class=\"_ _2\"></span>he contrib<span class=\"_ _2\"></span>ution of the sup<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted par<span class=\"_ _2\"></span>ticipat<span class=\"_ _2\"></span>ing busine<span class=\"_ _2\"></span>ss to the G<span class=\"_ _2\"></span>roup result is d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d in line with I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>, whic<span class=\"_ _2\"></span>h expos<span class=\"_ _2\"></span>es the sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er to chang<span class=\"_ _2\"></span>es in the va<span class=\"_ _2\"></span>lue of the liabilitie<span class=\"_ _2\"></span>s backed by sh<span class=\"_ _2\"></span>arehol<span class=\"_ _2\"></span>der ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d the value of c<span class=\"_ _2\"></span>apital advan<span class=\"_ _2\"></span>ced to th<span class=\"_ _2\"></span>e with-profit f<span class=\"_ _2\"></span>unds. In the n<span class=\"_ _2\"></span>on-par<span class=\"_ _2\"></span>ticipat<span class=\"_ _2\"></span>ing funds<span class=\"_ _2\"></span>, polic<span class=\"_ _2\"></span>y liabilitie<span class=\"_ _2\"></span>s\u2019 sensitivi<span class=\"_ _2\"></span>ty to intere<span class=\"_ _2\"></span>st rates a<span class=\"_ _2\"></span>re matche<span class=\"_ _2\"></span>d primaril<span class=\"_ _2\"></span>y with debt se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s and he<span class=\"_ _2\"></span>dging if ne<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>sar<span class=\"_ _2\"></span>y to match d<span class=\"_ _2\"></span>uration on a re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y basi<span class=\"_ _2\"></span>s for the Group\u2019s Solven<span class=\"_ _2\"></span>cy II p<span class=\"_ _2\"></span>osition<span class=\"_ _2\"></span>, with the res<span class=\"_ _2\"></span>ult that se<span class=\"_ _2\"></span>nsitivit<span class=\"_ _2\"></span>y to cha<span class=\"_ _2\"></span>nges in inte<span class=\"_ _2\"></span>rest rate<span class=\"_ _2\"></span>s is ver<span class=\"_ _2\"></span>y low. The Group\u2019s expos<span class=\"_ _2\"></span>ure to interest r<span class=\"_ _2\"></span>ates on an IFR<span class=\"_ _2\"></span>S basis pr<span class=\"_ _2\"></span>incipally a<span class=\"_ _2\"></span>rises from t<span class=\"_ _2\"></span>he Group\u2019s hedg<span class=\"_ _2\"></span>ing stra<span class=\"_ _2\"></span>tegy to prote<span class=\"_ _2\"></span>ct the re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y cap<span class=\"_ _2\"></span>ital pos<span class=\"_ _2\"></span>ition, which re<span class=\"_ _2\"></span>sults in an a<span class=\"_ _2\"></span>dverse im<span class=\"_ _2\"></span>pact o<span class=\"_ _2\"></span>n profit on an incre<span class=\"_ _2\"></span>ase in intere<span class=\"_ _2\"></span>st rates<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up is expos<span class=\"_ _2\"></span>ed to inflati<span class=\"_ _2\"></span>on risk throu<span class=\"_ _2\"></span>gh cer<span class=\"_ _2\"></span>tain c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts, s<span class=\"_ _2\"></span>uch as ann<span class=\"_ _2\"></span>uities<span class=\"_ _2\"></span>, which may p<span class=\"_ _2\"></span>rovide for future b<span class=\"_ _2\"></span>enefit<span class=\"_ _2\"></span>s to be paid t<span class=\"_ _2\"></span>aking acc<span class=\"_ _2\"></span>ount of chan<span class=\"_ _2\"></span>ges in the l<span class=\"_ _2\"></span>evel of experie<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>d and implie<span class=\"_ _2\"></span>d inflation<span class=\"_ _2\"></span>, and als<span class=\"_ _2\"></span>o through th<span class=\"_ _2\"></span>e Group\u2019s cost b<span class=\"_ _2\"></span>ase. Th<span class=\"_ _2\"></span>e Group se<span class=\"_ _2\"></span>eks to mana<span class=\"_ _2\"></span>ge inflation r<span class=\"_ _2\"></span>isk within the A<span class=\"_ _2\"></span>LM framewor<span class=\"_ _2\"></span>k through th<span class=\"_ _2\"></span>e holding of de<span class=\"_ _2\"></span>rivatives<span class=\"_ _2\"></span>, such a<span class=\"_ _2\"></span>s inflation swa<span class=\"_ _2\"></span>ps, or p<span class=\"_ _2\"></span>hysical p<span class=\"_ _2\"></span>ositions in re<span class=\"_ _2\"></span>levant as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, such as inde<span class=\"_ _2\"></span>x-link<span class=\"_ _5\"></span>ed g<span class=\"_ _2\"></span>ilts<span class=\"_ _2\"></span>, where app<span class=\"_ _2\"></span>ropriate.<span class=\"_ _3bc\"> </span>The s<span class=\"_ _2\"></span>ensitivit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>alysis res<span class=\"_ _2\"></span>ults for IF<span class=\"_ _2\"></span>RS are bas<span class=\"_ _2\"></span>ed on a com<span class=\"_ _2\"></span>bination of mo<span class=\"_ _2\"></span>delle<span class=\"_ _2\"></span>d results a<span class=\"_ _2\"></span>nd Solve<span class=\"_ _2\"></span>ncy II a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted sen<span class=\"_ _2\"></span>sitivit<span class=\"_ _2\"></span>y result<span class=\"_ _2\"></span>s. S<span class=\"_ _2\"></span>ensiti<span class=\"_ _2\"></span>vity result<span class=\"_ _2\"></span>s inclu<span class=\"_ _2\"></span>de an allowanc<span class=\"_ _2\"></span>e for est<span class=\"_ _2\"></span>ate distrib<span class=\"_ _2\"></span>ution abs<span class=\"_ _2\"></span>orption on with<span class=\"_ _2\"></span>-profit busin<span class=\"_ _2\"></span>ess an<span class=\"_ _2\"></span>d the se<span class=\"_ _2\"></span>cond-<span class=\"_ _2\"></span>order impa<span class=\"_ _2\"></span>ct on Ris<span class=\"_ _2\"></span>k Adjus<span class=\"_ _2\"></span>tment but exclude<span class=\"_ _2\"></span>s the impa<span class=\"_ _2\"></span>ct on the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>emes<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><table class=\"s w60c h2d4\" id=\"_dfde65aa-c3ea-432b-b587-2d917505b546\"><tr><td></td><td></td><td class=\"c n xc99 y599b w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xc9a y599b w60d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc9b h3f y599c ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td><td class=\"t m0 x5ac h16 y599c ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act o<span class=\"_ _2\"></span>n </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc9c h3f y599d ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 x4c3 h3f y599d ff7 fsf fc1 sc0 ls83 ws78\">Impact </td><td class=\"t m0 x8f2 h16 y599d ff3 fsf fc1 sc0 ls0 ws0\">profi<span class=\"_ _2\"></span>t aft<span class=\"_ _2\"></span>er ta<span class=\"_ _2\"></span>x </td><td class=\"t m0 x967 h16 y599d ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act </td></tr><tr><td></td><td class=\"t m0 x907 h3f y599e ff7 fsf fc1 sc0 ls0 ws0\">Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e in </td><td class=\"t m0 x582 h3f y599e ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8c8 h3f y599e ff7 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x77f h16 y599e ff3 fsf fc1 sc0 ls0 ws0\">and e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ty </td><td class=\"t m0 x59f h16 y599e ff3 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xc9d h3f y599f ff7 fsf fc1 sc0 ls70 ws67\">interest rate<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x488 h3f y599f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc9e h3f y599f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ea h3f y599f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ee h16 y599f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59a0 w60e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc9f y59a0 w60f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca0 y59a0 w610 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">3<span class=\"_ _2\"></span>,682<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca1 y59a0 w611 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca2 y59a0 w1e0 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>321<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb56 y59a0 w514 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>52)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a1 w612 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca3 y59a1 w60f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca4 y59a1 w613 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">1<span class=\"_ _3\"></span>,5<span class=\"_ _2\"></span>51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca5 y59a1 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca6 y59a1 w58e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>451<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca7 y59a1 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59a2 w614 h28f\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to interes<span class=\"_ _2\"></span>t rate risk ba<span class=\"_ _2\"></span>cking ins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca8 y59a2 w60f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca9 y59a2 w49d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">(3,988)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcaa y59a2 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcab y59a2 w615 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(3,599)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcac y59a2 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y59a3 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to interes<span class=\"_ _2\"></span>t rate risk ba<span class=\"_ _2\"></span>cking inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59a4 w616 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcad y59a4 w60f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcae y59a4 w350 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>,55<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcaf y59a4 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb0 y59a4 w617 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb1 y59a4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a5 w618 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to interest r<span class=\"_ _2\"></span>ate risk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb2 y59a5 w619 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb3 y59a5 w61a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(222)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb4 y59a5 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb5 y59a5 w499 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>317<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb6 y59a5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a6 w60e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb7 y59a6 w61b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb8 y59a6 w61c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">(4<span class=\"_ _2\"></span>,87<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb9 y59a6 w130 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcba y59a6 w61d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(4<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>03)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbb y59a6 w11a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>23<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a7 w612 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbc y59a7 w550 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbd y59a7 w61e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(2<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbe y59a7 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbf y59a7 w61f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>21)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc0 y59a7 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59a8 w614 h28a\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to interes<span class=\"_ _2\"></span>t rate risk ba<span class=\"_ _2\"></span>cking ins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc1 y59a8 w61b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc2 y59a8 w5f5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">5<span class=\"_ _2\"></span>,25<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc3 y59a8 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc4 y59a8 w620 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc wsba\">4,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc5 y59a8 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y59a9 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to interes<span class=\"_ _2\"></span>t rate risk ba<span class=\"_ _2\"></span>cking inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59aa w616 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc6 y59aa w61b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc7 y59aa w1b6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">2,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc8 y59aa w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc9 y59aa w621 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>921<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x778 y59aa w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59ab w618 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to interest r<span class=\"_ _2\"></span>ate risk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcca y59ab w622 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccb y59ab w9c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">222<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccc y59ab w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccd y59ab w214 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">317<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcce y59ab w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xc99 y59ac w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xc9a y59ac w60d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc9b h3f y59ad ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td><td class=\"t m0 x5ac h16 y59ad ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act o<span class=\"_ _2\"></span>n </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc9c h3f y59ae ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 x4c3 h3f y59ae ff7 fsf fc1 sc0 ls83 ws78\">Impact </td><td class=\"t m0 x8f2 h16 y59ae ff3 fsf fc1 sc0 ls0 ws0\">profi<span class=\"_ _2\"></span>t aft<span class=\"_ _2\"></span>er ta<span class=\"_ _2\"></span>x </td><td class=\"t m0 x967 h16 y59ae ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act </td></tr><tr><td></td><td class=\"t m0 x907 h3f y59af ff7 fsf fc1 sc0 ls0 ws0\">Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e in </td><td class=\"t m0 x582 h3f y59af ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8c8 h3f y59af ff7 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x77f h16 y59af ff3 fsf fc1 sc0 ls0 ws0\">and e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ty </td><td class=\"t m0 x59f h16 y59af ff3 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x5e4 h3f y59b0 ff7 fsf fc1 sc0 ls199 ws185\">inflation<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x488 h3f y59b0 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc9e h3f y59b0 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ea h3f y59b0 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ee h16 y59b0 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59b1 w60e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc9f y59b1 w60f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccf y59b1 w623 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd0 y59b1 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x94b y59b1 w378 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(6<span class=\"_ _2\"></span>83)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd1 y59b1 w419 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b2 w612 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca3 y59b2 w60f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd2 y59b2 w355 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(17<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd3 y59b2 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd4 y59b2 w7d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(165<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd5 y59b2 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59b3 w624 h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to inflation r<span class=\"_ _2\"></span>isk back<span class=\"_ _2\"></span>ing insura<span class=\"_ _2\"></span>nce and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca8 y59b3 w60f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd6 y59b3 w1ff h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">983<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd7 y59b3 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd8 y59b3 w1eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">692<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd9 y59b3 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y59b4 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to inflation r<span class=\"_ _2\"></span>isk back<span class=\"_ _2\"></span>ing investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>ct </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59b5 w616 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcad y59b5 w60f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcda y59b5 w6f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdb y59b5 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdc y59b5 w2fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">165<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdd y59b5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b6 w625 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to inflation ris<span class=\"_ _2\"></span>k<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcde y59b6 w60f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdf y59b6 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce0 y59b6 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce1 y59b6 w31d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">22<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce2 y59b6 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b7 w60e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb7 y59b7 w61b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce3 y59b7 w626 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd2 wsc0\">840<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc36 y59b7 w323 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce4 y59b7 w4f7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">598<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce5 y59b7 w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b8 w612 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbc y59b8 w550 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce6 y59b8 wf5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce7 y59b8 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce8 y59b8 w3b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce9 y59b8 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y59b9 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct inflation r<span class=\"_ _2\"></span>isk back<span class=\"_ _2\"></span>ing insura<span class=\"_ _2\"></span>nce and re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y588c w627 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">contract balanc<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcea y588c w61b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xceb y588c w628 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(8<span class=\"_ _2\"></span>68)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcec y588c w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xced y588c w546 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bf ws1be\">(<span class=\"_ _2\"></span>597<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcee y588c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y59ba ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to inflation r<span class=\"_ _2\"></span>isk back<span class=\"_ _2\"></span>ing investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>ct </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ee w616 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc6 y55ee w61b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcef y55ee w629 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(145)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf0 y55ee w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf1 y55ee w62a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(<span class=\"_ _2\"></span>135)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf2 y55ee w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w625 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to inflation ris<span class=\"_ _2\"></span>k<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf3 y55ef w61b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf4 y55ef w3d2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf5 y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf6 y55ef w1d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(18)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf7 y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS<span class=\"_ _2\"></span>17 Ins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce C<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s (see n<span class=\"_ _2\"></span>ote A2<span class=\"_ _2\"></span>.1 for fur<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>er det<span class=\"_ _2\"></span>ails).<span class=\"_ _3bc\"> </span>Equit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y risk<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is expos<span class=\"_ _2\"></span>ed to the ri<span class=\"_ _2\"></span>sk of reduc<span class=\"_ _2\"></span>tions in the val<span class=\"_ _2\"></span>uation of equi<span class=\"_ _2\"></span>ties (or chan<span class=\"_ _2\"></span>ges in the vol<span class=\"_ _2\"></span>atilit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>) or prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s which co<span class=\"_ _2\"></span>uld result in redu<span class=\"_ _2\"></span>ctions in a<span class=\"_ _2\"></span>sset va<span class=\"_ _2\"></span>lues and l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s for policy<span class=\"_ _2\"></span>holder<span class=\"_ _2\"></span>s or share<span class=\"_ _2\"></span>holder<span class=\"_ _2\"></span>s. In th<span class=\"_ _2\"></span>is contex<span class=\"_ _2\"></span>t, eq<span class=\"_ _2\"></span>uity a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s should b<span class=\"_ _2\"></span>e taken to inclu<span class=\"_ _2\"></span>de shares<span class=\"_ _2\"></span>, eq<span class=\"_ _2\"></span>uity deriva<span class=\"_ _2\"></span>tives, e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y colle<span class=\"_ _2\"></span>ctives an<span class=\"_ _2\"></span>d unliste<span class=\"_ _2\"></span>d equitie<span class=\"_ _2\"></span>s. Prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sets in<span class=\"_ _2\"></span>clude dire<span class=\"_ _2\"></span>ct prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y inves<span class=\"_ _2\"></span>tment, s<span class=\"_ _2\"></span>hares in pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty c<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s, pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty colle<span class=\"_ _2\"></span>ctives a<span class=\"_ _2\"></span>nd str<span class=\"_ _2\"></span>ucture<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio of marketab<span class=\"_ _2\"></span>le equit<span class=\"_ _2\"></span>y se<span class=\"_ _2\"></span>curities a<span class=\"_ _2\"></span>nd prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y investm<span class=\"_ _2\"></span>ents whi<span class=\"_ _2\"></span>ch is carr<span class=\"_ _2\"></span>ied in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition at fair value h<span class=\"_ _2\"></span>as<span class=\"_ gs132\"> </span>expos<span class=\"_ _2\"></span>ure to price risk<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tive in holdin<span class=\"_ _2\"></span>g these a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s is to earn hi<span class=\"_ _2\"></span>gher lon<span class=\"_ _2\"></span>g-term return<span class=\"_ _2\"></span>s by investing in a di<span class=\"_ _2\"></span>verse por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folio of equities a<span class=\"_ _2\"></span>nd prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s. Por<span class=\"_ _2\"></span>tfolio c<span class=\"_ _2\"></span>harac<span class=\"_ _2\"></span>terist<span class=\"_ _2\"></span>ics are an<span class=\"_ _2\"></span>alyse<span class=\"_ _2\"></span>d regula<span class=\"_ _2\"></span>rly and pric<span class=\"_ _2\"></span>e risks are ac<span class=\"_ _2\"></span>tively ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>d in line with inves<span class=\"_ _2\"></span>tment man<span class=\"_ _2\"></span>dates. T<span class=\"_ _2\"></span>he Group\u2019s holding<span class=\"_ _2\"></span>s are divers<span class=\"_ _2\"></span>ified acro<span class=\"_ _2\"></span>ss indu<span class=\"_ _2\"></span>stries a<span class=\"_ _2\"></span>nd conc<span class=\"_ _2\"></span>entration<span class=\"_ _2\"></span>s in any one com<span class=\"_ _2\"></span>pany or indus<span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>y are limited.<span class=\"_ _3bc\"> </span>Equit<span class=\"_ _2\"></span>y and prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty pr<span class=\"_ _2\"></span>ice risk is pr<span class=\"_ _2\"></span>imarily bo<span class=\"_ _2\"></span>rne in resp<span class=\"_ _2\"></span>ect of as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s held in with-<span class=\"_ _2\"></span>profit funds<span class=\"_ _2\"></span>, unit-linked fun<span class=\"_ _2\"></span>ds or equit<span class=\"_ _2\"></span>y rele<span class=\"_ _2\"></span>ase mo<span class=\"_ _2\"></span>rtg<span class=\"_ _2\"></span>ages in th<span class=\"_ _2\"></span>e non-p<span class=\"_ _2\"></span>rofit funds<span class=\"_ _2\"></span>. For unit-linked fund<span class=\"_ _2\"></span>s this risk is b<span class=\"_ _2\"></span>orne by polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs and a<span class=\"_ _2\"></span>sset m<span class=\"_ _2\"></span>ovements dire<span class=\"_ _2\"></span>ctly im<span class=\"_ _2\"></span>pact uni<span class=\"_ _2\"></span>t prices an<span class=\"_ _2\"></span>d henc<span class=\"_ _2\"></span>e policy value<span class=\"_ _2\"></span>s. For with-<span class=\"_ _2\"></span>profit funds p<span class=\"_ _2\"></span>olicyh<span class=\"_ _2\"></span>olders\u2019 f<span class=\"_ _2\"></span>uture bonu<span class=\"_ _2\"></span>ses will b<span class=\"_ _2\"></span>e impacte<span class=\"_ _2\"></span>d by the invest<span class=\"_ _2\"></span>ment return<span class=\"_ _2\"></span>s achieve<span class=\"_ _2\"></span>d and hen<span class=\"_ _2\"></span>ce the pric<span class=\"_ _2\"></span>e risk<span class=\"_ _2\"></span>, whilst the Gro<span class=\"_ _2\"></span>up also ha<span class=\"_ _2\"></span>s exposure to t<span class=\"_ _2\"></span>he value of gua<span class=\"_ _2\"></span>rantees p<span class=\"_ _2\"></span>rovided to with<span class=\"_ _2\"></span>-profit polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs. I<span class=\"_ _2\"></span>n addition s<span class=\"_ _2\"></span>ome eq<span class=\"_ _2\"></span>uity inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s are held in resp<span class=\"_ _2\"></span>ect of sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>ers\u2019 fund<span class=\"_ _2\"></span>s. For the n<span class=\"_ _2\"></span>on-profit fun<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y price ri<span class=\"_ _2\"></span>sk from equi<span class=\"_ _2\"></span>ty rel<span class=\"_ _2\"></span>ease m<span class=\"_ _2\"></span>ortg<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>s is borne by th<span class=\"_ _2\"></span>e Group with th<span class=\"_ _2\"></span>e aim of achie<span class=\"_ _2\"></span>ving greate<span class=\"_ _2\"></span>r diversific<span class=\"_ _2\"></span>ation and inve<span class=\"_ _2\"></span>stment re<span class=\"_ _2\"></span>turns<span class=\"_ _2\"></span>, consis<span class=\"_ _2\"></span>tent with th<span class=\"_ _2\"></span>e Strategi<span class=\"_ _2\"></span>c Asse<span class=\"_ _2\"></span>t Alloca<span class=\"_ _2\"></span>tion approved by th<span class=\"_ _2\"></span>e Board<span class=\"_ _2\"></span>. The Group a<span class=\"_ _2\"></span>s a whole i<span class=\"_ _2\"></span>s expos<span class=\"_ _2\"></span>ed to price ri<span class=\"_ _2\"></span>sk fluct<span class=\"_ _2\"></span>uations imp<span class=\"_ _2\"></span>actin<span class=\"_ _2\"></span>g the inco<span class=\"_ _2\"></span>me flow of mana<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent charg<span class=\"_ _2\"></span>es from the inves<span class=\"_ _2\"></span>ted as<span class=\"_ _2\"></span>sets of all f<span class=\"_ _2\"></span>unds; thi<span class=\"_ _2\"></span>s is prima<span class=\"_ _2\"></span>rily mana<span class=\"_ _2\"></span>ged th<span class=\"_ _2\"></span>rough the u<span class=\"_ _2\"></span>se of derivative<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Equit<span class=\"_ _2\"></span>y and prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty pr<span class=\"_ _2\"></span>ice risk is m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>d throug<span class=\"_ _2\"></span>h the agre<span class=\"_ _2\"></span>ement a<span class=\"_ _2\"></span>nd monitor<span class=\"_ _2\"></span>ing of financi<span class=\"_ _2\"></span>al risk profile<span class=\"_ _2\"></span>s that are appro<span class=\"_ _2\"></span>priate for ea<span class=\"_ _2\"></span>ch of the Group\u2019s life funds in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of maintainin<span class=\"_ _2\"></span>g adeq<span class=\"_ _2\"></span>uate regul<span class=\"_ _2\"></span>atory c<span class=\"_ _2\"></span>apital a<span class=\"_ _2\"></span>nd treatin<span class=\"_ _2\"></span>g custom<span class=\"_ _2\"></span>ers fa<span class=\"_ _2\"></span>irly<span class=\"_ _5\"></span>. This is la<span class=\"_ _2\"></span>rgely a<span class=\"_ _2\"></span>chieved thro<span class=\"_ _2\"></span>ugh as<span class=\"_ _2\"></span>set clas<span class=\"_ _2\"></span>s divers<span class=\"_ _2\"></span>ification a<span class=\"_ _2\"></span>nd within the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s ALM fram<span class=\"_ _2\"></span>ework thro<span class=\"_ _2\"></span>ugh the ho<span class=\"_ _2\"></span>lding of derivat<span class=\"_ _2\"></span>ives or physic<span class=\"_ _2\"></span>al positi<span class=\"_ _2\"></span>ons in relevant a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s where ap<span class=\"_ _2\"></span>propriate. The sh<span class=\"_ _2\"></span>arehol<span class=\"_ _2\"></span>ders\u2019 exp<span class=\"_ _2\"></span>osure to equit<span class=\"_ _2\"></span>y ris<span class=\"_ _2\"></span>k principall<span class=\"_ _2\"></span>y arises f<span class=\"_ _2\"></span>rom the Group\u2019s hed<span class=\"_ _2\"></span>ging str<span class=\"_ _2\"></span>ategy to p<span class=\"_ _2\"></span>rotect the re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y c<span class=\"_ _2\"></span>apital po<span class=\"_ _2\"></span>sition<span class=\"_ _2\"></span>, which result<span class=\"_ _2\"></span>s in an adver<span class=\"_ _2\"></span>se impa<span class=\"_ _2\"></span>ct on profit on a<span class=\"_ _2\"></span>n increa<span class=\"_ _2\"></span>se in equit<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> <span class=\"_ _3bc\"> </span></span>The s<span class=\"_ _2\"></span>ensitivit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>alysis for e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y and prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk illus<span class=\"_ _2\"></span>trates how a c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e in the fair value of e<span class=\"_ _2\"></span>quities an<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>tie<span class=\"_ _2\"></span>s affec<span class=\"_ _2\"></span>ts the G<span class=\"_ _2\"></span>roup result<span class=\"_ _2\"></span>. It takes into ac<span class=\"_ _2\"></span>count the ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t of such cha<span class=\"_ _2\"></span>nges in e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y and prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty pri<span class=\"_ _2\"></span>ces on all as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabiliti<span class=\"_ _2\"></span>es that co<span class=\"_ _2\"></span>ntribute to the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s repo<span class=\"_ _2\"></span>rted p<span class=\"_ _2\"></span>rofit after t<span class=\"_ _2\"></span>ax and in e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y but exclu<span class=\"_ _2\"></span>des the imp<span class=\"_ _2\"></span>act on th<span class=\"_ _2\"></span>e Group\u2019s pension s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span><table class=\"s w62b h2d4\" id=\"_a78c4d8d-caa1-4880-9f14-31bae551b4f7\"><tr><td></td><td></td><td class=\"c n xcf8 y599b w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c xcfa y599b w60d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 xcf9 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xcfb h3f y59bb ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td><td class=\"t m0 xcfc h3f y59bb ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc0e h3f y59bc ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 x524 h3f y59bc ff7 fsf fc1 sc0 ls83 ws78\">Impact </td><td class=\"t m0 xcfd h3f y59bc ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 xabd h3f y59bc ff7 fsf fc1 sc0 ls83 ws78\">Impact </td></tr><tr><td></td><td class=\"t m0 xcfe h3f y59bd ff7 fsf fc1 sc0 ls0 ws0\">Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e in  </td><td class=\"t m0 x9da h3f y59bd ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xcff h3f y59bd ff7 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d1 h3f y59bd ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x481 h3f y59bd ff7 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xd00 h3f y59be ff7 fsf fc1 sc0 ls70 ws67\">equit<span class=\"_ _2\"></span>y prices<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb29 h3f y59be ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd01 h3f y59be ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5bb h3f y59be ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x553 h3f y59be ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59a0 w60e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd02 y59a0 w62c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd03 y59a0 w62d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(2,079)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd04 y59a0 w62e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">1<span class=\"_ _2\"></span>17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x532 y59a0 w62f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2,0<span class=\"_ _2\"></span>82)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5ab y59a0 w2d3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">1<span class=\"_ _2\"></span>24<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a1 w612 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd05 y59a1 w62c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd06 y59a1 w630 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">(<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd07 y59a1 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd08 y59a1 w631 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">(<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>0<span class=\"_ _19\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd09 y59a1 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59bf w632 h28a\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to equit<span class=\"_ _2\"></span>y pri<span class=\"_ _2\"></span>ce risk ba<span class=\"_ _2\"></span>cking ins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0a y59bf w633 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0b y59bf w39a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,159<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0c y59bf w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0d y59bf w150 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">2,205<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0e y59bf w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59c0 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to equit<span class=\"_ _2\"></span>y pri<span class=\"_ _2\"></span>ce risk ba<span class=\"_ _2\"></span>cking Inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59c1 w616 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0f y59c1 w633 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd10 y59c1 w10d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd11 y59c1 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x781 y59c1 w5fa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd12 y59c1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59c2 w634 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to equit<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd13 y59c2 w62c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccf y59c2 w635 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">(3<span class=\"_ _2\"></span>35)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd14 y59c2 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd15 y59c2 w3e2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(<span class=\"_ _2\"></span>299)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd16 y59c2 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a6 w60e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd17 y59a6 w636 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd18 y59a6 w14c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">2,039<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd19 y59a6 w19b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">(30<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1a y59a6 w327 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">2,0<span class=\"_ _2\"></span>40<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1b y59a6 w223 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a7 w612 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1c y59a7 w2bd h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1d y59a7 w5e2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _2\"></span>74<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1e y59a7 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1f y59a7 w33d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _2\"></span>1<span class=\"_ _19\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd9 y59a7 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55de w632 h28a\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to equit<span class=\"_ _2\"></span>y pri<span class=\"_ _2\"></span>ce risk ba<span class=\"_ _2\"></span>cking ins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd20 y55de w636 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd21 y55de w637 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">(2<span class=\"_ _2\"></span>,128)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd22 y55de w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd23 y55de w638 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(<span class=\"_ _2\"></span>2,169)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd24 y55de w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59c3 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to equit<span class=\"_ _2\"></span>y pri<span class=\"_ _2\"></span>ce risk ba<span class=\"_ _2\"></span>cking Inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59c4 w616 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd25 y59c4 w296 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd26 y59c4 w639 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">(<span class=\"_ _3\"></span>7,<span class=\"_ _2\"></span>74<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd27 y59c4 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd28 y59c4 w63a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">(<span class=\"_ _19\"></span>7,<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd29 y59c4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59c5 w634 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to equit<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd2a y59c5 w2bd h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd2b y59c5 w227 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">335<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd2c y59c5 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x215 y59c5 w9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">299<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd2d y59c5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xcf8 y59c6 w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c xcfa y59c6 w60d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 xcf9 h1d6 y56f3 ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xcfb h3f y59c7 ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td><td class=\"t m0 xcfc h3f y59c7 ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc0e h3f y59c8 ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 x524 h3f y59c8 ff7 fsf fc1 sc0 ls83 ws78\">Impact </td><td class=\"t m0 xcfd h3f y59c8 ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 xd2e h16 y59c8 ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act </td></tr><tr><td></td><td class=\"t m0 xcfe h3f y59c9 ff7 fsf fc1 sc0 ls0 ws0\">Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e in </td><td class=\"t m0 x9da h3f y59c9 ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xcff h3f y59c9 ff7 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d1 h3f y59c9 ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x481 h16 y59c9 ff3 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xd2f h3f y59ca ff7 fsf fc1 sc0 ls5b ws76\">propert<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span> prices<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb29 h3f y59ca ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd01 h3f y59ca ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5bb h3f y59ca ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y59ca ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59cb w60e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd02 y59cb w62c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd30 y59cb w63b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>99<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd31 y59cb w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd32 y59cb w63c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">(2<span class=\"_ _2\"></span>01)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdd y59cb wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59cc w612 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd05 y59cc w62c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd33 y59cc w63d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>431<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdb y59cc w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd34 y59cc w63e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">(<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd35 y59cc w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59cd w63f h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk bac<span class=\"_ _2\"></span>king insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0a y59cd w633 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd36 y59cd w32a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">205<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccc y59cd w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd37 y59cd w3c9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">199<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd09 y59cd w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59ce ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk bac<span class=\"_ _2\"></span>king Inves<span class=\"_ _2\"></span>tment </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59b5 w640 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">contract<span class=\"_ _5\"></span> without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd38 y59b5 w633 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd39 y59b5 w488 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">4<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3a y59b5 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3b y59b5 w116 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3c y59b5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b6 w641 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y price ri<span class=\"_ _2\"></span>sk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd13 y59b6 w62c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3d y59b6 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3e y59b6 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3f y59b6 w2f2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd9 y59b6 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59cf w60e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd17 y59cf w636 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd40 y59cf w11a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>91<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd41 y59cf w5c7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd42 y59cf w642 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">19<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd43 y59cf w2dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59d0 w612 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1c y59d0 w2bd h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd44 y59d0 w4f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">4<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd45 y59d0 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd46 y59d0 w240 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">388<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd47 y59d0 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59d1 w63f h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk bac<span class=\"_ _2\"></span>king insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd20 y59d1 w636 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd48 y59d1 w2ac h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb4 y59d1 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd49 y59d1 w53 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(19<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf2 y59d1 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59d2 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk bac<span class=\"_ _2\"></span>king Inves<span class=\"_ _2\"></span>tment </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ee w640 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">contract<span class=\"_ _5\"></span> without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4a y55ee w296 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4b y55ee waf h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">(4<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4c y55ee w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4d y55ee w53 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(38<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd35 y55ee w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w641 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y price ri<span class=\"_ _2\"></span>sk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4e y55ef w296 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4f y55ef w2dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd50 y55ef w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x95e y55ef w1d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(10)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd51 y55ef w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS<span class=\"_ _2\"></span>17 Ins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce C<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s (see n<span class=\"_ _2\"></span>ote A2<span class=\"_ _2\"></span>.1 for fur<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>er det<span class=\"_ _2\"></span>ails).<span class=\"_ _3bc\"> </span>The s<span class=\"_ _2\"></span>ensitivit<span class=\"_ _2\"></span>y to ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in equit<span class=\"_ _2\"></span>y price<span class=\"_ _2\"></span>s is primaril<span class=\"_ _2\"></span>y driven by the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y hedg<span class=\"_ _2\"></span>ing arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts over the va<span class=\"_ _2\"></span>lue of future ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment charg<span class=\"_ _2\"></span>es that a<span class=\"_ _2\"></span>re link<span class=\"_ _5\"></span>ed to as<span class=\"_ _2\"></span>set valu<span class=\"_ _2\"></span>es. Curren<span class=\"_ _2\"></span>cy risk<span class=\"_ _3bc\"> </span>Curren<span class=\"_ _2\"></span>cy risk is th<span class=\"_ _2\"></span>e risk that c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the value of c<span class=\"_ _2\"></span>urrencie<span class=\"_ _2\"></span>s could le<span class=\"_ _2\"></span>ad to redu<span class=\"_ _2\"></span>ctions in a<span class=\"_ _2\"></span>sset va<span class=\"_ _2\"></span>lues which m<span class=\"_ _2\"></span>ay result in los<span class=\"_ _2\"></span>ses for polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs and sh<span class=\"_ _2\"></span>arehol<span class=\"_ _2\"></span>ders<span class=\"_ _2\"></span>. With the exc<span class=\"_ _2\"></span>eption of Stan<span class=\"_ _2\"></span>dard Life Intern<span class=\"_ _2\"></span>ational bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s sold in Ge<span class=\"_ _2\"></span>rmany and th<span class=\"_ _2\"></span>e Republic of Ire<span class=\"_ _2\"></span>land an<span class=\"_ _2\"></span>d som<span class=\"_ _2\"></span>e historic b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten in<span class=\"_ gs132\"> </span>the Rep<span class=\"_ _2\"></span>ublic of Irelan<span class=\"_ _2\"></span>d, the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>rincipal tr<span class=\"_ _2\"></span>ansa<span class=\"_ _2\"></span>ctions are c<span class=\"_ _2\"></span>arrie<span class=\"_ _2\"></span>d out in ste<span class=\"_ _2\"></span>rling. Th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts for the<span class=\"_ _2\"></span>se boo<span class=\"_ _2\"></span>ks of busine<span class=\"_ _2\"></span>ss are g<span class=\"_ _2\"></span>enera<span class=\"_ _2\"></span>lly held in th<span class=\"_ _2\"></span>e same c<span class=\"_ _2\"></span>urrency d<span class=\"_ _2\"></span>enomina<span class=\"_ _2\"></span>tion as their li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>, therefore<span class=\"_ _2\"></span>, any foreign cur<span class=\"_ _2\"></span>rency mis<span class=\"_ _2\"></span>match is larg<span class=\"_ _2\"></span>ely mitig<span class=\"_ _2\"></span>ated. Con<span class=\"_ _2\"></span>sequ<span class=\"_ _2\"></span>ently, the foreign cur<span class=\"_ _2\"></span>rency ris<span class=\"_ _2\"></span>k relating to thi<span class=\"_ _2\"></span>s busine<span class=\"_ _2\"></span>ss mainl<span class=\"_ _2\"></span>y arises wh<span class=\"_ _2\"></span>en the as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabilitie<span class=\"_ _2\"></span>s are trans<span class=\"_ _2\"></span>lated into ste<span class=\"_ _2\"></span>rling.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts are prima<span class=\"_ _2\"></span>rily deno<span class=\"_ _2\"></span>minated in th<span class=\"_ _2\"></span>e same c<span class=\"_ _2\"></span>urrencie<span class=\"_ _2\"></span>s as its ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e and investm<span class=\"_ _2\"></span>ent liabilitie<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>us, th<span class=\"_ _2\"></span>e main foreign exchan<span class=\"_ _2\"></span>ge risk ar<span class=\"_ _2\"></span>ises from re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liabilit<span class=\"_ _2\"></span>ies deno<span class=\"_ _2\"></span>minated in c<span class=\"_ _2\"></span>urrencie<span class=\"_ _2\"></span>s other than t<span class=\"_ _2\"></span>hose in whic<span class=\"_ _2\"></span>h insuran<span class=\"_ _2\"></span>ce and inves<span class=\"_ _2\"></span>tment liabilitie<span class=\"_ _2\"></span>s are expe<span class=\"_ _2\"></span>cted to b<span class=\"_ _2\"></span>e set<span class=\"_ _2\"></span>tled an<span class=\"_ _2\"></span>d, indirec<span class=\"_ _2\"></span>tly, from the non-<span class=\"_ _2\"></span>UK e<span class=\"_ _2\"></span>arnings of U<span class=\"_ _2\"></span>K compa<span class=\"_ _2\"></span>nies.<span class=\"_ _3bc\"> </span>Som<span class=\"_ _2\"></span>e of the Group\u2019s with-profit f<span class=\"_ _2\"></span>unds have an exp<span class=\"_ _2\"></span>osure to overs<span class=\"_ _2\"></span>eas as<span class=\"_ _2\"></span>sets w<span class=\"_ _2\"></span>hich is not drive<span class=\"_ _2\"></span>n by liabilit<span class=\"_ _2\"></span>y consid<span class=\"_ _2\"></span>erations<span class=\"_ _2\"></span>. The p<span class=\"_ _2\"></span>urpose of thi<span class=\"_ _2\"></span>s expo<span class=\"_ _2\"></span>sure is to<span class=\"_ gs132\"> </span>reduc<span class=\"_ _2\"></span>e overall risk w<span class=\"_ _2\"></span>hilst ma<span class=\"_ _2\"></span>ximising ret<span class=\"_ _2\"></span>urns by diver<span class=\"_ _2\"></span>sificatio<span class=\"_ _2\"></span>n. This exp<span class=\"_ _2\"></span>osure is limite<span class=\"_ _2\"></span>d and man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d through inves<span class=\"_ _2\"></span>tment m<span class=\"_ _2\"></span>andates which are s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to the over<span class=\"_ _2\"></span>sight of the invest<span class=\"_ _2\"></span>ment com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>es of the Bo<span class=\"_ _2\"></span>ards of each life c<span class=\"_ _2\"></span>ompany. Fluctu<span class=\"_ _2\"></span>ations in exch<span class=\"_ _2\"></span>ange ra<span class=\"_ _2\"></span>tes from cer<span class=\"_ _2\"></span>tain holdin<span class=\"_ _2\"></span>gs in overs<span class=\"_ _2\"></span>eas as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>re hedg<span class=\"_ _2\"></span>ed ag<span class=\"_ _2\"></span>ainst c<span class=\"_ _2\"></span>urrency r<span class=\"_ _2\"></span>isks. Durin<span class=\"_ _2\"></span>g 2021<span class=\"_ _2\"></span>, the Group e<span class=\"_ _2\"></span>ntered into four h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relations<span class=\"_ _2\"></span>hips to hed<span class=\"_ _2\"></span>ge the curre<span class=\"_ _2\"></span>ncy ris<span class=\"_ _2\"></span>k on its Euro and U<span class=\"_ _2\"></span>S dollar de<span class=\"_ _2\"></span>nominate<span class=\"_ _2\"></span>d hybrid debt (U<span class=\"_ _2\"></span>S $5<span class=\"_ _2\"></span>00 millio<span class=\"_ _2\"></span>n Tier 2 bo<span class=\"_ _2\"></span>nds<span class=\"_ _2\"></span>, \u20ac50<span class=\"_ _2\"></span>0 million Tie<span class=\"_ _2\"></span>r 2 notes<span class=\"_ _2\"></span>, US $750 millio<span class=\"_ _2\"></span>n conting<span class=\"_ _2\"></span>ent conver<span class=\"_ _2\"></span>tible T<span class=\"_ _2\"></span>ier 1 notes an<span class=\"_ _2\"></span>d US $5<span class=\"_ _2\"></span>00 million F<span class=\"_ _2\"></span>ixed Rate Re<span class=\"_ _2\"></span>set Tie<span class=\"_ _2\"></span>r 2 notes a<span class=\"_ _2\"></span>s set out in note E5<span class=\"_ _2\"></span>) throug<span class=\"_ _2\"></span>h cross c<span class=\"_ _2\"></span>urrency r<span class=\"_ _2\"></span>ate swaps<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>E6.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>3 F<span class=\"_ _5\"></span>inancial soundness r<span class=\"_ _5\"></span>isk<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial so<span class=\"_ _2\"></span>undnes<span class=\"_ _2\"></span>s risk is a bro<span class=\"_ _2\"></span>ad risk c<span class=\"_ _2\"></span>ategor<span class=\"_ _2\"></span>y en<span class=\"_ _2\"></span>compas<span class=\"_ _2\"></span>sing c<span class=\"_ _2\"></span>apital m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement ris<span class=\"_ _2\"></span>k, ta<span class=\"_ _2\"></span>x risk and liq<span class=\"_ _2\"></span>uidit<span class=\"_ _2\"></span>y and fundin<span class=\"_ _2\"></span>g risk.<span class=\"_ _3bc\"> </span>Capit<span class=\"_ _2\"></span>al mana<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent risk is defin<span class=\"_ _2\"></span>ed as the f<span class=\"_ _2\"></span>ailure of the Group, o<span class=\"_ _2\"></span>r one of its se<span class=\"_ _2\"></span>paratel<span class=\"_ _2\"></span>y regulate<span class=\"_ _2\"></span>d subsidi<span class=\"_ _2\"></span>aries<span class=\"_ _2\"></span>, to maintain s<span class=\"_ _2\"></span>ufficie<span class=\"_ _2\"></span>nt capit<span class=\"_ _2\"></span>al to provide ap<span class=\"_ _2\"></span>propriate se<span class=\"_ _2\"></span>curit<span class=\"_ _2\"></span>y for poli<span class=\"_ _2\"></span>cyhold<span class=\"_ _2\"></span>ers and m<span class=\"_ _2\"></span>eet all re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y ca<span class=\"_ _2\"></span>pital req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>s whilst n<span class=\"_ _2\"></span>ot retaining un<span class=\"_ _2\"></span>nece<span class=\"_ _2\"></span>ssar<span class=\"_ _2\"></span>y c<span class=\"_ _2\"></span>apital. T<span class=\"_ _2\"></span>he Group has ex<span class=\"_ _2\"></span>posure to c<span class=\"_ _2\"></span>apital m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>ment risk t<span class=\"_ _2\"></span>hrough th<span class=\"_ _2\"></span>e requirem<span class=\"_ _2\"></span>ents of the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II cap<span class=\"_ _2\"></span>ital reg<span class=\"_ _2\"></span>ime, as imp<span class=\"_ _2\"></span>lemente<span class=\"_ _2\"></span>d by the PR<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, to calcul<span class=\"_ _2\"></span>ate reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y capit<span class=\"_ _2\"></span>al adeq<span class=\"_ _2\"></span>uacy at a G<span class=\"_ _2\"></span>roup level. Th<span class=\"_ _2\"></span>e Group\u2019s UK life subsidi<span class=\"_ _2\"></span>aries have exp<span class=\"_ _2\"></span>osure to cap<span class=\"_ _2\"></span>ital man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent risk thro<span class=\"_ _2\"></span>ugh the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y capit<span class=\"_ _2\"></span>al requirem<span class=\"_ _2\"></span>ents m<span class=\"_ _2\"></span>andated by th<span class=\"_ _2\"></span>e PRA at t<span class=\"_ _2\"></span>he solo leve<span class=\"_ _2\"></span>l. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ap<span class=\"_ _2\"></span>proach to m<span class=\"_ _2\"></span>anagin<span class=\"_ _2\"></span>g capit<span class=\"_ _2\"></span>al mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt risk is des<span class=\"_ _2\"></span>cribe<span class=\"_ _2\"></span>d in deta<span class=\"_ _2\"></span>il in note I3<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>Ta<span class=\"_ _2\"></span>x<span class=\"_ _3\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>k<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>ax ri<span class=\"_ _2\"></span>sk is define<span class=\"_ _2\"></span>d as the risk of re<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>ns in earnin<span class=\"_ _2\"></span>gs and/<span class=\"_ _7\"></span>o<span class=\"_ _2\"></span>r value, thro<span class=\"_ _2\"></span>ugh finan<span class=\"_ _2\"></span>cial or rep<span class=\"_ _2\"></span>utation<span class=\"_ _2\"></span>al loss<span class=\"_ _2\"></span>, due to an unfore<span class=\"_ _2\"></span>seen t<span class=\"_ _2\"></span>ax cos<span class=\"_ _2\"></span>t, or by th<span class=\"_ _2\"></span>e inapp<span class=\"_ _2\"></span>ropriate rep<span class=\"_ _2\"></span>ortin<span class=\"_ _2\"></span>g and disc<span class=\"_ _2\"></span>losure of informatio<span class=\"_ _2\"></span>n in relation to ta<span class=\"_ _2\"></span>xation<span class=\"_ _2\"></span>. T<span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>x risk ca<span class=\"_ _2\"></span>n be cau<span class=\"_ _2\"></span>sed by<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group, or on<span class=\"_ _2\"></span>e of its subsi<span class=\"_ _2\"></span>diaries<span class=\"_ _2\"></span>, making a m<span class=\"_ _2\"></span>aterial er<span class=\"_ _2\"></span>ror in its ta<span class=\"_ _2\"></span>x repor<span class=\"_ _2\"></span>ting<span class=\"_ _2\"></span>; \u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>corre<span class=\"_ _2\"></span>ct cal<span class=\"_ _2\"></span>culation of ta<span class=\"_ _2\"></span>x provisions<span class=\"_ _2\"></span>; \u2022 <span class=\"_ _9\"> </span>f<span class=\"_ _2\"></span>ailure to implem<span class=\"_ _2\"></span>ent the optim<span class=\"_ _2\"></span>um financia<span class=\"_ _2\"></span>l arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s to underpin a c<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on; and \u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>corre<span class=\"_ _2\"></span>ct ope<span class=\"_ _2\"></span>ration of polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r tax re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>ax ri<span class=\"_ _2\"></span>sk is mana<span class=\"_ _2\"></span>ged by m<span class=\"_ _2\"></span>aintaining an a<span class=\"_ _2\"></span>ppropriate<span class=\"_ _2\"></span>ly-s<span class=\"_ _2\"></span>taffe<span class=\"_ _2\"></span>d tax tea<span class=\"_ _2\"></span>m who have the qu<span class=\"_ _2\"></span>alificatio<span class=\"_ _2\"></span>ns and exp<span class=\"_ _2\"></span>erienc<span class=\"_ _2\"></span>e to make judge<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s on tax iss<span class=\"_ _2\"></span>ues<span class=\"_ _2\"></span>, augme<span class=\"_ _2\"></span>nted by advic<span class=\"_ _2\"></span>e from ex<span class=\"_ _2\"></span>ternal sp<span class=\"_ _2\"></span>ecialis<span class=\"_ _2\"></span>ts wh<span class=\"_ _2\"></span>ere require<span class=\"_ _2\"></span>d. In addi<span class=\"_ _2\"></span>tion, th<span class=\"_ _2\"></span>e Group has a for<span class=\"_ _2\"></span>mal ta<span class=\"_ _2\"></span>x risk polic<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, w<span class=\"_ _2\"></span>hich set<span class=\"_ _2\"></span>s out its ri<span class=\"_ _2\"></span>sk appe<span class=\"_ _2\"></span>tite in relation to sp<span class=\"_ _2\"></span>ecific a<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>ts of ta<span class=\"_ _2\"></span>x risk, a<span class=\"_ _2\"></span>nd which det<span class=\"_ _2\"></span>ails the co<span class=\"_ _2\"></span>ntrols the Gro<span class=\"_ _2\"></span>up has in pla<span class=\"_ _2\"></span>ce to mana<span class=\"_ _2\"></span>ge thos<span class=\"_ _2\"></span>e risks<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Liqui<span class=\"_ _2\"></span>dit<span class=\"_ _2\"></span>y risk<span class=\"_ _3bc\"> </span>Liquidit<span class=\"_ _2\"></span>y risk is d<span class=\"_ _2\"></span>efined as f<span class=\"_ _2\"></span>ailure to mainta<span class=\"_ _2\"></span>in adequ<span class=\"_ _2\"></span>ate levels of financ<span class=\"_ _2\"></span>ial reso<span class=\"_ _2\"></span>urces to me<span class=\"_ _2\"></span>et oblig<span class=\"_ _2\"></span>ations as th<span class=\"_ _2\"></span>ey fall due. Fundin<span class=\"_ _2\"></span>g risk relate<span class=\"_ _2\"></span>s to the potentia<span class=\"_ _2\"></span>l inabilit<span class=\"_ _2\"></span>y to raise a<span class=\"_ _2\"></span>ddition<span class=\"_ _2\"></span>al capit<span class=\"_ _2\"></span>al or liquidit<span class=\"_ _2\"></span>y whe<span class=\"_ _2\"></span>n required in o<span class=\"_ _2\"></span>rder to maint<span class=\"_ _2\"></span>ain the resilie<span class=\"_ _2\"></span>nce of the b<span class=\"_ _2\"></span>alance s<span class=\"_ _2\"></span>heet<span class=\"_ _2\"></span>. The Group h<span class=\"_ _2\"></span>as expo<span class=\"_ _2\"></span>sure to liquidit<span class=\"_ _2\"></span>y risk as a re<span class=\"_ _2\"></span>sult of ser<span class=\"_ _2\"></span>vicin<span class=\"_ _2\"></span>g its ex<span class=\"_ _2\"></span>ternal de<span class=\"_ _2\"></span>bt and eq<span class=\"_ _2\"></span>uity inves<span class=\"_ _2\"></span>tors<span class=\"_ _2\"></span>, and from th<span class=\"_ _2\"></span>e opera<span class=\"_ _2\"></span>ting require<span class=\"_ _2\"></span>ments of it<span class=\"_ _2\"></span>s subsidia<span class=\"_ _2\"></span>ries. T<span class=\"_ _2\"></span>he Group\u2019s subsidia<span class=\"_ _2\"></span>ries have exp<span class=\"_ _2\"></span>osure to liquidit<span class=\"_ _2\"></span>y risk a<span class=\"_ _2\"></span>s a result of norm<span class=\"_ _2\"></span>al busin<span class=\"_ _2\"></span>ess ac<span class=\"_ _2\"></span>tivitie<span class=\"_ _2\"></span>s, sp<span class=\"_ _2\"></span>ecific<span class=\"_ _2\"></span>ally the ris<span class=\"_ _2\"></span>k arising from a<span class=\"_ _2\"></span>n inabilit<span class=\"_ _2\"></span>y to meet shor<span class=\"_ _2\"></span>t-term ca<span class=\"_ _2\"></span>sh flow req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>s and<span class=\"_ gs132\"> </span>to me<span class=\"_ _2\"></span>et obligati<span class=\"_ _2\"></span>ons to polic<span class=\"_ _2\"></span>y liabilities<span class=\"_ _2\"></span>. The B<span class=\"_ _2\"></span>oard of Phoe<span class=\"_ _2\"></span>nix Group H<span class=\"_ _2\"></span>oldings p<span class=\"_ _2\"></span>lc has defin<span class=\"_ _2\"></span>ed a numb<span class=\"_ _2\"></span>er of governa<span class=\"_ _2\"></span>nce obj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ives and prin<span class=\"_ _2\"></span>ciples an<span class=\"_ _2\"></span>d<span class=\"_ gs132\"> </span>the liquidit<span class=\"_ _2\"></span>y ris<span class=\"_ _2\"></span>k framewor<span class=\"_ _2\"></span>ks of each subs<span class=\"_ _2\"></span>idiar<span class=\"_ _2\"></span>y are desig<span class=\"_ _2\"></span>ned to en<span class=\"_ _2\"></span>sure that<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>li<span class=\"_ _2\"></span>quidit<span class=\"_ _2\"></span>y risk is man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d in a manne<span class=\"_ _2\"></span>r consis<span class=\"_ _2\"></span>tent with the s<span class=\"_ _2\"></span>ubsidiar<span class=\"_ _2\"></span>y com<span class=\"_ _2\"></span>pany Board<span class=\"_ _2\"></span>s\u2019 strateg<span class=\"_ _2\"></span>ic obje<span class=\"_ _2\"></span>ctives<span class=\"_ _2\"></span>, risk ap<span class=\"_ _2\"></span>petite and PP<span class=\"_ _2\"></span>FM;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s are appropri<span class=\"_ _2\"></span>ately man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d and the rep<span class=\"_ _2\"></span>utation of th<span class=\"_ _2\"></span>e Group is safe<span class=\"_ _2\"></span>guarde<span class=\"_ _2\"></span>d; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>ppropriate inform<span class=\"_ _2\"></span>ation on liquidi<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k is available to th<span class=\"_ _2\"></span>ose makin<span class=\"_ _2\"></span>g decis<span class=\"_ _2\"></span>ions.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s li<span class=\"_ _2\"></span>quidit<span class=\"_ _2\"></span>y risk man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent str<span class=\"_ _2\"></span>ategy is b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n a risk appe<span class=\"_ _2\"></span>tite of less th<span class=\"_ _2\"></span>an a 1 in 200 c<span class=\"_ _2\"></span>hanc<span class=\"_ _2\"></span>e of having insuf<span class=\"_ _2\"></span>ficient li<span class=\"_ _2\"></span>quid or tan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>sets to<span class=\"_ gs132\"> </span>me<span class=\"_ _2\"></span>et finan<span class=\"_ _2\"></span>cial oblig<span class=\"_ _2\"></span>ations as th<span class=\"_ _2\"></span>ey fall due an<span class=\"_ _2\"></span>d is suppo<span class=\"_ _2\"></span>rted by<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>h<span class=\"_ _2\"></span>olding app<span class=\"_ _2\"></span>ropriate as<span class=\"_ _2\"></span>sets to m<span class=\"_ _2\"></span>eet liqui<span class=\"_ _2\"></span>dity b<span class=\"_ _2\"></span>uffer<span class=\"_ _2\"></span>s;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>h<span class=\"_ _2\"></span>olding hig<span class=\"_ _2\"></span>h qualit<span class=\"_ _2\"></span>y liquid as<span class=\"_ _2\"></span>sets to s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>t day to day ope<span class=\"_ _2\"></span>rations<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>n effec<span class=\"_ _2\"></span>tive stre<span class=\"_ _2\"></span>ss tes<span class=\"_ _2\"></span>ting fram<span class=\"_ _2\"></span>ework to ensure s<span class=\"_ _2\"></span>urviv<span class=\"_ _2\"></span>al horizons are met un<span class=\"_ _2\"></span>der dif<span class=\"_ _2\"></span>ferent severe<span class=\"_ _2\"></span>, but pla<span class=\"_ _2\"></span>usible sc<span class=\"_ _2\"></span>enarios<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive liquidit<span class=\"_ _2\"></span>y por<span class=\"_ _2\"></span>tfo<span class=\"_ _2\"></span>lio manag<span class=\"_ _2\"></span>ement in<span class=\"_ _2\"></span>cluding E<span class=\"_ _2\"></span>arly Warning In<span class=\"_ _2\"></span>dicator<span class=\"_ _2\"></span>s; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>li<span class=\"_ _2\"></span>quidit<span class=\"_ _2\"></span>y risk contin<span class=\"_ _2\"></span>genc<span class=\"_ _2\"></span>y plannin<span class=\"_ _2\"></span>g.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s f<span class=\"_ _2\"></span>unding s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y aims to maint<span class=\"_ _2\"></span>ain the appro<span class=\"_ _2\"></span>priate level of debt an<span class=\"_ _2\"></span>d equit<span class=\"_ _2\"></span>y in orde<span class=\"_ _2\"></span>r to suppor<span class=\"_ _2\"></span>t the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s o<span class=\"_ _2\"></span>rganic an<span class=\"_ _2\"></span>d inorgan<span class=\"_ _2\"></span>ic grow<span class=\"_ _2\"></span>th ambitio<span class=\"_ _2\"></span>ns, wh<span class=\"_ _2\"></span>ile maintainin<span class=\"_ _2\"></span>g suf<span class=\"_ _2\"></span>ficient he<span class=\"_ _2\"></span>adroom for hybr<span class=\"_ _2\"></span>id capit<span class=\"_ _2\"></span>al under S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II rule<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Liquidit<span class=\"_ _2\"></span>y forec<span class=\"_ _2\"></span>ast<span class=\"_ _2\"></span>s showin<span class=\"_ _2\"></span>g headro<span class=\"_ _2\"></span>om again<span class=\"_ _2\"></span>st liquidi<span class=\"_ _2\"></span>ty b<span class=\"_ _2\"></span>uffer<span class=\"_ _2\"></span>s are prepare<span class=\"_ _2\"></span>d regul<span class=\"_ _2\"></span>arly to predic<span class=\"_ _2\"></span>t require<span class=\"_ _2\"></span>d liquidit<span class=\"_ _2\"></span>y levels over b<span class=\"_ _2\"></span>oth the sho<span class=\"_ _2\"></span>rt an<span class=\"_ _2\"></span>d me<span class=\"_ _2\"></span>dium-term allowin<span class=\"_ _2\"></span>g manag<span class=\"_ _2\"></span>ement to re<span class=\"_ _2\"></span>spond a<span class=\"_ _2\"></span>ppropriate<span class=\"_ _2\"></span>ly to chang<span class=\"_ _2\"></span>es in circum<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>. In the event of a liqui<span class=\"_ _2\"></span>dity sh<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tfall<span class=\"_ _2\"></span>, either c<span class=\"_ _2\"></span>urrent or proj<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d, this woul<span class=\"_ _2\"></span>d be mana<span class=\"_ _2\"></span>ged in lin<span class=\"_ _2\"></span>e with the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s C<span class=\"_ _2\"></span>onting<span class=\"_ _2\"></span>ency Liqu<span class=\"_ _2\"></span>idity Pl<span class=\"_ _2\"></span>an where th<span class=\"_ _2\"></span>e latest avail<span class=\"_ _2\"></span>able contin<span class=\"_ _2\"></span>genc<span class=\"_ _2\"></span>y mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt ac<span class=\"_ _2\"></span>tions would b<span class=\"_ _2\"></span>e consi<span class=\"_ _2\"></span>dered. In ex<span class=\"_ _2\"></span>treme circ<span class=\"_ _2\"></span>umst<span class=\"_ _2\"></span>ances<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup could b<span class=\"_ _2\"></span>e expos<span class=\"_ _2\"></span>ed to liquidit<span class=\"_ _2\"></span>y ris<span class=\"_ _2\"></span>k in its unit-linked fun<span class=\"_ _2\"></span>ds. This c<span class=\"_ _2\"></span>ould oc<span class=\"_ _2\"></span>cur where a h<span class=\"_ _2\"></span>igh volume of surren<span class=\"_ _2\"></span>ders c<span class=\"_ _2\"></span>oincide<span class=\"_ _2\"></span>s with a tightenin<span class=\"_ _2\"></span>g of liquidit<span class=\"_ _2\"></span>y in a unit-linked fund to the p<span class=\"_ _2\"></span>oint where a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s of that fund h<span class=\"_ _2\"></span>ave to be sold to me<span class=\"_ _2\"></span>et thos<span class=\"_ _2\"></span>e withdr<span class=\"_ _2\"></span>awals. W<span class=\"_ _2\"></span>here the f<span class=\"_ _2\"></span>und affe<span class=\"_ _2\"></span>cted c<span class=\"_ _2\"></span>onsis<span class=\"_ _2\"></span>ts of les<span class=\"_ _2\"></span>s liquid as<span class=\"_ _2\"></span>sets su<span class=\"_ _2\"></span>ch as prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y, it can ta<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e s<span class=\"_ _2\"></span>everal mo<span class=\"_ _2\"></span>nths to comp<span class=\"_ _2\"></span>lete a sale an<span class=\"_ _2\"></span>d this would impe<span class=\"_ _2\"></span>de the prop<span class=\"_ _2\"></span>er ope<span class=\"_ _2\"></span>ration of the fun<span class=\"_ _2\"></span>d. In the<span class=\"_ _2\"></span>se situa<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>, the Group c<span class=\"_ _2\"></span>onsider<span class=\"_ _2\"></span>s its ris<span class=\"_ _2\"></span>k to be low sinc<span class=\"_ _2\"></span>e there are s<span class=\"_ _2\"></span>teps that c<span class=\"_ _2\"></span>an be taken fir<span class=\"_ _2\"></span>st within th<span class=\"_ _2\"></span>e funds the<span class=\"_ _2\"></span>mselve<span class=\"_ _2\"></span>s both to ens<span class=\"_ _2\"></span>ure the fair treat<span class=\"_ _2\"></span>ment of all investo<span class=\"_ _2\"></span>rs in thos<span class=\"_ _2\"></span>e funds an<span class=\"_ _2\"></span>d to protect th<span class=\"_ _2\"></span>e Group\u2019s own risk expo<span class=\"_ _2\"></span>sure.<span class=\"_ _3bc\"> </span>The va<span class=\"_ _2\"></span>st maj<span class=\"_ _2\"></span>orit<span class=\"_ _2\"></span>y of the Group\u2019s derivative c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are tra<span class=\"_ _2\"></span>ded OT<span class=\"_ _5\"></span>C and h<span class=\"_ _2\"></span>ave a two-<span class=\"_ _2\"></span>day collater<span class=\"_ _2\"></span>al set<span class=\"_ _2\"></span>tleme<span class=\"_ _2\"></span>nt perio<span class=\"_ _2\"></span>d. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s de<span class=\"_ _2\"></span>rivative contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are<span class=\"_ gs132\"> </span>monitore<span class=\"_ _2\"></span>d daily, via an end-<span class=\"_ _2\"></span>of-day valuation p<span class=\"_ _2\"></span>roces<span class=\"_ _2\"></span>s, to a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>s the ne<span class=\"_ _2\"></span>ed for ad<span class=\"_ _2\"></span>ditional f<span class=\"_ _2\"></span>unds to cover ma<span class=\"_ _2\"></span>rgin or collate<span class=\"_ _2\"></span>ral ca<span class=\"_ _2\"></span>lls.<span class=\"_ _3bc\"> </span>Som<span class=\"_ _2\"></span>e of the Group\u2019s comme<span class=\"_ _2\"></span>rcial prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s, c<span class=\"_ _2\"></span>ash and c<span class=\"_ _2\"></span>ash eq<span class=\"_ _2\"></span>uivalent<span class=\"_ _2\"></span>s are held thro<span class=\"_ _2\"></span>ugh coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s. The<span class=\"_ gs132\"> </span>c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investme<span class=\"_ _2\"></span>nt schem<span class=\"_ _2\"></span>es have the p<span class=\"_ _2\"></span>ower to restr<span class=\"_ _2\"></span>ict and/<span class=\"_ _5\"></span>or sus<span class=\"_ _2\"></span>pend wit<span class=\"_ _2\"></span>hdrawals<span class=\"_ _2\"></span>, which wo<span class=\"_ _2\"></span>uld, in turn<span class=\"_ _2\"></span>, affe<span class=\"_ _2\"></span>ct liquidit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing table p<span class=\"_ _2\"></span>rovides a mat<span class=\"_ _2\"></span>urit<span class=\"_ _2\"></span>y analysi<span class=\"_ _2\"></span>s showing th<span class=\"_ _2\"></span>e remainin<span class=\"_ _2\"></span>g contrac<span class=\"_ _2\"></span>tual m<span class=\"_ _2\"></span>aturities of th<span class=\"_ _2\"></span>e Group\u2019s undisco<span class=\"_ _2\"></span>unted financ<span class=\"_ _2\"></span>ial liabilitie<span class=\"_ _2\"></span>s and<span class=\"_ gs132\"> </span>as<span class=\"_ _2\"></span>soc<span class=\"_ _2\"></span>iated interes<span class=\"_ _2\"></span>t.<span class=\"_ _3bc\"> </span><table class=\"s w29b h2d5\" id=\"_bfe76317-b37d-477f-b4d2-3d52d4570704\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xd52 h3f y59d3 ff7 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s amo<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x2c4 h3f y59d4 ff7 fsf fc1 sc0 ls0 ws0\">cl<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ified a<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td class=\"t m0 xd53 h3f y59d5 ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r or les<span class=\"_ _2\"></span>s or </td><td></td><td class=\"t m0 xd54 h3f y59d5 ff7 fsf fc1 sc0 ls0 ws0\">Gr<span class=\"_ _2\"></span>eate<span class=\"_ _2\"></span>r tha<span class=\"_ _2\"></span>n 5 </td><td></td><td></td><td class=\"t m0 x2c4 h3f y59d5 ff7 fsf fc1 sc0 ls5b ws76\">held for<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>ale<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xd55 h3f y59d6 ff7 fsf fc1 sc0 ls0 ws0\">on de<span class=\"_ _2\"></span>man<span class=\"_ _2\"></span>d </td><td class=\"t m0 xd56 h3f y59d6 ff7 fsf fc1 sc0 ls0 ws0\">1\u2013<span class=\"_ _2\"></span>5 yea<span class=\"_ _2\"></span>rs </td><td class=\"t m0 xd57 h3f y59d6 ff7 fsf fc1 sc0 ls0 ws0\">yea<span class=\"_ _2\"></span>rs </td><td class=\"t m0 xd58 h3f y59d6 ff7 fsf fc1 sc0 ls0 ws0\">No fi<span class=\"_ _2\"></span>xed te<span class=\"_ _2\"></span>rm </td><td class=\"t m0 xd59 h3f y59d6 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 xd5a h3f y59d6 ff7 fsf fc1 sc0 ls0 ws0\">(se<span class=\"_ _2\"></span>e note H<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h3f y59d6 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h3f y59d7 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2c h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2d h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5b9 h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5bb h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59d8 w15b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd5b y59d8 w47b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd5c y59d8 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd5d y59d8 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd5e y59d8 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x853 y59d8 w643 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,78<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd5f y59d8 w644 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd60 y59d8 w645 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">158<span class=\"_ _2\"></span>,00<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59d9 ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></td><td class=\"c n xd61 y59da w55a h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1c7 ws1c7\">298<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd62 y59da w646 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,0<span class=\"_ _2\"></span>65<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd63 y59da w647 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,563<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd64 y59da w357 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd65 y59da w311 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>971<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd66 y59da w19d h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd67 y59da w311 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>971<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59dc w648 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives</div><div class=\"t m0 xd68 h13 y59db ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd61 y59dd w649 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls8b ws114\">366<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd69 y59dd w64a h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls76 ws19a\">403<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6a y59dd w2a2 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">5<span class=\"_ _2\"></span>,71<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6b y59dd w109 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6c y59dd w5e9 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1ab ws1a3\">6<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>487<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6d y59dd w2dc h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6e y59dd w646 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1c8 ws1c8\">6,<span class=\"_ _2\"></span>485<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59de w167 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6f y59de w64b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd70 y59de w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd71 y59de w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd72 y59de w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd73 y59de wed h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd74 y59de w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd75 y59de w196 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>921<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59df ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59e0 w64c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls72 ws68\">rece<span class=\"_ _5\"></span>iv<span class=\"_ _5\"></span>ed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd76 y59e0 w64d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">1<span class=\"_ _2\"></span>,005<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd77 y59e0 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd78 y59e0 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd79 y59e0 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7a y59e0 w430 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">1<span class=\"_ _2\"></span>,005<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7b y59e0 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7c y59e0 w64e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>05<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59e1 ff3 fs7 fc1 sc0 ls0 ws0\">Leas<span class=\"_ _2\"></span>e liabilities<span class=\"_ _3bc\"> </span></td><td class=\"c n xbf3 y59e2 w1a0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7d y59e2 w394 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ac ws1a4\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7e y59e2 w64f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls76 ws19a\">63<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7f y59e2 w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd80 y59e2 w78 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">107<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd81 y59e2 w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd82 y59e2 w4f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59e3 w17f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Accr<span class=\"_ _2\"></span>uals and d<span class=\"_ _2\"></span>eferred inc<span class=\"_ _2\"></span>ome<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd83 y59e3 w650 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">5<span class=\"_ _2\"></span>36<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd84 y59e3 w56c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">29<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd85 y59e3 w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd86 y59e3 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd87 y59e3 w91 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">579<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd88 y59e3 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d5 y59e3 w59 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59e4 w181 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other paya<span class=\"_ _5\"></span>bles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd89 y59e4 w651 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8a y59e4 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8b y59e4 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8c y59e4 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8d y59e4 w146 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>272<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8e y59e4 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8f y59e4 w146 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>272<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xd5a h16 y59e5 ff3 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s amo<span class=\"_ _2\"></span>unts </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x5b8 h16 y59e6 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ssi<span class=\"_ _2\"></span>fied a<span class=\"_ _2\"></span>s held </td><td></td></tr><tr><td></td><td class=\"t m0 xd53 h16 y59e7 ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r or les<span class=\"_ _2\"></span>s or </td><td></td><td class=\"t m0 xd90 h16 y59e7 ff3 fsf fc1 sc0 ls0 ws0\">Gre<span class=\"_ _2\"></span>ater t<span class=\"_ _2\"></span>han 5 </td><td></td><td></td><td class=\"t m0 x5b8 h16 y59e7 ff3 fsf fc1 sc0 ls0 ws0\">for s<span class=\"_ _2\"></span>ale (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e </td><td></td></tr><tr><td></td><td class=\"t m0 xd55 h16 y59e8 ff3 fsf fc1 sc0 ls17 ws15\">on demand </td><td class=\"t m0 xd56 h16 y59e8 ff3 fsf fc1 sc0 ls0 ws0\">1\u2013<span class=\"_ _2\"></span>5 year<span class=\"_ _2\"></span>s </td><td class=\"t m0 xd57 h16 y59e8 ff3 fsf fc1 sc0 ls0 ws0\">yea<span class=\"_ _2\"></span>rs </td><td class=\"t m0 x9da h16 y59e8 ff3 fsf fc1 sc0 ls0 ws0\">No fi<span class=\"_ _2\"></span>xed ter<span class=\"_ _2\"></span>m </td><td class=\"t m0 xd59 h16 y59e8 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x5bb h16 y59e8 ff3 fsf fc1 sc0 ls0 ws0\">H3<span class=\"_ _2\"></span>) </td><td class=\"t m0 x487 h16 y59e8 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"c x1ea y59e9 w2a6 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 xb2c h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2d h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd91 h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86d h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59eb w15b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd92 y59eb w652 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">149<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>481<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd93 y59eb w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd94 y59eb w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd95 y59eb w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd96 y59eb w44d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">14<span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd97 y59eb w22f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd98 y59eb w653 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">1<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59ec ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></td><td class=\"c n xd61 y59ed we9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">268<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd99 y59ed w654 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>326<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9a y59ed w103 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">2,<span class=\"_ _2\"></span>357<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9b y59ed w44a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9c y59ed w1e6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">4<span class=\"_ _2\"></span>,015<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9d y59ed w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9e y59ed w1e6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">4,01<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59ee w648 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives</div><div class=\"t m0 xd68 h13 y59db ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd61 y59ee w655 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c6 ws1c6\">757<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9f y59ee w9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">794<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda0 y59ee w36f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">9<span class=\"_ _2\"></span>,335<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda1 y59ee w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda2 y59ee w656 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">10,<span class=\"_ _2\"></span>886<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda3 y59ee w3dd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda4 y59ee w657 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">10<span class=\"_ _2\"></span>,882<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59ef w167 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda5 y59ef w658 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,0<span class=\"_ _3\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd93 y59ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd94 y59ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd95 y59ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda6 y59ef w169 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8bd y59ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8be y59ef w4a5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59f0 ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59f1 w64c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls72 ws68\">rece<span class=\"_ _5\"></span>iv<span class=\"_ _5\"></span>ed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda7 y59f1 w16c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda8 y59f1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda9 y59f1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdaa y59f1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdab y59f1 w4ae h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdac y59f1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdad y59f1 w16c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59f2 ff3 fs7 fc1 sc0 ls0 ws0\">Leas<span class=\"_ _2\"></span>e liabilities<span class=\"_ _3bc\"> </span></td><td class=\"c n xdae y56f9 w659 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdaf y56f9 w1bc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb0 y56f9 w56c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">95<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb1 y56f9 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb2 y56f9 w65a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">14<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb3 y56f9 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb4 y56f9 w65a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">14<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee w17f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Accr<span class=\"_ _2\"></span>uals and d<span class=\"_ _2\"></span>eferred inc<span class=\"_ _2\"></span>ome<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb5 y55ee w461 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">527<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb6 y55ee w422 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb7 y55ee w3fb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba5 y55ee w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb8 y55ee w65b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">5<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb9 y55ee w65c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x313 y55ee w119 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c3 ws1c3\">544<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w181 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other paya<span class=\"_ _5\"></span>bles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd89 y55ef w633 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>373<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdba y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdbb y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdbc y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdbd y55ef w65d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>373<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdbe y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc42 y55ef w65d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>373<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Th<span class=\"_ _2\"></span>ese fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties a<span class=\"_ _2\"></span>re dis<span class=\"_ _2\"></span>clos<span class=\"_ _2\"></span>ed at th<span class=\"_ _2\"></span>eir un<span class=\"_ _2\"></span>disc<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>ed val<span class=\"_ _2\"></span>ue and t<span class=\"_ _2\"></span>here<span class=\"_ _2\"></span>fore dif<span class=\"_ _2\"></span>fer f<span class=\"_ _2\"></span>rom am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s incl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>d in the s<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t of cons<span class=\"_ _2\"></span>olid<span class=\"_ _2\"></span>ated fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cial p<span class=\"_ _2\"></span>osit<span class=\"_ _2\"></span>ion wh<span class=\"_ _2\"></span>ich dis<span class=\"_ _2\"></span>clo<span class=\"_ _2\"></span>ses th<span class=\"_ _2\"></span>e<span class=\"_ gs2dc\"> </span>disc<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>ed val<span class=\"_ _2\"></span>ue.<span class=\"_ _3bc\"> </span>2 <span class=\"_ _2f\"> </span>Prio<span class=\"_ _2\"></span>r per<span class=\"_ _2\"></span>iod co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>rativ<span class=\"_ _2\"></span>es have b<span class=\"_ _2\"></span>een r<span class=\"_ _2\"></span>est<span class=\"_ _2\"></span>ated o<span class=\"_ _2\"></span>n tran<span class=\"_ _2\"></span>siti<span class=\"_ _2\"></span>on to IF<span class=\"_ _2\"></span>RS 17 In<span class=\"_ _2\"></span>sura<span class=\"_ _2\"></span>nce C<span class=\"_ _2\"></span>ontr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s (se<span class=\"_ _2\"></span>e note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s).<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act p<span class=\"_ _2\"></span>olicyho<span class=\"_ _2\"></span>lders h<span class=\"_ _2\"></span>ave the option to termin<span class=\"_ _2\"></span>ate or trans<span class=\"_ _2\"></span>fer their c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts at any time an<span class=\"_ _2\"></span>d to recei<span class=\"_ _2\"></span>ve the surren<span class=\"_ _2\"></span>der or tran<span class=\"_ _2\"></span>sfer value of the<span class=\"_ _2\"></span>ir<span class=\"_ gs132\"> </span>policie<span class=\"_ _2\"></span>s. Alth<span class=\"_ _2\"></span>ough the<span class=\"_ _2\"></span>se liabiliti<span class=\"_ _2\"></span>es are payabl<span class=\"_ _2\"></span>e on deman<span class=\"_ _2\"></span>d, and are th<span class=\"_ _2\"></span>erefore incl<span class=\"_ _2\"></span>uded in the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual ma<span class=\"_ _2\"></span>turit<span class=\"_ _2\"></span>y analys<span class=\"_ _2\"></span>is as due within on<span class=\"_ _2\"></span>e year<span class=\"_ _5\"></span>, the<span class=\"_ gs132\"> </span>Gro<span class=\"_ _2\"></span>up does n<span class=\"_ _2\"></span>ot expec<span class=\"_ _2\"></span>t all thes<span class=\"_ _2\"></span>e amount<span class=\"_ _2\"></span>s to be paid o<span class=\"_ _2\"></span>ut within one ye<span class=\"_ _2\"></span>ar of the repor<span class=\"_ _2\"></span>ting d<span class=\"_ _2\"></span>ate.<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing table<span class=\"_ _2\"></span>s prese<span class=\"_ _2\"></span>nt the es<span class=\"_ _2\"></span>timated am<span class=\"_ _2\"></span>ount and timin<span class=\"_ _2\"></span>g of the remain<span class=\"_ _2\"></span>ing contra<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l discounte<span class=\"_ _2\"></span>d cash fl<span class=\"_ _2\"></span>ows arisin<span class=\"_ _2\"></span>g from insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties. 2023<span class=\"_ _3bc\"> </span><table class=\"s w29b h2d6\" id=\"_526029b3-958d-40a8-9722-0a75edb35716\"><tr><td></td><td class=\"t m0 xd55 h16 y59f3 ff3 fsf fc1 sc0 ls0 ws0\">Up to 1 ye<span class=\"_ _2\"></span>ar<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdbf h16 y59f3 ff3 fsf fc1 sc0 ls1e3 ws15a\">1<span class=\"_ _2\"></span>-2 y<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc0 h16 y59f3 ff3 fsf fc1 sc0 ls0 ws0\">2-3 yea<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc1 h16 y59f3 ff3 fsf fc1 sc0 ls86 ws7b\">3-4 y<span class=\"_ _5\"></span>ears<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc2 h16 y59f3 ff3 fsf fc1 sc0 ls11f ws106\">4-5 yea<span class=\"_ _5\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc3 h16 y59f3 ff3 fsf fc1 sc0 ls0 ws0\">&gt;5 ye<span class=\"_ _2\"></span>ars<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y59f3 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td></td><td class=\"t m0 xb2c h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2d h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd91 h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86d h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59f5 w151 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc4 y59f5 w65e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls25 ws23\">8,468<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc5 y59f5 w21f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">4,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc6 y59f5 we5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">4,959<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc7 y59f5 wd5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c7 ws1c7\">5<span class=\"_ _2\"></span>,292<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc8 y59f5 w14c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">5,633<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc9 y59f5 w65f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">8<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdca y59f5 w47b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xd55 h16 y59f6 ff3 fsf fc1 sc0 ls0 ws0\">Up to 1 ye<span class=\"_ _2\"></span>ar<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdbf h16 y59f6 ff3 fsf fc1 sc0 ls1e3 ws15a\">1<span class=\"_ _2\"></span>-2 y<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc0 h16 y59f6 ff3 fsf fc1 sc0 ls0 ws0\">2-3 yea<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc1 h16 y59f6 ff3 fsf fc1 sc0 ls86 ws7b\">3-4 y<span class=\"_ _5\"></span>ears<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc2 h16 y59f6 ff3 fsf fc1 sc0 ls11f ws106\">4-5 yea<span class=\"_ _5\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc3 h16 y59f6 ff3 fsf fc1 sc0 ls0 ws0\">&gt;5 ye<span class=\"_ _2\"></span>ars<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y59f6 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"c x1ea y577e w2a6 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 xb2c h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2d h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd91 h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86d h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ef w151 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdcb y55ef w660 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdcc y55ef w1bd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdcd y55ef w35e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">4,<span class=\"_ _2\"></span>486<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdce y55ef w1ca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdcf y55ef w661 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">5,<span class=\"_ _2\"></span>956<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdd0 y55ef w662 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">7<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdd1 y55ef w4aa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">102,5<span class=\"_ _2\"></span>64<span class=\"_ _3bc\"> </span></div></td></tr></table>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.1 fo<span class=\"_ _2\"></span>r fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>ils).<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing table s<span class=\"_ _2\"></span>ets ou<span class=\"_ _2\"></span>t the amo<span class=\"_ _2\"></span>unts that are p<span class=\"_ _2\"></span>ayable on dem<span class=\"_ _2\"></span>and and t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying va<span class=\"_ _2\"></span>lue of the relate<span class=\"_ _2\"></span>d por<span class=\"_ _2\"></span>tfolio<span class=\"_ _2\"></span>s of contrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><table class=\"s w663 h2d7\" id=\"_461d1710-42d0-4347-8798-ec31029c9e06\"><tr><td></td><td class=\"c n xdd2 y59f8 w3a3 h2b4\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xdd3 y59f8 w664 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 restated<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 xdd4 h3f y59f9 ff7 fsf fc1 sc0 ls0 ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s paya<span class=\"_ _2\"></span>ble </td><td class=\"t m0 x75d h3f y59f9 ff7 fsf fc1 sc0 ls0 ws0\">Ca<span class=\"_ _2\"></span>rry<span class=\"_ _2\"></span>ing va<span class=\"_ _2\"></span>lue of </td><td class=\"t m0 xdd5 h16 y59f9 ff3 fsf fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>s payab<span class=\"_ _2\"></span>le on </td><td class=\"t m0 x4e7 h16 y59f9 ff3 fsf fc1 sc0 ls17 ws15\">Carrying value of </td></tr><tr><td></td><td class=\"t m0 xa92 h3f y59fa ff7 fsf fc1 sc0 ls81 ws75\">on demand<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9db h3f y59fa ff7 fsf fc1 sc0 ls81 ws75\">portfolio<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdd6 h16 y59fa ff3 fsf fc1 sc0 ls17 ws15\">demand<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23f h16 y59fa ff3 fsf fc1 sc0 ls17 ws15\">port<span class=\"_ _2\"></span>folio<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x9da h3f y59fb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y59fb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y59fb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y59fb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5729 w665 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">With-profits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdd7 y5729 w666 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>076<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdd8 y5729 w18a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>51<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdd9 y5729 w667 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdda y5729 w668 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>52,<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561a w669 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Annuities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xddb y561a w66a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5,163)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xddc y561a w66b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>217<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xddd y561a w66c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(2,<span class=\"_ _2\"></span>09<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdde y561a w66d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>29<span class=\"_ _2\"></span>,27<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w66e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit-link<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xddf y561b w66f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(15,820)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde0 y561b w537 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>16<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>431<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde1 y561b w670 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">(1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>42<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde2 y561b w671 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,74<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w672 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls72 ws68\">Pr<span class=\"_ _5\"></span>ot<span class=\"_ _7\"></span>ection<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde3 y561c w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(61<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde4 y561c w673 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>47<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde5 y561c w674 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">(330)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x59e y561c w675 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>474<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 w393 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7f y5600 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde6 y5600 w175 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">225<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde7 y5600 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde8 y5600 w2fc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bf ws1be\">297<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w676 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Sho<span class=\"_ _2\"></span>rt-term paya<span class=\"_ _2\"></span>bles and re<span class=\"_ _2\"></span>ceivab<span class=\"_ _2\"></span>les (incl<span class=\"_ _2\"></span>uding dep<span class=\"_ _2\"></span>osits fro<span class=\"_ _2\"></span>m reinsurer<span class=\"_ _2\"></span>s)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde9 y561e w677 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">(3<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdea y561e w678 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>41<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdeb y561e w679 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(4<span class=\"_ _7\"></span>,06<span class=\"_ _5\"></span>7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdec y561e w67a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(4<span class=\"_ _7\"></span>,06<span class=\"_ _7\"></span>7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xded y55ef w67b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">(69,<span class=\"_ _2\"></span>2<span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdee y55ef w67c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">(<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdef y55ef w67d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>252<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdf0 y55ef w67e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">(<span class=\"_ _2\"></span>10<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,28<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.1 fo<span class=\"_ _2\"></span>r fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>ils).<span class=\"_ _3bc\"> </span>A signifi<span class=\"_ _2\"></span>cant prop<span class=\"_ _2\"></span>ortio<span class=\"_ _2\"></span>n of the Group\u2019s financi<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>ets are he<span class=\"_ _2\"></span>ld in gilts<span class=\"_ _2\"></span>, ca<span class=\"_ _2\"></span>sh, supr<span class=\"_ _2\"></span>anation<span class=\"_ _2\"></span>als and inves<span class=\"_ _2\"></span>tment gr<span class=\"_ _2\"></span>ade se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s which the Gro<span class=\"_ _2\"></span>up con<span class=\"_ _2\"></span>siders s<span class=\"_ _2\"></span>uffici<span class=\"_ _2\"></span>ent to meet th<span class=\"_ _2\"></span>e liabilities a<span class=\"_ _2\"></span>s they fall du<span class=\"_ _2\"></span>e. The vas<span class=\"_ _2\"></span>t maj<span class=\"_ _2\"></span>orit<span class=\"_ _2\"></span>y of these inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s are readily re<span class=\"_ _2\"></span>alisab<span class=\"_ _2\"></span>le immedi<span class=\"_ _2\"></span>ately sinc<span class=\"_ _2\"></span>e most of them a<span class=\"_ _2\"></span>re quoted in<span class=\"_ gs132\"> </span>an ac<span class=\"_ _2\"></span>tive market. The Gro<span class=\"_ _2\"></span>up has a se<span class=\"_ _2\"></span>t of estab<span class=\"_ _2\"></span>lished p<span class=\"_ _2\"></span>olicies a<span class=\"_ _2\"></span>nd proce<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s to manag<span class=\"_ _2\"></span>e its exp<span class=\"_ _2\"></span>osure to liquidi<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k, incl<span class=\"_ _2\"></span>uding impa<span class=\"_ _2\"></span>cts ar<span class=\"_ _2\"></span>ising from the e<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>omic environm<span class=\"_ _2\"></span>ent, bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s developm<span class=\"_ _2\"></span>ents and f<span class=\"_ _2\"></span>unding ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s. Whe<span class=\"_ _2\"></span>re liquidit<span class=\"_ _2\"></span>y risk is h<span class=\"_ _2\"></span>eightene<span class=\"_ _2\"></span>d, such a<span class=\"_ _2\"></span>s during pe<span class=\"_ _2\"></span>riods of sign<span class=\"_ _2\"></span>ificant ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et volatilit<span class=\"_ _2\"></span>y, trigge<span class=\"_ _2\"></span>rs are in pla<span class=\"_ _2\"></span>ce to enhan<span class=\"_ _2\"></span>ce the fre<span class=\"_ _2\"></span>quenc<span class=\"_ _2\"></span>y of liquidit<span class=\"_ _2\"></span>y monitorin<span class=\"_ _2\"></span>g and to imple<span class=\"_ _2\"></span>ment availab<span class=\"_ _2\"></span>le conting<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>y action<span class=\"_ _2\"></span>s to ensure suf<span class=\"_ _2\"></span>ficient liqu<span class=\"_ _2\"></span>idity i<span class=\"_ _2\"></span>s maintaine<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff2 fs7 fc1 sc0 ls16 ws14 gs5d5\">E6.<span class=\"_ _2\"></span>2.4 Strategic<span class=\"_ _7\"></span> risk<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5d6\">Strate<span class=\"_ _2\"></span>gic risks thre<span class=\"_ _2\"></span>aten the ac<span class=\"_ _2\"></span>hievement of th<span class=\"_ _2\"></span>e Group st<span class=\"_ _2\"></span>rategy t<span class=\"_ _2\"></span>hrough p<span class=\"_ _2\"></span>oor str<span class=\"_ _2\"></span>ategic de<span class=\"_ _2\"></span>cision-<span class=\"_ _2\"></span>making<span class=\"_ _2\"></span>, implem<span class=\"_ _2\"></span>entation o<span class=\"_ _2\"></span>r respon<span class=\"_ _2\"></span>se to chan<span class=\"_ _2\"></span>ging </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5d7\">circum<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>. The Group re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nises th<span class=\"_ _2\"></span>at core str<span class=\"_ _2\"></span>ategic a<span class=\"_ _2\"></span>ctivit<span class=\"_ _2\"></span>y bring<span class=\"_ _2\"></span>s with it exp<span class=\"_ _2\"></span>osure to str<span class=\"_ _2\"></span>ategic ris<span class=\"_ _2\"></span>k. However, the Group s<span class=\"_ _2\"></span>eeks to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5d8\">proa<span class=\"_ _2\"></span>ctively revi<span class=\"_ _2\"></span>ew, manag<span class=\"_ _2\"></span>e and control t<span class=\"_ _2\"></span>hese ex<span class=\"_ _2\"></span>posures<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5d9\">The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s s<span class=\"_ _2\"></span>trate<span class=\"_ _2\"></span>gy and b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s plan are exp<span class=\"_ _2\"></span>osed to ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al events th<span class=\"_ _2\"></span>at could pre<span class=\"_ _2\"></span>vent or impac<span class=\"_ _2\"></span>t the achi<span class=\"_ _2\"></span>evement of the s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y; event<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5da\">relatin<span class=\"_ _2\"></span>g to how the s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y and busin<span class=\"_ _2\"></span>ess pl<span class=\"_ _2\"></span>an are execu<span class=\"_ _2\"></span>ted; and event<span class=\"_ _2\"></span>s that aris<span class=\"_ _2\"></span>e as a cons<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>nce of following t<span class=\"_ _2\"></span>he spe<span class=\"_ _2\"></span>cific str<span class=\"_ _2\"></span>ategy ch<span class=\"_ _2\"></span>osen<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5db\">The id<span class=\"_ _2\"></span>entificati<span class=\"_ _2\"></span>on and as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of st<span class=\"_ _2\"></span>rategic ri<span class=\"_ _2\"></span>sks is an integr<span class=\"_ _2\"></span>ated par<span class=\"_ _2\"></span>t of the Risk M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement Fram<span class=\"_ _2\"></span>ework. St<span class=\"_ _2\"></span>rategic ri<span class=\"_ _2\"></span>sk shoul<span class=\"_ _2\"></span>d be cons<span class=\"_ _2\"></span>idered </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5dc\">in para<span class=\"_ _2\"></span>llel with the R<span class=\"_ _2\"></span>isk Univer<span class=\"_ _2\"></span>se as ea<span class=\"_ _2\"></span>ch of the risks with<span class=\"_ _2\"></span>in the Risk Uni<span class=\"_ _2\"></span>verse c<span class=\"_ _2\"></span>an impac<span class=\"_ _2\"></span>t the Group\u2019s stra<span class=\"_ _2\"></span>tegy.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5dd\">A Strate<span class=\"_ _2\"></span>gic Risk Polic<span class=\"_ _2\"></span>y is maintain<span class=\"_ _2\"></span>ed and re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted ag<span class=\"_ _2\"></span>ainst re<span class=\"_ _2\"></span>gularly, with a par<span class=\"_ _2\"></span>tic<span class=\"_ _2\"></span>ular focus on r<span class=\"_ _2\"></span>isk mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt, st<span class=\"_ _2\"></span>akeholder m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5de\">corp<span class=\"_ _2\"></span>orate ac<span class=\"_ _2\"></span>tivit<span class=\"_ _2\"></span>y and overall re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting ag<span class=\"_ _2\"></span>ainst th<span class=\"_ _2\"></span>e Group\u2019s strateg<span class=\"_ _2\"></span>ic ambition<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls60 ws57 gs5df\">E6.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>5<span class=\"_ _5\"></span> Operational r<span class=\"_ _5\"></span>isk<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5e0\">Ope<span class=\"_ _2\"></span>rationa<span class=\"_ _2\"></span>l risk is the ris<span class=\"_ _2\"></span>k of reduc<span class=\"_ _2\"></span>tions in earn<span class=\"_ _2\"></span>ings an<span class=\"_ _2\"></span>d/<span class=\"_ _6\"></span>o<span class=\"_ _2\"></span>r value, thro<span class=\"_ _2\"></span>ugh finan<span class=\"_ _2\"></span>cial or rep<span class=\"_ _2\"></span>utation<span class=\"_ _2\"></span>al loss<span class=\"_ _2\"></span>, from ina<span class=\"_ _2\"></span>dequa<span class=\"_ _2\"></span>te or failed inter<span class=\"_ _2\"></span>nal </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5e1\">proc<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es and<span class=\"_ gs132\"> </span>sy<span class=\"_ _2\"></span>stems<span class=\"_ _2\"></span>, or from p<span class=\"_ _2\"></span>eople<span class=\"_ _2\"></span>-related o<span class=\"_ _2\"></span>r exter<span class=\"_ _2\"></span>nal events<span class=\"_ _2\"></span>. Ope<span class=\"_ _2\"></span>rationa<span class=\"_ _2\"></span>l risk arise<span class=\"_ _2\"></span>s due to failure<span class=\"_ _2\"></span>s in one or more of th<span class=\"_ _2\"></span>e following asp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5e2\">of our bus<span class=\"_ _2\"></span>iness<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5e3\">\u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>direct ex<span class=\"_ _2\"></span>posure<span class=\"_ _2\"></span>s through o<span class=\"_ _2\"></span>utso<span class=\"_ _2\"></span>urcing se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e providers a<span class=\"_ _2\"></span>nd supplie<span class=\"_ _2\"></span>rs;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5e4\">\u2022 <span class=\"_ _9\"> </span>dire<span class=\"_ _2\"></span>ct exp<span class=\"_ _2\"></span>osures th<span class=\"_ _2\"></span>rough intern<span class=\"_ _2\"></span>al prac<span class=\"_ _2\"></span>tices<span class=\"_ _2\"></span>, ac<span class=\"_ _2\"></span>tions or omis<span class=\"_ _2\"></span>sions<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5e5\">\u2022 <span class=\"_ _9\"> </span>ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al threat<span class=\"_ _2\"></span>s from individ<span class=\"_ _2\"></span>uals or group<span class=\"_ _2\"></span>s focus<span class=\"_ _2\"></span>ed on malic<span class=\"_ _2\"></span>ious or crim<span class=\"_ _2\"></span>inal ac<span class=\"_ _2\"></span>tivities<span class=\"_ _2\"></span>, or on ex<span class=\"_ _2\"></span>ternal eve<span class=\"_ _2\"></span>nts occ<span class=\"_ _2\"></span>urring whic<span class=\"_ _2\"></span>h are not within th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5e6\">Group\u2019s control; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5e7\">\u2022 <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>eglig<span class=\"_ _2\"></span>ence<span class=\"_ _2\"></span>, mal-pra<span class=\"_ _2\"></span>ctice o<span class=\"_ _2\"></span>r failure of employe<span class=\"_ _2\"></span>es, o<span class=\"_ _2\"></span>r supplier<span class=\"_ _2\"></span>s to follow goo<span class=\"_ _2\"></span>d prac<span class=\"_ _2\"></span>tice in deli<span class=\"_ _2\"></span>vering ope<span class=\"_ _2\"></span>rationa<span class=\"_ _2\"></span>l proces<span class=\"_ _2\"></span>ses a<span class=\"_ _2\"></span>nd prac<span class=\"_ _2\"></span>tices<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5e8\">It is ac<span class=\"_ _2\"></span>cepted t<span class=\"_ _2\"></span>hat it is neit<span class=\"_ _2\"></span>her pos<span class=\"_ _2\"></span>sible, a<span class=\"_ _2\"></span>ppropriate n<span class=\"_ _2\"></span>or cos<span class=\"_ _2\"></span>t effec<span class=\"_ _2\"></span>tive to eliminate a<span class=\"_ _2\"></span>ll operati<span class=\"_ _2\"></span>onal risks fro<span class=\"_ _2\"></span>m the busin<span class=\"_ _2\"></span>ess as o<span class=\"_ _2\"></span>peratio<span class=\"_ _2\"></span>nal risk is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5e9\">inhere<span class=\"_ _2\"></span>nt in any oper<span class=\"_ _2\"></span>ating environm<span class=\"_ _2\"></span>ent par<span class=\"_ _2\"></span>ticular<span class=\"_ _2\"></span>ly given the re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y fra<span class=\"_ _2\"></span>mework unde<span class=\"_ _2\"></span>r which the G<span class=\"_ _2\"></span>roup ope<span class=\"_ _2\"></span>rates. A<span class=\"_ _2\"></span>s such th<span class=\"_ _2\"></span>e Group will </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5ea\">toler<span class=\"_ _2\"></span>ate a degre<span class=\"_ _2\"></span>e of operatio<span class=\"_ _2\"></span>nal risk s<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to appropr<span class=\"_ _2\"></span>iate and prop<span class=\"_ _2\"></span>ortio<span class=\"_ _2\"></span>nate levels of co<span class=\"_ _2\"></span>ntrol around th<span class=\"_ _2\"></span>e identific<span class=\"_ _2\"></span>ation, m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement an<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5eb\">repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g of such risks<span class=\"_ _2\"></span>. A set of ope<span class=\"_ _2\"></span>rational r<span class=\"_ _2\"></span>isk policie<span class=\"_ _2\"></span>s are mainta<span class=\"_ _2\"></span>ined tha<span class=\"_ _2\"></span>t set out th<span class=\"_ _2\"></span>e nature of the op<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span>al risk exp<span class=\"_ _2\"></span>osure and key contro<span class=\"_ _2\"></span>ls in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5ec\">plac<span class=\"_ _2\"></span>e to control th<span class=\"_ _2\"></span>e risk.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs5ed\">E6<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>6 Cus<span class=\"_ _2\"></span>tome<span class=\"_ _2\"></span>r risk<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5ee\">Cus<span class=\"_ _2\"></span>tomer ris<span class=\"_ _2\"></span>k is the risk of finan<span class=\"_ _2\"></span>cial failure<span class=\"_ _2\"></span>, reput<span class=\"_ _2\"></span>ational lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, loss of ea<span class=\"_ _2\"></span>rnings an<span class=\"_ _2\"></span>d/<span class=\"_ _6\"></span>o<span class=\"_ _2\"></span>r value throu<span class=\"_ _2\"></span>gh inapp<span class=\"_ _2\"></span>ropriate or po<span class=\"_ _2\"></span>or cus<span class=\"_ _2\"></span>tomer tre<span class=\"_ _2\"></span>atment </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5ef\">(inclu<span class=\"_ _2\"></span>ding poo<span class=\"_ _2\"></span>r advice). It c<span class=\"_ _2\"></span>an arise as a re<span class=\"_ _2\"></span>sult of:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5f0\">\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r Outco<span class=\"_ _2\"></span>mes: Th<span class=\"_ _2\"></span>e risk that o<span class=\"_ _2\"></span>ur decisi<span class=\"_ _2\"></span>ons, a<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s or behavio<span class=\"_ _2\"></span>rs individ<span class=\"_ _2\"></span>ually or co<span class=\"_ _2\"></span>llective<span class=\"_ _2\"></span>ly result in a fa<span class=\"_ _2\"></span>ilure to act to de<span class=\"_ _2\"></span>liver goo<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5f1\">outco<span class=\"_ _2\"></span>mes for our c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g in the following a<span class=\"_ _2\"></span>reas: Pro<span class=\"_ _2\"></span>duct D<span class=\"_ _2\"></span>esign &amp; De<span class=\"_ _2\"></span>velopme<span class=\"_ _2\"></span>nt, Com<span class=\"_ _2\"></span>municati<span class=\"_ _2\"></span>on &amp; Guidan<span class=\"_ _2\"></span>ce, Cus<span class=\"_ _2\"></span>tomer </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5f2\">Supp<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>t &amp; Under<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ding, M<span class=\"_ _2\"></span>onitoring &amp; O<span class=\"_ _2\"></span>versi<span class=\"_ _2\"></span>ght, Cus<span class=\"_ _2\"></span>tomer Fe<span class=\"_ _2\"></span>edbac<span class=\"_ _2\"></span>k, and C<span class=\"_ _2\"></span>ulture &amp; st<span class=\"_ _2\"></span>andard<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5f3\">\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ansform<span class=\"_ _2\"></span>ation: The d<span class=\"_ _2\"></span>esign<span class=\"_ _2\"></span>, governan<span class=\"_ _2\"></span>ce and over<span class=\"_ _2\"></span>sight of Strate<span class=\"_ _2\"></span>gic Cus<span class=\"_ _2\"></span>tomer T<span class=\"_ _7\"></span>ra<span class=\"_ _2\"></span>nsforma<span class=\"_ _2\"></span>tion Activi<span class=\"_ _2\"></span>ty in ret<span class=\"_ _2\"></span>ained f<span class=\"_ _2\"></span>unction<span class=\"_ _2\"></span>s and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5f4\">ser<span class=\"_ _2\"></span>vice p<span class=\"_ _2\"></span>roviders<span class=\"_ _2\"></span>, fails to de<span class=\"_ _2\"></span>liver on reas<span class=\"_ _2\"></span>onable c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>er expe<span class=\"_ _2\"></span>ctatio<span class=\"_ _2\"></span>ns, t<span class=\"_ _2\"></span>aking ac<span class=\"_ _2\"></span>count of the Ph<span class=\"_ _2\"></span>oenix G<span class=\"_ _2\"></span>roup cus<span class=\"_ _2\"></span>tomer trea<span class=\"_ _2\"></span>tment risk </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5f5\">appe<span class=\"_ _2\"></span>tites and re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y<span class=\"_ gs132\"> </span>requ<span class=\"_ _2\"></span>irement<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5f6\">The Gro<span class=\"_ _2\"></span>up has both a C<span class=\"_ _2\"></span>ondu<span class=\"_ _2\"></span>ct Risk ap<span class=\"_ _2\"></span>petite to focu<span class=\"_ _2\"></span>s on behavi<span class=\"_ _2\"></span>ours within th<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, and a Cus<span class=\"_ _2\"></span>tomer Ri<span class=\"_ _2\"></span>sk appeti<span class=\"_ _2\"></span>te to focus on ac<span class=\"_ _2\"></span>hieving </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5f7\">go<span class=\"_ _2\"></span>od cus<span class=\"_ _2\"></span>tomer outc<span class=\"_ _2\"></span>omes (b<span class=\"_ _2\"></span>oth of which app<span class=\"_ _2\"></span>ly to the Com<span class=\"_ _2\"></span>pany)<span class=\"_ _5\"></span>. The b<span class=\"_ _2\"></span>ehaviour<span class=\"_ _2\"></span>s and s<span class=\"_ _2\"></span>tandar<span class=\"_ _2\"></span>ds all colle<span class=\"_ _2\"></span>agues a<span class=\"_ _2\"></span>re expec<span class=\"_ _2\"></span>ted to ach<span class=\"_ _2\"></span>ieve are </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5f8\">deta<span class=\"_ _2\"></span>iled in our Gro<span class=\"_ _2\"></span>up Code of C<span class=\"_ _2\"></span>onduc<span class=\"_ _2\"></span>t. For our c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>, what repre<span class=\"_ _2\"></span>sents a g<span class=\"_ _2\"></span>ood o<span class=\"_ _2\"></span>utcome is a<span class=\"_ _2\"></span>rtic<span class=\"_ _2\"></span>ulated in our C<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r Stand<span class=\"_ _2\"></span>ards and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws6b gs5f9\">supp<span class=\"_ _2\"></span>ortin<span class=\"_ _2\"></span>g Busine<span class=\"_ _2\"></span>ss Unit p<span class=\"_ _2\"></span>roces<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>. In addit<span class=\"_ _2\"></span>ion, the G<span class=\"_ _2\"></span>roup Con<span class=\"_ _2\"></span>duct Str<span class=\"_ _2\"></span>ategy, which over<span class=\"_ _2\"></span>arches o<span class=\"_ _2\"></span>ur Risk Univer<span class=\"_ _2\"></span>se and all r<span class=\"_ _2\"></span>isk policie<span class=\"_ _2\"></span>s is desig<span class=\"_ _2\"></span>ned </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5fa\">to detec<span class=\"_ _2\"></span>t where o<span class=\"_ _2\"></span>ur custom<span class=\"_ _2\"></span>ers are at ri<span class=\"_ _2\"></span>sk of poor o<span class=\"_ _2\"></span>utcome<span class=\"_ _2\"></span>s, minimi<span class=\"_ _2\"></span>se cond<span class=\"_ _2\"></span>uct risks<span class=\"_ _2\"></span>, and re<span class=\"_ _2\"></span>spond w<span class=\"_ _2\"></span>ith timely an<span class=\"_ _2\"></span>d appropr<span class=\"_ _2\"></span>iate mitigatin<span class=\"_ _2\"></span>g actio<span class=\"_ _2\"></span>ns. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5fb\">The Gro<span class=\"_ _2\"></span>up also ha<span class=\"_ _2\"></span>s a suite of cus<span class=\"_ _2\"></span>tomer po<span class=\"_ _2\"></span>lices whic<span class=\"_ _2\"></span>h set out th<span class=\"_ _2\"></span>e k<span class=\"_ _5\"></span>ey cus<span class=\"_ _2\"></span>tomer ris<span class=\"_ _2\"></span>ks and contro<span class=\"_ _2\"></span>l obje<span class=\"_ _2\"></span>ctives in pla<span class=\"_ _2\"></span>ce to mitig<span class=\"_ _2\"></span>ate them<span class=\"_ _2\"></span>. The </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5fc\">cus<span class=\"_ _2\"></span>tomer ris<span class=\"_ _2\"></span>ks for<span class=\"_ gs132\"> </span>the Group are re<span class=\"_ _2\"></span>gular<span class=\"_ _2\"></span>ly repor<span class=\"_ _2\"></span>ted to ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment overs<span class=\"_ _2\"></span>ight commi<span class=\"_ _2\"></span>ttee<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-700": {
   "value": "<div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs393\">Financial assets<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs394\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>re to be clas<span class=\"_ _2\"></span>sified into on<span class=\"_ _2\"></span>e of the following m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent cate<span class=\"_ _2\"></span>gorie<span class=\"_ _2\"></span>s: Fair value thro<span class=\"_ _2\"></span>ugh profit or l<span class=\"_ _2\"></span>oss (\u2018<span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>VTP<span class=\"_ _2\"></span>L<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>), fair value </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs395\">throu<span class=\"_ _2\"></span>gh other co<span class=\"_ _2\"></span>mprehe<span class=\"_ _2\"></span>nsive incom<span class=\"_ _2\"></span>e (\u2018<span class=\"_ _2\"></span>FVOCI<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>) and amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t. Clas<span class=\"_ _2\"></span>sifica<span class=\"_ _2\"></span>tion is mad<span class=\"_ _2\"></span>e base<span class=\"_ _2\"></span>d on the obj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ives of the entit<span class=\"_ _2\"></span>y\u2019s busine<span class=\"_ _2\"></span>ss </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs396\">mod<span class=\"_ _2\"></span>el for mana<span class=\"_ _2\"></span>ging it<span class=\"_ _2\"></span>s financi<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>ets and th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ctual c<span class=\"_ _2\"></span>ash flow c<span class=\"_ _2\"></span>harac<span class=\"_ _2\"></span>terist<span class=\"_ _2\"></span>ics of the ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs397\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>re meas<span class=\"_ _2\"></span>ured at amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t where th<span class=\"_ _2\"></span>ey have:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs398\">\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual term<span class=\"_ _2\"></span>s that give ris<span class=\"_ _2\"></span>e to cash fl<span class=\"_ _2\"></span>ows on spe<span class=\"_ _2\"></span>cified da<span class=\"_ _2\"></span>tes, th<span class=\"_ _2\"></span>at repres<span class=\"_ _2\"></span>ent sole<span class=\"_ _2\"></span>ly payment<span class=\"_ _2\"></span>s of principa<span class=\"_ _2\"></span>l and interes<span class=\"_ _2\"></span>t on the prin<span class=\"_ _2\"></span>cipal </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs399\">amo<span class=\"_ _2\"></span>unt outs<span class=\"_ _2\"></span>tandin<span class=\"_ _2\"></span>g; and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs39a\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>re held within a b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s mod<span class=\"_ _2\"></span>el whos<span class=\"_ _2\"></span>e obje<span class=\"_ _2\"></span>ctive is ach<span class=\"_ _2\"></span>ieved by holdin<span class=\"_ _2\"></span>g to collec<span class=\"_ _2\"></span>t contra<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l cash fl<span class=\"_ _2\"></span>ows.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs39b\">The<span class=\"_ _2\"></span>se financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets are init<span class=\"_ _2\"></span>ially rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d at cos<span class=\"_ _2\"></span>t, be<span class=\"_ _2\"></span>ing the fair va<span class=\"_ _2\"></span>lue of the con<span class=\"_ _2\"></span>siderati<span class=\"_ _2\"></span>on paid for the a<span class=\"_ _2\"></span>cquisiti<span class=\"_ _2\"></span>on of the financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>et. All </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs39c\">tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion cos<span class=\"_ _2\"></span>ts direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributab<span class=\"_ _2\"></span>le to the ac<span class=\"_ _2\"></span>quisition are al<span class=\"_ _2\"></span>so inclu<span class=\"_ _2\"></span>ded in the c<span class=\"_ _2\"></span>ost of the fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>. Subs<span class=\"_ _2\"></span>equent to ini<span class=\"_ _2\"></span>tial reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs39d\">thes<span class=\"_ _2\"></span>e financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets are c<span class=\"_ _2\"></span>arried at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>, using the ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive interest m<span class=\"_ _2\"></span>ethod<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs39e\">Equities<span class=\"_ _2\"></span>, debt s<span class=\"_ _2\"></span>ecurit<span class=\"_ _2\"></span>ies, c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investme<span class=\"_ _2\"></span>nt sche<span class=\"_ _2\"></span>mes<span class=\"_ _2\"></span>, derivative<span class=\"_ _2\"></span>s and cer<span class=\"_ _2\"></span>tain l<span class=\"_ _2\"></span>oans an<span class=\"_ _2\"></span>d deposi<span class=\"_ _2\"></span>ts and c<span class=\"_ _2\"></span>ash and c<span class=\"_ _2\"></span>ash e<span class=\"_ _2\"></span>quivalent<span class=\"_ _2\"></span>s are </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs39f\">mea<span class=\"_ _2\"></span>sured at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL as they are m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed and eva<span class=\"_ _2\"></span>luated on a fa<span class=\"_ _2\"></span>ir value bas<span class=\"_ _2\"></span>is.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3a0\">Purcha<span class=\"_ _2\"></span>ses an<span class=\"_ _2\"></span>d sales of fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d on the tra<span class=\"_ _2\"></span>de date, whic<span class=\"_ _2\"></span>h is the date that t<span class=\"_ _2\"></span>he Group c<span class=\"_ _2\"></span>ommits to p<span class=\"_ _2\"></span>urchase o<span class=\"_ _2\"></span>r sell the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3a1\">Where d<span class=\"_ _2\"></span>erivative fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts are he<span class=\"_ _2\"></span>ld to hedg<span class=\"_ _2\"></span>e the Group\u2019s Euro and US D<span class=\"_ _2\"></span>ollar bor<span class=\"_ _2\"></span>rowings<span class=\"_ _2\"></span>, the ef<span class=\"_ _2\"></span>fective p<span class=\"_ _2\"></span>orti<span class=\"_ _2\"></span>on of any gain or los<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3a2\">that ari<span class=\"_ _2\"></span>ses on rem<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment to fair val<span class=\"_ _2\"></span>ue is initially re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in oth<span class=\"_ _2\"></span>er compre<span class=\"_ _2\"></span>hensi<span class=\"_ _2\"></span>ve income an<span class=\"_ _2\"></span>d is recyc<span class=\"_ _2\"></span>led to profit or lo<span class=\"_ _2\"></span>ss as th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ed </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3a3\">item impa<span class=\"_ _2\"></span>cts t<span class=\"_ _2\"></span>he profit or los<span class=\"_ _2\"></span>s. For s<span class=\"_ _2\"></span>uch inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s, the t<span class=\"_ _2\"></span>iming of the rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n of any gain or los<span class=\"_ _2\"></span>s that aris<span class=\"_ _2\"></span>es on rem<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent to fair valu<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3a4\">in profit or lo<span class=\"_ _2\"></span>ss dep<span class=\"_ _2\"></span>ends on th<span class=\"_ _2\"></span>e nature of the h<span class=\"_ _2\"></span>edge re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3a5\">The Gro<span class=\"_ _2\"></span>up has tre<span class=\"_ _2\"></span>aties in pla<span class=\"_ _2\"></span>ce with third pa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>mpanies to p<span class=\"_ _2\"></span>rovide reinsur<span class=\"_ _2\"></span>ance in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of liabilities th<span class=\"_ _2\"></span>at are linked to the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3a6\">per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce of funds m<span class=\"_ _2\"></span>aintaine<span class=\"_ _2\"></span>d by thos<span class=\"_ _2\"></span>e compani<span class=\"_ _2\"></span>es. Th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts in qu<span class=\"_ _2\"></span>estion d<span class=\"_ _2\"></span>o not trans<span class=\"_ _2\"></span>fer signific<span class=\"_ _2\"></span>ant insur<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>k and therefore a<span class=\"_ _2\"></span>re </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3a7\">clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s financi<span class=\"_ _2\"></span>al instr<span class=\"_ _2\"></span>uments a<span class=\"_ _2\"></span>nd are value<span class=\"_ _2\"></span>d at fair value t<span class=\"_ _2\"></span>hrough profi<span class=\"_ _2\"></span>t and los<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>se contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are disclo<span class=\"_ _2\"></span>sed und<span class=\"_ _2\"></span>er Reinsure<span class=\"_ _2\"></span>rs\u2019 share of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3a8\">investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs3a9\">Impairment of<span class=\"_ _5\"></span> financial assets<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3aa\">The Gro<span class=\"_ _2\"></span>up ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d credit lo<span class=\"_ _2\"></span>sses a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated wit<span class=\"_ _2\"></span>h its loan<span class=\"_ _2\"></span>s and dep<span class=\"_ _2\"></span>osits<span class=\"_ _2\"></span>, rec<span class=\"_ _2\"></span>eivable<span class=\"_ _2\"></span>s, ca<span class=\"_ _2\"></span>sh and c<span class=\"_ _2\"></span>ash eq<span class=\"_ _2\"></span>uivalents a<span class=\"_ _2\"></span>nd other </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3ab\">finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets c<span class=\"_ _2\"></span>arried at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. The me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt of credit impa<span class=\"_ _2\"></span>irment is ba<span class=\"_ _2\"></span>sed on a<span class=\"_ _2\"></span>n Exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d Credit Los<span class=\"_ _2\"></span>s (\u2018 ECL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>) mode<span class=\"_ _2\"></span>l and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3ac\">dep<span class=\"_ _2\"></span>ends upo<span class=\"_ _2\"></span>n whether t<span class=\"_ _2\"></span>here has b<span class=\"_ _2\"></span>een a sig<span class=\"_ _2\"></span>nificant in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in credit ris<span class=\"_ _2\"></span>k.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3ad\">For thos<span class=\"_ _2\"></span>e credit ex<span class=\"_ _2\"></span>posures fo<span class=\"_ _2\"></span>r which cre<span class=\"_ _2\"></span>dit risk has n<span class=\"_ _2\"></span>ot increa<span class=\"_ _2\"></span>sed sig<span class=\"_ _2\"></span>nificantl<span class=\"_ _2\"></span>y since initia<span class=\"_ _2\"></span>l reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, the Group m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>s loss allow<span class=\"_ _2\"></span>ances a<span class=\"_ _2\"></span>t </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3ae\">an amo<span class=\"_ _2\"></span>unt equal to th<span class=\"_ _2\"></span>e total expe<span class=\"_ _2\"></span>cte<span class=\"_ _2\"></span>d credit los<span class=\"_ _2\"></span>ses re<span class=\"_ _2\"></span>sulting from d<span class=\"_ _2\"></span>efault event<span class=\"_ _2\"></span>s that are po<span class=\"_ _2\"></span>ssible wi<span class=\"_ _2\"></span>thin 12 months af<span class=\"_ _2\"></span>ter the re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting date </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3af\">(\u2018<span class=\"_ _2\"></span>12-mont<span class=\"_ _2\"></span>h ECL<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>). For those c<span class=\"_ _2\"></span>redit exp<span class=\"_ _2\"></span>osures for whi<span class=\"_ _2\"></span>ch there ha<span class=\"_ _2\"></span>s bee<span class=\"_ _2\"></span>n a signific<span class=\"_ _2\"></span>ant increa<span class=\"_ _2\"></span>se in credit r<span class=\"_ _2\"></span>isk since in<span class=\"_ _2\"></span>itial rec<span class=\"_ _2\"></span>ognition<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3b0\">mea<span class=\"_ _2\"></span>sures an<span class=\"_ _2\"></span>d recog<span class=\"_ _2\"></span>nises an a<span class=\"_ _2\"></span>llowance at a<span class=\"_ _2\"></span>n amount e<span class=\"_ _2\"></span>qual to the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d credit l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s over the rema<span class=\"_ _2\"></span>ining life of the expo<span class=\"_ _2\"></span>sure, irres<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tive </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3b1\">of the timin<span class=\"_ _2\"></span>g of the default (<span class=\"_ _2\"></span>\u2018Lifetim<span class=\"_ _2\"></span>e E<span class=\"_ _5\"></span>CL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>). If the finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set be<span class=\"_ _2\"></span>come<span class=\"_ _2\"></span>s \u2018<span class=\"_ _5\"></span>cred<span class=\"_ _2\"></span>it-impaired<span class=\"_ _2\"></span>\u2019 (<span class=\"_ _5\"></span>following s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt financia<span class=\"_ _2\"></span>l diffic<span class=\"_ _2\"></span>ulty of is<span class=\"_ _2\"></span>suer/<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3b2\">borrowe<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>, or a def<span class=\"_ _2\"></span>ault/<span class=\"_ _2\"></span>breach of a c<span class=\"_ _2\"></span>ovenant), the G<span class=\"_ _2\"></span>roup will rec<span class=\"_ _2\"></span>ognise a Lifet<span class=\"_ _2\"></span>ime ECL. ECL<span class=\"_ _2\"></span>s are derive<span class=\"_ _2\"></span>d from unbias<span class=\"_ _2\"></span>ed and p<span class=\"_ _2\"></span>robabilit<span class=\"_ _2\"></span>y-<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3b3\">weighte<span class=\"_ _2\"></span>d estim<span class=\"_ _2\"></span>ates of expe<span class=\"_ _2\"></span>cted los<span class=\"_ _2\"></span>s. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3b4\">The lo<span class=\"_ _2\"></span>ss allowan<span class=\"_ _2\"></span>ce redu<span class=\"_ _2\"></span>ces the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value of th<span class=\"_ _2\"></span>e financi<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>et and is rea<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d at each re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting date. ECL<span class=\"_ _2\"></span>s and subs<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>nt </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3b5\">reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ents of the ECL<span class=\"_ _2\"></span>, are rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs3b6\">Fair<span class=\"_ _5\"></span> value estimation<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3b7\">The fa<span class=\"_ _2\"></span>ir values of finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s trad<span class=\"_ _2\"></span>ed in ac<span class=\"_ _2\"></span>tive markets suc<span class=\"_ _2\"></span>h as publicl<span class=\"_ _2\"></span>y trade<span class=\"_ _2\"></span>d sec<span class=\"_ _2\"></span>urities and d<span class=\"_ _2\"></span>erivatives a<span class=\"_ _2\"></span>re base<span class=\"_ _2\"></span>d on quoted m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3b8\">price<span class=\"_ _2\"></span>s at the pe<span class=\"_ _2\"></span>riod end<span class=\"_ _2\"></span>. The quote<span class=\"_ _2\"></span>d market price us<span class=\"_ _2\"></span>ed for finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets i<span class=\"_ _2\"></span>s the applic<span class=\"_ _2\"></span>able bid pr<span class=\"_ _2\"></span>ice on the p<span class=\"_ _2\"></span>eriod en<span class=\"_ _2\"></span>d date. The f<span class=\"_ _2\"></span>air value of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3b9\">investm<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>at are not tra<span class=\"_ _2\"></span>ded in an ac<span class=\"_ _2\"></span>tive market is determ<span class=\"_ _2\"></span>ined usin<span class=\"_ _2\"></span>g valuation te<span class=\"_ _2\"></span>chniqu<span class=\"_ _2\"></span>es such a<span class=\"_ _2\"></span>s broker quotes<span class=\"_ _2\"></span>, pricing m<span class=\"_ _2\"></span>odels or </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3ba\">disc<span class=\"_ _2\"></span>ounted ca<span class=\"_ _2\"></span>sh flow tec<span class=\"_ _2\"></span>hniques<span class=\"_ _2\"></span>. Where p<span class=\"_ _2\"></span>ricing mo<span class=\"_ _2\"></span>dels are us<span class=\"_ _2\"></span>ed, inp<span class=\"_ _2\"></span>uts are b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n market related da<span class=\"_ _2\"></span>ta at the pe<span class=\"_ _2\"></span>riod en<span class=\"_ _2\"></span>d. Where </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3bb\">disc<span class=\"_ _2\"></span>ounted ca<span class=\"_ _2\"></span>sh flow tec<span class=\"_ _2\"></span>hniques a<span class=\"_ _2\"></span>re used<span class=\"_ _2\"></span>, estim<span class=\"_ _2\"></span>ated fut<span class=\"_ _2\"></span>ure cash flow<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al cas<span class=\"_ _2\"></span>h flows using c<span class=\"_ _2\"></span>urrent market con<span class=\"_ _2\"></span>ditions </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3bc\">and m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et c<span class=\"_ _2\"></span>alibrated dis<span class=\"_ _2\"></span>count ra<span class=\"_ _2\"></span>tes and interes<span class=\"_ _2\"></span>t rate as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s for similar ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3bd\">For units in un<span class=\"_ _2\"></span>it trust<span class=\"_ _2\"></span>s and sh<span class=\"_ _2\"></span>ares in ope<span class=\"_ _2\"></span>n-end<span class=\"_ _2\"></span>ed investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>anies<span class=\"_ _2\"></span>, fair value i<span class=\"_ _2\"></span>s determine<span class=\"_ _2\"></span>d by referenc<span class=\"_ _2\"></span>e to publishe<span class=\"_ _2\"></span>d bid value<span class=\"_ _2\"></span>s. The f<span class=\"_ _2\"></span>air </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3be\">value of re<span class=\"_ _2\"></span>ceivabl<span class=\"_ _2\"></span>es and flo<span class=\"_ _2\"></span>ating rate an<span class=\"_ _2\"></span>d overnight dep<span class=\"_ _2\"></span>osits wi<span class=\"_ _2\"></span>th credit ins<span class=\"_ _2\"></span>titutio<span class=\"_ _2\"></span>ns is their c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value<span class=\"_ _2\"></span>. The fair val<span class=\"_ _2\"></span>ue of fixed interes<span class=\"_ _2\"></span>t-<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3bf\">bea<span class=\"_ _2\"></span>ring dep<span class=\"_ _2\"></span>osits is e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>d using dis<span class=\"_ _2\"></span>counted c<span class=\"_ _2\"></span>ash flow te<span class=\"_ _2\"></span>chnique<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls69 ws5e gs3c0\">Asso<span class=\"_ _2\"></span>ciates<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3c1\">Inves<span class=\"_ _2\"></span>tments in a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciates that a<span class=\"_ _2\"></span>re held for inves<span class=\"_ _2\"></span>tment pur<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>s are acco<span class=\"_ _2\"></span>unted for unde<span class=\"_ _2\"></span>r IFRS 9 </div><div class=\"t m1e3 h205 ff3 fs174 fc1 sc0 ls0 ws0 gs3c2\">Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts</div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3c3\"> for the c<span class=\"_ _2\"></span>urrent perio<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3c4\">(2022<span class=\"_ _2\"></span>: IAS 39 </div><div class=\"t m1e3 h205 ff3 fs174 fc1 sc0 ls0 ws0 gs3c5\">Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts: Re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition and M<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3c6\">) as pe<span class=\"_ _2\"></span>rmit<span class=\"_ _2\"></span>ted by IAS 28 </div><div class=\"t m1e3 h205 ff3 fs174 fc1 sc0 ls0 ws0 gs3c7\">Inves<span class=\"_ _2\"></span>tments in A<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciates an<span class=\"_ _2\"></span>d Joint V<span class=\"_ _7\"></span>ent<span class=\"_ _2\"></span>ures</div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3c8\">. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3c9\">The<span class=\"_ _2\"></span>se are mea<span class=\"_ _2\"></span>sured at fa<span class=\"_ _2\"></span>ir value throu<span class=\"_ _2\"></span>gh profit or los<span class=\"_ _2\"></span>s. T<span class=\"_ _2\"></span>here are no inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s in ass<span class=\"_ _2\"></span>ociates wh<span class=\"_ _2\"></span>ich are of a stra<span class=\"_ _2\"></span>tegic nat<span class=\"_ _2\"></span>ure.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs3ca\">Derecognition of financial assets<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3cb\">A finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set (or par<span class=\"_ _2\"></span>t of a group of similar fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s) is derec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed where<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3cc\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e rights to re<span class=\"_ _2\"></span>ceive c<span class=\"_ _2\"></span>ash flows from t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>et have expired; </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3cd\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group ret<span class=\"_ _2\"></span>ains the right to re<span class=\"_ _2\"></span>ceive c<span class=\"_ _2\"></span>ash flows fro<span class=\"_ _2\"></span>m the ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>, but ha<span class=\"_ _2\"></span>s assum<span class=\"_ _2\"></span>ed an oblig<span class=\"_ _2\"></span>ation to pay th<span class=\"_ _2\"></span>em in full with<span class=\"_ _2\"></span>out materi<span class=\"_ _2\"></span>al delay to a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3ce\">third par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y under a \u2018pas<span class=\"_ _2\"></span>s-throu<span class=\"_ _2\"></span>gh\u2019 a<span class=\"_ _2\"></span>rrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>; or </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3cf\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s trans<span class=\"_ _2\"></span>ferred it<span class=\"_ _2\"></span>s rights to re<span class=\"_ _2\"></span>ceive ca<span class=\"_ _2\"></span>sh flows from th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>t and has e<span class=\"_ _2\"></span>ither tra<span class=\"_ _2\"></span>nsferre<span class=\"_ _2\"></span>d subst<span class=\"_ _2\"></span>antially all th<span class=\"_ _2\"></span>e risks and re<span class=\"_ _2\"></span>wards of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3d0\">the as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>, or has ne<span class=\"_ _2\"></span>ither tra<span class=\"_ _2\"></span>nsferre<span class=\"_ _2\"></span>d nor retain<span class=\"_ _2\"></span>ed subs<span class=\"_ _2\"></span>tantia<span class=\"_ _2\"></span>lly all the risks a<span class=\"_ _2\"></span>nd rewards of the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>, but ha<span class=\"_ _2\"></span>s trans<span class=\"_ _2\"></span>ferred cont<span class=\"_ _2\"></span>rol of the ass<span class=\"_ _2\"></span>et. </div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls61 ws5f gs3d1\">Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3d2\">On initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, financi<span class=\"_ _2\"></span>al liabilities a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d when due an<span class=\"_ _2\"></span>d meas<span class=\"_ _2\"></span>ured at the f<span class=\"_ _2\"></span>air value of the co<span class=\"_ _2\"></span>nsider<span class=\"_ _2\"></span>ation rec<span class=\"_ _2\"></span>eived les<span class=\"_ _2\"></span>s direc<span class=\"_ _2\"></span>tly </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs3d3\">at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n cost<span class=\"_ _2\"></span>s (with the except<span class=\"_ _2\"></span>ion of liabilities at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL for which a<span class=\"_ _2\"></span>ll transa<span class=\"_ _2\"></span>ction c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s are expen<span class=\"_ _2\"></span>sed)<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div>Subs<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>nt to initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n, finan<span class=\"_ _2\"></span>cial liabilit<span class=\"_ _2\"></span>ies (except for liabilit<span class=\"_ _2\"></span>ies under inve<span class=\"_ _2\"></span>stment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts with<span class=\"_ _2\"></span>out DPF a<span class=\"_ _2\"></span>nd other liab<span class=\"_ _2\"></span>ilities desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL) are me<span class=\"_ _2\"></span>asured at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost usin<span class=\"_ _2\"></span>g the ef<span class=\"_ _2\"></span>fective intere<span class=\"_ _2\"></span>st meth<span class=\"_ _2\"></span>od. Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties are des<span class=\"_ _2\"></span>ignated up<span class=\"_ _2\"></span>on initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition at FV<span class=\"_ _2\"></span>TPL wh<span class=\"_ _2\"></span>ere doing s<span class=\"_ _2\"></span>o result<span class=\"_ _2\"></span>s in more mea<span class=\"_ _2\"></span>ningful inform<span class=\"_ _2\"></span>ation be<span class=\"_ _2\"></span>caus<span class=\"_ _2\"></span>e either<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>t eliminates or s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>ntly reduc<span class=\"_ _2\"></span>es acc<span class=\"_ _2\"></span>ounting mi<span class=\"_ _2\"></span>smatche<span class=\"_ _2\"></span>s that would oth<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>wise aris<span class=\"_ _2\"></span>e from mea<span class=\"_ _2\"></span>suring as<span class=\"_ _2\"></span>sets o<span class=\"_ _2\"></span>r liabilities or re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nising the g<span class=\"_ _2\"></span>ains and lo<span class=\"_ _2\"></span>sses o<span class=\"_ _2\"></span>n them on dif<span class=\"_ _2\"></span>ferent ba<span class=\"_ _2\"></span>ses; or<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a g<span class=\"_ _2\"></span>roup of financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>, financi<span class=\"_ _2\"></span>al liabilitie<span class=\"_ _2\"></span>s or both is man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d and its p<span class=\"_ _2\"></span>erfo<span class=\"_ _2\"></span>rmanc<span class=\"_ _2\"></span>e is evaluated a<span class=\"_ _2\"></span>nd mana<span class=\"_ _2\"></span>ged o<span class=\"_ _2\"></span>n a fair value ba<span class=\"_ _2\"></span>sis, in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with a doc<span class=\"_ _2\"></span>umented ri<span class=\"_ _2\"></span>sk mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt or investme<span class=\"_ _2\"></span>nt strate<span class=\"_ _2\"></span>gy, and information a<span class=\"_ _2\"></span>bout th<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nts is provide<span class=\"_ _2\"></span>d internall<span class=\"_ _2\"></span>y on that b<span class=\"_ _2\"></span>asis to the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s key man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent per<span class=\"_ _2\"></span>sonne<span class=\"_ _2\"></span>l.<span class=\"_ _3bc\"> </span>Investment contrac<span class=\"_ _2\"></span>ts without DPF<span class=\"_ _3bc\"> </span>Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s under whi<span class=\"_ _2\"></span>ch the tran<span class=\"_ _2\"></span>sfer of insur<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>k to the Group from th<span class=\"_ _2\"></span>e policy<span class=\"_ _2\"></span>holder i<span class=\"_ _2\"></span>s not signific<span class=\"_ _2\"></span>ant are clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s investme<span class=\"_ _2\"></span>nt contra<span class=\"_ _2\"></span>cts and a<span class=\"_ _2\"></span>ccounte<span class=\"_ _2\"></span>d for as finan<span class=\"_ _2\"></span>cial liabilitie<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Rec<span class=\"_ _2\"></span>eipts an<span class=\"_ _2\"></span>d payment<span class=\"_ _2\"></span>s on investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>thout D<span class=\"_ _2\"></span>PF are acc<span class=\"_ _2\"></span>ounted for usin<span class=\"_ _2\"></span>g depos<span class=\"_ _2\"></span>it acco<span class=\"_ _2\"></span>unting<span class=\"_ _2\"></span>, under whic<span class=\"_ _2\"></span>h the amo<span class=\"_ _2\"></span>unts colle<span class=\"_ _2\"></span>cted and pa<span class=\"_ _2\"></span>id out are re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in the s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent of<span class=\"_ gs132\"> </span>conso<span class=\"_ _2\"></span>lidated fina<span class=\"_ _2\"></span>ncial p<span class=\"_ _2\"></span>osition as an a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment to th<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y to<span class=\"_ gs132\"> </span>the polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s withou<span class=\"_ _2\"></span>t DPF are me<span class=\"_ _2\"></span>asured a<span class=\"_ _2\"></span>t fair value whic<span class=\"_ _2\"></span>h is determin<span class=\"_ _2\"></span>ed using a va<span class=\"_ _2\"></span>luation tec<span class=\"_ _2\"></span>hnique to provid<span class=\"_ _2\"></span>e a reliable e<span class=\"_ _2\"></span>stimate of the am<span class=\"_ _2\"></span>ount for which th<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y could b<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>ferred in an ord<span class=\"_ _2\"></span>erly tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion bet<span class=\"_ _2\"></span>ween m<span class=\"_ _2\"></span>arket par<span class=\"_ _2\"></span>ticipant<span class=\"_ _2\"></span>s at the mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt date, subj<span class=\"_ _2\"></span>ect to a minimum e<span class=\"_ _2\"></span>qual to the s<span class=\"_ _2\"></span>urrender va<span class=\"_ _2\"></span>lue. The va<span class=\"_ _2\"></span>luation of liabilit<span class=\"_ _2\"></span>ies on unit-linked contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are held at th<span class=\"_ _2\"></span>e fair value of th<span class=\"_ _2\"></span>e related as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabilitie<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y is the sum of the un<span class=\"_ _2\"></span>it-link<span class=\"_ _5\"></span>ed liab<span class=\"_ _2\"></span>ilities plus a<span class=\"_ _2\"></span>n addition<span class=\"_ _2\"></span>al amount to c<span class=\"_ _2\"></span>over the pres<span class=\"_ _2\"></span>ent value of the exc<span class=\"_ _2\"></span>ess of fut<span class=\"_ _2\"></span>ure polic<span class=\"_ _2\"></span>y cos<span class=\"_ _2\"></span>ts over fut<span class=\"_ _2\"></span>ure charg<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span>Movem<span class=\"_ _2\"></span>ents in the f<span class=\"_ _2\"></span>air value of investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s without D<span class=\"_ _2\"></span>PF and rein<span class=\"_ _2\"></span>surers\u2019 sh<span class=\"_ _2\"></span>are of investme<span class=\"_ _2\"></span>nt contrac<span class=\"_ _2\"></span>t liabilitie<span class=\"_ _2\"></span>s are includ<span class=\"_ _2\"></span>ed in Chan<span class=\"_ _2\"></span>ge in investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties in the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated inco<span class=\"_ _2\"></span>me sta<span class=\"_ _2\"></span>tement. Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act p<span class=\"_ _2\"></span>olicyho<span class=\"_ _2\"></span>lders are c<span class=\"_ _2\"></span>harge<span class=\"_ _2\"></span>d for polic<span class=\"_ _2\"></span>y adminis<span class=\"_ _2\"></span>tration se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es, inve<span class=\"_ _2\"></span>stment m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices<span class=\"_ _2\"></span>, surrend<span class=\"_ _2\"></span>ers and ot<span class=\"_ _2\"></span>her contr<span class=\"_ _2\"></span>act fee<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>ese fee<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as revenue over t<span class=\"_ _2\"></span>he perio<span class=\"_ _2\"></span>d in which the re<span class=\"_ _2\"></span>lated se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es are pe<span class=\"_ _2\"></span>rforme<span class=\"_ _2\"></span>d. If the fe<span class=\"_ _2\"></span>es are for se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es provide<span class=\"_ _2\"></span>d in future p<span class=\"_ _2\"></span>eriods<span class=\"_ _2\"></span>, they are defe<span class=\"_ _2\"></span>rred and re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised over t<span class=\"_ _2\"></span>hose pe<span class=\"_ _2\"></span>riods<span class=\"_ _2\"></span>. \u2018Front en<span class=\"_ _2\"></span>d\u2019 fee<span class=\"_ _2\"></span>s are charg<span class=\"_ _2\"></span>ed on som<span class=\"_ _2\"></span>e non-pa<span class=\"_ _2\"></span>rticip<span class=\"_ _2\"></span>ating investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s. Whe<span class=\"_ _2\"></span>re the non-p<span class=\"_ _2\"></span>arti<span class=\"_ _2\"></span>cipating inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t is meas<span class=\"_ _2\"></span>ured at fair val<span class=\"_ _2\"></span>ue, such fe<span class=\"_ _2\"></span>es which re<span class=\"_ _2\"></span>late to the provisio<span class=\"_ _2\"></span>n of future inve<span class=\"_ _2\"></span>stment m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices are defe<span class=\"_ _2\"></span>rred and re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as t<span class=\"_ _2\"></span>he ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s are provided<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Net asset value attributable to<span class=\"_ _7\"></span> unitholders<span class=\"_ _3bc\"> </span>The n<span class=\"_ _2\"></span>et asse<span class=\"_ _2\"></span>t value at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to unithol<span class=\"_ _2\"></span>ders rep<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>s the non-<span class=\"_ _2\"></span>controllin<span class=\"_ _2\"></span>g interest in c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investme<span class=\"_ _2\"></span>nt schem<span class=\"_ _2\"></span>es which a<span class=\"_ _2\"></span>re<span class=\"_ gs132\"> </span>conso<span class=\"_ _2\"></span>lidated by the Gro<span class=\"_ _2\"></span>up. This interes<span class=\"_ _2\"></span>t is clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>t FV<span class=\"_ _2\"></span>TPL and m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value<span class=\"_ _2\"></span>, which is e<span class=\"_ _2\"></span>qual to the bid va<span class=\"_ _2\"></span>lue of the numb<span class=\"_ _2\"></span>er of units of the colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme n<span class=\"_ _2\"></span>ot owned by the G<span class=\"_ _2\"></span>roup.<span class=\"_ _3bc\"> </span>Obl<span class=\"_ _2\"></span>igatio<span class=\"_ _2\"></span>ns for rep<span class=\"_ _2\"></span>ayment of c<span class=\"_ _2\"></span>ollate<span class=\"_ _2\"></span>ral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span>It is the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s pra<span class=\"_ _2\"></span>ctice to obt<span class=\"_ _2\"></span>ain collate<span class=\"_ _2\"></span>ral in sto<span class=\"_ _2\"></span>ck lendin<span class=\"_ _2\"></span>g and deriva<span class=\"_ _2\"></span>tive trans<span class=\"_ _2\"></span>action<span class=\"_ _2\"></span>s, us<span class=\"_ _2\"></span>ually in the form of c<span class=\"_ _2\"></span>ash or ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>etab<span class=\"_ _2\"></span>le sec<span class=\"_ _2\"></span>urities<span class=\"_ _2\"></span>. Where c<span class=\"_ _2\"></span>ash c<span class=\"_ _2\"></span>ollateral re<span class=\"_ _2\"></span>ceived i<span class=\"_ _2\"></span>s available to the G<span class=\"_ _2\"></span>roup for investm<span class=\"_ _2\"></span>ent purpo<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>, it is rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d as a \u2018finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>\u2019 and the c<span class=\"_ _2\"></span>ollateral repayab<span class=\"_ _2\"></span>le is reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as \u2018obligatio<span class=\"_ _2\"></span>ns for repaym<span class=\"_ _2\"></span>ent of collater<span class=\"_ _2\"></span>al recei<span class=\"_ _2\"></span>ved\u2019 in th<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent of cons<span class=\"_ _2\"></span>olidated fin<span class=\"_ _2\"></span>ancial p<span class=\"_ _2\"></span>osition<span class=\"_ _2\"></span>. The \u2018obligatio<span class=\"_ _2\"></span>ns for repaym<span class=\"_ _2\"></span>ent of collater<span class=\"_ _2\"></span>al recei<span class=\"_ _2\"></span>ved\u2019 are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t, which in th<span class=\"_ _2\"></span>e case of c<span class=\"_ _2\"></span>ash is e<span class=\"_ _2\"></span>quivalent to th<span class=\"_ _2\"></span>e fair value of the con<span class=\"_ _2\"></span>sideratio<span class=\"_ _2\"></span>n receive<span class=\"_ _2\"></span>d. Furt<span class=\"_ _2\"></span>her deta<span class=\"_ _2\"></span>ils of the Group\u2019s collater<span class=\"_ _2\"></span>al arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts are incl<span class=\"_ _2\"></span>uded in note E4.<span class=\"_ _3bc\"> </span>Derecognition of financial l<span class=\"_ _5\"></span>iabilities<span class=\"_ _3bc\"> </span>A finan<span class=\"_ _2\"></span>cial liabilit<span class=\"_ _2\"></span>y is dere<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised w<span class=\"_ _2\"></span>hen the ob<span class=\"_ _2\"></span>ligation un<span class=\"_ _2\"></span>der the liabili<span class=\"_ _2\"></span>ty is dis<span class=\"_ _2\"></span>charg<span class=\"_ _2\"></span>ed, c<span class=\"_ _2\"></span>ancell<span class=\"_ _2\"></span>ed or expire<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>Offs<span class=\"_ _2\"></span>etting financial assets and financial liabil<span class=\"_ _5\"></span>ities<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s are offs<span class=\"_ _2\"></span>et and the n<span class=\"_ _2\"></span>et amount re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of financia<span class=\"_ _2\"></span>l position o<span class=\"_ _2\"></span>nly when th<span class=\"_ _2\"></span>ere is a leg<span class=\"_ _2\"></span>ally enforce<span class=\"_ _2\"></span>able right to of<span class=\"_ _2\"></span>fset th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d amount<span class=\"_ _2\"></span>s and there i<span class=\"_ _2\"></span>s an intention to set<span class=\"_ _2\"></span>tle on a ne<span class=\"_ _2\"></span>t basis<span class=\"_ _2\"></span>, or to realis<span class=\"_ _2\"></span>e the as<span class=\"_ _2\"></span>set and s<span class=\"_ _2\"></span>ettle t<span class=\"_ _2\"></span>he liabilit<span class=\"_ _2\"></span>y simult<span class=\"_ _2\"></span>aneo<span class=\"_ _2\"></span>usly. When finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s are offs<span class=\"_ _2\"></span>et any relate<span class=\"_ _2\"></span>d interest in<span class=\"_ _2\"></span>come an<span class=\"_ _2\"></span>d expens<span class=\"_ _2\"></span>e is off<span class=\"_ _2\"></span>set in the inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Hedg<span class=\"_ _2\"></span>e accountin<span class=\"_ _2\"></span>g<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up design<span class=\"_ _2\"></span>ates cer<span class=\"_ _2\"></span>tain d<span class=\"_ _2\"></span>erivatives a<span class=\"_ _2\"></span>s hedg<span class=\"_ _2\"></span>ing inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s in order to ef<span class=\"_ _2\"></span>fect c<span class=\"_ _2\"></span>ash flow he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>s. At the inc<span class=\"_ _2\"></span>eption of the h<span class=\"_ _2\"></span>edge relatio<span class=\"_ _2\"></span>nship, the G<span class=\"_ _2\"></span>roup docum<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>e relations<span class=\"_ _2\"></span>hip bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ing instr<span class=\"_ _2\"></span>ument an<span class=\"_ _2\"></span>d the hed<span class=\"_ _2\"></span>ged ite<span class=\"_ _2\"></span>m, alon<span class=\"_ _2\"></span>g with its ris<span class=\"_ _2\"></span>k manag<span class=\"_ _2\"></span>ement obj<span class=\"_ _2\"></span>ective<span class=\"_ _2\"></span>s and its s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y for under<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>king variou<span class=\"_ _2\"></span>s hedg<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>action<span class=\"_ _2\"></span>s. Fur<span class=\"_ _2\"></span>thermo<span class=\"_ _2\"></span>re, at the inc<span class=\"_ _2\"></span>eption of the h<span class=\"_ _2\"></span>edge an<span class=\"_ _2\"></span>d on an ong<span class=\"_ _2\"></span>oing bas<span class=\"_ _2\"></span>is, the Gro<span class=\"_ _2\"></span>up docum<span class=\"_ _2\"></span>ents whe<span class=\"_ _2\"></span>ther the h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g instrum<span class=\"_ _2\"></span>ent is high<span class=\"_ _2\"></span>ly effe<span class=\"_ _2\"></span>ctive in off<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>ting chan<span class=\"_ _2\"></span>ges in fa<span class=\"_ _2\"></span>ir values or c<span class=\"_ _2\"></span>ash flows of th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ed item at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to the he<span class=\"_ _2\"></span>dged r<span class=\"_ _2\"></span>isk. Where a c<span class=\"_ _2\"></span>ash flow h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relation<span class=\"_ _2\"></span>ship exist<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ctive por<span class=\"_ _2\"></span>tion of ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the fair value of de<span class=\"_ _2\"></span>rivatives th<span class=\"_ _2\"></span>at are desig<span class=\"_ _2\"></span>nated an<span class=\"_ _2\"></span>d qualif<span class=\"_ _2\"></span>y as c<span class=\"_ _2\"></span>ash flow he<span class=\"_ _2\"></span>dges is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income a<span class=\"_ _2\"></span>nd acc<span class=\"_ _2\"></span>umulated un<span class=\"_ _2\"></span>der the he<span class=\"_ _2\"></span>ading of ca<span class=\"_ _2\"></span>sh flow he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve. The gain or l<span class=\"_ _2\"></span>oss rel<span class=\"_ _2\"></span>ating to the inef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive por<span class=\"_ _2\"></span>tion is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed imme<span class=\"_ _2\"></span>diately in profit o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>, and is in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d in net investm<span class=\"_ _2\"></span>ent incom<span class=\"_ _2\"></span>e. Amo<span class=\"_ _2\"></span>unts previou<span class=\"_ _2\"></span>sly rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me and ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y are re<span class=\"_ _2\"></span>clas<span class=\"_ _2\"></span>sified to profit or l<span class=\"_ _2\"></span>oss in the p<span class=\"_ _2\"></span>eriods when t<span class=\"_ _2\"></span>he hedg<span class=\"_ _2\"></span>ed item af<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>ts profit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, in the sam<span class=\"_ _2\"></span>e line as the re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item. He<span class=\"_ _2\"></span>dge ac<span class=\"_ _2\"></span>counting i<span class=\"_ _2\"></span>s discontin<span class=\"_ _2\"></span>ued if: t<span class=\"_ _2\"></span>he Group\u2019s hedg<span class=\"_ _2\"></span>ing obje<span class=\"_ _2\"></span>ctive ha<span class=\"_ _2\"></span>s chang<span class=\"_ _2\"></span>ed (can re<span class=\"_ _2\"></span>sult in a par<span class=\"_ _2\"></span>tial dis<span class=\"_ _2\"></span>continua<span class=\"_ _2\"></span>nce); the h<span class=\"_ _2\"></span>edge<span class=\"_ _2\"></span>d item or hed<span class=\"_ _2\"></span>ging ins<span class=\"_ _2\"></span>trument n<span class=\"_ _2\"></span>o long<span class=\"_ _2\"></span>er exist<span class=\"_ _2\"></span>s or is sol<span class=\"_ _2\"></span>d; there is no lo<span class=\"_ _2\"></span>nger a<span class=\"_ _2\"></span>n econ<span class=\"_ _2\"></span>omic relatio<span class=\"_ _2\"></span>nship bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the hed<span class=\"_ _2\"></span>ged ite<span class=\"_ _2\"></span>m and the he<span class=\"_ _2\"></span>dging ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>; or the ef<span class=\"_ _2\"></span>fect of cre<span class=\"_ _2\"></span>dit risk s<span class=\"_ _2\"></span>tar<span class=\"_ _2\"></span>ts to domin<span class=\"_ _2\"></span>ate the value ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s that resul<span class=\"_ _2\"></span>t from the ec<span class=\"_ _2\"></span>onomic re<span class=\"_ _2\"></span>lationsh<span class=\"_ _2\"></span>ip. Any gain or los<span class=\"_ _2\"></span>s rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me and ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y at tha<span class=\"_ _2\"></span>t time is rec<span class=\"_ _2\"></span>ycled to profit or l<span class=\"_ _2\"></span>oss over the p<span class=\"_ _2\"></span>eriod th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ed item impa<span class=\"_ _2\"></span>cts p<span class=\"_ _2\"></span>rofit or los<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-721": {
   "value": "Financial assets<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>re to be clas<span class=\"_ _2\"></span>sified into on<span class=\"_ _2\"></span>e of the following m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent cate<span class=\"_ _2\"></span>gorie<span class=\"_ _2\"></span>s: Fair value thro<span class=\"_ _2\"></span>ugh profit or l<span class=\"_ _2\"></span>oss (\u2018<span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>VTP<span class=\"_ _2\"></span>L<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>), fair value throu<span class=\"_ _2\"></span>gh other co<span class=\"_ _2\"></span>mprehe<span class=\"_ _2\"></span>nsive incom<span class=\"_ _2\"></span>e (\u2018<span class=\"_ _2\"></span>FVOCI<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>) and amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t. Clas<span class=\"_ _2\"></span>sifica<span class=\"_ _2\"></span>tion is mad<span class=\"_ _2\"></span>e base<span class=\"_ _2\"></span>d on the obj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ives of the entit<span class=\"_ _2\"></span>y\u2019s busine<span class=\"_ _2\"></span>ss mod<span class=\"_ _2\"></span>el for mana<span class=\"_ _2\"></span>ging it<span class=\"_ _2\"></span>s financi<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>ets and th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ctual c<span class=\"_ _2\"></span>ash flow c<span class=\"_ _2\"></span>harac<span class=\"_ _2\"></span>terist<span class=\"_ _2\"></span>ics of the ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts.<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>re meas<span class=\"_ _2\"></span>ured at amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t where th<span class=\"_ _2\"></span>ey have:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual term<span class=\"_ _2\"></span>s that give ris<span class=\"_ _2\"></span>e to cash fl<span class=\"_ _2\"></span>ows on spe<span class=\"_ _2\"></span>cified da<span class=\"_ _2\"></span>tes, th<span class=\"_ _2\"></span>at repres<span class=\"_ _2\"></span>ent sole<span class=\"_ _2\"></span>ly payment<span class=\"_ _2\"></span>s of principa<span class=\"_ _2\"></span>l and interes<span class=\"_ _2\"></span>t on the prin<span class=\"_ _2\"></span>cipal amo<span class=\"_ _2\"></span>unt outs<span class=\"_ _2\"></span>tandin<span class=\"_ _2\"></span>g; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>re held within a b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s mod<span class=\"_ _2\"></span>el whos<span class=\"_ _2\"></span>e obje<span class=\"_ _2\"></span>ctive is ach<span class=\"_ _2\"></span>ieved by holdin<span class=\"_ _2\"></span>g to collec<span class=\"_ _2\"></span>t contra<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l cash fl<span class=\"_ _2\"></span>ows.<span class=\"_ _3bc\"> </span>The<span class=\"_ _2\"></span>se financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets are init<span class=\"_ _2\"></span>ially rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d at cos<span class=\"_ _2\"></span>t, be<span class=\"_ _2\"></span>ing the fair va<span class=\"_ _2\"></span>lue of the con<span class=\"_ _2\"></span>siderati<span class=\"_ _2\"></span>on paid for the a<span class=\"_ _2\"></span>cquisiti<span class=\"_ _2\"></span>on of the financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>et. All tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion cos<span class=\"_ _2\"></span>ts direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributab<span class=\"_ _2\"></span>le to the ac<span class=\"_ _2\"></span>quisition are al<span class=\"_ _2\"></span>so inclu<span class=\"_ _2\"></span>ded in the c<span class=\"_ _2\"></span>ost of the fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>. Subs<span class=\"_ _2\"></span>equent to ini<span class=\"_ _2\"></span>tial reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, thes<span class=\"_ _2\"></span>e financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets are c<span class=\"_ _2\"></span>arried at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>, using the ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive interest m<span class=\"_ _2\"></span>ethod<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Equities<span class=\"_ _2\"></span>, debt s<span class=\"_ _2\"></span>ecurit<span class=\"_ _2\"></span>ies, c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investme<span class=\"_ _2\"></span>nt sche<span class=\"_ _2\"></span>mes<span class=\"_ _2\"></span>, derivative<span class=\"_ _2\"></span>s and cer<span class=\"_ _2\"></span>tain l<span class=\"_ _2\"></span>oans an<span class=\"_ _2\"></span>d deposi<span class=\"_ _2\"></span>ts and c<span class=\"_ _2\"></span>ash and c<span class=\"_ _2\"></span>ash e<span class=\"_ _2\"></span>quivalent<span class=\"_ _2\"></span>s are mea<span class=\"_ _2\"></span>sured at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL as they are m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed and eva<span class=\"_ _2\"></span>luated on a fa<span class=\"_ _2\"></span>ir value bas<span class=\"_ _2\"></span>is.<span class=\"_ _3bc\"> </span>Purcha<span class=\"_ _2\"></span>ses an<span class=\"_ _2\"></span>d sales of fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d on the tra<span class=\"_ _2\"></span>de date, whic<span class=\"_ _2\"></span>h is the date that t<span class=\"_ _2\"></span>he Group c<span class=\"_ _2\"></span>ommits to p<span class=\"_ _2\"></span>urchase o<span class=\"_ _2\"></span>r sell the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Where d<span class=\"_ _2\"></span>erivative fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts are he<span class=\"_ _2\"></span>ld to hedg<span class=\"_ _2\"></span>e the Group\u2019s Euro and US D<span class=\"_ _2\"></span>ollar bor<span class=\"_ _2\"></span>rowings<span class=\"_ _2\"></span>, the ef<span class=\"_ _2\"></span>fective p<span class=\"_ _2\"></span>orti<span class=\"_ _2\"></span>on of any gain or los<span class=\"_ _2\"></span>s that ari<span class=\"_ _2\"></span>ses on rem<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment to fair val<span class=\"_ _2\"></span>ue is initially re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in oth<span class=\"_ _2\"></span>er compre<span class=\"_ _2\"></span>hensi<span class=\"_ _2\"></span>ve income an<span class=\"_ _2\"></span>d is recyc<span class=\"_ _2\"></span>led to profit or lo<span class=\"_ _2\"></span>ss as th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ed item impa<span class=\"_ _2\"></span>cts t<span class=\"_ _2\"></span>he profit or los<span class=\"_ _2\"></span>s. For s<span class=\"_ _2\"></span>uch inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s, the t<span class=\"_ _2\"></span>iming of the rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n of any gain or los<span class=\"_ _2\"></span>s that aris<span class=\"_ _2\"></span>es on rem<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent to fair valu<span class=\"_ _2\"></span>e in profit or lo<span class=\"_ _2\"></span>ss dep<span class=\"_ _2\"></span>ends on th<span class=\"_ _2\"></span>e nature of the h<span class=\"_ _2\"></span>edge re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has tre<span class=\"_ _2\"></span>aties in pla<span class=\"_ _2\"></span>ce with third pa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>mpanies to p<span class=\"_ _2\"></span>rovide reinsur<span class=\"_ _2\"></span>ance in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of liabilities th<span class=\"_ _2\"></span>at are linked to the per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce of funds m<span class=\"_ _2\"></span>aintaine<span class=\"_ _2\"></span>d by thos<span class=\"_ _2\"></span>e compani<span class=\"_ _2\"></span>es. Th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts in qu<span class=\"_ _2\"></span>estion d<span class=\"_ _2\"></span>o not trans<span class=\"_ _2\"></span>fer signific<span class=\"_ _2\"></span>ant insur<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>k and therefore a<span class=\"_ _2\"></span>re clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s financi<span class=\"_ _2\"></span>al instr<span class=\"_ _2\"></span>uments a<span class=\"_ _2\"></span>nd are value<span class=\"_ _2\"></span>d at fair value t<span class=\"_ _2\"></span>hrough profi<span class=\"_ _2\"></span>t and los<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>se contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are disclo<span class=\"_ _2\"></span>sed und<span class=\"_ _2\"></span>er Reinsure<span class=\"_ _2\"></span>rs\u2019 share of investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition.<span class=\"_ _3bc\"> </span>Impairment of<span class=\"_ _5\"></span> financial assets<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d credit lo<span class=\"_ _2\"></span>sses a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated wit<span class=\"_ _2\"></span>h its loan<span class=\"_ _2\"></span>s and dep<span class=\"_ _2\"></span>osits<span class=\"_ _2\"></span>, rec<span class=\"_ _2\"></span>eivable<span class=\"_ _2\"></span>s, ca<span class=\"_ _2\"></span>sh and c<span class=\"_ _2\"></span>ash eq<span class=\"_ _2\"></span>uivalents a<span class=\"_ _2\"></span>nd other finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets c<span class=\"_ _2\"></span>arried at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. The me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt of credit impa<span class=\"_ _2\"></span>irment is ba<span class=\"_ _2\"></span>sed on a<span class=\"_ _2\"></span>n Exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d Credit Los<span class=\"_ _2\"></span>s (\u2018 ECL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>) mode<span class=\"_ _2\"></span>l and dep<span class=\"_ _2\"></span>ends upo<span class=\"_ _2\"></span>n whether t<span class=\"_ _2\"></span>here has b<span class=\"_ _2\"></span>een a sig<span class=\"_ _2\"></span>nificant in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in credit ris<span class=\"_ _2\"></span>k.<span class=\"_ _3bc\"> </span>For thos<span class=\"_ _2\"></span>e credit ex<span class=\"_ _2\"></span>posures fo<span class=\"_ _2\"></span>r which cre<span class=\"_ _2\"></span>dit risk has n<span class=\"_ _2\"></span>ot increa<span class=\"_ _2\"></span>sed sig<span class=\"_ _2\"></span>nificantl<span class=\"_ _2\"></span>y since initia<span class=\"_ _2\"></span>l reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, the Group m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>s loss allow<span class=\"_ _2\"></span>ances a<span class=\"_ _2\"></span>t an amo<span class=\"_ _2\"></span>unt equal to th<span class=\"_ _2\"></span>e total expe<span class=\"_ _2\"></span>cte<span class=\"_ _2\"></span>d credit los<span class=\"_ _2\"></span>ses re<span class=\"_ _2\"></span>sulting from d<span class=\"_ _2\"></span>efault event<span class=\"_ _2\"></span>s that are po<span class=\"_ _2\"></span>ssible wi<span class=\"_ _2\"></span>thin 12 months af<span class=\"_ _2\"></span>ter the re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting date (\u2018<span class=\"_ _2\"></span>12-mont<span class=\"_ _2\"></span>h ECL<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>). For those c<span class=\"_ _2\"></span>redit exp<span class=\"_ _2\"></span>osures for whi<span class=\"_ _2\"></span>ch there ha<span class=\"_ _2\"></span>s bee<span class=\"_ _2\"></span>n a signific<span class=\"_ _2\"></span>ant increa<span class=\"_ _2\"></span>se in credit r<span class=\"_ _2\"></span>isk since in<span class=\"_ _2\"></span>itial rec<span class=\"_ _2\"></span>ognition<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up mea<span class=\"_ _2\"></span>sures an<span class=\"_ _2\"></span>d recog<span class=\"_ _2\"></span>nises an a<span class=\"_ _2\"></span>llowance at a<span class=\"_ _2\"></span>n amount e<span class=\"_ _2\"></span>qual to the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d credit l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s over the rema<span class=\"_ _2\"></span>ining life of the expo<span class=\"_ _2\"></span>sure, irres<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tive of the timin<span class=\"_ _2\"></span>g of the default (<span class=\"_ _2\"></span>\u2018Lifetim<span class=\"_ _2\"></span>e E<span class=\"_ _5\"></span>CL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>). If the finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set be<span class=\"_ _2\"></span>come<span class=\"_ _2\"></span>s \u2018<span class=\"_ _5\"></span>cred<span class=\"_ _2\"></span>it-impaired<span class=\"_ _2\"></span>\u2019 (<span class=\"_ _5\"></span>following s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt financia<span class=\"_ _2\"></span>l diffic<span class=\"_ _2\"></span>ulty of is<span class=\"_ _2\"></span>suer/<span class=\"_ _3bc\"> </span>borrowe<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>, or a def<span class=\"_ _2\"></span>ault/<span class=\"_ _2\"></span>breach of a c<span class=\"_ _2\"></span>ovenant), the G<span class=\"_ _2\"></span>roup will rec<span class=\"_ _2\"></span>ognise a Lifet<span class=\"_ _2\"></span>ime ECL. ECL<span class=\"_ _2\"></span>s are derive<span class=\"_ _2\"></span>d from unbias<span class=\"_ _2\"></span>ed and p<span class=\"_ _2\"></span>robabilit<span class=\"_ _2\"></span>y-<span class=\"_ _3bc\"> </span>weighte<span class=\"_ _2\"></span>d estim<span class=\"_ _2\"></span>ates of expe<span class=\"_ _2\"></span>cted los<span class=\"_ _2\"></span>s. The lo<span class=\"_ _2\"></span>ss allowan<span class=\"_ _2\"></span>ce redu<span class=\"_ _2\"></span>ces the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value of th<span class=\"_ _2\"></span>e financi<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>et and is rea<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d at each re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting date. ECL<span class=\"_ _2\"></span>s and subs<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>nt reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ents of the ECL<span class=\"_ _2\"></span>, are rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>Fair<span class=\"_ _5\"></span> value estimation<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir values of finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s trad<span class=\"_ _2\"></span>ed in ac<span class=\"_ _2\"></span>tive markets suc<span class=\"_ _2\"></span>h as publicl<span class=\"_ _2\"></span>y trade<span class=\"_ _2\"></span>d sec<span class=\"_ _2\"></span>urities and d<span class=\"_ _2\"></span>erivatives a<span class=\"_ _2\"></span>re base<span class=\"_ _2\"></span>d on quoted m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et price<span class=\"_ _2\"></span>s at the pe<span class=\"_ _2\"></span>riod end<span class=\"_ _2\"></span>. The quote<span class=\"_ _2\"></span>d market price us<span class=\"_ _2\"></span>ed for finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets i<span class=\"_ _2\"></span>s the applic<span class=\"_ _2\"></span>able bid pr<span class=\"_ _2\"></span>ice on the p<span class=\"_ _2\"></span>eriod en<span class=\"_ _2\"></span>d date. The f<span class=\"_ _2\"></span>air value of investm<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>at are not tra<span class=\"_ _2\"></span>ded in an ac<span class=\"_ _2\"></span>tive market is determ<span class=\"_ _2\"></span>ined usin<span class=\"_ _2\"></span>g valuation te<span class=\"_ _2\"></span>chniqu<span class=\"_ _2\"></span>es such a<span class=\"_ _2\"></span>s broker quotes<span class=\"_ _2\"></span>, pricing m<span class=\"_ _2\"></span>odels or disc<span class=\"_ _2\"></span>ounted ca<span class=\"_ _2\"></span>sh flow tec<span class=\"_ _2\"></span>hniques<span class=\"_ _2\"></span>. Where p<span class=\"_ _2\"></span>ricing mo<span class=\"_ _2\"></span>dels are us<span class=\"_ _2\"></span>ed, inp<span class=\"_ _2\"></span>uts are b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n market related da<span class=\"_ _2\"></span>ta at the pe<span class=\"_ _2\"></span>riod en<span class=\"_ _2\"></span>d. Where disc<span class=\"_ _2\"></span>ounted ca<span class=\"_ _2\"></span>sh flow tec<span class=\"_ _2\"></span>hniques a<span class=\"_ _2\"></span>re used<span class=\"_ _2\"></span>, estim<span class=\"_ _2\"></span>ated fut<span class=\"_ _2\"></span>ure cash flow<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al cas<span class=\"_ _2\"></span>h flows using c<span class=\"_ _2\"></span>urrent market con<span class=\"_ _2\"></span>ditions and m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et c<span class=\"_ _2\"></span>alibrated dis<span class=\"_ _2\"></span>count ra<span class=\"_ _2\"></span>tes and interes<span class=\"_ _2\"></span>t rate as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s for similar ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>For units in un<span class=\"_ _2\"></span>it trust<span class=\"_ _2\"></span>s and sh<span class=\"_ _2\"></span>ares in ope<span class=\"_ _2\"></span>n-end<span class=\"_ _2\"></span>ed investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>anies<span class=\"_ _2\"></span>, fair value i<span class=\"_ _2\"></span>s determine<span class=\"_ _2\"></span>d by referenc<span class=\"_ _2\"></span>e to publishe<span class=\"_ _2\"></span>d bid value<span class=\"_ _2\"></span>s. The f<span class=\"_ _2\"></span>air value of re<span class=\"_ _2\"></span>ceivabl<span class=\"_ _2\"></span>es and flo<span class=\"_ _2\"></span>ating rate an<span class=\"_ _2\"></span>d overnight dep<span class=\"_ _2\"></span>osits wi<span class=\"_ _2\"></span>th credit ins<span class=\"_ _2\"></span>titutio<span class=\"_ _2\"></span>ns is their c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value<span class=\"_ _2\"></span>. The fair val<span class=\"_ _2\"></span>ue of fixed interes<span class=\"_ _2\"></span>t-<span class=\"_ _3bc\"> </span>bea<span class=\"_ _2\"></span>ring dep<span class=\"_ _2\"></span>osits is e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>d using dis<span class=\"_ _2\"></span>counted c<span class=\"_ _2\"></span>ash flow te<span class=\"_ _2\"></span>chnique<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Asso<span class=\"_ _2\"></span>ciates<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tments in a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciates that a<span class=\"_ _2\"></span>re held for inves<span class=\"_ _2\"></span>tment pur<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>s are acco<span class=\"_ _2\"></span>unted for unde<span class=\"_ _2\"></span>r IFRS 9 Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts for the c<span class=\"_ _2\"></span>urrent perio<span class=\"_ _2\"></span>d (2022<span class=\"_ _2\"></span>: IAS 39 Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts: Re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition and M<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment<span class=\"_ _3bc\"> </span>) as pe<span class=\"_ _2\"></span>rmit<span class=\"_ _2\"></span>ted by IAS 28 Inves<span class=\"_ _2\"></span>tments in A<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciates an<span class=\"_ _2\"></span>d Joint V<span class=\"_ _7\"></span>ent<span class=\"_ _2\"></span>ures. The<span class=\"_ _2\"></span>se are mea<span class=\"_ _2\"></span>sured at fa<span class=\"_ _2\"></span>ir value throu<span class=\"_ _2\"></span>gh profit or los<span class=\"_ _2\"></span>s. T<span class=\"_ _2\"></span>here are no inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s in ass<span class=\"_ _2\"></span>ociates wh<span class=\"_ _2\"></span>ich are of a stra<span class=\"_ _2\"></span>tegic nat<span class=\"_ _2\"></span>ure.<span class=\"_ _3bc\"> </span>Derecognition of financial assets<span class=\"_ _3bc\"> </span>A finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set (or par<span class=\"_ _2\"></span>t of a group of similar fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s) is derec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed where<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e rights to re<span class=\"_ _2\"></span>ceive c<span class=\"_ _2\"></span>ash flows from t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>et have expired; \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group ret<span class=\"_ _2\"></span>ains the right to re<span class=\"_ _2\"></span>ceive c<span class=\"_ _2\"></span>ash flows fro<span class=\"_ _2\"></span>m the ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>, but ha<span class=\"_ _2\"></span>s assum<span class=\"_ _2\"></span>ed an oblig<span class=\"_ _2\"></span>ation to pay th<span class=\"_ _2\"></span>em in full with<span class=\"_ _2\"></span>out materi<span class=\"_ _2\"></span>al delay to a third par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y under a \u2018pas<span class=\"_ _2\"></span>s-throu<span class=\"_ _2\"></span>gh\u2019 a<span class=\"_ _2\"></span>rrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>; or \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s trans<span class=\"_ _2\"></span>ferred it<span class=\"_ _2\"></span>s rights to re<span class=\"_ _2\"></span>ceive ca<span class=\"_ _2\"></span>sh flows from th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>t and has e<span class=\"_ _2\"></span>ither tra<span class=\"_ _2\"></span>nsferre<span class=\"_ _2\"></span>d subst<span class=\"_ _2\"></span>antially all th<span class=\"_ _2\"></span>e risks and re<span class=\"_ _2\"></span>wards of the as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>, or has ne<span class=\"_ _2\"></span>ither tra<span class=\"_ _2\"></span>nsferre<span class=\"_ _2\"></span>d nor retain<span class=\"_ _2\"></span>ed subs<span class=\"_ _2\"></span>tantia<span class=\"_ _2\"></span>lly all the risks a<span class=\"_ _2\"></span>nd rewards of the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>, but ha<span class=\"_ _2\"></span>s trans<span class=\"_ _2\"></span>ferred cont<span class=\"_ _2\"></span>rol of the ass<span class=\"_ _2\"></span>et. Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span>On initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, financi<span class=\"_ _2\"></span>al liabilities a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d when due an<span class=\"_ _2\"></span>d meas<span class=\"_ _2\"></span>ured at the f<span class=\"_ _2\"></span>air value of the co<span class=\"_ _2\"></span>nsider<span class=\"_ _2\"></span>ation rec<span class=\"_ _2\"></span>eived les<span class=\"_ _2\"></span>s direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n cost<span class=\"_ _2\"></span>s (with the except<span class=\"_ _2\"></span>ion of liabilities at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL for which a<span class=\"_ _2\"></span>ll transa<span class=\"_ _2\"></span>ction c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s are expen<span class=\"_ _2\"></span>sed)<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-734": {
   "value": "Impairment of<span class=\"_ _5\"></span> financial assets<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d credit lo<span class=\"_ _2\"></span>sses a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated wit<span class=\"_ _2\"></span>h its loan<span class=\"_ _2\"></span>s and dep<span class=\"_ _2\"></span>osits<span class=\"_ _2\"></span>, rec<span class=\"_ _2\"></span>eivable<span class=\"_ _2\"></span>s, ca<span class=\"_ _2\"></span>sh and c<span class=\"_ _2\"></span>ash eq<span class=\"_ _2\"></span>uivalents a<span class=\"_ _2\"></span>nd other finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets c<span class=\"_ _2\"></span>arried at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. The me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt of credit impa<span class=\"_ _2\"></span>irment is ba<span class=\"_ _2\"></span>sed on a<span class=\"_ _2\"></span>n Exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d Credit Los<span class=\"_ _2\"></span>s (\u2018 ECL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>) mode<span class=\"_ _2\"></span>l and dep<span class=\"_ _2\"></span>ends upo<span class=\"_ _2\"></span>n whether t<span class=\"_ _2\"></span>here has b<span class=\"_ _2\"></span>een a sig<span class=\"_ _2\"></span>nificant in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in credit ris<span class=\"_ _2\"></span>k.<span class=\"_ _3bc\"> </span>For thos<span class=\"_ _2\"></span>e credit ex<span class=\"_ _2\"></span>posures fo<span class=\"_ _2\"></span>r which cre<span class=\"_ _2\"></span>dit risk has n<span class=\"_ _2\"></span>ot increa<span class=\"_ _2\"></span>sed sig<span class=\"_ _2\"></span>nificantl<span class=\"_ _2\"></span>y since initia<span class=\"_ _2\"></span>l reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, the Group m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>s loss allow<span class=\"_ _2\"></span>ances a<span class=\"_ _2\"></span>t an amo<span class=\"_ _2\"></span>unt equal to th<span class=\"_ _2\"></span>e total expe<span class=\"_ _2\"></span>cte<span class=\"_ _2\"></span>d credit los<span class=\"_ _2\"></span>ses re<span class=\"_ _2\"></span>sulting from d<span class=\"_ _2\"></span>efault event<span class=\"_ _2\"></span>s that are po<span class=\"_ _2\"></span>ssible wi<span class=\"_ _2\"></span>thin 12 months af<span class=\"_ _2\"></span>ter the re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting date (\u2018<span class=\"_ _2\"></span>12-mont<span class=\"_ _2\"></span>h ECL<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>). For those c<span class=\"_ _2\"></span>redit exp<span class=\"_ _2\"></span>osures for whi<span class=\"_ _2\"></span>ch there ha<span class=\"_ _2\"></span>s bee<span class=\"_ _2\"></span>n a signific<span class=\"_ _2\"></span>ant increa<span class=\"_ _2\"></span>se in credit r<span class=\"_ _2\"></span>isk since in<span class=\"_ _2\"></span>itial rec<span class=\"_ _2\"></span>ognition<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up mea<span class=\"_ _2\"></span>sures an<span class=\"_ _2\"></span>d recog<span class=\"_ _2\"></span>nises an a<span class=\"_ _2\"></span>llowance at a<span class=\"_ _2\"></span>n amount e<span class=\"_ _2\"></span>qual to the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d credit l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s over the rema<span class=\"_ _2\"></span>ining life of the expo<span class=\"_ _2\"></span>sure, irres<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tive of the timin<span class=\"_ _2\"></span>g of the default (<span class=\"_ _2\"></span>\u2018Lifetim<span class=\"_ _2\"></span>e E<span class=\"_ _5\"></span>CL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>). If the finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set be<span class=\"_ _2\"></span>come<span class=\"_ _2\"></span>s \u2018<span class=\"_ _5\"></span>cred<span class=\"_ _2\"></span>it-impaired<span class=\"_ _2\"></span>\u2019 (<span class=\"_ _5\"></span>following s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt financia<span class=\"_ _2\"></span>l diffic<span class=\"_ _2\"></span>ulty of is<span class=\"_ _2\"></span>suer/<span class=\"_ _3bc\"> </span>borrowe<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>, or a def<span class=\"_ _2\"></span>ault/<span class=\"_ _2\"></span>breach of a c<span class=\"_ _2\"></span>ovenant), the G<span class=\"_ _2\"></span>roup will rec<span class=\"_ _2\"></span>ognise a Lifet<span class=\"_ _2\"></span>ime ECL. ECL<span class=\"_ _2\"></span>s are derive<span class=\"_ _2\"></span>d from unbias<span class=\"_ _2\"></span>ed and p<span class=\"_ _2\"></span>robabilit<span class=\"_ _2\"></span>y-<span class=\"_ _3bc\"> </span>weighte<span class=\"_ _2\"></span>d estim<span class=\"_ _2\"></span>ates of expe<span class=\"_ _2\"></span>cted los<span class=\"_ _2\"></span>s. The lo<span class=\"_ _2\"></span>ss allowan<span class=\"_ _2\"></span>ce redu<span class=\"_ _2\"></span>ces the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value of th<span class=\"_ _2\"></span>e financi<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>et and is rea<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d at each re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting date. ECL<span class=\"_ _2\"></span>s and subs<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>nt reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ents of the ECL<span class=\"_ _2\"></span>, are rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-728": {
   "value": "Impairment of<span class=\"_ _5\"></span> financial assets<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d credit lo<span class=\"_ _2\"></span>sses a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated wit<span class=\"_ _2\"></span>h its loan<span class=\"_ _2\"></span>s and dep<span class=\"_ _2\"></span>osits<span class=\"_ _2\"></span>, rec<span class=\"_ _2\"></span>eivable<span class=\"_ _2\"></span>s, ca<span class=\"_ _2\"></span>sh and c<span class=\"_ _2\"></span>ash eq<span class=\"_ _2\"></span>uivalents a<span class=\"_ _2\"></span>nd other finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets c<span class=\"_ _2\"></span>arried at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. The me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt of credit impa<span class=\"_ _2\"></span>irment is ba<span class=\"_ _2\"></span>sed on a<span class=\"_ _2\"></span>n Exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d Credit Los<span class=\"_ _2\"></span>s (\u2018 ECL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>) mode<span class=\"_ _2\"></span>l and dep<span class=\"_ _2\"></span>ends upo<span class=\"_ _2\"></span>n whether t<span class=\"_ _2\"></span>here has b<span class=\"_ _2\"></span>een a sig<span class=\"_ _2\"></span>nificant in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in credit ris<span class=\"_ _2\"></span>k.<span class=\"_ _3bc\"> </span>For thos<span class=\"_ _2\"></span>e credit ex<span class=\"_ _2\"></span>posures fo<span class=\"_ _2\"></span>r which cre<span class=\"_ _2\"></span>dit risk has n<span class=\"_ _2\"></span>ot increa<span class=\"_ _2\"></span>sed sig<span class=\"_ _2\"></span>nificantl<span class=\"_ _2\"></span>y since initia<span class=\"_ _2\"></span>l reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, the Group m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>s loss allow<span class=\"_ _2\"></span>ances a<span class=\"_ _2\"></span>t an amo<span class=\"_ _2\"></span>unt equal to th<span class=\"_ _2\"></span>e total expe<span class=\"_ _2\"></span>cte<span class=\"_ _2\"></span>d credit los<span class=\"_ _2\"></span>ses re<span class=\"_ _2\"></span>sulting from d<span class=\"_ _2\"></span>efault event<span class=\"_ _2\"></span>s that are po<span class=\"_ _2\"></span>ssible wi<span class=\"_ _2\"></span>thin 12 months af<span class=\"_ _2\"></span>ter the re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting date (\u2018<span class=\"_ _2\"></span>12-mont<span class=\"_ _2\"></span>h ECL<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>). For those c<span class=\"_ _2\"></span>redit exp<span class=\"_ _2\"></span>osures for whi<span class=\"_ _2\"></span>ch there ha<span class=\"_ _2\"></span>s bee<span class=\"_ _2\"></span>n a signific<span class=\"_ _2\"></span>ant increa<span class=\"_ _2\"></span>se in credit r<span class=\"_ _2\"></span>isk since in<span class=\"_ _2\"></span>itial rec<span class=\"_ _2\"></span>ognition<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up mea<span class=\"_ _2\"></span>sures an<span class=\"_ _2\"></span>d recog<span class=\"_ _2\"></span>nises an a<span class=\"_ _2\"></span>llowance at a<span class=\"_ _2\"></span>n amount e<span class=\"_ _2\"></span>qual to the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d credit l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s over the rema<span class=\"_ _2\"></span>ining life of the expo<span class=\"_ _2\"></span>sure, irres<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tive of the timin<span class=\"_ _2\"></span>g of the default (<span class=\"_ _2\"></span>\u2018Lifetim<span class=\"_ _2\"></span>e E<span class=\"_ _5\"></span>CL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>). If the finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set be<span class=\"_ _2\"></span>come<span class=\"_ _2\"></span>s \u2018<span class=\"_ _5\"></span>cred<span class=\"_ _2\"></span>it-impaired<span class=\"_ _2\"></span>\u2019 (<span class=\"_ _5\"></span>following s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt financia<span class=\"_ _2\"></span>l diffic<span class=\"_ _2\"></span>ulty of is<span class=\"_ _2\"></span>suer/<span class=\"_ _3bc\"> </span>borrowe<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>, or a def<span class=\"_ _2\"></span>ault/<span class=\"_ _2\"></span>breach of a c<span class=\"_ _2\"></span>ovenant), the G<span class=\"_ _2\"></span>roup will rec<span class=\"_ _2\"></span>ognise a Lifet<span class=\"_ _2\"></span>ime ECL. ECL<span class=\"_ _2\"></span>s are derive<span class=\"_ _2\"></span>d from unbias<span class=\"_ _2\"></span>ed and p<span class=\"_ _2\"></span>robabilit<span class=\"_ _2\"></span>y-<span class=\"_ _3bc\"> </span>weighte<span class=\"_ _2\"></span>d estim<span class=\"_ _2\"></span>ates of expe<span class=\"_ _2\"></span>cted los<span class=\"_ _2\"></span>s. The lo<span class=\"_ _2\"></span>ss allowan<span class=\"_ _2\"></span>ce redu<span class=\"_ _2\"></span>ces the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value of th<span class=\"_ _2\"></span>e financi<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>et and is rea<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d at each re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting date. ECL<span class=\"_ _2\"></span>s and subs<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>nt reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ents of the ECL<span class=\"_ _2\"></span>, are rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-729": {
   "value": "Fair<span class=\"_ _5\"></span> value estimation<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir values of finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s trad<span class=\"_ _2\"></span>ed in ac<span class=\"_ _2\"></span>tive markets suc<span class=\"_ _2\"></span>h as publicl<span class=\"_ _2\"></span>y trade<span class=\"_ _2\"></span>d sec<span class=\"_ _2\"></span>urities and d<span class=\"_ _2\"></span>erivatives a<span class=\"_ _2\"></span>re base<span class=\"_ _2\"></span>d on quoted m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et price<span class=\"_ _2\"></span>s at the pe<span class=\"_ _2\"></span>riod end<span class=\"_ _2\"></span>. The quote<span class=\"_ _2\"></span>d market price us<span class=\"_ _2\"></span>ed for finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets i<span class=\"_ _2\"></span>s the applic<span class=\"_ _2\"></span>able bid pr<span class=\"_ _2\"></span>ice on the p<span class=\"_ _2\"></span>eriod en<span class=\"_ _2\"></span>d date. The f<span class=\"_ _2\"></span>air value of investm<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>at are not tra<span class=\"_ _2\"></span>ded in an ac<span class=\"_ _2\"></span>tive market is determ<span class=\"_ _2\"></span>ined usin<span class=\"_ _2\"></span>g valuation te<span class=\"_ _2\"></span>chniqu<span class=\"_ _2\"></span>es such a<span class=\"_ _2\"></span>s broker quotes<span class=\"_ _2\"></span>, pricing m<span class=\"_ _2\"></span>odels or disc<span class=\"_ _2\"></span>ounted ca<span class=\"_ _2\"></span>sh flow tec<span class=\"_ _2\"></span>hniques<span class=\"_ _2\"></span>. Where p<span class=\"_ _2\"></span>ricing mo<span class=\"_ _2\"></span>dels are us<span class=\"_ _2\"></span>ed, inp<span class=\"_ _2\"></span>uts are b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n market related da<span class=\"_ _2\"></span>ta at the pe<span class=\"_ _2\"></span>riod en<span class=\"_ _2\"></span>d. Where disc<span class=\"_ _2\"></span>ounted ca<span class=\"_ _2\"></span>sh flow tec<span class=\"_ _2\"></span>hniques a<span class=\"_ _2\"></span>re used<span class=\"_ _2\"></span>, estim<span class=\"_ _2\"></span>ated fut<span class=\"_ _2\"></span>ure cash flow<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al cas<span class=\"_ _2\"></span>h flows using c<span class=\"_ _2\"></span>urrent market con<span class=\"_ _2\"></span>ditions and m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et c<span class=\"_ _2\"></span>alibrated dis<span class=\"_ _2\"></span>count ra<span class=\"_ _2\"></span>tes and interes<span class=\"_ _2\"></span>t rate as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s for similar ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>For units in un<span class=\"_ _2\"></span>it trust<span class=\"_ _2\"></span>s and sh<span class=\"_ _2\"></span>ares in ope<span class=\"_ _2\"></span>n-end<span class=\"_ _2\"></span>ed investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>anies<span class=\"_ _2\"></span>, fair value i<span class=\"_ _2\"></span>s determine<span class=\"_ _2\"></span>d by referenc<span class=\"_ _2\"></span>e to publishe<span class=\"_ _2\"></span>d bid value<span class=\"_ _2\"></span>s. The f<span class=\"_ _2\"></span>air value of re<span class=\"_ _2\"></span>ceivabl<span class=\"_ _2\"></span>es and flo<span class=\"_ _2\"></span>ating rate an<span class=\"_ _2\"></span>d overnight dep<span class=\"_ _2\"></span>osits wi<span class=\"_ _2\"></span>th credit ins<span class=\"_ _2\"></span>titutio<span class=\"_ _2\"></span>ns is their c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value<span class=\"_ _2\"></span>. The fair val<span class=\"_ _2\"></span>ue of fixed interes<span class=\"_ _2\"></span>t-<span class=\"_ _3bc\"> </span>bea<span class=\"_ _2\"></span>ring dep<span class=\"_ _2\"></span>osits is e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>d using dis<span class=\"_ _2\"></span>counted c<span class=\"_ _2\"></span>ash flow te<span class=\"_ _2\"></span>chnique<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Level 1 fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir value of financ<span class=\"_ _2\"></span>ial inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s trade<span class=\"_ _2\"></span>d in active m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et<span class=\"_ _2\"></span>s (such as excha<span class=\"_ _2\"></span>nge tra<span class=\"_ _2\"></span>ded se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s and deri<span class=\"_ _2\"></span>vatives) is bas<span class=\"_ _2\"></span>ed on quote<span class=\"_ _2\"></span>d market price<span class=\"_ _2\"></span>s at the pe<span class=\"_ _2\"></span>riod end p<span class=\"_ _2\"></span>rovided by re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed pric<span class=\"_ _2\"></span>ing ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s. Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et depth a<span class=\"_ _2\"></span>nd bid-a<span class=\"_ _2\"></span>sk sprea<span class=\"_ _2\"></span>ds are use<span class=\"_ _2\"></span>d to corrobo<span class=\"_ _2\"></span>rate whethe<span class=\"_ _2\"></span>r an ac<span class=\"_ _2\"></span>tive market exist<span class=\"_ _2\"></span>s for an ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>. Greater de<span class=\"_ _2\"></span>pth and na<span class=\"_ _2\"></span>rrower bid-a<span class=\"_ _2\"></span>sk sprea<span class=\"_ _2\"></span>d indicate hig<span class=\"_ _2\"></span>her liquidi<span class=\"_ _2\"></span>ty in th<span class=\"_ _2\"></span>e instrum<span class=\"_ _2\"></span>ent and are c<span class=\"_ _2\"></span>lass<span class=\"_ _2\"></span>ed as Level 1 input<span class=\"_ _2\"></span>s. For c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investme<span class=\"_ _2\"></span>nt sche<span class=\"_ _2\"></span>mes and re<span class=\"_ _2\"></span>insurer<span class=\"_ _2\"></span>s\u2019 share of investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>ct liabiliti<span class=\"_ _2\"></span>es, f<span class=\"_ _2\"></span>air value is by referen<span class=\"_ _2\"></span>ce to publis<span class=\"_ _2\"></span>hed bid p<span class=\"_ _2\"></span>rices<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Level 2 fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts trad<span class=\"_ _2\"></span>ed in ac<span class=\"_ _2\"></span>tive markets with le<span class=\"_ _2\"></span>ss depth<span class=\"_ _2\"></span>, or wide<span class=\"_ _2\"></span>r bid-ask s<span class=\"_ _2\"></span>preads<span class=\"_ _2\"></span>, which d<span class=\"_ _2\"></span>o not mee<span class=\"_ _2\"></span>t the clas<span class=\"_ _2\"></span>sificat<span class=\"_ _2\"></span>ion as Level 1 inpu<span class=\"_ _2\"></span>ts, are cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as Level 2. The f<span class=\"_ _2\"></span>air values of fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts not tra<span class=\"_ _2\"></span>ded in ac<span class=\"_ _2\"></span>tive markets are d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d using broker quote<span class=\"_ _2\"></span>s or valuatio<span class=\"_ _2\"></span>n tech<span class=\"_ _2\"></span>niques with o<span class=\"_ _2\"></span>bser<span class=\"_ _2\"></span>vable m<span class=\"_ _2\"></span>arket inputs<span class=\"_ _2\"></span>. Finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s value<span class=\"_ _2\"></span>d using broker quotes a<span class=\"_ _2\"></span>re clas<span class=\"_ _2\"></span>sified as Level 2<span class=\"_ _2\"></span>, only whe<span class=\"_ _2\"></span>re there is a suf<span class=\"_ _2\"></span>ficient ra<span class=\"_ _2\"></span>nge of availabl<span class=\"_ _2\"></span>e quotes. T<span class=\"_ _2\"></span>he fair valu<span class=\"_ _2\"></span>e of ov<span class=\"_ _5\"></span>er-the<span class=\"_ _2\"></span>-co<span class=\"_ _2\"></span>unter derivative<span class=\"_ _2\"></span>s is estim<span class=\"_ _2\"></span>ated usin<span class=\"_ _2\"></span>g pricing m<span class=\"_ _2\"></span>odels or di<span class=\"_ _2\"></span>scounte<span class=\"_ _2\"></span>d cash fl<span class=\"_ _2\"></span>ow tech<span class=\"_ _2\"></span>niques<span class=\"_ _2\"></span>. Colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>hemes w<span class=\"_ _2\"></span>here the un<span class=\"_ _2\"></span>derlying a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s are not pric<span class=\"_ _2\"></span>ed usin<span class=\"_ _2\"></span>g active m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et pric<span class=\"_ _2\"></span>es are deter<span class=\"_ _2\"></span>mined to be Leve<span class=\"_ _2\"></span>l 2 ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s. Whe<span class=\"_ _2\"></span>re pricing m<span class=\"_ _2\"></span>odels a<span class=\"_ _2\"></span>re used<span class=\"_ _2\"></span>, inputs a<span class=\"_ _2\"></span>re base<span class=\"_ _2\"></span>d on market relate<span class=\"_ _2\"></span>d data at the p<span class=\"_ _2\"></span>eriod e<span class=\"_ _2\"></span>nd. Whe<span class=\"_ _2\"></span>re disco<span class=\"_ _2\"></span>unted cas<span class=\"_ _2\"></span>h flows are<span class=\"_ gs132\"> </span>use<span class=\"_ _2\"></span>d, es<span class=\"_ _2\"></span>timated f<span class=\"_ _2\"></span>uture ca<span class=\"_ _2\"></span>sh flows are b<span class=\"_ _2\"></span>ased on m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>\u2019s best e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>s and the dis<span class=\"_ _2\"></span>count rate us<span class=\"_ _2\"></span>ed is a ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et relate<span class=\"_ _2\"></span>d rate for<span class=\"_ gs132\"> </span>a<span class=\"_ gs132\"> </span>similar in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ent. Th<span class=\"_ _2\"></span>e fair value of inves<span class=\"_ _2\"></span>tment cont<span class=\"_ _2\"></span>ract lia<span class=\"_ _2\"></span>bilities refle<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s the fair value of th<span class=\"_ _2\"></span>e underly<span class=\"_ _2\"></span>ing ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabilities in th<span class=\"_ _2\"></span>e funds plus an a<span class=\"_ _2\"></span>dditiona<span class=\"_ _2\"></span>l amount to cover t<span class=\"_ _2\"></span>he prese<span class=\"_ _2\"></span>nt value of the exce<span class=\"_ _2\"></span>ss of fut<span class=\"_ _2\"></span>ure policy c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s over future ch<span class=\"_ _2\"></span>arges<span class=\"_ _2\"></span>. The liabili<span class=\"_ _2\"></span>ties are con<span class=\"_ _2\"></span>sequ<span class=\"_ _2\"></span>ently determin<span class=\"_ _2\"></span>ed to be Level 2 in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Level 3 fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l instrum<span class=\"_ _2\"></span>ents de<span class=\"_ _2\"></span>termined by va<span class=\"_ _2\"></span>luation tec<span class=\"_ _2\"></span>hnique<span class=\"_ _2\"></span>s using non<span class=\"_ _2\"></span>-obse<span class=\"_ _2\"></span>rvabl<span class=\"_ _2\"></span>e market input<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on a comb<span class=\"_ _2\"></span>ination of<span class=\"_ gs132\"> </span>indep<span class=\"_ _2\"></span>endent t<span class=\"_ _2\"></span>hird par<span class=\"_ _2\"></span>ty evi<span class=\"_ _2\"></span>dence a<span class=\"_ _2\"></span>nd internall<span class=\"_ _2\"></span>y develope<span class=\"_ _2\"></span>d mode<span class=\"_ _2\"></span>ls. In re<span class=\"_ _2\"></span>lation to invest<span class=\"_ _2\"></span>ments in h<span class=\"_ _2\"></span>edge f<span class=\"_ _2\"></span>unds and p<span class=\"_ _2\"></span>rivate equit<span class=\"_ _2\"></span>y investm<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, non-<span class=\"_ _2\"></span>obser<span class=\"_ _2\"></span>vable t<span class=\"_ _2\"></span>hird par<span class=\"_ _2\"></span>ty evi<span class=\"_ _2\"></span>dence in th<span class=\"_ _2\"></span>e form of net as<span class=\"_ _2\"></span>set valua<span class=\"_ _2\"></span>tion sta<span class=\"_ _2\"></span>tements i<span class=\"_ _2\"></span>s used a<span class=\"_ _2\"></span>s the basis fo<span class=\"_ _2\"></span>r the valuatio<span class=\"_ _2\"></span>n. Adju<span class=\"_ _2\"></span>stment<span class=\"_ _2\"></span>s may be m<span class=\"_ _2\"></span>ade to the ne<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>t valuation wh<span class=\"_ _2\"></span>ere other evi<span class=\"_ _2\"></span>dence<span class=\"_ _2\"></span>, for example re<span class=\"_ _2\"></span>cent sa<span class=\"_ _2\"></span>les of the und<span class=\"_ _2\"></span>erlying inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s in the<span class=\"_ gs132\"> </span>fund<span class=\"_ _2\"></span>, indic<span class=\"_ _2\"></span>ates this is re<span class=\"_ _2\"></span>quired. S<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties that are va<span class=\"_ _2\"></span>lued usin<span class=\"_ _2\"></span>g broker quotes whic<span class=\"_ _2\"></span>h could n<span class=\"_ _2\"></span>ot be corrob<span class=\"_ _2\"></span>orated a<span class=\"_ _2\"></span>cross a s<span class=\"_ _2\"></span>uffici<span class=\"_ _2\"></span>ent rang<span class=\"_ _2\"></span>e<span class=\"_ gs132\"> </span>of quotes are con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d as Level 3. For a s<span class=\"_ _2\"></span>mall numb<span class=\"_ _2\"></span>er of investme<span class=\"_ _2\"></span>nt vehicle<span class=\"_ _2\"></span>s and debt se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s, s<span class=\"_ _2\"></span>tanda<span class=\"_ _2\"></span>rd valuation m<span class=\"_ _2\"></span>odels a<span class=\"_ _2\"></span>re used<span class=\"_ _2\"></span>, as due to their nature a<span class=\"_ _2\"></span>nd comp<span class=\"_ _2\"></span>lexit<span class=\"_ _2\"></span>y they have no ex<span class=\"_ _2\"></span>terna<span class=\"_ _2\"></span>l market. Inp<span class=\"_ _2\"></span>uts into suc<span class=\"_ _2\"></span>h model<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on obse<span class=\"_ _2\"></span>rvab<span class=\"_ _2\"></span>le market data wh<span class=\"_ _2\"></span>ere applic<span class=\"_ _2\"></span>able. Th<span class=\"_ _2\"></span>e fair value of loa<span class=\"_ _2\"></span>ns, d<span class=\"_ _2\"></span>erivatives an<span class=\"_ _2\"></span>d some b<span class=\"_ _2\"></span>orrowing<span class=\"_ _2\"></span>s with no ex<span class=\"_ _2\"></span>ternal m<span class=\"_ _2\"></span>arket is determine<span class=\"_ _2\"></span>d by internally d<span class=\"_ _2\"></span>evelope<span class=\"_ _2\"></span>d disco<span class=\"_ _2\"></span>unted cas<span class=\"_ _2\"></span>h flow mode<span class=\"_ _2\"></span>ls using a<span class=\"_ _2\"></span>ppropriate a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns corrob<span class=\"_ _2\"></span>orated wi<span class=\"_ _2\"></span>th exter<span class=\"_ _2\"></span>nal market dat<span class=\"_ _2\"></span>a where pos<span class=\"_ _2\"></span>sible.<span class=\"_ _3bc\"> </span>For finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s that are re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed at fair v<span class=\"_ _2\"></span>alue on a rec<span class=\"_ _2\"></span>urring ba<span class=\"_ _2\"></span>sis, th<span class=\"_ _2\"></span>e Group deter<span class=\"_ _2\"></span>mines whe<span class=\"_ _2\"></span>ther tran<span class=\"_ _2\"></span>sfers h<span class=\"_ _2\"></span>ave occurre<span class=\"_ _2\"></span>d bet<span class=\"_ _2\"></span>ween l<span class=\"_ _2\"></span>evels in the hie<span class=\"_ _2\"></span>rarchy by re-<span class=\"_ _2\"></span>asse<span class=\"_ _2\"></span>ssing c<span class=\"_ _2\"></span>atego<span class=\"_ _2\"></span>risation (<span class=\"_ _2\"></span>base<span class=\"_ _2\"></span>d on the lowes<span class=\"_ _2\"></span>t level inpu<span class=\"_ _2\"></span>t that is signi<span class=\"_ _2\"></span>ficant to the fa<span class=\"_ _2\"></span>ir value me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt as a who<span class=\"_ _2\"></span>le) during eac<span class=\"_ _2\"></span>h repor<span class=\"_ _2\"></span>ting p<span class=\"_ _2\"></span>eriod.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-730": {
   "value": "Asso<span class=\"_ _2\"></span>ciates<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tments in a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciates that a<span class=\"_ _2\"></span>re held for inves<span class=\"_ _2\"></span>tment pur<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>s are acco<span class=\"_ _2\"></span>unted for unde<span class=\"_ _2\"></span>r IFRS 9 Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts for the c<span class=\"_ _2\"></span>urrent perio<span class=\"_ _2\"></span>d (2022<span class=\"_ _2\"></span>: IAS 39 Finan<span class=\"_ _2\"></span>cial In<span class=\"_ _2\"></span>strume<span class=\"_ _2\"></span>nts: Re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition and M<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment<span class=\"_ _3bc\"> </span>) as pe<span class=\"_ _2\"></span>rmit<span class=\"_ _2\"></span>ted by IAS 28 Inves<span class=\"_ _2\"></span>tments in A<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciates an<span class=\"_ _2\"></span>d Joint V<span class=\"_ _7\"></span>ent<span class=\"_ _2\"></span>ures. The<span class=\"_ _2\"></span>se are mea<span class=\"_ _2\"></span>sured at fa<span class=\"_ _2\"></span>ir value throu<span class=\"_ _2\"></span>gh profit or los<span class=\"_ _2\"></span>s. T<span class=\"_ _2\"></span>here are no inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s in ass<span class=\"_ _2\"></span>ociates wh<span class=\"_ _2\"></span>ich are of a stra<span class=\"_ _2\"></span>tegic nat<span class=\"_ _2\"></span>ure.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-731": {
   "value": "Derecognition of financial assets<span class=\"_ _3bc\"> </span>A finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set (or par<span class=\"_ _2\"></span>t of a group of similar fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s) is derec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed where<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e rights to re<span class=\"_ _2\"></span>ceive c<span class=\"_ _2\"></span>ash flows from t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>et have expired; \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group ret<span class=\"_ _2\"></span>ains the right to re<span class=\"_ _2\"></span>ceive c<span class=\"_ _2\"></span>ash flows fro<span class=\"_ _2\"></span>m the ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>, but ha<span class=\"_ _2\"></span>s assum<span class=\"_ _2\"></span>ed an oblig<span class=\"_ _2\"></span>ation to pay th<span class=\"_ _2\"></span>em in full with<span class=\"_ _2\"></span>out materi<span class=\"_ _2\"></span>al delay to a third par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y under a \u2018pas<span class=\"_ _2\"></span>s-throu<span class=\"_ _2\"></span>gh\u2019 a<span class=\"_ _2\"></span>rrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>; or \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s trans<span class=\"_ _2\"></span>ferred it<span class=\"_ _2\"></span>s rights to re<span class=\"_ _2\"></span>ceive ca<span class=\"_ _2\"></span>sh flows from th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>t and has e<span class=\"_ _2\"></span>ither tra<span class=\"_ _2\"></span>nsferre<span class=\"_ _2\"></span>d subst<span class=\"_ _2\"></span>antially all th<span class=\"_ _2\"></span>e risks and re<span class=\"_ _2\"></span>wards of the as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>, or has ne<span class=\"_ _2\"></span>ither tra<span class=\"_ _2\"></span>nsferre<span class=\"_ _2\"></span>d nor retain<span class=\"_ _2\"></span>ed subs<span class=\"_ _2\"></span>tantia<span class=\"_ _2\"></span>lly all the risks a<span class=\"_ _2\"></span>nd rewards of the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>, but ha<span class=\"_ _2\"></span>s trans<span class=\"_ _2\"></span>ferred cont<span class=\"_ _2\"></span>rol of the ass<span class=\"_ _2\"></span>et. Derecognition of financial l<span class=\"_ _5\"></span>iabilities<span class=\"_ _3bc\"> </span>A finan<span class=\"_ _2\"></span>cial liabilit<span class=\"_ _2\"></span>y is dere<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised w<span class=\"_ _2\"></span>hen the ob<span class=\"_ _2\"></span>ligation un<span class=\"_ _2\"></span>der the liabili<span class=\"_ _2\"></span>ty is dis<span class=\"_ _2\"></span>charg<span class=\"_ _2\"></span>ed, c<span class=\"_ _2\"></span>ancell<span class=\"_ _2\"></span>ed or expire<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-722": {
   "value": "Subs<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>nt to initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n, finan<span class=\"_ _2\"></span>cial liabilit<span class=\"_ _2\"></span>ies (except for liabilit<span class=\"_ _2\"></span>ies under inve<span class=\"_ _2\"></span>stment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts with<span class=\"_ _2\"></span>out DPF a<span class=\"_ _2\"></span>nd other liab<span class=\"_ _2\"></span>ilities desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL) are me<span class=\"_ _2\"></span>asured at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost usin<span class=\"_ _2\"></span>g the ef<span class=\"_ _2\"></span>fective intere<span class=\"_ _2\"></span>st meth<span class=\"_ _2\"></span>od. Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties are des<span class=\"_ _2\"></span>ignated up<span class=\"_ _2\"></span>on initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition at FV<span class=\"_ _2\"></span>TPL wh<span class=\"_ _2\"></span>ere doing s<span class=\"_ _2\"></span>o result<span class=\"_ _2\"></span>s in more mea<span class=\"_ _2\"></span>ningful inform<span class=\"_ _2\"></span>ation be<span class=\"_ _2\"></span>caus<span class=\"_ _2\"></span>e either<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>i<span class=\"_ _2\"></span>t eliminates or s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>ntly reduc<span class=\"_ _2\"></span>es acc<span class=\"_ _2\"></span>ounting mi<span class=\"_ _2\"></span>smatche<span class=\"_ _2\"></span>s that would oth<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>wise aris<span class=\"_ _2\"></span>e from mea<span class=\"_ _2\"></span>suring as<span class=\"_ _2\"></span>sets o<span class=\"_ _2\"></span>r liabilities or re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nising the g<span class=\"_ _2\"></span>ains and lo<span class=\"_ _2\"></span>sses o<span class=\"_ _2\"></span>n them on dif<span class=\"_ _2\"></span>ferent ba<span class=\"_ _2\"></span>ses; or<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a g<span class=\"_ _2\"></span>roup of financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>, financi<span class=\"_ _2\"></span>al liabilitie<span class=\"_ _2\"></span>s or both is man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d and its p<span class=\"_ _2\"></span>erfo<span class=\"_ _2\"></span>rmanc<span class=\"_ _2\"></span>e is evaluated a<span class=\"_ _2\"></span>nd mana<span class=\"_ _2\"></span>ged o<span class=\"_ _2\"></span>n a fair value ba<span class=\"_ _2\"></span>sis, in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with a doc<span class=\"_ _2\"></span>umented ri<span class=\"_ _2\"></span>sk mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt or investme<span class=\"_ _2\"></span>nt strate<span class=\"_ _2\"></span>gy, and information a<span class=\"_ _2\"></span>bout th<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nts is provide<span class=\"_ _2\"></span>d internall<span class=\"_ _2\"></span>y on that b<span class=\"_ _2\"></span>asis to the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s key man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent per<span class=\"_ _2\"></span>sonne<span class=\"_ _2\"></span>l.<span class=\"_ _3bc\"> </span>Investment contrac<span class=\"_ _2\"></span>ts without DPF<span class=\"_ _3bc\"> </span>Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s under whi<span class=\"_ _2\"></span>ch the tran<span class=\"_ _2\"></span>sfer of insur<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>k to the Group from th<span class=\"_ _2\"></span>e policy<span class=\"_ _2\"></span>holder i<span class=\"_ _2\"></span>s not signific<span class=\"_ _2\"></span>ant are clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s investme<span class=\"_ _2\"></span>nt contra<span class=\"_ _2\"></span>cts and a<span class=\"_ _2\"></span>ccounte<span class=\"_ _2\"></span>d for as finan<span class=\"_ _2\"></span>cial liabilitie<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Rec<span class=\"_ _2\"></span>eipts an<span class=\"_ _2\"></span>d payment<span class=\"_ _2\"></span>s on investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>thout D<span class=\"_ _2\"></span>PF are acc<span class=\"_ _2\"></span>ounted for usin<span class=\"_ _2\"></span>g depos<span class=\"_ _2\"></span>it acco<span class=\"_ _2\"></span>unting<span class=\"_ _2\"></span>, under whic<span class=\"_ _2\"></span>h the amo<span class=\"_ _2\"></span>unts colle<span class=\"_ _2\"></span>cted and pa<span class=\"_ _2\"></span>id out are re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in the s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent of<span class=\"_ gs132\"> </span>conso<span class=\"_ _2\"></span>lidated fina<span class=\"_ _2\"></span>ncial p<span class=\"_ _2\"></span>osition as an a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment to th<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y to<span class=\"_ gs132\"> </span>the polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s withou<span class=\"_ _2\"></span>t DPF are me<span class=\"_ _2\"></span>asured a<span class=\"_ _2\"></span>t fair value whic<span class=\"_ _2\"></span>h is determin<span class=\"_ _2\"></span>ed using a va<span class=\"_ _2\"></span>luation tec<span class=\"_ _2\"></span>hnique to provid<span class=\"_ _2\"></span>e a reliable e<span class=\"_ _2\"></span>stimate of the am<span class=\"_ _2\"></span>ount for which th<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y could b<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>ferred in an ord<span class=\"_ _2\"></span>erly tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion bet<span class=\"_ _2\"></span>ween m<span class=\"_ _2\"></span>arket par<span class=\"_ _2\"></span>ticipant<span class=\"_ _2\"></span>s at the mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt date, subj<span class=\"_ _2\"></span>ect to a minimum e<span class=\"_ _2\"></span>qual to the s<span class=\"_ _2\"></span>urrender va<span class=\"_ _2\"></span>lue. The va<span class=\"_ _2\"></span>luation of liabilit<span class=\"_ _2\"></span>ies on unit-linked contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are held at th<span class=\"_ _2\"></span>e fair value of th<span class=\"_ _2\"></span>e related as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabilitie<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y is the sum of the un<span class=\"_ _2\"></span>it-link<span class=\"_ _5\"></span>ed liab<span class=\"_ _2\"></span>ilities plus a<span class=\"_ _2\"></span>n addition<span class=\"_ _2\"></span>al amount to c<span class=\"_ _2\"></span>over the pres<span class=\"_ _2\"></span>ent value of the exc<span class=\"_ _2\"></span>ess of fut<span class=\"_ _2\"></span>ure polic<span class=\"_ _2\"></span>y cos<span class=\"_ _2\"></span>ts over fut<span class=\"_ _2\"></span>ure charg<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span>Movem<span class=\"_ _2\"></span>ents in the f<span class=\"_ _2\"></span>air value of investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s without D<span class=\"_ _2\"></span>PF and rein<span class=\"_ _2\"></span>surers\u2019 sh<span class=\"_ _2\"></span>are of investme<span class=\"_ _2\"></span>nt contrac<span class=\"_ _2\"></span>t liabilitie<span class=\"_ _2\"></span>s are includ<span class=\"_ _2\"></span>ed in Chan<span class=\"_ _2\"></span>ge in investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties in the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated inco<span class=\"_ _2\"></span>me sta<span class=\"_ _2\"></span>tement. Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act p<span class=\"_ _2\"></span>olicyho<span class=\"_ _2\"></span>lders are c<span class=\"_ _2\"></span>harge<span class=\"_ _2\"></span>d for polic<span class=\"_ _2\"></span>y adminis<span class=\"_ _2\"></span>tration se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es, inve<span class=\"_ _2\"></span>stment m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices<span class=\"_ _2\"></span>, surrend<span class=\"_ _2\"></span>ers and ot<span class=\"_ _2\"></span>her contr<span class=\"_ _2\"></span>act fee<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>ese fee<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as revenue over t<span class=\"_ _2\"></span>he perio<span class=\"_ _2\"></span>d in which the re<span class=\"_ _2\"></span>lated se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es are pe<span class=\"_ _2\"></span>rforme<span class=\"_ _2\"></span>d. If the fe<span class=\"_ _2\"></span>es are for se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es provide<span class=\"_ _2\"></span>d in future p<span class=\"_ _2\"></span>eriods<span class=\"_ _2\"></span>, they are defe<span class=\"_ _2\"></span>rred and re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised over t<span class=\"_ _2\"></span>hose pe<span class=\"_ _2\"></span>riods<span class=\"_ _2\"></span>. \u2018Front en<span class=\"_ _2\"></span>d\u2019 fee<span class=\"_ _2\"></span>s are charg<span class=\"_ _2\"></span>ed on som<span class=\"_ _2\"></span>e non-pa<span class=\"_ _2\"></span>rticip<span class=\"_ _2\"></span>ating investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s. Whe<span class=\"_ _2\"></span>re the non-p<span class=\"_ _2\"></span>arti<span class=\"_ _2\"></span>cipating inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t is meas<span class=\"_ _2\"></span>ured at fair val<span class=\"_ _2\"></span>ue, such fe<span class=\"_ _2\"></span>es which re<span class=\"_ _2\"></span>late to the provisio<span class=\"_ _2\"></span>n of future inve<span class=\"_ _2\"></span>stment m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices are defe<span class=\"_ _2\"></span>rred and re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as t<span class=\"_ _2\"></span>he ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s are provided<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Net asset value attributable to<span class=\"_ _7\"></span> unitholders<span class=\"_ _3bc\"> </span>The n<span class=\"_ _2\"></span>et asse<span class=\"_ _2\"></span>t value at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to unithol<span class=\"_ _2\"></span>ders rep<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>s the non-<span class=\"_ _2\"></span>controllin<span class=\"_ _2\"></span>g interest in c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investme<span class=\"_ _2\"></span>nt schem<span class=\"_ _2\"></span>es which a<span class=\"_ _2\"></span>re<span class=\"_ gs132\"> </span>conso<span class=\"_ _2\"></span>lidated by the Gro<span class=\"_ _2\"></span>up. This interes<span class=\"_ _2\"></span>t is clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>t FV<span class=\"_ _2\"></span>TPL and m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value<span class=\"_ _2\"></span>, which is e<span class=\"_ _2\"></span>qual to the bid va<span class=\"_ _2\"></span>lue of the numb<span class=\"_ _2\"></span>er of units of the colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme n<span class=\"_ _2\"></span>ot owned by the G<span class=\"_ _2\"></span>roup.<span class=\"_ _3bc\"> </span>Obl<span class=\"_ _2\"></span>igatio<span class=\"_ _2\"></span>ns for rep<span class=\"_ _2\"></span>ayment of c<span class=\"_ _2\"></span>ollate<span class=\"_ _2\"></span>ral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span>It is the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s pra<span class=\"_ _2\"></span>ctice to obt<span class=\"_ _2\"></span>ain collate<span class=\"_ _2\"></span>ral in sto<span class=\"_ _2\"></span>ck lendin<span class=\"_ _2\"></span>g and deriva<span class=\"_ _2\"></span>tive trans<span class=\"_ _2\"></span>action<span class=\"_ _2\"></span>s, us<span class=\"_ _2\"></span>ually in the form of c<span class=\"_ _2\"></span>ash or ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>etab<span class=\"_ _2\"></span>le sec<span class=\"_ _2\"></span>urities<span class=\"_ _2\"></span>. Where c<span class=\"_ _2\"></span>ash c<span class=\"_ _2\"></span>ollateral re<span class=\"_ _2\"></span>ceived i<span class=\"_ _2\"></span>s available to the G<span class=\"_ _2\"></span>roup for investm<span class=\"_ _2\"></span>ent purpo<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>, it is rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d as a \u2018finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>\u2019 and the c<span class=\"_ _2\"></span>ollateral repayab<span class=\"_ _2\"></span>le is reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as \u2018obligatio<span class=\"_ _2\"></span>ns for repaym<span class=\"_ _2\"></span>ent of collater<span class=\"_ _2\"></span>al recei<span class=\"_ _2\"></span>ved\u2019 in th<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent of cons<span class=\"_ _2\"></span>olidated fin<span class=\"_ _2\"></span>ancial p<span class=\"_ _2\"></span>osition<span class=\"_ _2\"></span>. The \u2018obligatio<span class=\"_ _2\"></span>ns for repaym<span class=\"_ _2\"></span>ent of collater<span class=\"_ _2\"></span>al recei<span class=\"_ _2\"></span>ved\u2019 are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t, which in th<span class=\"_ _2\"></span>e case of c<span class=\"_ _2\"></span>ash is e<span class=\"_ _2\"></span>quivalent to th<span class=\"_ _2\"></span>e fair value of the con<span class=\"_ _2\"></span>sideratio<span class=\"_ _2\"></span>n receive<span class=\"_ _2\"></span>d. Furt<span class=\"_ _2\"></span>her deta<span class=\"_ _2\"></span>ils of the Group\u2019s collater<span class=\"_ _2\"></span>al arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts are incl<span class=\"_ _2\"></span>uded in note E4.<span class=\"_ _3bc\"> </span>Derecognition of financial l<span class=\"_ _5\"></span>iabilities<span class=\"_ _3bc\"> </span>A finan<span class=\"_ _2\"></span>cial liabilit<span class=\"_ _2\"></span>y is dere<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised w<span class=\"_ _2\"></span>hen the ob<span class=\"_ _2\"></span>ligation un<span class=\"_ _2\"></span>der the liabili<span class=\"_ _2\"></span>ty is dis<span class=\"_ _2\"></span>charg<span class=\"_ _2\"></span>ed, c<span class=\"_ _2\"></span>ancell<span class=\"_ _2\"></span>ed or expire<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>Offs<span class=\"_ _2\"></span>etting financial assets and financial liabil<span class=\"_ _5\"></span>ities<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s are offs<span class=\"_ _2\"></span>et and the n<span class=\"_ _2\"></span>et amount re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of financia<span class=\"_ _2\"></span>l position o<span class=\"_ _2\"></span>nly when th<span class=\"_ _2\"></span>ere is a leg<span class=\"_ _2\"></span>ally enforce<span class=\"_ _2\"></span>able right to of<span class=\"_ _2\"></span>fset th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d amount<span class=\"_ _2\"></span>s and there i<span class=\"_ _2\"></span>s an intention to set<span class=\"_ _2\"></span>tle on a ne<span class=\"_ _2\"></span>t basis<span class=\"_ _2\"></span>, or to realis<span class=\"_ _2\"></span>e the as<span class=\"_ _2\"></span>set and s<span class=\"_ _2\"></span>ettle t<span class=\"_ _2\"></span>he liabilit<span class=\"_ _2\"></span>y simult<span class=\"_ _2\"></span>aneo<span class=\"_ _2\"></span>usly. When finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s are offs<span class=\"_ _2\"></span>et any relate<span class=\"_ _2\"></span>d interest in<span class=\"_ _2\"></span>come an<span class=\"_ _2\"></span>d expens<span class=\"_ _2\"></span>e is off<span class=\"_ _2\"></span>set in the inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Hedg<span class=\"_ _2\"></span>e accountin<span class=\"_ _2\"></span>g<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up design<span class=\"_ _2\"></span>ates cer<span class=\"_ _2\"></span>tain d<span class=\"_ _2\"></span>erivatives a<span class=\"_ _2\"></span>s hedg<span class=\"_ _2\"></span>ing inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s in order to ef<span class=\"_ _2\"></span>fect c<span class=\"_ _2\"></span>ash flow he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>s. At the inc<span class=\"_ _2\"></span>eption of the h<span class=\"_ _2\"></span>edge relatio<span class=\"_ _2\"></span>nship, the G<span class=\"_ _2\"></span>roup docum<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>e relations<span class=\"_ _2\"></span>hip bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ing instr<span class=\"_ _2\"></span>ument an<span class=\"_ _2\"></span>d the hed<span class=\"_ _2\"></span>ged ite<span class=\"_ _2\"></span>m, alon<span class=\"_ _2\"></span>g with its ris<span class=\"_ _2\"></span>k manag<span class=\"_ _2\"></span>ement obj<span class=\"_ _2\"></span>ective<span class=\"_ _2\"></span>s and its s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y for under<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>king variou<span class=\"_ _2\"></span>s hedg<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>action<span class=\"_ _2\"></span>s. Fur<span class=\"_ _2\"></span>thermo<span class=\"_ _2\"></span>re, at the inc<span class=\"_ _2\"></span>eption of the h<span class=\"_ _2\"></span>edge an<span class=\"_ _2\"></span>d on an ong<span class=\"_ _2\"></span>oing bas<span class=\"_ _2\"></span>is, the Gro<span class=\"_ _2\"></span>up docum<span class=\"_ _2\"></span>ents whe<span class=\"_ _2\"></span>ther the h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g instrum<span class=\"_ _2\"></span>ent is high<span class=\"_ _2\"></span>ly effe<span class=\"_ _2\"></span>ctive in off<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>ting chan<span class=\"_ _2\"></span>ges in fa<span class=\"_ _2\"></span>ir values or c<span class=\"_ _2\"></span>ash flows of th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ed item at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to the he<span class=\"_ _2\"></span>dged r<span class=\"_ _2\"></span>isk. Where a c<span class=\"_ _2\"></span>ash flow h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relation<span class=\"_ _2\"></span>ship exist<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ctive por<span class=\"_ _2\"></span>tion of ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the fair value of de<span class=\"_ _2\"></span>rivatives th<span class=\"_ _2\"></span>at are desig<span class=\"_ _2\"></span>nated an<span class=\"_ _2\"></span>d qualif<span class=\"_ _2\"></span>y as c<span class=\"_ _2\"></span>ash flow he<span class=\"_ _2\"></span>dges is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehens<span class=\"_ _2\"></span>ive income a<span class=\"_ _2\"></span>nd acc<span class=\"_ _2\"></span>umulated un<span class=\"_ _2\"></span>der the he<span class=\"_ _2\"></span>ading of ca<span class=\"_ _2\"></span>sh flow he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ve. The gain or l<span class=\"_ _2\"></span>oss rel<span class=\"_ _2\"></span>ating to the inef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive por<span class=\"_ _2\"></span>tion is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed imme<span class=\"_ _2\"></span>diately in profit o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>, and is in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d in net investm<span class=\"_ _2\"></span>ent incom<span class=\"_ _2\"></span>e. Amo<span class=\"_ _2\"></span>unts previou<span class=\"_ _2\"></span>sly rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me and ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y are re<span class=\"_ _2\"></span>clas<span class=\"_ _2\"></span>sified to profit or l<span class=\"_ _2\"></span>oss in the p<span class=\"_ _2\"></span>eriods when t<span class=\"_ _2\"></span>he hedg<span class=\"_ _2\"></span>ed item af<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>ts profit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, in the sam<span class=\"_ _2\"></span>e line as the re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item. He<span class=\"_ _2\"></span>dge ac<span class=\"_ _2\"></span>counting i<span class=\"_ _2\"></span>s discontin<span class=\"_ _2\"></span>ued if: t<span class=\"_ _2\"></span>he Group\u2019s hedg<span class=\"_ _2\"></span>ing obje<span class=\"_ _2\"></span>ctive ha<span class=\"_ _2\"></span>s chang<span class=\"_ _2\"></span>ed (can re<span class=\"_ _2\"></span>sult in a par<span class=\"_ _2\"></span>tial dis<span class=\"_ _2\"></span>continua<span class=\"_ _2\"></span>nce); the h<span class=\"_ _2\"></span>edge<span class=\"_ _2\"></span>d item or hed<span class=\"_ _2\"></span>ging ins<span class=\"_ _2\"></span>trument n<span class=\"_ _2\"></span>o long<span class=\"_ _2\"></span>er exist<span class=\"_ _2\"></span>s or is sol<span class=\"_ _2\"></span>d; there is no lo<span class=\"_ _2\"></span>nger a<span class=\"_ _2\"></span>n econ<span class=\"_ _2\"></span>omic relatio<span class=\"_ _2\"></span>nship bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the hed<span class=\"_ _2\"></span>ged ite<span class=\"_ _2\"></span>m and the he<span class=\"_ _2\"></span>dging ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>; or the ef<span class=\"_ _2\"></span>fect of cre<span class=\"_ _2\"></span>dit risk s<span class=\"_ _2\"></span>tar<span class=\"_ _2\"></span>ts to domin<span class=\"_ _2\"></span>ate the value ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s that resul<span class=\"_ _2\"></span>t from the ec<span class=\"_ _2\"></span>onomic re<span class=\"_ _2\"></span>lationsh<span class=\"_ _2\"></span>ip. Any gain or los<span class=\"_ _2\"></span>s rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me and ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y at tha<span class=\"_ _2\"></span>t time is rec<span class=\"_ _2\"></span>ycled to profit or l<span class=\"_ _2\"></span>oss over the p<span class=\"_ _2\"></span>eriod th<span class=\"_ _2\"></span>e hedg<span class=\"_ _2\"></span>ed item impa<span class=\"_ _2\"></span>cts p<span class=\"_ _2\"></span>rofit or los<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-732": {
   "value": "Offs<span class=\"_ _2\"></span>etting financial assets and financial liabil<span class=\"_ _5\"></span>ities<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s are offs<span class=\"_ _2\"></span>et and the n<span class=\"_ _2\"></span>et amount re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of financia<span class=\"_ _2\"></span>l position o<span class=\"_ _2\"></span>nly when th<span class=\"_ _2\"></span>ere is a leg<span class=\"_ _2\"></span>ally enforce<span class=\"_ _2\"></span>able right to of<span class=\"_ _2\"></span>fset th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d amount<span class=\"_ _2\"></span>s and there i<span class=\"_ _2\"></span>s an intention to set<span class=\"_ _2\"></span>tle on a ne<span class=\"_ _2\"></span>t basis<span class=\"_ _2\"></span>, or to realis<span class=\"_ _2\"></span>e the as<span class=\"_ _2\"></span>set and s<span class=\"_ _2\"></span>ettle t<span class=\"_ _2\"></span>he liabilit<span class=\"_ _2\"></span>y simult<span class=\"_ _2\"></span>aneo<span class=\"_ _2\"></span>usly. When finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s are offs<span class=\"_ _2\"></span>et any relate<span class=\"_ _2\"></span>d interest in<span class=\"_ _2\"></span>come an<span class=\"_ _2\"></span>d expens<span class=\"_ _2\"></span>e is off<span class=\"_ _2\"></span>set in the inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-654": {
   "value": "<div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs40f\">E1<span class=\"_ _2\"></span>.1 F<span class=\"_ _5\"></span>air va<span class=\"_ _2\"></span>lue an<span class=\"_ _2\"></span>alysi<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs410\">The t<span class=\"_ _2\"></span>able bel<span class=\"_ _2\"></span>ow sets o<span class=\"_ _2\"></span>ut a compa<span class=\"_ _2\"></span>rison of the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unts and fa<span class=\"_ _2\"></span>ir values of finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts as at 31<span class=\"_ gs132\"> </span>D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber<span class=\"_ gs132\"> </span>2023<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"gs411\"><table class=\"s w41a h2b6\" id=\"_13834b01-de4a-4029-89ba-7e601db54fc4\"><tr><td></td><td></td><td></td><td class=\"t m0 x797 h3f y57cb ff7 fsf fc1 sc0 ls5b ws76\">Carrying value<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x798 h3f y57cc ff7 fsf fc1 sc0 ls0 ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s due fo<span class=\"_ _2\"></span>r </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x2c2 h3f y57cd ff7 fsf fc1 sc0 ls5b ws76\">settlement after 12<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x799 h3f y57ce ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79a h3f y57ce ff7 fsf fc1 sc0 ls70 ws67\">months<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79b h3f y57ce ff7 fsf fc1 sc0 ls81 ws75\">Fair<span class=\"_ _5\"></span> value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h3f y57cf ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x524 h3f y57cf ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y57cf ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y57cf ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y57d0 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y57d1 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at fa<span class=\"_ _2\"></span>ir value throu<span class=\"_ _2\"></span>gh profit or los<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>FV<span class=\"_ _2\"></span>TPL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>):<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57d2 we8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x79c y57d2 w2a4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">2<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x79d y57d2 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x79e y57d2 w2a4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">2<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57d3 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x79f y57d3 w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a0 y57d3 w393 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">2,338<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a1 y57d3 w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57d4 ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7a2 y55e8 w41b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">8<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a3 y55e8 w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a4 y55e8 w41c h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">8<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57d5 ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment in as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>te<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7a5 hd y57d6 ff3 fs7 fc1 sc0 ls0 ws0\">(see n<span class=\"_ _2\"></span>ote H4)<span class=\"_ _3bc\"> </span></td><td class=\"c n x7a6 y5774 w1b7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">349<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a7 y5774 w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a8 y5774 w1b7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">349<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57d7 wf8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7a9 y57d7 w41d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7aa y57d7 w41e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">79,9<span class=\"_ _2\"></span>94<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ab y57d7 w41f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57d8 ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7a2 y5775 w420 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">7<span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ac y5775 w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ad y5775 w420 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">7<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>937<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57d9 ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers' sha<span class=\"_ _2\"></span>re of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7ae y57ab w421 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>,70<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7af y57ab w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7b0 y57ab wec h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57da ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57db we8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b1 y57db w422 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x707 y57db w422 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7b2 y57db w422 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57dc w423 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">T<span class=\"_ _7\"></span>otal financial asset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b3 y57dc w424 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb2 wse8\">2<span class=\"_ _6\"></span>75,444<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b4 y57dc w425 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb2 wse8\">2<span class=\"_ _5\"></span>7<span class=\"_ _5\"></span>5,444<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57dd ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as fina<span class=\"_ _2\"></span>ncial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s held for s<span class=\"_ _2\"></span>ale (see note H<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7b5 y561e w426 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(2,<span class=\"_ _2\"></span>498<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b6 y561e w427 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(<span class=\"_ _2\"></span>2,49<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w428 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial assets less financial assets classified as held for<span class=\"_ _5\"></span> sale<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b7 y55ef w429 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b8 y55ef w42a h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs412\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs413\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs414\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs415\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs416\">2<span class=\"_ _3bc\"> </span></div><div class=\"gs417\"><table class=\"s w42b h2b7\" id=\"_4638db2d-2c37-45aa-9d81-5d316786d41b\"><tr><td></td><td></td><td class=\"t m0 x797 h3f y57de ff7 fsf fc1 sc0 ls5b ws76\">Carrying value<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x798 h3f y57df ff7 fsf fc1 sc0 ls0 ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s due fo<span class=\"_ _2\"></span>r </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x2c2 h3f y57e0 ff7 fsf fc1 sc0 ls5b ws76\">settlement after 12<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 x799 h3f y57e1 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79a h3f y57e1 ff7 fsf fc1 sc0 ls70 ws67\">months<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79b h3f y57e1 ff7 fsf fc1 sc0 ls81 ws75\">Fair<span class=\"_ _5\"></span> value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h3f y57e2 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y57e2 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y57e2 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y57e2 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y57e3 ff7 fs7 fc1 sc0 ls61 ws5f\">Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y57e4 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties man<span class=\"_ _2\"></span>datorily he<span class=\"_ _2\"></span>ld at FV<span class=\"_ _2\"></span>TPL:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57d3 wea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7b9 y57d3 w42c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,34<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ba y57d3 w311 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>976<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7bb y57d3 w161 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,34<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57e5 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL upon initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57e6 w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7bc y57e6 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7bd y57e6 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7be y57e6 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57e7 ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ae y55fd w196 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7bf y55fd w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c0 y55fd w196 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>921<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57e8 ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></td><td class=\"c n x2f8 y5775 w42d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c1 y5775 w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c2 y5775 w42e h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57e9 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties mea<span class=\"_ _2\"></span>sured at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57ea w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c3 y57ea w42f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c4 y57ea w2a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,75<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c5 y57ea wec h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57db w16a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x309 y57db w16b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1,0<span class=\"_ _2\"></span>05<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c6 y57db w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c7 y57db w430 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1<span class=\"_ _2\"></span>,005<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57dc w431 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c8 y57dc w432 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _2\"></span>3,<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7c9 y57dc w433 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">173,838<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57eb ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as fina<span class=\"_ _2\"></span>ncial liab<span class=\"_ _2\"></span>ilities hel<span class=\"_ _2\"></span>d for sale (se<span class=\"_ _2\"></span>e note H3)<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ca y561e w434 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7cb y561e w434 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w435 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial liabil<span class=\"_ _5\"></span>ities less financial l<span class=\"_ _5\"></span>iabilities<span class=\"_ _5\"></span> held for<span class=\"_ _5\"></span> sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7cc y55ef w436 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">169,16<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7cd y55ef w437 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1af ws1ab\">169,056<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs418\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs419\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs41a\">3<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls6d ws64 gs41b\">1 <span class=\"_ _1b\"> </span><span class=\"ws0\">Th<span class=\"_ _2\"></span>ese a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s have n<span class=\"_ _2\"></span>o spe<span class=\"_ _2\"></span>cifie<span class=\"_ _2\"></span>d set<span class=\"_ _2\"></span>tle<span class=\"_ _2\"></span>ment d<span class=\"_ _2\"></span>ate.<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls6d ws64 gs41c\">2 <span class=\"_ _9\"> </span><span class=\"ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s cla<span class=\"_ _2\"></span>ssifi<span class=\"_ _2\"></span>ed as fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts he<span class=\"_ _2\"></span>ld for s<span class=\"_ _2\"></span>ale in<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>e deri<span class=\"_ _2\"></span>vative<span class=\"_ _2\"></span>s of \u00a33 mi<span class=\"_ _2\"></span>llion<span class=\"_ _2\"></span>, eq<span class=\"_ _2\"></span>uitie<span class=\"_ _2\"></span>s of \u00a328 m<span class=\"_ _2\"></span>illio<span class=\"_ _2\"></span>n, de<span class=\"_ _2\"></span>bt sec<span class=\"_ _2\"></span>urit<span class=\"_ _2\"></span>ies of \u00a3<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>411 mill<span class=\"_ _2\"></span>ion, c<span class=\"_ _2\"></span>olle<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ve inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>es of \u00a31<span class=\"_ _2\"></span>,02<span class=\"_ _2\"></span>8 milli<span class=\"_ _2\"></span>on and r<span class=\"_ _2\"></span>eins<span class=\"_ _2\"></span>urer<span class=\"_ _2\"></span>s\u2019 </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls102 ws77 gs41d\">share of investme<span class=\"_ _2\"></span>nt contract liabilit<span class=\"_ _2\"></span>ies of \u00a328 million.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls6d ws64 gs41e\">3 <span class=\"_ _9\"> </span><span class=\"ls102 ws77\">Amount<span class=\"_ _2\"></span>s classifie<span class=\"_ _2\"></span>d as financial liabilitie<span class=\"_ _2\"></span>s held for sale include der<span class=\"_ _2\"></span>ivative liabilities of \u00a32 million and investm<span class=\"_ _2\"></span>ent contract liab<span class=\"_ _2\"></span>ilities of \u00a3<span class=\"_ _7\"></span>4<span class=\"_ _2\"></span>,780 million<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></span></div><div class=\"gs41f\"><table class=\"s w438 h2b8\" id=\"_ae3bcf0f-cac0-46b0-8978-a22ed4c0bb03\"><tr><td></td><td></td><td></td><td class=\"t m0 x799 h16 y57ec ff3 fsf fc1 sc0 ls17 ws15\">Carrying value<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x7ce h16 y57ed ff3 fsf fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>s due for </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x7cf h16 y57ee ff3 fsf fc1 sc0 ls0 ws0\">set<span class=\"_ _2\"></span>tl<span class=\"_ _2\"></span>emen<span class=\"_ _2\"></span>t afte<span class=\"_ _2\"></span>r 12 </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x799 h16 y57ef ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79a h16 y57ef ff3 fsf fc1 sc0 ls82 ws77\">months<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x485 h16 y57ef ff3 fsf fc1 sc0 ls17 ws15\">Fair value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y57f0 w2a6 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"t m0 x524 h16 y57f1 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y57f1 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y57f1 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y57f2 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y57f3 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57a4 w439 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Hel<span class=\"_ _2\"></span>d for trading \u2013 d<span class=\"_ _2\"></span>erivatives<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7d0 y57a4 w10d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4,<span class=\"_ _2\"></span>071<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d1 y57a4 w103 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">3,35<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d2 y57a4 w43a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,071<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57f4 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets d<span class=\"_ _2\"></span>esigna<span class=\"_ _2\"></span>ted at FV<span class=\"_ _2\"></span>TPL up<span class=\"_ _2\"></span>on initial re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x7d3 hd y57f5 ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7a2 y57f6 w43b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">76<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d4 y57f6 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d5 y57f6 w43c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">76<span class=\"_ _3\"></span>,78<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7d3 hd y57f7 ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment in as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>te<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7d6 hd y57f8 ff3 fs7 fc1 sc0 ls0 ws0\">(see n<span class=\"_ _2\"></span>ote H4)<span class=\"_ _3bc\"> </span></td><td class=\"c n x7a6 y5774 wf6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">329<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d7 y5774 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d8 y5774 w1e1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">329<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x242 y55fd wf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7d9 y55fd w43d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">8<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>,71<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7da y55fd w43e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">70,115<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7db y55fd w43f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">8<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>,71<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7d3 hd y57f9 ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7a2 y57fa w440 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">78,3<span class=\"_ _5\"></span>53<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7dc y57fa w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7dd y57fa w441 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">78,353<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7d3 hd y57fb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers' sha<span class=\"_ _2\"></span>re of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment cont<span class=\"_ _2\"></span>ract lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7ae y57ab w102 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,0<span class=\"_ _2\"></span>90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7de y57ab w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7df y57ab w369 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,09<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57fc ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5747 we8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x79c y5747 we9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">268<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7e0 y5747 w442 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c8 ws1c8\">89<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7e1 y5747 w2eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">26<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 w423 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">T<span class=\"_ _7\"></span>otal financial asset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e2 y5600 w443 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e3 y5600 w443 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57fd ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as fina<span class=\"_ _2\"></span>ncial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s held for s<span class=\"_ _2\"></span>ale (see note H<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7ca y5601 w444 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(4,6<span class=\"_ _2\"></span>29)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e4 y5601 w444 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(4,<span class=\"_ _2\"></span>629)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w428 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial assets less financial assets classified as held for<span class=\"_ _5\"></span> sale<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e5 y55ef w105 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e6 y55ef w445 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>97<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs420\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs421\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs422\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs423\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs424\">3<span class=\"_ _3bc\"> </span></div><table class=\"s w446 h2b9\" id=\"_29ac56bb-dcae-42ef-a8ca-4619095635d3\"><tr><td></td><td class=\"t m0 x5e7 h16 y57fe ff3 fsf fc1 sc0 ls17 ws15\">Carrying value<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x7e7 h16 y57ff ff3 fsf fc1 sc0 ls82 ws77\">Amount<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x48b h16 y5800 ff3 fsf fc1 sc0 ls17 ws15\">due for<span class=\"_ _5\"></span> settlem<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x5e7 h16 y5801 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x559 h16 y5801 ff3 fsf fc1 sc0 ls0 ws0\">af<span class=\"_ _2\"></span>ter 12 m<span class=\"_ _2\"></span>onth<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7e8 h16 y5801 ff3 fsf fc1 sc0 ls17 ws15\">Fair value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y5802 w447 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x7e9 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x4c3 h16 y5803 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h16 y5803 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5803 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y5804 ff7 fs7 fc1 sc0 ls61 ws5f\">Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5805 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties man<span class=\"_ _2\"></span>datorily he<span class=\"_ _2\"></span>ld at FV<span class=\"_ _2\"></span>TPL:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5617 w439 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Hel<span class=\"_ _2\"></span>d for trading \u2013 d<span class=\"_ _2\"></span>erivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ea y5617 w224 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">5,87<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7eb y5617 w448 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">5,1<span class=\"_ _2\"></span>18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ec y5617 w449 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">5,879<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7ed hd y5806 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated up<span class=\"_ _2\"></span>on initial re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x7ee y5774 w15f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ef y5774 w201 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f0 y5774 w44a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f1 y5774 w201 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7f2 hd y5807 ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"c n x2a5 y55fd w44b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,0<span class=\"_ _3\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f3 y55fd w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f4 y55fd w169 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7f2 hd y5808 ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></td><td class=\"c n x7f5 y5775 w44c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">149<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>481<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f6 y5775 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f7 y5775 w44d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">14<span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5809 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties mea<span class=\"_ _2\"></span>sured at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5746 w15f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f8 y5746 w44e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d9 ws1d9\">3,<span class=\"_ _2\"></span>916<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f9 y5746 w44f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,648<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7fa y5746 w2a7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,<span class=\"_ _2\"></span>64<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5747 w16a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7fb y5747 w16c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7fc y5747 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7fd y5747 w16c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w431 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c8 y561d w450 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _2\"></span>4,0<span class=\"_ _2\"></span>88<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7fe y561d w451 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">163,816<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y580a ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as fina<span class=\"_ _2\"></span>ncial liab<span class=\"_ _2\"></span>ilities hel<span class=\"_ _2\"></span>d for sale<span class=\"_ _2\"></span>(see note H3<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ff y561e w452 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>316<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x800 y561e w453 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w454 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial liabil<span class=\"_ _5\"></span>ities less financial l<span class=\"_ _5\"></span>iabilities<span class=\"_ _5\"></span> held for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x801 y55ef w455 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _2\"></span>55<span class=\"_ _2\"></span>,7<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x802 y55ef w456 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">155,<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr></table>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>1 <span class=\"_ _1b\"> </span><span class=\"ws0\">Pri<span class=\"_ _2\"></span>or per<span class=\"_ _2\"></span>iod c<span class=\"_ _2\"></span>ompa<span class=\"_ _2\"></span>rati<span class=\"_ _2\"></span>ves hav<span class=\"_ _2\"></span>e bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tra<span class=\"_ _2\"></span>nsit<span class=\"_ _2\"></span>ion to I<span class=\"_ _2\"></span>FRS 17 </span>Insurance Cont<span class=\"_ _5\"></span>racts (se<span class=\"_ _2\"></span>e note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s).<span class=\"_ _3bc\"> </span>2 <span class=\"_ _9\"> </span><span class=\"ws0\">Th<span class=\"_ _2\"></span>ese a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d liab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es have n<span class=\"_ _2\"></span>o spe<span class=\"_ _2\"></span>cifie<span class=\"_ _2\"></span>d set<span class=\"_ _2\"></span>tle<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t date.<span class=\"_ _3bc\"> </span></span>3 <span class=\"_ _9\"> </span><span class=\"ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>ed as fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s hel<span class=\"_ _2\"></span>d for sa<span class=\"_ _2\"></span>le inc<span class=\"_ _2\"></span>lude d<span class=\"_ _2\"></span>eriv<span class=\"_ _2\"></span>ative<span class=\"_ _2\"></span>s of \u00a33 mi<span class=\"_ _2\"></span>llion<span class=\"_ _2\"></span>, equ<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s of \u00a343 mill<span class=\"_ _2\"></span>ion, d<span class=\"_ _2\"></span>ebt s<span class=\"_ _2\"></span>ecur<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s of \u00a31<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>94 mil<span class=\"_ _2\"></span>lion<span class=\"_ _2\"></span>, coll<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ive inve<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ent sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>es of \u00a32<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>4 milli<span class=\"_ _2\"></span>on and </span>reinsurer<span class=\"_ _2\"></span>s\u2019 share of inv<span class=\"_ _5\"></span>est<span class=\"_ _2\"></span>ment contrac<span class=\"_ _2\"></span>t liabilities of \u00a325 million.<span class=\"_ _3bc\"> </span>4 <span class=\"_ _9\"> </span><span class=\"ls102 ws77\">Amount<span class=\"_ _2\"></span>s classifie<span class=\"_ _2\"></span>d as financial liabilitie<span class=\"_ _2\"></span>s held for sale include deri<span class=\"_ _2\"></span>vative liabilities of \u00a3<span class=\"_ _5\"></span>4 million and investm<span class=\"_ _2\"></span>ent contract liab<span class=\"_ _2\"></span>ilities of \u00a38,3<span class=\"_ _2\"></span>12 million<span class=\"_ _3bc\"> </span></span><span class=\"ls102 ws77\">.<span class=\"_ _3bc\"> </span></span>E2<span class=\"_ _2\"></span>. Fair val<span class=\"_ _2\"></span>ue hier<span class=\"_ _2\"></span>archy<span class=\"_ _3bc\"> </span>E2<span class=\"_ _2\"></span>.1 Dete<span class=\"_ _2\"></span>rminat<span class=\"_ _2\"></span>ion of fa<span class=\"_ _2\"></span>ir valu<span class=\"_ _2\"></span>e and fa<span class=\"_ _2\"></span>ir value h<span class=\"_ _2\"></span>iera<span class=\"_ _2\"></span>rchy of fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial ins<span class=\"_ _2\"></span>trum<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>Level 1 fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir value of financ<span class=\"_ _2\"></span>ial inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s trade<span class=\"_ _2\"></span>d in active m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et<span class=\"_ _2\"></span>s (such as excha<span class=\"_ _2\"></span>nge tra<span class=\"_ _2\"></span>ded se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s and deri<span class=\"_ _2\"></span>vatives) is bas<span class=\"_ _2\"></span>ed on quote<span class=\"_ _2\"></span>d market price<span class=\"_ _2\"></span>s at the pe<span class=\"_ _2\"></span>riod end p<span class=\"_ _2\"></span>rovided by re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed pric<span class=\"_ _2\"></span>ing ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s. Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et depth a<span class=\"_ _2\"></span>nd bid-a<span class=\"_ _2\"></span>sk sprea<span class=\"_ _2\"></span>ds are use<span class=\"_ _2\"></span>d to corrobo<span class=\"_ _2\"></span>rate whethe<span class=\"_ _2\"></span>r an ac<span class=\"_ _2\"></span>tive market exist<span class=\"_ _2\"></span>s for an ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>. Greater de<span class=\"_ _2\"></span>pth and na<span class=\"_ _2\"></span>rrower bid-a<span class=\"_ _2\"></span>sk sprea<span class=\"_ _2\"></span>d indicate hig<span class=\"_ _2\"></span>her liquidi<span class=\"_ _2\"></span>ty in th<span class=\"_ _2\"></span>e instrum<span class=\"_ _2\"></span>ent and are c<span class=\"_ _2\"></span>lass<span class=\"_ _2\"></span>ed as Level 1 input<span class=\"_ _2\"></span>s. For c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investme<span class=\"_ _2\"></span>nt sche<span class=\"_ _2\"></span>mes and re<span class=\"_ _2\"></span>insurer<span class=\"_ _2\"></span>s\u2019 share of investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>ct liabiliti<span class=\"_ _2\"></span>es, f<span class=\"_ _2\"></span>air value is by referen<span class=\"_ _2\"></span>ce to publis<span class=\"_ _2\"></span>hed bid p<span class=\"_ _2\"></span>rices<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Level 2 fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts trad<span class=\"_ _2\"></span>ed in ac<span class=\"_ _2\"></span>tive markets with le<span class=\"_ _2\"></span>ss depth<span class=\"_ _2\"></span>, or wide<span class=\"_ _2\"></span>r bid-ask s<span class=\"_ _2\"></span>preads<span class=\"_ _2\"></span>, which d<span class=\"_ _2\"></span>o not mee<span class=\"_ _2\"></span>t the clas<span class=\"_ _2\"></span>sificat<span class=\"_ _2\"></span>ion as Level 1 inpu<span class=\"_ _2\"></span>ts, are cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as Level 2. The f<span class=\"_ _2\"></span>air values of fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts not tra<span class=\"_ _2\"></span>ded in ac<span class=\"_ _2\"></span>tive markets are d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d using broker quote<span class=\"_ _2\"></span>s or valuatio<span class=\"_ _2\"></span>n tech<span class=\"_ _2\"></span>niques with o<span class=\"_ _2\"></span>bser<span class=\"_ _2\"></span>vable m<span class=\"_ _2\"></span>arket inputs<span class=\"_ _2\"></span>. Finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s value<span class=\"_ _2\"></span>d using broker quotes a<span class=\"_ _2\"></span>re clas<span class=\"_ _2\"></span>sified as Level 2<span class=\"_ _2\"></span>, only whe<span class=\"_ _2\"></span>re there is a suf<span class=\"_ _2\"></span>ficient ra<span class=\"_ _2\"></span>nge of availabl<span class=\"_ _2\"></span>e quotes. T<span class=\"_ _2\"></span>he fair valu<span class=\"_ _2\"></span>e of ov<span class=\"_ _5\"></span>er-the<span class=\"_ _2\"></span>-co<span class=\"_ _2\"></span>unter derivative<span class=\"_ _2\"></span>s is estim<span class=\"_ _2\"></span>ated usin<span class=\"_ _2\"></span>g pricing m<span class=\"_ _2\"></span>odels or di<span class=\"_ _2\"></span>scounte<span class=\"_ _2\"></span>d cash fl<span class=\"_ _2\"></span>ow tech<span class=\"_ _2\"></span>niques<span class=\"_ _2\"></span>. Colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>hemes w<span class=\"_ _2\"></span>here the un<span class=\"_ _2\"></span>derlying a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s are not pric<span class=\"_ _2\"></span>ed usin<span class=\"_ _2\"></span>g active m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et pric<span class=\"_ _2\"></span>es are deter<span class=\"_ _2\"></span>mined to be Leve<span class=\"_ _2\"></span>l 2 ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s. Whe<span class=\"_ _2\"></span>re pricing m<span class=\"_ _2\"></span>odels a<span class=\"_ _2\"></span>re used<span class=\"_ _2\"></span>, inputs a<span class=\"_ _2\"></span>re base<span class=\"_ _2\"></span>d on market relate<span class=\"_ _2\"></span>d data at the p<span class=\"_ _2\"></span>eriod e<span class=\"_ _2\"></span>nd. Whe<span class=\"_ _2\"></span>re disco<span class=\"_ _2\"></span>unted cas<span class=\"_ _2\"></span>h flows are<span class=\"_ gs132\"> </span>use<span class=\"_ _2\"></span>d, es<span class=\"_ _2\"></span>timated f<span class=\"_ _2\"></span>uture ca<span class=\"_ _2\"></span>sh flows are b<span class=\"_ _2\"></span>ased on m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>\u2019s best e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>s and the dis<span class=\"_ _2\"></span>count rate us<span class=\"_ _2\"></span>ed is a ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et relate<span class=\"_ _2\"></span>d rate for<span class=\"_ gs132\"> </span>a<span class=\"_ gs132\"> </span>similar in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ent. Th<span class=\"_ _2\"></span>e fair value of inves<span class=\"_ _2\"></span>tment cont<span class=\"_ _2\"></span>ract lia<span class=\"_ _2\"></span>bilities refle<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s the fair value of th<span class=\"_ _2\"></span>e underly<span class=\"_ _2\"></span>ing ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabilities in th<span class=\"_ _2\"></span>e funds plus an a<span class=\"_ _2\"></span>dditiona<span class=\"_ _2\"></span>l amount to cover t<span class=\"_ _2\"></span>he prese<span class=\"_ _2\"></span>nt value of the exce<span class=\"_ _2\"></span>ss of fut<span class=\"_ _2\"></span>ure policy c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s over future ch<span class=\"_ _2\"></span>arges<span class=\"_ _2\"></span>. The liabili<span class=\"_ _2\"></span>ties are con<span class=\"_ _2\"></span>sequ<span class=\"_ _2\"></span>ently determin<span class=\"_ _2\"></span>ed to be Level 2 in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Level 3 fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l instrum<span class=\"_ _2\"></span>ents de<span class=\"_ _2\"></span>termined by va<span class=\"_ _2\"></span>luation tec<span class=\"_ _2\"></span>hnique<span class=\"_ _2\"></span>s using non<span class=\"_ _2\"></span>-obse<span class=\"_ _2\"></span>rvabl<span class=\"_ _2\"></span>e market input<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on a comb<span class=\"_ _2\"></span>ination of<span class=\"_ gs132\"> </span>indep<span class=\"_ _2\"></span>endent t<span class=\"_ _2\"></span>hird par<span class=\"_ _2\"></span>ty evi<span class=\"_ _2\"></span>dence a<span class=\"_ _2\"></span>nd internall<span class=\"_ _2\"></span>y develope<span class=\"_ _2\"></span>d mode<span class=\"_ _2\"></span>ls. In re<span class=\"_ _2\"></span>lation to invest<span class=\"_ _2\"></span>ments in h<span class=\"_ _2\"></span>edge f<span class=\"_ _2\"></span>unds and p<span class=\"_ _2\"></span>rivate equit<span class=\"_ _2\"></span>y investm<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, non-<span class=\"_ _2\"></span>obser<span class=\"_ _2\"></span>vable t<span class=\"_ _2\"></span>hird par<span class=\"_ _2\"></span>ty evi<span class=\"_ _2\"></span>dence in th<span class=\"_ _2\"></span>e form of net as<span class=\"_ _2\"></span>set valua<span class=\"_ _2\"></span>tion sta<span class=\"_ _2\"></span>tements i<span class=\"_ _2\"></span>s used a<span class=\"_ _2\"></span>s the basis fo<span class=\"_ _2\"></span>r the valuatio<span class=\"_ _2\"></span>n. Adju<span class=\"_ _2\"></span>stment<span class=\"_ _2\"></span>s may be m<span class=\"_ _2\"></span>ade to the ne<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>t valuation wh<span class=\"_ _2\"></span>ere other evi<span class=\"_ _2\"></span>dence<span class=\"_ _2\"></span>, for example re<span class=\"_ _2\"></span>cent sa<span class=\"_ _2\"></span>les of the und<span class=\"_ _2\"></span>erlying inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s in the<span class=\"_ gs132\"> </span>fund<span class=\"_ _2\"></span>, indic<span class=\"_ _2\"></span>ates this is re<span class=\"_ _2\"></span>quired. S<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties that are va<span class=\"_ _2\"></span>lued usin<span class=\"_ _2\"></span>g broker quotes whic<span class=\"_ _2\"></span>h could n<span class=\"_ _2\"></span>ot be corrob<span class=\"_ _2\"></span>orated a<span class=\"_ _2\"></span>cross a s<span class=\"_ _2\"></span>uffici<span class=\"_ _2\"></span>ent rang<span class=\"_ _2\"></span>e<span class=\"_ gs132\"> </span>of quotes are con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d as Level 3. For a s<span class=\"_ _2\"></span>mall numb<span class=\"_ _2\"></span>er of investme<span class=\"_ _2\"></span>nt vehicle<span class=\"_ _2\"></span>s and debt se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s, s<span class=\"_ _2\"></span>tanda<span class=\"_ _2\"></span>rd valuation m<span class=\"_ _2\"></span>odels a<span class=\"_ _2\"></span>re used<span class=\"_ _2\"></span>, as due to their nature a<span class=\"_ _2\"></span>nd comp<span class=\"_ _2\"></span>lexit<span class=\"_ _2\"></span>y they have no ex<span class=\"_ _2\"></span>terna<span class=\"_ _2\"></span>l market. Inp<span class=\"_ _2\"></span>uts into suc<span class=\"_ _2\"></span>h model<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on obse<span class=\"_ _2\"></span>rvab<span class=\"_ _2\"></span>le market data wh<span class=\"_ _2\"></span>ere applic<span class=\"_ _2\"></span>able. Th<span class=\"_ _2\"></span>e fair value of loa<span class=\"_ _2\"></span>ns, d<span class=\"_ _2\"></span>erivatives an<span class=\"_ _2\"></span>d some b<span class=\"_ _2\"></span>orrowing<span class=\"_ _2\"></span>s with no ex<span class=\"_ _2\"></span>ternal m<span class=\"_ _2\"></span>arket is determine<span class=\"_ _2\"></span>d by internally d<span class=\"_ _2\"></span>evelope<span class=\"_ _2\"></span>d disco<span class=\"_ _2\"></span>unted cas<span class=\"_ _2\"></span>h flow mode<span class=\"_ _2\"></span>ls using a<span class=\"_ _2\"></span>ppropriate a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns corrob<span class=\"_ _2\"></span>orated wi<span class=\"_ _2\"></span>th exter<span class=\"_ _2\"></span>nal market dat<span class=\"_ _2\"></span>a where pos<span class=\"_ _2\"></span>sible.<span class=\"_ _3bc\"> </span>For finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s that are re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed at fair v<span class=\"_ _2\"></span>alue on a rec<span class=\"_ _2\"></span>urring ba<span class=\"_ _2\"></span>sis, th<span class=\"_ _2\"></span>e Group deter<span class=\"_ _2\"></span>mines whe<span class=\"_ _2\"></span>ther tran<span class=\"_ _2\"></span>sfers h<span class=\"_ _2\"></span>ave occurre<span class=\"_ _2\"></span>d bet<span class=\"_ _2\"></span>ween l<span class=\"_ _2\"></span>evels in the hie<span class=\"_ _2\"></span>rarchy by re-<span class=\"_ _2\"></span>asse<span class=\"_ _2\"></span>ssing c<span class=\"_ _2\"></span>atego<span class=\"_ _2\"></span>risation (<span class=\"_ _2\"></span>base<span class=\"_ _2\"></span>d on the lowes<span class=\"_ _2\"></span>t level inpu<span class=\"_ _2\"></span>t that is signi<span class=\"_ _2\"></span>ficant to the fa<span class=\"_ _2\"></span>ir value me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt as a who<span class=\"_ _2\"></span>le) during eac<span class=\"_ _2\"></span>h repor<span class=\"_ _2\"></span>ting p<span class=\"_ _2\"></span>eriod.<span class=\"_ _3bc\"> </span>Fair value hi<span class=\"_ _2\"></span>erarchy informat<span class=\"_ _2\"></span>ion for non-fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts mea<span class=\"_ _2\"></span>sured at fa<span class=\"_ _2\"></span>ir value is incl<span class=\"_ _2\"></span>uded in note G3 for ow<span class=\"_ _2\"></span>ner-o<span class=\"_ _2\"></span>ccupie<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y and in note G4 for inves<span class=\"_ _2\"></span>tment pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty.<span class=\"_ _3bc\"> </span>E2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2 Fair value h<span class=\"_ _2\"></span>iera<span class=\"_ _2\"></span>rchy of fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial ins<span class=\"_ _2\"></span>tru<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>The t<span class=\"_ _2\"></span>ables be<span class=\"_ _2\"></span>low sep<span class=\"_ _2\"></span>arately ide<span class=\"_ _2\"></span>ntify fin<span class=\"_ _2\"></span>ancial in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents c<span class=\"_ _2\"></span>arried at f<span class=\"_ _2\"></span>air value from th<span class=\"_ _2\"></span>ose me<span class=\"_ _2\"></span>asured o<span class=\"_ _2\"></span>n another b<span class=\"_ _2\"></span>asis but for w<span class=\"_ _2\"></span>hich fair value<span class=\"_ gs132\"> </span>is di<span class=\"_ _2\"></span>sclos<span class=\"_ _2\"></span>ed.<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span><table class=\"s w460 h2bb\" id=\"_875bba4f-ada3-4e1b-ba66-6d0ec7d8b512\"><tr><td></td><td class=\"t m0 x579 h3f y580e ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x80e h3f y580e ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ed h3f y580e ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 3<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x260 h3f y580e ff7 fsf fc1 sc0 lse3 wscd\">T<span class=\"_ _7\"></span>ot<span class=\"_ _2\"></span>al fair<span class=\"_ _5\"></span> value<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x55a h3f y580f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x25f h3f y580f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x80f h3f y580f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y580f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y5810 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets measured at fair v<span class=\"_ _5\"></span>alue<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5811 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5812 we8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x810 y5812 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x811 y5812 w461 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">231<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x812 y5812 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x813 y5812 w461 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">231<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5813 wea h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x814 y5813 w387 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">139<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x815 y5813 w1b8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">2,<span class=\"_ _2\"></span>398<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x816 y5813 we9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">232<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x817 y5813 w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5814 wef h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x818 y5814 w462 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">85,0<span class=\"_ _2\"></span>29<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x819 y5814 w197 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">1<span class=\"_ _2\"></span>32<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81a y5814 w1b6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">2<span class=\"_ _2\"></span>,49<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81b y5814 w41b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">8<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5815 wf3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment in as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>te<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81c y5815 wf5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">3<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81d y5815 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81e y5815 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81f y5815 w149 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">3<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5816 wf8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x820 y5816 w463 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">45<span class=\"_ _2\"></span>,529<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x821 y5816 w464 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">35,<span class=\"_ _2\"></span>438<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x822 y5816 w465 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">13,818<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x823 y5816 w41d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5817 wfc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x824 y5817 w466 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">76,<span class=\"_ _2\"></span>34<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x825 y5817 w467 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">3,1<span class=\"_ _2\"></span>93<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x826 y5817 w468 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">4<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x827 y5817 w420 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">79<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5818 w100 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers' sha<span class=\"_ _2\"></span>re of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment cont<span class=\"_ _2\"></span>ract lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x828 y5818 w421 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>,70<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x829 y5818 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82a y5818 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82b y5818 w421 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5819 w469 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82c y5819 w46a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">21<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82d y5819 w43e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82e y5819 w46b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">16,9<span class=\"_ _2\"></span>46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82f y5819 w46c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">275<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>427<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57ea w46d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x830 y57ea w46e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(1,6<span class=\"_ _2\"></span>39)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x831 y57ea w46f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">(1<span class=\"_ _2\"></span>81)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x832 y57ea w470 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">(<span class=\"_ _2\"></span>678)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x833 y57ea w426 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>498)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y581a w471 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue, exclu<span class=\"_ _2\"></span>ding amount<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s held for s<span class=\"_ _2\"></span>ale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x834 y581a w472 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">2<span class=\"_ _5\"></span>15,450<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x835 y581a w473 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x836 y581a w474 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls32 ws149\">16,268<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x837 y581a w475 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y581b ff7 fs7 fc1 sc0 ls0 ws0\">Fina<span class=\"_ _2\"></span>ncia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d at amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed co<span class=\"_ _2\"></span>st for whi<span class=\"_ _2\"></span>ch fair val<span class=\"_ _2\"></span>ues are d<span class=\"_ _2\"></span>isclo<span class=\"_ _2\"></span>sed<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y581c we8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x838 y581c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x839 y581c w2f6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83a y581c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83b y581c w2f6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x83c y55ef w476 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls96 ws8c\">2<span class=\"_ _5\"></span>15,450<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83d y55ef w473 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83e y55ef w477 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls32 ws149\">1<span class=\"_ _5\"></span>6,268<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83f y55ef w475 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">272<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr></table>2023<span class=\"_ _3bc\"> </span><table class=\"s w478 h2bc\" id=\"_cbe5b74d-a69b-48c9-9a51-d2e28d324d52\"><tr><td></td><td class=\"t m0 x579 h3f y581d ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x80e h3f y581d ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ed h3f y581d ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 3<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x260 h3f y581d ff7 fsf fc1 sc0 lse3 wscd\">T<span class=\"_ _7\"></span>ot<span class=\"_ _2\"></span>al fair<span class=\"_ _5\"></span> value<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x55a h3f y581e ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x25f h3f y581e ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x80f h3f y581e ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y581e ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y581f ff7 fs7 fc1 sc0 ls68 ws5c\">Financial liabili<span class=\"_ _5\"></span>ties measured at fai<span class=\"_ _5\"></span>r value<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5820 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5821 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x814 y5821 we9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">152<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x840 y5821 w39a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,986<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x841 y5821 w32a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">206<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x842 y5821 w161 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,<span class=\"_ _2\"></span>344<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5822 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL upon initi<span class=\"_ _2\"></span>al<span class=\"_ gs132\"> </span>reco<span class=\"_ _2\"></span>gnition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5823 w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x843 y5823 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x844 y5823 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x845 y5823 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x846 y5823 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5824 w167 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x847 y5824 w168 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">2,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x848 y5824 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x849 y5824 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x84a y5824 w196 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">2,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5825 w479 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x843 y5825 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x84b y5825 w47a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,78<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x84c y5825 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x84d y5825 w42e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x84e y5792 w196 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x84f y5792 w47b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x850 y5792 w357 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x851 y5792 w42d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,75<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5826 w47c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x852 y5826 w10c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">3,<span class=\"_ _2\"></span>073<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x853 y5826 w47d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">165<span class=\"_ _2\"></span>,<span class=\"_ _7\"></span>770<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x854 y5826 w175 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">251<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x855 y5826 w47e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">169<span class=\"_ _2\"></span>,09<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5827 w46d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x856 y5827 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x857 y5827 w47f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x858 y5827 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x20a y5827 w8e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5828 w480 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value<span class=\"_ _2\"></span>, excluding am<span class=\"_ _2\"></span>ounts cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as hel<span class=\"_ _2\"></span>d for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x859 y5828 w10c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">3,<span class=\"_ _2\"></span>073<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85a y5828 w481 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">16<span class=\"_ _2\"></span>0,988<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85b y5828 w1b0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">251<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85c y5828 w482 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5829 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial liabili<span class=\"_ _5\"></span>ties measured at amortised cost for wh<span class=\"_ _5\"></span>ich fair v<span class=\"_ _5\"></span>alues are disclosed<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y57db w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x856 y57db w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85d y57db w2a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>39<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x858 y57db w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85e y57db w2a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,73<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y582a w16a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85f y582a w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x860 y582a w16b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1,0<span class=\"_ _2\"></span>05<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x861 y582a w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x862 y582a w16b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1<span class=\"_ _2\"></span>,005<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y581c w483 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cost for w<span class=\"_ _2\"></span>hich fair valu<span class=\"_ _2\"></span>es are disc<span class=\"_ _2\"></span>losed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x863 y581c w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x864 y581c w484 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws172\">4<span class=\"_ _2\"></span>,74<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83a y581c w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x865 y581c w485 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws172\">4<span class=\"_ _2\"></span>,74<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x866 y55ef w21f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">3,<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x867 y55ef w47d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _2\"></span>5,<span class=\"_ _7\"></span>732<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x868 y55ef w175 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b5 ws1b4\">251<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x869 y55ef w437 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1af ws1ab\">169,056<span class=\"_ _3bc\"> </span></div></td></tr></table>2022 r<span class=\"_ _5\"></span>estated<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span><table class=\"s w486 h2bd\" id=\"_76b9c58a-6fa5-4191-8a1e-5fb2a2a1db06\"><tr><td></td><td class=\"t m0 x86a h16 y582b ff3 fsf fc1 sc0 lse6 wsd0\">Level 1<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86b h16 y582b ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x552 h16 y582b ff3 fsf fc1 sc0 lse6 wsd0\">Level 3<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86c h16 y582b ff3 fsf fc1 sc0 ls17 ws15\">T<span class=\"_ _7\"></span>otal fair value<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x5ba h16 y582c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h16 y582c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86d h16 y582c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y582c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y582d ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets measured at fair v<span class=\"_ _5\"></span>alue<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y582e ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y582f wea h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x86e y582f w2fb h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">165<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x86f y582f w487 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">3<span class=\"_ _2\"></span>,75<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x870 y582f w488 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x871 y582f w489 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,071<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5830 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets d<span class=\"_ _2\"></span>esigna<span class=\"_ _2\"></span>ted at FV<span class=\"_ _2\"></span>TPL up<span class=\"_ _2\"></span>on initial<span class=\"_ gs132\"> </span>re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5831 wef h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x872 y5831 w48a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bb ws1ba\">74<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x873 y5831 w2d3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">1<span class=\"_ _2\"></span>24<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x874 y5831 w48b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">2<span class=\"_ _2\"></span>,192<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x875 y5831 w48c h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">76<span class=\"_ _3\"></span>,78<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5832 wf3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment in as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>te<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x876 y5832 wf6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">329<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x877 y5832 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x878 y5832 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x879 y5832 wf6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">329<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5833 wf8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87a y5833 w48d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">4<span class=\"_ _2\"></span>8,15<span class=\"_ _7\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87b y5833 w48e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87c y5833 w48f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _2\"></span>,465<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87d y5833 w43f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">8<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>,71<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5834 wfc h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87e y5834 w490 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c6 ws1c6\">75<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87f y5834 w103 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">2,<span class=\"_ _2\"></span>079<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x880 y5834 w37f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x881 y5834 w491 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">78,3<span class=\"_ _5\"></span>53<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5835 w100 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers' sha<span class=\"_ _2\"></span>re of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x882 y5835 w102 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,0<span class=\"_ _2\"></span>90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x883 y5835 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x884 y5835 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x885 y5835 w102 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,0<span class=\"_ _2\"></span>90<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x886 y5836 w492 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>7,<span class=\"_ _19\"></span>9<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x887 y5836 w22a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x888 y5836 w493 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">13,<span class=\"_ _2\"></span>969<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x889 y5836 w494 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>9,<span class=\"_ _3\"></span>26<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5837 w469 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88a y5837 w495 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">20<span class=\"_ _2\"></span>8,<span class=\"_ _2\"></span>161<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88b y5837 w496 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88c y5837 w497 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">14,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88d y5837 w498 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">253,333<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5838 w46d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88e y5838 w87 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls71 ws1a9\">(3,661)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88f y5838 w499 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>179<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x890 y5838 w49a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>789<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x891 y5838 w444 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(4,629<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5839 w49b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue, exclu<span class=\"_ _2\"></span>ding amount<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s held for s<span class=\"_ _2\"></span>ale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x892 y5839 w49c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">204,5<span class=\"_ _2\"></span>00<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x893 y5839 w49d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls4b ws122\">30,872<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x894 y5839 w6c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">13,<span class=\"_ _2\"></span>332<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x895 y5839 w49e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y583a ff7 fs7 fc1 sc0 ls0 ws0\">Fina<span class=\"_ _2\"></span>ncia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d at amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed co<span class=\"_ _2\"></span>st for whi<span class=\"_ _2\"></span>ch fair val<span class=\"_ _2\"></span>ues are d<span class=\"_ _2\"></span>isclo<span class=\"_ _2\"></span>sed<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y583b we8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x896 y583b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x897 y583b w2a8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">261<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x898 y583b wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cc y583b w49f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">268<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x899 y583c w4a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">20<span class=\"_ _2\"></span>4,50<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89a y583c w473 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">31,133<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89b y583c w4a1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">1<span class=\"_ _2\"></span>3,339<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89c y583c w4a2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x86a h16 y583d ff3 fsf fc1 sc0 lse6 wsd0\">Level 1<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86b h16 y583d ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x552 h16 y583d ff3 fsf fc1 sc0 lse6 wsd0\">Level 3<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86c h16 y583d ff3 fsf fc1 sc0 ls17 ws15\">T<span class=\"_ _7\"></span>otal fair value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y583e w2a6 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x5ba h16 y583f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h16 y583f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86d h16 y583f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y583f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y5840 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial liabili<span class=\"_ _5\"></span>ties measured at fai<span class=\"_ _5\"></span>r value<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y5841 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties man<span class=\"_ _2\"></span>datorily at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5614 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89d y5614 w8d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">98<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89e y5614 w4a3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">5,5<span class=\"_ _2\"></span>38<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89f y5614 w4a4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a0 y5614 w224 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">5<span class=\"_ _2\"></span>,879<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5842 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL upon initi<span class=\"_ _2\"></span>al<span class=\"_ gs132\"> </span>reco<span class=\"_ _2\"></span>gnition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y55e6 w15f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a1 y55e6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a2 y55e6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a3 y55e6 w44a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a4 y55e6 w201 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y55fa w167 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a5 y55fa w4a5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a6 y55fa w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a7 y55fa w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a8 y55fa w4a6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3,<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>42<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5843 w479 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a1 y5843 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a9 y5843 w44c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">149<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>481<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8aa y5843 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ab y5843 w44c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">149<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>481<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x8ac y5743 w44b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,0<span class=\"_ _3\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ad y5743 w4a7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">1<span class=\"_ _2\"></span>49,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ae y5743 w201 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8af y5743 w4a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">152,587<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fd w47c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x852 y55fd w421 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">3,<span class=\"_ _2\"></span>140<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b0 y55fd w4a9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">155<span class=\"_ _2\"></span>,019<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b1 y55fd w2a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">307<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b2 y55fd w4aa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">158,4<span class=\"_ _2\"></span>66<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5775 w46d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b3 y5775 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b4 y5775 w453 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b5 y5775 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b6 y5775 w22f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55eb w4ab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls194 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value<span class=\"_ _2\"></span>, excluding am<span class=\"_ _2\"></span>ounts cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as hel<span class=\"_ _2\"></span>d for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b7 y55eb w4ac h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">3,14<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b8 y55eb w16e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b9 y55eb w2a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">307<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ba y55eb w4ad h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">150,15<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5844 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial liabili<span class=\"_ _5\"></span>ties measured at amortised cost for wh<span class=\"_ _5\"></span>ich fair v<span class=\"_ _5\"></span>alues are disclosed<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561c w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8bb y561c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8bc y561c w2a7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">3,6<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8bd y561c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8be y561c w237 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">3,64<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w16a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85f y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8bf y561d w4ae h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c0 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c1 y561d w4af h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w483 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cost for w<span class=\"_ _2\"></span>hich fair valu<span class=\"_ _2\"></span>es are disc<span class=\"_ _2\"></span>losed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x863 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c2 y561e w103 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">5,35<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c3 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c4 y561e w103 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">5,<span class=\"_ _2\"></span>350<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x8ac y55ef w4b0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">3,14<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c5 y55ef w4b1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">15<span class=\"_ _5\"></span>2,053<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c6 y55ef w3b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">3<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c7 y55ef w456 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">155,5<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr></table>1. <span class=\"_ _2f\"> </span>P<span class=\"_ _2\"></span>rior p<span class=\"_ _2\"></span>erio<span class=\"_ _2\"></span>d comp<span class=\"_ _2\"></span>ara<span class=\"_ _2\"></span>tives h<span class=\"_ _2\"></span>ave be<span class=\"_ _2\"></span>en res<span class=\"_ _2\"></span>tat<span class=\"_ _2\"></span>ed on tr<span class=\"_ _2\"></span>ans<span class=\"_ _2\"></span>ition t<span class=\"_ _2\"></span>o IFRS 1<span class=\"_ _2\"></span>7 Ins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce Co<span class=\"_ _2\"></span>ntra<span class=\"_ _2\"></span>cts (s<span class=\"_ _2\"></span>ee n<span class=\"_ _2\"></span>ote A2.1 f<span class=\"_ _2\"></span>or fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r det<span class=\"_ _2\"></span>ails)<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>E2<span class=\"_ _2\"></span>.3 S<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ifica<span class=\"_ _2\"></span>nt input<span class=\"_ _2\"></span>s and i<span class=\"_ _2\"></span>nput va<span class=\"_ _2\"></span>lues for L<span class=\"_ _2\"></span>evel 3 fina<span class=\"_ _2\"></span>ncia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rume<span class=\"_ _2\"></span>nts<span class=\"_ _3bc\"> </span><table class=\"s w4b2 h2be\" id=\"_1349bf0d-f760-4123-a3ad-d084c8f794aa\"><tr><td></td><td></td><td></td><td class=\"t m0 x8c8 h16 y5845 ff3 fsf fc1 sc0 ls17 ws15\">Key<span class=\"_ _5\"></span> unobservable input value<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td class=\"c n x1ea y5846 w26e h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">Desc<span class=\"_ _2\"></span>ription<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c9 y5846 w4b3 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls17 ws15\">V<span class=\"_ _5\"></span>aluation technique<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ca y5846 w4b4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">Signific<span class=\"_ _2\"></span>ant<span class=\"_ _5\"></span> inputs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8cb y5846 w4b5 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8cc y5846 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5847 w4b6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c x8cf y5847 w4b7 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Sing<span class=\"_ _2\"></span>le broker</div><div class=\"t m0 x8cd h13 y5848 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x8ce hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">and<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8d0 hd y5849 ff3 fs7 fc1 sc0 lsd6 ws0\">Sing<span class=\"_ _2\"></span>le broker </td><td class=\"c n x8d1 y5847 w4b8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">N<span class=\"_ _2\"></span>/A<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d2 y5847 w4b9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">N<span class=\"_ _2\"></span>/A<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x8d3 hd y584a ff3 fs7 fc1 sc0 lsd6 ws0\">net as<span class=\"_ _2\"></span>set val<span class=\"_ _2\"></span>ue<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d4 hd y584a ff3 fs7 fc1 sc0 ls12c ws1a\">indicative price<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x232 he y584b ff7 fs7 fc1 sc0 ls32 ws0\">Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities (se<span class=\"_ _2\"></span>e E2.<span class=\"_ _2\"></span>3.1 for fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r deta<span class=\"_ _2\"></span>ils)<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y584c ff3 fs7 fc1 sc0 ls0 ws0\">Loans g<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>ed by expo<span class=\"_ _2\"></span>rt cre<span class=\"_ _2\"></span>dit age<span class=\"_ _2\"></span>ncies </td><td class=\"t m0 x8d5 hd y584c ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"c n x8d6 y584d w4ba h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d7 y584d w4bb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">78b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8d8 hd y584e ff3 fs7 fc1 sc0 ls5d ws1c0\">111b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y584f ff3 fs7 fc1 sc0 ls18 ws16\">&amp;<span class=\"_ gs132\"> </span>supranationals<span class=\"_ _3bc\"> </span></td><td></td><td></td><td class=\"t m0 x488 he y5850 ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y5850 ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5851 w4bc h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Private corporate credit<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8da y5851 w4bd h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">D<span class=\"_ _2\"></span>CF mod<span class=\"_ _2\"></span>el<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d6 y5852 w4ba h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8db y5852 w4be h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">145<span class=\"_ _2\"></span>bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8dc hd y5853 ff3 fs7 fc1 sc0 ls9d ws58\">169<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y5854 ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y5854 ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5855 w4bf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Infras<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>ture loan<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8dd y5855 w4bd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d6 y5855 w4ba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8de y5855 w4c0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls77 ws6c\">1<span class=\"_ _7\"></span>60<span class=\"_ _2\"></span>bps<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8dc hd y5856 ff3 fs7 fc1 sc0 ls1ad ws1a6\">220<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y5857 ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y5857 ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5858 w4c1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Loans to h<span class=\"_ _2\"></span>ousing a<span class=\"_ _2\"></span>ssoc<span class=\"_ _2\"></span>iations<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8df y5858 w4bd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d6 y5858 w4ba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8de y5858 w4c2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">139<span class=\"_ _2\"></span>bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8dc hd y5859 ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _2\"></span>4bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y585a ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y585a ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y585b w4c3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Local auth<span class=\"_ _2\"></span>ority loans<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8e0 y585b w4c4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">D<span class=\"_ _2\"></span>CF mo<span class=\"_ _2\"></span>del<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d6 y585c w4ba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8de y585c w4c5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls47 ws19d\">130b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8d8 hd y585d ff3 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>37b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y585e ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y585e ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y585f w4c6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Equit<span class=\"_ _2\"></span>y Relea<span class=\"_ _2\"></span>se Mor<span class=\"_ _2\"></span>tga<span class=\"_ _2\"></span>ge loan<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>ERM<span class=\"_ _2\"></span>\u2019)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8e1 y585f w4c7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">DCF m<span class=\"_ _2\"></span>odel an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8e2 y585f w4c8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls14 ws12\">Spread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8e3 y585f w4c9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a ws0\">2<span class=\"_ _5\"></span>56bps over S<span class=\"_ _2\"></span>onia pl<span class=\"_ _2\"></span>us</div></td><td class=\"t m0 x57c hd y5860 ff3 fs7 fc1 sc0 lsd6 ws0\">2<span class=\"_ _5\"></span>60b<span class=\"_ _2\"></span>ps over the IFR<span class=\"_ _2\"></span>S </td></tr><tr><td></td><td class=\"t m0 x8e4 hd y5861 ff3 fs7 fc1 sc0 ls0 ws0\">Black-<span class=\"_ _5\"></span>Schole<span class=\"_ _2\"></span>s </td><td></td><td class=\"t m0 x8e5 he y5862 ff7 fs7 fc1 sc0 ls8b ws114\">36b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8e6 hd y5862 ff3 fs7 fc1 sc0 lsd6 ws0\">referen<span class=\"_ _2\"></span>ce cur<span class=\"_ _2\"></span>ve<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8e7 hd y5863 ff3 fs7 fc1 sc0 ls8c ws6b\">model<span class=\"_ _3bc\"> </span></td><td class=\"c n x8e8 y5864 w4ca h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c3 ws15\">Hous<span class=\"_ _2\"></span>e price inflation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8e9 y5864 w4cb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws0\">+<span class=\"_ _6\"></span>7<span class=\"_ _5\"></span>5bps a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment t<span class=\"_ _2\"></span>o RPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ea y5864 w4cc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">+<span class=\"_ _26\"></span>75<span class=\"_ _5\"></span>bps a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment to RP<span class=\"_ _2\"></span>I<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x8eb y5865 w4cd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls69 ws11\">House pr<span class=\"_ _5\"></span>ices<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ec y5865 w4ce h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a ws0\">\u00a3280,<span class=\"_ _5\"></span>3<span class=\"_ _7\"></span>16 (avera<span class=\"_ _2\"></span>ge)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ed y5865 w4cf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsdc ws149\">\u00a330<span class=\"_ _2\"></span>4,088 (aver<span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x8ee y5866 w4d0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">Mor<span class=\"_ _2\"></span>tality<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ef y5866 w4d1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws14\">Av<span class=\"_ _5\"></span>erage li<span class=\"_ _7\"></span>fe ex<span class=\"_ _5\"></span>pectancy</div></td><td class=\"t m0 x489 hd y5867 ff3 fs7 fc1 sc0 lsd6 ws0\">Averag<span class=\"_ _2\"></span>e life expec<span class=\"_ _2\"></span>tanc<span class=\"_ _2\"></span>y </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x8f0 he y5868 ff7 fs7 fc1 sc0 ls47 ws0\">of a mal<span class=\"_ _2\"></span>e and fema<span class=\"_ _2\"></span>le </td><td class=\"t m0 x8f1 hd y5869 ff3 fs7 fc1 sc0 lsd6 ws0\">of a male an<span class=\"_ _2\"></span>d female </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y586a ff7 fs7 fc1 sc0 ls47 ws0\">curr<span class=\"_ _2\"></span>ently ag<span class=\"_ _2\"></span>ed 75 is </td><td class=\"t m0 x262 hd y586b ff3 fs7 fc1 sc0 lsd6 ws0\">current<span class=\"_ _2\"></span>ly age<span class=\"_ _2\"></span>d 7<span class=\"_ _7\"></span>5 is<span class=\"_ _2\"></span> </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x582 he y586c ff7 fs7 fc1 sc0 ls47 ws0\">14<span class=\"_ _7\"></span>.1<span class=\"_ gs234\"> </span>year<span class=\"_ _2\"></span>s and 15.<span class=\"_ _7\"></span>6<span class=\"_ gs234\"> </span>yea<span class=\"_ _2\"></span>rs </td><td class=\"t m0 x8f2 hd y586d ff3 fs7 fc1 sc0 lsd6 ws0\">1<span class=\"_ _5\"></span>4.<span class=\"_ _7\"></span>5<span class=\"_ gs132\"> </span>ye<span class=\"_ _2\"></span>ars and 15.<span class=\"_ _5\"></span>9 year<span class=\"_ _2\"></span>s </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x8f3 he y586e ff7 fs7 fc1 sc0 lsd6 ws195\">respectively<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8f4 hd y586f ff3 fs7 fc1 sc0 ls12c ws170\">respe<span class=\"_ _2\"></span>ctively<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x62e hd y5870 ff3 fs7 fc1 sc0 lsd6 ws195\">V<span class=\"_ _7\"></span>ol<span class=\"_ _2\"></span>untar<span class=\"_ _2\"></span>y </td><td class=\"c n x8f5 y5871 w4d2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a ws0\">190b<span class=\"_ _2\"></span>ps to 650bps<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8f6 y5871 w4d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">150bps to 700bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x8f7 hd y5872 ff3 fs7 fc1 sc0 lsd6 ws0\">rede<span class=\"_ _2\"></span>mption rate<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5873 w4d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>mercial re<span class=\"_ _2\"></span>al est<span class=\"_ _2\"></span>ate loans<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8dd y5873 w4bd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d6 y5874 w4ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8db y5874 w4d5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>3b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8d8 hd y5875 ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>3b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y5876 ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y5876 ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y5877 ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>ome strip<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"c n x8f8 y5878 w4d6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12c ws1a\">Incom<span class=\"_ _2\"></span>e capitalisation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8f9 y5878 w4d7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Cre<span class=\"_ _2\"></span>dit sprea<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8fa y5878 w4d8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">613<span class=\"_ _2\"></span>bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8fb y5878 w4d9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">661<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5879 w4da h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16 ws14\">Collecti<span class=\"_ _5\"></span>ve<span class=\"_ _5\"></span> inv<span class=\"_ _7\"></span>estment schemes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8fc y5879 w4db h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Net as<span class=\"_ _2\"></span>set value<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8fd y5879 w4b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">N<span class=\"_ _2\"></span>/A<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8fe y5879 w4dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws172\">N<span class=\"_ _2\"></span>/A<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ff y5879 w4dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">N<span class=\"_ _2\"></span>/A<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x900 hd y587a ff3 fs7 fc1 sc0 ls61 ws5f\">statements<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 he y587b ff7 fs7 fc1 sc0 ls16 ws14\">Borro<span class=\"_ _5\"></span>wings<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y587c w4de h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y reversi<span class=\"_ _2\"></span>ons loan<span class=\"_ _2\"></span>s (see note E5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x901 y587c w4df h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8c ws5e\">Internally developed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x902 y587c w4e0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Mor<span class=\"_ _2\"></span>tali<span class=\"_ _2\"></span>ty ra<span class=\"_ _2\"></span>te<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x903 y587c w4e1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">130% IFL92<span class=\"_ _7\"></span>C15<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x904 hd y587d ff3 fs7 fc1 sc0 ls1a8 ws122\">130<span class=\"_ _2\"></span>% I<span class=\"_ _2\"></span>FL<span class=\"_ _2\"></span>92C15 </td></tr><tr><td></td><td class=\"t m0 x905 hd y587e ff3 fs7 fc1 sc0 ls8c ws6b\">model<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x5e7 he y587e ff7 fs7 fc1 sc0 ls5d ws1c0\">(Fe<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>e) </td><td class=\"t m0 x906 hd y587f ff3 fs7 fc1 sc0 lsdc wsc7\">(Fe<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>le) </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x582 he y5880 ff7 fs7 fc1 sc0 ls1ac ws0\">130% IML<span class=\"_ _2\"></span>92<span class=\"_ _7\"></span>C15 (Male) </td><td class=\"t m0 x48d hd y5880 ff3 fs7 fc1 sc0 ls1bd ws122\">130<span class=\"_ _2\"></span>% I<span class=\"_ _2\"></span>M<span class=\"_ _2\"></span>L92C15<span class=\"_ _2\"></span> (M<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x907 hd y5881 ff3 fs7 fc1 sc0 ls69 ws11\">House pr<span class=\"_ _5\"></span>ice </td><td class=\"t m0 x488 he y5881 ff7 fs7 fc1 sc0 ls1a ws0\">3-year R<span class=\"_ _2\"></span>PI rate pl<span class=\"_ _2\"></span>us </td><td class=\"t m0 x908 hd y5881 ff3 fs7 fc1 sc0 lsd6 ws0\">3-year R<span class=\"_ _2\"></span>PI rate plus </td></tr><tr><td></td><td></td><td class=\"t m0 x909 hd y5882 ff3 fs7 fc1 sc0 ls12c ws170\">inflation<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8e5 he y5882 ff7 fs7 fc1 sc0 lsd0 ws1a0\">75b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 hd y5882 ff3 fs7 fc1 sc0 ls1c6 ws1c6\">75b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"c n x902 y5883 w4e2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Dis<span class=\"_ _2\"></span>count rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x90a y5883 w4e3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws0\">3-year swa<span class=\"_ _2\"></span>p rate pl<span class=\"_ _2\"></span>us</div></td><td class=\"t m0 x90b hd y5884 ff3 fs7 fc1 sc0 lsd6 ws0\">3-year swa<span class=\"_ _2\"></span>p rate plus </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x90c he y5885 ff7 fs7 fc1 sc0 ls1a9 ws1a7\">17<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8dc hd y5885 ff3 fs7 fc1 sc0 lsd6 ws195\">1<span class=\"_ _7\"></span>70<span class=\"_ gs132\"> </span>bps<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x90d hd y5886 ff3 fs7 fc1 sc0 lsd6 ws1dd\">Deferre<span class=\"_ _2\"></span>d pos<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sion </td><td class=\"c n x90e y5887 w4e4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">37<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x90f y5887 w4e5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">370<span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x910 hd y5888 ff3 fs7 fc1 sc0 ls76 ws19a\">rate<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x232 he y5889 ff7 fs7 fc1 sc0 ls61 ws5f\">Derivative ass<span class=\"_ _2\"></span>ets and liabilities<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y588a ff3 fs7 fc1 sc0 ls0 ws0\">For<span class=\"_ _2\"></span>ward private pl<span class=\"_ _2\"></span>acem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, infrast<span class=\"_ _2\"></span>ructure </td><td class=\"t m0 x8d5 hd y588b ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"c n x8d6 y588c w4ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8de y588c w4c2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">111<span class=\"_ _2\"></span>bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8d8 hd y588b ff3 fs7 fc1 sc0 ls1be ws1bd\">145b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y588d ff3 fs7 fc1 sc0 ls0 ws0\">and lo<span class=\"_ _2\"></span>cal au<span class=\"_ _2\"></span>thorit<span class=\"_ _2\"></span>y loan<span class=\"_ _2\"></span>s </td><td></td><td></td><td class=\"t m0 x488 he y588e ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y588e ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y588f ff3 fs7 fc1 sc0 ls0 ws0\">Long<span class=\"_ _2\"></span>evity s<span class=\"_ _2\"></span>waps </td><td class=\"t m0 x8d5 hd y5890 ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"c n x911 y55ee w4e6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Swap c<span class=\"_ _2\"></span>urve<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x912 y55ee w4e7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls76 ws1ca\">sw<span class=\"_ _2\"></span>ap cur<span class=\"_ _2\"></span>ve<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x913 y55ee w4e8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">sw<span class=\"_ _2\"></span>ap cur<span class=\"_ _2\"></span>ve + 3<span class=\"_ _7\"></span>6b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5891 ff3 fs7 fc1 sc0 ls32 ws0\">Equit<span class=\"_ _2\"></span>y Rele<span class=\"_ _2\"></span>ase Inc<span class=\"_ _2\"></span>ome Plan tot<span class=\"_ _2\"></span>al return sw<span class=\"_ _2\"></span>ap<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d5 hd y5892 ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"c n x8d6 y55ef w4ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x914 y55ef w4e9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws2f\">500<span class=\"_ _2\"></span>bps<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x915 y55ef w4ea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">50<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td></tr></table>2<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>3 5<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>6 6<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>8<span class=\"_ _3bc\"> </span>3 9<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>1 <span class=\"_ _1b\"> </span><span class=\"ws0\">Bro<span class=\"_ _2\"></span>ker ind<span class=\"_ _2\"></span>icat<span class=\"_ _2\"></span>ive pri<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>: Alth<span class=\"_ _2\"></span>ough s<span class=\"_ _2\"></span>uch va<span class=\"_ _2\"></span>luat<span class=\"_ _2\"></span>ions a<span class=\"_ _2\"></span>re sen<span class=\"_ _2\"></span>siti<span class=\"_ _2\"></span>ve to es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>tes<span class=\"_ _2\"></span>, it is be<span class=\"_ _2\"></span>lieve<span class=\"_ _2\"></span>d that c<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ging o<span class=\"_ _2\"></span>ne or m<span class=\"_ _2\"></span>ore of th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>umpti<span class=\"_ _2\"></span>ons to re<span class=\"_ _2\"></span>aso<span class=\"_ _2\"></span>nab<span class=\"_ _2\"></span>ly pos<span class=\"_ _2\"></span>sib<span class=\"_ _2\"></span>le alte<span class=\"_ _2\"></span>rnat<span class=\"_ _2\"></span>ive as<span class=\"_ _2\"></span>sump<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s would n<span class=\"_ _2\"></span>ot </span>change the fair value<span class=\"_ _5\"></span> significantly.<span class=\"_ _3bc\"> </span>2 <span class=\"_ _9\"> </span><span class=\"ws0\">N<span class=\"_ _2\"></span>et ass<span class=\"_ _2\"></span>et val<span class=\"_ _2\"></span>ue st<span class=\"_ _2\"></span>atem<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s: Net a<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>et st<span class=\"_ _2\"></span>atem<span class=\"_ _2\"></span>ents a<span class=\"_ _2\"></span>re prov<span class=\"_ _2\"></span>ided b<span class=\"_ _2\"></span>y inde<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>dent t<span class=\"_ _2\"></span>hird pa<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, and th<span class=\"_ _2\"></span>erefo<span class=\"_ _2\"></span>re no si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant n<span class=\"_ _2\"></span>on-<span class=\"_ _2\"></span>obse<span class=\"_ _2\"></span>rva<span class=\"_ _2\"></span>ble in<span class=\"_ _2\"></span>put or s<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>itiv<span class=\"_ _2\"></span>ity i<span class=\"_ _2\"></span>nform<span class=\"_ _2\"></span>ation h<span class=\"_ _2\"></span>as be<span class=\"_ _2\"></span>en pr<span class=\"_ _2\"></span>epar<span class=\"_ _2\"></span>ed for t<span class=\"_ _2\"></span>hose<span class=\"_ _2\"></span> </span>instruments valued on this basis.<span class=\"_ _3bc\"> </span>3 <span class=\"_ _9\"> </span><span class=\"ws0\">Di<span class=\"_ _2\"></span>sco<span class=\"_ _2\"></span>unted c<span class=\"_ _2\"></span>ash fl<span class=\"_ _2\"></span>ow (\u2018<span class=\"_ _2\"></span>DC<span class=\"_ _2\"></span>F\u2019<span class=\"_ _2\"></span>) mod<span class=\"_ _2\"></span>el: E<span class=\"_ _2\"></span>xcep<span class=\"_ _2\"></span>t wher<span class=\"_ _2\"></span>e other<span class=\"_ _2\"></span>wi<span class=\"_ _2\"></span>se st<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, the di<span class=\"_ _2\"></span>sco<span class=\"_ _2\"></span>unt rat<span class=\"_ _2\"></span>e use<span class=\"_ _2\"></span>d is bas<span class=\"_ _2\"></span>ed on a r<span class=\"_ _2\"></span>isk-fre<span class=\"_ _2\"></span>e cur<span class=\"_ _2\"></span>ve an<span class=\"_ _2\"></span>d a cred<span class=\"_ _2\"></span>it spr<span class=\"_ _2\"></span>ead<span class=\"_ _2\"></span>. The ri<span class=\"_ _2\"></span>sk-fre<span class=\"_ _2\"></span>e rate is t<span class=\"_ _2\"></span>aken fr<span class=\"_ _2\"></span>om an ap<span class=\"_ _2\"></span>propr<span class=\"_ _2\"></span>iate g<span class=\"_ _2\"></span>ilt of </span>com<span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>able d<span class=\"_ _2\"></span>urati<span class=\"_ _2\"></span>on. T<span class=\"_ _2\"></span>he spr<span class=\"_ _2\"></span>ead i<span class=\"_ _2\"></span>s deri<span class=\"_ _2\"></span>ved fro<span class=\"_ _2\"></span>m a bas<span class=\"_ _2\"></span>ket of com<span class=\"_ _2\"></span>para<span class=\"_ _2\"></span>ble s<span class=\"_ _2\"></span>ecur<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>4 <span class=\"_ _9\"> </span><span class=\"ws0\">ER<span class=\"_ _2\"></span>M loan<span class=\"_ _2\"></span>s: Th<span class=\"_ _2\"></span>e loan<span class=\"_ _2\"></span>s are va<span class=\"_ _2\"></span>lued u<span class=\"_ _2\"></span>sing a D<span class=\"_ _2\"></span>CF m<span class=\"_ _2\"></span>odel a<span class=\"_ _2\"></span>nd a Bl<span class=\"_ _2\"></span>ack-Sc<span class=\"_ _2\"></span>hol<span class=\"_ _2\"></span>es mo<span class=\"_ _2\"></span>del fo<span class=\"_ _2\"></span>r valua<span class=\"_ _2\"></span>tion of t<span class=\"_ _2\"></span>he No<span class=\"_ _2\"></span>-Ne<span class=\"_ _2\"></span>gat<span class=\"_ _2\"></span>ive Equ<span class=\"_ _2\"></span>ity G<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>antee (<span class=\"_ _2\"></span>\u2018N<span class=\"_ _2\"></span>NEG<span class=\"_ _2\"></span>\u2019). T<span class=\"_ _2\"></span>he NN<span class=\"_ _2\"></span>EG cap<span class=\"_ _2\"></span>s the lo<span class=\"_ _2\"></span>an rep<span class=\"_ _2\"></span>ayme<span class=\"_ _2\"></span>nt in th<span class=\"_ _2\"></span>e event of d<span class=\"_ _2\"></span>eath o<span class=\"_ _2\"></span>r </span>ent<span class=\"_ _2\"></span>ry in<span class=\"_ _2\"></span>to long<span class=\"_ _2\"></span>-ter<span class=\"_ _2\"></span>m care t<span class=\"_ _2\"></span>o be no g<span class=\"_ _2\"></span>reate<span class=\"_ _2\"></span>r than t<span class=\"_ _2\"></span>he sa<span class=\"_ _2\"></span>les pr<span class=\"_ _2\"></span>oce<span class=\"_ _2\"></span>eds f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y. The f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re cas<span class=\"_ _2\"></span>h flows a<span class=\"_ _2\"></span>re es<span class=\"_ _2\"></span>timat<span class=\"_ _2\"></span>ed ba<span class=\"_ _2\"></span>sed o<span class=\"_ _2\"></span>n ass<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>d level<span class=\"_ _2\"></span>s of mor<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y deri<span class=\"_ _2\"></span>ved fro<span class=\"_ _2\"></span>m publ<span class=\"_ _2\"></span>ishe<span class=\"_ _2\"></span>d mor<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y tabl<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, ent<span class=\"_ _2\"></span>ry in<span class=\"_ _2\"></span>to long<span class=\"_ _2\"></span>-ter<span class=\"_ _2\"></span>m care r<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd vol<span class=\"_ _2\"></span>untar<span class=\"_ _2\"></span>y re<span class=\"_ _2\"></span>dem<span class=\"_ _2\"></span>ption r<span class=\"_ _2\"></span>ates<span class=\"_ _2\"></span>. Cas<span class=\"_ _2\"></span>h flows i<span class=\"_ _2\"></span>nclu<span class=\"_ _2\"></span>de an al<span class=\"_ _2\"></span>lowan<span class=\"_ _2\"></span>ce fo<span class=\"_ _2\"></span>r the ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted c<span class=\"_ _2\"></span>ost of p<span class=\"_ _2\"></span>rovidi<span class=\"_ _2\"></span>ng a NN<span class=\"_ _2\"></span>EG as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed u<span class=\"_ _2\"></span>nder a r<span class=\"_ _2\"></span>eal wo<span class=\"_ _2\"></span>rld ap<span class=\"_ _2\"></span>proa<span class=\"_ _2\"></span>ch usi<span class=\"_ _2\"></span>ng a clo<span class=\"_ _2\"></span>sed f<span class=\"_ _2\"></span>orm mo<span class=\"_ _2\"></span>del in<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>ing an a<span class=\"_ _2\"></span>ssu<span class=\"_ _2\"></span>med l<span class=\"_ _2\"></span>evel of pr<span class=\"_ _2\"></span>ope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y valu<span class=\"_ _2\"></span>e vola<span class=\"_ _2\"></span>tilit<span class=\"_ _2\"></span>y. For th<span class=\"_ _2\"></span>e NNEG a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>, prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty v<span class=\"_ _2\"></span>alue<span class=\"_ _2\"></span>s are ind<span class=\"_ _2\"></span>exed f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e lates<span class=\"_ _2\"></span>t pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty v<span class=\"_ _2\"></span>alua<span class=\"_ _2\"></span>tion p<span class=\"_ _2\"></span>oint an<span class=\"_ _2\"></span>d the<span class=\"_ _2\"></span>n ass<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>d to grow in l<span class=\"_ _2\"></span>ine wi<span class=\"_ _2\"></span>th an RP<span class=\"_ _2\"></span>I ba<span class=\"_ _2\"></span>sed a<span class=\"_ _2\"></span>ssum<span class=\"_ _2\"></span>ptio<span class=\"_ _2\"></span>n. Ca<span class=\"_ _2\"></span>sh flow<span class=\"_ _2\"></span>s are dis<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nted u<span class=\"_ _2\"></span>sing a ri<span class=\"_ _2\"></span>sk fre<span class=\"_ _2\"></span>e cur<span class=\"_ _2\"></span>ve plu<span class=\"_ _2\"></span>s a spre<span class=\"_ _2\"></span>ad, w<span class=\"_ _2\"></span>here t<span class=\"_ _2\"></span>he sp<span class=\"_ _2\"></span>read i<span class=\"_ _2\"></span>s bas<span class=\"_ _2\"></span>ed on re<span class=\"_ _2\"></span>cen<span class=\"_ _2\"></span>t orig<span class=\"_ _2\"></span>inat<span class=\"_ _2\"></span>ions<span class=\"_ _2\"></span>, with m<span class=\"_ _2\"></span>arg<span class=\"_ _2\"></span>ins to all<span class=\"_ _2\"></span>ow for th<span class=\"_ _2\"></span>e dif<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nt risk p<span class=\"_ _2\"></span>rofile<span class=\"_ _2\"></span>s of ERM l<span class=\"_ _2\"></span>oans<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>5 <span class=\"_ _9\"> </span><span class=\"ws0\">In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e stri<span class=\"_ _2\"></span>ps are t<span class=\"_ _2\"></span>rans<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>ions w<span class=\"_ _2\"></span>here a<span class=\"_ _2\"></span>n owne<span class=\"_ _2\"></span>r-o<span class=\"_ _2\"></span>ccup<span class=\"_ _2\"></span>ier of a p<span class=\"_ _2\"></span>rope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y has s<span class=\"_ _2\"></span>old a f<span class=\"_ _2\"></span>reeh<span class=\"_ _2\"></span>old or l<span class=\"_ _2\"></span>ong l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>ehol<span class=\"_ _2\"></span>d inter<span class=\"_ _2\"></span>est to t<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up, an<span class=\"_ _2\"></span>d has s<span class=\"_ _2\"></span>igne<span class=\"_ _2\"></span>d a lon<span class=\"_ _2\"></span>g leas<span class=\"_ _2\"></span>e (ty<span class=\"_ _2\"></span>pica<span class=\"_ _2\"></span>lly 3<span class=\"_ _2\"></span>0-<span class=\"_ _2\"></span>45 ye<span class=\"_ _2\"></span>ars) or a g<span class=\"_ _2\"></span>roun<span class=\"_ _2\"></span>d lea<span class=\"_ _2\"></span>se </span>(t<span class=\"_ _2\"></span>ypic<span class=\"_ _2\"></span>ally 4<span class=\"_ _2\"></span>5-175 y<span class=\"_ _2\"></span>ears<span class=\"_ _2\"></span>) and re<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span>s the rig<span class=\"_ _2\"></span>ht to re<span class=\"_ _2\"></span>purch<span class=\"_ _2\"></span>ase t<span class=\"_ _2\"></span>he pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y at the e<span class=\"_ _2\"></span>nd of the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e for a no<span class=\"_ _2\"></span>mina<span class=\"_ _2\"></span>l sum (us<span class=\"_ _2\"></span>uall<span class=\"_ _2\"></span>y \u00a31). T<span class=\"_ _2\"></span>he inc<span class=\"_ _2\"></span>ome s<span class=\"_ _2\"></span>trip<span class=\"_ _2\"></span>s are val<span class=\"_ _2\"></span>ued u<span class=\"_ _2\"></span>sing a<span class=\"_ _2\"></span>n inco<span class=\"_ _2\"></span>me ca<span class=\"_ _2\"></span>pita<span class=\"_ _2\"></span>lisa<span class=\"_ _2\"></span>tion a<span class=\"_ _2\"></span>ppro<span class=\"_ _2\"></span>ach<span class=\"_ _2\"></span>, whe<span class=\"_ _2\"></span>re the a<span class=\"_ _2\"></span>nnua<span class=\"_ _2\"></span>l rent<span class=\"_ _2\"></span>al inc<span class=\"_ _2\"></span>ome i<span class=\"_ _2\"></span>s capi<span class=\"_ _2\"></span>tali<span class=\"_ _2\"></span>sed u<span class=\"_ _2\"></span>sing a<span class=\"_ _2\"></span>n appr<span class=\"_ _2\"></span>opri<span class=\"_ _2\"></span>ate yie<span class=\"_ _2\"></span>ld. Th<span class=\"_ _2\"></span>e yie<span class=\"_ _2\"></span>ld is det<span class=\"_ _2\"></span>ermi<span class=\"_ _2\"></span>ned by c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>ider<span class=\"_ _2\"></span>ing re<span class=\"_ _2\"></span>cent t<span class=\"_ _2\"></span>rans<span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s involv<span class=\"_ _2\"></span>ing sim<span class=\"_ _2\"></span>ilar i<span class=\"_ _2\"></span>ncom<span class=\"_ _2\"></span>e str<span class=\"_ _2\"></span>ips<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>6 <span class=\"_ _9\"> </span><span class=\"ws0\">IFL<span class=\"_ _2\"></span>92C1<span class=\"_ _2\"></span>5 an<span class=\"_ _2\"></span>d IML<span class=\"_ _2\"></span>92C<span class=\"_ _2\"></span>15 re<span class=\"_ _2\"></span>late to im<span class=\"_ _2\"></span>med<span class=\"_ _2\"></span>iate an<span class=\"_ _2\"></span>nuit<span class=\"_ _2\"></span>ant fem<span class=\"_ _2\"></span>ale a<span class=\"_ _2\"></span>nd mal<span class=\"_ _2\"></span>e live<span class=\"_ _2\"></span>s and ref<span class=\"_ _2\"></span>er to the 9<span class=\"_ _2\"></span>2 ser<span class=\"_ _2\"></span>ies m<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y ta<span class=\"_ _2\"></span>bles p<span class=\"_ _2\"></span>rodu<span class=\"_ _2\"></span>ced b<span class=\"_ _2\"></span>y the C<span class=\"_ _2\"></span>ontin<span class=\"_ _2\"></span>uous M<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tali<span class=\"_ _2\"></span>ty I<span class=\"_ _2\"></span>nves<span class=\"_ _2\"></span>tiga<span class=\"_ _2\"></span>tion (C<span class=\"_ _2\"></span>MI)<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></span>7 <span class=\"_ _6d\"> </span><span class=\"ws0\">De<span class=\"_ _2\"></span>rivat<span class=\"_ _2\"></span>ive lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>ies in<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>e for<span class=\"_ _2\"></span>ward i<span class=\"_ _2\"></span>nvest<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s of \u00a35<span class=\"_ _2\"></span>4 milli<span class=\"_ _2\"></span>on (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>46 m<span class=\"_ _2\"></span>illion<span class=\"_ _2\"></span>) which i<span class=\"_ _2\"></span>nclu<span class=\"_ _2\"></span>de a co<span class=\"_ _2\"></span>mmit<span class=\"_ _2\"></span>ment to a<span class=\"_ _2\"></span>cqu<span class=\"_ _2\"></span>ire or pr<span class=\"_ _2\"></span>ovide f<span class=\"_ _2\"></span>undi<span class=\"_ _2\"></span>ng for fix<span class=\"_ _2\"></span>ed rat<span class=\"_ _2\"></span>e debt in<span class=\"_ _2\"></span>str<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>nts at s<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ified f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re date<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></span>8 <span class=\"_ _9\"> </span><span class=\"ws0\">In<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>ded w<span class=\"_ _2\"></span>ithin d<span class=\"_ _2\"></span>eriva<span class=\"_ _2\"></span>tive a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s are lo<span class=\"_ _2\"></span>ngev<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y swap c<span class=\"_ _2\"></span>ontr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s with c<span class=\"_ _2\"></span>orp<span class=\"_ _2\"></span>orate p<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ion sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>es wit<span class=\"_ _2\"></span>h a fair v<span class=\"_ _2\"></span>alue of \u00a3<span class=\"_ _2\"></span>230 m<span class=\"_ _2\"></span>illio<span class=\"_ _2\"></span>n (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>52 milli<span class=\"_ _2\"></span>on) an<span class=\"_ _2\"></span>d \u00a310<span class=\"_ _2\"></span>0 mil<span class=\"_ _2\"></span>lion (2<span class=\"_ _2\"></span>022: \u00a3<span class=\"_ _2\"></span>34 mi<span class=\"_ _2\"></span>llion) r<span class=\"_ _2\"></span>esp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ively.<span class=\"_ _3bc\"> </span></span>9 <span class=\"_ _9\"> </span><span class=\"ws0\">Inc<span class=\"_ _2\"></span>lude<span class=\"_ _2\"></span>d with<span class=\"_ _2\"></span>in der<span class=\"_ _2\"></span>ivati<span class=\"_ _2\"></span>ve liab<span class=\"_ _2\"></span>ilitie<span class=\"_ _2\"></span>s is th<span class=\"_ _2\"></span>e Equit<span class=\"_ _2\"></span>y Rel<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e Inc<span class=\"_ _2\"></span>ome Pl<span class=\"_ _2\"></span>an (\u2018<span class=\"_ _2\"></span>ER<span class=\"_ _2\"></span>IP<span class=\"_ _2\"></span>\u2019) tot<span class=\"_ _2\"></span>al ret<span class=\"_ _2\"></span>urn sw<span class=\"_ _2\"></span>ap wit<span class=\"_ _2\"></span>h a valu<span class=\"_ _2\"></span>e of \u00a350 mi<span class=\"_ _2\"></span>llion (<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span>: \u00a363 m<span class=\"_ _2\"></span>illion<span class=\"_ _2\"></span>), unde<span class=\"_ _2\"></span>r whic<span class=\"_ _2\"></span>h a sha<span class=\"_ _2\"></span>re of the di<span class=\"_ _2\"></span>spo<span class=\"_ _2\"></span>sal pr<span class=\"_ _2\"></span>oce<span class=\"_ _2\"></span>eds a<span class=\"_ _2\"></span>risin<span class=\"_ _2\"></span>g on a </span>po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folio of p<span class=\"_ _2\"></span>rope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y reve<span class=\"_ _2\"></span>rsi<span class=\"_ _2\"></span>ons is p<span class=\"_ _2\"></span>ayabl<span class=\"_ _2\"></span>e to a thir<span class=\"_ _2\"></span>d par<span class=\"_ _2\"></span>ty (s<span class=\"_ _2\"></span>ee n<span class=\"_ _2\"></span>ote E.<span class=\"_ _2\"></span>3.<span class=\"_ _2\"></span>3 for f<span class=\"_ _2\"></span>urth<span class=\"_ _2\"></span>er de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>)<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs45c\">E2<span class=\"_ _2\"></span>.3<span class=\"_ _2\"></span>.1 Deb<span class=\"_ _2\"></span>t secu<span class=\"_ _2\"></span>rities<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs45d\">Ana<span class=\"_ _2\"></span>lysi<span class=\"_ _2\"></span>s of Level 3 d<span class=\"_ _2\"></span>ebt se<span class=\"_ _2\"></span>cur<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div><div class=\"gs274\"><table class=\"s w4eb h2bf\" id=\"_e7b54a91-695b-4136-aa9a-140c7ddf08da\"><tr><td></td><td class=\"t m0 x916 h3f y5893 ff7 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>3 </td><td class=\"t m0 x917 h16 y5893 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x2c5 h3f y5894 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x553 h16 y5894 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5895 ff3 fs7 fc1 sc0 ls18 ws16\">Unquoted corporate bonds:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x249 y5896 w4ec h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Loans g<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>ed by expo<span class=\"_ _2\"></span>rt cre<span class=\"_ _2\"></span>dit age<span class=\"_ _2\"></span>ncies &amp; s<span class=\"_ _2\"></span>upranatio<span class=\"_ _2\"></span>nals<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x918 y5896 w4ed h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">486<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x919 y5896 w30e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls32 ws149\">4<span class=\"_ _2\"></span>02<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5616 w4ee h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Private co<span class=\"_ _2\"></span>rporate cre<span class=\"_ _2\"></span>dit<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91a y5616 wd5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">1,<span class=\"_ _2\"></span>829<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91b y5616 w4ef h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>42<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5897 w4f0 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Infras<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>ture loan<span class=\"_ _2\"></span>s \u2013 proje<span class=\"_ _2\"></span>ct finan<span class=\"_ _2\"></span>ce<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91c y5897 w4f1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91d y5897 w4f2 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">882<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5617 w4f3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Infras<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>ture loan<span class=\"_ _2\"></span>s \u2013 corpor<span class=\"_ _2\"></span>ate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91e y5617 w1b6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>493<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91f y5617 w4f4 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>175<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y55e8 w4c1 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Loans to h<span class=\"_ _2\"></span>ousing a<span class=\"_ _2\"></span>ssoc<span class=\"_ _2\"></span>iations<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x920 y55e8 w4f5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">1<span class=\"_ _2\"></span>,186<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x921 y55e8 w4f6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d9 ws1d9\">6<span class=\"_ _2\"></span>91<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5774 w4c3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Local auth<span class=\"_ _2\"></span>ority loans<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x922 y5774 w240 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">932<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x923 y5774 w4f7 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">596<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5898 w4f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Equit<span class=\"_ _2\"></span>y relea<span class=\"_ _2\"></span>se mor<span class=\"_ _2\"></span>tgag<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x924 y5898 w302 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">4,486<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x925 y5898 w162 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,<span class=\"_ _2\"></span>934<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5775 w4d4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>mercial re<span class=\"_ _2\"></span>al est<span class=\"_ _2\"></span>ate loans<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x926 y5775 w4f9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>147<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x927 y5775 w48b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">1<span class=\"_ _2\"></span>,104<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57ab w4fa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>ome strip<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x928 y57ab w4fb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">6<span class=\"_ _2\"></span>74<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x929 y57ab wf6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">786<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5746 w4fc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Bridg<span class=\"_ _2\"></span>ing loan<span class=\"_ _2\"></span>s to private equit<span class=\"_ _2\"></span>y fun<span class=\"_ _2\"></span>ds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92a y5746 w2b7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">47<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92b y5746 w4fd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsdc wsc7\">462<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5899 w393 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6de y5899 w17a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92c y5899 w307 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w4fe h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l Level 3 debt s<span class=\"_ _2\"></span>ecur<span class=\"_ _2\"></span>ities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92d y561d w4ff h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">13,8<span class=\"_ _5\"></span>18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92e y561d w48f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11,<span class=\"_ _2\"></span>465<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y589a ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></td><td class=\"c n x25d y561e w500 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>74)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92f y561e w49a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>786<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w501 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l Level 3 debt s<span class=\"_ _2\"></span>ecur<span class=\"_ _2\"></span>ities excl<span class=\"_ _2\"></span>uding am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sifie<span class=\"_ _2\"></span>d as held fo<span class=\"_ _2\"></span>r sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x930 y55ef w502 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">13,14<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x931 y55ef w503 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">10<span class=\"_ _2\"></span>,679<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs45e\">E2<span class=\"_ _2\"></span>.4 S<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>itivit<span class=\"_ _2\"></span>ies of Level 3 i<span class=\"_ _2\"></span>nst<span class=\"_ _2\"></span>rumen<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div><div class=\"gs45f\"><table class=\"s w504 h2c0\" id=\"_bf010d0c-9040-453b-9bdc-cc7a0ab11387\"><tr><td></td><td class=\"t m0 x916 h3f y589b ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x917 h16 y589b ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x2c5 h3f y589c ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x553 h16 y589c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y589d ff7 fs7 fc1 sc0 ls0 ws0\">Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 Lo<span class=\"_ _2\"></span>ans gu<span class=\"_ _2\"></span>arante<span class=\"_ _2\"></span>ed by exp<span class=\"_ _2\"></span>ort c<span class=\"_ _2\"></span>redit a<span class=\"_ _2\"></span>genc<span class=\"_ _2\"></span>ies &amp; sup<span class=\"_ _2\"></span>ran<span class=\"_ _2\"></span>ationa<span class=\"_ _2\"></span>ls<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y589e w505 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x932 y589e w506 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(13)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x933 y589e w80 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(9)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y589f w507 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x934 y589f w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x935 y589f w2f2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58a0 ff7 fs7 fc1 sc0 ls0 ws0\">Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 Priva<span class=\"_ _2\"></span>te corp<span class=\"_ _2\"></span>orate c<span class=\"_ _2\"></span>redit<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58a1 w505 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x936 y58a1 w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(10<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x937 y58a1 w508 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">(98)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58a2 w507 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x938 y58a2 w2ab h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">116<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x939 y58a2 w172 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">112<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58a3 ff7 fs7 fc1 sc0 ls68 ws5c\">Debt securities \u2013<span class=\"_ _5\"></span> Infrastructure loans<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58a4 w505 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x936 y58a4 wc2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(129<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x93a y58a4 w378 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(10<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58a5 w507 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x938 y58a5 w1ff h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">134<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x93b y58a5 w239 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">107<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58a6 ff7 fs7 fc1 sc0 ls0 ws0\">Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 Lo<span class=\"_ _2\"></span>ans to ho<span class=\"_ _2\"></span>using a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciatio<span class=\"_ _2\"></span>ns<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58a7 w505 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x932 y58a7 w28e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">(93)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x93c y58a7 w509 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(5<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58a8 w507 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x938 y58a8 wd9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">105<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x93d y58a8 w319 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">58<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58a9 ff7 fs7 fc1 sc0 ls0 ws0\">Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 Lo<span class=\"_ _2\"></span>cal au<span class=\"_ _2\"></span>thorit<span class=\"_ _2\"></span>y loa<span class=\"_ _2\"></span>ns<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58aa w505 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x932 y58aa w2c3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(82)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x93e y58aa w23a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58ab w507 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x93f y58ab w50a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18 ws16\">90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x940 y58ab w138 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">55<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58ac ff7 fs7 fc1 sc0 ls0 ws0\">Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 ER<span class=\"_ _2\"></span>M loan<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58ad w50b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s increas<span class=\"_ _2\"></span>e in sprea<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x941 y58ad w33e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">(37<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x942 y58ad w378 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(32<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58ae w50c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s decrea<span class=\"_ _2\"></span>se in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x943 y58ae w50d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">410<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x944 y58ae w2ac h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">37<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58af w50e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5% increa<span class=\"_ _2\"></span>se in mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x945 y58af w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x946 y58af w13f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">13<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58b0 w50f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5% decre<span class=\"_ _2\"></span>ase in mo<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ality<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x947 y58b0 w29d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x948 y58b0 w1fd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(14)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58b1 w510 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">15% inc<span class=\"_ _2\"></span>rease in vol<span class=\"_ _2\"></span>untar<span class=\"_ _2\"></span>y redem<span class=\"_ _2\"></span>ption rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x949 y58b1 w511 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb2 wse8\">44<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x94a y58b1 w1d7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">49<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58b2 w512 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">15% de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in voluntar<span class=\"_ _2\"></span>y rede<span class=\"_ _2\"></span>mption rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x94b y58b2 w513 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">(<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x94c y58b2 w514 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>52)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58b3 w515 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1% incre<span class=\"_ _2\"></span>ase in ho<span class=\"_ _2\"></span>use pric<span class=\"_ _2\"></span>e inflation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x94d y58b3 w2a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x94e y58b3 wbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58b4 w516 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1% dec<span class=\"_ _2\"></span>rease in h<span class=\"_ _2\"></span>ouse pr<span class=\"_ _2\"></span>ice inflation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x94f y58b4 w517 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws172\">(<span class=\"_ _2\"></span>74<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x950 y58b4 w518 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>42<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58b5 w519 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>% increas<span class=\"_ _2\"></span>e in hous<span class=\"_ _2\"></span>e prices<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x951 y58b5 w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">38<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x952 y58b5 w51a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">22<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58b6 w51b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>% decrea<span class=\"_ _2\"></span>se in hou<span class=\"_ _2\"></span>se price<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x953 y58b6 w3dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">(59)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x954 y58b6 w1dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(38)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58b7 ff7 fs7 fc1 sc0 ls0 ws0\">Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 C<span class=\"_ _2\"></span>RELs<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58b8 w505 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x955 y58b8 w1ad h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x956 y58b8 w1d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(18)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58b9 w507 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x93f y58b9 w60 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">48<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x957 y58b9 w51c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">19<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58ba ff7 fs7 fc1 sc0 ls16 ws14\">Debt secu<span class=\"_ _5\"></span>rit<span class=\"_ _5\"></span>ies \u2013<span class=\"_ _7\"></span> Income strips<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58bb w51d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65<span class=\"_ _2\"></span>bps inc<span class=\"_ _2\"></span>rease in sp<span class=\"_ _2\"></span>read (202<span class=\"_ _2\"></span>2: 35 bp<span class=\"_ _2\"></span>s increa<span class=\"_ _2\"></span>se in sprea<span class=\"_ _2\"></span>d)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x958 y58bb w9e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(89)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x959 y58bb w2cf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>76<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58bc w51e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65<span class=\"_ _2\"></span>bps de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in spread (2<span class=\"_ _2\"></span>022: 3<span class=\"_ _2\"></span>5 bps dec<span class=\"_ _2\"></span>rease in sp<span class=\"_ _2\"></span>read)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x95a y58bc wd9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">109<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x95b y58bc w8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">88<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58bd ff7 fs7 fc1 sc0 ls68 ws5c\">Derivativ<span class=\"_ _5\"></span>es \u2013 F<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>ward pr<span class=\"_ _5\"></span>ivate placements, infrastructure and local authority loans<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58be w505 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x95c y58be w7f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x95d y58be w51f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">(30<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58bf w507 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x95e y58bf w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x95f y58bf w520 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58c0 ff7 fs7 fc1 sc0 ls1c ws1a\">Derivatives \u2013 Lon<span class=\"_ _2\"></span>gevity swa<span class=\"_ _2\"></span>p contrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58c1 w521 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s increas<span class=\"_ _2\"></span>e in swap cur<span class=\"_ _2\"></span>ve<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x758 y58c1 w1ed h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">(20)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x960 y58c1 w30b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5718 w522 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s decrea<span class=\"_ _2\"></span>se in swap c<span class=\"_ _2\"></span>urve<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x961 y5718 w2f7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x962 y5718 w160 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y58c2 ff7 fs7 fc1 sc0 ls68 ws5c\">Derivativ<span class=\"_ _5\"></span>es \u2013 Equ<span class=\"_ _5\"></span>ity Release Income Plan total retur<span class=\"_ _5\"></span>n swap<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ee w50b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s increas<span class=\"_ _2\"></span>e in sprea<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x963 y55ee wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x964 y55ee w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w50c h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s decrea<span class=\"_ _2\"></span>se in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x965 y55ef w523 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x966 y55ef w524 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\"><span class=\"ls1ad ws1a6\">(<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></span><span class=\"ls1ad ws1a6\">)<span class=\"_ _3bc\"> </span></span></div></td></tr></table></div>For the pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty reve<span class=\"_ _2\"></span>rsions lo<span class=\"_ _2\"></span>ans and b<span class=\"_ _2\"></span>ridging lo<span class=\"_ _2\"></span>ans to private e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y funds<span class=\"_ _2\"></span>, there are n<span class=\"_ _2\"></span>o reas<span class=\"_ _2\"></span>onably p<span class=\"_ _2\"></span>ossibl<span class=\"_ _2\"></span>e movement<span class=\"_ _2\"></span>s in unobs<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span>ble input value<span class=\"_ _2\"></span>s which would re<span class=\"_ _2\"></span>sult in a signifi<span class=\"_ _2\"></span>cant movem<span class=\"_ _2\"></span>ent in the fair va<span class=\"_ _2\"></span>lue of the finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>For thos<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets value<span class=\"_ _2\"></span>d using n<span class=\"_ _2\"></span>et ass<span class=\"_ _2\"></span>et value st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s (equities a<span class=\"_ _2\"></span>nd colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>hemes) n<span class=\"_ _2\"></span>o sensit<span class=\"_ _2\"></span>ivity infor<span class=\"_ _2\"></span>mation ha<span class=\"_ _2\"></span>s been prepa<span class=\"_ _2\"></span>red as the n<span class=\"_ _2\"></span>et ass<span class=\"_ _2\"></span>et state<span class=\"_ _2\"></span>ments a<span class=\"_ _2\"></span>re provided by in<span class=\"_ _2\"></span>depen<span class=\"_ _2\"></span>dent third pa<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>E2<span class=\"_ _2\"></span>.5 Transf<span class=\"_ _2\"></span>ers of fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial ins<span class=\"_ _2\"></span>trum<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s bet<span class=\"_ _2\"></span>ween Leve<span class=\"_ _2\"></span>l 1 and Level 2<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span><table class=\"s w525 h2c2\" id=\"_f616cd18-806f-4f45-b195-f63e640b4388\"><tr><td></td><td class=\"t m0 x559 h3f y58c3 ff7 fsf fc1 sc0 ls0 ws0\">From L<span class=\"_ _2\"></span>evel 1 to </td><td class=\"t m0 x8f4 h3f y58c3 ff7 fsf fc1 sc0 ls0 ws0\">From L<span class=\"_ _2\"></span>evel 2 to </td></tr><tr><td></td><td class=\"t m0 x5a0 h3f y58c4 ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x967 h3f y58c4 ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x262 h3f y58c5 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y58c5 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y58c6 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets measured at fair v<span class=\"_ _5\"></span>alue<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y58c7 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x26c y58c8 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x968 y58c8 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x969 y58c8 w31f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y58c9 wef h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96a y58c9 wd2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96b y58c9 w60 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y58ca wf8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96c y58ca w526 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>23<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96d y58ca w1b0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">725<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7ed hd y58cb ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"c n x6f6 y55ef w527 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsb3 wsf4\">1,188<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96e y55ef w132 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>As a r<span class=\"_ _2\"></span>esul<span class=\"_ _2\"></span>t of the a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssm<span class=\"_ _2\"></span>ent of th<span class=\"_ _2\"></span>e liqu<span class=\"_ _2\"></span>idit<span class=\"_ _2\"></span>y of the u<span class=\"_ _2\"></span>nder<span class=\"_ _2\"></span>lyin<span class=\"_ _2\"></span>g inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nts he<span class=\"_ _2\"></span>ld wit<span class=\"_ _2\"></span>hin co<span class=\"_ _2\"></span>llec<span class=\"_ _2\"></span>tive i<span class=\"_ _2\"></span>nves<span class=\"_ _2\"></span>tmen<span class=\"_ _2\"></span>t sche<span class=\"_ _2\"></span>mes<span class=\"_ _2\"></span>, in ac<span class=\"_ _2\"></span>cor<span class=\"_ _2\"></span>danc<span class=\"_ _2\"></span>e with t<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up\u2019s fai<span class=\"_ _2\"></span>r value h<span class=\"_ _2\"></span>iera<span class=\"_ _2\"></span>rchy c<span class=\"_ _2\"></span>las<span class=\"_ _2\"></span>sific<span class=\"_ _2\"></span>ation m<span class=\"_ _2\"></span>eth<span class=\"_ _2\"></span>odol<span class=\"_ _2\"></span>ogy a<span class=\"_ gs2dc\"> </span>net \u00a3<span class=\"_ _2\"></span>1,1<span class=\"_ _2\"></span>72 milli<span class=\"_ _2\"></span>on of co<span class=\"_ _2\"></span>llec<span class=\"_ _2\"></span>tive in<span class=\"_ _2\"></span>vest<span class=\"_ _2\"></span>ment s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>mes h<span class=\"_ _2\"></span>as tra<span class=\"_ _2\"></span>nsf<span class=\"_ _2\"></span>erre<span class=\"_ _2\"></span>d from Le<span class=\"_ _2\"></span>vel 1 to Leve<span class=\"_ _2\"></span>l 2.<span class=\"_ _3bc\"> </span>2022<span class=\"_ _3bc\"> </span><table class=\"s w528 h2c3\" id=\"_46162073-417c-4e24-b7a0-44c8e28f48a5\"><tr><td></td><td class=\"t m0 x749 h16 y58cc ff3 fsf fc1 sc0 ls0 ws0\">From Le<span class=\"_ _2\"></span>vel 1 to </td><td class=\"t m0 x260 h16 y58cc ff3 fsf fc1 sc0 ls0 ws0\">From Le<span class=\"_ _2\"></span>vel 2 to </td></tr><tr><td></td><td class=\"t m0 x5a0 h16 y58cd ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5a1 h16 y58cd ff3 fsf fc1 sc0 lse6 wsd0\">Level 1<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x262 h16 y58ce ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y58ce ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y58cf ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets measured at fair v<span class=\"_ _5\"></span>alue<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y58d0 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x26c y58c1 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96f y58c1 w8d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">48<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x970 y58c1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y58d1 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets d<span class=\"_ _2\"></span>esigna<span class=\"_ _2\"></span>ted at FV<span class=\"_ _2\"></span>TPL up<span class=\"_ _2\"></span>on initial re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x26c y56f9 wef h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96a y56f9 w1a9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">73<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x971 y56f9 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y55ee wf8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x972 y55ee w529 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x973 y55ee w52a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>267<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y55ef wfc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x974 y55ef w192 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x975 y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table>Con<span class=\"_ _2\"></span>sistent wi<span class=\"_ _2\"></span>th the prior ye<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>, all th<span class=\"_ _2\"></span>e Group\u2019s Level 1 and Level 2 as<span class=\"_ _2\"></span>sets h<span class=\"_ _2\"></span>ave been val<span class=\"_ _2\"></span>ued usin<span class=\"_ _2\"></span>g stan<span class=\"_ _2\"></span>dard market pric<span class=\"_ _2\"></span>ing sourc<span class=\"_ _2\"></span>es. The ap<span class=\"_ _2\"></span>plicatio<span class=\"_ _2\"></span>n of the Group\u2019s fair value hie<span class=\"_ _2\"></span>rarchy clas<span class=\"_ _2\"></span>sific<span class=\"_ _2\"></span>ation meth<span class=\"_ _2\"></span>odolog<span class=\"_ _2\"></span>y at an indivi<span class=\"_ _2\"></span>dual se<span class=\"_ _2\"></span>curit<span class=\"_ _2\"></span>y level, in pa<span class=\"_ _2\"></span>rtic<span class=\"_ _2\"></span>ular obse<span class=\"_ _2\"></span>rvat<span class=\"_ _2\"></span>ions with reg<span class=\"_ _2\"></span>ard to meas<span class=\"_ _2\"></span>ures of market depth an<span class=\"_ _2\"></span>d bid-as<span class=\"_ _2\"></span>k spread<span class=\"_ _2\"></span>s, res<span class=\"_ _2\"></span>ulted in an overa<span class=\"_ _2\"></span>ll net moveme<span class=\"_ _2\"></span>nt of debt sec<span class=\"_ _2\"></span>urities fro<span class=\"_ _2\"></span>m Level 1 to Level 2 in both the current a<span class=\"_ _2\"></span>nd prior p<span class=\"_ _2\"></span>eriod. E2<span class=\"_ _2\"></span>.6 M<span class=\"_ _2\"></span>ovement in L<span class=\"_ _2\"></span>evel 3 fina<span class=\"_ _2\"></span>ncia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rume<span class=\"_ _2\"></span>nts m<span class=\"_ _2\"></span>easu<span class=\"_ _2\"></span>red at fa<span class=\"_ _2\"></span>ir valu<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span>At 1<span class=\"_ _7\"></span> Januar<span class=\"_ _2\"></span>y 2023<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span><table class=\"s w52b h2c4\" id=\"_c4bcc8b9-3e66-4719-8b22-41b02f1ef5a0\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x976 h3f y58d2 ff7 fsf fc1 sc0 ls5b ws76\">Unrealised </td></tr><tr><td></td><td></td><td class=\"t m0 x977 h3f y58d3 ff7 fsf fc1 sc0 ls199 ws185\">Reclassification </td><td class=\"t m0 x978 h3f y58d3 ff7 fsf fc1 sc0 ls0 ws0\">At </td><td class=\"t m0 x979 h3f y58d3 ff7 fsf fc1 sc0 ls81 ws75\">Net (losses)<span class=\"_ _5\"></span>/<span class=\"_ _3bc\"> </span></td><td></td><td></td><td class=\"t m0 x97a h3f y58d3 ff7 fsf fc1 sc0 ls5b ws76\">T<span class=\"_ _7\"></span>rans<span class=\"_ _2\"></span>fers<span class=\"_ _3bc\"> </span></td><td></td><td></td><td class=\"t m0 x59f h3f y58d3 ff7 fsf fc1 sc0 ls0 ws0\">ga<span class=\"_ _2\"></span>ins on </td></tr><tr><td></td><td></td><td class=\"t m0 x97b h3f y58d4 ff7 fsf fc1 sc0 ls0 ws0\">of ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ces o<span class=\"_ _2\"></span>n </td><td class=\"t m0 x97c h3f y58d4 ff7 fsf fc1 sc0 ls5b ws76\">1 January </td><td class=\"t m0 x97d h3f y58d4 ff7 fsf fc1 sc0 ls0 ws0\">ga<span class=\"_ _2\"></span>ins in </td><td></td><td></td><td class=\"t m0 x97e h3f y58d4 ff7 fsf fc1 sc0 ls0 ws0\"> fro<span class=\"_ _2\"></span>m </td><td class=\"t m0 x97f h3f y58d4 ff7 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>ra<span class=\"_ _2\"></span>nsfe<span class=\"_ _2\"></span>rs to </td><td class=\"t m0 x980 h3f y58d4 ff7 fsf fc1 sc0 ls0 ws0\">At </td><td class=\"t m0 x976 h3f y58d4 ff7 fsf fc1 sc0 ls5b ws76\">assets held </td></tr><tr><td></td><td></td><td class=\"t m0 x981 h3f y58d5 ff7 fsf fc1 sc0 ls70 ws67\">transitio<span class=\"_ _2\"></span>n<span class=\"_ _5\"></span> to </td><td class=\"t m0 x900 h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>3 </td><td class=\"t m0 x97d h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">inc<span class=\"_ _2\"></span>ome </td><td></td><td></td><td class=\"t m0 x982 h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1 </td><td class=\"t m0 x983 h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1 and </td><td class=\"t m0 x77f h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td><td class=\"t m0 x7e8 h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">at en<span class=\"_ _2\"></span>d of </td></tr><tr><td></td><td></td><td class=\"t m0 x984 h3f y58d6 ff7 fsf fc1 sc0 ls0 ws0\">IFR<span class=\"_ _2\"></span>S 9<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x97c h3f y58d6 ff7 fsf fc1 sc0 lsd4 wsc2\">(re<span class=\"_ _2\"></span>sta<span class=\"_ _2\"></span>ted)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x985 h3f y58d6 ff7 fsf fc1 sc0 ls70 ws67\">statem<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d0 h3f y58d6 ff7 fsf fc1 sc0 ls81 ws75\">Purchases<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x582 h3f y58d6 ff7 fsf fc1 sc0 ls81 ws75\">Sales<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x986 h3f y58d6 ff7 fsf fc1 sc0 ls0 ws0\">an<span class=\"_ _2\"></span>d Level 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x25f h3f y58d6 ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span></td><td class=\"c x988 y58d8 w52c h2c5\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">2023</div><div class=\"t m0 x987 h1d6 y58d7 ff3 fs172 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x967 h3f y58d6 ff7 fsf fc1 sc0 ls70 ws67\">period<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x989 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x98a h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x611 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x909 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e5 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x98b h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x749 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x98c h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y58da ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 he y58db ff7 fs7 fc1 sc0 ls0 ws0\">mea<span class=\"_ _2\"></span>sure<span class=\"_ _2\"></span>d at fair val<span class=\"_ _2\"></span>ue<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y58dc ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y58dd ff3 fs7 fc1 sc0 ls0 ws0\">man<span class=\"_ _2\"></span>datorily hel<span class=\"_ _2\"></span>d </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y58de ff3 fs7 fc1 sc0 ls0 ws0\">at<span class=\"_ gs132\"> </span>FV<span class=\"_ _2\"></span>TPL<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58df we8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x98d y58df w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x98e y58df w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x98f y58df wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x990 y58df w52d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x991 y58df w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x992 y58df w7f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x993 y58df w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x994 y58df w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x995 y58df w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x996 y58df w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5652 wea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x997 y5652 we9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">152<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x998 y5652 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x999 y5652 w52e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">152<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99a y5652 w31a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws2f\">80<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99b y5652 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99c y5652 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99d y5652 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99e y5652 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99f y5652 w2eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">23<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a0 y5652 w31a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws2f\">80<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y58e0 wef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a1 y58e0 w52f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">2,19<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a2 y58e0 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a3 y58e0 w52f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">2<span class=\"_ _2\"></span>,192<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a4 y58e0 w530 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a5 y58e0 w112 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a8 ws19f\">433<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a6 y58e0 w531 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">(293)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a7 y58e0 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a8 y58e0 w2dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a9 y58e0 w144 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">2,<span class=\"_ _2\"></span>495<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9aa y58e0 w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y58e1 wf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ab y58e1 w532 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">11,<span class=\"_ _2\"></span>465<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ac y58e1 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ad y58e1 w532 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">11,<span class=\"_ _2\"></span>465<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ae y58e1 w533 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9af y58e1 w10d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b0 y58e1 w534 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5,<span class=\"_ _2\"></span>22<span class=\"_ _7\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b1 y58e1 w1eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">150<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b2 y58e1 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b3 y58e1 w535 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls194 ws1b0\">13,818<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b4 y58e1 w536 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">475<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7ed hd y58e2 ff3 fs7 fc1 sc0 ls1c ws1a\">Collec<span class=\"_ _2\"></span>tive </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x7ed hd y58e3 ff3 fs7 fc1 sc0 ls0 ws0\">investm<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y58e4 w537 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">schemes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b5 y58e4 w538 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b6 y58e4 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b7 y58e4 w538 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b8 y58e4 w194 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls25 ws23\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b9 y58e4 w539 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ba y58e4 w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9bb y58e4 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9bc y58e4 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9bd y58e4 w468 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">4<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9be y58e4 w53a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls25 ws23\">46<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y58e5 ff7 fs7 fc1 sc0 ls61 ws5c\">T<span class=\"_ _7\"></span>otal financial assets </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ef w53b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a ws0\">mea<span class=\"_ _2\"></span>sure<span class=\"_ _2\"></span>d at fair valu<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9bf y55ef w53c h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">1<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c0 y55ef w1a0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c1 y55ef w53d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">14<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c2 y55ef w530 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">70<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c3 y55ef w216 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c4 y55ef w53e h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls96 ws8c\">(5,52<span class=\"_ _7\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c5 y55ef w1eb h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls96 ws8c\">153<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c6 y55ef w2dc h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c7 y55ef w53f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _2\"></span>,94<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c8 y55ef w540 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">61<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr></table>1 <span class=\"_ _b3\"> </span>S<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her d<span class=\"_ _2\"></span>etai<span class=\"_ _2\"></span>ls.<span class=\"_ _3bc\"> </span>2 <span class=\"_ _2f\"> </span>T<span class=\"_ _5\"></span>ota<span class=\"_ _2\"></span>l finan<span class=\"_ _2\"></span>cial a<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>ets of \u00a3<span class=\"_ _2\"></span>16<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>46 m<span class=\"_ _2\"></span>illio<span class=\"_ _2\"></span>n incl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>s \u00a3678 mi<span class=\"_ _2\"></span>llion of a<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>ets cl<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ifie<span class=\"_ _2\"></span>d as hel<span class=\"_ _2\"></span>d for sa<span class=\"_ _2\"></span>le<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span><div class=\"gs2ed\"><table class=\"s w2ec h2c6\" id=\"_1d83e68a-a207-4c4a-a2a6-72aac0597505\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x9c9 h3f y58e6 ff7 fsf fc1 sc0 ls5b ws76\">Unrealised </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x5ba h3f y58e7 ff7 fsf fc1 sc0 ls5b ws76\">T<span class=\"_ _7\"></span>rans<span class=\"_ _2\"></span>fers<span class=\"_ _7\"></span> </td><td></td><td></td><td class=\"t m0 x485 h3f y58e7 ff7 fsf fc1 sc0 ls81 ws75\">losses on </td></tr><tr><td></td><td></td><td class=\"t m0 x9ca h3f y58e8 ff7 fsf fc1 sc0 ls0 ws0\">Ne<span class=\"_ _2\"></span>t los<span class=\"_ _2\"></span>ses in </td><td></td><td></td><td class=\"t m0 x9cb h3f y58e8 ff7 fsf fc1 sc0 ls199 ws185\">from<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9cc h3f y58e8 ff7 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>ra<span class=\"_ _2\"></span>nsfe<span class=\"_ _2\"></span>rs to </td><td class=\"t m0 x9cd h3f y58e8 ff7 fsf fc1 sc0 ls0 ws0\">At </td><td class=\"t m0 x86c h3f y58e8 ff7 fsf fc1 sc0 lse3 wscd\">liabilities held </td></tr><tr><td></td><td class=\"t m0 x9ce h3f y58e9 ff7 fsf fc1 sc0 ls5b ws76\">At 1<span class=\"_ _7\"></span> Januar<span class=\"_ _2\"></span>y </td><td class=\"t m0 x9cf h3f y58e9 ff7 fsf fc1 sc0 ls0 ws0\">inc<span class=\"_ _2\"></span>ome </td><td></td><td class=\"t m0 x9d0 h3f y58e9 ff7 fsf fc1 sc0 ls81 ws75\">Sales/</td><td class=\"t m0 x76e h3f y58e9 ff7 fsf fc1 sc0 ls0 ws0\"> Leve<span class=\"_ _2\"></span>l 1 and </td><td class=\"t m0 x86b h3f y58e9 ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1 and </td><td class=\"t m0 x9d1 h3f y58e9 ff7 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td><td class=\"t m0 x485 h3f y58e9 ff7 fsf fc1 sc0 ls0 ws0\">at en<span class=\"_ _2\"></span>d of </td></tr><tr><td></td><td class=\"t m0 x9d2 h3f y58ea ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d3 h3f y58ea ff7 fsf fc1 sc0 ls70 ws67\">statem<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d4 h3f y58ea ff7 fsf fc1 sc0 ls81 ws75\">Purchases<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5b9 h3f y58ea ff7 fsf fc1 sc0 ls5b ws76\">repayments<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d5 h3f y58ea ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h3f y58ea ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5bb h3f y58ea ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d6 h3f y58ea ff7 fsf fc1 sc0 ls70 ws67\">period<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h3f y58eb ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d7 h3f y58eb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d8 h3f y58eb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d9 h3f y58eb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9da h3f y58eb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9db h3f y58eb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9dc h3f y58eb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9dd h3f y58eb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y58eb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y58ec ff7 fs7 fc1 sc0 ls68 ws5c\">Financial liabili<span class=\"_ _5\"></span>ties measured at fai<span class=\"_ _5\"></span>r value<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y58ed ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties man<span class=\"_ _2\"></span>datorily he<span class=\"_ _2\"></span>ld </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y58ee ff3 fs7 fc1 sc0 ls0 ws0\">at<span class=\"_ gs132\"> </span>FV<span class=\"_ _2\"></span>TPL<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58ef wea h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9de y58ef wd0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">24<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9df y58ef w541 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">67<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e0 y58ef w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c4 y58ef w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(10<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e1 y58ef w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e2 y58ef w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e3 y58ef w542 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">20<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e4 y58ef w442 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">59<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y58f0 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y58f1 ff3 fs7 fc1 sc0 ls1c ws1a\">upon initial recog<span class=\"_ _2\"></span>nition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y58f2 w15f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e5 y58f2 w543 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e6 y58f2 w1a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e7 y58f2 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e8 y58f2 w544 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">(21<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e9 y58f2 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ea y58f2 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9eb y58f2 w357 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ec y58f2 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55ef w545 h2c7\"><div class=\"t m0 x1e6 he y5648 ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial liabil<span class=\"_ _5\"></span>ities measured at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">fair<span class=\"_ gs234\"> </span><span class=\"_ _5\"></span>value<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ed y55ef w4f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">3<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ee y55ef w17e h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls76 ws19a\">69<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ef y55ef w199 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9f0 y55ef w546 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(1<span class=\"_ _2\"></span>25)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9f1 y55ef w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9f2 y55ef w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9f3 y55ef w175 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b5 ws1b4\">251<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9f4 y55ef w9b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">61<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"gs47b\"><table class=\"s w547 h2c8\" id=\"_e01948cf-ba1a-4e6c-a9b9-7e88d0c81104\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x9f5 h16 y58f3 ff3 fsf fc1 sc0 ls82 ws77\">Unrealis<span class=\"_ _2\"></span>ed </td></tr><tr><td></td><td></td><td class=\"t m0 x9f6 h16 y58f4 ff3 fsf fc1 sc0 ls17 ws15\">Net (losses)/<span class=\"_ _3bc\"> </span></td><td></td><td></td><td class=\"t m0 x9f7 h16 y58f4 ff3 fsf fc1 sc0 ls5b ws76\">T<span class=\"_ _7\"></span>ransfers<span class=\"_ _3bc\"> </span></td><td></td><td></td><td class=\"t m0 x9f8 h16 y58f4 ff3 fsf fc1 sc0 ls17 ws15\">(losses)/<span class=\"_ _7\"></span>gains </td></tr><tr><td></td><td></td><td class=\"t m0 x9f9 h16 y58f5 ff3 fsf fc1 sc0 ls0 ws0\">ga<span class=\"_ _2\"></span>ins in </td><td></td><td></td><td class=\"t m0 x9cb h16 y58f5 ff3 fsf fc1 sc0 ls0 ws0\"> fro<span class=\"_ _2\"></span>m </td><td class=\"t m0 x9fa h16 y58f5 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>ran<span class=\"_ _2\"></span>sfe<span class=\"_ _2\"></span>rs to </td><td class=\"t m0 x9cd h16 y58f5 ff3 fsf fc1 sc0 ls0 ws0\">At </td><td class=\"t m0 x9fb h16 y58f5 ff3 fsf fc1 sc0 ls0 ws0\">on as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s hel<span class=\"_ _2\"></span>d </td></tr><tr><td></td><td class=\"t m0 x9fc h16 y58f6 ff3 fsf fc1 sc0 ls0 ws0\">At 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y </td><td class=\"t m0 x9f9 h16 y58f6 ff3 fsf fc1 sc0 lse1 wscb\">income<span class=\"_ _5\"></span> </td><td></td><td></td><td class=\"t m0 x537 h16 y58f6 ff3 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1 </td><td class=\"t m0 x9fd h16 y58f6 ff3 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1 and </td><td class=\"t m0 x79a h16 y58f6 ff3 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td><td class=\"t m0 x23f h16 y58f6 ff3 fsf fc1 sc0 ls0 ws0\">at en<span class=\"_ _2\"></span>d of </td></tr><tr><td></td><td class=\"t m0 x9fe h16 y58f7 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9ff h16 y58f7 ff3 fsf fc1 sc0 ls83 ws78\">statement<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa00 h16 y58f7 ff3 fsf fc1 sc0 ls84 ws79\">Purchases<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa01 h16 y58f7 ff3 fsf fc1 sc0 ls17 ws15\">Sales<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa02 h16 y58f7 ff3 fsf fc1 sc0 ls0 ws0\">and L<span class=\"_ _2\"></span>evel 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7cf h16 y58f7 ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"c xa04 y58f8 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022</div><div class=\"t m0 xa03 h1d6 y56f3 ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x9d6 h16 y58f7 ff3 fsf fc1 sc0 ls51 ws4b\">period<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h16 y58f9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa05 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d8 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d9 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x523 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa06 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa07 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa08 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y58fa ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets measured at fair v<span class=\"_ _5\"></span>alue<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y58fb ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58fc wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa09 y58fc w548 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">237<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0a y58fc w1cd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(85<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0b y58fc w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0c y58fc w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0d y58fc w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0e y58fc w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0f y58fc w461 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">152<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa10 y58fc w1cd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(85<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y58fd ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets d<span class=\"_ _2\"></span>esigna<span class=\"_ _2\"></span>ted at FV<span class=\"_ _2\"></span>TPL up<span class=\"_ _2\"></span>on </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y58fe ff3 fs7 fc1 sc0 ls1c ws1a\">initial recog<span class=\"_ _2\"></span>nition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57ab wef h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa11 y57ab w549 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls4b ws122\">1<span class=\"_ _2\"></span>,899<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa12 y57ab w54a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa13 y57ab w240 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">438<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa14 y57ab w24e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">(369<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa15 y57ab w365 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa16 y57ab w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa17 y57ab w10f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">2,192<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa18 y57ab w372 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5746 wf8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa19 y5746 w54b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">12<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>452<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1a y5746 w54c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(3<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>44)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1b y5746 w54d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">6,<span class=\"_ _2\"></span>838<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1c y5746 w43f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1d y5746 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1e y5746 w364 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1f y5746 w48f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _2\"></span>,465<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa20 y5746 w238 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,<span class=\"_ _2\"></span>595)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5899 wfc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa21 y5899 w4f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa22 y5899 w54e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(79<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa23 y5899 w112 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">108<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa24 y5899 w54f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa25 y5899 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa26 y5899 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa27 y5899 wf7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa28 y5899 w550 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xa29 y561d w551 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">14<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2a y561d w225 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,<span class=\"_ _2\"></span>44<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2b y561d w552 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _19\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2c y561d w261 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(4<span class=\"_ _2\"></span>,649<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2d y561d w1d7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2e y561d w80 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2f y561d w553 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">13,<span class=\"_ _2\"></span>96<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa30 y561d w554 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">(3,656)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w555 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial assets measured at fair<span class=\"_ _5\"></span> value<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa31 y55ef w556 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>74<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa32 y55ef w452 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa33 y55ef w557 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa34 y55ef w9f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(4,6<span class=\"_ _2\"></span>49)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa35 y55ef w1d7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa36 y55ef w252 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa37 y55ef w73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">14<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5d9 y55ef w558 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>741<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs47c\">1 <span class=\"_ _b3\"> </span>Total fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s of \u00a314<span class=\"_ _2\"></span>,12<span class=\"_ _2\"></span>1 millio<span class=\"_ _2\"></span>n incl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>s \u00a378<span class=\"_ _2\"></span>9 millio<span class=\"_ _2\"></span>n cla<span class=\"_ _2\"></span>ssifi<span class=\"_ _2\"></span>ed as h<span class=\"_ _2\"></span>eld fo<span class=\"_ _2\"></span>r sale<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"gs47d\"><table class=\"s w559 h2c9\" id=\"_80db2b02-2e38-450a-a4b9-967b0d4f3339\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x9f5 h16 y58ff ff3 fsf fc1 sc0 ls82 ws77\">Unrealis<span class=\"_ _2\"></span>ed </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x23f h16 y5900 ff3 fsf fc1 sc0 ls0 ws0\">los<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>s on </td></tr><tr><td></td><td></td><td class=\"t m0 x9f6 h16 y5901 ff3 fsf fc1 sc0 ls0 ws0\">Ne<span class=\"_ _2\"></span>t loss<span class=\"_ _2\"></span>es in </td><td></td><td></td><td class=\"t m0 x75f h16 y5901 ff3 fsf fc1 sc0 ls17 ws15\">T<span class=\"_ _7\"></span>rans<span class=\"_ _2\"></span>fers fr<span class=\"_ _5\"></span>om<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9fa h16 y5901 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>ran<span class=\"_ _2\"></span>sfe<span class=\"_ _2\"></span>rs to </td><td class=\"t m0 x9cd h16 y5901 ff3 fsf fc1 sc0 ls0 ws0\">At </td><td class=\"t m0 x9fb h16 y5902 ff3 fsf fc1 sc0 ls82 ws77\">liabilities he<span class=\"_ _2\"></span>ld </td></tr><tr><td></td><td class=\"t m0 x9fc h16 y5903 ff3 fsf fc1 sc0 ls0 ws0\">At 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y </td><td class=\"t m0 x9f9 h16 y5903 ff3 fsf fc1 sc0 lse1 wscb\">income<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 xa38 h16 y5903 ff3 fsf fc1 sc0 ls17 ws15\">Sales/</td><td class=\"t m0 xa02 h16 y5903 ff3 fsf fc1 sc0 ls0 ws0\"> Leve<span class=\"_ _2\"></span>l 1 and </td><td class=\"t m0 x9fd h16 y5903 ff3 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1 and </td><td class=\"t m0 x79a h16 y5903 ff3 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td><td class=\"t m0 x23f h16 y5904 ff3 fsf fc1 sc0 ls0 ws0\">at en<span class=\"_ _2\"></span>d of </td></tr><tr><td></td><td class=\"t m0 x9fe h16 y5905 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9ff h16 y5905 ff3 fsf fc1 sc0 ls83 ws78\">statement<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa00 h16 y5905 ff3 fsf fc1 sc0 ls84 ws79\">Purchases<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5b9 h16 y5905 ff3 fsf fc1 sc0 ls83 ws78\">Repayments<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x520 h16 y5905 ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7cf h16 y5905 ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"c xa04 y5906 w3a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022</div><div class=\"t m0 xa03 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x9d6 h16 y5907 ff3 fsf fc1 sc0 ls51 ws4b\">period<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h16 y5908 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa05 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d8 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d9 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x523 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa06 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa07 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa08 h16 y5909 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5909 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y590a ff7 fs7 fc1 sc0 ls68 ws5c\">Financial liabili<span class=\"_ _5\"></span>ties measured at fai<span class=\"_ _5\"></span>r value<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y590b ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties man<span class=\"_ _2\"></span>datorily he<span class=\"_ _2\"></span>ld </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y590c ff3 fs7 fc1 sc0 ls0 ws0\">at<span class=\"_ gs132\"> </span>FV<span class=\"_ _2\"></span>TPL<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y590d wea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa39 y590d we1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">1<span class=\"_ _2\"></span>25<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3a y590d we2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls4b ws122\">130<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3b y590d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3c y590d w135 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3d y590d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3e y590d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3f y590d w4a4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa40 y590d w2a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">123<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y590e ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y590f ff3 fs7 fc1 sc0 ls1c ws1a\">upon initial recog<span class=\"_ _2\"></span>nition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5910 w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa41 y5910 w357 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c4 ws1c4\">70<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa42 y5910 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa43 y5910 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa44 y5910 w1d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(15)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa45 y5910 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa46 y5910 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa47 y5910 w44a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa48 y5910 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55ef w545 h2ca\"><div class=\"t m0 x1e6 he y5654 ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial liabil<span class=\"_ _5\"></span>ities measured at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">fair<span class=\"_ gs234\"> </span><span class=\"_ _5\"></span>value<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa49 y55ef w55a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">195<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4a y55ef w55b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">1<span class=\"_ _2\"></span>39<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4b y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4c y55ef w55c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4d y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4e y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4f y55ef w239 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">307<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa50 y55ef w40f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">1<span class=\"_ _2\"></span>32<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs47e\">Gains a<span class=\"_ _2\"></span>nd los<span class=\"_ _2\"></span>ses on Level 3 fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts are inc<span class=\"_ _2\"></span>luded in n<span class=\"_ _2\"></span>et investme<span class=\"_ _2\"></span>nt incom<span class=\"_ _2\"></span>e in the cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt. The<span class=\"_ _2\"></span>re were no </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs47f\">gain<span class=\"_ _2\"></span>s or loss<span class=\"_ _2\"></span>es rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me in eithe<span class=\"_ _2\"></span>r the current o<span class=\"_ _2\"></span>r compar<span class=\"_ _2\"></span>ative perio<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-673": {
   "value": "E1<span class=\"_ _2\"></span>.1 F<span class=\"_ _5\"></span>air va<span class=\"_ _2\"></span>lue an<span class=\"_ _2\"></span>alysi<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>The t<span class=\"_ _2\"></span>able bel<span class=\"_ _2\"></span>ow sets o<span class=\"_ _2\"></span>ut a compa<span class=\"_ _2\"></span>rison of the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unts and fa<span class=\"_ _2\"></span>ir values of finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts as at 31<span class=\"_ gs132\"> </span>D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber<span class=\"_ gs132\"> </span>2023<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span><table class=\"s w41a h2b6\" id=\"_13834b01-de4a-4029-89ba-7e601db54fc4\"><tr><td></td><td></td><td></td><td class=\"t m0 x797 h3f y57cb ff7 fsf fc1 sc0 ls5b ws76\">Carrying value<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x798 h3f y57cc ff7 fsf fc1 sc0 ls0 ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s due fo<span class=\"_ _2\"></span>r </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x2c2 h3f y57cd ff7 fsf fc1 sc0 ls5b ws76\">settlement after 12<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x799 h3f y57ce ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79a h3f y57ce ff7 fsf fc1 sc0 ls70 ws67\">months<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79b h3f y57ce ff7 fsf fc1 sc0 ls81 ws75\">Fair<span class=\"_ _5\"></span> value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h3f y57cf ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x524 h3f y57cf ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y57cf ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y57cf ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y57d0 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y57d1 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at fa<span class=\"_ _2\"></span>ir value throu<span class=\"_ _2\"></span>gh profit or los<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>FV<span class=\"_ _2\"></span>TPL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>):<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57d2 we8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x79c y57d2 w2a4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">2<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x79d y57d2 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x79e y57d2 w2a4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">2<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57d3 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x79f y57d3 w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a0 y57d3 w393 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">2,338<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a1 y57d3 w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57d4 ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7a2 y55e8 w41b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">8<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a3 y55e8 w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a4 y55e8 w41c h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">8<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57d5 ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment in as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>te<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7a5 hd y57d6 ff3 fs7 fc1 sc0 ls0 ws0\">(see n<span class=\"_ _2\"></span>ote H4)<span class=\"_ _3bc\"> </span></td><td class=\"c n x7a6 y5774 w1b7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">349<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a7 y5774 w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a8 y5774 w1b7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">349<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57d7 wf8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7a9 y57d7 w41d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7aa y57d7 w41e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">79,9<span class=\"_ _2\"></span>94<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ab y57d7 w41f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57d8 ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7a2 y5775 w420 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">7<span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ac y5775 w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ad y5775 w420 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">7<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>937<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57d9 ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers' sha<span class=\"_ _2\"></span>re of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7ae y57ab w421 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>,70<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7af y57ab w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7b0 y57ab wec h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57da ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57db we8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b1 y57db w422 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x707 y57db w422 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7b2 y57db w422 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57dc w423 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">T<span class=\"_ _7\"></span>otal financial asset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b3 y57dc w424 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb2 wse8\">2<span class=\"_ _6\"></span>75,444<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b4 y57dc w425 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb2 wse8\">2<span class=\"_ _5\"></span>7<span class=\"_ _5\"></span>5,444<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57dd ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as fina<span class=\"_ _2\"></span>ncial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s held for s<span class=\"_ _2\"></span>ale (see note H<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7b5 y561e w426 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(2,<span class=\"_ _2\"></span>498<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b6 y561e w427 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(<span class=\"_ _2\"></span>2,49<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w428 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial assets less financial assets classified as held for<span class=\"_ _5\"></span> sale<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b7 y55ef w429 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b8 y55ef w42a h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span><table class=\"s w42b h2b7\" id=\"_4638db2d-2c37-45aa-9d81-5d316786d41b\"><tr><td></td><td></td><td class=\"t m0 x797 h3f y57de ff7 fsf fc1 sc0 ls5b ws76\">Carrying value<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x798 h3f y57df ff7 fsf fc1 sc0 ls0 ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s due fo<span class=\"_ _2\"></span>r </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x2c2 h3f y57e0 ff7 fsf fc1 sc0 ls5b ws76\">settlement after 12<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 x799 h3f y57e1 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79a h3f y57e1 ff7 fsf fc1 sc0 ls70 ws67\">months<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79b h3f y57e1 ff7 fsf fc1 sc0 ls81 ws75\">Fair<span class=\"_ _5\"></span> value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h3f y57e2 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y57e2 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y57e2 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y57e2 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y57e3 ff7 fs7 fc1 sc0 ls61 ws5f\">Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y57e4 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties man<span class=\"_ _2\"></span>datorily he<span class=\"_ _2\"></span>ld at FV<span class=\"_ _2\"></span>TPL:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57d3 wea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7b9 y57d3 w42c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,34<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ba y57d3 w311 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>976<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7bb y57d3 w161 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,34<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57e5 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL upon initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57e6 w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7bc y57e6 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7bd y57e6 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7be y57e6 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57e7 ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ae y55fd w196 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7bf y55fd w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c0 y55fd w196 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>921<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57e8 ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></td><td class=\"c n x2f8 y5775 w42d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c1 y5775 w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c2 y5775 w42e h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57e9 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties mea<span class=\"_ _2\"></span>sured at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57ea w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c3 y57ea w42f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c4 y57ea w2a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,75<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c5 y57ea wec h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57db w16a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x309 y57db w16b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1,0<span class=\"_ _2\"></span>05<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c6 y57db w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c7 y57db w430 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1<span class=\"_ _2\"></span>,005<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57dc w431 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c8 y57dc w432 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _2\"></span>3,<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7c9 y57dc w433 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">173,838<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57eb ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as fina<span class=\"_ _2\"></span>ncial liab<span class=\"_ _2\"></span>ilities hel<span class=\"_ _2\"></span>d for sale (se<span class=\"_ _2\"></span>e note H3)<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ca y561e w434 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7cb y561e w434 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w435 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial liabil<span class=\"_ _5\"></span>ities less financial l<span class=\"_ _5\"></span>iabilities<span class=\"_ _5\"></span> held for<span class=\"_ _5\"></span> sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7cc y55ef w436 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">169,16<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7cd y55ef w437 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1af ws1ab\">169,056<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>1 <span class=\"_ _1b\"> </span><span class=\"ws0\">Th<span class=\"_ _2\"></span>ese a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s have n<span class=\"_ _2\"></span>o spe<span class=\"_ _2\"></span>cifie<span class=\"_ _2\"></span>d set<span class=\"_ _2\"></span>tle<span class=\"_ _2\"></span>ment d<span class=\"_ _2\"></span>ate.<span class=\"_ _3bc\"> </span></span>2 <span class=\"_ _9\"> </span><span class=\"ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s cla<span class=\"_ _2\"></span>ssifi<span class=\"_ _2\"></span>ed as fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts he<span class=\"_ _2\"></span>ld for s<span class=\"_ _2\"></span>ale in<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>e deri<span class=\"_ _2\"></span>vative<span class=\"_ _2\"></span>s of \u00a33 mi<span class=\"_ _2\"></span>llion<span class=\"_ _2\"></span>, eq<span class=\"_ _2\"></span>uitie<span class=\"_ _2\"></span>s of \u00a328 m<span class=\"_ _2\"></span>illio<span class=\"_ _2\"></span>n, de<span class=\"_ _2\"></span>bt sec<span class=\"_ _2\"></span>urit<span class=\"_ _2\"></span>ies of \u00a3<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>411 mill<span class=\"_ _2\"></span>ion, c<span class=\"_ _2\"></span>olle<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ve inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>es of \u00a31<span class=\"_ _2\"></span>,02<span class=\"_ _2\"></span>8 milli<span class=\"_ _2\"></span>on and r<span class=\"_ _2\"></span>eins<span class=\"_ _2\"></span>urer<span class=\"_ _2\"></span>s\u2019 </span>share of investme<span class=\"_ _2\"></span>nt contract liabilit<span class=\"_ _2\"></span>ies of \u00a328 million.<span class=\"_ _3bc\"> </span>3 <span class=\"_ _9\"> </span><span class=\"ls102 ws77\">Amount<span class=\"_ _2\"></span>s classifie<span class=\"_ _2\"></span>d as financial liabilitie<span class=\"_ _2\"></span>s held for sale include der<span class=\"_ _2\"></span>ivative liabilities of \u00a32 million and investm<span class=\"_ _2\"></span>ent contract liab<span class=\"_ _2\"></span>ilities of \u00a3<span class=\"_ _7\"></span>4<span class=\"_ _2\"></span>,780 million<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></span><table class=\"s w438 h2b8\" id=\"_ae3bcf0f-cac0-46b0-8978-a22ed4c0bb03\"><tr><td></td><td></td><td></td><td class=\"t m0 x799 h16 y57ec ff3 fsf fc1 sc0 ls17 ws15\">Carrying value<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x7ce h16 y57ed ff3 fsf fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>s due for </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x7cf h16 y57ee ff3 fsf fc1 sc0 ls0 ws0\">set<span class=\"_ _2\"></span>tl<span class=\"_ _2\"></span>emen<span class=\"_ _2\"></span>t afte<span class=\"_ _2\"></span>r 12 </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x799 h16 y57ef ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79a h16 y57ef ff3 fsf fc1 sc0 ls82 ws77\">months<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x485 h16 y57ef ff3 fsf fc1 sc0 ls17 ws15\">Fair value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y57f0 w2a6 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"t m0 x524 h16 y57f1 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y57f1 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y57f1 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y57f2 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y57f3 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57a4 w439 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Hel<span class=\"_ _2\"></span>d for trading \u2013 d<span class=\"_ _2\"></span>erivatives<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7d0 y57a4 w10d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4,<span class=\"_ _2\"></span>071<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d1 y57a4 w103 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">3,35<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d2 y57a4 w43a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,071<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57f4 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets d<span class=\"_ _2\"></span>esigna<span class=\"_ _2\"></span>ted at FV<span class=\"_ _2\"></span>TPL up<span class=\"_ _2\"></span>on initial re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x7d3 hd y57f5 ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7a2 y57f6 w43b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">76<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d4 y57f6 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d5 y57f6 w43c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">76<span class=\"_ _3\"></span>,78<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7d3 hd y57f7 ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment in as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>te<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7d6 hd y57f8 ff3 fs7 fc1 sc0 ls0 ws0\">(see n<span class=\"_ _2\"></span>ote H4)<span class=\"_ _3bc\"> </span></td><td class=\"c n x7a6 y5774 wf6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">329<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d7 y5774 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d8 y5774 w1e1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">329<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x242 y55fd wf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7d9 y55fd w43d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">8<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>,71<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7da y55fd w43e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">70,115<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7db y55fd w43f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">8<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>,71<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7d3 hd y57f9 ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7a2 y57fa w440 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">78,3<span class=\"_ _5\"></span>53<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7dc y57fa w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7dd y57fa w441 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">78,353<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7d3 hd y57fb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers' sha<span class=\"_ _2\"></span>re of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment cont<span class=\"_ _2\"></span>ract lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7ae y57ab w102 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,0<span class=\"_ _2\"></span>90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7de y57ab w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7df y57ab w369 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,09<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57fc ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5747 we8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x79c y5747 we9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">268<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7e0 y5747 w442 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c8 ws1c8\">89<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7e1 y5747 w2eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">26<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 w423 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">T<span class=\"_ _7\"></span>otal financial asset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e2 y5600 w443 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e3 y5600 w443 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57fd ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as fina<span class=\"_ _2\"></span>ncial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s held for s<span class=\"_ _2\"></span>ale (see note H<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7ca y5601 w444 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(4,6<span class=\"_ _2\"></span>29)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e4 y5601 w444 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(4,<span class=\"_ _2\"></span>629)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w428 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial assets less financial assets classified as held for<span class=\"_ _5\"></span> sale<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e5 y55ef w105 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e6 y55ef w445 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>97<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr></table>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span><table class=\"s w446 h2b9\" id=\"_29ac56bb-dcae-42ef-a8ca-4619095635d3\"><tr><td></td><td class=\"t m0 x5e7 h16 y57fe ff3 fsf fc1 sc0 ls17 ws15\">Carrying value<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x7e7 h16 y57ff ff3 fsf fc1 sc0 ls82 ws77\">Amount<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x48b h16 y5800 ff3 fsf fc1 sc0 ls17 ws15\">due for<span class=\"_ _5\"></span> settlem<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x5e7 h16 y5801 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x559 h16 y5801 ff3 fsf fc1 sc0 ls0 ws0\">af<span class=\"_ _2\"></span>ter 12 m<span class=\"_ _2\"></span>onth<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7e8 h16 y5801 ff3 fsf fc1 sc0 ls17 ws15\">Fair value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y5802 w447 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x7e9 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x4c3 h16 y5803 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h16 y5803 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5803 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y5804 ff7 fs7 fc1 sc0 ls61 ws5f\">Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5805 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties man<span class=\"_ _2\"></span>datorily he<span class=\"_ _2\"></span>ld at FV<span class=\"_ _2\"></span>TPL:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5617 w439 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Hel<span class=\"_ _2\"></span>d for trading \u2013 d<span class=\"_ _2\"></span>erivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ea y5617 w224 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">5,87<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7eb y5617 w448 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">5,1<span class=\"_ _2\"></span>18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ec y5617 w449 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">5,879<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7ed hd y5806 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated up<span class=\"_ _2\"></span>on initial re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x7ee y5774 w15f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ef y5774 w201 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f0 y5774 w44a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f1 y5774 w201 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7f2 hd y5807 ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"c n x2a5 y55fd w44b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,0<span class=\"_ _3\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f3 y55fd w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f4 y55fd w169 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7f2 hd y5808 ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></td><td class=\"c n x7f5 y5775 w44c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">149<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>481<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f6 y5775 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f7 y5775 w44d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">14<span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5809 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties mea<span class=\"_ _2\"></span>sured at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5746 w15f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f8 y5746 w44e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d9 ws1d9\">3,<span class=\"_ _2\"></span>916<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f9 y5746 w44f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,648<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7fa y5746 w2a7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,<span class=\"_ _2\"></span>64<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5747 w16a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7fb y5747 w16c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7fc y5747 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7fd y5747 w16c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w431 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c8 y561d w450 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _2\"></span>4,0<span class=\"_ _2\"></span>88<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7fe y561d w451 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">163,816<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y580a ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as fina<span class=\"_ _2\"></span>ncial liab<span class=\"_ _2\"></span>ilities hel<span class=\"_ _2\"></span>d for sale<span class=\"_ _2\"></span>(see note H3<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ff y561e w452 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>316<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x800 y561e w453 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w454 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial liabil<span class=\"_ _5\"></span>ities less financial l<span class=\"_ _5\"></span>iabilities<span class=\"_ _5\"></span> held for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x801 y55ef w455 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _2\"></span>55<span class=\"_ _2\"></span>,7<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x802 y55ef w456 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">155,<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr></table>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>1 <span class=\"_ _1b\"> </span><span class=\"ws0\">Pri<span class=\"_ _2\"></span>or per<span class=\"_ _2\"></span>iod c<span class=\"_ _2\"></span>ompa<span class=\"_ _2\"></span>rati<span class=\"_ _2\"></span>ves hav<span class=\"_ _2\"></span>e bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tra<span class=\"_ _2\"></span>nsit<span class=\"_ _2\"></span>ion to I<span class=\"_ _2\"></span>FRS 17 </span>Insurance Cont<span class=\"_ _5\"></span>racts (se<span class=\"_ _2\"></span>e note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s).<span class=\"_ _3bc\"> </span>2 <span class=\"_ _9\"> </span><span class=\"ws0\">Th<span class=\"_ _2\"></span>ese a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d liab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es have n<span class=\"_ _2\"></span>o spe<span class=\"_ _2\"></span>cifie<span class=\"_ _2\"></span>d set<span class=\"_ _2\"></span>tle<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t date.<span class=\"_ _3bc\"> </span></span>3 <span class=\"_ _9\"> </span><span class=\"ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>ed as fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s hel<span class=\"_ _2\"></span>d for sa<span class=\"_ _2\"></span>le inc<span class=\"_ _2\"></span>lude d<span class=\"_ _2\"></span>eriv<span class=\"_ _2\"></span>ative<span class=\"_ _2\"></span>s of \u00a33 mi<span class=\"_ _2\"></span>llion<span class=\"_ _2\"></span>, equ<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s of \u00a343 mill<span class=\"_ _2\"></span>ion, d<span class=\"_ _2\"></span>ebt s<span class=\"_ _2\"></span>ecur<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s of \u00a31<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>94 mil<span class=\"_ _2\"></span>lion<span class=\"_ _2\"></span>, coll<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ive inve<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ent sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>es of \u00a32<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>4 milli<span class=\"_ _2\"></span>on and </span>reinsurer<span class=\"_ _2\"></span>s\u2019 share of inv<span class=\"_ _5\"></span>est<span class=\"_ _2\"></span>ment contrac<span class=\"_ _2\"></span>t liabilities of \u00a325 million.<span class=\"_ _3bc\"> </span>4 <span class=\"_ _9\"> </span><span class=\"ls102 ws77\">Amount<span class=\"_ _2\"></span>s classifie<span class=\"_ _2\"></span>d as financial liabilitie<span class=\"_ _2\"></span>s held for sale include deri<span class=\"_ _2\"></span>vative liabilities of \u00a3<span class=\"_ _5\"></span>4 million and investm<span class=\"_ _2\"></span>ent contract liab<span class=\"_ _2\"></span>ilities of \u00a38,3<span class=\"_ _2\"></span>12 million<span class=\"_ _3bc\"> </span></span>E2<span class=\"_ _2\"></span>. Fair val<span class=\"_ _2\"></span>ue hier<span class=\"_ _2\"></span>archy<span class=\"_ _3bc\"> </span>E2<span class=\"_ _2\"></span>.1 Dete<span class=\"_ _2\"></span>rminat<span class=\"_ _2\"></span>ion of fa<span class=\"_ _2\"></span>ir valu<span class=\"_ _2\"></span>e and fa<span class=\"_ _2\"></span>ir value h<span class=\"_ _2\"></span>iera<span class=\"_ _2\"></span>rchy of fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial ins<span class=\"_ _2\"></span>trum<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>Level 1 fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir value of financ<span class=\"_ _2\"></span>ial inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s trade<span class=\"_ _2\"></span>d in active m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et<span class=\"_ _2\"></span>s (such as excha<span class=\"_ _2\"></span>nge tra<span class=\"_ _2\"></span>ded se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s and deri<span class=\"_ _2\"></span>vatives) is bas<span class=\"_ _2\"></span>ed on quote<span class=\"_ _2\"></span>d market price<span class=\"_ _2\"></span>s at the pe<span class=\"_ _2\"></span>riod end p<span class=\"_ _2\"></span>rovided by re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed pric<span class=\"_ _2\"></span>ing ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s. Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et depth a<span class=\"_ _2\"></span>nd bid-a<span class=\"_ _2\"></span>sk sprea<span class=\"_ _2\"></span>ds are use<span class=\"_ _2\"></span>d to corrobo<span class=\"_ _2\"></span>rate whethe<span class=\"_ _2\"></span>r an ac<span class=\"_ _2\"></span>tive market exist<span class=\"_ _2\"></span>s for an ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>. Greater de<span class=\"_ _2\"></span>pth and na<span class=\"_ _2\"></span>rrower bid-a<span class=\"_ _2\"></span>sk sprea<span class=\"_ _2\"></span>d indicate hig<span class=\"_ _2\"></span>her liquidi<span class=\"_ _2\"></span>ty in th<span class=\"_ _2\"></span>e instrum<span class=\"_ _2\"></span>ent and are c<span class=\"_ _2\"></span>lass<span class=\"_ _2\"></span>ed as Level 1 input<span class=\"_ _2\"></span>s. For c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investme<span class=\"_ _2\"></span>nt sche<span class=\"_ _2\"></span>mes and re<span class=\"_ _2\"></span>insurer<span class=\"_ _2\"></span>s\u2019 share of investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>ct liabiliti<span class=\"_ _2\"></span>es, f<span class=\"_ _2\"></span>air value is by referen<span class=\"_ _2\"></span>ce to publis<span class=\"_ _2\"></span>hed bid p<span class=\"_ _2\"></span>rices<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Level 2 fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts trad<span class=\"_ _2\"></span>ed in ac<span class=\"_ _2\"></span>tive markets with le<span class=\"_ _2\"></span>ss depth<span class=\"_ _2\"></span>, or wide<span class=\"_ _2\"></span>r bid-ask s<span class=\"_ _2\"></span>preads<span class=\"_ _2\"></span>, which d<span class=\"_ _2\"></span>o not mee<span class=\"_ _2\"></span>t the clas<span class=\"_ _2\"></span>sificat<span class=\"_ _2\"></span>ion as Level 1 inpu<span class=\"_ _2\"></span>ts, are cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as Level 2. The f<span class=\"_ _2\"></span>air values of fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts not tra<span class=\"_ _2\"></span>ded in ac<span class=\"_ _2\"></span>tive markets are d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d using broker quote<span class=\"_ _2\"></span>s or valuatio<span class=\"_ _2\"></span>n tech<span class=\"_ _2\"></span>niques with o<span class=\"_ _2\"></span>bser<span class=\"_ _2\"></span>vable m<span class=\"_ _2\"></span>arket inputs<span class=\"_ _2\"></span>. Finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s value<span class=\"_ _2\"></span>d using broker quotes a<span class=\"_ _2\"></span>re clas<span class=\"_ _2\"></span>sified as Level 2<span class=\"_ _2\"></span>, only whe<span class=\"_ _2\"></span>re there is a suf<span class=\"_ _2\"></span>ficient ra<span class=\"_ _2\"></span>nge of availabl<span class=\"_ _2\"></span>e quotes. T<span class=\"_ _2\"></span>he fair valu<span class=\"_ _2\"></span>e of ov<span class=\"_ _5\"></span>er-the<span class=\"_ _2\"></span>-co<span class=\"_ _2\"></span>unter derivative<span class=\"_ _2\"></span>s is estim<span class=\"_ _2\"></span>ated usin<span class=\"_ _2\"></span>g pricing m<span class=\"_ _2\"></span>odels or di<span class=\"_ _2\"></span>scounte<span class=\"_ _2\"></span>d cash fl<span class=\"_ _2\"></span>ow tech<span class=\"_ _2\"></span>niques<span class=\"_ _2\"></span>. Colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>hemes w<span class=\"_ _2\"></span>here the un<span class=\"_ _2\"></span>derlying a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s are not pric<span class=\"_ _2\"></span>ed usin<span class=\"_ _2\"></span>g active m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et pric<span class=\"_ _2\"></span>es are deter<span class=\"_ _2\"></span>mined to be Leve<span class=\"_ _2\"></span>l 2 ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s. Whe<span class=\"_ _2\"></span>re pricing m<span class=\"_ _2\"></span>odels a<span class=\"_ _2\"></span>re used<span class=\"_ _2\"></span>, inputs a<span class=\"_ _2\"></span>re base<span class=\"_ _2\"></span>d on market relate<span class=\"_ _2\"></span>d data at the p<span class=\"_ _2\"></span>eriod e<span class=\"_ _2\"></span>nd. Whe<span class=\"_ _2\"></span>re disco<span class=\"_ _2\"></span>unted cas<span class=\"_ _2\"></span>h flows are<span class=\"_ gs132\"> </span>use<span class=\"_ _2\"></span>d, es<span class=\"_ _2\"></span>timated f<span class=\"_ _2\"></span>uture ca<span class=\"_ _2\"></span>sh flows are b<span class=\"_ _2\"></span>ased on m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>\u2019s best e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>s and the dis<span class=\"_ _2\"></span>count rate us<span class=\"_ _2\"></span>ed is a ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et relate<span class=\"_ _2\"></span>d rate for<span class=\"_ gs132\"> </span>a<span class=\"_ gs132\"> </span>similar in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ent. Th<span class=\"_ _2\"></span>e fair value of inves<span class=\"_ _2\"></span>tment cont<span class=\"_ _2\"></span>ract lia<span class=\"_ _2\"></span>bilities refle<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s the fair value of th<span class=\"_ _2\"></span>e underly<span class=\"_ _2\"></span>ing ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabilities in th<span class=\"_ _2\"></span>e funds plus an a<span class=\"_ _2\"></span>dditiona<span class=\"_ _2\"></span>l amount to cover t<span class=\"_ _2\"></span>he prese<span class=\"_ _2\"></span>nt value of the exce<span class=\"_ _2\"></span>ss of fut<span class=\"_ _2\"></span>ure policy c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s over future ch<span class=\"_ _2\"></span>arges<span class=\"_ _2\"></span>. The liabili<span class=\"_ _2\"></span>ties are con<span class=\"_ _2\"></span>sequ<span class=\"_ _2\"></span>ently determin<span class=\"_ _2\"></span>ed to be Level 2 in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Level 3 fin<span class=\"_ _2\"></span>ancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l instrum<span class=\"_ _2\"></span>ents de<span class=\"_ _2\"></span>termined by va<span class=\"_ _2\"></span>luation tec<span class=\"_ _2\"></span>hnique<span class=\"_ _2\"></span>s using non<span class=\"_ _2\"></span>-obse<span class=\"_ _2\"></span>rvabl<span class=\"_ _2\"></span>e market input<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on a comb<span class=\"_ _2\"></span>ination of<span class=\"_ gs132\"> </span>indep<span class=\"_ _2\"></span>endent t<span class=\"_ _2\"></span>hird par<span class=\"_ _2\"></span>ty evi<span class=\"_ _2\"></span>dence a<span class=\"_ _2\"></span>nd internall<span class=\"_ _2\"></span>y develope<span class=\"_ _2\"></span>d mode<span class=\"_ _2\"></span>ls. In re<span class=\"_ _2\"></span>lation to invest<span class=\"_ _2\"></span>ments in h<span class=\"_ _2\"></span>edge f<span class=\"_ _2\"></span>unds and p<span class=\"_ _2\"></span>rivate equit<span class=\"_ _2\"></span>y investm<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, non-<span class=\"_ _2\"></span>obser<span class=\"_ _2\"></span>vable t<span class=\"_ _2\"></span>hird par<span class=\"_ _2\"></span>ty evi<span class=\"_ _2\"></span>dence in th<span class=\"_ _2\"></span>e form of net as<span class=\"_ _2\"></span>set valua<span class=\"_ _2\"></span>tion sta<span class=\"_ _2\"></span>tements i<span class=\"_ _2\"></span>s used a<span class=\"_ _2\"></span>s the basis fo<span class=\"_ _2\"></span>r the valuatio<span class=\"_ _2\"></span>n. Adju<span class=\"_ _2\"></span>stment<span class=\"_ _2\"></span>s may be m<span class=\"_ _2\"></span>ade to the ne<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>t valuation wh<span class=\"_ _2\"></span>ere other evi<span class=\"_ _2\"></span>dence<span class=\"_ _2\"></span>, for example re<span class=\"_ _2\"></span>cent sa<span class=\"_ _2\"></span>les of the und<span class=\"_ _2\"></span>erlying inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s in the<span class=\"_ gs132\"> </span>fund<span class=\"_ _2\"></span>, indic<span class=\"_ _2\"></span>ates this is re<span class=\"_ _2\"></span>quired. S<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties that are va<span class=\"_ _2\"></span>lued usin<span class=\"_ _2\"></span>g broker quotes whic<span class=\"_ _2\"></span>h could n<span class=\"_ _2\"></span>ot be corrob<span class=\"_ _2\"></span>orated a<span class=\"_ _2\"></span>cross a s<span class=\"_ _2\"></span>uffici<span class=\"_ _2\"></span>ent rang<span class=\"_ _2\"></span>e<span class=\"_ gs132\"> </span>of quotes are con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d as Level 3. For a s<span class=\"_ _2\"></span>mall numb<span class=\"_ _2\"></span>er of investme<span class=\"_ _2\"></span>nt vehicle<span class=\"_ _2\"></span>s and debt se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s, s<span class=\"_ _2\"></span>tanda<span class=\"_ _2\"></span>rd valuation m<span class=\"_ _2\"></span>odels a<span class=\"_ _2\"></span>re used<span class=\"_ _2\"></span>, as due to their nature a<span class=\"_ _2\"></span>nd comp<span class=\"_ _2\"></span>lexit<span class=\"_ _2\"></span>y they have no ex<span class=\"_ _2\"></span>terna<span class=\"_ _2\"></span>l market. Inp<span class=\"_ _2\"></span>uts into suc<span class=\"_ _2\"></span>h model<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on obse<span class=\"_ _2\"></span>rvab<span class=\"_ _2\"></span>le market data wh<span class=\"_ _2\"></span>ere applic<span class=\"_ _2\"></span>able. Th<span class=\"_ _2\"></span>e fair value of loa<span class=\"_ _2\"></span>ns, d<span class=\"_ _2\"></span>erivatives an<span class=\"_ _2\"></span>d some b<span class=\"_ _2\"></span>orrowing<span class=\"_ _2\"></span>s with no ex<span class=\"_ _2\"></span>ternal m<span class=\"_ _2\"></span>arket is determine<span class=\"_ _2\"></span>d by internally d<span class=\"_ _2\"></span>evelope<span class=\"_ _2\"></span>d disco<span class=\"_ _2\"></span>unted cas<span class=\"_ _2\"></span>h flow mode<span class=\"_ _2\"></span>ls using a<span class=\"_ _2\"></span>ppropriate a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns corrob<span class=\"_ _2\"></span>orated wi<span class=\"_ _2\"></span>th exter<span class=\"_ _2\"></span>nal market dat<span class=\"_ _2\"></span>a where pos<span class=\"_ _2\"></span>sible.<span class=\"_ _3bc\"> </span>For finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s that are re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed at fair v<span class=\"_ _2\"></span>alue on a rec<span class=\"_ _2\"></span>urring ba<span class=\"_ _2\"></span>sis, th<span class=\"_ _2\"></span>e Group deter<span class=\"_ _2\"></span>mines whe<span class=\"_ _2\"></span>ther tran<span class=\"_ _2\"></span>sfers h<span class=\"_ _2\"></span>ave occurre<span class=\"_ _2\"></span>d bet<span class=\"_ _2\"></span>ween l<span class=\"_ _2\"></span>evels in the hie<span class=\"_ _2\"></span>rarchy by re-<span class=\"_ _2\"></span>asse<span class=\"_ _2\"></span>ssing c<span class=\"_ _2\"></span>atego<span class=\"_ _2\"></span>risation (<span class=\"_ _2\"></span>base<span class=\"_ _2\"></span>d on the lowes<span class=\"_ _2\"></span>t level inpu<span class=\"_ _2\"></span>t that is signi<span class=\"_ _2\"></span>ficant to the fa<span class=\"_ _2\"></span>ir value me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt as a who<span class=\"_ _2\"></span>le) during eac<span class=\"_ _2\"></span>h repor<span class=\"_ _2\"></span>ting p<span class=\"_ _2\"></span>eriod.<span class=\"_ _3bc\"> </span>Fair value hi<span class=\"_ _2\"></span>erarchy informat<span class=\"_ _2\"></span>ion for non-fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts mea<span class=\"_ _2\"></span>sured at fa<span class=\"_ _2\"></span>ir value is incl<span class=\"_ _2\"></span>uded in note G3 for ow<span class=\"_ _2\"></span>ner-o<span class=\"_ _2\"></span>ccupie<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y and in note G4 for inves<span class=\"_ _2\"></span>tment pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty.<span class=\"_ _3bc\"> </span>The t<span class=\"_ _2\"></span>ables be<span class=\"_ _2\"></span>low sep<span class=\"_ _2\"></span>arately ide<span class=\"_ _2\"></span>ntify fin<span class=\"_ _2\"></span>ancial in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents c<span class=\"_ _2\"></span>arried at f<span class=\"_ _2\"></span>air value from th<span class=\"_ _2\"></span>ose me<span class=\"_ _2\"></span>asured o<span class=\"_ _2\"></span>n another b<span class=\"_ _2\"></span>asis but for w<span class=\"_ _2\"></span>hich fair value<span class=\"_ gs132\"> </span>is di<span class=\"_ _2\"></span>sclos<span class=\"_ _2\"></span>ed.<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span><table class=\"s w460 h2bb\" id=\"_875bba4f-ada3-4e1b-ba66-6d0ec7d8b512\"><tr><td></td><td class=\"t m0 x579 h3f y580e ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x80e h3f y580e ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ed h3f y580e ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 3<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x260 h3f y580e ff7 fsf fc1 sc0 lse3 wscd\">T<span class=\"_ _7\"></span>ot<span class=\"_ _2\"></span>al fair<span class=\"_ _5\"></span> value<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x55a h3f y580f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x25f h3f y580f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x80f h3f y580f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y580f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y5810 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets measured at fair v<span class=\"_ _5\"></span>alue<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5811 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5812 we8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x810 y5812 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x811 y5812 w461 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">231<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x812 y5812 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x813 y5812 w461 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">231<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5813 wea h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x814 y5813 w387 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">139<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x815 y5813 w1b8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">2,<span class=\"_ _2\"></span>398<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x816 y5813 we9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">232<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x817 y5813 w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5814 wef h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x818 y5814 w462 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">85,0<span class=\"_ _2\"></span>29<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x819 y5814 w197 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">1<span class=\"_ _2\"></span>32<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81a y5814 w1b6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">2<span class=\"_ _2\"></span>,49<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81b y5814 w41b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">8<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5815 wf3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment in as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>te<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81c y5815 wf5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">3<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81d y5815 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81e y5815 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x81f y5815 w149 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">3<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5816 wf8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x820 y5816 w463 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">45<span class=\"_ _2\"></span>,529<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x821 y5816 w464 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">35,<span class=\"_ _2\"></span>438<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x822 y5816 w465 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">13,818<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x823 y5816 w41d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5817 wfc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x824 y5817 w466 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">76,<span class=\"_ _2\"></span>34<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x825 y5817 w467 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">3,1<span class=\"_ _2\"></span>93<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x826 y5817 w468 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">4<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x827 y5817 w420 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">79<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5818 w100 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers' sha<span class=\"_ _2\"></span>re of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment cont<span class=\"_ _2\"></span>ract lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x828 y5818 w421 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>,70<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x829 y5818 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82a y5818 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82b y5818 w421 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5819 w469 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82c y5819 w46a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">21<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82d y5819 w43e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82e y5819 w46b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">16,9<span class=\"_ _2\"></span>46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82f y5819 w46c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">275<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>427<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57ea w46d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x830 y57ea w46e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(1,6<span class=\"_ _2\"></span>39)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x831 y57ea w46f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">(1<span class=\"_ _2\"></span>81)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x832 y57ea w470 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">(<span class=\"_ _2\"></span>678)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x833 y57ea w426 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>498)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y581a w471 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue, exclu<span class=\"_ _2\"></span>ding amount<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s held for s<span class=\"_ _2\"></span>ale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x834 y581a w472 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">2<span class=\"_ _5\"></span>15,450<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x835 y581a w473 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x836 y581a w474 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls32 ws149\">16,268<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x837 y581a w475 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y581b ff7 fs7 fc1 sc0 ls0 ws0\">Fina<span class=\"_ _2\"></span>ncia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d at amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed co<span class=\"_ _2\"></span>st for whi<span class=\"_ _2\"></span>ch fair val<span class=\"_ _2\"></span>ues are d<span class=\"_ _2\"></span>isclo<span class=\"_ _2\"></span>sed<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y581c we8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x838 y581c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x839 y581c w2f6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83a y581c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83b y581c w2f6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x83c y55ef w476 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls96 ws8c\">2<span class=\"_ _5\"></span>15,450<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83d y55ef w473 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83e y55ef w477 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls32 ws149\">1<span class=\"_ _5\"></span>6,268<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83f y55ef w475 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">272<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr></table>2023<span class=\"_ _3bc\"> </span><table class=\"s w478 h2bc\" id=\"_cbe5b74d-a69b-48c9-9a51-d2e28d324d52\"><tr><td></td><td class=\"t m0 x579 h3f y581d ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x80e h3f y581d ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ed h3f y581d ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 3<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x260 h3f y581d ff7 fsf fc1 sc0 lse3 wscd\">T<span class=\"_ _7\"></span>ot<span class=\"_ _2\"></span>al fair<span class=\"_ _5\"></span> value<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x55a h3f y581e ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x25f h3f y581e ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x80f h3f y581e ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y581e ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y581f ff7 fs7 fc1 sc0 ls68 ws5c\">Financial liabili<span class=\"_ _5\"></span>ties measured at fai<span class=\"_ _5\"></span>r value<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5820 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5821 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x814 y5821 we9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">152<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x840 y5821 w39a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,986<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x841 y5821 w32a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">206<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x842 y5821 w161 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,<span class=\"_ _2\"></span>344<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5822 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL upon initi<span class=\"_ _2\"></span>al<span class=\"_ gs132\"> </span>reco<span class=\"_ _2\"></span>gnition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5823 w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x843 y5823 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x844 y5823 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x845 y5823 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x846 y5823 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5824 w167 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x847 y5824 w168 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">2,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x848 y5824 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x849 y5824 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x84a y5824 w196 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">2,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5825 w479 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x843 y5825 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x84b y5825 w47a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,78<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x84c y5825 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x84d y5825 w42e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x84e y5792 w196 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x84f y5792 w47b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x850 y5792 w357 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x851 y5792 w42d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,75<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5826 w47c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x852 y5826 w10c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">3,<span class=\"_ _2\"></span>073<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x853 y5826 w47d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">165<span class=\"_ _2\"></span>,<span class=\"_ _7\"></span>770<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x854 y5826 w175 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">251<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x855 y5826 w47e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">169<span class=\"_ _2\"></span>,09<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5827 w46d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x856 y5827 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x857 y5827 w47f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x858 y5827 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x20a y5827 w8e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5828 w480 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value<span class=\"_ _2\"></span>, excluding am<span class=\"_ _2\"></span>ounts cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as hel<span class=\"_ _2\"></span>d for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x859 y5828 w10c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">3,<span class=\"_ _2\"></span>073<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85a y5828 w481 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">16<span class=\"_ _2\"></span>0,988<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85b y5828 w1b0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">251<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85c y5828 w482 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5829 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial liabili<span class=\"_ _5\"></span>ties measured at amortised cost for wh<span class=\"_ _5\"></span>ich fair v<span class=\"_ _5\"></span>alues are disclosed<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y57db w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x856 y57db w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85d y57db w2a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>39<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x858 y57db w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85e y57db w2a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,73<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y582a w16a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85f y582a w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x860 y582a w16b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1,0<span class=\"_ _2\"></span>05<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x861 y582a w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x862 y582a w16b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1<span class=\"_ _2\"></span>,005<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y581c w483 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cost for w<span class=\"_ _2\"></span>hich fair valu<span class=\"_ _2\"></span>es are disc<span class=\"_ _2\"></span>losed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x863 y581c w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x864 y581c w484 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws172\">4<span class=\"_ _2\"></span>,74<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83a y581c w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x865 y581c w485 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws172\">4<span class=\"_ _2\"></span>,74<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x866 y55ef w21f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">3,<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x867 y55ef w47d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _2\"></span>5,<span class=\"_ _7\"></span>732<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x868 y55ef w175 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b5 ws1b4\">251<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x869 y55ef w437 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1af ws1ab\">169,056<span class=\"_ _3bc\"> </span></div></td></tr></table><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls84 ws79 gs458\">2022 r<span class=\"_ _5\"></span>estated<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h1d6 ff3 fs172 fc1 sc0 ls0 ws0 gs459\">1<span class=\"_ _3bc\"> </span></div><div class=\"gs2ed\"><table class=\"s w486 h2bd\" id=\"_76b9c58a-6fa5-4191-8a1e-5fb2a2a1db06\"><tr><td></td><td class=\"t m0 x86a h16 y582b ff3 fsf fc1 sc0 lse6 wsd0\">Level 1<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86b h16 y582b ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x552 h16 y582b ff3 fsf fc1 sc0 lse6 wsd0\">Level 3<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86c h16 y582b ff3 fsf fc1 sc0 ls17 ws15\">T<span class=\"_ _7\"></span>otal fair value<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x5ba h16 y582c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h16 y582c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86d h16 y582c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y582c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y582d ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets measured at fair v<span class=\"_ _5\"></span>alue<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y582e ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y582f wea h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x86e y582f w2fb h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">165<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x86f y582f w487 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">3<span class=\"_ _2\"></span>,75<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x870 y582f w488 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x871 y582f w489 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,071<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5830 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets d<span class=\"_ _2\"></span>esigna<span class=\"_ _2\"></span>ted at FV<span class=\"_ _2\"></span>TPL up<span class=\"_ _2\"></span>on initial<span class=\"_ gs132\"> </span>re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5831 wef h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x872 y5831 w48a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bb ws1ba\">74<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x873 y5831 w2d3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">1<span class=\"_ _2\"></span>24<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x874 y5831 w48b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">2<span class=\"_ _2\"></span>,192<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x875 y5831 w48c h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">76<span class=\"_ _3\"></span>,78<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5832 wf3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment in as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>te<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x876 y5832 wf6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">329<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x877 y5832 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x878 y5832 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x879 y5832 wf6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">329<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5833 wf8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87a y5833 w48d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">4<span class=\"_ _2\"></span>8,15<span class=\"_ _7\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87b y5833 w48e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87c y5833 w48f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _2\"></span>,465<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87d y5833 w43f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">8<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>,71<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5834 wfc h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87e y5834 w490 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c6 ws1c6\">75<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x87f y5834 w103 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">2,<span class=\"_ _2\"></span>079<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x880 y5834 w37f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x881 y5834 w491 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">78,3<span class=\"_ _5\"></span>53<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5835 w100 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers' sha<span class=\"_ _2\"></span>re of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x882 y5835 w102 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,0<span class=\"_ _2\"></span>90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x883 y5835 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x884 y5835 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x885 y5835 w102 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,0<span class=\"_ _2\"></span>90<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x886 y5836 w492 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>7,<span class=\"_ _19\"></span>9<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x887 y5836 w22a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x888 y5836 w493 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">13,<span class=\"_ _2\"></span>969<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x889 y5836 w494 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>9,<span class=\"_ _3\"></span>26<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5837 w469 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88a y5837 w495 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">20<span class=\"_ _2\"></span>8,<span class=\"_ _2\"></span>161<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88b y5837 w496 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88c y5837 w497 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">14,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88d y5837 w498 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">253,333<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5838 w46d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88e y5838 w87 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls71 ws1a9\">(3,661)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x88f y5838 w499 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>179<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x890 y5838 w49a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>789<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x891 y5838 w444 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(4,629<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5839 w49b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue, exclu<span class=\"_ _2\"></span>ding amount<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s held for s<span class=\"_ _2\"></span>ale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x892 y5839 w49c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">204,5<span class=\"_ _2\"></span>00<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x893 y5839 w49d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls4b ws122\">30,872<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x894 y5839 w6c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">13,<span class=\"_ _2\"></span>332<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x895 y5839 w49e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y583a ff7 fs7 fc1 sc0 ls0 ws0\">Fina<span class=\"_ _2\"></span>ncia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d at amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed co<span class=\"_ _2\"></span>st for whi<span class=\"_ _2\"></span>ch fair val<span class=\"_ _2\"></span>ues are d<span class=\"_ _2\"></span>isclo<span class=\"_ _2\"></span>sed<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y583b we8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x896 y583b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x897 y583b w2a8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">261<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x898 y583b wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cc y583b w49f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">268<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x899 y583c w4a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">20<span class=\"_ _2\"></span>4,50<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89a y583c w473 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">31,133<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89b y583c w4a1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">1<span class=\"_ _2\"></span>3,339<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89c y583c w4a2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x86a h16 y583d ff3 fsf fc1 sc0 lse6 wsd0\">Level 1<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86b h16 y583d ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x552 h16 y583d ff3 fsf fc1 sc0 lse6 wsd0\">Level 3<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86c h16 y583d ff3 fsf fc1 sc0 ls17 ws15\">T<span class=\"_ _7\"></span>otal fair value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y583e w2a6 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x5ba h16 y583f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h16 y583f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86d h16 y583f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y583f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y5840 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial liabili<span class=\"_ _5\"></span>ties measured at fai<span class=\"_ _5\"></span>r value<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y5841 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties man<span class=\"_ _2\"></span>datorily at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5614 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89d y5614 w8d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">98<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89e y5614 w4a3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">5,5<span class=\"_ _2\"></span>38<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x89f y5614 w4a4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a0 y5614 w224 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">5<span class=\"_ _2\"></span>,879<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5842 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL upon initi<span class=\"_ _2\"></span>al<span class=\"_ gs132\"> </span>reco<span class=\"_ _2\"></span>gnition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y55e6 w15f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a1 y55e6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a2 y55e6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a3 y55e6 w44a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a4 y55e6 w201 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y55fa w167 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a5 y55fa w4a5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a6 y55fa w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a7 y55fa w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a8 y55fa w4a6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3,<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>42<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5843 w479 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a1 y5843 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8a9 y5843 w44c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">149<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>481<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8aa y5843 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ab y5843 w44c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">149<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>481<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x8ac y5743 w44b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,0<span class=\"_ _3\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ad y5743 w4a7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">1<span class=\"_ _2\"></span>49,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ae y5743 w201 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8af y5743 w4a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">152,587<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fd w47c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x852 y55fd w421 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">3,<span class=\"_ _2\"></span>140<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b0 y55fd w4a9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">155<span class=\"_ _2\"></span>,019<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b1 y55fd w2a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">307<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b2 y55fd w4aa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">158,4<span class=\"_ _2\"></span>66<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5775 w46d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b3 y5775 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b4 y5775 w453 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b5 y5775 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b6 y5775 w22f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55eb w4ab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls194 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value<span class=\"_ _2\"></span>, excluding am<span class=\"_ _2\"></span>ounts cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as hel<span class=\"_ _2\"></span>d for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b7 y55eb w4ac h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">3,14<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b8 y55eb w16e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b9 y55eb w2a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">307<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ba y55eb w4ad h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">150,15<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5844 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial liabili<span class=\"_ _5\"></span>ties measured at amortised cost for wh<span class=\"_ _5\"></span>ich fair v<span class=\"_ _5\"></span>alues are disclosed<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561c w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8bb y561c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8bc y561c w2a7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">3,6<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8bd y561c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8be y561c w237 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">3,64<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w16a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85f y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8bf y561d w4ae h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c0 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c1 y561d w4af h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w483 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cost for w<span class=\"_ _2\"></span>hich fair valu<span class=\"_ _2\"></span>es are disc<span class=\"_ _2\"></span>losed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x863 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c2 y561e w103 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">5,35<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c3 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c4 y561e w103 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">5,<span class=\"_ _2\"></span>350<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x8ac y55ef w4b0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">3,14<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c5 y55ef w4b1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">15<span class=\"_ _5\"></span>2,053<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c6 y55ef w3b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">3<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c7 y55ef w456 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">155,5<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs45a\">1. <span class=\"_ _2f\"> </span>P<span class=\"_ _2\"></span>rior p<span class=\"_ _2\"></span>erio<span class=\"_ _2\"></span>d comp<span class=\"_ _2\"></span>ara<span class=\"_ _2\"></span>tives h<span class=\"_ _2\"></span>ave be<span class=\"_ _2\"></span>en res<span class=\"_ _2\"></span>tat<span class=\"_ _2\"></span>ed on tr<span class=\"_ _2\"></span>ans<span class=\"_ _2\"></span>ition t<span class=\"_ _2\"></span>o IFRS 1<span class=\"_ _2\"></span>7 Ins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce Co<span class=\"_ _2\"></span>ntra<span class=\"_ _2\"></span>cts (s<span class=\"_ _2\"></span>ee n<span class=\"_ _2\"></span>ote A2.1 f<span class=\"_ _2\"></span>or fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r det<span class=\"_ _2\"></span>ails)<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div>E2<span class=\"_ _2\"></span>.3 S<span class=\"_ _2\"></span>ign<span class=\"_ _2\"></span>ifica<span class=\"_ _2\"></span>nt input<span class=\"_ _2\"></span>s and i<span class=\"_ _2\"></span>nput va<span class=\"_ _2\"></span>lues for L<span class=\"_ _2\"></span>evel 3 fina<span class=\"_ _2\"></span>ncia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rume<span class=\"_ _2\"></span>nts<span class=\"_ _3bc\"> </span><table class=\"s w4b2 h2be\" id=\"_1349bf0d-f760-4123-a3ad-d084c8f794aa\"><tr><td></td><td></td><td></td><td class=\"t m0 x8c8 h16 y5845 ff3 fsf fc1 sc0 ls17 ws15\">Key<span class=\"_ _5\"></span> unobservable input value<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td class=\"c n x1ea y5846 w26e h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">Desc<span class=\"_ _2\"></span>ription<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8c9 y5846 w4b3 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls17 ws15\">V<span class=\"_ _5\"></span>aluation technique<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ca y5846 w4b4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">Signific<span class=\"_ _2\"></span>ant<span class=\"_ _5\"></span> inputs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8cb y5846 w4b5 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8cc y5846 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5847 w4b6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c x8cf y5847 w4b7 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Sing<span class=\"_ _2\"></span>le broker</div><div class=\"t m0 x8cd h13 y5848 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x8ce hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">and<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8d0 hd y5849 ff3 fs7 fc1 sc0 lsd6 ws0\">Sing<span class=\"_ _2\"></span>le broker </td><td class=\"c n x8d1 y5847 w4b8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">N<span class=\"_ _2\"></span>/A<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d2 y5847 w4b9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">N<span class=\"_ _2\"></span>/A<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x8d3 hd y584a ff3 fs7 fc1 sc0 lsd6 ws0\">net as<span class=\"_ _2\"></span>set val<span class=\"_ _2\"></span>ue<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d4 hd y584a ff3 fs7 fc1 sc0 ls12c ws1a\">indicative price<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x232 he y584b ff7 fs7 fc1 sc0 ls32 ws0\">Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities (se<span class=\"_ _2\"></span>e E2.<span class=\"_ _2\"></span>3.1 for fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r deta<span class=\"_ _2\"></span>ils)<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y584c ff3 fs7 fc1 sc0 ls0 ws0\">Loans g<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>ed by expo<span class=\"_ _2\"></span>rt cre<span class=\"_ _2\"></span>dit age<span class=\"_ _2\"></span>ncies </td><td class=\"t m0 x8d5 hd y584c ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"c n x8d6 y584d w4ba h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d7 y584d w4bb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">78b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8d8 hd y584e ff3 fs7 fc1 sc0 ls5d ws1c0\">111b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y584f ff3 fs7 fc1 sc0 ls18 ws16\">&amp;<span class=\"_ gs132\"> </span>supranationals<span class=\"_ _3bc\"> </span></td><td></td><td></td><td class=\"t m0 x488 he y5850 ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y5850 ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5851 w4bc h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Private corporate credit<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8da y5851 w4bd h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">D<span class=\"_ _2\"></span>CF mod<span class=\"_ _2\"></span>el<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d6 y5852 w4ba h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8db y5852 w4be h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">145<span class=\"_ _2\"></span>bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8dc hd y5853 ff3 fs7 fc1 sc0 ls9d ws58\">169<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y5854 ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y5854 ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5855 w4bf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Infras<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>ture loan<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8dd y5855 w4bd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d6 y5855 w4ba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8de y5855 w4c0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls77 ws6c\">1<span class=\"_ _7\"></span>60<span class=\"_ _2\"></span>bps<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8dc hd y5856 ff3 fs7 fc1 sc0 ls1ad ws1a6\">220<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y5857 ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y5857 ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5858 w4c1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Loans to h<span class=\"_ _2\"></span>ousing a<span class=\"_ _2\"></span>ssoc<span class=\"_ _2\"></span>iations<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8df y5858 w4bd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d6 y5858 w4ba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8de y5858 w4c2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">139<span class=\"_ _2\"></span>bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8dc hd y5859 ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _2\"></span>4bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y585a ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y585a ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y585b w4c3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Local auth<span class=\"_ _2\"></span>ority loans<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8e0 y585b w4c4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">D<span class=\"_ _2\"></span>CF mo<span class=\"_ _2\"></span>del<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d6 y585c w4ba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8de y585c w4c5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls47 ws19d\">130b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8d8 hd y585d ff3 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>37b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y585e ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y585e ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y585f w4c6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Equit<span class=\"_ _2\"></span>y Relea<span class=\"_ _2\"></span>se Mor<span class=\"_ _2\"></span>tga<span class=\"_ _2\"></span>ge loan<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>ERM<span class=\"_ _2\"></span>\u2019)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8e1 y585f w4c7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">DCF m<span class=\"_ _2\"></span>odel an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8e2 y585f w4c8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls14 ws12\">Spread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8e3 y585f w4c9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a ws0\">2<span class=\"_ _5\"></span>56bps over S<span class=\"_ _2\"></span>onia pl<span class=\"_ _2\"></span>us</div></td><td class=\"t m0 x57c hd y5860 ff3 fs7 fc1 sc0 lsd6 ws0\">2<span class=\"_ _5\"></span>60b<span class=\"_ _2\"></span>ps over the IFR<span class=\"_ _2\"></span>S </td></tr><tr><td></td><td class=\"t m0 x8e4 hd y5861 ff3 fs7 fc1 sc0 ls0 ws0\">Black-<span class=\"_ _5\"></span>Schole<span class=\"_ _2\"></span>s </td><td></td><td class=\"t m0 x8e5 he y5862 ff7 fs7 fc1 sc0 ls8b ws114\">36b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8e6 hd y5862 ff3 fs7 fc1 sc0 lsd6 ws0\">referen<span class=\"_ _2\"></span>ce cur<span class=\"_ _2\"></span>ve<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8e7 hd y5863 ff3 fs7 fc1 sc0 ls8c ws6b\">model<span class=\"_ _3bc\"> </span></td><td class=\"c n x8e8 y5864 w4ca h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c3 ws15\">Hous<span class=\"_ _2\"></span>e price inflation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8e9 y5864 w4cb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws0\">+<span class=\"_ _6\"></span>7<span class=\"_ _5\"></span>5bps a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment t<span class=\"_ _2\"></span>o RPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ea y5864 w4cc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">+<span class=\"_ _26\"></span>75<span class=\"_ _5\"></span>bps a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment to RP<span class=\"_ _2\"></span>I<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x8eb y5865 w4cd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls69 ws11\">House pr<span class=\"_ _5\"></span>ices<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ec y5865 w4ce h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a ws0\">\u00a3280,<span class=\"_ _5\"></span>3<span class=\"_ _7\"></span>16 (avera<span class=\"_ _2\"></span>ge)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ed y5865 w4cf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsdc ws149\">\u00a330<span class=\"_ _2\"></span>4,088 (aver<span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x8ee y5866 w4d0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">Mor<span class=\"_ _2\"></span>tality<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ef y5866 w4d1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws14\">Av<span class=\"_ _5\"></span>erage li<span class=\"_ _7\"></span>fe ex<span class=\"_ _5\"></span>pectancy</div></td><td class=\"t m0 x489 hd y5867 ff3 fs7 fc1 sc0 lsd6 ws0\">Averag<span class=\"_ _2\"></span>e life expec<span class=\"_ _2\"></span>tanc<span class=\"_ _2\"></span>y </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x8f0 he y5868 ff7 fs7 fc1 sc0 ls47 ws0\">of a mal<span class=\"_ _2\"></span>e and fema<span class=\"_ _2\"></span>le </td><td class=\"t m0 x8f1 hd y5869 ff3 fs7 fc1 sc0 lsd6 ws0\">of a male an<span class=\"_ _2\"></span>d female </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y586a ff7 fs7 fc1 sc0 ls47 ws0\">curr<span class=\"_ _2\"></span>ently ag<span class=\"_ _2\"></span>ed 75 is </td><td class=\"t m0 x262 hd y586b ff3 fs7 fc1 sc0 lsd6 ws0\">current<span class=\"_ _2\"></span>ly age<span class=\"_ _2\"></span>d 7<span class=\"_ _7\"></span>5 is<span class=\"_ _2\"></span> </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x582 he y586c ff7 fs7 fc1 sc0 ls47 ws0\">14<span class=\"_ _7\"></span>.1<span class=\"_ gs234\"> </span>year<span class=\"_ _2\"></span>s and 15.<span class=\"_ _7\"></span>6<span class=\"_ gs234\"> </span>yea<span class=\"_ _2\"></span>rs </td><td class=\"t m0 x8f2 hd y586d ff3 fs7 fc1 sc0 lsd6 ws0\">1<span class=\"_ _5\"></span>4.<span class=\"_ _7\"></span>5<span class=\"_ gs132\"> </span>ye<span class=\"_ _2\"></span>ars and 15.<span class=\"_ _5\"></span>9 year<span class=\"_ _2\"></span>s </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x8f3 he y586e ff7 fs7 fc1 sc0 lsd6 ws195\">respectively<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8f4 hd y586f ff3 fs7 fc1 sc0 ls12c ws170\">respe<span class=\"_ _2\"></span>ctively<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x62e hd y5870 ff3 fs7 fc1 sc0 lsd6 ws195\">V<span class=\"_ _7\"></span>ol<span class=\"_ _2\"></span>untar<span class=\"_ _2\"></span>y </td><td class=\"c n x8f5 y5871 w4d2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a ws0\">190b<span class=\"_ _2\"></span>ps to 650bps<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8f6 y5871 w4d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws0\">150bps to 700bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x8f7 hd y5872 ff3 fs7 fc1 sc0 lsd6 ws0\">rede<span class=\"_ _2\"></span>mption rate<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5873 w4d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>mercial re<span class=\"_ _2\"></span>al est<span class=\"_ _2\"></span>ate loans<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8dd y5873 w4bd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d6 y5874 w4ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8db y5874 w4d5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>3b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8d8 hd y5875 ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>3b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 he y5876 ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y5876 ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y5877 ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>ome strip<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"c n x8f8 y5878 w4d6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12c ws1a\">Incom<span class=\"_ _2\"></span>e capitalisation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8f9 y5878 w4d7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Cre<span class=\"_ _2\"></span>dit sprea<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8fa y5878 w4d8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">613<span class=\"_ _2\"></span>bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8fb y5878 w4d9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">661<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5879 w4da h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16 ws14\">Collecti<span class=\"_ _5\"></span>ve<span class=\"_ _5\"></span> inv<span class=\"_ _7\"></span>estment schemes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8fc y5879 w4db h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Net as<span class=\"_ _2\"></span>set value<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8fd y5879 w4b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">N<span class=\"_ _2\"></span>/A<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8fe y5879 w4dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws172\">N<span class=\"_ _2\"></span>/A<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8ff y5879 w4dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">N<span class=\"_ _2\"></span>/A<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x900 hd y587a ff3 fs7 fc1 sc0 ls61 ws5f\">statements<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 he y587b ff7 fs7 fc1 sc0 ls16 ws14\">Borro<span class=\"_ _5\"></span>wings<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y587c w4de h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y reversi<span class=\"_ _2\"></span>ons loan<span class=\"_ _2\"></span>s (see note E5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x901 y587c w4df h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8c ws5e\">Internally developed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x902 y587c w4e0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Mor<span class=\"_ _2\"></span>tali<span class=\"_ _2\"></span>ty ra<span class=\"_ _2\"></span>te<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x903 y587c w4e1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">130% IFL92<span class=\"_ _7\"></span>C15<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x904 hd y587d ff3 fs7 fc1 sc0 ls1a8 ws122\">130<span class=\"_ _2\"></span>% I<span class=\"_ _2\"></span>FL<span class=\"_ _2\"></span>92C15 </td></tr><tr><td></td><td class=\"t m0 x905 hd y587e ff3 fs7 fc1 sc0 ls8c ws6b\">model<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x5e7 he y587e ff7 fs7 fc1 sc0 ls5d ws1c0\">(Fe<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>e) </td><td class=\"t m0 x906 hd y587f ff3 fs7 fc1 sc0 lsdc wsc7\">(Fe<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>le) </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x582 he y5880 ff7 fs7 fc1 sc0 ls1ac ws0\">130% IML<span class=\"_ _2\"></span>92<span class=\"_ _7\"></span>C15 (Male) </td><td class=\"t m0 x48d hd y5880 ff3 fs7 fc1 sc0 ls1bd ws122\">130<span class=\"_ _2\"></span>% I<span class=\"_ _2\"></span>M<span class=\"_ _2\"></span>L92C15<span class=\"_ _2\"></span> (M<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x907 hd y5881 ff3 fs7 fc1 sc0 ls69 ws11\">House pr<span class=\"_ _5\"></span>ice </td><td class=\"t m0 x488 he y5881 ff7 fs7 fc1 sc0 ls1a ws0\">3-year R<span class=\"_ _2\"></span>PI rate pl<span class=\"_ _2\"></span>us </td><td class=\"t m0 x908 hd y5881 ff3 fs7 fc1 sc0 lsd6 ws0\">3-year R<span class=\"_ _2\"></span>PI rate plus </td></tr><tr><td></td><td></td><td class=\"t m0 x909 hd y5882 ff3 fs7 fc1 sc0 ls12c ws170\">inflation<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8e5 he y5882 ff7 fs7 fc1 sc0 lsd0 ws1a0\">75b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 hd y5882 ff3 fs7 fc1 sc0 ls1c6 ws1c6\">75b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"c n x902 y5883 w4e2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Dis<span class=\"_ _2\"></span>count rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x90a y5883 w4e3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws0\">3-year swa<span class=\"_ _2\"></span>p rate pl<span class=\"_ _2\"></span>us</div></td><td class=\"t m0 x90b hd y5884 ff3 fs7 fc1 sc0 lsd6 ws0\">3-year swa<span class=\"_ _2\"></span>p rate plus </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x90c he y5885 ff7 fs7 fc1 sc0 ls1a9 ws1a7\">17<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8dc hd y5885 ff3 fs7 fc1 sc0 lsd6 ws195\">1<span class=\"_ _7\"></span>70<span class=\"_ gs132\"> </span>bps<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x90d hd y5886 ff3 fs7 fc1 sc0 lsd6 ws1dd\">Deferre<span class=\"_ _2\"></span>d pos<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sion </td><td class=\"c n x90e y5887 w4e4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">37<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x90f y5887 w4e5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">370<span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x910 hd y5888 ff3 fs7 fc1 sc0 ls76 ws19a\">rate<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x232 he y5889 ff7 fs7 fc1 sc0 ls61 ws5f\">Derivative ass<span class=\"_ _2\"></span>ets and liabilities<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y588a ff3 fs7 fc1 sc0 ls0 ws0\">For<span class=\"_ _2\"></span>ward private pl<span class=\"_ _2\"></span>acem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, infrast<span class=\"_ _2\"></span>ructure </td><td class=\"t m0 x8d5 hd y588b ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"c n x8d6 y588c w4ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8de y588c w4c2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">111<span class=\"_ _2\"></span>bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x8d8 hd y588b ff3 fs7 fc1 sc0 ls1be ws1bd\">145b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y588d ff3 fs7 fc1 sc0 ls0 ws0\">and lo<span class=\"_ _2\"></span>cal au<span class=\"_ _2\"></span>thorit<span class=\"_ _2\"></span>y loan<span class=\"_ _2\"></span>s </td><td></td><td></td><td class=\"t m0 x488 he y588e ff7 fs7 fc1 sc0 ls1a ws0\">(weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d9 hd y588e ff3 fs7 fc1 sc0 ls32 ws1ca\">(weigh<span class=\"_ _2\"></span>ted aver<span class=\"_ _2\"></span>age)<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y588f ff3 fs7 fc1 sc0 ls0 ws0\">Long<span class=\"_ _2\"></span>evity s<span class=\"_ _2\"></span>waps </td><td class=\"t m0 x8d5 hd y5890 ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"c n x911 y55ee w4e6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Swap c<span class=\"_ _2\"></span>urve<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x912 y55ee w4e7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls76 ws1ca\">sw<span class=\"_ _2\"></span>ap cur<span class=\"_ _2\"></span>ve<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x913 y55ee w4e8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">sw<span class=\"_ _2\"></span>ap cur<span class=\"_ _2\"></span>ve + 3<span class=\"_ _7\"></span>6b<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5891 ff3 fs7 fc1 sc0 ls32 ws0\">Equit<span class=\"_ _2\"></span>y Rele<span class=\"_ _2\"></span>ase Inc<span class=\"_ _2\"></span>ome Plan tot<span class=\"_ _2\"></span>al return sw<span class=\"_ _2\"></span>ap<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d5 hd y5892 ff3 fs7 fc1 sc0 lsd6 ws0\">DC<span class=\"_ _2\"></span>F mode<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"c n x8d6 y55ef w4ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Credit s<span class=\"_ _2\"></span>pread<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x914 y55ef w4e9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws2f\">500<span class=\"_ _2\"></span>bps<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x915 y55ef w4ea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">50<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td></tr></table>2<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>3 5<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>6 6<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>8<span class=\"_ _3bc\"> </span>3 9<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>1 <span class=\"_ _1b\"> </span><span class=\"ws0\">Bro<span class=\"_ _2\"></span>ker ind<span class=\"_ _2\"></span>icat<span class=\"_ _2\"></span>ive pri<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>: Alth<span class=\"_ _2\"></span>ough s<span class=\"_ _2\"></span>uch va<span class=\"_ _2\"></span>luat<span class=\"_ _2\"></span>ions a<span class=\"_ _2\"></span>re sen<span class=\"_ _2\"></span>siti<span class=\"_ _2\"></span>ve to es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>tes<span class=\"_ _2\"></span>, it is be<span class=\"_ _2\"></span>lieve<span class=\"_ _2\"></span>d that c<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ging o<span class=\"_ _2\"></span>ne or m<span class=\"_ _2\"></span>ore of th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>umpti<span class=\"_ _2\"></span>ons to re<span class=\"_ _2\"></span>aso<span class=\"_ _2\"></span>nab<span class=\"_ _2\"></span>ly pos<span class=\"_ _2\"></span>sib<span class=\"_ _2\"></span>le alte<span class=\"_ _2\"></span>rnat<span class=\"_ _2\"></span>ive as<span class=\"_ _2\"></span>sump<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s would n<span class=\"_ _2\"></span>ot </span>change the fair value<span class=\"_ _5\"></span> significantly.<span class=\"_ _3bc\"> </span>2 <span class=\"_ _9\"> </span><span class=\"ws0\">N<span class=\"_ _2\"></span>et ass<span class=\"_ _2\"></span>et val<span class=\"_ _2\"></span>ue st<span class=\"_ _2\"></span>atem<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s: Net a<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>et st<span class=\"_ _2\"></span>atem<span class=\"_ _2\"></span>ents a<span class=\"_ _2\"></span>re prov<span class=\"_ _2\"></span>ided b<span class=\"_ _2\"></span>y inde<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>dent t<span class=\"_ _2\"></span>hird pa<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, and th<span class=\"_ _2\"></span>erefo<span class=\"_ _2\"></span>re no si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant n<span class=\"_ _2\"></span>on-<span class=\"_ _2\"></span>obse<span class=\"_ _2\"></span>rva<span class=\"_ _2\"></span>ble in<span class=\"_ _2\"></span>put or s<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>itiv<span class=\"_ _2\"></span>ity i<span class=\"_ _2\"></span>nform<span class=\"_ _2\"></span>ation h<span class=\"_ _2\"></span>as be<span class=\"_ _2\"></span>en pr<span class=\"_ _2\"></span>epar<span class=\"_ _2\"></span>ed for t<span class=\"_ _2\"></span>hose<span class=\"_ _2\"></span> </span>instruments valued on this basis.<span class=\"_ _3bc\"> </span>3 <span class=\"_ _9\"> </span><span class=\"ws0\">Di<span class=\"_ _2\"></span>sco<span class=\"_ _2\"></span>unted c<span class=\"_ _2\"></span>ash fl<span class=\"_ _2\"></span>ow (\u2018<span class=\"_ _2\"></span>DC<span class=\"_ _2\"></span>F\u2019<span class=\"_ _2\"></span>) mod<span class=\"_ _2\"></span>el: E<span class=\"_ _2\"></span>xcep<span class=\"_ _2\"></span>t wher<span class=\"_ _2\"></span>e other<span class=\"_ _2\"></span>wi<span class=\"_ _2\"></span>se st<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, the di<span class=\"_ _2\"></span>sco<span class=\"_ _2\"></span>unt rat<span class=\"_ _2\"></span>e use<span class=\"_ _2\"></span>d is bas<span class=\"_ _2\"></span>ed on a r<span class=\"_ _2\"></span>isk-fre<span class=\"_ _2\"></span>e cur<span class=\"_ _2\"></span>ve an<span class=\"_ _2\"></span>d a cred<span class=\"_ _2\"></span>it spr<span class=\"_ _2\"></span>ead<span class=\"_ _2\"></span>. The ri<span class=\"_ _2\"></span>sk-fre<span class=\"_ _2\"></span>e rate is t<span class=\"_ _2\"></span>aken fr<span class=\"_ _2\"></span>om an ap<span class=\"_ _2\"></span>propr<span class=\"_ _2\"></span>iate g<span class=\"_ _2\"></span>ilt of </span>com<span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>able d<span class=\"_ _2\"></span>urati<span class=\"_ _2\"></span>on. T<span class=\"_ _2\"></span>he spr<span class=\"_ _2\"></span>ead i<span class=\"_ _2\"></span>s deri<span class=\"_ _2\"></span>ved fro<span class=\"_ _2\"></span>m a bas<span class=\"_ _2\"></span>ket of com<span class=\"_ _2\"></span>para<span class=\"_ _2\"></span>ble s<span class=\"_ _2\"></span>ecur<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>4 <span class=\"_ _9\"> </span><span class=\"ws0\">ER<span class=\"_ _2\"></span>M loan<span class=\"_ _2\"></span>s: Th<span class=\"_ _2\"></span>e loan<span class=\"_ _2\"></span>s are va<span class=\"_ _2\"></span>lued u<span class=\"_ _2\"></span>sing a D<span class=\"_ _2\"></span>CF m<span class=\"_ _2\"></span>odel a<span class=\"_ _2\"></span>nd a Bl<span class=\"_ _2\"></span>ack-Sc<span class=\"_ _2\"></span>hol<span class=\"_ _2\"></span>es mo<span class=\"_ _2\"></span>del fo<span class=\"_ _2\"></span>r valua<span class=\"_ _2\"></span>tion of t<span class=\"_ _2\"></span>he No<span class=\"_ _2\"></span>-Ne<span class=\"_ _2\"></span>gat<span class=\"_ _2\"></span>ive Equ<span class=\"_ _2\"></span>ity G<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>antee (<span class=\"_ _2\"></span>\u2018N<span class=\"_ _2\"></span>NEG<span class=\"_ _2\"></span>\u2019). T<span class=\"_ _2\"></span>he NN<span class=\"_ _2\"></span>EG cap<span class=\"_ _2\"></span>s the lo<span class=\"_ _2\"></span>an rep<span class=\"_ _2\"></span>ayme<span class=\"_ _2\"></span>nt in th<span class=\"_ _2\"></span>e event of d<span class=\"_ _2\"></span>eath o<span class=\"_ _2\"></span>r </span>ent<span class=\"_ _2\"></span>ry in<span class=\"_ _2\"></span>to long<span class=\"_ _2\"></span>-ter<span class=\"_ _2\"></span>m care t<span class=\"_ _2\"></span>o be no g<span class=\"_ _2\"></span>reate<span class=\"_ _2\"></span>r than t<span class=\"_ _2\"></span>he sa<span class=\"_ _2\"></span>les pr<span class=\"_ _2\"></span>oce<span class=\"_ _2\"></span>eds f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y. The f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re cas<span class=\"_ _2\"></span>h flows a<span class=\"_ _2\"></span>re es<span class=\"_ _2\"></span>timat<span class=\"_ _2\"></span>ed ba<span class=\"_ _2\"></span>sed o<span class=\"_ _2\"></span>n ass<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>d level<span class=\"_ _2\"></span>s of mor<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y deri<span class=\"_ _2\"></span>ved fro<span class=\"_ _2\"></span>m publ<span class=\"_ _2\"></span>ishe<span class=\"_ _2\"></span>d mor<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y tabl<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, ent<span class=\"_ _2\"></span>ry in<span class=\"_ _2\"></span>to long<span class=\"_ _2\"></span>-ter<span class=\"_ _2\"></span>m care r<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd vol<span class=\"_ _2\"></span>untar<span class=\"_ _2\"></span>y re<span class=\"_ _2\"></span>dem<span class=\"_ _2\"></span>ption r<span class=\"_ _2\"></span>ates<span class=\"_ _2\"></span>. Cas<span class=\"_ _2\"></span>h flows i<span class=\"_ _2\"></span>nclu<span class=\"_ _2\"></span>de an al<span class=\"_ _2\"></span>lowan<span class=\"_ _2\"></span>ce fo<span class=\"_ _2\"></span>r the ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted c<span class=\"_ _2\"></span>ost of p<span class=\"_ _2\"></span>rovidi<span class=\"_ _2\"></span>ng a NN<span class=\"_ _2\"></span>EG as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed u<span class=\"_ _2\"></span>nder a r<span class=\"_ _2\"></span>eal wo<span class=\"_ _2\"></span>rld ap<span class=\"_ _2\"></span>proa<span class=\"_ _2\"></span>ch usi<span class=\"_ _2\"></span>ng a clo<span class=\"_ _2\"></span>sed f<span class=\"_ _2\"></span>orm mo<span class=\"_ _2\"></span>del in<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>ing an a<span class=\"_ _2\"></span>ssu<span class=\"_ _2\"></span>med l<span class=\"_ _2\"></span>evel of pr<span class=\"_ _2\"></span>ope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y valu<span class=\"_ _2\"></span>e vola<span class=\"_ _2\"></span>tilit<span class=\"_ _2\"></span>y. For th<span class=\"_ _2\"></span>e NNEG a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>, prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty v<span class=\"_ _2\"></span>alue<span class=\"_ _2\"></span>s are ind<span class=\"_ _2\"></span>exed f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e lates<span class=\"_ _2\"></span>t pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty v<span class=\"_ _2\"></span>alua<span class=\"_ _2\"></span>tion p<span class=\"_ _2\"></span>oint an<span class=\"_ _2\"></span>d the<span class=\"_ _2\"></span>n ass<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>d to grow in l<span class=\"_ _2\"></span>ine wi<span class=\"_ _2\"></span>th an RP<span class=\"_ _2\"></span>I ba<span class=\"_ _2\"></span>sed a<span class=\"_ _2\"></span>ssum<span class=\"_ _2\"></span>ptio<span class=\"_ _2\"></span>n. Ca<span class=\"_ _2\"></span>sh flow<span class=\"_ _2\"></span>s are dis<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nted u<span class=\"_ _2\"></span>sing a ri<span class=\"_ _2\"></span>sk fre<span class=\"_ _2\"></span>e cur<span class=\"_ _2\"></span>ve plu<span class=\"_ _2\"></span>s a spre<span class=\"_ _2\"></span>ad, w<span class=\"_ _2\"></span>here t<span class=\"_ _2\"></span>he sp<span class=\"_ _2\"></span>read i<span class=\"_ _2\"></span>s bas<span class=\"_ _2\"></span>ed on re<span class=\"_ _2\"></span>cen<span class=\"_ _2\"></span>t orig<span class=\"_ _2\"></span>inat<span class=\"_ _2\"></span>ions<span class=\"_ _2\"></span>, with m<span class=\"_ _2\"></span>arg<span class=\"_ _2\"></span>ins to all<span class=\"_ _2\"></span>ow for th<span class=\"_ _2\"></span>e dif<span class=\"_ _2\"></span>fere<span class=\"_ _2\"></span>nt risk p<span class=\"_ _2\"></span>rofile<span class=\"_ _2\"></span>s of ERM l<span class=\"_ _2\"></span>oans<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>5 <span class=\"_ _9\"> </span><span class=\"ws0\">In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e stri<span class=\"_ _2\"></span>ps are t<span class=\"_ _2\"></span>rans<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>ions w<span class=\"_ _2\"></span>here a<span class=\"_ _2\"></span>n owne<span class=\"_ _2\"></span>r-o<span class=\"_ _2\"></span>ccup<span class=\"_ _2\"></span>ier of a p<span class=\"_ _2\"></span>rope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y has s<span class=\"_ _2\"></span>old a f<span class=\"_ _2\"></span>reeh<span class=\"_ _2\"></span>old or l<span class=\"_ _2\"></span>ong l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>ehol<span class=\"_ _2\"></span>d inter<span class=\"_ _2\"></span>est to t<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up, an<span class=\"_ _2\"></span>d has s<span class=\"_ _2\"></span>igne<span class=\"_ _2\"></span>d a lon<span class=\"_ _2\"></span>g leas<span class=\"_ _2\"></span>e (ty<span class=\"_ _2\"></span>pica<span class=\"_ _2\"></span>lly 3<span class=\"_ _2\"></span>0-<span class=\"_ _2\"></span>45 ye<span class=\"_ _2\"></span>ars) or a g<span class=\"_ _2\"></span>roun<span class=\"_ _2\"></span>d lea<span class=\"_ _2\"></span>se </span>(t<span class=\"_ _2\"></span>ypic<span class=\"_ _2\"></span>ally 4<span class=\"_ _2\"></span>5-175 y<span class=\"_ _2\"></span>ears<span class=\"_ _2\"></span>) and re<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span>s the rig<span class=\"_ _2\"></span>ht to re<span class=\"_ _2\"></span>purch<span class=\"_ _2\"></span>ase t<span class=\"_ _2\"></span>he pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y at the e<span class=\"_ _2\"></span>nd of the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e for a no<span class=\"_ _2\"></span>mina<span class=\"_ _2\"></span>l sum (us<span class=\"_ _2\"></span>uall<span class=\"_ _2\"></span>y \u00a31). T<span class=\"_ _2\"></span>he inc<span class=\"_ _2\"></span>ome s<span class=\"_ _2\"></span>trip<span class=\"_ _2\"></span>s are val<span class=\"_ _2\"></span>ued u<span class=\"_ _2\"></span>sing a<span class=\"_ _2\"></span>n inco<span class=\"_ _2\"></span>me ca<span class=\"_ _2\"></span>pita<span class=\"_ _2\"></span>lisa<span class=\"_ _2\"></span>tion a<span class=\"_ _2\"></span>ppro<span class=\"_ _2\"></span>ach<span class=\"_ _2\"></span>, whe<span class=\"_ _2\"></span>re the a<span class=\"_ _2\"></span>nnua<span class=\"_ _2\"></span>l rent<span class=\"_ _2\"></span>al inc<span class=\"_ _2\"></span>ome i<span class=\"_ _2\"></span>s capi<span class=\"_ _2\"></span>tali<span class=\"_ _2\"></span>sed u<span class=\"_ _2\"></span>sing a<span class=\"_ _2\"></span>n appr<span class=\"_ _2\"></span>opri<span class=\"_ _2\"></span>ate yie<span class=\"_ _2\"></span>ld. Th<span class=\"_ _2\"></span>e yie<span class=\"_ _2\"></span>ld is det<span class=\"_ _2\"></span>ermi<span class=\"_ _2\"></span>ned by c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>ider<span class=\"_ _2\"></span>ing re<span class=\"_ _2\"></span>cent t<span class=\"_ _2\"></span>rans<span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s involv<span class=\"_ _2\"></span>ing sim<span class=\"_ _2\"></span>ilar i<span class=\"_ _2\"></span>ncom<span class=\"_ _2\"></span>e str<span class=\"_ _2\"></span>ips<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>6 <span class=\"_ _9\"> </span><span class=\"ws0\">IFL<span class=\"_ _2\"></span>92C1<span class=\"_ _2\"></span>5 an<span class=\"_ _2\"></span>d IML<span class=\"_ _2\"></span>92C<span class=\"_ _2\"></span>15 re<span class=\"_ _2\"></span>late to im<span class=\"_ _2\"></span>med<span class=\"_ _2\"></span>iate an<span class=\"_ _2\"></span>nuit<span class=\"_ _2\"></span>ant fem<span class=\"_ _2\"></span>ale a<span class=\"_ _2\"></span>nd mal<span class=\"_ _2\"></span>e live<span class=\"_ _2\"></span>s and ref<span class=\"_ _2\"></span>er to the 9<span class=\"_ _2\"></span>2 ser<span class=\"_ _2\"></span>ies m<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y ta<span class=\"_ _2\"></span>bles p<span class=\"_ _2\"></span>rodu<span class=\"_ _2\"></span>ced b<span class=\"_ _2\"></span>y the C<span class=\"_ _2\"></span>ontin<span class=\"_ _2\"></span>uous M<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tali<span class=\"_ _2\"></span>ty I<span class=\"_ _2\"></span>nves<span class=\"_ _2\"></span>tiga<span class=\"_ _2\"></span>tion (C<span class=\"_ _2\"></span>MI)<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></span>7 <span class=\"_ _6d\"> </span><span class=\"ws0\">De<span class=\"_ _2\"></span>rivat<span class=\"_ _2\"></span>ive lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>ies in<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>e for<span class=\"_ _2\"></span>ward i<span class=\"_ _2\"></span>nvest<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s of \u00a35<span class=\"_ _2\"></span>4 milli<span class=\"_ _2\"></span>on (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>46 m<span class=\"_ _2\"></span>illion<span class=\"_ _2\"></span>) which i<span class=\"_ _2\"></span>nclu<span class=\"_ _2\"></span>de a co<span class=\"_ _2\"></span>mmit<span class=\"_ _2\"></span>ment to a<span class=\"_ _2\"></span>cqu<span class=\"_ _2\"></span>ire or pr<span class=\"_ _2\"></span>ovide f<span class=\"_ _2\"></span>undi<span class=\"_ _2\"></span>ng for fix<span class=\"_ _2\"></span>ed rat<span class=\"_ _2\"></span>e debt in<span class=\"_ _2\"></span>str<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>nts at s<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ified f<span class=\"_ _2\"></span>utu<span class=\"_ _2\"></span>re date<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></span>8 <span class=\"_ _9\"> </span><span class=\"ws0\">In<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>ded w<span class=\"_ _2\"></span>ithin d<span class=\"_ _2\"></span>eriva<span class=\"_ _2\"></span>tive a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s are lo<span class=\"_ _2\"></span>ngev<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y swap c<span class=\"_ _2\"></span>ontr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s with c<span class=\"_ _2\"></span>orp<span class=\"_ _2\"></span>orate p<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ion sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>es wit<span class=\"_ _2\"></span>h a fair v<span class=\"_ _2\"></span>alue of \u00a3<span class=\"_ _2\"></span>230 m<span class=\"_ _2\"></span>illio<span class=\"_ _2\"></span>n (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>52 milli<span class=\"_ _2\"></span>on) an<span class=\"_ _2\"></span>d \u00a310<span class=\"_ _2\"></span>0 mil<span class=\"_ _2\"></span>lion (2<span class=\"_ _2\"></span>022: \u00a3<span class=\"_ _2\"></span>34 mi<span class=\"_ _2\"></span>llion) r<span class=\"_ _2\"></span>esp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ively.<span class=\"_ _3bc\"> </span></span>9 <span class=\"_ _9\"> </span><span class=\"ws0\">Inc<span class=\"_ _2\"></span>lude<span class=\"_ _2\"></span>d with<span class=\"_ _2\"></span>in der<span class=\"_ _2\"></span>ivati<span class=\"_ _2\"></span>ve liab<span class=\"_ _2\"></span>ilitie<span class=\"_ _2\"></span>s is th<span class=\"_ _2\"></span>e Equit<span class=\"_ _2\"></span>y Rel<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e Inc<span class=\"_ _2\"></span>ome Pl<span class=\"_ _2\"></span>an (\u2018<span class=\"_ _2\"></span>ER<span class=\"_ _2\"></span>IP<span class=\"_ _2\"></span>\u2019) tot<span class=\"_ _2\"></span>al ret<span class=\"_ _2\"></span>urn sw<span class=\"_ _2\"></span>ap wit<span class=\"_ _2\"></span>h a valu<span class=\"_ _2\"></span>e of \u00a350 mi<span class=\"_ _2\"></span>llion (<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span>: \u00a363 m<span class=\"_ _2\"></span>illion<span class=\"_ _2\"></span>), unde<span class=\"_ _2\"></span>r whic<span class=\"_ _2\"></span>h a sha<span class=\"_ _2\"></span>re of the di<span class=\"_ _2\"></span>spo<span class=\"_ _2\"></span>sal pr<span class=\"_ _2\"></span>oce<span class=\"_ _2\"></span>eds a<span class=\"_ _2\"></span>risin<span class=\"_ _2\"></span>g on a </span>po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folio of p<span class=\"_ _2\"></span>rope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y reve<span class=\"_ _2\"></span>rsi<span class=\"_ _2\"></span>ons is p<span class=\"_ _2\"></span>ayabl<span class=\"_ _2\"></span>e to a thir<span class=\"_ _2\"></span>d par<span class=\"_ _2\"></span>ty (s<span class=\"_ _2\"></span>ee n<span class=\"_ _2\"></span>ote E.<span class=\"_ _2\"></span>3.<span class=\"_ _2\"></span>3 for f<span class=\"_ _2\"></span>urth<span class=\"_ _2\"></span>er de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>E2<span class=\"_ _2\"></span>.3<span class=\"_ _2\"></span>.1 Deb<span class=\"_ _2\"></span>t secu<span class=\"_ _2\"></span>rities<span class=\"_ _3bc\"> </span>Ana<span class=\"_ _2\"></span>lysi<span class=\"_ _2\"></span>s of Level 3 d<span class=\"_ _2\"></span>ebt se<span class=\"_ _2\"></span>cur<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span><table class=\"s w4eb h2bf\" id=\"_e7b54a91-695b-4136-aa9a-140c7ddf08da\"><tr><td></td><td class=\"t m0 x916 h3f y5893 ff7 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>3 </td><td class=\"t m0 x917 h16 y5893 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x2c5 h3f y5894 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x553 h16 y5894 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5895 ff3 fs7 fc1 sc0 ls18 ws16\">Unquoted corporate bonds:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x249 y5896 w4ec h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Loans g<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>ed by expo<span class=\"_ _2\"></span>rt cre<span class=\"_ _2\"></span>dit age<span class=\"_ _2\"></span>ncies &amp; s<span class=\"_ _2\"></span>upranatio<span class=\"_ _2\"></span>nals<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x918 y5896 w4ed h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">486<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x919 y5896 w30e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls32 ws149\">4<span class=\"_ _2\"></span>02<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5616 w4ee h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Private co<span class=\"_ _2\"></span>rporate cre<span class=\"_ _2\"></span>dit<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91a y5616 wd5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">1,<span class=\"_ _2\"></span>829<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91b y5616 w4ef h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>42<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5897 w4f0 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Infras<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>ture loan<span class=\"_ _2\"></span>s \u2013 proje<span class=\"_ _2\"></span>ct finan<span class=\"_ _2\"></span>ce<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91c y5897 w4f1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91d y5897 w4f2 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">882<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5617 w4f3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Infras<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>ture loan<span class=\"_ _2\"></span>s \u2013 corpor<span class=\"_ _2\"></span>ate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91e y5617 w1b6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>493<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x91f y5617 w4f4 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>175<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y55e8 w4c1 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Loans to h<span class=\"_ _2\"></span>ousing a<span class=\"_ _2\"></span>ssoc<span class=\"_ _2\"></span>iations<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x920 y55e8 w4f5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">1<span class=\"_ _2\"></span>,186<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x921 y55e8 w4f6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d9 ws1d9\">6<span class=\"_ _2\"></span>91<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5774 w4c3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Local auth<span class=\"_ _2\"></span>ority loans<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x922 y5774 w240 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">932<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x923 y5774 w4f7 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">596<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5898 w4f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Equit<span class=\"_ _2\"></span>y relea<span class=\"_ _2\"></span>se mor<span class=\"_ _2\"></span>tgag<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x924 y5898 w302 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">4,486<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x925 y5898 w162 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,<span class=\"_ _2\"></span>934<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5775 w4d4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>mercial re<span class=\"_ _2\"></span>al est<span class=\"_ _2\"></span>ate loans<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x926 y5775 w4f9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>147<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x927 y5775 w48b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">1<span class=\"_ _2\"></span>,104<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57ab w4fa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>ome strip<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x928 y57ab w4fb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">6<span class=\"_ _2\"></span>74<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x929 y57ab wf6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">786<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5746 w4fc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Bridg<span class=\"_ _2\"></span>ing loan<span class=\"_ _2\"></span>s to private equit<span class=\"_ _2\"></span>y fun<span class=\"_ _2\"></span>ds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92a y5746 w2b7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">47<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92b y5746 w4fd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsdc wsc7\">462<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5899 w393 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6de y5899 w17a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92c y5899 w307 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w4fe h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l Level 3 debt s<span class=\"_ _2\"></span>ecur<span class=\"_ _2\"></span>ities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92d y561d w4ff h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">13,8<span class=\"_ _5\"></span>18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92e y561d w48f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11,<span class=\"_ _2\"></span>465<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y589a ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></td><td class=\"c n x25d y561e w500 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>74)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x92f y561e w49a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>786<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w501 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l Level 3 debt s<span class=\"_ _2\"></span>ecur<span class=\"_ _2\"></span>ities excl<span class=\"_ _2\"></span>uding am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sifie<span class=\"_ _2\"></span>d as held fo<span class=\"_ _2\"></span>r sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x930 y55ef w502 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">13,14<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x931 y55ef w503 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">10<span class=\"_ _2\"></span>,679<span class=\"_ _3bc\"> </span></div></td></tr></table>E2<span class=\"_ _2\"></span>.4 S<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>itivit<span class=\"_ _2\"></span>ies of Level 3 i<span class=\"_ _2\"></span>nst<span class=\"_ _2\"></span>rumen<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span>2022<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 Lo<span class=\"_ _2\"></span>ans gu<span class=\"_ _2\"></span>arante<span class=\"_ _2\"></span>ed by exp<span class=\"_ _2\"></span>ort c<span class=\"_ _2\"></span>redit a<span class=\"_ _2\"></span>genc<span class=\"_ _2\"></span>ies &amp; sup<span class=\"_ _2\"></span>ran<span class=\"_ _2\"></span>ationa<span class=\"_ _2\"></span>ls<span class=\"_ _3bc\"> </span>65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span>(13)<span class=\"_ _3bc\"> </span>(9)<span class=\"_ _3bc\"> </span>65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span>14<span class=\"_ _3bc\"> </span>11<span class=\"_ _3bc\"> </span>Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 Priva<span class=\"_ _2\"></span>te corp<span class=\"_ _2\"></span>orate c<span class=\"_ _2\"></span>redit<span class=\"_ _3bc\"> </span>65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span>(10<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span>(98)<span class=\"_ _3bc\"> </span>65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span>116<span class=\"_ _3bc\"> </span>112<span class=\"_ _3bc\"> </span>Debt securities \u2013<span class=\"_ _5\"></span> Infrastructure loans<span class=\"_ _3bc\"> </span>65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span>(129<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(10<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span>65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span>134<span class=\"_ _3bc\"> </span>107<span class=\"_ _3bc\"> </span>Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 Lo<span class=\"_ _2\"></span>ans to ho<span class=\"_ _2\"></span>using a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciatio<span class=\"_ _2\"></span>ns<span class=\"_ _3bc\"> </span>65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span>(93)<span class=\"_ _3bc\"> </span>(5<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span>65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span>105<span class=\"_ _3bc\"> </span>58<span class=\"_ _3bc\"> </span>Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 Lo<span class=\"_ _2\"></span>cal au<span class=\"_ _2\"></span>thorit<span class=\"_ _2\"></span>y loa<span class=\"_ _2\"></span>ns<span class=\"_ _3bc\"> </span>65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span>(82)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span>90<span class=\"_ _3bc\"> </span>55<span class=\"_ _3bc\"> </span>Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 ER<span class=\"_ _2\"></span>M loan<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s increas<span class=\"_ _2\"></span>e in sprea<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>(37<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(32<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span>10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s decrea<span class=\"_ _2\"></span>se in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span>410<span class=\"_ _3bc\"> </span>37<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span>5% increa<span class=\"_ _2\"></span>se in mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>16<span class=\"_ _3bc\"> </span>13<span class=\"_ _3bc\"> </span>5% decre<span class=\"_ _2\"></span>ase in mo<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ality<span class=\"_ _3bc\"> </span>(1<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span>(14)<span class=\"_ _3bc\"> </span>15% inc<span class=\"_ _2\"></span>rease in vol<span class=\"_ _2\"></span>untar<span class=\"_ _2\"></span>y redem<span class=\"_ _2\"></span>ption rate<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>49<span class=\"_ _3bc\"> </span>15% de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in voluntar<span class=\"_ _2\"></span>y rede<span class=\"_ _2\"></span>mption rate<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>52)<span class=\"_ _3bc\"> </span>1% incre<span class=\"_ _2\"></span>ase in ho<span class=\"_ _2\"></span>use pric<span class=\"_ _2\"></span>e inflation<span class=\"_ _3bc\"> </span>52<span class=\"_ _3bc\"> </span>27<span class=\"_ _3bc\"> </span>1% dec<span class=\"_ _2\"></span>rease in h<span class=\"_ _2\"></span>ouse pr<span class=\"_ _2\"></span>ice inflation<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>74<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>42<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>10<span class=\"_ _2\"></span>% increas<span class=\"_ _2\"></span>e in hous<span class=\"_ _2\"></span>e prices<span class=\"_ _3bc\"> </span>38<span class=\"_ _3bc\"> </span>22<span class=\"_ _3bc\"> </span>10<span class=\"_ _2\"></span>% decrea<span class=\"_ _2\"></span>se in hou<span class=\"_ _2\"></span>se price<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>(59)<span class=\"_ _3bc\"> </span>(38)<span class=\"_ _3bc\"> </span>Deb<span class=\"_ _2\"></span>t sec<span class=\"_ _2\"></span>urities \u2013 C<span class=\"_ _2\"></span>RELs<span class=\"_ _3bc\"> </span>65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span>(4<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span>(18)<span class=\"_ _3bc\"> </span>65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span>48<span class=\"_ _3bc\"> </span>19<span class=\"_ _3bc\"> </span>Debt secu<span class=\"_ _5\"></span>rit<span class=\"_ _5\"></span>ies \u2013<span class=\"_ _7\"></span> Income strips<span class=\"_ _3bc\"> </span>65<span class=\"_ _2\"></span>bps inc<span class=\"_ _2\"></span>rease in sp<span class=\"_ _2\"></span>read (202<span class=\"_ _2\"></span>2: 35 bp<span class=\"_ _2\"></span>s increa<span class=\"_ _2\"></span>se in sprea<span class=\"_ _2\"></span>d)<span class=\"_ _3bc\"> </span>(89)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>76<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>65<span class=\"_ _2\"></span>bps de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in spread (2<span class=\"_ _2\"></span>022: 3<span class=\"_ _2\"></span>5 bps dec<span class=\"_ _2\"></span>rease in sp<span class=\"_ _2\"></span>read)<span class=\"_ _3bc\"> </span>109<span class=\"_ _3bc\"> </span>88<span class=\"_ _3bc\"> </span>Derivativ<span class=\"_ _5\"></span>es \u2013 F<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>ward pr<span class=\"_ _5\"></span>ivate placements, infrastructure and local authority loans<span class=\"_ _3bc\"> </span>65 b<span class=\"_ _2\"></span>ps incre<span class=\"_ _2\"></span>ase in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span>(6)<span class=\"_ _3bc\"> </span>(30<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>65 b<span class=\"_ _2\"></span>ps decre<span class=\"_ _2\"></span>ase in sp<span class=\"_ _2\"></span>read<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>31<span class=\"_ _3bc\"> </span>Derivatives \u2013 Lon<span class=\"_ _2\"></span>gevity swa<span class=\"_ _2\"></span>p contrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span>10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s increas<span class=\"_ _2\"></span>e in swap cur<span class=\"_ _2\"></span>ve<span class=\"_ _3bc\"> </span>(20)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s decrea<span class=\"_ _2\"></span>se in swap c<span class=\"_ _2\"></span>urve<span class=\"_ _3bc\"> </span>25<span class=\"_ _3bc\"> </span>21<span class=\"_ _3bc\"> </span>Derivativ<span class=\"_ _5\"></span>es \u2013 Equ<span class=\"_ _5\"></span>ity Release Income Plan total retur<span class=\"_ _5\"></span>n swap<span class=\"_ _3bc\"> </span>10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s increas<span class=\"_ _2\"></span>e in sprea<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s decrea<span class=\"_ _2\"></span>se in spre<span class=\"_ _2\"></span>ad<span class=\"_ _3bc\"> </span>(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span><span class=\"ls1ad ws1a6\">(<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></span>For the pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty reve<span class=\"_ _2\"></span>rsions lo<span class=\"_ _2\"></span>ans and b<span class=\"_ _2\"></span>ridging lo<span class=\"_ _2\"></span>ans to private e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y funds<span class=\"_ _2\"></span>, there are n<span class=\"_ _2\"></span>o reas<span class=\"_ _2\"></span>onably p<span class=\"_ _2\"></span>ossibl<span class=\"_ _2\"></span>e movement<span class=\"_ _2\"></span>s in unobs<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span>ble input value<span class=\"_ _2\"></span>s which would re<span class=\"_ _2\"></span>sult in a signifi<span class=\"_ _2\"></span>cant movem<span class=\"_ _2\"></span>ent in the fair va<span class=\"_ _2\"></span>lue of the finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>For thos<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets value<span class=\"_ _2\"></span>d using n<span class=\"_ _2\"></span>et ass<span class=\"_ _2\"></span>et value st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s (equities a<span class=\"_ _2\"></span>nd colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>hemes) n<span class=\"_ _2\"></span>o sensit<span class=\"_ _2\"></span>ivity infor<span class=\"_ _2\"></span>mation ha<span class=\"_ _2\"></span>s been prepa<span class=\"_ _2\"></span>red as the n<span class=\"_ _2\"></span>et ass<span class=\"_ _2\"></span>et state<span class=\"_ _2\"></span>ments a<span class=\"_ _2\"></span>re provided by in<span class=\"_ _2\"></span>depen<span class=\"_ _2\"></span>dent third pa<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>E2<span class=\"_ _2\"></span>.5 Transf<span class=\"_ _2\"></span>ers of fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial ins<span class=\"_ _2\"></span>trum<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s bet<span class=\"_ _2\"></span>ween Leve<span class=\"_ _2\"></span>l 1 and Level 2<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span><table class=\"s w525 h2c2\" id=\"_f616cd18-806f-4f45-b195-f63e640b4388\"><tr><td></td><td class=\"t m0 x559 h3f y58c3 ff7 fsf fc1 sc0 ls0 ws0\">From L<span class=\"_ _2\"></span>evel 1 to </td><td class=\"t m0 x8f4 h3f y58c3 ff7 fsf fc1 sc0 ls0 ws0\">From L<span class=\"_ _2\"></span>evel 2 to </td></tr><tr><td></td><td class=\"t m0 x5a0 h3f y58c4 ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x967 h3f y58c4 ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x262 h3f y58c5 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y58c5 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y58c6 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets measured at fair v<span class=\"_ _5\"></span>alue<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y58c7 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x26c y58c8 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x968 y58c8 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x969 y58c8 w31f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y58c9 wef h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96a y58c9 wd2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96b y58c9 w60 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y58ca wf8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96c y58ca w526 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>23<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96d y58ca w1b0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">725<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7ed hd y58cb ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"c n x6f6 y55ef w527 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsb3 wsf4\">1,188<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96e y55ef w132 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>As a r<span class=\"_ _2\"></span>esul<span class=\"_ _2\"></span>t of the a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssm<span class=\"_ _2\"></span>ent of th<span class=\"_ _2\"></span>e liqu<span class=\"_ _2\"></span>idit<span class=\"_ _2\"></span>y of the u<span class=\"_ _2\"></span>nder<span class=\"_ _2\"></span>lyin<span class=\"_ _2\"></span>g inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nts he<span class=\"_ _2\"></span>ld wit<span class=\"_ _2\"></span>hin co<span class=\"_ _2\"></span>llec<span class=\"_ _2\"></span>tive i<span class=\"_ _2\"></span>nves<span class=\"_ _2\"></span>tmen<span class=\"_ _2\"></span>t sche<span class=\"_ _2\"></span>mes<span class=\"_ _2\"></span>, in ac<span class=\"_ _2\"></span>cor<span class=\"_ _2\"></span>danc<span class=\"_ _2\"></span>e with t<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up\u2019s fai<span class=\"_ _2\"></span>r value h<span class=\"_ _2\"></span>iera<span class=\"_ _2\"></span>rchy c<span class=\"_ _2\"></span>las<span class=\"_ _2\"></span>sific<span class=\"_ _2\"></span>ation m<span class=\"_ _2\"></span>eth<span class=\"_ _2\"></span>odol<span class=\"_ _2\"></span>ogy a<span class=\"_ gs2dc\"> </span>net \u00a3<span class=\"_ _2\"></span>1,1<span class=\"_ _2\"></span>72 milli<span class=\"_ _2\"></span>on of co<span class=\"_ _2\"></span>llec<span class=\"_ _2\"></span>tive in<span class=\"_ _2\"></span>vest<span class=\"_ _2\"></span>ment s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>mes h<span class=\"_ _2\"></span>as tra<span class=\"_ _2\"></span>nsf<span class=\"_ _2\"></span>erre<span class=\"_ _2\"></span>d from Le<span class=\"_ _2\"></span>vel 1 to Leve<span class=\"_ _2\"></span>l 2.<span class=\"_ _3bc\"> </span>2022<span class=\"_ _3bc\"> </span><table class=\"s w528 h2c3\" id=\"_46162073-417c-4e24-b7a0-44c8e28f48a5\"><tr><td></td><td class=\"t m0 x749 h16 y58cc ff3 fsf fc1 sc0 ls0 ws0\">From Le<span class=\"_ _2\"></span>vel 1 to </td><td class=\"t m0 x260 h16 y58cc ff3 fsf fc1 sc0 ls0 ws0\">From Le<span class=\"_ _2\"></span>vel 2 to </td></tr><tr><td></td><td class=\"t m0 x5a0 h16 y58cd ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5a1 h16 y58cd ff3 fsf fc1 sc0 lse6 wsd0\">Level 1<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x262 h16 y58ce ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y58ce ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y58cf ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets measured at fair v<span class=\"_ _5\"></span>alue<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y58d0 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x26c y58c1 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96f y58c1 w8d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">48<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x970 y58c1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y58d1 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets d<span class=\"_ _2\"></span>esigna<span class=\"_ _2\"></span>ted at FV<span class=\"_ _2\"></span>TPL up<span class=\"_ _2\"></span>on initial re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x26c y56f9 wef h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x96a y56f9 w1a9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">73<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x971 y56f9 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y55ee wf8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x972 y55ee w529 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x973 y55ee w52a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>267<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y55ef wfc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x974 y55ef w192 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x975 y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table>Con<span class=\"_ _2\"></span>sistent wi<span class=\"_ _2\"></span>th the prior ye<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>, all th<span class=\"_ _2\"></span>e Group\u2019s Level 1 and Level 2 as<span class=\"_ _2\"></span>sets h<span class=\"_ _2\"></span>ave been val<span class=\"_ _2\"></span>ued usin<span class=\"_ _2\"></span>g stan<span class=\"_ _2\"></span>dard market pric<span class=\"_ _2\"></span>ing sourc<span class=\"_ _2\"></span>es. The ap<span class=\"_ _2\"></span>plicatio<span class=\"_ _2\"></span>n of the Group\u2019s fair value hie<span class=\"_ _2\"></span>rarchy clas<span class=\"_ _2\"></span>sific<span class=\"_ _2\"></span>ation meth<span class=\"_ _2\"></span>odolog<span class=\"_ _2\"></span>y at an indivi<span class=\"_ _2\"></span>dual se<span class=\"_ _2\"></span>curit<span class=\"_ _2\"></span>y level, in pa<span class=\"_ _2\"></span>rtic<span class=\"_ _2\"></span>ular obse<span class=\"_ _2\"></span>rvat<span class=\"_ _2\"></span>ions with reg<span class=\"_ _2\"></span>ard to meas<span class=\"_ _2\"></span>ures of market depth an<span class=\"_ _2\"></span>d bid-as<span class=\"_ _2\"></span>k spread<span class=\"_ _2\"></span>s, res<span class=\"_ _2\"></span>ulted in an overa<span class=\"_ _2\"></span>ll net moveme<span class=\"_ _2\"></span>nt of debt sec<span class=\"_ _2\"></span>urities fro<span class=\"_ _2\"></span>m Level 1 to Level 2 in both the current a<span class=\"_ _2\"></span>nd prior p<span class=\"_ _2\"></span>eriod. E2<span class=\"_ _2\"></span>.6 M<span class=\"_ _2\"></span>ovement in L<span class=\"_ _2\"></span>evel 3 fina<span class=\"_ _2\"></span>ncia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>rume<span class=\"_ _2\"></span>nts m<span class=\"_ _2\"></span>easu<span class=\"_ _2\"></span>red at fa<span class=\"_ _2\"></span>ir valu<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span>At 1<span class=\"_ _7\"></span> Januar<span class=\"_ _2\"></span>y 2023<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span><table class=\"s w52b h2c4\" id=\"_c4bcc8b9-3e66-4719-8b22-41b02f1ef5a0\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x976 h3f y58d2 ff7 fsf fc1 sc0 ls5b ws76\">Unrealised </td></tr><tr><td></td><td></td><td class=\"t m0 x977 h3f y58d3 ff7 fsf fc1 sc0 ls199 ws185\">Reclassification </td><td class=\"t m0 x978 h3f y58d3 ff7 fsf fc1 sc0 ls0 ws0\">At </td><td class=\"t m0 x979 h3f y58d3 ff7 fsf fc1 sc0 ls81 ws75\">Net (losses)<span class=\"_ _5\"></span>/<span class=\"_ _3bc\"> </span></td><td></td><td></td><td class=\"t m0 x97a h3f y58d3 ff7 fsf fc1 sc0 ls5b ws76\">T<span class=\"_ _7\"></span>rans<span class=\"_ _2\"></span>fers<span class=\"_ _3bc\"> </span></td><td></td><td></td><td class=\"t m0 x59f h3f y58d3 ff7 fsf fc1 sc0 ls0 ws0\">ga<span class=\"_ _2\"></span>ins on </td></tr><tr><td></td><td></td><td class=\"t m0 x97b h3f y58d4 ff7 fsf fc1 sc0 ls0 ws0\">of ba<span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>ces o<span class=\"_ _2\"></span>n </td><td class=\"t m0 x97c h3f y58d4 ff7 fsf fc1 sc0 ls5b ws76\">1 January </td><td class=\"t m0 x97d h3f y58d4 ff7 fsf fc1 sc0 ls0 ws0\">ga<span class=\"_ _2\"></span>ins in </td><td></td><td></td><td class=\"t m0 x97e h3f y58d4 ff7 fsf fc1 sc0 ls0 ws0\"> fro<span class=\"_ _2\"></span>m </td><td class=\"t m0 x97f h3f y58d4 ff7 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>ra<span class=\"_ _2\"></span>nsfe<span class=\"_ _2\"></span>rs to </td><td class=\"t m0 x980 h3f y58d4 ff7 fsf fc1 sc0 ls0 ws0\">At </td><td class=\"t m0 x976 h3f y58d4 ff7 fsf fc1 sc0 ls5b ws76\">assets held </td></tr><tr><td></td><td></td><td class=\"t m0 x981 h3f y58d5 ff7 fsf fc1 sc0 ls70 ws67\">transitio<span class=\"_ _2\"></span>n<span class=\"_ _5\"></span> to </td><td class=\"t m0 x900 h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>3 </td><td class=\"t m0 x97d h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">inc<span class=\"_ _2\"></span>ome </td><td></td><td></td><td class=\"t m0 x982 h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1 </td><td class=\"t m0 x983 h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1 and </td><td class=\"t m0 x77f h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td><td class=\"t m0 x7e8 h3f y58d5 ff7 fsf fc1 sc0 ls0 ws0\">at en<span class=\"_ _2\"></span>d of </td></tr><tr><td></td><td></td><td class=\"t m0 x984 h3f y58d6 ff7 fsf fc1 sc0 ls0 ws0\">IFR<span class=\"_ _2\"></span>S 9<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x97c h3f y58d6 ff7 fsf fc1 sc0 lsd4 wsc2\">(re<span class=\"_ _2\"></span>sta<span class=\"_ _2\"></span>ted)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x985 h3f y58d6 ff7 fsf fc1 sc0 ls70 ws67\">statem<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d0 h3f y58d6 ff7 fsf fc1 sc0 ls81 ws75\">Purchases<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x582 h3f y58d6 ff7 fsf fc1 sc0 ls81 ws75\">Sales<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x986 h3f y58d6 ff7 fsf fc1 sc0 ls0 ws0\">an<span class=\"_ _2\"></span>d Level 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x25f h3f y58d6 ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span></td><td class=\"c x988 y58d8 w52c h2c5\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">2023</div><div class=\"t m0 x987 h1d6 y58d7 ff3 fs172 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x967 h3f y58d6 ff7 fsf fc1 sc0 ls70 ws67\">period<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x989 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x98a h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x611 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x909 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e5 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x98b h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x749 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x98c h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y58d9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y58da ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 he y58db ff7 fs7 fc1 sc0 ls0 ws0\">mea<span class=\"_ _2\"></span>sure<span class=\"_ _2\"></span>d at fair val<span class=\"_ _2\"></span>ue<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y58dc ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y58dd ff3 fs7 fc1 sc0 ls0 ws0\">man<span class=\"_ _2\"></span>datorily hel<span class=\"_ _2\"></span>d </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y58de ff3 fs7 fc1 sc0 ls0 ws0\">at<span class=\"_ gs132\"> </span>FV<span class=\"_ _2\"></span>TPL<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58df we8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x98d y58df w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x98e y58df w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x98f y58df wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x990 y58df w52d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x991 y58df w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x992 y58df w7f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x993 y58df w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x994 y58df w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x995 y58df w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x996 y58df w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5652 wea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x997 y5652 we9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">152<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x998 y5652 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x999 y5652 w52e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">152<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99a y5652 w31a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws2f\">80<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99b y5652 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99c y5652 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99d y5652 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99e y5652 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x99f y5652 w2eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">23<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a0 y5652 w31a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws2f\">80<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y58e0 wef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a1 y58e0 w52f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">2,19<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a2 y58e0 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a3 y58e0 w52f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">2<span class=\"_ _2\"></span>,192<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a4 y58e0 w530 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a5 y58e0 w112 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a8 ws19f\">433<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a6 y58e0 w531 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">(293)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a7 y58e0 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a8 y58e0 w2dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9a9 y58e0 w144 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">2,<span class=\"_ _2\"></span>495<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9aa y58e0 w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y58e1 wf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ab y58e1 w532 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">11,<span class=\"_ _2\"></span>465<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ac y58e1 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ad y58e1 w532 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">11,<span class=\"_ _2\"></span>465<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ae y58e1 w533 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9af y58e1 w10d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b0 y58e1 w534 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5,<span class=\"_ _2\"></span>22<span class=\"_ _7\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b1 y58e1 w1eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">150<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b2 y58e1 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b3 y58e1 w535 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls194 ws1b0\">13,818<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b4 y58e1 w536 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">475<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7ed hd y58e2 ff3 fs7 fc1 sc0 ls1c ws1a\">Collec<span class=\"_ _2\"></span>tive </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x7ed hd y58e3 ff3 fs7 fc1 sc0 ls0 ws0\">investm<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y58e4 w537 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">schemes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b5 y58e4 w538 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b6 y58e4 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b7 y58e4 w538 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b8 y58e4 w194 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls25 ws23\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9b9 y58e4 w539 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ba y58e4 w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9bb y58e4 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9bc y58e4 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9bd y58e4 w468 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">4<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9be y58e4 w53a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls25 ws23\">46<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y58e5 ff7 fs7 fc1 sc0 ls61 ws5c\">T<span class=\"_ _7\"></span>otal financial assets </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ef w53b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a ws0\">mea<span class=\"_ _2\"></span>sure<span class=\"_ _2\"></span>d at fair valu<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9bf y55ef w53c h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">1<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c0 y55ef w1a0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c1 y55ef w53d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">14<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c2 y55ef w530 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">70<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c3 y55ef w216 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c4 y55ef w53e h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls96 ws8c\">(5,52<span class=\"_ _7\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c5 y55ef w1eb h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls96 ws8c\">153<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c6 y55ef w2dc h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c7 y55ef w53f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _2\"></span>,94<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c8 y55ef w540 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">61<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr></table>1 <span class=\"_ _b3\"> </span>S<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her d<span class=\"_ _2\"></span>etai<span class=\"_ _2\"></span>ls.<span class=\"_ _3bc\"> </span>2 <span class=\"_ _2f\"> </span>T<span class=\"_ _5\"></span>ota<span class=\"_ _2\"></span>l finan<span class=\"_ _2\"></span>cial a<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>ets of \u00a3<span class=\"_ _2\"></span>16<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>46 m<span class=\"_ _2\"></span>illio<span class=\"_ _2\"></span>n incl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>s \u00a3678 mi<span class=\"_ _2\"></span>llion of a<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>ets cl<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ifie<span class=\"_ _2\"></span>d as hel<span class=\"_ _2\"></span>d for sa<span class=\"_ _2\"></span>le<span class=\"_ _3bc\"> </span><table class=\"s w2ec h2c6\" id=\"_1d83e68a-a207-4c4a-a2a6-72aac0597505\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x9c9 h3f y58e6 ff7 fsf fc1 sc0 ls5b ws76\">Unrealised </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x5ba h3f y58e7 ff7 fsf fc1 sc0 ls5b ws76\">T<span class=\"_ _7\"></span>rans<span class=\"_ _2\"></span>fers<span class=\"_ _7\"></span> </td><td></td><td></td><td class=\"t m0 x485 h3f y58e7 ff7 fsf fc1 sc0 ls81 ws75\">losses on </td></tr><tr><td></td><td></td><td class=\"t m0 x9ca h3f y58e8 ff7 fsf fc1 sc0 ls0 ws0\">Ne<span class=\"_ _2\"></span>t los<span class=\"_ _2\"></span>ses in </td><td></td><td></td><td class=\"t m0 x9cb h3f y58e8 ff7 fsf fc1 sc0 ls199 ws185\">from<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9cc h3f y58e8 ff7 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>ra<span class=\"_ _2\"></span>nsfe<span class=\"_ _2\"></span>rs to </td><td class=\"t m0 x9cd h3f y58e8 ff7 fsf fc1 sc0 ls0 ws0\">At </td><td class=\"t m0 x86c h3f y58e8 ff7 fsf fc1 sc0 lse3 wscd\">liabilities held </td></tr><tr><td></td><td class=\"t m0 x9ce h3f y58e9 ff7 fsf fc1 sc0 ls5b ws76\">At 1<span class=\"_ _7\"></span> Januar<span class=\"_ _2\"></span>y </td><td class=\"t m0 x9cf h3f y58e9 ff7 fsf fc1 sc0 ls0 ws0\">inc<span class=\"_ _2\"></span>ome </td><td></td><td class=\"t m0 x9d0 h3f y58e9 ff7 fsf fc1 sc0 ls81 ws75\">Sales/</td><td class=\"t m0 x76e h3f y58e9 ff7 fsf fc1 sc0 ls0 ws0\"> Leve<span class=\"_ _2\"></span>l 1 and </td><td class=\"t m0 x86b h3f y58e9 ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1 and </td><td class=\"t m0 x9d1 h3f y58e9 ff7 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td><td class=\"t m0 x485 h3f y58e9 ff7 fsf fc1 sc0 ls0 ws0\">at en<span class=\"_ _2\"></span>d of </td></tr><tr><td></td><td class=\"t m0 x9d2 h3f y58ea ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d3 h3f y58ea ff7 fsf fc1 sc0 ls70 ws67\">statem<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d4 h3f y58ea ff7 fsf fc1 sc0 ls81 ws75\">Purchases<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5b9 h3f y58ea ff7 fsf fc1 sc0 ls5b ws76\">repayments<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d5 h3f y58ea ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h3f y58ea ff7 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5bb h3f y58ea ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d6 h3f y58ea ff7 fsf fc1 sc0 ls70 ws67\">period<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h3f y58eb ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d7 h3f y58eb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d8 h3f y58eb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d9 h3f y58eb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9da h3f y58eb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9db h3f y58eb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9dc h3f y58eb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9dd h3f y58eb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y58eb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y58ec ff7 fs7 fc1 sc0 ls68 ws5c\">Financial liabili<span class=\"_ _5\"></span>ties measured at fai<span class=\"_ _5\"></span>r value<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y58ed ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties man<span class=\"_ _2\"></span>datorily he<span class=\"_ _2\"></span>ld </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y58ee ff3 fs7 fc1 sc0 ls0 ws0\">at<span class=\"_ gs132\"> </span>FV<span class=\"_ _2\"></span>TPL<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58ef wea h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9de y58ef wd0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">24<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9df y58ef w541 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">67<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e0 y58ef w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c4 y58ef w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(10<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e1 y58ef w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e2 y58ef w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e3 y58ef w542 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">20<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e4 y58ef w442 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">59<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y58f0 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y58f1 ff3 fs7 fc1 sc0 ls1c ws1a\">upon initial recog<span class=\"_ _2\"></span>nition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y58f2 w15f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e5 y58f2 w543 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e6 y58f2 w1a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e7 y58f2 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e8 y58f2 w544 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">(21<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9e9 y58f2 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ea y58f2 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9eb y58f2 w357 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ec y58f2 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55ef w545 h2c7\"><div class=\"t m0 x1e6 he y5648 ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial liabil<span class=\"_ _5\"></span>ities measured at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">fair<span class=\"_ gs234\"> </span><span class=\"_ _5\"></span>value<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ed y55ef w4f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">3<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ee y55ef w17e h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls76 ws19a\">69<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9ef y55ef w199 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9f0 y55ef w546 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(1<span class=\"_ _2\"></span>25)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9f1 y55ef w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9f2 y55ef w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9f3 y55ef w175 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b5 ws1b4\">251<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9f4 y55ef w9b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">61<span class=\"_ _3bc\"> </span></div></td></tr></table><table class=\"s w547 h2c8\" id=\"_e01948cf-ba1a-4e6c-a9b9-7e88d0c81104\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x9f5 h16 y58f3 ff3 fsf fc1 sc0 ls82 ws77\">Unrealis<span class=\"_ _2\"></span>ed </td></tr><tr><td></td><td></td><td class=\"t m0 x9f6 h16 y58f4 ff3 fsf fc1 sc0 ls17 ws15\">Net (losses)/<span class=\"_ _3bc\"> </span></td><td></td><td></td><td class=\"t m0 x9f7 h16 y58f4 ff3 fsf fc1 sc0 ls5b ws76\">T<span class=\"_ _7\"></span>ransfers<span class=\"_ _3bc\"> </span></td><td></td><td></td><td class=\"t m0 x9f8 h16 y58f4 ff3 fsf fc1 sc0 ls17 ws15\">(losses)/<span class=\"_ _7\"></span>gains </td></tr><tr><td></td><td></td><td class=\"t m0 x9f9 h16 y58f5 ff3 fsf fc1 sc0 ls0 ws0\">ga<span class=\"_ _2\"></span>ins in </td><td></td><td></td><td class=\"t m0 x9cb h16 y58f5 ff3 fsf fc1 sc0 ls0 ws0\"> fro<span class=\"_ _2\"></span>m </td><td class=\"t m0 x9fa h16 y58f5 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>ran<span class=\"_ _2\"></span>sfe<span class=\"_ _2\"></span>rs to </td><td class=\"t m0 x9cd h16 y58f5 ff3 fsf fc1 sc0 ls0 ws0\">At </td><td class=\"t m0 x9fb h16 y58f5 ff3 fsf fc1 sc0 ls0 ws0\">on as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s hel<span class=\"_ _2\"></span>d </td></tr><tr><td></td><td class=\"t m0 x9fc h16 y58f6 ff3 fsf fc1 sc0 ls0 ws0\">At 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y </td><td class=\"t m0 x9f9 h16 y58f6 ff3 fsf fc1 sc0 lse1 wscb\">income<span class=\"_ _5\"></span> </td><td></td><td></td><td class=\"t m0 x537 h16 y58f6 ff3 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1 </td><td class=\"t m0 x9fd h16 y58f6 ff3 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1 and </td><td class=\"t m0 x79a h16 y58f6 ff3 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td><td class=\"t m0 x23f h16 y58f6 ff3 fsf fc1 sc0 ls0 ws0\">at en<span class=\"_ _2\"></span>d of </td></tr><tr><td></td><td class=\"t m0 x9fe h16 y58f7 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9ff h16 y58f7 ff3 fsf fc1 sc0 ls83 ws78\">statement<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa00 h16 y58f7 ff3 fsf fc1 sc0 ls84 ws79\">Purchases<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa01 h16 y58f7 ff3 fsf fc1 sc0 ls17 ws15\">Sales<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa02 h16 y58f7 ff3 fsf fc1 sc0 ls0 ws0\">and L<span class=\"_ _2\"></span>evel 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7cf h16 y58f7 ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"c xa04 y58f8 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022</div><div class=\"t m0 xa03 h1d6 y56f3 ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x9d6 h16 y58f7 ff3 fsf fc1 sc0 ls51 ws4b\">period<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h16 y58f9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa05 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d8 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d9 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x523 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa06 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa07 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa08 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y58f9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y58fa ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets measured at fair v<span class=\"_ _5\"></span>alue<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y58fb ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58fc wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa09 y58fc w548 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">237<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0a y58fc w1cd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(85<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0b y58fc w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0c y58fc w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0d y58fc w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0e y58fc w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0f y58fc w461 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">152<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa10 y58fc w1cd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(85<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y58fd ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets d<span class=\"_ _2\"></span>esigna<span class=\"_ _2\"></span>ted at FV<span class=\"_ _2\"></span>TPL up<span class=\"_ _2\"></span>on </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y58fe ff3 fs7 fc1 sc0 ls1c ws1a\">initial recog<span class=\"_ _2\"></span>nition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57ab wef h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa11 y57ab w549 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls4b ws122\">1<span class=\"_ _2\"></span>,899<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa12 y57ab w54a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa13 y57ab w240 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">438<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa14 y57ab w24e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">(369<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa15 y57ab w365 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa16 y57ab w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa17 y57ab w10f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">2,192<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa18 y57ab w372 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5746 wf8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa19 y5746 w54b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">12<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>452<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1a y5746 w54c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(3<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>44)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1b y5746 w54d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">6,<span class=\"_ _2\"></span>838<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1c y5746 w43f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1d y5746 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1e y5746 w364 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa1f y5746 w48f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _2\"></span>,465<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa20 y5746 w238 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,<span class=\"_ _2\"></span>595)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5899 wfc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa21 y5899 w4f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa22 y5899 w54e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(79<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa23 y5899 w112 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">108<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa24 y5899 w54f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa25 y5899 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa26 y5899 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa27 y5899 wf7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa28 y5899 w550 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xa29 y561d w551 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">14<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2a y561d w225 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,<span class=\"_ _2\"></span>44<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2b y561d w552 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _19\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2c y561d w261 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(4<span class=\"_ _2\"></span>,649<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2d y561d w1d7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2e y561d w80 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa2f y561d w553 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">13,<span class=\"_ _2\"></span>96<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa30 y561d w554 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">(3,656)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w555 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial assets measured at fair<span class=\"_ _5\"></span> value<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa31 y55ef w556 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>74<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa32 y55ef w452 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa33 y55ef w557 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa34 y55ef w9f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(4,6<span class=\"_ _2\"></span>49)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa35 y55ef w1d7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa36 y55ef w252 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa37 y55ef w73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">14<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5d9 y55ef w558 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>741<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table>1 <span class=\"_ _b3\"> </span>Total fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s of \u00a314<span class=\"_ _2\"></span>,12<span class=\"_ _2\"></span>1 millio<span class=\"_ _2\"></span>n incl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>s \u00a378<span class=\"_ _2\"></span>9 millio<span class=\"_ _2\"></span>n cla<span class=\"_ _2\"></span>ssifi<span class=\"_ _2\"></span>ed as h<span class=\"_ _2\"></span>eld fo<span class=\"_ _2\"></span>r sale<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><table class=\"s w559 h2c9\" id=\"_80db2b02-2e38-450a-a4b9-967b0d4f3339\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x9f5 h16 y58ff ff3 fsf fc1 sc0 ls82 ws77\">Unrealis<span class=\"_ _2\"></span>ed </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x23f h16 y5900 ff3 fsf fc1 sc0 ls0 ws0\">los<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>s on </td></tr><tr><td></td><td></td><td class=\"t m0 x9f6 h16 y5901 ff3 fsf fc1 sc0 ls0 ws0\">Ne<span class=\"_ _2\"></span>t loss<span class=\"_ _2\"></span>es in </td><td></td><td></td><td class=\"t m0 x75f h16 y5901 ff3 fsf fc1 sc0 ls17 ws15\">T<span class=\"_ _7\"></span>rans<span class=\"_ _2\"></span>fers fr<span class=\"_ _5\"></span>om<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9fa h16 y5901 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>ran<span class=\"_ _2\"></span>sfe<span class=\"_ _2\"></span>rs to </td><td class=\"t m0 x9cd h16 y5901 ff3 fsf fc1 sc0 ls0 ws0\">At </td><td class=\"t m0 x9fb h16 y5902 ff3 fsf fc1 sc0 ls82 ws77\">liabilities he<span class=\"_ _2\"></span>ld </td></tr><tr><td></td><td class=\"t m0 x9fc h16 y5903 ff3 fsf fc1 sc0 ls0 ws0\">At 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y </td><td class=\"t m0 x9f9 h16 y5903 ff3 fsf fc1 sc0 lse1 wscb\">income<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 xa38 h16 y5903 ff3 fsf fc1 sc0 ls17 ws15\">Sales/</td><td class=\"t m0 xa02 h16 y5903 ff3 fsf fc1 sc0 ls0 ws0\"> Leve<span class=\"_ _2\"></span>l 1 and </td><td class=\"t m0 x9fd h16 y5903 ff3 fsf fc1 sc0 ls0 ws0\">Leve<span class=\"_ _2\"></span>l 1 and </td><td class=\"t m0 x79a h16 y5903 ff3 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td><td class=\"t m0 x23f h16 y5904 ff3 fsf fc1 sc0 ls0 ws0\">at en<span class=\"_ _2\"></span>d of </td></tr><tr><td></td><td class=\"t m0 x9fe h16 y5905 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9ff h16 y5905 ff3 fsf fc1 sc0 ls83 ws78\">statement<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa00 h16 y5905 ff3 fsf fc1 sc0 ls84 ws79\">Purchases<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5b9 h16 y5905 ff3 fsf fc1 sc0 ls83 ws78\">Repayments<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x520 h16 y5905 ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7cf h16 y5905 ff3 fsf fc1 sc0 lse6 wsd0\">Level 2<span class=\"_ _3bc\"> </span></td><td class=\"c xa04 y5906 w3a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022</div><div class=\"t m0 xa03 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x9d6 h16 y5907 ff3 fsf fc1 sc0 ls51 ws4b\">period<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h16 y5908 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa05 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d8 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d9 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x523 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa06 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa07 h16 y5908 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa08 h16 y5909 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5909 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y590a ff7 fs7 fc1 sc0 ls68 ws5c\">Financial liabili<span class=\"_ _5\"></span>ties measured at fai<span class=\"_ _5\"></span>r value<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y590b ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties man<span class=\"_ _2\"></span>datorily he<span class=\"_ _2\"></span>ld </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y590c ff3 fs7 fc1 sc0 ls0 ws0\">at<span class=\"_ gs132\"> </span>FV<span class=\"_ _2\"></span>TPL<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y590d wea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa39 y590d we1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">1<span class=\"_ _2\"></span>25<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3a y590d we2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls4b ws122\">130<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3b y590d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3c y590d w135 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3d y590d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3e y590d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3f y590d w4a4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa40 y590d w2a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">123<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y590e ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y590f ff3 fs7 fc1 sc0 ls1c ws1a\">upon initial recog<span class=\"_ _2\"></span>nition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5910 w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa41 y5910 w357 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c4 ws1c4\">70<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa42 y5910 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa43 y5910 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa44 y5910 w1d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(15)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa45 y5910 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa46 y5910 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa47 y5910 w44a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa48 y5910 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55ef w545 h2ca\"><div class=\"t m0 x1e6 he y5654 ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial liabil<span class=\"_ _5\"></span>ities measured at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">fair<span class=\"_ gs234\"> </span><span class=\"_ _5\"></span>value<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa49 y55ef w55a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">195<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4a y55ef w55b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">1<span class=\"_ _2\"></span>39<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4b y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4c y55ef w55c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4d y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4e y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4f y55ef w239 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">307<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa50 y55ef w40f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">1<span class=\"_ _2\"></span>32<span class=\"_ _3bc\"> </span></div></td></tr></table>Gains a<span class=\"_ _2\"></span>nd los<span class=\"_ _2\"></span>ses on Level 3 fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts are inc<span class=\"_ _2\"></span>luded in n<span class=\"_ _2\"></span>et investme<span class=\"_ _2\"></span>nt incom<span class=\"_ _2\"></span>e in the cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt. The<span class=\"_ _2\"></span>re were no gain<span class=\"_ _2\"></span>s or loss<span class=\"_ _2\"></span>es rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other c<span class=\"_ _2\"></span>omprehe<span class=\"_ _2\"></span>nsive inco<span class=\"_ _2\"></span>me in eithe<span class=\"_ _2\"></span>r the current o<span class=\"_ _2\"></span>r compar<span class=\"_ _2\"></span>ative perio<span class=\"_ _2\"></span>d",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-687": {
   "value": "The t<span class=\"_ _2\"></span>able bel<span class=\"_ _2\"></span>ow sets o<span class=\"_ _2\"></span>ut a compa<span class=\"_ _2\"></span>rison of the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unts and fa<span class=\"_ _2\"></span>ir values of finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts as at 31<span class=\"_ gs132\"> </span>D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber<span class=\"_ gs132\"> </span>2023<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span><table class=\"s w41a h2b6\" id=\"_13834b01-de4a-4029-89ba-7e601db54fc4\"><tr><td></td><td></td><td></td><td class=\"t m0 x797 h3f y57cb ff7 fsf fc1 sc0 ls5b ws76\">Carrying value<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x798 h3f y57cc ff7 fsf fc1 sc0 ls0 ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s due fo<span class=\"_ _2\"></span>r </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x2c2 h3f y57cd ff7 fsf fc1 sc0 ls5b ws76\">settlement after 12<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x799 h3f y57ce ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79a h3f y57ce ff7 fsf fc1 sc0 ls70 ws67\">months<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79b h3f y57ce ff7 fsf fc1 sc0 ls81 ws75\">Fair<span class=\"_ _5\"></span> value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h3f y57cf ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x524 h3f y57cf ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y57cf ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y57cf ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y57d0 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y57d1 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at fa<span class=\"_ _2\"></span>ir value throu<span class=\"_ _2\"></span>gh profit or los<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>FV<span class=\"_ _2\"></span>TPL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>):<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57d2 we8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x79c y57d2 w2a4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">2<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x79d y57d2 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x79e y57d2 w2a4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">2<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57d3 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x79f y57d3 w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a0 y57d3 w393 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">2,338<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a1 y57d3 w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57d4 ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7a2 y55e8 w41b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">8<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a3 y55e8 w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a4 y55e8 w41c h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">8<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57d5 ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment in as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>te<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7a5 hd y57d6 ff3 fs7 fc1 sc0 ls0 ws0\">(see n<span class=\"_ _2\"></span>ote H4)<span class=\"_ _3bc\"> </span></td><td class=\"c n x7a6 y5774 w1b7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">349<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a7 y5774 w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a8 y5774 w1b7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">349<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57d7 wf8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7a9 y57d7 w41d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7aa y57d7 w41e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">79,9<span class=\"_ _2\"></span>94<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ab y57d7 w41f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57d8 ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7a2 y5775 w420 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">7<span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ac y5775 w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ad y5775 w420 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">7<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>937<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57d9 ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers' sha<span class=\"_ _2\"></span>re of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7ae y57ab w421 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>,70<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7af y57ab w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7b0 y57ab wec h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57da ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57db we8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b1 y57db w422 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x707 y57db w422 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7b2 y57db w422 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57dc w423 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">T<span class=\"_ _7\"></span>otal financial asset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b3 y57dc w424 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb2 wse8\">2<span class=\"_ _6\"></span>75,444<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b4 y57dc w425 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb2 wse8\">2<span class=\"_ _5\"></span>7<span class=\"_ _5\"></span>5,444<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57dd ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as fina<span class=\"_ _2\"></span>ncial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s held for s<span class=\"_ _2\"></span>ale (see note H<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7b5 y561e w426 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(2,<span class=\"_ _2\"></span>498<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b6 y561e w427 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(<span class=\"_ _2\"></span>2,49<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w428 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial assets less financial assets classified as held for<span class=\"_ _5\"></span> sale<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b7 y55ef w429 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b8 y55ef w42a h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span><table class=\"s w42b h2b7\" id=\"_4638db2d-2c37-45aa-9d81-5d316786d41b\"><tr><td></td><td></td><td class=\"t m0 x797 h3f y57de ff7 fsf fc1 sc0 ls5b ws76\">Carrying value<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x798 h3f y57df ff7 fsf fc1 sc0 ls0 ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s due fo<span class=\"_ _2\"></span>r </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x2c2 h3f y57e0 ff7 fsf fc1 sc0 ls5b ws76\">settlement after 12<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 x799 h3f y57e1 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79a h3f y57e1 ff7 fsf fc1 sc0 ls70 ws67\">months<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79b h3f y57e1 ff7 fsf fc1 sc0 ls81 ws75\">Fair<span class=\"_ _5\"></span> value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h3f y57e2 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y57e2 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y57e2 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y57e2 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y57e3 ff7 fs7 fc1 sc0 ls61 ws5f\">Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y57e4 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties man<span class=\"_ _2\"></span>datorily he<span class=\"_ _2\"></span>ld at FV<span class=\"_ _2\"></span>TPL:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57d3 wea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7b9 y57d3 w42c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,34<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ba y57d3 w311 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>976<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7bb y57d3 w161 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,34<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57e5 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL upon initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57e6 w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7bc y57e6 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7bd y57e6 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7be y57e6 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57e7 ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ae y55fd w196 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7bf y55fd w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c0 y55fd w196 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>921<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57e8 ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></td><td class=\"c n x2f8 y5775 w42d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c1 y5775 w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c2 y5775 w42e h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57e9 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties mea<span class=\"_ _2\"></span>sured at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57ea w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c3 y57ea w42f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c4 y57ea w2a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,75<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c5 y57ea wec h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57db w16a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x309 y57db w16b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1,0<span class=\"_ _2\"></span>05<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c6 y57db w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c7 y57db w430 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1<span class=\"_ _2\"></span>,005<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57dc w431 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c8 y57dc w432 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _2\"></span>3,<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7c9 y57dc w433 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">173,838<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57eb ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as fina<span class=\"_ _2\"></span>ncial liab<span class=\"_ _2\"></span>ilities hel<span class=\"_ _2\"></span>d for sale (se<span class=\"_ _2\"></span>e note H3)<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ca y561e w434 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7cb y561e w434 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w435 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial liabil<span class=\"_ _5\"></span>ities less financial l<span class=\"_ _5\"></span>iabilities<span class=\"_ _5\"></span> held for<span class=\"_ _5\"></span> sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7cc y55ef w436 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">169,16<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7cd y55ef w437 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1af ws1ab\">169,056<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>1 <span class=\"_ _1b\"> </span><span class=\"ws0\">Th<span class=\"_ _2\"></span>ese a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s have n<span class=\"_ _2\"></span>o spe<span class=\"_ _2\"></span>cifie<span class=\"_ _2\"></span>d set<span class=\"_ _2\"></span>tle<span class=\"_ _2\"></span>ment d<span class=\"_ _2\"></span>ate.<span class=\"_ _3bc\"> </span></span>2 <span class=\"_ _9\"> </span><span class=\"ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s cla<span class=\"_ _2\"></span>ssifi<span class=\"_ _2\"></span>ed as fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts he<span class=\"_ _2\"></span>ld for s<span class=\"_ _2\"></span>ale in<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>e deri<span class=\"_ _2\"></span>vative<span class=\"_ _2\"></span>s of \u00a33 mi<span class=\"_ _2\"></span>llion<span class=\"_ _2\"></span>, eq<span class=\"_ _2\"></span>uitie<span class=\"_ _2\"></span>s of \u00a328 m<span class=\"_ _2\"></span>illio<span class=\"_ _2\"></span>n, de<span class=\"_ _2\"></span>bt sec<span class=\"_ _2\"></span>urit<span class=\"_ _2\"></span>ies of \u00a3<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>411 mill<span class=\"_ _2\"></span>ion, c<span class=\"_ _2\"></span>olle<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ve inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>es of \u00a31<span class=\"_ _2\"></span>,02<span class=\"_ _2\"></span>8 milli<span class=\"_ _2\"></span>on and r<span class=\"_ _2\"></span>eins<span class=\"_ _2\"></span>urer<span class=\"_ _2\"></span>s\u2019 </span>share of investme<span class=\"_ _2\"></span>nt contract liabilit<span class=\"_ _2\"></span>ies of \u00a328 million.<span class=\"_ _3bc\"> </span>3 <span class=\"_ _9\"> </span><span class=\"ls102 ws77\">Amount<span class=\"_ _2\"></span>s classifie<span class=\"_ _2\"></span>d as financial liabilitie<span class=\"_ _2\"></span>s held for sale include der<span class=\"_ _2\"></span>ivative liabilities of \u00a32 million and investm<span class=\"_ _2\"></span>ent contract liab<span class=\"_ _2\"></span>ilities of \u00a3<span class=\"_ _7\"></span>4<span class=\"_ _2\"></span>,780 million<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></span><table class=\"s w438 h2b8\" id=\"_ae3bcf0f-cac0-46b0-8978-a22ed4c0bb03\"><tr><td></td><td></td><td></td><td class=\"t m0 x799 h16 y57ec ff3 fsf fc1 sc0 ls17 ws15\">Carrying value<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x7ce h16 y57ed ff3 fsf fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>s due for </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x7cf h16 y57ee ff3 fsf fc1 sc0 ls0 ws0\">set<span class=\"_ _2\"></span>tl<span class=\"_ _2\"></span>emen<span class=\"_ _2\"></span>t afte<span class=\"_ _2\"></span>r 12 </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x799 h16 y57ef ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79a h16 y57ef ff3 fsf fc1 sc0 ls82 ws77\">months<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x485 h16 y57ef ff3 fsf fc1 sc0 ls17 ws15\">Fair value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y57f0 w2a6 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"t m0 x524 h16 y57f1 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y57f1 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y57f1 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y57f2 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y57f3 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57a4 w439 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Hel<span class=\"_ _2\"></span>d for trading \u2013 d<span class=\"_ _2\"></span>erivatives<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7d0 y57a4 w10d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4,<span class=\"_ _2\"></span>071<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d1 y57a4 w103 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">3,35<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d2 y57a4 w43a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,071<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57f4 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets d<span class=\"_ _2\"></span>esigna<span class=\"_ _2\"></span>ted at FV<span class=\"_ _2\"></span>TPL up<span class=\"_ _2\"></span>on initial re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x7d3 hd y57f5 ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7a2 y57f6 w43b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">76<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d4 y57f6 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d5 y57f6 w43c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">76<span class=\"_ _3\"></span>,78<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7d3 hd y57f7 ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment in as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>te<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7d6 hd y57f8 ff3 fs7 fc1 sc0 ls0 ws0\">(see n<span class=\"_ _2\"></span>ote H4)<span class=\"_ _3bc\"> </span></td><td class=\"c n x7a6 y5774 wf6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">329<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d7 y5774 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d8 y5774 w1e1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">329<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x242 y55fd wf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7d9 y55fd w43d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">8<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>,71<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7da y55fd w43e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">70,115<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7db y55fd w43f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">8<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>,71<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7d3 hd y57f9 ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7a2 y57fa w440 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">78,3<span class=\"_ _5\"></span>53<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7dc y57fa w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7dd y57fa w441 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">78,353<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7d3 hd y57fb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers' sha<span class=\"_ _2\"></span>re of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment cont<span class=\"_ _2\"></span>ract lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7ae y57ab w102 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,0<span class=\"_ _2\"></span>90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7de y57ab w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7df y57ab w369 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,09<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57fc ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5747 we8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x79c y5747 we9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">268<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7e0 y5747 w442 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c8 ws1c8\">89<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7e1 y5747 w2eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">26<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 w423 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">T<span class=\"_ _7\"></span>otal financial asset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e2 y5600 w443 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e3 y5600 w443 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57fd ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as fina<span class=\"_ _2\"></span>ncial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s held for s<span class=\"_ _2\"></span>ale (see note H<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7ca y5601 w444 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(4,6<span class=\"_ _2\"></span>29)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e4 y5601 w444 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(4,<span class=\"_ _2\"></span>629)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w428 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial assets less financial assets classified as held for<span class=\"_ _5\"></span> sale<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e5 y55ef w105 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e6 y55ef w445 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>97<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr></table>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span><table class=\"s w446 h2b9\" id=\"_29ac56bb-dcae-42ef-a8ca-4619095635d3\"><tr><td></td><td class=\"t m0 x5e7 h16 y57fe ff3 fsf fc1 sc0 ls17 ws15\">Carrying value<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x7e7 h16 y57ff ff3 fsf fc1 sc0 ls82 ws77\">Amount<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x48b h16 y5800 ff3 fsf fc1 sc0 ls17 ws15\">due for<span class=\"_ _5\"></span> settlem<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x5e7 h16 y5801 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x559 h16 y5801 ff3 fsf fc1 sc0 ls0 ws0\">af<span class=\"_ _2\"></span>ter 12 m<span class=\"_ _2\"></span>onth<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7e8 h16 y5801 ff3 fsf fc1 sc0 ls17 ws15\">Fair value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y5802 w447 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x7e9 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x4c3 h16 y5803 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h16 y5803 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5803 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y5804 ff7 fs7 fc1 sc0 ls61 ws5f\">Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5805 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties man<span class=\"_ _2\"></span>datorily he<span class=\"_ _2\"></span>ld at FV<span class=\"_ _2\"></span>TPL:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5617 w439 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Hel<span class=\"_ _2\"></span>d for trading \u2013 d<span class=\"_ _2\"></span>erivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ea y5617 w224 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">5,87<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7eb y5617 w448 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">5,1<span class=\"_ _2\"></span>18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ec y5617 w449 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">5,879<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7ed hd y5806 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated up<span class=\"_ _2\"></span>on initial re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x7ee y5774 w15f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ef y5774 w201 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f0 y5774 w44a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f1 y5774 w201 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7f2 hd y5807 ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"c n x2a5 y55fd w44b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,0<span class=\"_ _3\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f3 y55fd w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f4 y55fd w169 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7f2 hd y5808 ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></td><td class=\"c n x7f5 y5775 w44c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">149<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>481<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f6 y5775 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f7 y5775 w44d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">14<span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5809 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties mea<span class=\"_ _2\"></span>sured at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5746 w15f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f8 y5746 w44e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d9 ws1d9\">3,<span class=\"_ _2\"></span>916<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f9 y5746 w44f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,648<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7fa y5746 w2a7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,<span class=\"_ _2\"></span>64<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5747 w16a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7fb y5747 w16c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7fc y5747 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7fd y5747 w16c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w431 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c8 y561d w450 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _2\"></span>4,0<span class=\"_ _2\"></span>88<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7fe y561d w451 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">163,816<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y580a ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as fina<span class=\"_ _2\"></span>ncial liab<span class=\"_ _2\"></span>ilities hel<span class=\"_ _2\"></span>d for sale<span class=\"_ _2\"></span>(see note H3<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ff y561e w452 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>316<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x800 y561e w453 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w454 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial liabil<span class=\"_ _5\"></span>ities less financial l<span class=\"_ _5\"></span>iabilities<span class=\"_ _5\"></span> held for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x801 y55ef w455 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _2\"></span>55<span class=\"_ _2\"></span>,7<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x802 y55ef w456 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">155,<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr></table>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>1 <span class=\"_ _1b\"> </span><span class=\"ws0\">Pri<span class=\"_ _2\"></span>or per<span class=\"_ _2\"></span>iod c<span class=\"_ _2\"></span>ompa<span class=\"_ _2\"></span>rati<span class=\"_ _2\"></span>ves hav<span class=\"_ _2\"></span>e bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tra<span class=\"_ _2\"></span>nsit<span class=\"_ _2\"></span>ion to I<span class=\"_ _2\"></span>FRS 17 </span>Insurance Cont<span class=\"_ _5\"></span>racts (se<span class=\"_ _2\"></span>e note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s).<span class=\"_ _3bc\"> </span>2 <span class=\"_ _9\"> </span><span class=\"ws0\">Th<span class=\"_ _2\"></span>ese a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d liab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es have n<span class=\"_ _2\"></span>o spe<span class=\"_ _2\"></span>cifie<span class=\"_ _2\"></span>d set<span class=\"_ _2\"></span>tle<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t date.<span class=\"_ _3bc\"> </span></span>3 <span class=\"_ _9\"> </span><span class=\"ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>ed as fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s hel<span class=\"_ _2\"></span>d for sa<span class=\"_ _2\"></span>le inc<span class=\"_ _2\"></span>lude d<span class=\"_ _2\"></span>eriv<span class=\"_ _2\"></span>ative<span class=\"_ _2\"></span>s of \u00a33 mi<span class=\"_ _2\"></span>llion<span class=\"_ _2\"></span>, equ<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s of \u00a343 mill<span class=\"_ _2\"></span>ion, d<span class=\"_ _2\"></span>ebt s<span class=\"_ _2\"></span>ecur<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s of \u00a31<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>94 mil<span class=\"_ _2\"></span>lion<span class=\"_ _2\"></span>, coll<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ive inve<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ent sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>es of \u00a32<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>4 milli<span class=\"_ _2\"></span>on and </span>reinsurer<span class=\"_ _2\"></span>s\u2019 share of inv<span class=\"_ _5\"></span>est<span class=\"_ _2\"></span>ment contrac<span class=\"_ _2\"></span>t liabilities of \u00a325 million.<span class=\"_ _3bc\"> </span>4 <span class=\"_ _9\"> </span><span class=\"ls102 ws77\">Amount<span class=\"_ _2\"></span>s classifie<span class=\"_ _2\"></span>d as financial liabilitie<span class=\"_ _2\"></span>s held for sale include deri<span class=\"_ _2\"></span>vative liabilities of \u00a3<span class=\"_ _5\"></span>4 million and investm<span class=\"_ _2\"></span>ent contract liab<span class=\"_ _2\"></span>ilities of \u00a38,3<span class=\"_ _2\"></span>12 million<span class=\"_ _3bc\"> </span></span><span class=\"ls102 ws77\">.<span class=\"_ _3bc\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-684": {
   "value": "The t<span class=\"_ _2\"></span>able bel<span class=\"_ _2\"></span>ow sets o<span class=\"_ _2\"></span>ut a compa<span class=\"_ _2\"></span>rison of the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unts and fa<span class=\"_ _2\"></span>ir values of finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts as at 31<span class=\"_ gs132\"> </span>D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber<span class=\"_ gs132\"> </span>2023<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span><table class=\"s w41a h2b6\" id=\"_13834b01-de4a-4029-89ba-7e601db54fc4\"><tr><td></td><td></td><td></td><td class=\"t m0 x797 h3f y57cb ff7 fsf fc1 sc0 ls5b ws76\">Carrying value<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x798 h3f y57cc ff7 fsf fc1 sc0 ls0 ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s due fo<span class=\"_ _2\"></span>r </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x2c2 h3f y57cd ff7 fsf fc1 sc0 ls5b ws76\">settlement after 12<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x799 h3f y57ce ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79a h3f y57ce ff7 fsf fc1 sc0 ls70 ws67\">months<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79b h3f y57ce ff7 fsf fc1 sc0 ls81 ws75\">Fair<span class=\"_ _5\"></span> value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h3f y57cf ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x524 h3f y57cf ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y57cf ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y57cf ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y57d0 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y57d1 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at fa<span class=\"_ _2\"></span>ir value throu<span class=\"_ _2\"></span>gh profit or los<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>FV<span class=\"_ _2\"></span>TPL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>):<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57d2 we8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x79c y57d2 w2a4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">2<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x79d y57d2 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x79e y57d2 w2a4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">2<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57d3 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x79f y57d3 w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a0 y57d3 w393 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">2,338<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a1 y57d3 w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57d4 ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7a2 y55e8 w41b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">8<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a3 y55e8 w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a4 y55e8 w41c h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">8<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57d5 ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment in as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>te<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7a5 hd y57d6 ff3 fs7 fc1 sc0 ls0 ws0\">(see n<span class=\"_ _2\"></span>ote H4)<span class=\"_ _3bc\"> </span></td><td class=\"c n x7a6 y5774 w1b7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">349<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a7 y5774 w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7a8 y5774 w1b7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">349<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57d7 wf8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7a9 y57d7 w41d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7aa y57d7 w41e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">79,9<span class=\"_ _2\"></span>94<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ab y57d7 w41f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57d8 ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7a2 y5775 w420 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">7<span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ac y5775 w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ad y5775 w420 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">7<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>937<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57d9 ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers' sha<span class=\"_ _2\"></span>re of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7ae y57ab w421 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>,70<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7af y57ab w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7b0 y57ab wec h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57da ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57db we8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b1 y57db w422 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x707 y57db w422 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7b2 y57db w422 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57dc w423 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">T<span class=\"_ _7\"></span>otal financial asset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b3 y57dc w424 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb2 wse8\">2<span class=\"_ _6\"></span>75,444<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b4 y57dc w425 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb2 wse8\">2<span class=\"_ _5\"></span>7<span class=\"_ _5\"></span>5,444<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57dd ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as fina<span class=\"_ _2\"></span>ncial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s held for s<span class=\"_ _2\"></span>ale (see note H<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7b5 y561e w426 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(2,<span class=\"_ _2\"></span>498<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b6 y561e w427 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(<span class=\"_ _2\"></span>2,49<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w428 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial assets less financial assets classified as held for<span class=\"_ _5\"></span> sale<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b7 y55ef w429 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7b8 y55ef w42a h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span><table class=\"s w42b h2b7\" id=\"_4638db2d-2c37-45aa-9d81-5d316786d41b\"><tr><td></td><td></td><td class=\"t m0 x797 h3f y57de ff7 fsf fc1 sc0 ls5b ws76\">Carrying value<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x798 h3f y57df ff7 fsf fc1 sc0 ls0 ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s due fo<span class=\"_ _2\"></span>r </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x2c2 h3f y57e0 ff7 fsf fc1 sc0 ls5b ws76\">settlement after 12<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 x799 h3f y57e1 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79a h3f y57e1 ff7 fsf fc1 sc0 ls70 ws67\">months<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79b h3f y57e1 ff7 fsf fc1 sc0 ls81 ws75\">Fair<span class=\"_ _5\"></span> value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h3f y57e2 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y57e2 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y57e2 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y57e2 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y57e3 ff7 fs7 fc1 sc0 ls61 ws5f\">Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y57e4 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties man<span class=\"_ _2\"></span>datorily he<span class=\"_ _2\"></span>ld at FV<span class=\"_ _2\"></span>TPL:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57d3 wea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7b9 y57d3 w42c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,34<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ba y57d3 w311 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>976<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7bb y57d3 w161 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,34<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57e5 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TPL upon initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57e6 w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7bc y57e6 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7bd y57e6 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7be y57e6 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57e7 ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ae y55fd w196 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7bf y55fd w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c0 y55fd w196 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>921<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57e8 ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></td><td class=\"c n x2f8 y5775 w42d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c1 y5775 w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c2 y5775 w42e h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57e9 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties mea<span class=\"_ _2\"></span>sured at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57ea w15f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c3 y57ea w42f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c4 y57ea w2a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,75<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c5 y57ea wec h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57db w16a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x309 y57db w16b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1,0<span class=\"_ _2\"></span>05<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c6 y57db w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c7 y57db w430 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1<span class=\"_ _2\"></span>,005<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57dc w431 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c8 y57dc w432 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _2\"></span>3,<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7c9 y57dc w433 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">173,838<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57eb ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as fina<span class=\"_ _2\"></span>ncial liab<span class=\"_ _2\"></span>ilities hel<span class=\"_ _2\"></span>d for sale (se<span class=\"_ _2\"></span>e note H3)<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ca y561e w434 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7cb y561e w434 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w435 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial liabil<span class=\"_ _5\"></span>ities less financial l<span class=\"_ _5\"></span>iabilities<span class=\"_ _5\"></span> held for<span class=\"_ _5\"></span> sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7cc y55ef w436 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">169,16<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7cd y55ef w437 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1af ws1ab\">169,056<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>1 <span class=\"_ _1b\"> </span><span class=\"ws0\">Th<span class=\"_ _2\"></span>ese a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s have n<span class=\"_ _2\"></span>o spe<span class=\"_ _2\"></span>cifie<span class=\"_ _2\"></span>d set<span class=\"_ _2\"></span>tle<span class=\"_ _2\"></span>ment d<span class=\"_ _2\"></span>ate.<span class=\"_ _3bc\"> </span></span>2 <span class=\"_ _9\"> </span><span class=\"ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s cla<span class=\"_ _2\"></span>ssifi<span class=\"_ _2\"></span>ed as fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts he<span class=\"_ _2\"></span>ld for s<span class=\"_ _2\"></span>ale in<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>e deri<span class=\"_ _2\"></span>vative<span class=\"_ _2\"></span>s of \u00a33 mi<span class=\"_ _2\"></span>llion<span class=\"_ _2\"></span>, eq<span class=\"_ _2\"></span>uitie<span class=\"_ _2\"></span>s of \u00a328 m<span class=\"_ _2\"></span>illio<span class=\"_ _2\"></span>n, de<span class=\"_ _2\"></span>bt sec<span class=\"_ _2\"></span>urit<span class=\"_ _2\"></span>ies of \u00a3<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>411 mill<span class=\"_ _2\"></span>ion, c<span class=\"_ _2\"></span>olle<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ve inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>es of \u00a31<span class=\"_ _2\"></span>,02<span class=\"_ _2\"></span>8 milli<span class=\"_ _2\"></span>on and r<span class=\"_ _2\"></span>eins<span class=\"_ _2\"></span>urer<span class=\"_ _2\"></span>s\u2019 </span>share of investme<span class=\"_ _2\"></span>nt contract liabilit<span class=\"_ _2\"></span>ies of \u00a328 million.<span class=\"_ _3bc\"> </span>3 <span class=\"_ _9\"> </span><span class=\"ls102 ws77\">Amount<span class=\"_ _2\"></span>s classifie<span class=\"_ _2\"></span>d as financial liabilitie<span class=\"_ _2\"></span>s held for sale include der<span class=\"_ _2\"></span>ivative liabilities of \u00a32 million and investm<span class=\"_ _2\"></span>ent contract liab<span class=\"_ _2\"></span>ilities of \u00a3<span class=\"_ _7\"></span>4<span class=\"_ _2\"></span>,780 million<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></span><table class=\"s w438 h2b8\" id=\"_ae3bcf0f-cac0-46b0-8978-a22ed4c0bb03\"><tr><td></td><td></td><td></td><td class=\"t m0 x799 h16 y57ec ff3 fsf fc1 sc0 ls17 ws15\">Carrying value<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x7ce h16 y57ed ff3 fsf fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>s due for </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x7cf h16 y57ee ff3 fsf fc1 sc0 ls0 ws0\">set<span class=\"_ _2\"></span>tl<span class=\"_ _2\"></span>emen<span class=\"_ _2\"></span>t afte<span class=\"_ _2\"></span>r 12 </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x799 h16 y57ef ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x79a h16 y57ef ff3 fsf fc1 sc0 ls82 ws77\">months<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x485 h16 y57ef ff3 fsf fc1 sc0 ls17 ws15\">Fair value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y57f0 w2a6 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"t m0 x524 h16 y57f1 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y57f1 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y57f1 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y57f2 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y57f3 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>andatoril<span class=\"_ _2\"></span>y held at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57a4 w439 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Hel<span class=\"_ _2\"></span>d for trading \u2013 d<span class=\"_ _2\"></span>erivatives<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7d0 y57a4 w10d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4,<span class=\"_ _2\"></span>071<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d1 y57a4 w103 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">3,35<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d2 y57a4 w43a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,071<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y57f4 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets d<span class=\"_ _2\"></span>esigna<span class=\"_ _2\"></span>ted at FV<span class=\"_ _2\"></span>TPL up<span class=\"_ _2\"></span>on initial re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x7d3 hd y57f5 ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7a2 y57f6 w43b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">76<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d4 y57f6 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d5 y57f6 w43c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">76<span class=\"_ _3\"></span>,78<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7d3 hd y57f7 ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment in as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>te<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7d6 hd y57f8 ff3 fs7 fc1 sc0 ls0 ws0\">(see n<span class=\"_ _2\"></span>ote H4)<span class=\"_ _3bc\"> </span></td><td class=\"c n x7a6 y5774 wf6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">329<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d7 y5774 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7d8 y5774 w1e1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">329<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x242 y55fd wf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7d9 y55fd w43d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">8<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>,71<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7da y55fd w43e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">70,115<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7db y55fd w43f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">8<span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>,71<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7d3 hd y57f9 ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7a2 y57fa w440 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">78,3<span class=\"_ _5\"></span>53<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7dc y57fa w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7dd y57fa w441 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">78,353<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7d3 hd y57fb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers' sha<span class=\"_ _2\"></span>re of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment cont<span class=\"_ _2\"></span>ract lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7ae y57ab w102 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,0<span class=\"_ _2\"></span>90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7de y57ab w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7df y57ab w369 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,09<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57fc ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5747 we8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x79c y5747 we9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">268<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7e0 y5747 w442 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c8 ws1c8\">89<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7e1 y5747 w2eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">26<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 w423 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">T<span class=\"_ _7\"></span>otal financial asset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e2 y5600 w443 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e3 y5600 w443 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y57fd ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as fina<span class=\"_ _2\"></span>ncial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s held for s<span class=\"_ _2\"></span>ale (see note H<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x7ca y5601 w444 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(4,6<span class=\"_ _2\"></span>29)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e4 y5601 w444 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(4,<span class=\"_ _2\"></span>629)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w428 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial assets less financial assets classified as held for<span class=\"_ _5\"></span> sale<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e5 y55ef w105 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7e6 y55ef w445 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>97<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr></table>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span><div class=\"gs2ed\"><table class=\"s w446 h2b9\" id=\"_29ac56bb-dcae-42ef-a8ca-4619095635d3\"><tr><td></td><td class=\"t m0 x5e7 h16 y57fe ff3 fsf fc1 sc0 ls17 ws15\">Carrying value<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x7e7 h16 y57ff ff3 fsf fc1 sc0 ls82 ws77\">Amount<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x48b h16 y5800 ff3 fsf fc1 sc0 ls17 ws15\">due for<span class=\"_ _5\"></span> settlem<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x5e7 h16 y5801 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x559 h16 y5801 ff3 fsf fc1 sc0 ls0 ws0\">af<span class=\"_ _2\"></span>ter 12 m<span class=\"_ _2\"></span>onth<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7e8 h16 y5801 ff3 fsf fc1 sc0 ls17 ws15\">Fair value<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y5802 w447 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x7e9 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x4c3 h16 y5803 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h16 y5803 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5803 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y5804 ff7 fs7 fc1 sc0 ls61 ws5f\">Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5805 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties man<span class=\"_ _2\"></span>datorily he<span class=\"_ _2\"></span>ld at FV<span class=\"_ _2\"></span>TPL:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5617 w439 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Hel<span class=\"_ _2\"></span>d for trading \u2013 d<span class=\"_ _2\"></span>erivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ea y5617 w224 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">5,87<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7eb y5617 w448 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">5,1<span class=\"_ _2\"></span>18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ec y5617 w449 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">5,879<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7ed hd y5806 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties desig<span class=\"_ _2\"></span>nated up<span class=\"_ _2\"></span>on initial re<span class=\"_ _2\"></span>cognit<span class=\"_ _2\"></span>ion:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x7ee y5774 w15f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7ef y5774 w201 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f0 y5774 w44a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f1 y5774 w201 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7f2 hd y5807 ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"c n x2a5 y55fd w44b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,0<span class=\"_ _3\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f3 y55fd w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f4 y55fd w169 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x7f2 hd y5808 ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></td><td class=\"c n x7f5 y5775 w44c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">149<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>481<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f6 y5775 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f7 y5775 w44d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">14<span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5809 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties mea<span class=\"_ _2\"></span>sured at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5746 w15f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f8 y5746 w44e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d9 ws1d9\">3,<span class=\"_ _2\"></span>916<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f9 y5746 w44f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,648<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7fa y5746 w2a7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,<span class=\"_ _2\"></span>64<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5747 w16a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral re<span class=\"_ _2\"></span>ceived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7fb y5747 w16c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7fc y5747 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7fd y5747 w16c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w431 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal fin<span class=\"_ _2\"></span>ancial li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7c8 y561d w450 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _2\"></span>4,0<span class=\"_ _2\"></span>88<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x7fe y561d w451 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">163,816<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y580a ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as fina<span class=\"_ _2\"></span>ncial liab<span class=\"_ _2\"></span>ilities hel<span class=\"_ _2\"></span>d for sale<span class=\"_ _2\"></span>(see note H3<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ff y561e w452 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>316<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x800 y561e w453 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w454 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">T<span class=\"_ _7\"></span>otal financial liabil<span class=\"_ _5\"></span>ities less financial l<span class=\"_ _5\"></span>iabilities<span class=\"_ _5\"></span> held for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x801 y55ef w455 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _2\"></span>55<span class=\"_ _2\"></span>,7<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x802 y55ef w456 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">155,<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs426\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs427\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs428\">4<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls6d ws64 gs429\">1 <span class=\"_ _1b\"> </span><span class=\"ws0\">Pri<span class=\"_ _2\"></span>or per<span class=\"_ _2\"></span>iod c<span class=\"_ _2\"></span>ompa<span class=\"_ _2\"></span>rati<span class=\"_ _2\"></span>ves hav<span class=\"_ _2\"></span>e bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tra<span class=\"_ _2\"></span>nsit<span class=\"_ _2\"></span>ion to I<span class=\"_ _2\"></span>FRS 17 </span></div><div class=\"t m1e2 h200 ff3 fs173 fc1 sc0 ls1dc ws1bb gs42a\">Insurance Cont<span class=\"_ _5\"></span>racts</div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls6d ws0 gs42b\"> (se<span class=\"_ _2\"></span>e note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls6d ws64 gs42c\">2 <span class=\"_ _9\"> </span><span class=\"ws0\">Th<span class=\"_ _2\"></span>ese a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d liab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es have n<span class=\"_ _2\"></span>o spe<span class=\"_ _2\"></span>cifie<span class=\"_ _2\"></span>d set<span class=\"_ _2\"></span>tle<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t date.<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls6d ws64 gs42d\">3 <span class=\"_ _9\"> </span><span class=\"ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>ed as fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s hel<span class=\"_ _2\"></span>d for sa<span class=\"_ _2\"></span>le inc<span class=\"_ _2\"></span>lude d<span class=\"_ _2\"></span>eriv<span class=\"_ _2\"></span>ative<span class=\"_ _2\"></span>s of \u00a33 mi<span class=\"_ _2\"></span>llion<span class=\"_ _2\"></span>, equ<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s of \u00a343 mill<span class=\"_ _2\"></span>ion, d<span class=\"_ _2\"></span>ebt s<span class=\"_ _2\"></span>ecur<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s of \u00a31<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>94 mil<span class=\"_ _2\"></span>lion<span class=\"_ _2\"></span>, coll<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ive inve<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ent sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>es of \u00a32<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>4 milli<span class=\"_ _2\"></span>on and </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls102 ws77 gs42e\">reinsurer<span class=\"_ _2\"></span>s\u2019 share of inv<span class=\"_ _5\"></span>est<span class=\"_ _2\"></span>ment contrac<span class=\"_ _2\"></span>t liabilities of \u00a325 million.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls6d ws64 gs42f\">4 <span class=\"_ _9\"> </span><span class=\"ls102 ws77\">Amount<span class=\"_ _2\"></span>s classifie<span class=\"_ _2\"></span>d as financial liabilitie<span class=\"_ _2\"></span>s held for sale include deri<span class=\"_ _2\"></span>vative liabilities of \u00a3<span class=\"_ _5\"></span>4 million and investm<span class=\"_ _2\"></span>ent contract liab<span class=\"_ _2\"></span>ilities of \u00a38,3<span class=\"_ _2\"></span>12 million<span class=\"_ _3bc\"> </span></span><span class=\"ls102 ws77\">.<span class=\"_ _3bc\"> </span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-685": {
   "value": "E1<span class=\"_ _2\"></span>.2 i<span class=\"_ _2\"></span>mpai<span class=\"_ _2\"></span>rment of fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s held a<span class=\"_ _2\"></span>t amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ed co<span class=\"_ _2\"></span>st<span class=\"_ _3bc\"> </span>The a<span class=\"_ _2\"></span>doption of IFR<span class=\"_ _2\"></span>S 9 has cha<span class=\"_ _2\"></span>nged t<span class=\"_ _2\"></span>he Group\u2019s acco<span class=\"_ _2\"></span>unting for impair<span class=\"_ _2\"></span>ment los<span class=\"_ _2\"></span>ses for fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s held at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost by repl<span class=\"_ _2\"></span>acing IAS<span class=\"_ gs132\"> </span>3<span class=\"_ _2\"></span>9\u2019s incurre<span class=\"_ _2\"></span>d loss ap<span class=\"_ _2\"></span>proach w<span class=\"_ _2\"></span>ith a forwa<span class=\"_ _2\"></span>rd-lookin<span class=\"_ _2\"></span>g expe<span class=\"_ _2\"></span>cted cre<span class=\"_ _2\"></span>dit los<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>ECL<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>) appro<span class=\"_ _2\"></span>ach. Th<span class=\"_ _2\"></span>e new impair<span class=\"_ _2\"></span>ment mo<span class=\"_ _2\"></span>del applie<span class=\"_ _2\"></span>s to the Group\u2019s finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets c<span class=\"_ _2\"></span>arried at a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A signifi<span class=\"_ _2\"></span>cant por<span class=\"_ _2\"></span>tion of the G<span class=\"_ _2\"></span>roup\u2019s financial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s are carr<span class=\"_ _2\"></span>ied at F<span class=\"_ _2\"></span>VTPL un<span class=\"_ _2\"></span>der IFR<span class=\"_ _2\"></span>S 9 and are the<span class=\"_ _2\"></span>refore not subj<span class=\"_ _2\"></span>ect to ECL a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssme<span class=\"_ _2\"></span>nt. The finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed cos<span class=\"_ _2\"></span>t and sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to ECL mainly re<span class=\"_ _2\"></span>late to cer<span class=\"_ _2\"></span>tain loa<span class=\"_ _2\"></span>n asse<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, other rec<span class=\"_ _2\"></span>eivable<span class=\"_ _2\"></span>s and cer<span class=\"_ _2\"></span>tain c<span class=\"_ _2\"></span>ash an<span class=\"_ _2\"></span>d cash equivalents balance<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>For the in-<span class=\"_ _2\"></span>scope fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts at the rep<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ing date eith<span class=\"_ _2\"></span>er the lifetime ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted credi<span class=\"_ _2\"></span>t loss or a 12-m<span class=\"_ _2\"></span>onth expe<span class=\"_ _2\"></span>cted c<span class=\"_ _2\"></span>redit los<span class=\"_ _2\"></span>s is provide<span class=\"_ _2\"></span>d for<span class=\"_ _7\"></span>, dep<span class=\"_ _2\"></span>ending on th<span class=\"_ _2\"></span>e Group\u2019s asse<span class=\"_ _2\"></span>ssme<span class=\"_ _2\"></span>nt of whether t<span class=\"_ _2\"></span>he credit ri<span class=\"_ _2\"></span>sk ass<span class=\"_ _2\"></span>ociate<span class=\"_ _2\"></span>d with the sp<span class=\"_ _2\"></span>ecific as<span class=\"_ _2\"></span>set ha<span class=\"_ _2\"></span>s increa<span class=\"_ _2\"></span>sed sig<span class=\"_ _2\"></span>nificantl<span class=\"_ _2\"></span>y since initia<span class=\"_ _2\"></span>l rec<span class=\"_ _2\"></span>ognition<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s c<span class=\"_ _2\"></span>urrent cre<span class=\"_ _2\"></span>dit risk gra<span class=\"_ _2\"></span>ding fram<span class=\"_ _2\"></span>ework comp<span class=\"_ _2\"></span>rises th<span class=\"_ _2\"></span>e following ca<span class=\"_ _2\"></span>tegorie<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span><table class=\"s w457 h2ba\" id=\"_c3986a9e-f669-47f1-9d60-f2ab0011e58b\"><tr><td class=\"c n x1ea y56ce w26d h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">Cat<span class=\"_ _2\"></span>ego<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x803 y56ce w458 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">Descriptio<span class=\"_ _2\"></span>n<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x804 y56ce w459 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">Basi<span class=\"_ _2\"></span>s for re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nisin<span class=\"_ _2\"></span>g ECL<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56cf w270 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">Performing<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x805 y56cf w45a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">The co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y has a low ris<span class=\"_ _2\"></span>k of default and d<span class=\"_ _2\"></span>oes not h<span class=\"_ _2\"></span>ave any past-due a<span class=\"_ _2\"></span>mounts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x806 y56cf w45b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">12 mont<span class=\"_ _2\"></span>h E<span class=\"_ _5\"></span>CL<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56d0 w273 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18 ws16\">Doubt<span class=\"_ _2\"></span>ful<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x807 y56d0 w45c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">The<span class=\"_ _2\"></span>re has be<span class=\"_ _2\"></span>en a signi<span class=\"_ _2\"></span>ficant inc<span class=\"_ _2\"></span>rease in cre<span class=\"_ _2\"></span>dit risk sin<span class=\"_ _2\"></span>ce initial re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nition<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x808 y56d0 w45d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Lifetime ECL \u2013 n<span class=\"_ _2\"></span>ot credit<span class=\"_ gs132\"> </span>imp<span class=\"_ _2\"></span>aired<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56d1 w276 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18 ws16\">In default<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x809 y56d1 w277 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Th<span class=\"_ _2\"></span>ere is eviden<span class=\"_ _2\"></span>ce indic<span class=\"_ _2\"></span>ating the a<span class=\"_ _2\"></span>sset is c<span class=\"_ _2\"></span>redit impa<span class=\"_ _2\"></span>ired<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x80a y56d1 w45e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Lifetime ECL \u2013 cre<span class=\"_ _2\"></span>dit<span class=\"_ gs132\"> </span>impaire<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y580b w279 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c ws1a\">Write-off<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x80b y580b w45f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Th<span class=\"_ _2\"></span>ere is evide<span class=\"_ _2\"></span>nce indic<span class=\"_ _2\"></span>ating th<span class=\"_ _2\"></span>at the counte<span class=\"_ _2\"></span>rpar<span class=\"_ _2\"></span>ty is in s<span class=\"_ _2\"></span>evere finan<span class=\"_ _2\"></span>cial dif<span class=\"_ _2\"></span>ficult<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x80c hd y580c ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt is writte<span class=\"_ _2\"></span>n off<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x80d hd y580d ff3 fs7 fc1 sc0 ls0 ws0\">and<span class=\"_ gs132\"> </span>th<span class=\"_ _2\"></span>e<span class=\"_ gs132\"> </span>Group has n<span class=\"_ _2\"></span>o realis<span class=\"_ _2\"></span>tic prosp<span class=\"_ _2\"></span>ect of rec<span class=\"_ _2\"></span>over<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></td><td></td></tr></table>The fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s held at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost are as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed at t<span class=\"_ _2\"></span>ransitio<span class=\"_ _2\"></span>n as \u2018<span class=\"_ _5\"></span>pe<span class=\"_ _2\"></span>rformin<span class=\"_ _2\"></span>g\u2019 and this a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>sme<span class=\"_ _2\"></span>nt is summaris<span class=\"_ _2\"></span>ed be<span class=\"_ _2\"></span>low. Loans an<span class=\"_ _2\"></span>d depo<span class=\"_ _2\"></span>sits \u2013 the G<span class=\"_ _2\"></span>roup has as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed t<span class=\"_ _2\"></span>he estim<span class=\"_ _2\"></span>ated cre<span class=\"_ _2\"></span>dit loss<span class=\"_ _2\"></span>es of thes<span class=\"_ _2\"></span>e loans an<span class=\"_ _2\"></span>d depos<span class=\"_ _2\"></span>its as low du<span class=\"_ _2\"></span>e to the exte<span class=\"_ _2\"></span>rnal cre<span class=\"_ _2\"></span>dit rating<span class=\"_ _2\"></span>s of the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>ties re<span class=\"_ _2\"></span>sulting in low cre<span class=\"_ _2\"></span>dit risk an<span class=\"_ _2\"></span>d there be<span class=\"_ _2\"></span>ing no pa<span class=\"_ _2\"></span>st-due am<span class=\"_ _2\"></span>ounts<span class=\"_ _2\"></span>. Oth<span class=\"_ _2\"></span>er rec<span class=\"_ _2\"></span>eivables \u2013 t<span class=\"_ _2\"></span>hese b<span class=\"_ _2\"></span>alance<span class=\"_ _2\"></span>s relate to investm<span class=\"_ _2\"></span>ent broker bala<span class=\"_ _2\"></span>nces a<span class=\"_ _2\"></span>nd other re<span class=\"_ _2\"></span>gular re<span class=\"_ _2\"></span>ceivable<span class=\"_ _2\"></span>s due to the Gro<span class=\"_ _2\"></span>up in the norm<span class=\"_ _2\"></span>al cour<span class=\"_ _2\"></span>se of busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>. Ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted credi<span class=\"_ _2\"></span>t losse<span class=\"_ _2\"></span>s are ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ed as be<span class=\"_ _2\"></span>ing immate<span class=\"_ _2\"></span>rial given th<span class=\"_ _2\"></span>e typi<span class=\"_ _2\"></span>cally sh<span class=\"_ _2\"></span>ort-term n<span class=\"_ _2\"></span>ature of thes<span class=\"_ _2\"></span>e balanc<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span>Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents \u2013 the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s ca<span class=\"_ _2\"></span>sh and c<span class=\"_ _2\"></span>ash equiv<span class=\"_ _2\"></span>alents are h<span class=\"_ _2\"></span>eld with b<span class=\"_ _2\"></span>anks and fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>titutio<span class=\"_ _2\"></span>ns, wh<span class=\"_ _2\"></span>ich have investm<span class=\"_ _2\"></span>ent gra<span class=\"_ _2\"></span>de credi<span class=\"_ _2\"></span>t ratings of \u2018<span class=\"_ _2\"></span>BB<span class=\"_ _2\"></span>B\u2019 or ab<span class=\"_ _2\"></span>ove. The Gro<span class=\"_ _2\"></span>up conside<span class=\"_ _2\"></span>rs that it<span class=\"_ _2\"></span>s cas<span class=\"_ _2\"></span>h and ca<span class=\"_ _2\"></span>sh equiva<span class=\"_ _2\"></span>lents have low c<span class=\"_ _2\"></span>redit risk b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the ex<span class=\"_ _2\"></span>ternal cre<span class=\"_ _2\"></span>dit rating<span class=\"_ _2\"></span>s of the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>ties an<span class=\"_ _2\"></span>d, there b<span class=\"_ _2\"></span>eing no his<span class=\"_ _2\"></span>tor<span class=\"_ _2\"></span>y of default. T<span class=\"_ _2\"></span>he impac<span class=\"_ _2\"></span>t to the net c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt state<span class=\"_ _2\"></span>d in the tab<span class=\"_ _2\"></span>le above is therefo<span class=\"_ _2\"></span>re not con<span class=\"_ _2\"></span>sidered to b<span class=\"_ _2\"></span>e material<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Bas<span class=\"_ _2\"></span>ed on the a<span class=\"_ _2\"></span>bove ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent, an imm<span class=\"_ _2\"></span>aterial cre<span class=\"_ _2\"></span>dit los<span class=\"_ _2\"></span>s balanc<span class=\"_ _2\"></span>e has be<span class=\"_ _2\"></span>en determ<span class=\"_ _2\"></span>ined due to t<span class=\"_ _2\"></span>hese fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s being pre<span class=\"_ _2\"></span>domina<span class=\"_ _2\"></span>ntly shor<span class=\"_ _2\"></span>t-term and h<span class=\"_ _2\"></span>aving low cre<span class=\"_ _2\"></span>dit risk",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-655": {
   "value": "E3. D<span class=\"_ _2\"></span>erivatives<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up purcha<span class=\"_ _2\"></span>ses der<span class=\"_ _2\"></span>ivative financ<span class=\"_ _2\"></span>ial inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s principa<span class=\"_ _2\"></span>lly in conne<span class=\"_ _2\"></span>ction w<span class=\"_ _2\"></span>ith the man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent of its ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties bas<span class=\"_ _2\"></span>ed on the p<span class=\"_ _2\"></span>rinciple<span class=\"_ _2\"></span>s of reduct<span class=\"_ _2\"></span>ion of risk and ef<span class=\"_ _2\"></span>ficient p<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tfolio ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment. T<span class=\"_ _2\"></span>he Group do<span class=\"_ _2\"></span>es not t<span class=\"_ _2\"></span>ypica<span class=\"_ _2\"></span>lly hold deriva<span class=\"_ _2\"></span>tives for the pur<span class=\"_ _2\"></span>pose of se<span class=\"_ _2\"></span>lling and rep<span class=\"_ _2\"></span>urchasin<span class=\"_ _2\"></span>g in the nea<span class=\"_ _2\"></span>r term or with the o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tive of gen<span class=\"_ _2\"></span>erating a profi<span class=\"_ _2\"></span>t from shor<span class=\"_ _2\"></span>t-term fluc<span class=\"_ _2\"></span>tuation<span class=\"_ _2\"></span>s in price o<span class=\"_ _2\"></span>r margin<span class=\"_ _2\"></span>. The Group a<span class=\"_ _2\"></span>lso hold<span class=\"_ _2\"></span>s derivatives w<span class=\"_ _2\"></span>hich are des<span class=\"_ _2\"></span>ignated a<span class=\"_ _2\"></span>s hedg<span class=\"_ _2\"></span>ing instr<span class=\"_ _2\"></span>ument<span class=\"_ _2\"></span>s in order to he<span class=\"_ _2\"></span>dge the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s Euro and US Dolla<span class=\"_ _2\"></span>r borrowing<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>ese he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>s qualif<span class=\"_ _2\"></span>y for hed<span class=\"_ _2\"></span>ge acc<span class=\"_ _2\"></span>ounting un<span class=\"_ _2\"></span>der IFRS 9 a<span class=\"_ _2\"></span>nd are desi<span class=\"_ _2\"></span>gnated a<span class=\"_ _2\"></span>s cash flow h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span>Der<span class=\"_ _2\"></span>ivative financ<span class=\"_ _2\"></span>ial instr<span class=\"_ _2\"></span>ument<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d initially at fa<span class=\"_ _2\"></span>ir value and are s<span class=\"_ _2\"></span>ubseq<span class=\"_ _2\"></span>uently rem<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d to fair value<span class=\"_ _2\"></span>. The gain or l<span class=\"_ _2\"></span>oss on reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent to fair value is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt where the de<span class=\"_ _2\"></span>rivatives are h<span class=\"_ _2\"></span>eld for tra<span class=\"_ _2\"></span>ding. Wh<span class=\"_ _2\"></span>ere derivat<span class=\"_ _2\"></span>ive finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s are held to h<span class=\"_ _2\"></span>edge th<span class=\"_ _2\"></span>e Group\u2019s Euro and US Do<span class=\"_ _2\"></span>llar borrowin<span class=\"_ _2\"></span>gs<span class=\"_ _2\"></span>, the effe<span class=\"_ _2\"></span>ctive por<span class=\"_ _2\"></span>tion of any g<span class=\"_ _2\"></span>ain or los<span class=\"_ _2\"></span>s that arise<span class=\"_ _2\"></span>s on reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent to fair value is in<span class=\"_ _2\"></span>itially rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in other c<span class=\"_ _2\"></span>ompreh<span class=\"_ _2\"></span>ensive inc<span class=\"_ _2\"></span>ome and is re<span class=\"_ _2\"></span>cycle<span class=\"_ _2\"></span>d to profit or los<span class=\"_ _2\"></span>s as the he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item impac<span class=\"_ _2\"></span>ts the profit o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>. Se<span class=\"_ _2\"></span>e notes E1 and D3 for f<span class=\"_ _2\"></span>urth<span class=\"_ _2\"></span>er details of th<span class=\"_ _2\"></span>e Group\u2019s hedgin<span class=\"_ _2\"></span>g acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>E3.1 Summary<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir values of deri<span class=\"_ _2\"></span>vative financ<span class=\"_ _2\"></span>ial instr<span class=\"_ _2\"></span>ument<span class=\"_ _2\"></span>s are as follows: <table class=\"s w286 h2cb\" id=\"_b28e4540-4964-49be-abff-d229670e8dcf\"><tr><td></td><td class=\"t m0 xa51 h3f y5911 ff7 fsf fc1 sc0 ls51 ws4b\">Assets<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x97e h3f y5911 ff7 fsf fc1 sc0 ls70 ws67\">Liabilities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x557 h16 y5911 ff3 fsf fc1 sc0 lse3 wscd\">Asset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7e8 h16 y5911 ff3 fsf fc1 sc0 ls82 ws77\">Liabilities<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xa52 h3f y5912 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa53 h3f y5912 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x44d h16 y5912 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5912 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x582 h3f y5913 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h3f y5913 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h16 y5913 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5913 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5914 w55d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">For<span class=\"_ _2\"></span>ward curren<span class=\"_ _2\"></span>cy<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x3a0 y5914 w91 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">265<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa54 y5914 w1bc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa55 y5914 w55e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc wsba\">327<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x256 y5914 wd0 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">2<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5915 w55f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Credit d<span class=\"_ _2\"></span>efault swa<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa56 y5915 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa57 y5915 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa58 y5915 wb5 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x78c y5915 w374 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">18<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5916 w560 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s for differe<span class=\"_ _2\"></span>nce<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa59 y5916 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5a y5916 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5b y5916 w158 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5c y5916 w158 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5896 w561 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t rate swa<span class=\"_ _2\"></span>ps<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5d y5896 w562 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1,<span class=\"_ _2\"></span>456<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5e y5896 wd5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">2,<span class=\"_ _2\"></span>290<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5f y5896 w563 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">2,<span class=\"_ _2\"></span>281<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa60 y5896 w44b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5616 w564 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Swaptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa61 y5616 w530 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa62 y5616 w13e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls47 ws19d\">65<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa63 y5616 w1e1 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">187<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa64 y5616 w1df h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls47 ws19d\">46<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57a4 w565 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls77 ws6c\">Inflation swap<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa65 y57a4 w4f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa66 y57a4 w85 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">142<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ce y57a4 w9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">295<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa67 y57a4 w61 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5617 w566 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Equit<span class=\"_ _2\"></span>y options<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa68 y5617 w567 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">107<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa69 y5617 we0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa6a y5617 w112 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">334<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa6b y5617 w19c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">147<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55e8 w568 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Stock in<span class=\"_ _2\"></span>dex future<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa6c y55e8 w569 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa6d y55e8 w192 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa6e y55e8 w91 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">162<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa6f y55e8 wcb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">36<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5774 w56a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Fixe<span class=\"_ _2\"></span>d income f<span class=\"_ _2\"></span>utures<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa70 y5774 w56b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd2 wsc0\">84<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa71 y5774 wd0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">1<span class=\"_ _2\"></span>24<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6da y5774 w56c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">95<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa72 y5774 w56d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">231<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fd w56e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Longevit<span class=\"_ _2\"></span>y swap contrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa73 y55fd w52e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">230<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2c8 y55fd w130 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa63 y55fd w461 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">152<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa74 y55fd w13f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">34<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5775 w56f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Curren<span class=\"_ _2\"></span>cy fut<span class=\"_ _2\"></span>ures<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa75 y5775 w13f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">15<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa76 y5775 w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa77 y5775 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa78 y5775 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57ab w570 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Cros<span class=\"_ _2\"></span>s currenc<span class=\"_ _2\"></span>y swaps<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa79 y57ab we9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">232<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7a y57ab w571 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">274<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x209 y57ab w1f7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x701 y57ab w32a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">653<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5746 w572 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Equit<span class=\"_ _2\"></span>y Relea<span class=\"_ _2\"></span>se Inc<span class=\"_ _2\"></span>ome Plan tota<span class=\"_ _2\"></span>l return swap<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7b y5746 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7c y5746 w31a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a ws2f\">50<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7d y5746 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7e y5746 w17e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls76 ws19a\">63<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5747 w393 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7f y5747 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa80 y5747 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa81 y5747 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa82 y5747 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xa83 y5684 w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa84 y5684 w42c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,3<span class=\"_ _2\"></span>44<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa85 y5684 wde h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>71<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa86 y5684 w224 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">5,<span class=\"_ _2\"></span>879<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w46d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa87 y561e w573 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa88 y561e w574 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa89 y561e w575 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa8a y561e w576 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xa83 y55ef w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa8b y55ef w311 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>342<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa8c y55ef w168 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">4,068<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa8d y55ef w577 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c6 ws1c6\">5,875<span class=\"_ _3bc\"> </span></div></td></tr></table>E3<span class=\"_ _2\"></span>.2 L<span class=\"_ _2\"></span>ong<span class=\"_ _2\"></span>evity s<span class=\"_ _2\"></span>wap co<span class=\"_ _2\"></span>ntra<span class=\"_ _2\"></span>cts<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has in pla<span class=\"_ _2\"></span>ce long<span class=\"_ _2\"></span>evit<span class=\"_ _2\"></span>y swap arr<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>ments wi<span class=\"_ _2\"></span>th corpor<span class=\"_ _2\"></span>ate pens<span class=\"_ _2\"></span>ion sche<span class=\"_ _2\"></span>mes whic<span class=\"_ _2\"></span>h do not me<span class=\"_ _2\"></span>et the definitio<span class=\"_ _2\"></span>n of insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts under t<span class=\"_ _2\"></span>he Group\u2019s acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>ies. U<span class=\"_ _2\"></span>nder the<span class=\"_ _2\"></span>se arra<span class=\"_ _2\"></span>ngem<span class=\"_ _2\"></span>ents the m<span class=\"_ _2\"></span>ajori<span class=\"_ _2\"></span>ty of the lo<span class=\"_ _2\"></span>ngevit<span class=\"_ _2\"></span>y risk h<span class=\"_ _2\"></span>as be<span class=\"_ _2\"></span>en pas<span class=\"_ _2\"></span>sed to third p<span class=\"_ _2\"></span>artie<span class=\"_ _2\"></span>s. D<span class=\"_ _2\"></span>erivative as<span class=\"_ _2\"></span>sets of \u00a32<span class=\"_ _2\"></span>30 million an<span class=\"_ _2\"></span>d derivative lia<span class=\"_ _2\"></span>bilities of \u00a31<span class=\"_ _2\"></span>00 millio<span class=\"_ _2\"></span>n have bee<span class=\"_ _2\"></span>n recog<span class=\"_ _2\"></span>nised a<span class=\"_ _2\"></span>s at 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023 (2022<span class=\"_ _2\"></span>: \u00a3152 million a<span class=\"_ _2\"></span>nd \u00a334 m<span class=\"_ _2\"></span>illion respe<span class=\"_ _2\"></span>ctively)<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>E3<span class=\"_ _2\"></span>.3 E<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y Rele<span class=\"_ _2\"></span>ase In<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e Plan (\u2018<span class=\"_ _2\"></span>ER<span class=\"_ _2\"></span>IP<span class=\"_ _2\"></span>\u2019) t<span class=\"_ _2\"></span>otal re<span class=\"_ _2\"></span>turn sw<span class=\"_ _2\"></span>ap<span class=\"_ _3bc\"> </span>ERI<span class=\"_ _2\"></span>P contra<span class=\"_ _2\"></span>cts are a<span class=\"_ _2\"></span>n equit<span class=\"_ _2\"></span>y relea<span class=\"_ _2\"></span>se produ<span class=\"_ _2\"></span>ct unde<span class=\"_ _2\"></span>r which the Gro<span class=\"_ _2\"></span>up holds a reve<span class=\"_ _2\"></span>rsiona<span class=\"_ _2\"></span>ry intere<span class=\"_ _2\"></span>st in the re<span class=\"_ _2\"></span>sidential p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y of policyh<span class=\"_ _2\"></span>older<span class=\"_ _2\"></span>s who have b<span class=\"_ _2\"></span>een provid<span class=\"_ _2\"></span>ed with a lifetim<span class=\"_ _2\"></span>e annuit<span class=\"_ _2\"></span>y in return for th<span class=\"_ _2\"></span>e lega<span class=\"_ _2\"></span>l title to their pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty (s<span class=\"_ _2\"></span>ee note G4<span class=\"_ _2\"></span>). The Group is pa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y to an ERI<span class=\"_ _2\"></span>P total return s<span class=\"_ _2\"></span>wap under w<span class=\"_ _2\"></span>hich a share of th<span class=\"_ _2\"></span>e future ge<span class=\"_ _2\"></span>nerate<span class=\"_ _2\"></span>d cash fl<span class=\"_ _2\"></span>ows arising un<span class=\"_ _2\"></span>der the ER<span class=\"_ _2\"></span>IP contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s is payable to a thir<span class=\"_ _2\"></span>d part<span class=\"_ _2\"></span>y. Over tim<span class=\"_ _2\"></span>e, as the prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y rever<span class=\"_ _2\"></span>sions are rea<span class=\"_ _2\"></span>lised<span class=\"_ _2\"></span>, the relevant s<span class=\"_ _2\"></span>hare of dispo<span class=\"_ _2\"></span>sal proc<span class=\"_ _2\"></span>eed<span class=\"_ _2\"></span>s is trans<span class=\"_ _2\"></span>ferred to a third p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y who al<span class=\"_ _2\"></span>so holds a b<span class=\"_ _2\"></span>enefic<span class=\"_ _2\"></span>ial interes<span class=\"_ _2\"></span>t in thes<span class=\"_ _2\"></span>e reside<span class=\"_ _2\"></span>ntial prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s. The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying am<span class=\"_ _2\"></span>ount of the deriv<span class=\"_ _2\"></span>ative liabilit<span class=\"_ _2\"></span>y is the pre<span class=\"_ _2\"></span>sent value of all f<span class=\"_ _2\"></span>uture ca<span class=\"_ _2\"></span>sh flows due to th<span class=\"_ _2\"></span>e third par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y under the total re<span class=\"_ _2\"></span>turn swap",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-701": {
   "value": "The Gro<span class=\"_ _2\"></span>up purcha<span class=\"_ _2\"></span>ses der<span class=\"_ _2\"></span>ivative financ<span class=\"_ _2\"></span>ial inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s principa<span class=\"_ _2\"></span>lly in conne<span class=\"_ _2\"></span>ction w<span class=\"_ _2\"></span>ith the man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent of its ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties bas<span class=\"_ _2\"></span>ed on the p<span class=\"_ _2\"></span>rinciple<span class=\"_ _2\"></span>s of reduct<span class=\"_ _2\"></span>ion of risk and ef<span class=\"_ _2\"></span>ficient p<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tfolio ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment. T<span class=\"_ _2\"></span>he Group do<span class=\"_ _2\"></span>es not t<span class=\"_ _2\"></span>ypica<span class=\"_ _2\"></span>lly hold deriva<span class=\"_ _2\"></span>tives for the pur<span class=\"_ _2\"></span>pose of se<span class=\"_ _2\"></span>lling and rep<span class=\"_ _2\"></span>urchasin<span class=\"_ _2\"></span>g in the nea<span class=\"_ _2\"></span>r term or with the o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tive of gen<span class=\"_ _2\"></span>erating a profi<span class=\"_ _2\"></span>t from shor<span class=\"_ _2\"></span>t-term fluc<span class=\"_ _2\"></span>tuation<span class=\"_ _2\"></span>s in price o<span class=\"_ _2\"></span>r margin<span class=\"_ _2\"></span>. The Group a<span class=\"_ _2\"></span>lso hold<span class=\"_ _2\"></span>s derivatives w<span class=\"_ _2\"></span>hich are des<span class=\"_ _2\"></span>ignated a<span class=\"_ _2\"></span>s hedg<span class=\"_ _2\"></span>ing instr<span class=\"_ _2\"></span>ument<span class=\"_ _2\"></span>s in order to he<span class=\"_ _2\"></span>dge the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s Euro and US Dolla<span class=\"_ _2\"></span>r borrowing<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>ese he<span class=\"_ _2\"></span>dging re<span class=\"_ _2\"></span>lationship<span class=\"_ _2\"></span>s qualif<span class=\"_ _2\"></span>y for hed<span class=\"_ _2\"></span>ge acc<span class=\"_ _2\"></span>ounting un<span class=\"_ _2\"></span>der IFRS 9 a<span class=\"_ _2\"></span>nd are desi<span class=\"_ _2\"></span>gnated a<span class=\"_ _2\"></span>s cash flow h<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span>Der<span class=\"_ _2\"></span>ivative financ<span class=\"_ _2\"></span>ial instr<span class=\"_ _2\"></span>ument<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d initially at fa<span class=\"_ _2\"></span>ir value and are s<span class=\"_ _2\"></span>ubseq<span class=\"_ _2\"></span>uently rem<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d to fair value<span class=\"_ _2\"></span>. The gain or l<span class=\"_ _2\"></span>oss on reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent to fair value is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt where the de<span class=\"_ _2\"></span>rivatives are h<span class=\"_ _2\"></span>eld for tra<span class=\"_ _2\"></span>ding. Wh<span class=\"_ _2\"></span>ere derivat<span class=\"_ _2\"></span>ive finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s are held to h<span class=\"_ _2\"></span>edge th<span class=\"_ _2\"></span>e Group\u2019s Euro and US Do<span class=\"_ _2\"></span>llar borrowin<span class=\"_ _2\"></span>gs<span class=\"_ _2\"></span>, the effe<span class=\"_ _2\"></span>ctive por<span class=\"_ _2\"></span>tion of any g<span class=\"_ _2\"></span>ain or los<span class=\"_ _2\"></span>s that arise<span class=\"_ _2\"></span>s on reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent to fair value is in<span class=\"_ _2\"></span>itially rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in other c<span class=\"_ _2\"></span>ompreh<span class=\"_ _2\"></span>ensive inc<span class=\"_ _2\"></span>ome and is re<span class=\"_ _2\"></span>cycle<span class=\"_ _2\"></span>d to profit or los<span class=\"_ _2\"></span>s as the he<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d item impac<span class=\"_ _2\"></span>ts the profit o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>. Se<span class=\"_ _2\"></span>e notes E1 and D3 for f<span class=\"_ _2\"></span>urth<span class=\"_ _2\"></span>er details of th<span class=\"_ _2\"></span>e Group\u2019s hedgin<span class=\"_ _2\"></span>g acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span><span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-656": {
   "value": "E4. Collateral<span class=\"_ _5\"></span> arrangements<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up rece<span class=\"_ _2\"></span>ives and ple<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>s collatera<span class=\"_ _2\"></span>l in the form of cas<span class=\"_ _2\"></span>h or non-c<span class=\"_ _2\"></span>ash as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s in respe<span class=\"_ _2\"></span>ct of sto<span class=\"_ _2\"></span>ck lendin<span class=\"_ _2\"></span>g transa<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s, der<span class=\"_ _2\"></span>ivative contra<span class=\"_ _2\"></span>cts and rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts in order to re<span class=\"_ _2\"></span>duce th<span class=\"_ _2\"></span>e credit ris<span class=\"_ _2\"></span>k of these tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>. The amo<span class=\"_ _2\"></span>unt and t<span class=\"_ _2\"></span>ype of coll<span class=\"_ _2\"></span>ateral req<span class=\"_ _2\"></span>uired whe<span class=\"_ _2\"></span>re the Group re<span class=\"_ _2\"></span>ceives c<span class=\"_ _2\"></span>ollateral d<span class=\"_ _2\"></span>epen<span class=\"_ _2\"></span>ds on an as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ment of<span class=\"_ gs132\"> </span>the cre<span class=\"_ _2\"></span>dit risk of the c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, but is u<span class=\"_ _2\"></span>sually in the fo<span class=\"_ _2\"></span>rm of cash an<span class=\"_ _2\"></span>d marketable sec<span class=\"_ _2\"></span>urities.<span class=\"_ _3bc\"> </span>Coll<span class=\"_ _2\"></span>ateral rec<span class=\"_ _2\"></span>eived in th<span class=\"_ _2\"></span>e form of cash<span class=\"_ _2\"></span>, where th<span class=\"_ _2\"></span>e Group has c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual rig<span class=\"_ _2\"></span>hts to rece<span class=\"_ _2\"></span>ive the ca<span class=\"_ _2\"></span>sh flows ge<span class=\"_ _2\"></span>nerate<span class=\"_ _2\"></span>d and is availab<span class=\"_ _2\"></span>le to the Group for inves<span class=\"_ _2\"></span>tment p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>s, is re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as a fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l asset in t<span class=\"_ _2\"></span>he state<span class=\"_ _2\"></span>ment of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financi<span class=\"_ _2\"></span>al positio<span class=\"_ _2\"></span>n with a corre<span class=\"_ _2\"></span>spondin<span class=\"_ _2\"></span>g finan<span class=\"_ _2\"></span>cial liabilit<span class=\"_ _2\"></span>y for it<span class=\"_ _2\"></span>s repayme<span class=\"_ _2\"></span>nt. Non-<span class=\"_ _2\"></span>cash c<span class=\"_ _2\"></span>ollateral re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d is not rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the s<span class=\"_ _2\"></span>tatement of c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial pos<span class=\"_ _2\"></span>ition, unl<span class=\"_ _2\"></span>ess the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y default<span class=\"_ _2\"></span>s on its obli<span class=\"_ _2\"></span>gations un<span class=\"_ _2\"></span>der the<span class=\"_ gs132\"> </span>rel<span class=\"_ _2\"></span>evant agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Non-<span class=\"_ _2\"></span>cash c<span class=\"_ _2\"></span>ollatera<span class=\"_ _2\"></span>l pledg<span class=\"_ _2\"></span>ed whe<span class=\"_ _2\"></span>re the Group ret<span class=\"_ _2\"></span>ains the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual right<span class=\"_ _2\"></span>s to recei<span class=\"_ _2\"></span>ve the cas<span class=\"_ _2\"></span>h flows gen<span class=\"_ _2\"></span>erated is n<span class=\"_ _2\"></span>ot derec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed from the st<span class=\"_ _2\"></span>atement of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial positi<span class=\"_ _2\"></span>on, unle<span class=\"_ _2\"></span>ss the Gro<span class=\"_ _2\"></span>up default<span class=\"_ _2\"></span>s on its ob<span class=\"_ _2\"></span>ligation<span class=\"_ _2\"></span>s under the re<span class=\"_ _2\"></span>levant agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>. Cash c<span class=\"_ _2\"></span>ollateral ple<span class=\"_ _2\"></span>dged<span class=\"_ _2\"></span>, where th<span class=\"_ _2\"></span>e counterpa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y has c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual right<span class=\"_ _2\"></span>s to rece<span class=\"_ _2\"></span>ive the cas<span class=\"_ _2\"></span>h flows ge<span class=\"_ _2\"></span>nerate<span class=\"_ _2\"></span>d, is dere<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed from th<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l position a<span class=\"_ _2\"></span>nd a corre<span class=\"_ _2\"></span>spondin<span class=\"_ _2\"></span>g recei<span class=\"_ _2\"></span>vable is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed for it<span class=\"_ _2\"></span>s return.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is also p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y to revers<span class=\"_ _2\"></span>e repurch<span class=\"_ _2\"></span>ase ag<span class=\"_ _2\"></span>reeme<span class=\"_ _2\"></span>nts unde<span class=\"_ _2\"></span>r which se<span class=\"_ _2\"></span>curities a<span class=\"_ _2\"></span>re purchas<span class=\"_ _2\"></span>ed from third p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>ies with an ob<span class=\"_ _2\"></span>ligation to res<span class=\"_ _2\"></span>ell the se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e securi<span class=\"_ _2\"></span>ties are not re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed as fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s on the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition, un<span class=\"_ _2\"></span>less th<span class=\"_ _2\"></span>e counterp<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y default<span class=\"_ _2\"></span>s on its o<span class=\"_ _2\"></span>bligation<span class=\"_ _2\"></span>s under th<span class=\"_ _2\"></span>e relevant ag<span class=\"_ _2\"></span>reeme<span class=\"_ _2\"></span>nt. The rig<span class=\"_ _2\"></span>ht to receive th<span class=\"_ _2\"></span>e return of any ca<span class=\"_ _2\"></span>sh paid as p<span class=\"_ _2\"></span>urchase c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>ration plu<span class=\"_ _2\"></span>s interes<span class=\"_ _2\"></span>t is reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as a finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set on the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of financia<span class=\"_ _2\"></span>l position<span class=\"_ _3bc\"> <span class=\"_ _3bc\"> </span></span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>E4.1<span class=\"_ _7\"></span> Financial instrument collat<span class=\"_ _5\"></span>eral arrangements<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has no fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and fina<span class=\"_ _2\"></span>ncial liab<span class=\"_ _2\"></span>ilities that h<span class=\"_ _2\"></span>ave been of<span class=\"_ _2\"></span>fset in th<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment of cons<span class=\"_ _2\"></span>olidated fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l position a<span class=\"_ _2\"></span>s at 31<span class=\"_ gs132\"> </span>De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023 (202<span class=\"_ _2\"></span>2: none).<span class=\"_ _3bc\"> </span>The t<span class=\"_ _2\"></span>able bel<span class=\"_ _2\"></span>ow contain<span class=\"_ _2\"></span>s disclos<span class=\"_ _2\"></span>ures relate<span class=\"_ _2\"></span>d to financia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts and fin<span class=\"_ _2\"></span>ancial lia<span class=\"_ _2\"></span>bilities rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of conso<span class=\"_ _2\"></span>lidated fina<span class=\"_ _2\"></span>ncial posi<span class=\"_ _2\"></span>tion that are s<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to enforcea<span class=\"_ _2\"></span>ble mas<span class=\"_ _2\"></span>ter net<span class=\"_ _2\"></span>ting arr<span class=\"_ _2\"></span>angem<span class=\"_ _2\"></span>ents or s<span class=\"_ _2\"></span>imilar agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s. S<span class=\"_ _2\"></span>uch agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s do not me<span class=\"_ _2\"></span>et the crite<span class=\"_ _2\"></span>ria for<span class=\"_ gs132\"> </span>off<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>ting in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition as th<span class=\"_ _2\"></span>e Group has n<span class=\"_ _2\"></span>o current le<span class=\"_ _2\"></span>gally e<span class=\"_ _2\"></span>nforceable r<span class=\"_ _2\"></span>ight to offs<span class=\"_ _2\"></span>et reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s. Fur<span class=\"_ _2\"></span>thermo<span class=\"_ _2\"></span>re, cer<span class=\"_ _2\"></span>tain re<span class=\"_ _2\"></span>lated as<span class=\"_ _2\"></span>sets re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d as collater<span class=\"_ _2\"></span>al under th<span class=\"_ _2\"></span>e net<span class=\"_ _2\"></span>ting arra<span class=\"_ _2\"></span>ngem<span class=\"_ _2\"></span>ents will not b<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the<span class=\"_ gs132\"> </span>s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition as the G<span class=\"_ _2\"></span>roup doe<span class=\"_ _2\"></span>s not have perm<span class=\"_ _2\"></span>ission to s<span class=\"_ _2\"></span>ell or re-p<span class=\"_ _2\"></span>ledge<span class=\"_ _2\"></span>, except in the c<span class=\"_ _2\"></span>ase of defa<span class=\"_ _2\"></span>ult. De<span class=\"_ _2\"></span>tails of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s c<span class=\"_ _2\"></span>ollateral ar<span class=\"_ _2\"></span>range<span class=\"_ _2\"></span>ments in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of thes<span class=\"_ _2\"></span>e recog<span class=\"_ _2\"></span>nised a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liab<span class=\"_ _2\"></span>ilities are provid<span class=\"_ _2\"></span>ed bel<span class=\"_ _2\"></span>ow<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span><table class=\"s w578 h2cc\" id=\"_edb6eefc-6ecd-4967-9a80-86139ae90eca\"><tr><td></td><td></td><td></td><td class=\"t m0 xa8e h3f y5917 ff7 fsf fc1 sc0 ls5b ws76\">Related amounts<span class=\"_ _5\"></span> not offset<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xa8f h3f y5918 ff7 fsf fc1 sc0 ls0 ws0\">Gr<span class=\"_ _2\"></span>oss a<span class=\"_ _2\"></span>nd net </td><td class=\"t m0 x75e h3f y5918 ff7 fsf fc1 sc0 ls5b ws76\">Financial </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xa90 h3f y5919 ff7 fsf fc1 sc0 ls0 ws0\">am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s of </td><td class=\"t m0 xa91 h3f y5919 ff7 fsf fc1 sc0 ls0 ws0\" colspan=\"2\">ins<span class=\"_ _2\"></span>tru<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d </td><td></td></tr><tr><td></td><td class=\"t m0 xa92 h3f y591a ff7 fsf fc1 sc0 lse4 wsce\">recognised </td><td class=\"t m0 x9f7 h3f y591a ff7 fsf fc1 sc0 ls0 ws0\" colspan=\"2\">ca<span class=\"_ _2\"></span>sh co<span class=\"_ _2\"></span>llat<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span>l </td><td class=\"t m0 x553 h3f y591a ff7 fsf fc1 sc0 ls5b ws76\">Net<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xa93 h3f y591b ff7 fsf fc1 sc0 ls5b ws76\">financial assets </td><td class=\"c n x7ca y591c w579 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls1b ws19\">rec<span class=\"_ _2\"></span>eived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa94 y591c w57a h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lse3 wscd\">Derivative liabilities</div></td><td class=\"t m0 x481 h3f y591b ff7 fsf fc1 sc0 ls70 ws67\"> amount<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y591d w402 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa95 y591d w44 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa96 y591d w44 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa97 y591d w44 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa98 y591d w44 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y591e ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y591f w57b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">OT<span class=\"_ _7\"></span>C derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa99 y591f w57c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">2,6<span class=\"_ _2\"></span>29<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa9a y591f w85 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">976<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa9b y591f w1b6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>459<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa9c y591f w57d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd6 ws195\">19<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5920 w57e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Exch<span class=\"_ _2\"></span>ange trade<span class=\"_ _2\"></span>d derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa9d y5920 w29d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">1<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa9e y5920 w307 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x236 y5920 wa4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa9f y5920 wb2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">76<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5921 w57f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Stock l<span class=\"_ _2\"></span>ending<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa0 y5921 wcf h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">836<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x585 y5921 w4f7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">836<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa1 y5921 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa2 y5921 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5922 w580 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Repurc<span class=\"_ _2\"></span>hase ar<span class=\"_ _2\"></span>range<span class=\"_ _2\"></span>ment<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa3 y5922 we0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa4 y5922 wd9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">100<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa5 y5922 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa6 y5922 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5923 w581 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b7 ws1b6\">To<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa7 y5923 wec h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa8 y5923 w1b6 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa9 y5923 w582 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaaa y5923 w1a7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 xa8e h3f y5924 ff7 fsf fc1 sc0 ls5b ws76\" colspan=\"2\">Related amounts<span class=\"_ _5\"></span> not offset<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xa8f h3f y5925 ff7 fsf fc1 sc0 ls0 ws0\">Gr<span class=\"_ _2\"></span>oss a<span class=\"_ _2\"></span>nd net </td><td class=\"t m0 x75e h3f y5925 ff7 fsf fc1 sc0 ls5b ws76\">Financial </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xa90 h3f y5926 ff7 fsf fc1 sc0 ls0 ws0\">am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s of </td><td class=\"t m0 xa91 h3f y5926 ff7 fsf fc1 sc0 ls0 ws0\" colspan=\"2\">ins<span class=\"_ _2\"></span>tru<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d </td><td></td></tr><tr><td></td><td class=\"t m0 xa92 h3f y5927 ff7 fsf fc1 sc0 lse4 wsce\">recognised </td><td class=\"t m0 x9f7 h3f y5927 ff7 fsf fc1 sc0 ls0 ws0\" colspan=\"2\">ca<span class=\"_ _2\"></span>sh co<span class=\"_ _2\"></span>llat<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span>l </td><td class=\"t m0 x553 h3f y5927 ff7 fsf fc1 sc0 ls5b ws76\">Net<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x536 h3f y5928 ff7 fsf fc1 sc0 lse3 wscd\">financial liabilities<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ae y5929 w583 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsd5 wsc3\">pledged<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaab y5929 w584 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">Derivative asse<span class=\"_ _2\"></span>ts</div></td><td class=\"t m0 x481 h3f y5928 ff7 fsf fc1 sc0 ls70 ws67\"> amount<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"c n xaac y592a w44 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaad y592a w44 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaae y592a w403 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaaf y592a w44 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y592b ff7 fs7 fc1 sc0 ls61 ws5f\">Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y592c w57b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">OT<span class=\"_ _7\"></span>C derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa99 y592c w14f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">3,<span class=\"_ _2\"></span>126<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab0 y592c w585 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">1<span class=\"_ _2\"></span>,52<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab1 y592c w1b6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>459<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab2 y592c w157 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">1<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y592d w57e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Exch<span class=\"_ _2\"></span>ange trade<span class=\"_ _2\"></span>d derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa9d y592d w586 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab3 y592d w587 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls32 ws149\">68<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab4 y592d wa4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab5 y592d w32a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">120<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y592e w581 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b7 ws1b6\">To<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaa7 y592e w10f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b4 ws1b3\">3,<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab6 y592e w588 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsb3 wsf4\">1,588<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab7 y592e w582 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xab8 y592e w91 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls9d ws58\">267<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 xab9 h16 y592f ff3 fsf fc1 sc0 lse1 wscb\" colspan=\"2\">Relat<span class=\"_ _5\"></span>ed amoun<span class=\"_ _5\"></span>ts not<span class=\"_ _5\"></span> offset<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xa8f h16 y5930 ff3 fsf fc1 sc0 ls0 ws0\">Gro<span class=\"_ _2\"></span>ss an<span class=\"_ _2\"></span>d net </td><td class=\"t m0 x9db h16 y5930 ff3 fsf fc1 sc0 ls17 ws15\">Financial </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xa90 h16 y5931 ff3 fsf fc1 sc0 ls0 ws0\">amo<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>s of </td><td class=\"t m0 x5ba h16 y5931 ff3 fsf fc1 sc0 ls82 ws77\" colspan=\"2\">instr<span class=\"_ _2\"></span>uments and </td><td></td></tr><tr><td></td><td class=\"t m0 xa90 h16 y5932 ff3 fsf fc1 sc0 lse1 wscb\">recognised<span class=\"_ _5\"></span> </td><td class=\"t m0 xaba h16 y5932 ff3 fsf fc1 sc0 ls17 ws15\" colspan=\"2\">cash collateral </td><td class=\"t m0 x553 h16 y5932 ff3 fsf fc1 sc0 lse3 wscd\">Net<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xabb h16 y5933 ff3 fsf fc1 sc0 lse3 wscd\">financial assets<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ae y5934 w589 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1dd ws1df\">recei<span class=\"_ _5\"></span>ved<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xabc y5934 w58a h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls70 ws67\">Derivative liabilities</div></td><td class=\"t m0 xabd h16 y5933 ff3 fsf fc1 sc0 ls82 ws77\"> amount<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5935 w3a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xabe y5935 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xabf y5935 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac0 y5935 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac1 y5935 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5936 ff7 fs7 fc1 sc0 ls68 ws5c\">Financial assets<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5937 w57b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">OT<span class=\"_ _7\"></span>C derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac2 y5937 w299 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">3,<span class=\"_ _2\"></span>747<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac3 y5937 w212 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">1<span class=\"_ _2\"></span>,055<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac4 y5937 w58b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">2,293<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac5 y5937 w58c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">399<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5938 w57e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Exch<span class=\"_ _2\"></span>ange trade<span class=\"_ _2\"></span>d derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac6 y5938 w384 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">324<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x320 y5938 w32a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">193<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac7 y5938 w192 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac8 y5938 w112 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">103<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5939 w57f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Stock l<span class=\"_ _2\"></span>ending<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac9 y5939 w58d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>451<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaca y5939 w58e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>451<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xacb y5939 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xacc y5939 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y593a w581 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b7 ws1b6\">To<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xacd y593a w39b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">5,<span class=\"_ _2\"></span>522<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xace y593a w11f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">2<span class=\"_ _2\"></span>,699<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xacf y593a w30f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>321<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad0 y593a w58f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls32 ws149\">502<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 xab9 h16 y593b ff3 fsf fc1 sc0 lse1 wscb\" colspan=\"2\">Relat<span class=\"_ _5\"></span>ed amoun<span class=\"_ _5\"></span>ts not<span class=\"_ _5\"></span> offset<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xa8f h16 y593c ff3 fsf fc1 sc0 ls0 ws0\">Gro<span class=\"_ _2\"></span>ss an<span class=\"_ _2\"></span>d net </td><td class=\"t m0 x9db h16 y593c ff3 fsf fc1 sc0 ls17 ws15\">Financial </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xa90 h16 y593d ff3 fsf fc1 sc0 ls0 ws0\">amo<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>s of </td><td class=\"t m0 x5ba h16 y593d ff3 fsf fc1 sc0 ls82 ws77\" colspan=\"2\">instr<span class=\"_ _2\"></span>uments and </td><td></td></tr><tr><td></td><td class=\"t m0 xa90 h16 y593e ff3 fsf fc1 sc0 lse1 wscb\">recognised<span class=\"_ _5\"></span> </td><td class=\"t m0 xaba h16 y593e ff3 fsf fc1 sc0 ls17 ws15\" colspan=\"2\">cash collateral </td><td class=\"t m0 x553 h16 y593e ff3 fsf fc1 sc0 lse3 wscd\">Net<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xad1 h16 y593f ff3 fsf fc1 sc0 ls82 ws77\">financi<span class=\"_ _2\"></span>al liabilities<span class=\"_ _3bc\"> </span></td><td class=\"c n x7ae y5940 w549 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse4 wsce\">pledged<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad2 y5940 w590 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls70 ws67\">Derivative asset<span class=\"_ _2\"></span>s</div></td><td class=\"t m0 xabd h16 y593f ff3 fsf fc1 sc0 ls82 ws77\"> amount<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"c n x4e9 y56f4 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad3 y56f4 w591 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad4 y56f4 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad5 y56f4 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5941 ff7 fs7 fc1 sc0 ls61 ws5f\">Financ<span class=\"_ _2\"></span>ial liabilities<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561d w57b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">OT<span class=\"_ _7\"></span>C derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa99 y561d w11f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">5,60<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad6 y561d wd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">2,<span class=\"_ _2\"></span>206<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad7 y561d w592 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">2,293<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad8 y561d w10f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">1,107<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w57e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Exch<span class=\"_ _2\"></span>ange trade<span class=\"_ _2\"></span>d derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa9d y561e w586 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad9 y561e wcb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">36<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xada y561e w192 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xadb y561e w593 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">20<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w581 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b7 ws1b6\">To<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xadc y55ef w224 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">5,<span class=\"_ _2\"></span>879<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xadd y55ef w216 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>242<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xacf y55ef w30f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>321<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xade y55ef w594 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">1<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>316<span class=\"_ _3bc\"> </span></div></td></tr></table>E4.2 Derivativ<span class=\"_ _7\"></span>e collateral arrangements<span class=\"_ _3bc\"> </span>Assets accepted<span class=\"_ _3bc\"> </span>It is the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s pra<span class=\"_ _2\"></span>ctice to obt<span class=\"_ _2\"></span>ain collate<span class=\"_ _2\"></span>ral to mitig<span class=\"_ _2\"></span>ate the counter<span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k related to over-th<span class=\"_ _2\"></span>e-co<span class=\"_ _2\"></span>unter (\u2018OTC\u2019<span class=\"_ _2\"></span>) derivative<span class=\"_ _2\"></span>s usually in th<span class=\"_ _2\"></span>e form of ca<span class=\"_ _2\"></span>sh or marketabl<span class=\"_ _2\"></span>e financia<span class=\"_ _2\"></span>l instr<span class=\"_ _2\"></span>uments<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir value of financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets ac<span class=\"_ _2\"></span>cepte<span class=\"_ _2\"></span>d as<span class=\"_ gs132\"> </span>collater<span class=\"_ _2\"></span>al for OT<span class=\"_ _7\"></span>C de<span class=\"_ _2\"></span>rivatives but n<span class=\"_ _2\"></span>ot reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the st<span class=\"_ _2\"></span>atement of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial positi<span class=\"_ _2\"></span>on amo<span class=\"_ _2\"></span>unts to \u00a350<span class=\"_ _2\"></span>5 million (2022<span class=\"_ _2\"></span>: \u00a3<span class=\"_ _7\"></span>471 m<span class=\"_ _2\"></span>illion). The am<span class=\"_ _2\"></span>ounts re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed as fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liabili<span class=\"_ _2\"></span>ties from c<span class=\"_ _2\"></span>ash collate<span class=\"_ _2\"></span>ral rec<span class=\"_ _2\"></span>eived at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>3 are set<span class=\"_ gs132\"> </span>out<span class=\"_ gs132\"> </span>b<span class=\"_ _2\"></span>elow.<span class=\"_ _3bc\"> </span><table class=\"s w3a0 h2cd\" id=\"_1e6ce4ac-988e-4fe6-9cb0-80575abacc9b\"><tr><td></td><td class=\"t m0 x57c h16 y5942 ff3 fsf fc1 sc0 ls70 ws67\">OT<span class=\"_ _5\"></span>C derivatives<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"c n x6f4 y5943 w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f5 y5943 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xadf y5944 w44 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xae0 y5944 w591 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y571a w221 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xae1 y571a w595 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">971<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xae2 y571a w596 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w597 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xae3 y55ef w598 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>971<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xae4 y55ef w259 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr></table>The m<span class=\"_ _2\"></span>aximum exp<span class=\"_ _2\"></span>osure to cre<span class=\"_ _2\"></span>dit risk in resp<span class=\"_ _2\"></span>ect of OTC derivative as<span class=\"_ _2\"></span>sets is \u00a3<span class=\"_ _2\"></span>2,6<span class=\"_ _2\"></span>29 million (202<span class=\"_ _2\"></span>2: \u00a33<span class=\"_ _2\"></span>,7<span class=\"_ _7\"></span>47 million) of which c<span class=\"_ _2\"></span>redit risk of \u00a32,<span class=\"_ _2\"></span>43<span class=\"_ _2\"></span>4 million (2022: \u00a3<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>34<span class=\"_ _2\"></span>8 million) is miti<span class=\"_ _2\"></span>gated by us<span class=\"_ _2\"></span>e of collatera<span class=\"_ _2\"></span>l arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s (which are set<span class=\"_ _2\"></span>tled n<span class=\"_ _2\"></span>et afte<span class=\"_ _2\"></span>r taking a<span class=\"_ _2\"></span>ccount of any OT<span class=\"_ _5\"></span>C deriva<span class=\"_ _2\"></span>tive liabilities owe<span class=\"_ _2\"></span>d to the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>ty).<span class=\"_ _3bc\"> </span>Credit r<span class=\"_ _2\"></span>isk on exchan<span class=\"_ _2\"></span>ge tra<span class=\"_ _2\"></span>ded der<span class=\"_ _2\"></span>ivative ass<span class=\"_ _2\"></span>ets of \u00a3137 m<span class=\"_ _2\"></span>illion (2022: \u00a3<span class=\"_ _2\"></span>32<span class=\"_ _5\"></span>4 million) is mitig<span class=\"_ _2\"></span>ated thro<span class=\"_ _2\"></span>ugh reg<span class=\"_ _2\"></span>ular marg<span class=\"_ _2\"></span>ining and th<span class=\"_ _2\"></span>e protectio<span class=\"_ _2\"></span>n offere<span class=\"_ _2\"></span>d by the excha<span class=\"_ _2\"></span>nge.<span class=\"_ _3bc\"> </span>Assets p<span class=\"_ _5\"></span>ledged The Gro<span class=\"_ _2\"></span>up pled<span class=\"_ _2\"></span>ges coll<span class=\"_ _2\"></span>ateral in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of its OT<span class=\"_ _7\"></span>C de<span class=\"_ _2\"></span>rivative liabilitie<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e value of ass<span class=\"_ _2\"></span>ets ple<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d at 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023 in resp<span class=\"_ _2\"></span>ect of OTC deriva<span class=\"_ _2\"></span>tive liabilities of \u00a33<span class=\"_ _2\"></span>,126 millio<span class=\"_ _2\"></span>n (2022: \u00a35<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>06 millio<span class=\"_ _2\"></span>n) amounted to \u00a3<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>93<span class=\"_ _2\"></span>6 million (202<span class=\"_ _2\"></span>2: \u00a33<span class=\"_ _2\"></span>,228 m<span class=\"_ _2\"></span>illion).<span class=\"_ _3bc\"> </span>E4.3 Stock lending<span class=\"_ _5\"></span> collateral ar<span class=\"_ _5\"></span>rangements<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up lends li<span class=\"_ _2\"></span>sted fina<span class=\"_ _2\"></span>ncial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s held in it<span class=\"_ _2\"></span>s investme<span class=\"_ _2\"></span>nt por<span class=\"_ _2\"></span>tfolio to oth<span class=\"_ _2\"></span>er insti<span class=\"_ _2\"></span>tutions<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up cond<span class=\"_ _2\"></span>ucts s<span class=\"_ _2\"></span>tock le<span class=\"_ _2\"></span>nding only w<span class=\"_ _2\"></span>ith well-es<span class=\"_ _2\"></span>tablis<span class=\"_ _2\"></span>hed<span class=\"_ _2\"></span>, reputa<span class=\"_ _2\"></span>ble insti<span class=\"_ _2\"></span>tutions in a<span class=\"_ _2\"></span>ccorda<span class=\"_ _2\"></span>nce with e<span class=\"_ _2\"></span>stab<span class=\"_ _2\"></span>lished m<span class=\"_ _2\"></span>arket conventions<span class=\"_ _2\"></span>. The finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets do n<span class=\"_ _2\"></span>ot qualif<span class=\"_ _2\"></span>y for dere<span class=\"_ _2\"></span>cogniti<span class=\"_ _2\"></span>on as the Gro<span class=\"_ _2\"></span>up retains all th<span class=\"_ _2\"></span>e risks and re<span class=\"_ _2\"></span>wards of the tran<span class=\"_ _2\"></span>sferre<span class=\"_ _2\"></span>d asse<span class=\"_ _2\"></span>ts except for t<span class=\"_ _2\"></span>he voting right<span class=\"_ _2\"></span>s. It is the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s pra<span class=\"_ _2\"></span>ctice to obt<span class=\"_ _2\"></span>ain collate<span class=\"_ _2\"></span>ral in sto<span class=\"_ _2\"></span>ck lendin<span class=\"_ _2\"></span>g transa<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s, usu<span class=\"_ _2\"></span>ally in the form of c<span class=\"_ _2\"></span>ash or mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>table fina<span class=\"_ _2\"></span>ncial ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts.<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir value of financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets ac<span class=\"_ _2\"></span>cepte<span class=\"_ _2\"></span>d as such c<span class=\"_ _2\"></span>ollateral b<span class=\"_ _2\"></span>ut not reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the st<span class=\"_ _2\"></span>atement of c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial posi<span class=\"_ _2\"></span>tion amount<span class=\"_ _2\"></span>s to \u00a38<span class=\"_ _2\"></span>97 million (2022: \u00a3<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>58<span class=\"_ _2\"></span>6 million).<span class=\"_ _3bc\"> </span>The m<span class=\"_ _2\"></span>aximum exp<span class=\"_ _2\"></span>osure to cre<span class=\"_ _2\"></span>dit risk in resp<span class=\"_ _2\"></span>ect of s<span class=\"_ _2\"></span>tock len<span class=\"_ _2\"></span>ding tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tions is \u00a38<span class=\"_ _2\"></span>36 millio<span class=\"_ _2\"></span>n (2022: \u00a31<span class=\"_ _2\"></span>,4<span class=\"_ _2\"></span>51 million) of which credi<span class=\"_ _2\"></span>t risk of<span class=\"_ gs132\"> </span>\u00a383<span class=\"_ _2\"></span>3 million (2022<span class=\"_ _2\"></span>: \u00a31,<span class=\"_ _2\"></span>451 million) is mitig<span class=\"_ _2\"></span>ated thro<span class=\"_ _2\"></span>ugh the us<span class=\"_ _2\"></span>e of collatera<span class=\"_ _2\"></span>l arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s. E4.4 Other collateral<span class=\"_ _5\"></span> arrangements At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023<span class=\"_ _2\"></span>, the Group h<span class=\"_ _2\"></span>ad entere<span class=\"_ _2\"></span>d into reverse re<span class=\"_ _2\"></span>purchas<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>ns under wh<span class=\"_ _2\"></span>ich it purch<span class=\"_ _2\"></span>ased s<span class=\"_ _2\"></span>ecurit<span class=\"_ _2\"></span>ies and ha<span class=\"_ _2\"></span>d taken on the oblig<span class=\"_ _2\"></span>ation to rese<span class=\"_ _2\"></span>ll the se<span class=\"_ _2\"></span>curities<span class=\"_ _2\"></span>. The fair va<span class=\"_ _2\"></span>lue of the finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>ccepte<span class=\"_ _2\"></span>d as collate<span class=\"_ _2\"></span>ral in resp<span class=\"_ _2\"></span>ect of th<span class=\"_ _2\"></span>ese tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>, but not re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition, is \u00a3<span class=\"_ _2\"></span>10<span class=\"_ _2\"></span>0 million (202<span class=\"_ _2\"></span>2: \u00a3nil).<span class=\"_ _3bc\"> </span>The m<span class=\"_ _2\"></span>aximum exp<span class=\"_ _2\"></span>osure to cre<span class=\"_ _2\"></span>dit risk in resp<span class=\"_ _2\"></span>ect of reve<span class=\"_ _2\"></span>rse rep<span class=\"_ _2\"></span>urchase t<span class=\"_ _2\"></span>ransa<span class=\"_ _2\"></span>ctions i<span class=\"_ _2\"></span>s \u00a310<span class=\"_ _2\"></span>0 million (202<span class=\"_ _2\"></span>2: \u00a3 nil) of which cre<span class=\"_ _2\"></span>dit risk of \u00a31<span class=\"_ _2\"></span>00 millio<span class=\"_ _2\"></span>n (2022<span class=\"_ _2\"></span>: \u00a3 nil) is mitigate<span class=\"_ _2\"></span>d throug<span class=\"_ _2\"></span>h the use of coll<span class=\"_ _2\"></span>ateral arr<span class=\"_ _2\"></span>angem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Det<span class=\"_ _2\"></span>ails of collater<span class=\"_ _2\"></span>al rece<span class=\"_ _2\"></span>ived to mitig<span class=\"_ _2\"></span>ate the counter<span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k arising from t<span class=\"_ _2\"></span>he Group\u2019s reinsura<span class=\"_ _2\"></span>nce tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tions is give<span class=\"_ _2\"></span>n in note F10.<span class=\"_ _3bc\"> </span>Coll<span class=\"_ _2\"></span>ateral ha<span class=\"_ _2\"></span>s also be<span class=\"_ _2\"></span>en ple<span class=\"_ _2\"></span>dged a<span class=\"_ _2\"></span>nd charg<span class=\"_ _2\"></span>es have be<span class=\"_ _2\"></span>en grante<span class=\"_ _2\"></span>d in respe<span class=\"_ _2\"></span>ct of cer<span class=\"_ _2\"></span>tain G<span class=\"_ _2\"></span>roup borrowin<span class=\"_ _2\"></span>gs<span class=\"_ _2\"></span>. The deta<span class=\"_ _2\"></span>ils of these arr<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>ments are<span class=\"_ gs132\"> </span>set o<span class=\"_ _2\"></span>ut in note E5.<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff2 fs7 fc1 sc0 ls13 ws11 gs718\">F10. Collateral<span class=\"_ _5\"></span> arrangements<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs719\">It is the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s pra<span class=\"_ _2\"></span>ctice to obt<span class=\"_ _2\"></span>ain collate<span class=\"_ _2\"></span>ral to mitig<span class=\"_ _2\"></span>ate the counter<span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k related to rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>ns usually in t<span class=\"_ _2\"></span>he form of cas<span class=\"_ _2\"></span>h </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs71a\">or<span class=\"_ gs132\"> </span>marketa<span class=\"_ _2\"></span>ble financ<span class=\"_ _2\"></span>ial inst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs71b\">Where t<span class=\"_ _2\"></span>he Group re<span class=\"_ _2\"></span>ceives c<span class=\"_ _2\"></span>ollateral in th<span class=\"_ _2\"></span>e form of marketable fin<span class=\"_ _2\"></span>ancial in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents whic<span class=\"_ _2\"></span>h it is not per<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>d to sell or re<span class=\"_ _2\"></span>-pled<span class=\"_ _2\"></span>ge except in th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs71c\">ca<span class=\"_ _2\"></span>se of default<span class=\"_ _2\"></span>, it is not rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial pos<span class=\"_ _2\"></span>ition. Th<span class=\"_ _2\"></span>e fair value of fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s acce<span class=\"_ _2\"></span>pted as co<span class=\"_ _2\"></span>llateral for </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs71d\">reins<span class=\"_ _2\"></span>urance tr<span class=\"_ _2\"></span>ansa<span class=\"_ _2\"></span>ctions b<span class=\"_ _2\"></span>ut not rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial pos<span class=\"_ _2\"></span>ition amo<span class=\"_ _2\"></span>unts to \u00a3<span class=\"_ _5\"></span>4<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>80 millio<span class=\"_ _2\"></span>n (2022: \u00a34,0<span class=\"_ _2\"></span>02 million). </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs71e\">Where t<span class=\"_ _2\"></span>he Group re<span class=\"_ _2\"></span>ceives c<span class=\"_ _2\"></span>ollateral on re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ions in the form of c<span class=\"_ _2\"></span>ash it is re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of conso<span class=\"_ _2\"></span>lidated fina<span class=\"_ _2\"></span>ncial </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs71f\">posi<span class=\"_ _2\"></span>tion along w<span class=\"_ _2\"></span>ith a corres<span class=\"_ _2\"></span>pondin<span class=\"_ _2\"></span>g liabilit<span class=\"_ _2\"></span>y to repay the am<span class=\"_ _2\"></span>ount of collater<span class=\"_ _2\"></span>al rece<span class=\"_ _2\"></span>ived, dis<span class=\"_ _2\"></span>close<span class=\"_ _2\"></span>d as par<span class=\"_ _2\"></span>t of \u2018Re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s\u2019<span class=\"_ _6\"></span>. Wh<span class=\"_ _2\"></span>ere </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs720\">there is inte<span class=\"_ _2\"></span>rest paya<span class=\"_ _2\"></span>ble on suc<span class=\"_ _2\"></span>h collatera<span class=\"_ _2\"></span>l, it is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed within N<span class=\"_ _2\"></span>et financ<span class=\"_ _2\"></span>e income<span class=\"_ _2\"></span>/<span class=\"_ _7\"></span>(exp<span class=\"_ _2\"></span>ense) from rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>. The am<span class=\"_ _2\"></span>ounts </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs721\">rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d as finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s from cas<span class=\"_ _2\"></span>h collatera<span class=\"_ _2\"></span>l receive<span class=\"_ _2\"></span>d at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023 are s<span class=\"_ _2\"></span>et out bel<span class=\"_ _2\"></span>ow<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"gs722\"><table class=\"s w2e9 h2f7\" id=\"_9a2310bf-486f-4ec3-9fae-f634cf84f9ce\"><tr><td></td><td class=\"t m0 xd5a h16 y5bf8 ff3 fsf fc1 sc0 ls5b ws76\">Reinsurance<span class=\"_ _5\"></span> transactions<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x916 h3f y5bf9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h16 y5bf9 ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x552 h3f y5bfa ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x553 h16 y5bfa ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y571a w221 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x78a y571a w32a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">208<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x67d y571a we9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">267<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w597 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1814 y55ef w32a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">208<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1815 y55ef w49f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">267</div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCollateralExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-702": {
   "value": "The Gro<span class=\"_ _2\"></span>up rece<span class=\"_ _2\"></span>ives and ple<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>s collatera<span class=\"_ _2\"></span>l in the form of cas<span class=\"_ _2\"></span>h or non-c<span class=\"_ _2\"></span>ash as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s in respe<span class=\"_ _2\"></span>ct of sto<span class=\"_ _2\"></span>ck lendin<span class=\"_ _2\"></span>g transa<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s, der<span class=\"_ _2\"></span>ivative contra<span class=\"_ _2\"></span>cts and rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts in order to re<span class=\"_ _2\"></span>duce th<span class=\"_ _2\"></span>e credit ris<span class=\"_ _2\"></span>k of these tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>. The amo<span class=\"_ _2\"></span>unt and t<span class=\"_ _2\"></span>ype of coll<span class=\"_ _2\"></span>ateral req<span class=\"_ _2\"></span>uired whe<span class=\"_ _2\"></span>re the Group re<span class=\"_ _2\"></span>ceives c<span class=\"_ _2\"></span>ollateral d<span class=\"_ _2\"></span>epen<span class=\"_ _2\"></span>ds on an as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ment of<span class=\"_ gs132\"> </span>the cre<span class=\"_ _2\"></span>dit risk of the c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, but is u<span class=\"_ _2\"></span>sually in the fo<span class=\"_ _2\"></span>rm of cash an<span class=\"_ _2\"></span>d marketable sec<span class=\"_ _2\"></span>urities.<span class=\"_ _3bc\"> </span>Coll<span class=\"_ _2\"></span>ateral rec<span class=\"_ _2\"></span>eived in th<span class=\"_ _2\"></span>e form of cash<span class=\"_ _2\"></span>, where th<span class=\"_ _2\"></span>e Group has c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual rig<span class=\"_ _2\"></span>hts to rece<span class=\"_ _2\"></span>ive the ca<span class=\"_ _2\"></span>sh flows ge<span class=\"_ _2\"></span>nerate<span class=\"_ _2\"></span>d and is availab<span class=\"_ _2\"></span>le to the Group for inves<span class=\"_ _2\"></span>tment p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>s, is re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as a fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l asset in t<span class=\"_ _2\"></span>he state<span class=\"_ _2\"></span>ment of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financi<span class=\"_ _2\"></span>al positio<span class=\"_ _2\"></span>n with a corre<span class=\"_ _2\"></span>spondin<span class=\"_ _2\"></span>g finan<span class=\"_ _2\"></span>cial liabilit<span class=\"_ _2\"></span>y for it<span class=\"_ _2\"></span>s repayme<span class=\"_ _2\"></span>nt. Non-<span class=\"_ _2\"></span>cash c<span class=\"_ _2\"></span>ollateral re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d is not rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the s<span class=\"_ _2\"></span>tatement of c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial pos<span class=\"_ _2\"></span>ition, unl<span class=\"_ _2\"></span>ess the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y default<span class=\"_ _2\"></span>s on its obli<span class=\"_ _2\"></span>gations un<span class=\"_ _2\"></span>der the<span class=\"_ gs132\"> </span>rel<span class=\"_ _2\"></span>evant agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Non-<span class=\"_ _2\"></span>cash c<span class=\"_ _2\"></span>ollatera<span class=\"_ _2\"></span>l pledg<span class=\"_ _2\"></span>ed whe<span class=\"_ _2\"></span>re the Group ret<span class=\"_ _2\"></span>ains the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual right<span class=\"_ _2\"></span>s to recei<span class=\"_ _2\"></span>ve the cas<span class=\"_ _2\"></span>h flows gen<span class=\"_ _2\"></span>erated is n<span class=\"_ _2\"></span>ot derec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed from the st<span class=\"_ _2\"></span>atement of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial positi<span class=\"_ _2\"></span>on, unle<span class=\"_ _2\"></span>ss the Gro<span class=\"_ _2\"></span>up default<span class=\"_ _2\"></span>s on its ob<span class=\"_ _2\"></span>ligation<span class=\"_ _2\"></span>s under the re<span class=\"_ _2\"></span>levant agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>. Cash c<span class=\"_ _2\"></span>ollateral ple<span class=\"_ _2\"></span>dged<span class=\"_ _2\"></span>, where th<span class=\"_ _2\"></span>e counterpa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y has c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual right<span class=\"_ _2\"></span>s to rece<span class=\"_ _2\"></span>ive the cas<span class=\"_ _2\"></span>h flows ge<span class=\"_ _2\"></span>nerate<span class=\"_ _2\"></span>d, is dere<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed from th<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l position a<span class=\"_ _2\"></span>nd a corre<span class=\"_ _2\"></span>spondin<span class=\"_ _2\"></span>g recei<span class=\"_ _2\"></span>vable is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed for it<span class=\"_ _2\"></span>s return.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is also p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y to revers<span class=\"_ _2\"></span>e repurch<span class=\"_ _2\"></span>ase ag<span class=\"_ _2\"></span>reeme<span class=\"_ _2\"></span>nts unde<span class=\"_ _2\"></span>r which se<span class=\"_ _2\"></span>curities a<span class=\"_ _2\"></span>re purchas<span class=\"_ _2\"></span>ed from third p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>ies with an ob<span class=\"_ _2\"></span>ligation to res<span class=\"_ _2\"></span>ell the se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e securi<span class=\"_ _2\"></span>ties are not re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed as fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s on the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition, un<span class=\"_ _2\"></span>less th<span class=\"_ _2\"></span>e counterp<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y default<span class=\"_ _2\"></span>s on its o<span class=\"_ _2\"></span>bligation<span class=\"_ _2\"></span>s under th<span class=\"_ _2\"></span>e relevant ag<span class=\"_ _2\"></span>reeme<span class=\"_ _2\"></span>nt. The rig<span class=\"_ _2\"></span>ht to receive th<span class=\"_ _2\"></span>e return of any ca<span class=\"_ _2\"></span>sh paid as p<span class=\"_ _2\"></span>urchase c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>ration plu<span class=\"_ _2\"></span>s interes<span class=\"_ _2\"></span>t is reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as a finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set on the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of financia<span class=\"_ _2\"></span>l position<span class=\"_ _3bc\"> <span class=\"_ _3bc\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-657": {
   "value": "E5. Borrowings<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up clas<span class=\"_ _2\"></span>sifies the m<span class=\"_ _2\"></span>ajori<span class=\"_ _2\"></span>ty of it<span class=\"_ _2\"></span>s interest-be<span class=\"_ _2\"></span>aring b<span class=\"_ _2\"></span>orrowings a<span class=\"_ _2\"></span>s financi<span class=\"_ _2\"></span>al liabilities c<span class=\"_ _2\"></span>arrie<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cost a<span class=\"_ _2\"></span>nd thes<span class=\"_ _2\"></span>e are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d initiall<span class=\"_ _2\"></span>y at fair value le<span class=\"_ _2\"></span>ss any direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion cos<span class=\"_ _2\"></span>ts. T<span class=\"_ _2\"></span>he differe<span class=\"_ _2\"></span>nce be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en initial c<span class=\"_ _2\"></span>ost and t<span class=\"_ _2\"></span>he redem<span class=\"_ _2\"></span>ption value is am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tised throu<span class=\"_ _2\"></span>gh the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent over the pe<span class=\"_ _2\"></span>riod of the b<span class=\"_ _2\"></span>orrowing usin<span class=\"_ _2\"></span>g the effe<span class=\"_ _2\"></span>ctive intere<span class=\"_ _2\"></span>st meth<span class=\"_ _2\"></span>od.<span class=\"_ _3bc\"> </span>Ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in borrowing<span class=\"_ _2\"></span>s are desig<span class=\"_ _2\"></span>nated upo<span class=\"_ _2\"></span>n initial rec<span class=\"_ _2\"></span>ogniti<span class=\"_ _2\"></span>on at fair value th<span class=\"_ _2\"></span>rough profit o<span class=\"_ _2\"></span>r loss an<span class=\"_ _2\"></span>d meas<span class=\"_ _2\"></span>ured at fair val<span class=\"_ _2\"></span>ue where doin<span class=\"_ _2\"></span>g so provide<span class=\"_ _2\"></span>s more mea<span class=\"_ _2\"></span>ningful inform<span class=\"_ _2\"></span>ation due to th<span class=\"_ _2\"></span>e reason<span class=\"_ _2\"></span>s state<span class=\"_ _2\"></span>d in the finan<span class=\"_ _2\"></span>cial liabiliti<span class=\"_ _2\"></span>es acc<span class=\"_ _2\"></span>ounting po<span class=\"_ _2\"></span>licy (see n<span class=\"_ _2\"></span>ote E1). T<span class=\"_ _6\"></span>ra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion cos<span class=\"_ _2\"></span>ts relatin<span class=\"_ _2\"></span>g to borrowing<span class=\"_ _2\"></span>s desig<span class=\"_ _2\"></span>nated upo<span class=\"_ _2\"></span>n initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n at fair value th<span class=\"_ _2\"></span>rough profit or l<span class=\"_ _2\"></span>oss are ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>d as inc<span class=\"_ _2\"></span>urred. Borrow<span class=\"_ _2\"></span>ings are cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as eith<span class=\"_ _2\"></span>er polic<span class=\"_ _2\"></span>yholder o<span class=\"_ _2\"></span>r shareh<span class=\"_ _2\"></span>older bo<span class=\"_ _2\"></span>rrowings<span class=\"_ _2\"></span>. Policyho<span class=\"_ _2\"></span>lder bor<span class=\"_ _2\"></span>rowings are th<span class=\"_ _2\"></span>ose bo<span class=\"_ _2\"></span>rrowings wh<span class=\"_ _2\"></span>ere there is eithe<span class=\"_ _2\"></span>r no or limite<span class=\"_ _2\"></span>d shareh<span class=\"_ _2\"></span>older exp<span class=\"_ _2\"></span>osure, for exa<span class=\"_ _2\"></span>mple, b<span class=\"_ _2\"></span>orrowings a<span class=\"_ _2\"></span>ttrib<span class=\"_ _2\"></span>utable to th<span class=\"_ _2\"></span>e Group\u2019s with-profit op<span class=\"_ _2\"></span>erations<span class=\"_ _2\"></span>. E5<span class=\"_ _2\"></span>.1 Analy<span class=\"_ _2\"></span>sis of bo<span class=\"_ _2\"></span>rrowin<span class=\"_ _2\"></span>gs<span class=\"_ _3bc\"> </span><table class=\"s w599 h2ce\" id=\"_34de8b78-f2aa-478f-bdf0-a48dde71cd65\"><tr><td></td><td class=\"c n xae5 y5945 w59a h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls17 ws15\">Carrying value<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xae6 y5945 w453 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls17 ws15\">Fair value<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 xa01 h3f y5946 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x797 h16 y5946 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x916 h3f y5946 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h16 y5946 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x9da h3f y5947 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h16 y5947 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y5947 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5947 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5948 w59b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u00a33<span class=\"_ _2\"></span>00 million m<span class=\"_ _2\"></span>ulti-curre<span class=\"_ _2\"></span>ncy revolvin<span class=\"_ _2\"></span>g credit fa<span class=\"_ _2\"></span>cilit<span class=\"_ _2\"></span>y (note a)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xae7 y5948 w50a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18 ws16\">90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xae8 y5948 w59c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsdc wsc7\">62<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x758 y5948 w50a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18 ws16\">90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xae9 y5948 w59c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsdc wsc7\">62<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5949 w59d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y reversi<span class=\"_ _2\"></span>ons loan (note b)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaea y5949 w34c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaeb y5949 w201 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaec y5949 w357 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaed y5949 w44a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y594a w59e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal p<span class=\"_ _2\"></span>olicyh<span class=\"_ _2\"></span>older bo<span class=\"_ _2\"></span>rrowings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaee y594a w58c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">135<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaef y594a we9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">126<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf0 y594a w227 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">135<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf1 y594a w2eb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">1<span class=\"_ _2\"></span>26<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b1 w59f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u00a34<span class=\"_ _5\"></span>28 millio<span class=\"_ _2\"></span>n Tier 2 sub<span class=\"_ _2\"></span>ordinated n<span class=\"_ _2\"></span>otes (note c)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf2 y56b1 w2ac h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf3 y56b1 w373 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">427<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf4 y56b1 w32a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">202<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf5 y56b1 w291 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">429<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b2 w5a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">US $<span class=\"_ _2\"></span>500 m<span class=\"_ _2\"></span>illion Tier 2 n<span class=\"_ _2\"></span>otes (note d)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf6 y56b2 w3b9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">3<span class=\"_ _2\"></span>91<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf7 y56b2 w116 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf8 y56b2 w1a7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">37<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf9 y56b2 w55b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">39<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e2 w5a1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u20ac5<span class=\"_ _2\"></span>00 million T<span class=\"_ _2\"></span>ier 2 bon<span class=\"_ _2\"></span>ds (note e)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xafa y56e2 w5a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a8 ws19f\">43<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xafb y56e2 w227 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">439<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xafc y56e2 w5a3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _3\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xafd y56e2 w116 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e3 w5a4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">US $75<span class=\"_ _2\"></span>0 million Contin<span class=\"_ _2\"></span>gent C<span class=\"_ _2\"></span>onvertib<span class=\"_ _2\"></span>le Tier 1 n<span class=\"_ _2\"></span>otes (note f)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xafe y56e3 w78 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">587<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaff y56e3 w2a8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">618<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb00 y56e3 w5a5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">563<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb01 y56e3 wcf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">580<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5771 w5a6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u00a350<span class=\"_ _2\"></span>0 million Tie<span class=\"_ _2\"></span>r 2 notes (note g)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb02 y5771 w4ed h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">489<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb03 y5771 w348 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">4<span class=\"_ _2\"></span>87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb04 y5771 w157 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">47<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb05 y5771 w240 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">445<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5772 w5a7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">US $<span class=\"_ _2\"></span>500 m<span class=\"_ _2\"></span>illion Fixed Ra<span class=\"_ _2\"></span>te Reset T<span class=\"_ _2\"></span>ier 2 notes (note h)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb06 y5772 w571 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">274<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb07 y5772 w5a8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _3\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb08 y5772 w59 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">26<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb09 y5772 w240 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">382<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y594b w5a9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u00a350<span class=\"_ _2\"></span>0 million 5.<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>67% Tie<span class=\"_ _2\"></span>r 2 subordin<span class=\"_ _2\"></span>ated notes (note i)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2ec y594b wcf h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">536<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb0a y594b wce h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">5<span class=\"_ _2\"></span>43<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb0b y594b w1b7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">493<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb0c y594b wce h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">4<span class=\"_ _2\"></span>65<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y594c w5aa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u00a325<span class=\"_ _2\"></span>0 million Fixe<span class=\"_ _2\"></span>d Rate Reset C<span class=\"_ _2\"></span>allable T<span class=\"_ _2\"></span>ier 2 subo<span class=\"_ _2\"></span>rdinated n<span class=\"_ _2\"></span>otes (note j)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb0d y594c w2ff h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb0e y594c we1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb0f y594c w49f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">239<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb10 y594c w4a4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5786 w5ab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u00a325<span class=\"_ _2\"></span>0 million 4.<span class=\"_ _2\"></span>016<span class=\"_ _2\"></span>% Tier 3 sub<span class=\"_ _2\"></span>ordinate<span class=\"_ _2\"></span>d notes (note k)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb11 y5786 w1b0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">253<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb12 y5786 we1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb13 y5786 w3b6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb14 y5786 wf7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">2<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5781 w5ac h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u00a33<span class=\"_ _2\"></span>50 million Fi<span class=\"_ _2\"></span>xed Rate Res<span class=\"_ _2\"></span>et Callabl<span class=\"_ _2\"></span>e Tier 2 sub<span class=\"_ _2\"></span>ordinated n<span class=\"_ _2\"></span>otes (note l)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb15 y5781 w1ff h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">346<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb16 y5781 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb17 y5781 w593 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">36<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb18 y5781 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y594d w5ad h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal s<span class=\"_ _2\"></span>hareho<span class=\"_ _2\"></span>lder bor<span class=\"_ _2\"></span>rowings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb19 y594d w2a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,75<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb1a y594d w237 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">3,85<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb1b y594d w144 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">3,6<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad8 y594d w5ae h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">3,582<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e9 w5af h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16 ws14\">T<span class=\"_ _6\"></span>otal borro<span class=\"_ _5\"></span>wings<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb1c y56e9 we5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,892<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb1d y56e9 w162 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">3,9<span class=\"_ _2\"></span>80<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad7 y56e9 w2a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x281 y56e9 w1ca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w5b0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt due for set<span class=\"_ _2\"></span>tleme<span class=\"_ _2\"></span>nt after 1<span class=\"_ _2\"></span>2 months<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb1e y55ef w42c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,8<span class=\"_ _2\"></span>02<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb1f y55ef w5b1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d9 ws1d9\">3,91<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td></td><td></td></tr></table>a <span class=\"_ _108\"> </span>abrdn Priva<span class=\"_ _2\"></span>te Equity O<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>tunitie<span class=\"_ _2\"></span>s T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust plc (<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>APEOT\u2019<span class=\"_ _2\"></span>) has in pla<span class=\"_ _2\"></span>ce a syn<span class=\"_ _2\"></span>dicated m<span class=\"_ _2\"></span>ulti-curre<span class=\"_ _2\"></span>ncy revolvin<span class=\"_ _2\"></span>g credit fa<span class=\"_ _2\"></span>cilit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, of whi<span class=\"_ _2\"></span>ch \u00a39<span class=\"_ _2\"></span>0 million (2022<span class=\"_ _2\"></span>: \u00a362 million) ha<span class=\"_ _2\"></span>d been dr<span class=\"_ _2\"></span>awn down as at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23. D<span class=\"_ _2\"></span>uring 2022 t<span class=\"_ _2\"></span>he amount of th<span class=\"_ _2\"></span>e facilit<span class=\"_ _2\"></span>y was inc<span class=\"_ _2\"></span>rease<span class=\"_ _2\"></span>d from \u00a320<span class=\"_ _2\"></span>0 million to \u00a33<span class=\"_ _2\"></span>00 million an<span class=\"_ _2\"></span>d its term m<span class=\"_ _2\"></span>aturit<span class=\"_ _2\"></span>y was ex<span class=\"_ _2\"></span>tende<span class=\"_ _2\"></span>d to Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2025. I<span class=\"_ _2\"></span>nterest a<span class=\"_ _2\"></span>ccrue<span class=\"_ _2\"></span>s on this fac<span class=\"_ _2\"></span>ility at a m<span class=\"_ _2\"></span>argin over the refere<span class=\"_ _2\"></span>nce rate of the cur<span class=\"_ _2\"></span>rency dr<span class=\"_ _2\"></span>awn. b <span class=\"_ _117\"> </span>Th<span class=\"_ _2\"></span>e Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Reversion<span class=\"_ _2\"></span>s loan from S<span class=\"_ _2\"></span>antan<span class=\"_ _2\"></span>der UK pl<span class=\"_ _2\"></span>c (\u2018S<span class=\"_ _2\"></span>antan<span class=\"_ _2\"></span>der\u2019<span class=\"_ _2\"></span>) was rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted financ<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s at fair value. I<span class=\"_ _2\"></span>t relate<span class=\"_ _2\"></span>s to the sale of E<span class=\"_ _2\"></span>xtr<span class=\"_ _2\"></span>a-In<span class=\"_ _2\"></span>come Pla<span class=\"_ _2\"></span>n policie<span class=\"_ _2\"></span>s that Sant<span class=\"_ _2\"></span>ander fin<span class=\"_ _2\"></span>ance<span class=\"_ _2\"></span>s to the value of the a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty reve<span class=\"_ _2\"></span>rsions<span class=\"_ _2\"></span>. As par<span class=\"_ _2\"></span>t of the arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt Sant<span class=\"_ _2\"></span>ander re<span class=\"_ _2\"></span>ceives an a<span class=\"_ _2\"></span>mount ca<span class=\"_ _2\"></span>lculated by refe<span class=\"_ _2\"></span>rence to the m<span class=\"_ _2\"></span>ovement in th<span class=\"_ _2\"></span>e Halifax H<span class=\"_ _2\"></span>ouse Pri<span class=\"_ _2\"></span>ce Index a<span class=\"_ _2\"></span>nd the Gro<span class=\"_ _2\"></span>up is require<span class=\"_ _2\"></span>d to indemn<span class=\"_ _2\"></span>ify S<span class=\"_ _2\"></span>antand<span class=\"_ _2\"></span>er aga<span class=\"_ _2\"></span>inst profit<span class=\"_ _2\"></span>s or los<span class=\"_ _2\"></span>ses arisin<span class=\"_ _2\"></span>g from mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y or s<span class=\"_ _2\"></span>urrender ex<span class=\"_ _2\"></span>perien<span class=\"_ _2\"></span>ce which dif<span class=\"_ _2\"></span>fers f<span class=\"_ _2\"></span>rom the basi<span class=\"_ _2\"></span>s used to cal<span class=\"_ _2\"></span>culate the rever<span class=\"_ _2\"></span>sion amo<span class=\"_ _2\"></span>unt. Durin<span class=\"_ _2\"></span>g 2023<span class=\"_ _2\"></span>, repayme<span class=\"_ _2\"></span>nts totallin<span class=\"_ _2\"></span>g \u00a321 million we<span class=\"_ _2\"></span>re made (20<span class=\"_ _2\"></span>22: \u00a31<span class=\"_ _2\"></span>5 million). Note G4 co<span class=\"_ _2\"></span>ntains det<span class=\"_ _2\"></span>ails of the as<span class=\"_ _2\"></span>sets th<span class=\"_ _2\"></span>at suppor<span class=\"_ _2\"></span>t this lo<span class=\"_ _2\"></span>an. c <span class=\"_ _16\"> </span>O<span class=\"_ _2\"></span>n 23 Januar<span class=\"_ _2\"></span>y 20<span class=\"_ _2\"></span>15<span class=\"_ _2\"></span>, PGH Cap<span class=\"_ _2\"></span>ital plc (<span class=\"_ _2\"></span>\u2018P<span class=\"_ _2\"></span>GHC<span class=\"_ _2\"></span>\u2019) i<span class=\"_ _2\"></span>ssue<span class=\"_ _2\"></span>d \u00a3<span class=\"_ _7\"></span>42<span class=\"_ _2\"></span>8 million of subord<span class=\"_ _2\"></span>inated note<span class=\"_ _2\"></span>s due 2025 at a c<span class=\"_ _2\"></span>oupon of 6<span class=\"_ _2\"></span>.625%<span class=\"_ _2\"></span>. Fee<span class=\"_ _2\"></span>s as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with the<span class=\"_ _2\"></span>se notes of \u00a33 millio<span class=\"_ _2\"></span>n were deferred a<span class=\"_ _2\"></span>nd are bein<span class=\"_ _2\"></span>g amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d over the life of the notes in t<span class=\"_ _2\"></span>he state<span class=\"_ _2\"></span>ment of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d finan<span class=\"_ _2\"></span>cial pos<span class=\"_ _2\"></span>ition. Up<span class=\"_ _2\"></span>on exchan<span class=\"_ _2\"></span>ge \u00a332 millio<span class=\"_ _2\"></span>n of these note<span class=\"_ _2\"></span>s were held by G<span class=\"_ _2\"></span>roup comp<span class=\"_ _2\"></span>anies<span class=\"_ _2\"></span>. During 20<span class=\"_ _2\"></span>17<span class=\"_ _7\"></span>, the intern<span class=\"_ _2\"></span>al holdin<span class=\"_ _2\"></span>gs were sol<span class=\"_ _2\"></span>d to third par<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>, the<span class=\"_ _2\"></span>reby increa<span class=\"_ _2\"></span>sing ex<span class=\"_ _2\"></span>ternal b<span class=\"_ _2\"></span>orrowing<span class=\"_ _2\"></span>s by \u00a332 million. O<span class=\"_ _2\"></span>n 20 Marc<span class=\"_ _2\"></span>h 2017<span class=\"_ _7\"></span>, Ol<span class=\"_ _2\"></span>d PGH (the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ult<span class=\"_ _2\"></span>imate parent c<span class=\"_ _2\"></span>ompany up to De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2018<span class=\"_ _2\"></span>) was subs<span class=\"_ _2\"></span>tituted in p<span class=\"_ _2\"></span>lace of PG<span class=\"_ _2\"></span>HC as is<span class=\"_ _2\"></span>suer of the \u00a3428 million s<span class=\"_ _2\"></span>ubordinate<span class=\"_ _2\"></span>d notes and t<span class=\"_ _2\"></span>hen on 12 D<span class=\"_ _2\"></span>ecemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>8 the Com<span class=\"_ _2\"></span>pany was subs<span class=\"_ _2\"></span>titute<span class=\"_ _2\"></span>d in place of O<span class=\"_ _2\"></span>ld PGH a<span class=\"_ _2\"></span>s issue<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>. On 7 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>3, the C<span class=\"_ _2\"></span>ompany re<span class=\"_ _2\"></span>purchas<span class=\"_ _2\"></span>ed \u00a323<span class=\"_ _2\"></span>1 million of the prin<span class=\"_ _2\"></span>cipal amo<span class=\"_ _2\"></span>unt of the notes via a ten<span class=\"_ _2\"></span>der offe<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>. The re<span class=\"_ _2\"></span>maining p<span class=\"_ _2\"></span>rincipal am<span class=\"_ _2\"></span>ount of the note<span class=\"_ _2\"></span>s at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023 is \u00a31<span class=\"_ _2\"></span>97 million.<span class=\"_ _3bc\"> </span>d <span class=\"_ _117\"> </span>O<span class=\"_ _2\"></span>n 6 July 2017<span class=\"_ _5\"></span>, Old P<span class=\"_ _2\"></span>GH iss<span class=\"_ _2\"></span>ued US $<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>0 million Tie<span class=\"_ _2\"></span>r 2 bonds du<span class=\"_ _2\"></span>e 2027 with a co<span class=\"_ _2\"></span>upon of 5.<span class=\"_ _2\"></span>375%<span class=\"_ _2\"></span>. Fees as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ated with the<span class=\"_ _2\"></span>se notes of \u00a32 millio<span class=\"_ _2\"></span>n were deferred a<span class=\"_ _2\"></span>nd are bein<span class=\"_ _2\"></span>g amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d over the life of the notes<span class=\"_ _2\"></span>. On 12 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 201<span class=\"_ _2\"></span>8 the Co<span class=\"_ _2\"></span>mpany was sub<span class=\"_ _2\"></span>stitu<span class=\"_ _2\"></span>ted in plac<span class=\"_ _2\"></span>e of Old P<span class=\"_ _2\"></span>GH as is<span class=\"_ _2\"></span>suer<span class=\"_ _5\"></span>. e <span class=\"_ _16\"> </span>On 24 Septemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>8, O<span class=\"_ _2\"></span>ld PGH is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d \u20ac50<span class=\"_ _2\"></span>0 million Ti<span class=\"_ _2\"></span>er 2 notes due 2<span class=\"_ _2\"></span>029 with a co<span class=\"_ _2\"></span>upon of 4.<span class=\"_ _2\"></span>375%<span class=\"_ _2\"></span>. Fees as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ated with th<span class=\"_ _2\"></span>ese notes of \u00a37 million we<span class=\"_ _2\"></span>re deferred an<span class=\"_ _2\"></span>d are being a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised over t<span class=\"_ _2\"></span>he life of the notes<span class=\"_ _2\"></span>. On 12 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>8 the Com<span class=\"_ _2\"></span>pany was subs<span class=\"_ _2\"></span>titute<span class=\"_ _2\"></span>d in place of Old P<span class=\"_ _2\"></span>GH as is<span class=\"_ _2\"></span>suer<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4d2\">f <span class=\"_ _10\"> </span>O<span class=\"_ _2\"></span>n 29 Janu<span class=\"_ _2\"></span>ary 2<span class=\"_ _2\"></span>020, the C<span class=\"_ _2\"></span>ompany is<span class=\"_ _2\"></span>sued U<span class=\"_ _2\"></span>S $750 million fi<span class=\"_ _2\"></span>xed rate res<span class=\"_ _2\"></span>et perp<span class=\"_ _2\"></span>etual res<span class=\"_ _2\"></span>tricte<span class=\"_ _2\"></span>d Tier 1 c<span class=\"_ _2\"></span>ontinge<span class=\"_ _2\"></span>nt conver<span class=\"_ _2\"></span>tible notes (the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4d3\">\u2018Co<span class=\"_ _2\"></span>ntingent C<span class=\"_ _2\"></span>onver<span class=\"_ _2\"></span>tible Tie<span class=\"_ _2\"></span>r 1 Notes\u2019) wh<span class=\"_ _2\"></span>ich are unse<span class=\"_ _2\"></span>cured a<span class=\"_ _2\"></span>nd subord<span class=\"_ _2\"></span>inated. T<span class=\"_ _2\"></span>he Contin<span class=\"_ _2\"></span>gent Co<span class=\"_ _2\"></span>nvertibl<span class=\"_ _2\"></span>e Tier 1 N<span class=\"_ _2\"></span>otes have no fixed </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4d4\">matur<span class=\"_ _2\"></span>ity da<span class=\"_ _2\"></span>te and interes<span class=\"_ _2\"></span>t is payable on<span class=\"_ _2\"></span>ly at the sol<span class=\"_ _2\"></span>e and abs<span class=\"_ _2\"></span>olute discret<span class=\"_ _2\"></span>ion of the Com<span class=\"_ _2\"></span>pany<span class=\"_ _5\"></span>. The C<span class=\"_ _2\"></span>ontinge<span class=\"_ _2\"></span>nt Conver<span class=\"_ _2\"></span>tible T<span class=\"_ _2\"></span>ier 1 Notes b<span class=\"_ _2\"></span>ear </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4d5\">interes<span class=\"_ _2\"></span>t on their pr<span class=\"_ _2\"></span>incipal am<span class=\"_ _2\"></span>ount at a fixed r<span class=\"_ _2\"></span>ate of 5.62<span class=\"_ _2\"></span>5% per ann<span class=\"_ _2\"></span>um up to the \u2018F<span class=\"_ _2\"></span>irst Re<span class=\"_ _2\"></span>set Date\u2019 of 26 A<span class=\"_ _2\"></span>pril 2025<span class=\"_ _2\"></span>. There<span class=\"_ _2\"></span>after th<span class=\"_ _2\"></span>e fixed rate </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4d6\">of interes<span class=\"_ _2\"></span>t will be rese<span class=\"_ _2\"></span>t on the Firs<span class=\"_ _2\"></span>t Rese<span class=\"_ _2\"></span>t Date and on e<span class=\"_ _2\"></span>ach fif<span class=\"_ _2\"></span>th anniver<span class=\"_ _2\"></span>sar<span class=\"_ _2\"></span>y of this date by referen<span class=\"_ _2\"></span>ce to the sum of the y<span class=\"_ _2\"></span>ield of the C<span class=\"_ _2\"></span>onst<span class=\"_ _2\"></span>ant </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4d7\">Mat<span class=\"_ _2\"></span>urity T<span class=\"_ _7\"></span>re<span class=\"_ _2\"></span>asur<span class=\"_ _2\"></span>y (\u2018C<span class=\"_ _2\"></span>MT\u2019<span class=\"_ _2\"></span>) rate (ba<span class=\"_ _2\"></span>sed on t<span class=\"_ _2\"></span>he prevailing five<span class=\"_ _2\"></span>-year U<span class=\"_ _2\"></span>S T<span class=\"_ _6\"></span>re<span class=\"_ _2\"></span>asur<span class=\"_ _2\"></span>y yield) p<span class=\"_ _2\"></span>lus a margin of 4<span class=\"_ _2\"></span>.035%<span class=\"_ _2\"></span>, be<span class=\"_ _2\"></span>ing the initia<span class=\"_ _2\"></span>l credit sp<span class=\"_ _2\"></span>read </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4d8\">use<span class=\"_ _2\"></span>d in pricing th<span class=\"_ _2\"></span>e notes<span class=\"_ _2\"></span>. Interest i<span class=\"_ _2\"></span>s payable on th<span class=\"_ _2\"></span>e Conting<span class=\"_ _2\"></span>ent Conver<span class=\"_ _2\"></span>tible T<span class=\"_ _2\"></span>ier 1 Note<span class=\"_ _2\"></span>s semi-an<span class=\"_ _2\"></span>nually in arre<span class=\"_ _2\"></span>ars on 2<span class=\"_ _2\"></span>6 April and 2<span class=\"_ _2\"></span>6 Octob<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4d9\">If an interes<span class=\"_ _2\"></span>t payme<span class=\"_ _2\"></span>nt is not mad<span class=\"_ _2\"></span>e it is canc<span class=\"_ _2\"></span>elled a<span class=\"_ _2\"></span>nd it shall n<span class=\"_ _2\"></span>ot accum<span class=\"_ _2\"></span>ulate or be payab<span class=\"_ _2\"></span>le at any time the<span class=\"_ _2\"></span>reaf<span class=\"_ _2\"></span>ter<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4da\">The ter<span class=\"_ _2\"></span>ms of the Contin<span class=\"_ _2\"></span>gent C<span class=\"_ _2\"></span>onvertib<span class=\"_ _2\"></span>le Tier 1 N<span class=\"_ _2\"></span>otes conta<span class=\"_ _2\"></span>in a conting<span class=\"_ _2\"></span>ent set<span class=\"_ _2\"></span>tleme<span class=\"_ _2\"></span>nt provision whi<span class=\"_ _2\"></span>ch is linked to the oc<span class=\"_ _2\"></span>currenc<span class=\"_ _2\"></span>e of a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4db\">\u2018Cap<span class=\"_ _2\"></span>ital Dis<span class=\"_ _2\"></span>qualific<span class=\"_ _2\"></span>ation Event\u2019. Such an event is d<span class=\"_ _2\"></span>eeme<span class=\"_ _2\"></span>d to have taken plac<span class=\"_ _2\"></span>e where, a<span class=\"_ _2\"></span>s a result of a ch<span class=\"_ _2\"></span>ange to the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II reg<span class=\"_ _2\"></span>ulations<span class=\"_ _2\"></span>, the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4dc\">Contin<span class=\"_ _2\"></span>gent C<span class=\"_ _2\"></span>onvert<span class=\"_ _2\"></span>ible Tier 1 N<span class=\"_ _2\"></span>otes are fully exc<span class=\"_ _2\"></span>luded fro<span class=\"_ _2\"></span>m counting a<span class=\"_ _2\"></span>s own funds<span class=\"_ _2\"></span>. On the o<span class=\"_ _2\"></span>ccurren<span class=\"_ _2\"></span>ce of such a<span class=\"_ _2\"></span>n event and whe<span class=\"_ _2\"></span>re the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4dd\">Com<span class=\"_ _2\"></span>pany has ch<span class=\"_ _2\"></span>osen n<span class=\"_ _2\"></span>ot to use its c<span class=\"_ _2\"></span>orrespo<span class=\"_ _2\"></span>nding right to re<span class=\"_ _2\"></span>deem t<span class=\"_ _2\"></span>he notes the C<span class=\"_ _2\"></span>ompany sh<span class=\"_ _2\"></span>all no lon<span class=\"_ _2\"></span>ger be a<span class=\"_ _2\"></span>ble to exercise it<span class=\"_ _2\"></span>s discre<span class=\"_ _2\"></span>tion to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4de\">can<span class=\"_ _2\"></span>cel any intere<span class=\"_ _2\"></span>st payme<span class=\"_ _2\"></span>nts due on s<span class=\"_ _2\"></span>uch Cont<span class=\"_ _2\"></span>ingent C<span class=\"_ _2\"></span>onvert<span class=\"_ _2\"></span>ible Tier 1 N<span class=\"_ _2\"></span>otes on any interes<span class=\"_ _2\"></span>t payme<span class=\"_ _2\"></span>nt date following the o<span class=\"_ _2\"></span>ccurre<span class=\"_ _2\"></span>nce of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4df\">this event<span class=\"_ _2\"></span>. Accordin<span class=\"_ _2\"></span>gly the C<span class=\"_ _2\"></span>onting<span class=\"_ _2\"></span>ent Conver<span class=\"_ _2\"></span>tible T<span class=\"_ _2\"></span>ier 1 Notes are c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>red to me<span class=\"_ _2\"></span>et the definitio<span class=\"_ _2\"></span>n of a financial li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y for financi<span class=\"_ _2\"></span>al </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4e0\">repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g purpos<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4e1\">The C<span class=\"_ _2\"></span>ontinge<span class=\"_ _2\"></span>nt Conver<span class=\"_ _2\"></span>tible Ti<span class=\"_ _2\"></span>er 1 Notes may b<span class=\"_ _2\"></span>e rede<span class=\"_ _2\"></span>emed at p<span class=\"_ _2\"></span>ar on the Fir<span class=\"_ _2\"></span>st Res<span class=\"_ _2\"></span>et Date or on any inte<span class=\"_ _2\"></span>rest paym<span class=\"_ _2\"></span>ent date the<span class=\"_ _2\"></span>reafte<span class=\"_ _2\"></span>r at the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4e2\">option of the C<span class=\"_ _2\"></span>ompany an<span class=\"_ _2\"></span>d also in othe<span class=\"_ _2\"></span>r limited circ<span class=\"_ _2\"></span>umsta<span class=\"_ _2\"></span>nces<span class=\"_ _2\"></span>. If such re<span class=\"_ _2\"></span>demptio<span class=\"_ _2\"></span>n occur<span class=\"_ _2\"></span>s prior to the fif<span class=\"_ _2\"></span>th anni<span class=\"_ _2\"></span>versar<span class=\"_ _2\"></span>y of the I<span class=\"_ _2\"></span>ssue D<span class=\"_ _2\"></span>ate such </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4e3\">rede<span class=\"_ _2\"></span>mption mus<span class=\"_ _2\"></span>t be fun<span class=\"_ _2\"></span>ded out of th<span class=\"_ _2\"></span>e proce<span class=\"_ _2\"></span>eds of a new is<span class=\"_ _2\"></span>suan<span class=\"_ _2\"></span>ce of, or exchang<span class=\"_ _2\"></span>ed into, Ti<span class=\"_ _2\"></span>er 1 Own Funds of th<span class=\"_ _2\"></span>e same or a h<span class=\"_ _2\"></span>igher qua<span class=\"_ _2\"></span>lity </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4e4\">than th<span class=\"_ _2\"></span>e Conting<span class=\"_ _2\"></span>ent Conve<span class=\"_ _2\"></span>rtibl<span class=\"_ _2\"></span>e Tier 1 Note<span class=\"_ _2\"></span>s. In res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of any redempti<span class=\"_ _2\"></span>on or purcha<span class=\"_ _2\"></span>se of the Co<span class=\"_ _2\"></span>ntingent C<span class=\"_ _2\"></span>onver<span class=\"_ _2\"></span>tible Tie<span class=\"_ _2\"></span>r 1 Notes<span class=\"_ _2\"></span>, such </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4e5\">rede<span class=\"_ _2\"></span>mption or purc<span class=\"_ _2\"></span>hase is s<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to the rec<span class=\"_ _2\"></span>eipt of permi<span class=\"_ _2\"></span>ssion to do s<span class=\"_ _2\"></span>o from the PR<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>. Furthe<span class=\"_ _2\"></span>rmore, on o<span class=\"_ _2\"></span>ccurre<span class=\"_ _2\"></span>nce of a trig<span class=\"_ _2\"></span>ger event<span class=\"_ _2\"></span>, link<span class=\"_ _5\"></span>ed </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4e6\">to the S<span class=\"_ _2\"></span>olvency I<span class=\"_ _2\"></span>I capit<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion and as do<span class=\"_ _2\"></span>cume<span class=\"_ _2\"></span>nted in the term<span class=\"_ _2\"></span>s of the Contin<span class=\"_ _2\"></span>gent Co<span class=\"_ _2\"></span>nvertibl<span class=\"_ _2\"></span>e Tier 1 Note<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e Conting<span class=\"_ _2\"></span>ent Conver<span class=\"_ _2\"></span>tible </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4e7\">Tie<span class=\"_ _2\"></span>r 1 Notes will autom<span class=\"_ _2\"></span>aticall<span class=\"_ _2\"></span>y be subj<span class=\"_ _2\"></span>ect to c<span class=\"_ _2\"></span>onversion to ordin<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y shares of th<span class=\"_ _2\"></span>e Company at t<span class=\"_ _2\"></span>he convers<span class=\"_ _2\"></span>ion price of US $<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>0 per sha<span class=\"_ _2\"></span>re, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4e8\">subj<span class=\"_ _2\"></span>ect to a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment in ac<span class=\"_ _2\"></span>cordan<span class=\"_ _2\"></span>ce with the te<span class=\"_ _2\"></span>rms and co<span class=\"_ _2\"></span>nditions of th<span class=\"_ _2\"></span>e notes and a<span class=\"_ _2\"></span>ll accru<span class=\"_ _2\"></span>ed and unp<span class=\"_ _2\"></span>aid interes<span class=\"_ _2\"></span>t will be ca<span class=\"_ _2\"></span>ncelle<span class=\"_ _2\"></span>d. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4e9\">Following s<span class=\"_ _2\"></span>uch conver<span class=\"_ _2\"></span>sion there s<span class=\"_ _2\"></span>hall be n<span class=\"_ _2\"></span>o reinst<span class=\"_ _2\"></span>atement of any par<span class=\"_ _2\"></span>t of the pr<span class=\"_ _2\"></span>incipal am<span class=\"_ _2\"></span>ount of, or interest on<span class=\"_ _2\"></span>, the C<span class=\"_ _2\"></span>ontingent C<span class=\"_ _2\"></span>onver<span class=\"_ _2\"></span>tible </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4ea\">Tie<span class=\"_ _2\"></span>r 1 Notes at any time<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4eb\">g <span class=\"_ _116\"> </span>On 28 Ap<span class=\"_ _2\"></span>ril 2020, th<span class=\"_ _2\"></span>e Compa<span class=\"_ _2\"></span>ny issue<span class=\"_ _2\"></span>d \u00a3500 m<span class=\"_ _2\"></span>illion fixed rate T<span class=\"_ _2\"></span>ier 2 Notes (the \u2018<span class=\"_ _2\"></span>Tie<span class=\"_ _2\"></span>r 2 Notes\u2019<span class=\"_ _2\"></span>) which are uns<span class=\"_ _2\"></span>ecure<span class=\"_ _2\"></span>d and subo<span class=\"_ _2\"></span>rdinated<span class=\"_ _2\"></span>. The </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4ec\">Tie<span class=\"_ _2\"></span>r 2 Notes have a mat<span class=\"_ _2\"></span>urity d<span class=\"_ _2\"></span>ate of 28 April 2031 an<span class=\"_ _2\"></span>d includ<span class=\"_ _2\"></span>e an issu<span class=\"_ _2\"></span>er par ca<span class=\"_ _2\"></span>ll right for the thre<span class=\"_ _2\"></span>e-m<span class=\"_ _2\"></span>onth perio<span class=\"_ _2\"></span>d prior to mat<span class=\"_ _2\"></span>urity. The T<span class=\"_ _2\"></span>ier 2 </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4ed\">Notes b<span class=\"_ _2\"></span>ear interes<span class=\"_ _2\"></span>t on the prin<span class=\"_ _2\"></span>cipal am<span class=\"_ _2\"></span>ount at a fixed r<span class=\"_ _2\"></span>ate of 5.62<span class=\"_ _2\"></span>5% per ann<span class=\"_ _2\"></span>um payable ann<span class=\"_ _2\"></span>ually in arrea<span class=\"_ _2\"></span>rs on 28 Apr<span class=\"_ _2\"></span>il each yea<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4ee\">h <span class=\"_ _116\"> </span>O<span class=\"_ _2\"></span>n 4 June 2020<span class=\"_ _2\"></span>, the Co<span class=\"_ _2\"></span>mpany iss<span class=\"_ _2\"></span>ued US $<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>0 million fixed r<span class=\"_ _2\"></span>ate reset c<span class=\"_ _2\"></span>allable T<span class=\"_ _2\"></span>ier 2 notes (the \u2018<span class=\"_ _2\"></span>Fixed R<span class=\"_ _2\"></span>ate Reset T<span class=\"_ _2\"></span>ier 2 Notes\u2019<span class=\"_ _2\"></span>) which are </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4ef\">unse<span class=\"_ _2\"></span>cured a<span class=\"_ _2\"></span>nd subordin<span class=\"_ _2\"></span>ated. Th<span class=\"_ _2\"></span>e Fixed Ra<span class=\"_ _2\"></span>te Reset Ti<span class=\"_ _2\"></span>er 2 notes have a ma<span class=\"_ _2\"></span>turit<span class=\"_ _2\"></span>y date of 4 Septem<span class=\"_ _2\"></span>ber 2031 w<span class=\"_ _2\"></span>ith an optiona<span class=\"_ _2\"></span>l issue<span class=\"_ _2\"></span>r par ca<span class=\"_ _2\"></span>ll </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4f0\">right on any d<span class=\"_ _2\"></span>ay in the three<span class=\"_ _2\"></span>-month p<span class=\"_ _2\"></span>eriod up to and in<span class=\"_ _2\"></span>cluding 4 S<span class=\"_ _2\"></span>eptemb<span class=\"_ _2\"></span>er 2026<span class=\"_ _2\"></span>. The F<span class=\"_ _2\"></span>ixed Rate Res<span class=\"_ _2\"></span>et Tier 2 N<span class=\"_ _2\"></span>otes bea<span class=\"_ _2\"></span>r interest on t<span class=\"_ _2\"></span>he </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4f1\">princ<span class=\"_ _2\"></span>ipal amo<span class=\"_ _2\"></span>unt at a fixed rate of 4<span class=\"_ _2\"></span>.75% per annum up to th<span class=\"_ _2\"></span>e interest r<span class=\"_ _2\"></span>ate reset date of 4 S<span class=\"_ _2\"></span>eptembe<span class=\"_ _2\"></span>r 2026<span class=\"_ _2\"></span>. If the Fixe<span class=\"_ _2\"></span>d Rate Rese<span class=\"_ _2\"></span>t Tier 2 </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4f2\">Notes are n<span class=\"_ _2\"></span>ot rede<span class=\"_ _2\"></span>emed b<span class=\"_ _2\"></span>efore that date<span class=\"_ _2\"></span>, the interes<span class=\"_ _2\"></span>t rate reset<span class=\"_ _2\"></span>s to the sum of the a<span class=\"_ _2\"></span>pplicab<span class=\"_ _2\"></span>le CMT rate (<span class=\"_ _2\"></span>base<span class=\"_ _2\"></span>d on the prevailin<span class=\"_ _2\"></span>g five-ye<span class=\"_ _2\"></span>ar US </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4f3\">T<span class=\"_ _7\"></span>reas<span class=\"_ _2\"></span>ury yi<span class=\"_ _2\"></span>eld) plus a m<span class=\"_ _2\"></span>argin of 4.<span class=\"_ _2\"></span>276%<span class=\"_ _2\"></span>, bein<span class=\"_ _2\"></span>g the initial c<span class=\"_ _2\"></span>redit spre<span class=\"_ _2\"></span>ad use<span class=\"_ _2\"></span>d in pricing t<span class=\"_ _2\"></span>he notes<span class=\"_ _2\"></span>. Interes<span class=\"_ _2\"></span>t is payable on th<span class=\"_ _2\"></span>e Fixed Rate Re<span class=\"_ _2\"></span>set </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4f4\">Tie<span class=\"_ _2\"></span>r 2 Notes sem<span class=\"_ _2\"></span>i-annua<span class=\"_ _2\"></span>lly in arrear<span class=\"_ _2\"></span>s on 4 March a<span class=\"_ _2\"></span>nd 4 Septe<span class=\"_ _2\"></span>mber e<span class=\"_ _2\"></span>ach year. On 7 Dec<span class=\"_ _2\"></span>ember 2<span class=\"_ _2\"></span>023<span class=\"_ _2\"></span>, the Comp<span class=\"_ _2\"></span>any repurch<span class=\"_ _2\"></span>ased U<span class=\"_ _2\"></span>S </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4f5\">$1<span class=\"_ _2\"></span>50 million of the p<span class=\"_ _2\"></span>rincipal am<span class=\"_ _2\"></span>ount of the Fixe<span class=\"_ _2\"></span>d Rate Rese<span class=\"_ _2\"></span>t Tier 2 N<span class=\"_ _2\"></span>otes via a tende<span class=\"_ _2\"></span>r offer<span class=\"_ _5\"></span>. The re<span class=\"_ _2\"></span>maining pr<span class=\"_ _2\"></span>incipal am<span class=\"_ _2\"></span>ount of the notes a<span class=\"_ _2\"></span>t </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4f6\">31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023 is US $<span class=\"_ _2\"></span>35<span class=\"_ _2\"></span>0 million.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4f7\">i <span class=\"_ _11\"> </span>O<span class=\"_ _2\"></span>n 22 July 2<span class=\"_ _2\"></span>020, as pa<span class=\"_ _2\"></span>rt of the a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n of ReAss<span class=\"_ _2\"></span>ure Group plc<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up assum<span class=\"_ _2\"></span>ed the \u00a35<span class=\"_ _2\"></span>00 million 5<span class=\"_ _2\"></span>.8<span class=\"_ _2\"></span>67% T<span class=\"_ _2\"></span>ier 2 sub<span class=\"_ _2\"></span>ordinated n<span class=\"_ _2\"></span>otes. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4f8\">On the s<span class=\"_ _2\"></span>ame date<span class=\"_ _2\"></span>, the Com<span class=\"_ _2\"></span>pany was subs<span class=\"_ _2\"></span>titute<span class=\"_ _2\"></span>d in place of ReA<span class=\"_ _2\"></span>ssure G<span class=\"_ _2\"></span>roup plc as is<span class=\"_ _2\"></span>suer of the n<span class=\"_ _2\"></span>otes. T<span class=\"_ _2\"></span>he \u00a350<span class=\"_ _2\"></span>0 million 5.<span class=\"_ _2\"></span>86<span class=\"_ _2\"></span>7% Tier 2 </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4f9\">subo<span class=\"_ _2\"></span>rdinated note<span class=\"_ _2\"></span>s have a maturit<span class=\"_ _2\"></span>y date of 13 J<span class=\"_ _2\"></span>une 2029 an<span class=\"_ _2\"></span>d were initiall<span class=\"_ _2\"></span>y recog<span class=\"_ _2\"></span>nised a<span class=\"_ _2\"></span>t their fair val<span class=\"_ _2\"></span>ue as at the date of ac<span class=\"_ _2\"></span>quisition of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4fa\">\u00a355<span class=\"_ _2\"></span>9 million. Th<span class=\"_ _2\"></span>e fair value a<span class=\"_ _2\"></span>djust<span class=\"_ _2\"></span>ment is be<span class=\"_ _2\"></span>ing amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d over the rem<span class=\"_ _2\"></span>aining life of the notes<span class=\"_ _2\"></span>. Interes<span class=\"_ _2\"></span>t is payabl<span class=\"_ _2\"></span>e semi-a<span class=\"_ _2\"></span>nnually in ar<span class=\"_ _2\"></span>rears on </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4fb\">13 Jun<span class=\"_ _2\"></span>e and 13 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4fc\">j <span class=\"_ _4\"> </span>On 2<span class=\"_ _2\"></span>2 July 2020<span class=\"_ _2\"></span>, as par<span class=\"_ _2\"></span>t of the acq<span class=\"_ _2\"></span>uisition of ReA<span class=\"_ _2\"></span>ssure Gro<span class=\"_ _2\"></span>up plc, th<span class=\"_ _2\"></span>e Group as<span class=\"_ _2\"></span>sume<span class=\"_ _2\"></span>d the \u00a325<span class=\"_ _2\"></span>0 million fixed r<span class=\"_ _2\"></span>ate reset c<span class=\"_ _2\"></span>allable T<span class=\"_ _2\"></span>ier 2 </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4fd\">subo<span class=\"_ _2\"></span>rdinated note<span class=\"_ _2\"></span>s. On th<span class=\"_ _2\"></span>e same d<span class=\"_ _2\"></span>ate, the Co<span class=\"_ _2\"></span>mpany was sub<span class=\"_ _2\"></span>stitute<span class=\"_ _2\"></span>d in plac<span class=\"_ _2\"></span>e of ReAss<span class=\"_ _2\"></span>ure Group plc as i<span class=\"_ _2\"></span>ssue<span class=\"_ _2\"></span>r of the notes<span class=\"_ _2\"></span>. The \u00a325<span class=\"_ _2\"></span>0 million </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4fe\">fixed r<span class=\"_ _2\"></span>ate reset c<span class=\"_ _2\"></span>allable T<span class=\"_ _2\"></span>ier 2 subor<span class=\"_ _2\"></span>dinated note<span class=\"_ _2\"></span>s have a maturit<span class=\"_ _2\"></span>y date of 13 Jun<span class=\"_ _2\"></span>e 2029 an<span class=\"_ _2\"></span>d were initially re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised at th<span class=\"_ _2\"></span>eir fair valu<span class=\"_ _2\"></span>e as at </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs4ff\">the date of ac<span class=\"_ _2\"></span>quisition of \u00a3<span class=\"_ _2\"></span>275 million. T<span class=\"_ _2\"></span>he fair value a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment is b<span class=\"_ _2\"></span>eing amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed over the re<span class=\"_ _2\"></span>maining life of the n<span class=\"_ _2\"></span>otes. Th<span class=\"_ _2\"></span>e notes inclu<span class=\"_ _2\"></span>de an </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs500\">iss<span class=\"_ _2\"></span>uer par c<span class=\"_ _2\"></span>all right exerci<span class=\"_ _2\"></span>sable on 13 J<span class=\"_ _2\"></span>une 2024. Intere<span class=\"_ _2\"></span>st is payab<span class=\"_ _2\"></span>le semi-<span class=\"_ _2\"></span>annually in a<span class=\"_ _2\"></span>rrears o<span class=\"_ _2\"></span>n 13 June an<span class=\"_ _2\"></span>d 13 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>. The<span class=\"_ _2\"></span>se notes </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs501\">initiall<span class=\"_ _2\"></span>y bear intere<span class=\"_ _2\"></span>st at a rate of 5<span class=\"_ _2\"></span>.766% o<span class=\"_ _2\"></span>n the princ<span class=\"_ _2\"></span>ipal amo<span class=\"_ _2\"></span>unt and the rate of intere<span class=\"_ _2\"></span>st will res<span class=\"_ _2\"></span>et on 13 Jun<span class=\"_ _2\"></span>e 202<span class=\"_ _5\"></span>4, a<span class=\"_ _2\"></span>nd on ea<span class=\"_ _2\"></span>ch interest </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs502\">payme<span class=\"_ _2\"></span>nt date there<span class=\"_ _2\"></span>after, to a margin of 5.17% pl<span class=\"_ _2\"></span>us the yield of a U<span class=\"_ _2\"></span>K T<span class=\"_ _6\"></span>re<span class=\"_ _2\"></span>asur<span class=\"_ _2\"></span>y Bill of similar te<span class=\"_ _2\"></span>rm.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs503\">k <span class=\"_ _108\"> </span>O<span class=\"_ _2\"></span>n 22 July 2<span class=\"_ _2\"></span>020, as pa<span class=\"_ _2\"></span>rt of the a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n of ReAss<span class=\"_ _2\"></span>ure Group plc<span class=\"_ _2\"></span>, the Group a<span class=\"_ _2\"></span>ssum<span class=\"_ _2\"></span>ed the \u00a3<span class=\"_ _2\"></span>250 million 4<span class=\"_ _2\"></span>.01<span class=\"_ _2\"></span>6% Tie<span class=\"_ _2\"></span>r 3 subordin<span class=\"_ _2\"></span>ated notes<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs504\">On the s<span class=\"_ _2\"></span>ame date<span class=\"_ _2\"></span>, the Com<span class=\"_ _2\"></span>pany was subs<span class=\"_ _2\"></span>titute<span class=\"_ _2\"></span>d in place of ReA<span class=\"_ _2\"></span>ssure G<span class=\"_ _2\"></span>roup plc as is<span class=\"_ _2\"></span>suer of the n<span class=\"_ _2\"></span>otes. T<span class=\"_ _2\"></span>he \u00a3250 m<span class=\"_ _2\"></span>illion 4.0<span class=\"_ _2\"></span>16% T<span class=\"_ _2\"></span>ier 3 </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs505\">subo<span class=\"_ _2\"></span>rdinated note<span class=\"_ _2\"></span>s have a maturit<span class=\"_ _2\"></span>y date of 13 J<span class=\"_ _2\"></span>une 2026 an<span class=\"_ _2\"></span>d were initially re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised at t<span class=\"_ _2\"></span>heir fair valu<span class=\"_ _2\"></span>e as at the date of ac<span class=\"_ _2\"></span>quisition of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs506\">\u00a325<span class=\"_ _2\"></span>9 million. T<span class=\"_ _2\"></span>he fair value a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment is b<span class=\"_ _2\"></span>eing amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ed over the re<span class=\"_ _2\"></span>maining life of the n<span class=\"_ _2\"></span>otes. Intere<span class=\"_ _2\"></span>st is payab<span class=\"_ _2\"></span>le semi-<span class=\"_ _2\"></span>annuall<span class=\"_ _2\"></span>y in arrears o<span class=\"_ _2\"></span>n </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs507\">13 Jun<span class=\"_ _2\"></span>e and 13 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs508\">l <span class=\"_ _11\"> </span>O<span class=\"_ _2\"></span>n 6 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023<span class=\"_ _2\"></span>, the Com<span class=\"_ _2\"></span>pany issu<span class=\"_ _2\"></span>ed \u00a33<span class=\"_ _2\"></span>50 million fixe<span class=\"_ _2\"></span>d rate reset c<span class=\"_ _2\"></span>allabl<span class=\"_ _2\"></span>e Tier 2 note<span class=\"_ _2\"></span>s which are uns<span class=\"_ _2\"></span>ecure<span class=\"_ _2\"></span>d and subo<span class=\"_ _2\"></span>rdinated. T<span class=\"_ _2\"></span>he </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs509\">notes h<span class=\"_ _2\"></span>ave a maturit<span class=\"_ _2\"></span>y date of 6 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 205<span class=\"_ _2\"></span>3 with an option<span class=\"_ _2\"></span>al issu<span class=\"_ _2\"></span>er par ca<span class=\"_ _2\"></span>ll right on any day in the s<span class=\"_ _2\"></span>ix-month pe<span class=\"_ _2\"></span>riod up to and in<span class=\"_ _2\"></span>cluding </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs50a\">6 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2033<span class=\"_ _2\"></span>. The n<span class=\"_ _2\"></span>otes bear inte<span class=\"_ _2\"></span>rest on th<span class=\"_ _2\"></span>e principa<span class=\"_ _2\"></span>l amount at a fixe<span class=\"_ _2\"></span>d rate of 7<span class=\"_ _7\"></span>.75% per an<span class=\"_ _2\"></span>num up to the interes<span class=\"_ _2\"></span>t rate res<span class=\"_ _2\"></span>et date of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs50b\">6 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2033<span class=\"_ _2\"></span>. If the note<span class=\"_ _2\"></span>s are not rede<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>d before that d<span class=\"_ _2\"></span>ate, the interes<span class=\"_ _2\"></span>t rate res<span class=\"_ _2\"></span>ets to the s<span class=\"_ _2\"></span>um of the 5 year ben<span class=\"_ _2\"></span>chmark G<span class=\"_ _2\"></span>ilt rate plus a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs50c\">margin of 4<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>5%, b<span class=\"_ _2\"></span>eing the s<span class=\"_ _2\"></span>um of the initial cre<span class=\"_ _2\"></span>dit sprea<span class=\"_ _2\"></span>d use<span class=\"_ _2\"></span>d in pricing th<span class=\"_ _2\"></span>e notes and a 1% m<span class=\"_ _2\"></span>argin ste<span class=\"_ _2\"></span>p-up. Intere<span class=\"_ _2\"></span>st is payab<span class=\"_ _2\"></span>le on the note<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs50d\">sem<span class=\"_ _2\"></span>i-annua<span class=\"_ _2\"></span>lly in arrear<span class=\"_ _2\"></span>s on 6 June an<span class=\"_ _2\"></span>d 6 Dec<span class=\"_ _2\"></span>ember e<span class=\"_ _2\"></span>ach year.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs50e\">m <span class=\"_ _189\"> </span>T<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s in place a \u00a3<span class=\"_ _2\"></span>1.75 billio<span class=\"_ _2\"></span>n unsec<span class=\"_ _2\"></span>ured revolvin<span class=\"_ _2\"></span>g credit fa<span class=\"_ _2\"></span>cilit<span class=\"_ _2\"></span>y (the \u2018<span class=\"_ _5\"></span>revolving f<span class=\"_ _2\"></span>acilit<span class=\"_ _2\"></span>y\u2019<span class=\"_ _2\"></span>), maturing in J<span class=\"_ _2\"></span>une 2026<span class=\"_ _2\"></span>. The fa<span class=\"_ _2\"></span>cilit<span class=\"_ _2\"></span>y accr<span class=\"_ _2\"></span>ues </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs50f\">interes<span class=\"_ _2\"></span>t at a margin over S<span class=\"_ _2\"></span>ONIA th<span class=\"_ _2\"></span>at is bas<span class=\"_ _2\"></span>ed on cre<span class=\"_ _2\"></span>dit rating<span class=\"_ _2\"></span>. The fac<span class=\"_ _2\"></span>ility re<span class=\"_ _2\"></span>mains undr<span class=\"_ _2\"></span>awn as at 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div>E5<span class=\"_ _2\"></span>.2 R<span class=\"_ _2\"></span>eco<span class=\"_ _2\"></span>ncili<span class=\"_ _2\"></span>ation o<span class=\"_ _2\"></span>f liabi<span class=\"_ _2\"></span>lities a<span class=\"_ _2\"></span>risin<span class=\"_ _2\"></span>g from fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ing a<span class=\"_ _2\"></span>ctiv<span class=\"_ _2\"></span>ities The t<span class=\"_ _2\"></span>able bel<span class=\"_ _2\"></span>ow details ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the Group\u2019s liabilitie<span class=\"_ _2\"></span>s arising from fi<span class=\"_ _2\"></span>nancin<span class=\"_ _2\"></span>g activit<span class=\"_ _2\"></span>ies, in<span class=\"_ _2\"></span>cluding b<span class=\"_ _2\"></span>oth cash a<span class=\"_ _2\"></span>nd non-<span class=\"_ _2\"></span>cash c<span class=\"_ _2\"></span>hange<span class=\"_ _2\"></span>s (with the excepti<span class=\"_ _2\"></span>on of lease lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>, which have b<span class=\"_ _2\"></span>een inc<span class=\"_ _2\"></span>luded in n<span class=\"_ _2\"></span>ote G9). Liabilitie<span class=\"_ _2\"></span>s arising fro<span class=\"_ _2\"></span>m financin<span class=\"_ _2\"></span>g activi<span class=\"_ _2\"></span>ties are tho<span class=\"_ _2\"></span>se for which c<span class=\"_ _2\"></span>ash flows were, or f<span class=\"_ _2\"></span>uture ca<span class=\"_ _2\"></span>sh flows will b<span class=\"_ _2\"></span>e, clas<span class=\"_ _2\"></span>sified in th<span class=\"_ _2\"></span>e Group\u2019s consoli<span class=\"_ _2\"></span>dated st<span class=\"_ _2\"></span>atement of c<span class=\"_ _2\"></span>ash flows a<span class=\"_ _2\"></span>s cash fl<span class=\"_ _2\"></span>ows from finan<span class=\"_ _2\"></span>cing ac<span class=\"_ _2\"></span>tivities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><table class=\"s w5b2 h2cf\" id=\"_61ce9d14-a6c9-40b8-a457-d44b566c713e\"><tr><td></td><td></td><td></td><td class=\"c n x4e4 y594e w5b3 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls5b ws76\">Cash movements<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xb20 y594e w5b4 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls11f ws106\">Non-cash mo<span class=\"_ _7\"></span>vements<span class=\"_ _3bc\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xb21 h3f y594f ff7 fsf fc1 sc0 ls0 ws0\">New </td><td></td><td></td><td class=\"t m0 xb22 h3f y594f ff7 fsf fc1 sc0 ls0 ws0\">Mov<span class=\"_ _2\"></span>emen<span class=\"_ _2\"></span>t in </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xb23 h3f y5950 ff7 fsf fc1 sc0 ls5b ws76\">At 1<span class=\"_ _7\"></span> Januar<span class=\"_ _2\"></span>y </td><td class=\"t m0 x9d3 h3f y5950 ff7 fsf fc1 sc0 ls0 ws0\">bo<span class=\"_ _2\"></span>rrowi<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>, ne<span class=\"_ _2\"></span>t </td><td></td><td class=\"t m0 xa01 h3f y5950 ff7 fsf fc1 sc0 ls0 ws0\">Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>es in fa<span class=\"_ _2\"></span>ir </td><td class=\"t m0 x9cc h3f y5950 ff7 fsf fc1 sc0 ls81 ws75\">foreign </td><td class=\"t m0 xb24 h3f y5950 ff7 fsf fc1 sc0 ls0 ws0\">Ot<span class=\"_ _2\"></span>her </td><td class=\"t m0 xb25 h3f y5951 ff7 fsf fc1 sc0 ls0 ws0\">At 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td></tr><tr><td></td><td class=\"t m0 xb26 h3f y5952 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb27 h3f y5952 ff7 fsf fc1 sc0 ls0 ws0\">of co<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb28 h3f y5952 ff7 fsf fc1 sc0 ls5b ws76\">Repayments<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb29 h3f y5952 ff7 fsf fc1 sc0 ls81 ws75\">value<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2a h3f y5952 ff7 fsf fc1 sc0 ls82 ws77\">exchan<span class=\"_ _2\"></span>ge<span class=\"_ _3bc\"> </span></td><td class=\"c x6df y5954 w5b5 h2d0\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls1b ws19\">movem<span class=\"_ _2\"></span>ents</div><div class=\"t m0 xb2b h1d6 y5953 ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x23e h3f y5955 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xb2c h3f y5956 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2d h3f y5956 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5b9 h3f y5956 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h3f y5956 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h3f y5956 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5bb h3f y5957 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5957 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5958 ff3 fs7 fc1 sc0 ls0 ws0\">\u00a33<span class=\"_ _2\"></span>00 million m<span class=\"_ _2\"></span>ulti-curre<span class=\"_ _2\"></span>ncy revolvin<span class=\"_ _2\"></span>g </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5959 w5b6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">credi<span class=\"_ _2\"></span>t<span class=\"_ gs132\"> </span>facilit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb2e y5959 w5b7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b0 ws1ac\">62<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb2f y5959 w543 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb30 y5959 w1da h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">(37<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb31 y5959 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb32 y5959 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb33 y5959 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb34 y5959 w50a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18 ws16\">90<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y595a w5b8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Propert<span class=\"_ _2\"></span>y Reversions loan<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb35 y595a w543 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb36 y595a w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb37 y595a w5b9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">(21<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5c2 y595a wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb38 y595a w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb39 y595a w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb3a y595a w34c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y595b w5ba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u00a34<span class=\"_ _5\"></span>28 millio<span class=\"_ _2\"></span>n Tier 2 sub<span class=\"_ _2\"></span>ordinated n<span class=\"_ _2\"></span>otes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb3b y595b w55 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">427<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb3c y595b w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb3d y595b w5bb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(2<span class=\"_ _2\"></span>31)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb3e y595b w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb3f y595b w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb40 y595b wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb41 y595b w2ac h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y595c w5bc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">US $<span class=\"_ _2\"></span>500 m<span class=\"_ _2\"></span>illion Tier 2 b<span class=\"_ _2\"></span>onds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb42 y595c w38b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb43 y595c w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb44 y595c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb45 y595c w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb46 y595c w1b0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb47 y595c w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb48 y595c w239 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">391<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y595d w5bd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u20ac5<span class=\"_ _2\"></span>00 million T<span class=\"_ _2\"></span>ier 2 notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb49 y595d w112 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a8 ws19f\">439<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb4a y595d w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb4b y595d w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb4c y595d w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb4d y595d w55 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(10)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb4e y595d wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb4f y595d w112 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a8 ws19f\">430<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y595e ff3 fs7 fc1 sc0 ls0 ws0\">US $75<span class=\"_ _2\"></span>0 million Contin<span class=\"_ _2\"></span>gent C<span class=\"_ _2\"></span>onvertib<span class=\"_ _2\"></span>le </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y595f w5be h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Tie<span class=\"_ _2\"></span>r<span class=\"_ gs132\"> </span>1 notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb50 y595f w5bf h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">618<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb51 y595f w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb52 y595f w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb53 y595f w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb54 y595f w2c3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(32)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb55 y595f w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb56 y595f w4f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">5<span class=\"_ _2\"></span>87<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5960 w5c0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u00a350<span class=\"_ _2\"></span>0 million Tie<span class=\"_ _2\"></span>r 2 notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb57 y5960 w4f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">4<span class=\"_ _2\"></span>87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb58 y5960 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb59 y5960 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb5a y5960 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb5b y5960 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb5c y5960 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb5d y5960 w5a5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">489<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5961 w5c1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">US $<span class=\"_ _2\"></span>500 m<span class=\"_ _2\"></span>illion Fixed Ra<span class=\"_ _2\"></span>te Reset T<span class=\"_ _2\"></span>ier 2 notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb5e y5961 w533 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb5f y5961 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb60 y5961 w296 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(119)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb61 y5961 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb62 y5961 w5c2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">(20<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb63 y5961 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb64 y5961 w4fb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">2<span class=\"_ _2\"></span>74<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5962 ff3 fs7 fc1 sc0 ls0 ws0\">\u00a350<span class=\"_ _2\"></span>0 million 5.<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>67% Tie<span class=\"_ _2\"></span>r 2 subordin<span class=\"_ _2\"></span>ated </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5963 w5c3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb65 y5963 w112 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a8 ws19f\">543<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb66 y5963 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5fa y5963 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb67 y5963 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb68 y5963 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb69 y5963 w8d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb6a y5963 w4f7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">536<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5964 ff3 fs7 fc1 sc0 ls0 ws0\">\u00a325<span class=\"_ _2\"></span>0 million Fixe<span class=\"_ _2\"></span>d Rate Reset C<span class=\"_ _2\"></span>allable T<span class=\"_ _2\"></span>ier 2 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5965 w5c4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">subo<span class=\"_ _2\"></span>rdinated note<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb6b y5965 w5c5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">259<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb6c y5965 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb6d y5965 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb6e y5965 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb6f y5965 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb70 y5965 w1bc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac8 y5965 w3b6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5966 ff3 fs7 fc1 sc0 ls0 ws0\">\u00a325<span class=\"_ _2\"></span>0 million 4.<span class=\"_ _2\"></span>016<span class=\"_ _2\"></span>% Tier 3 sub<span class=\"_ _2\"></span>ordinate<span class=\"_ _2\"></span>d </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5967 w5c3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb65 y5967 w5c6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb71 y5967 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb72 y5967 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb73 y5967 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb74 y5967 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb75 y5967 w5c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x256 y5967 w2ff h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5968 ff3 fs7 fc1 sc0 ls0 ws0\">\u00a33<span class=\"_ _2\"></span>50 million Fi<span class=\"_ _2\"></span>xed Rate Res<span class=\"_ _2\"></span>et Callabl<span class=\"_ _2\"></span>e Tier 2 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5969 w5c4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">subo<span class=\"_ _2\"></span>rdinated note<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb76 y5969 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb77 y5969 w5c8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">346<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb78 y5969 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x3fb y5969 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb79 y5969 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb7a y5969 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb7b y5969 w3c9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">346<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y596a ff3 fs7 fc1 sc0 ls1c ws1a\">Derivative ass<span class=\"_ _2\"></span>ets<span class=\"_ _3bc\"> </span></td><td class=\"c n xb7c y561e w546 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(2<span class=\"_ _2\"></span>25)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb7d y561e w199 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb7e y561e w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb7f y561e w130 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb80 y561e w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb81 y561e w5c9 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb82 y561e w8b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">(118)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xb83 y55ef w2a2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>,75<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb84 y55ef w38b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb85 y55ef w2cb h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(4<span class=\"_ _2\"></span>08)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb86 y55ef w387 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">110<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb87 y55ef w1ad h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">(8<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb88 y55ef w316 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb89 y55ef w485 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls18c ws172\">3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>74<span class=\"_ _3bc\"> </span></div></td></tr></table>2<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>incip<span class=\"_ _2\"></span>ally c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>rise<span class=\"_ _2\"></span>s amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n unde<span class=\"_ _2\"></span>r the ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ctive i<span class=\"_ _2\"></span>ntere<span class=\"_ _2\"></span>st me<span class=\"_ _2\"></span>tho<span class=\"_ _2\"></span>d appl<span class=\"_ _2\"></span>ied to b<span class=\"_ _2\"></span>orrow<span class=\"_ _2\"></span>ings h<span class=\"_ _2\"></span>eld a<span class=\"_ _2\"></span>t amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ed c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. No inte<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>t was c<span class=\"_ _2\"></span>apit<span class=\"_ _2\"></span>alis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e year. 2 <span class=\"_ _2f\"> </span>Cro<span class=\"_ _2\"></span>ss cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y swa<span class=\"_ _2\"></span>ps to he<span class=\"_ _2\"></span>dge a<span class=\"_ _2\"></span>gai<span class=\"_ _2\"></span>nst a<span class=\"_ _2\"></span>dver<span class=\"_ _2\"></span>se cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of Gr<span class=\"_ _2\"></span>oup\u2019s Euro a<span class=\"_ _2\"></span>nd US D<span class=\"_ _2\"></span>olla<span class=\"_ _2\"></span>r deno<span class=\"_ _2\"></span>mina<span class=\"_ _2\"></span>ted b<span class=\"_ _2\"></span>orrow<span class=\"_ _2\"></span>ings<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><table class=\"s w5ca h2d1\" id=\"_f3c7b265-81be-470b-ada4-8715f086fce3\"><tr><td></td><td></td><td></td><td class=\"c n xb8a y596b w5cb h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls83 ws78\">Cash mov<span class=\"_ _5\"></span>ements<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xb8b y596b w5cc h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse1 wscb\">Non-cash<span class=\"_ _5\"></span> movemen<span class=\"_ _5\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x5b7 h16 y596c ff3 fsf fc1 sc0 ls0 ws0\">Mov<span class=\"_ _2\"></span>emen<span class=\"_ _2\"></span>t in </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xb8c h16 y596d ff3 fsf fc1 sc0 ls0 ws0\">At 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y </td><td class=\"t m0 xb8d h16 y596d ff3 fsf fc1 sc0 ls0 ws0\">Ne<span class=\"_ _2\"></span>w borr<span class=\"_ _2\"></span>owing<span class=\"_ _2\"></span>s, </td><td></td><td class=\"t m0 xb8e h16 y596d ff3 fsf fc1 sc0 ls0 ws0\">Cha<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>s in fai<span class=\"_ _2\"></span>r </td><td class=\"t m0 x9fa h16 y596d ff3 fsf fc1 sc0 ls81 ws75\">foreign<span class=\"_ _5\"></span> </td><td class=\"t m0 xb24 h16 y596d ff3 fsf fc1 sc0 ls83 ws78\">Other </td><td class=\"t m0 xb8f h16 y596e ff3 fsf fc1 sc0 ls0 ws0\">At 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td></tr><tr><td></td><td class=\"t m0 xb26 h16 y596f ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"c n xb90 y5970 w5cd h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">net o<span class=\"_ _2\"></span>f cos<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb91 y5970 w5ce h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls83 ws78\">Repayments<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x75d h16 y596f ff3 fsf fc1 sc0 ls17 ws15\">value<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h16 y596f ff3 fsf fc1 sc0 ls84 ws79\">exchange<span class=\"_ _3bc\"> </span></td><td class=\"c xb93 y5970 w5cf h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls83 ws78\">movements</div><div class=\"t m0 xb92 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x23e h16 y5971 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"c n xb94 y5972 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb95 y5972 w5d0 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb96 y5972 w591 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb97 y5972 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb98 y5972 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb99 y5972 w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb9a y5972 w591 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5973 ff3 fs7 fc1 sc0 ls0 ws0\">\u00a33<span class=\"_ _2\"></span>00 million m<span class=\"_ _2\"></span>ulti-curre<span class=\"_ _2\"></span>ncy revolvin<span class=\"_ _2\"></span>g </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5974 w5b6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">credi<span class=\"_ _2\"></span>t<span class=\"_ gs132\"> </span>facilit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb9b y5974 w5d1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb9c y5974 w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">61<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb9d y5974 w30b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb9e y5974 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb9f y5974 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba0 y5974 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba1 y5974 w59c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">62<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5975 w5b8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Propert<span class=\"_ _2\"></span>y Reversions loan<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba2 y5975 w357 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c4 ws1c4\">70<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba3 y5975 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba4 y5975 w1d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(15)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba5 y5975 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba6 y5975 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba7 y5975 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba8 y5975 w44a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5976 w5ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u00a34<span class=\"_ _5\"></span>28 millio<span class=\"_ _2\"></span>n Tier 2 sub<span class=\"_ _2\"></span>ordinated n<span class=\"_ _2\"></span>otes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba9 y5976 w2ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">427<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbaa y5976 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbab y5976 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbac y5976 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbad y5976 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbae y5976 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbaf y5976 w6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">42<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5977 w5d2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u00a3450 million T<span class=\"_ _2\"></span>ier 3 subo<span class=\"_ _2\"></span>rdinated note<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb0 y5977 w5d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">45<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb1 y5977 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb2 y5977 w5d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(45<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb3 y5977 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb4 y5977 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb5 y5977 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb6 y5977 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5978 w5bc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">US $<span class=\"_ _2\"></span>500 m<span class=\"_ _2\"></span>illion Tier 2 b<span class=\"_ _2\"></span>onds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb7 y5978 w5d5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">368<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb8 y5978 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbb9 y5978 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbba y5978 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbbb y5978 w31d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbbc y5978 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbbd y5978 w5a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _3\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5979 w5bd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u20ac5<span class=\"_ _2\"></span>00 million T<span class=\"_ _2\"></span>ier 2 notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbbe y5979 w116 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbbf y5979 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc0 y5979 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc1 y5979 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc2 y5979 w51a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">22<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc3 y5979 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc4 y5979 w227 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">439<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y597a ff3 fs7 fc1 sc0 ls0 ws0\">US $75<span class=\"_ _2\"></span>0 million Contin<span class=\"_ _2\"></span>gent C<span class=\"_ _2\"></span>onvertib<span class=\"_ _2\"></span>le </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y597b w5be h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Tie<span class=\"_ _2\"></span>r<span class=\"_ gs132\"> </span>1 notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc5 y597b w5d6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">551<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc6 y597b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb52 y597b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc7 y597b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc8 y597b w17e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">66<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbc9 y597b w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbca y597b w2a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">618<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y597c w5c0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u00a350<span class=\"_ _2\"></span>0 million Tie<span class=\"_ _2\"></span>r 2 notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb57 y597c w5d7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">485<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbcb y597c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbcc y597c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbcd y597c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbce y597c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbcf y597c w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd0 y597c w1e1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">487<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y597d w5c1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">US $<span class=\"_ _2\"></span>500 m<span class=\"_ _2\"></span>illion Fixed Ra<span class=\"_ _2\"></span>te Reset T<span class=\"_ _2\"></span>ier 2 notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd1 y597d w5d5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">368<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd2 y597d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd3 y597d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd4 y597d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd5 y597d w31a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">44<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd6 y597d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd7 y597d w5a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _3\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y597e ff3 fs7 fc1 sc0 ls0 ws0\">\u00a350<span class=\"_ _2\"></span>0 million 5.<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>67% Tie<span class=\"_ _2\"></span>r 2 subordin<span class=\"_ _2\"></span>ated </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y597f w5c3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb65 y597f w9c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">550<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd8 y597f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbd9 y597f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbda y597f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbdb y597f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbdc y597f w419 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbdd y597f w32a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">543<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5980 ff3 fs7 fc1 sc0 ls0 ws0\">\u00a325<span class=\"_ _2\"></span>0 million Fixe<span class=\"_ _2\"></span>d Rate Reset C<span class=\"_ _2\"></span>allable T<span class=\"_ _2\"></span>ier 2 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5981 w5c4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">subo<span class=\"_ _2\"></span>rdinated note<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbde y5981 w2eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">26<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbdf y5981 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe0 y5981 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe1 y5981 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe2 y5981 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe3 y5981 w3d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe4 y5981 we1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5982 ff3 fs7 fc1 sc0 ls0 ws0\">\u00a325<span class=\"_ _2\"></span>0 million 4.<span class=\"_ _2\"></span>016<span class=\"_ _2\"></span>% Tier 3 sub<span class=\"_ _2\"></span>ordinate<span class=\"_ _2\"></span>d </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5983 w5c3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">notes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe5 y5983 w5d8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">257<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe6 y5983 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe7 y5983 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe8 y5983 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbe9 y5983 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbea y5983 w5d9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbeb y5983 we1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5984 ff3 fs7 fc1 sc0 ls1c ws1a\">Derivative ass<span class=\"_ _2\"></span>ets<span class=\"_ _3bc\"> </span></td><td class=\"c n xbec y561d w1c4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls38 ws35\">(48)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbed y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbee y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbef y561d w254 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf0 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf1 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf2 y561d w5da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">(2<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5985 ff3 fs7 fc1 sc0 ls1c ws1a\">Derivative liabilities<span class=\"_ _3bc\"> </span></td><td class=\"c n xbf3 y561e w1a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf4 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf5 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf6 y561e w5db h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a6 ws196\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf7 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf8 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbf9 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xbfa y55ef w196 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">4,182<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbfb y55ef w1b4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">61<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbfc y55ef w5dc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(482)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbfd y55ef w5dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>173<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbfe y55ef w389 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbff y55ef w5de h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(11<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc00 y55ef w1ca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr></table>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>incip<span class=\"_ _2\"></span>ally c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>rise<span class=\"_ _2\"></span>s amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n unde<span class=\"_ _2\"></span>r the ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>ctive i<span class=\"_ _2\"></span>ntere<span class=\"_ _2\"></span>st me<span class=\"_ _2\"></span>tho<span class=\"_ _2\"></span>d appl<span class=\"_ _2\"></span>ied to b<span class=\"_ _2\"></span>orrow<span class=\"_ _2\"></span>ings h<span class=\"_ _2\"></span>eld a<span class=\"_ _2\"></span>t amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ed c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. No inte<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>t was c<span class=\"_ _2\"></span>apit<span class=\"_ _2\"></span>alis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e year.<span class=\"_ _3bc\"> </span>2 <span class=\"_ _2f\"> </span>Cro<span class=\"_ _2\"></span>ss cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y swa<span class=\"_ _2\"></span>ps to he<span class=\"_ _2\"></span>dge a<span class=\"_ _2\"></span>gai<span class=\"_ _2\"></span>nst a<span class=\"_ _2\"></span>dver<span class=\"_ _2\"></span>se cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of Gr<span class=\"_ _2\"></span>oup\u2019s Euro a<span class=\"_ _2\"></span>nd US D<span class=\"_ _2\"></span>olla<span class=\"_ _2\"></span>r deno<span class=\"_ _2\"></span>mina<span class=\"_ _2\"></span>ted b<span class=\"_ _2\"></span>orrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-703": {
   "value": "The Gro<span class=\"_ _2\"></span>up clas<span class=\"_ _2\"></span>sifies the m<span class=\"_ _2\"></span>ajori<span class=\"_ _2\"></span>ty of it<span class=\"_ _2\"></span>s interest-be<span class=\"_ _2\"></span>aring b<span class=\"_ _2\"></span>orrowings a<span class=\"_ _2\"></span>s financi<span class=\"_ _2\"></span>al liabilities c<span class=\"_ _2\"></span>arrie<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d cost a<span class=\"_ _2\"></span>nd thes<span class=\"_ _2\"></span>e are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d initiall<span class=\"_ _2\"></span>y at fair value le<span class=\"_ _2\"></span>ss any direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion cos<span class=\"_ _2\"></span>ts. T<span class=\"_ _2\"></span>he differe<span class=\"_ _2\"></span>nce be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en initial c<span class=\"_ _2\"></span>ost and t<span class=\"_ _2\"></span>he redem<span class=\"_ _2\"></span>ption value is am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tised throu<span class=\"_ _2\"></span>gh the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent over the pe<span class=\"_ _2\"></span>riod of the b<span class=\"_ _2\"></span>orrowing usin<span class=\"_ _2\"></span>g the effe<span class=\"_ _2\"></span>ctive intere<span class=\"_ _2\"></span>st meth<span class=\"_ _2\"></span>od.<span class=\"_ _3bc\"> </span>Ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in borrowing<span class=\"_ _2\"></span>s are desig<span class=\"_ _2\"></span>nated upo<span class=\"_ _2\"></span>n initial rec<span class=\"_ _2\"></span>ogniti<span class=\"_ _2\"></span>on at fair value th<span class=\"_ _2\"></span>rough profit o<span class=\"_ _2\"></span>r loss an<span class=\"_ _2\"></span>d meas<span class=\"_ _2\"></span>ured at fair val<span class=\"_ _2\"></span>ue where doin<span class=\"_ _2\"></span>g so provide<span class=\"_ _2\"></span>s more mea<span class=\"_ _2\"></span>ningful inform<span class=\"_ _2\"></span>ation due to th<span class=\"_ _2\"></span>e reason<span class=\"_ _2\"></span>s state<span class=\"_ _2\"></span>d in the finan<span class=\"_ _2\"></span>cial liabiliti<span class=\"_ _2\"></span>es acc<span class=\"_ _2\"></span>ounting po<span class=\"_ _2\"></span>licy (see n<span class=\"_ _2\"></span>ote E1). T<span class=\"_ _6\"></span>ra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion cos<span class=\"_ _2\"></span>ts relatin<span class=\"_ _2\"></span>g to borrowing<span class=\"_ _2\"></span>s desig<span class=\"_ _2\"></span>nated upo<span class=\"_ _2\"></span>n initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n at fair value th<span class=\"_ _2\"></span>rough profit or l<span class=\"_ _2\"></span>oss are ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>d as inc<span class=\"_ _2\"></span>urred. Borrow<span class=\"_ _2\"></span>ings are cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as eith<span class=\"_ _2\"></span>er polic<span class=\"_ _2\"></span>yholder o<span class=\"_ _2\"></span>r shareh<span class=\"_ _2\"></span>older bo<span class=\"_ _2\"></span>rrowings<span class=\"_ _2\"></span>. Policyho<span class=\"_ _2\"></span>lder bor<span class=\"_ _2\"></span>rowings are th<span class=\"_ _2\"></span>ose bo<span class=\"_ _2\"></span>rrowings wh<span class=\"_ _2\"></span>ere there is eithe<span class=\"_ _2\"></span>r no or limite<span class=\"_ _2\"></span>d shareh<span class=\"_ _2\"></span>older exp<span class=\"_ _2\"></span>osure, for exa<span class=\"_ _2\"></span>mple, b<span class=\"_ _2\"></span>orrowings a<span class=\"_ _2\"></span>ttrib<span class=\"_ _2\"></span>utable to th<span class=\"_ _2\"></span>e Group\u2019s with-profit op<span class=\"_ _2\"></span>erations<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-658": {
   "value": "E6. Risk management \u2013 financial<span class=\"_ _7\"></span> and other risks<span class=\"_ _3bc\"> </span>This note for<span class=\"_ _2\"></span>ms one par<span class=\"_ _2\"></span>t of the ris<span class=\"_ _2\"></span>k manag<span class=\"_ _2\"></span>ement di<span class=\"_ _2\"></span>sclosure<span class=\"_ _2\"></span>s in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financi<span class=\"_ _2\"></span>al state<span class=\"_ _2\"></span>ments<span class=\"_ _2\"></span>. An over<span class=\"_ _2\"></span>view of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ap<span class=\"_ _2\"></span>proach to risk ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment is ou<span class=\"_ _2\"></span>tlined in note I3 a<span class=\"_ _2\"></span>nd the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement of ins<span class=\"_ _2\"></span>urance ri<span class=\"_ _2\"></span>sk is detail<span class=\"_ _2\"></span>ed in note F11<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>E6<span class=\"_ _2\"></span>.1 Finan<span class=\"_ _2\"></span>cial r<span class=\"_ _2\"></span>isk an<span class=\"_ _2\"></span>d the A<span class=\"_ _2\"></span>sset Li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ty M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>nt (\u2018<span class=\"_ _7\"></span>ALM<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>) fram<span class=\"_ _2\"></span>ework<span class=\"_ _3bc\"> </span>The us<span class=\"_ _2\"></span>e of financia<span class=\"_ _2\"></span>l instrum<span class=\"_ _2\"></span>ents n<span class=\"_ _2\"></span>aturally ex<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>s the Group to the r<span class=\"_ _2\"></span>isks ass<span class=\"_ _2\"></span>ociate<span class=\"_ _2\"></span>d with them<span class=\"_ _2\"></span>, chiefly m<span class=\"_ _2\"></span>arket risk, c<span class=\"_ _2\"></span>redit risk an<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial soun<span class=\"_ _2\"></span>dnes<span class=\"_ _2\"></span>s risk. Resp<span class=\"_ _2\"></span>onsibilit<span class=\"_ _2\"></span>y for ag<span class=\"_ _2\"></span>reeing th<span class=\"_ _2\"></span>e financi<span class=\"_ _2\"></span>al risk profile res<span class=\"_ _2\"></span>ts with t<span class=\"_ _2\"></span>he Board of e<span class=\"_ _2\"></span>ach Life Com<span class=\"_ _2\"></span>pany<span class=\"_ _5\"></span>, as adv<span class=\"_ _2\"></span>ised by inves<span class=\"_ _2\"></span>tment m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>rs<span class=\"_ _2\"></span>, internal comm<span class=\"_ _2\"></span>itte<span class=\"_ _2\"></span>es and<span class=\"_ gs132\"> </span>th<span class=\"_ _2\"></span>e actu<span class=\"_ _2\"></span>arial func<span class=\"_ _2\"></span>tion. I<span class=\"_ _2\"></span>n set<span class=\"_ _2\"></span>ting the ris<span class=\"_ _2\"></span>k profile, the B<span class=\"_ _2\"></span>oard of eac<span class=\"_ _2\"></span>h Life Company will re<span class=\"_ _2\"></span>ceive ad<span class=\"_ _2\"></span>vice from the C<span class=\"_ _2\"></span>hief Investm<span class=\"_ _2\"></span>ent Of<span class=\"_ _2\"></span>ficer, the releva<span class=\"_ _2\"></span>nt With-profit Ac<span class=\"_ _2\"></span>tuar<span class=\"_ _2\"></span>y and th<span class=\"_ _2\"></span>e relevant ac<span class=\"_ _2\"></span>tuaria<span class=\"_ _2\"></span>l funct<span class=\"_ _2\"></span>ion holde<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>/Chief Actu<span class=\"_ _2\"></span>ary a<span class=\"_ _2\"></span>s to the potential im<span class=\"_ _2\"></span>plicatio<span class=\"_ _2\"></span>ns of that risk profile with re<span class=\"_ _2\"></span>gard to th<span class=\"_ _2\"></span>e probabilit<span class=\"_ _2\"></span>y of both re<span class=\"_ _2\"></span>alistic in<span class=\"_ _2\"></span>solvenc<span class=\"_ _2\"></span>y and of failing to m<span class=\"_ _2\"></span>eet the re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y Minim<span class=\"_ _2\"></span>um Capita<span class=\"_ _2\"></span>l Requirem<span class=\"_ _2\"></span>ent. Th<span class=\"_ _2\"></span>e Chief Act<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y will also ad<span class=\"_ _2\"></span>vise the ex<span class=\"_ _2\"></span>tent to<span class=\"_ gs132\"> </span>which t<span class=\"_ _2\"></span>he investm<span class=\"_ _2\"></span>ent risk taken is c<span class=\"_ _2\"></span>onsis<span class=\"_ _2\"></span>tent with the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s c<span class=\"_ _2\"></span>ommitme<span class=\"_ _2\"></span>nt to help cus<span class=\"_ _2\"></span>tomer<span class=\"_ _2\"></span>s sec<span class=\"_ _2\"></span>ure a life of pos<span class=\"_ _2\"></span>sibilities<span class=\"_ _2\"></span>, incl<span class=\"_ _2\"></span>uding me<span class=\"_ _2\"></span>eting the FCA\u2019<span class=\"_ _7\"></span>s exp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ations un<span class=\"_ _2\"></span>der the Ne<span class=\"_ _2\"></span>w Cons<span class=\"_ _2\"></span>umer Dut<span class=\"_ _2\"></span>y.<span class=\"_ _3bc\"> </span>Der<span class=\"_ _2\"></span>ivatives are us<span class=\"_ _2\"></span>ed in many of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s fund<span class=\"_ _2\"></span>s, within p<span class=\"_ _2\"></span>olicy g<span class=\"_ _2\"></span>uidelines a<span class=\"_ _2\"></span>gree<span class=\"_ _2\"></span>d by the Boa<span class=\"_ _2\"></span>rd of each Life Co<span class=\"_ _2\"></span>mpany and over<span class=\"_ _2\"></span>seen by investm<span class=\"_ _2\"></span>ent comm<span class=\"_ _2\"></span>itte<span class=\"_ _2\"></span>es of the Boa<span class=\"_ _2\"></span>rds of each Life C<span class=\"_ _2\"></span>ompany supp<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ted by mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt oversight c<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>tees<span class=\"_ _2\"></span>. Deriv<span class=\"_ _2\"></span>atives are prim<span class=\"_ _2\"></span>arily use<span class=\"_ _2\"></span>d for risk he<span class=\"_ _2\"></span>dging p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>s or for ef<span class=\"_ _2\"></span>ficient por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folio mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt, incl<span class=\"_ _2\"></span>uding the a<span class=\"_ _2\"></span>ctivitie<span class=\"_ _2\"></span>s of the Group\u2019s T<span class=\"_ _6\"></span>re<span class=\"_ _2\"></span>asur<span class=\"_ _2\"></span>y func<span class=\"_ _2\"></span>tion.<span class=\"_ _3bc\"> </span>More de<span class=\"_ _2\"></span>tail on the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s expo<span class=\"_ _2\"></span>sure to financ<span class=\"_ _2\"></span>ial risk is provi<span class=\"_ _2\"></span>ded in note E6<span class=\"_ _2\"></span>.2 be<span class=\"_ _2\"></span>low.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is also ex<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>d to insuran<span class=\"_ _2\"></span>ce risk aris<span class=\"_ _2\"></span>ing from it<span class=\"_ _2\"></span>s Life, Pensions an<span class=\"_ _2\"></span>d Saving<span class=\"_ _2\"></span>s busine<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>. Life insuranc<span class=\"_ _2\"></span>e risk in the G<span class=\"_ _2\"></span>roup arise<span class=\"_ _2\"></span>s through i<span class=\"_ _2\"></span>ts expo<span class=\"_ _2\"></span>sure to long<span class=\"_ _2\"></span>evity, per<span class=\"_ _2\"></span>sisten<span class=\"_ _2\"></span>cy, mort<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y and to other va<span class=\"_ _2\"></span>riance<span class=\"_ _2\"></span>s bet<span class=\"_ _2\"></span>ween as<span class=\"_ _2\"></span>sume<span class=\"_ _2\"></span>d and ac<span class=\"_ _2\"></span>tual exp<span class=\"_ _2\"></span>erien<span class=\"_ _2\"></span>ce. The<span class=\"_ _2\"></span>se varian<span class=\"_ _2\"></span>ces c<span class=\"_ _2\"></span>an be in fac<span class=\"_ _2\"></span>tors such a<span class=\"_ _2\"></span>s adminis<span class=\"_ _2\"></span>trative expe<span class=\"_ _2\"></span>nses a<span class=\"_ _2\"></span>nd new bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s pricing<span class=\"_ _2\"></span>. More det<span class=\"_ _2\"></span>ail on the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ex<span class=\"_ _2\"></span>posure to ins<span class=\"_ _2\"></span>urance r<span class=\"_ _2\"></span>isk is provide<span class=\"_ _2\"></span>d in note F11.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ove<span class=\"_ _2\"></span>rall expo<span class=\"_ _2\"></span>sure to market and cre<span class=\"_ _2\"></span>dit risk is m<span class=\"_ _2\"></span>onitored by app<span class=\"_ _2\"></span>ropriate co<span class=\"_ _2\"></span>mmit<span class=\"_ _2\"></span>tees<span class=\"_ _2\"></span>, which ag<span class=\"_ _2\"></span>ree polic<span class=\"_ _2\"></span>ies for man<span class=\"_ _2\"></span>aging ea<span class=\"_ _2\"></span>ch t<span class=\"_ _2\"></span>ype of risk on an<span class=\"_ gs132\"> </span>o<span class=\"_ _2\"></span>ngoin<span class=\"_ _2\"></span>g basis<span class=\"_ _2\"></span>, in line with th<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt strate<span class=\"_ _2\"></span>gy develop<span class=\"_ _2\"></span>ed to ach<span class=\"_ _2\"></span>ieve investme<span class=\"_ _2\"></span>nt returns in exce<span class=\"_ _2\"></span>ss of amo<span class=\"_ _2\"></span>unts due in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ctivene<span class=\"_ _2\"></span>ss of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ALM f<span class=\"_ _2\"></span>ramework re<span class=\"_ _2\"></span>lies on the m<span class=\"_ _2\"></span>atching of as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s arising from in<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce and investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, ta<span class=\"_ _2\"></span>king into acc<span class=\"_ _2\"></span>ount the t<span class=\"_ _2\"></span>ypes of b<span class=\"_ _2\"></span>enefit<span class=\"_ _2\"></span>s payable to po<span class=\"_ _2\"></span>licyhold<span class=\"_ _2\"></span>ers und<span class=\"_ _2\"></span>er each t<span class=\"_ _2\"></span>yp<span class=\"_ _2\"></span>e of contrac<span class=\"_ _2\"></span>t. Se<span class=\"_ _2\"></span>parate po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folios of as<span class=\"_ _2\"></span>sets are m<span class=\"_ _2\"></span>aintaine<span class=\"_ _2\"></span>d for with-profit b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s funds (whic<span class=\"_ _2\"></span>h include a<span class=\"_ _2\"></span>ll of the Group\u2019s part<span class=\"_ _2\"></span>icipating b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s), non-linked no<span class=\"_ _2\"></span>n-profit fund<span class=\"_ _2\"></span>s and unit-linked fund<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>E6<span class=\"_ _2\"></span>.2 Financia<span class=\"_ _2\"></span>l r<span class=\"_ _5\"></span>isk analysis<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>ran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ions in finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s result in th<span class=\"_ _2\"></span>e Group as<span class=\"_ _2\"></span>suming fina<span class=\"_ _2\"></span>ncial ris<span class=\"_ _2\"></span>ks. The<span class=\"_ _2\"></span>se inclu<span class=\"_ _2\"></span>de credit ri<span class=\"_ _2\"></span>sk, ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et risk an<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial soun<span class=\"_ _2\"></span>dness risk<span class=\"_ _2\"></span>. Each of the<span class=\"_ _2\"></span>se are des<span class=\"_ _2\"></span>cribe<span class=\"_ _2\"></span>d below, tog<span class=\"_ _2\"></span>ether with a s<span class=\"_ _2\"></span>ummar<span class=\"_ _2\"></span>y of how the G<span class=\"_ _2\"></span>roup mana<span class=\"_ _2\"></span>ges the r<span class=\"_ _2\"></span>isk, al<span class=\"_ _2\"></span>ong with se<span class=\"_ _2\"></span>nsitivit<span class=\"_ _2\"></span>y ana<span class=\"_ _2\"></span>lysis whe<span class=\"_ _2\"></span>re approp<span class=\"_ _2\"></span>riate. The s<span class=\"_ _2\"></span>ensitivi<span class=\"_ _2\"></span>ty an<span class=\"_ _2\"></span>alysis do<span class=\"_ _2\"></span>es not ta<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e into a<span class=\"_ _2\"></span>ccount th<span class=\"_ _2\"></span>e impac<span class=\"_ _2\"></span>t on the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s, in<span class=\"_ _2\"></span>cluding any imp<span class=\"_ _2\"></span>act ari<span class=\"_ _2\"></span>sing as a result of th<span class=\"_ _2\"></span>e eliminatio<span class=\"_ _2\"></span>n of intra-gro<span class=\"_ _2\"></span>up buy-in tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tions be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en the life comp<span class=\"_ _2\"></span>anies an<span class=\"_ _2\"></span>d the Group\u2019s pens<span class=\"_ _2\"></span>ion sche<span class=\"_ _2\"></span>mes<span class=\"_ _2\"></span>. It also do<span class=\"_ _2\"></span>es not inc<span class=\"_ _2\"></span>lude se<span class=\"_ _2\"></span>cond orde<span class=\"_ _2\"></span>r impac<span class=\"_ _2\"></span>ts of market movem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, for<span class=\"_ gs132\"> </span>example<span class=\"_ _2\"></span>, where a ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et movem<span class=\"_ _2\"></span>ent may give ris<span class=\"_ _2\"></span>e to potential in<span class=\"_ _2\"></span>dicators of imp<span class=\"_ _2\"></span>airment for th<span class=\"_ _2\"></span>e Group\u2019s intang<span class=\"_ _2\"></span>ible balan<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Climate risk<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is expos<span class=\"_ _2\"></span>ed to finan<span class=\"_ _2\"></span>cial risks (in p<span class=\"_ _2\"></span>arti<span class=\"_ _2\"></span>cular mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t and credi<span class=\"_ _2\"></span>t risk) rela<span class=\"_ _2\"></span>ted to the tran<span class=\"_ _2\"></span>sition to a low c<span class=\"_ _2\"></span>arbon e<span class=\"_ _2\"></span>conomy, and the p<span class=\"_ _2\"></span>hysical impac<span class=\"_ _2\"></span>ts res<span class=\"_ _2\"></span>ulting from clim<span class=\"_ _2\"></span>ate chan<span class=\"_ _2\"></span>ge which c<span class=\"_ _2\"></span>ould resul<span class=\"_ _2\"></span>t in long-term m<span class=\"_ _2\"></span>arket, cred<span class=\"_ _2\"></span>it, insur<span class=\"_ _2\"></span>ance, re<span class=\"_ _2\"></span>putati<span class=\"_ _2\"></span>on, prop<span class=\"_ _2\"></span>osition an<span class=\"_ _2\"></span>d oper<span class=\"_ _2\"></span>ational implic<span class=\"_ _2\"></span>ations<span class=\"_ _2\"></span>. As such<span class=\"_ _2\"></span>, this<span class=\"_ gs132\"> </span>risk i<span class=\"_ _2\"></span>s treated as a c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ent of the cros<span class=\"_ _2\"></span>s-c<span class=\"_ _2\"></span>uttin<span class=\"_ _2\"></span>g Sus<span class=\"_ _2\"></span>tainabili<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k in the Group\u2019s Risk Unive<span class=\"_ _2\"></span>rse. Ide<span class=\"_ _2\"></span>ntificatio<span class=\"_ _2\"></span>n of climate relate<span class=\"_ _2\"></span>d risks has b<span class=\"_ _2\"></span>een em<span class=\"_ _2\"></span>bedde<span class=\"_ _2\"></span>d into the Group\u2019s Risk M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement Frame<span class=\"_ _2\"></span>work. Si<span class=\"_ _2\"></span>gnificant p<span class=\"_ _2\"></span>rogres<span class=\"_ _2\"></span>s has be<span class=\"_ _2\"></span>en ma<span class=\"_ _2\"></span>de in rec<span class=\"_ _2\"></span>ent years in de<span class=\"_ _2\"></span>veloping ris<span class=\"_ _2\"></span>k metric<span class=\"_ _2\"></span>s and es<span class=\"_ _2\"></span>tablish<span class=\"_ _2\"></span>ing approp<span class=\"_ _2\"></span>riate governa<span class=\"_ _2\"></span>nce and r<span class=\"_ _2\"></span>isk mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt proce<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>. The G<span class=\"_ _2\"></span>roup has a<span class=\"_ _2\"></span>dopted a proa<span class=\"_ _2\"></span>ctive appro<span class=\"_ _2\"></span>ach towards c<span class=\"_ _2\"></span>ombat<span class=\"_ _2\"></span>ting clim<span class=\"_ _2\"></span>ate chang<span class=\"_ _2\"></span>e, with key net zero ta<span class=\"_ _2\"></span>rgets<span class=\"_ _2\"></span>. Furth<span class=\"_ _2\"></span>er details o<span class=\"_ _2\"></span>n these t<span class=\"_ _2\"></span>arget<span class=\"_ _2\"></span>s and on man<span class=\"_ _2\"></span>aging th<span class=\"_ _2\"></span>e related climate c<span class=\"_ _2\"></span>hange r<span class=\"_ _2\"></span>isks are provide<span class=\"_ _2\"></span>d in the Climate Re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t and T<span class=\"_ _7\"></span>ask Fo<span class=\"_ _2\"></span>rce for Climate<span class=\"_ _2\"></span>-related F<span class=\"_ _2\"></span>inancia<span class=\"_ _2\"></span>l Disclo<span class=\"_ _2\"></span>sures (\u2018<span class=\"_ _2\"></span>TCFD\u2019<span class=\"_ _2\"></span>).<span class=\"_ _3bc\"> </span>E6<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2.1 Cr<span class=\"_ _2\"></span>edit ris<span class=\"_ _2\"></span>k<span class=\"_ _3bc\"> </span>Credit r<span class=\"_ _2\"></span>isk is define<span class=\"_ _2\"></span>d as the ris<span class=\"_ _2\"></span>k of reducti<span class=\"_ _2\"></span>ons in earnin<span class=\"_ _2\"></span>gs and/<span class=\"_ _5\"></span>or value<span class=\"_ _2\"></span>, throug<span class=\"_ _2\"></span>h financia<span class=\"_ _2\"></span>l or reput<span class=\"_ _2\"></span>ational lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, as a result of the d<span class=\"_ _2\"></span>efault of a counte<span class=\"_ _2\"></span>rpar<span class=\"_ _2\"></span>ty or a<span class=\"_ _2\"></span>n asso<span class=\"_ _2\"></span>ciate of such a c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y to a financ<span class=\"_ _2\"></span>ial trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on (i.e. failure to h<span class=\"_ _2\"></span>onour the<span class=\"_ _2\"></span>ir financi<span class=\"_ _2\"></span>al obligat<span class=\"_ _2\"></span>ions<span class=\"_ _2\"></span>, or failing to pe<span class=\"_ _2\"></span>rform them in a tim<span class=\"_ _2\"></span>ely man<span class=\"_ _2\"></span>ner), whethe<span class=\"_ _2\"></span>r on or off b<span class=\"_ _2\"></span>alance s<span class=\"_ _2\"></span>heet<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>There a<span class=\"_ _2\"></span>re two pr<span class=\"_ _2\"></span>incipal s<span class=\"_ _2\"></span>ources of cre<span class=\"_ _2\"></span>dit risk for the G<span class=\"_ _2\"></span>roup:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>redit risk w<span class=\"_ _2\"></span>hich result<span class=\"_ _2\"></span>s from direc<span class=\"_ _2\"></span>t investm<span class=\"_ _2\"></span>ent activ<span class=\"_ _2\"></span>ities<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g investme<span class=\"_ _2\"></span>nts in debt s<span class=\"_ _2\"></span>ecuritie<span class=\"_ _2\"></span>s, de<span class=\"_ _2\"></span>rivatives c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>, colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes<span class=\"_ _2\"></span>, hed<span class=\"_ _2\"></span>ge fund<span class=\"_ _2\"></span>s and the pl<span class=\"_ _2\"></span>acing of ca<span class=\"_ _2\"></span>sh depo<span class=\"_ _2\"></span>sits; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>redit risk w<span class=\"_ _2\"></span>hich result<span class=\"_ _2\"></span>s indirec<span class=\"_ _2\"></span>tly from ac<span class=\"_ _2\"></span>tivitie<span class=\"_ _2\"></span>s under<span class=\"_ _2\"></span>taken in the no<span class=\"_ _2\"></span>rmal co<span class=\"_ _2\"></span>urse of bus<span class=\"_ _2\"></span>iness<span class=\"_ _2\"></span>. Suc<span class=\"_ _2\"></span>h activi<span class=\"_ _2\"></span>ties inclu<span class=\"_ _2\"></span>de premium p<span class=\"_ _2\"></span>ayments<span class=\"_ _2\"></span>, out<span class=\"_ _2\"></span>sourcin<span class=\"_ _2\"></span>g contrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, reinsur<span class=\"_ _2\"></span>ance ag<span class=\"_ _2\"></span>reem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, expos<span class=\"_ _2\"></span>ure from materia<span class=\"_ _2\"></span>l supplier<span class=\"_ _2\"></span>s and the le<span class=\"_ _2\"></span>nding of se<span class=\"_ _2\"></span>curities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>ount discl<span class=\"_ _2\"></span>osed in th<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment of cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l position in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of all finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, toget<span class=\"_ _2\"></span>her with rig<span class=\"_ _2\"></span>hts se<span class=\"_ _2\"></span>cured und<span class=\"_ _2\"></span>er off bala<span class=\"_ _2\"></span>nce she<span class=\"_ _2\"></span>et collate<span class=\"_ _2\"></span>ral arran<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, but exclu<span class=\"_ _2\"></span>ding the mino<span class=\"_ _2\"></span>rity inte<span class=\"_ _2\"></span>rest in co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s and thos<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets that bac<span class=\"_ _2\"></span>k policyh<span class=\"_ _2\"></span>older lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>, repres<span class=\"_ _2\"></span>ents the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s ma<span class=\"_ _2\"></span>ximum expo<span class=\"_ _2\"></span>sure to credit r<span class=\"_ _2\"></span>isk. Th<span class=\"_ _2\"></span>e credit ris<span class=\"_ _2\"></span>k borne by the s<span class=\"_ _2\"></span>hareho<span class=\"_ _2\"></span>lder on with<span class=\"_ _2\"></span>-profit polic<span class=\"_ _2\"></span>ies is dep<span class=\"_ _2\"></span>endent on t<span class=\"_ _2\"></span>he exte<span class=\"_ _2\"></span>nt to which the un<span class=\"_ _2\"></span>derlying in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e fund is re<span class=\"_ _2\"></span>lying on sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er suppo<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The imp<span class=\"_ _2\"></span>act of non<span class=\"_ _2\"></span>-governm<span class=\"_ _2\"></span>ent debt se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s and, inter a<span class=\"_ _2\"></span>lia, the c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e in market credit sp<span class=\"_ _2\"></span>reads dur<span class=\"_ _2\"></span>ing the year is f<span class=\"_ _2\"></span>ully reflec<span class=\"_ _2\"></span>ted in the va<span class=\"_ _2\"></span>lues shown in t<span class=\"_ _2\"></span>hese c<span class=\"_ _2\"></span>onsolida<span class=\"_ _2\"></span>ted finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s. Cre<span class=\"_ _2\"></span>dit sprea<span class=\"_ _2\"></span>ds are the exce<span class=\"_ _2\"></span>ss of corp<span class=\"_ _2\"></span>orate bon<span class=\"_ _2\"></span>d yields over g<span class=\"_ _2\"></span>ilt yields to refle<span class=\"_ _2\"></span>ct the h<span class=\"_ _2\"></span>igher level of risk<span class=\"_ _2\"></span>. Similar<span class=\"_ _2\"></span>ly<span class=\"_ _7\"></span>, t<span class=\"_ _2\"></span>he value of deri<span class=\"_ _2\"></span>vatives that th<span class=\"_ _2\"></span>e Group hol<span class=\"_ _2\"></span>ds takes into acc<span class=\"_ _2\"></span>ount fully th<span class=\"_ _2\"></span>e chang<span class=\"_ _2\"></span>es in swap r<span class=\"_ _2\"></span>ates. There i<span class=\"_ _2\"></span>s an expos<span class=\"_ _2\"></span>ure to spread c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es affe<span class=\"_ _2\"></span>cting th<span class=\"_ _2\"></span>e prices of c<span class=\"_ _2\"></span>orporate b<span class=\"_ _2\"></span>onds an<span class=\"_ _2\"></span>d derivatives<span class=\"_ _2\"></span>. This exp<span class=\"_ _2\"></span>osure app<span class=\"_ _2\"></span>lies to supp<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d with-profit fund<span class=\"_ _2\"></span>s (<span class=\"_ _5\"></span>where r<span class=\"_ _2\"></span>isks and rewa<span class=\"_ _2\"></span>rds fall wholl<span class=\"_ _2\"></span>y to shareh<span class=\"_ _2\"></span>olders), no<span class=\"_ _2\"></span>n-profit fun<span class=\"_ _2\"></span>ds and sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>rs\u2019 funds<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up holds \u00a3<span class=\"_ _2\"></span>18<span class=\"_ _2\"></span>,479 million (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>977 millio<span class=\"_ _2\"></span>n) o<span class=\"_ _5\"></span>f corp<span class=\"_ _2\"></span>orate bon<span class=\"_ _2\"></span>ds which are u<span class=\"_ _2\"></span>sed to ba<span class=\"_ _2\"></span>ck annuit<span class=\"_ _2\"></span>y liabilit<span class=\"_ _2\"></span>ies in non-p<span class=\"_ _2\"></span>rofit funds<span class=\"_ _2\"></span>. The<span class=\"_ _2\"></span>se<span class=\"_ gs132\"> </span>annuit<span class=\"_ _2\"></span>y liabili<span class=\"_ _2\"></span>ties inclu<span class=\"_ _2\"></span>de an agg<span class=\"_ _2\"></span>regate c<span class=\"_ _2\"></span>redit defaul<span class=\"_ _2\"></span>t provision of \u00a33<span class=\"_ _2\"></span>88 milli<span class=\"_ _2\"></span>on (2022: \u00a3<span class=\"_ _2\"></span>305 m<span class=\"_ _2\"></span>illion) to fund ag<span class=\"_ _2\"></span>ainst th<span class=\"_ _2\"></span>e risk of default<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A 10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s widening of cre<span class=\"_ _2\"></span>dit spre<span class=\"_ _2\"></span>ads, w<span class=\"_ _2\"></span>ith all other var<span class=\"_ _2\"></span>iables h<span class=\"_ _2\"></span>eld con<span class=\"_ _2\"></span>stant an<span class=\"_ _2\"></span>d no chan<span class=\"_ _2\"></span>ge in as<span class=\"_ _2\"></span>sumed e<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted defa<span class=\"_ _2\"></span>ults<span class=\"_ _2\"></span>, would resul<span class=\"_ _2\"></span>t in a dec<span class=\"_ _2\"></span>rease in th<span class=\"_ _2\"></span>e profit afte<span class=\"_ _2\"></span>r tax in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of a full financ<span class=\"_ _2\"></span>ial year, and in equit<span class=\"_ _2\"></span>y, of \u00a3357 millio<span class=\"_ _2\"></span>n (2022: \u00a348<span class=\"_ _2\"></span>0 million), and a de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in CSM of \u00a35 million (20<span class=\"_ _2\"></span>22: \u00a36 million).<span class=\"_ _3bc\"> </span>A 10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s narrowing of cre<span class=\"_ _2\"></span>dit sprea<span class=\"_ _2\"></span>ds, w<span class=\"_ _2\"></span>ith all other var<span class=\"_ _2\"></span>iables he<span class=\"_ _2\"></span>ld cons<span class=\"_ _2\"></span>tant an<span class=\"_ _2\"></span>d no chan<span class=\"_ _2\"></span>ge in as<span class=\"_ _2\"></span>sumed ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted defaul<span class=\"_ _2\"></span>ts, wo<span class=\"_ _2\"></span>uld result in a<span class=\"_ _2\"></span>n incre<span class=\"_ _2\"></span>ase in the p<span class=\"_ _2\"></span>rofit after t<span class=\"_ _2\"></span>ax in resp<span class=\"_ _2\"></span>ect of a f<span class=\"_ _2\"></span>ull financia<span class=\"_ _2\"></span>l year<span class=\"_ _7\"></span>, a<span class=\"_ _2\"></span>nd in equit<span class=\"_ _2\"></span>y, of \u00a3<span class=\"_ _7\"></span>4<span class=\"_ _2\"></span>85 millio<span class=\"_ _2\"></span>n (2022: \u00a36<span class=\"_ _2\"></span>26 million), and a<span class=\"_ _2\"></span>n increas<span class=\"_ _2\"></span>e in CSM of \u00a36 million (20<span class=\"_ _2\"></span>22: \u00a31<span class=\"_ _2\"></span>0 million).<span class=\"_ _3bc\"> </span>Credit r<span class=\"_ _2\"></span>isk is man<span class=\"_ _2\"></span>aged by th<span class=\"_ _2\"></span>e monitorin<span class=\"_ _2\"></span>g of aggre<span class=\"_ _2\"></span>gate Group e<span class=\"_ _2\"></span>xposure<span class=\"_ _2\"></span>s to individual c<span class=\"_ _2\"></span>ounterpa<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s and by appro<span class=\"_ _2\"></span>priate credi<span class=\"_ _2\"></span>t risk divers<span class=\"_ _2\"></span>ification<span class=\"_ _2\"></span>. The<span class=\"_ gs132\"> </span>Gro<span class=\"_ _2\"></span>up manag<span class=\"_ _2\"></span>es the leve<span class=\"_ _2\"></span>l of credit risk i<span class=\"_ _2\"></span>t acce<span class=\"_ _2\"></span>pts throu<span class=\"_ _2\"></span>gh credit ri<span class=\"_ _2\"></span>sk toleran<span class=\"_ _2\"></span>ces an<span class=\"_ _2\"></span>d limits (inc<span class=\"_ _2\"></span>luding as<span class=\"_ _2\"></span>set cla<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, indus<span class=\"_ _2\"></span>try an<span class=\"_ _2\"></span>d ge<span class=\"_ _2\"></span>ograp<span class=\"_ _2\"></span>hy limits). Additiona<span class=\"_ _2\"></span>l controls for illiq<span class=\"_ _2\"></span>uid ass<span class=\"_ _2\"></span>et conc<span class=\"_ _2\"></span>entration ri<span class=\"_ _2\"></span>sk are set ou<span class=\"_ _2\"></span>t via spe<span class=\"_ _2\"></span>cific risk limit<span class=\"_ _2\"></span>s within the ri<span class=\"_ _2\"></span>sk appeti<span class=\"_ _2\"></span>te framewor<span class=\"_ _2\"></span>k. Credit r<span class=\"_ _2\"></span>isk on deriva<span class=\"_ _2\"></span>tives and<span class=\"_ gs132\"> </span>s<span class=\"_ _2\"></span>ecuritie<span class=\"_ _2\"></span>s lendin<span class=\"_ _2\"></span>g is mitigate<span class=\"_ _2\"></span>d through t<span class=\"_ _2\"></span>he use of coll<span class=\"_ _2\"></span>ateral with ap<span class=\"_ _2\"></span>propriate h<span class=\"_ _2\"></span>aircuts<span class=\"_ _2\"></span>. Cre<span class=\"_ _2\"></span>dit qual<span class=\"_ _2\"></span>ity of a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>An indic<span class=\"_ _2\"></span>ation of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ex<span class=\"_ _2\"></span>posure to cre<span class=\"_ _2\"></span>dit risk is th<span class=\"_ _2\"></span>e qualit<span class=\"_ _2\"></span>y of the invest<span class=\"_ _2\"></span>ments an<span class=\"_ _2\"></span>d counterp<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>ies with whic<span class=\"_ _2\"></span>h it trans<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s. The foll<span class=\"_ _2\"></span>owing tabl<span class=\"_ _2\"></span>e provides inform<span class=\"_ _2\"></span>ation reg<span class=\"_ _2\"></span>arding the a<span class=\"_ _2\"></span>ggreg<span class=\"_ _2\"></span>ate credit ex<span class=\"_ _2\"></span>posure sp<span class=\"_ _2\"></span>lit by credit r<span class=\"_ _2\"></span>ating.<span class=\"_ _3bc\"> </span><table class=\"s w5df h2d2\" id=\"_b3761a49-b158-47d9-91d0-35df88ac3d88\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc01 h3f y5986 ff7 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc02 h3f y5987 ff7 fsf fc1 sc0 ls0 ws0\">am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc03 h3f y5988 ff7 fsf fc1 sc0 ls81 ws75\">classified </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xa90 h3f y5989 ff7 fsf fc1 sc0 ls0 ws0\">BB a<span class=\"_ _2\"></span>nd </td><td></td><td></td><td></td><td class=\"t m0 x54a h3f y5989 ff7 fsf fc1 sc0 ls0 ws0\">as h<span class=\"_ _2\"></span>eld fo<span class=\"_ _2\"></span>r </td><td></td></tr><tr><td></td><td class=\"t m0 xc04 h3f y598a ff7 fsf fc1 sc0 ls1de ws1e0\">AAA<span class=\"_ _5\"></span> </td><td class=\"t m0 xb2c h3f y598a ff7 fsf fc1 sc0 ls0 ws0\">A<span class=\"_ _2\"></span>A </td><td class=\"t m0 x51d h3f y598a ff7 fsf fc1 sc0 ls0 ws0\">A </td><td class=\"t m0 xc05 h3f y598a ff7 fsf fc1 sc0 lsd5 wsc3\">BBB </td><td class=\"t m0 xc06 h3f y598a ff7 fsf fc1 sc0 ls0 ws0\">be<span class=\"_ _2\"></span>low </td><td class=\"t m0 xc07 h3f y598a ff7 fsf fc1 sc0 ls11f ws106\">Non-rated<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x75e h3f y598a ff7 fsf fc1 sc0 lse3 wscd\">Unit-linked </td><td class=\"t m0 xc08 h3f y598a ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 xc09 h3f y598a ff7 fsf fc1 sc0 ls81 ws75\">sale<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h3f y598a ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h3f y598b ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0a h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0b h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0c h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0d h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0e h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0f h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9cc h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc10 h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc11 h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y598c we8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc12 y598c w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc13 y598c w1a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc14 y598c w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc15 y598c w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc16 y598c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc17 y598c w329 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">245<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc18 y598c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc19 y598c wd0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">24<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1a y598c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1b y598c wd0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">24<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y598d wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1c y598d w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1d y598d w5e0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1e y598d w5d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">736<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1f y598d w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc20 y598d w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc21 y598d w5e1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b0 ws1ac\">662<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc22 y598d w1d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc23 y598d w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc24 y598d w5c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc25 y598d w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2,7<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y598e ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></td><td class=\"c n xc26 y598f w5e2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc27 y598f w5e3 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls8b ws114\">34,1<span class=\"_ _2\"></span>33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc28 y598f w5e4 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a9 ws1a1\">21<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc29 y598f w41f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">14<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2a y598f w14c h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">2,933<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2b y598f w5e5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2c y598f w10d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2d y598f w335 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2e y598f w5e6 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls142 ws125\">(<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2f y598f w5e7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls18c ws172\">9<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>374<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5990 w10a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc30 y5990 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc31 y5990 w5e8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls4b ws122\">2,6<span class=\"_ _2\"></span>90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc32 y5990 w393 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">2,163<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc33 y5990 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc34 y5990 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc35 y5990 w2a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">23<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc36 y5990 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc37 y5990 w5e9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>876<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc38 y5990 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2ef y5990 w5ea h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">4<span class=\"_ _2\"></span>,876<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5991 ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers\u2019 share of inves<span class=\"_ _2\"></span>tment </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y57dc w5eb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc39 y57dc w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3a y57dc w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3b y57dc w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3c y57dc w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3d y57dc w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3e y57dc w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3f y57dc wec h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc40 y57dc wec h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc41 y57dc w2c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>28)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc42 y57dc w300 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">9,672<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y581c w120 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc43 y581c w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc44 y581c w5ec h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">1<span class=\"_ _2\"></span>,2<span class=\"_ _7\"></span>54<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc45 y581c w195 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">4,<span class=\"_ _2\"></span>383<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc46 y581c w17a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">88<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc47 y581c w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc48 y581c w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc49 y581c w1b6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>495<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4a y581c w10d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4b y581c w214 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">(52)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85e y581c w10d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xc26 y55ef w5e2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc27 y55ef w5ed h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">39,394<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4c y55ef w67 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>452<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4d y55ef w5ee h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls9d ws58\">14,<span class=\"_ _2\"></span>857<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4e y55ef w1b8 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">2,<span class=\"_ _2\"></span>933<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4f y55ef w5ef h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls9d ws58\">8<span class=\"_ _2\"></span>,26<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc50 y55ef w5f0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc51 y55ef w3f1 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsb3 wsf4\">119,598<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc52 y55ef w5f1 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>49<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc53 y55ef w5f2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls8b ws114\">118,10<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr></table>1,2<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span> For fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cial a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts th<span class=\"_ _2\"></span>at do not h<span class=\"_ _2\"></span>ave cre<span class=\"_ _2\"></span>dit r<span class=\"_ _2\"></span>ating<span class=\"_ _2\"></span>s as<span class=\"_ _2\"></span>sign<span class=\"_ _2\"></span>ed by ex<span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>nal ra<span class=\"_ _2\"></span>ting<span class=\"_ _2\"></span>s age<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>es, t<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up as<span class=\"_ _2\"></span>sign<span class=\"_ _2\"></span>s inter<span class=\"_ _2\"></span>nal r<span class=\"_ _2\"></span>ating<span class=\"_ _2\"></span>s for us<span class=\"_ _2\"></span>e in ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>emen<span class=\"_ _2\"></span>t and m<span class=\"_ _2\"></span>onito<span class=\"_ _2\"></span>ring of c<span class=\"_ _2\"></span>redi<span class=\"_ _2\"></span>t risk<span class=\"_ _2\"></span>. \u00a31<span class=\"_ _2\"></span>69 m<span class=\"_ _2\"></span>illion o<span class=\"_ _2\"></span>f AA<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, \u00a31<span class=\"_ _2\"></span>,4<span class=\"_ _2\"></span>35 mi<span class=\"_ _2\"></span>llion of A<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, \u00a32<span class=\"_ _2\"></span>,470 mill<span class=\"_ _2\"></span>ion of A<span class=\"_ _2\"></span>, \u00a31<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>19 mi<span class=\"_ _2\"></span>llion of B<span class=\"_ _2\"></span>BB a<span class=\"_ _2\"></span>nd \u00a3247 mil<span class=\"_ _2\"></span>lion of B<span class=\"_ _2\"></span>B and b<span class=\"_ _2\"></span>elow d<span class=\"_ _2\"></span>ebt se<span class=\"_ _2\"></span>cur<span class=\"_ _2\"></span>ities a<span class=\"_ _2\"></span>re inte<span class=\"_ _2\"></span>rnal<span class=\"_ _2\"></span>ly rate<span class=\"_ _2\"></span>d. If a fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>t is nei<span class=\"_ _2\"></span>ther r<span class=\"_ _2\"></span>ated b<span class=\"_ _2\"></span>y an ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al age<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>y nor inte<span class=\"_ _2\"></span>rnal<span class=\"_ _2\"></span>ly rate<span class=\"_ _2\"></span>d, it i<span class=\"_ _2\"></span>s cla<span class=\"_ _2\"></span>ssifi<span class=\"_ _2\"></span>ed as \u2018n<span class=\"_ _2\"></span>on-r<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>\u2019<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>2 <span class=\"_ _2f\"> </span>Non<span class=\"_ _2\"></span>-rat<span class=\"_ _2\"></span>ed de<span class=\"_ _2\"></span>bt sec<span class=\"_ _2\"></span>urit<span class=\"_ _2\"></span>ies in<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>es eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y rele<span class=\"_ _2\"></span>ase m<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tgag<span class=\"_ _2\"></span>es wi<span class=\"_ _2\"></span>th a valu<span class=\"_ _2\"></span>e of \u00a34,4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>6 milli<span class=\"_ _2\"></span>on (fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r deta<span class=\"_ _2\"></span>ils are s<span class=\"_ _2\"></span>et ou<span class=\"_ _2\"></span>t in note E<span class=\"_ _2\"></span>2.3<span class=\"_ _2\"></span>) and n<span class=\"_ _2\"></span>on-r<span class=\"_ _2\"></span>ated b<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span><table class=\"s w29b h2d3\" id=\"_9fdddeea-9bcf-490d-8ada-b2f2c49e20cc\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc01 h16 y5992 ff3 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x5bb h16 y5993 ff3 fsf fc1 sc0 ls82 ws77\">amount<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xa90 h16 y5994 ff3 fsf fc1 sc0 ls0 ws0\">BB a<span class=\"_ _2\"></span>nd </td><td></td><td></td><td></td><td class=\"t m0 x552 h16 y5994 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ssi<span class=\"_ _2\"></span>fied a<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td class=\"t m0 xc54 h16 y5995 ff3 fsf fc1 sc0 ls1df ws1e1\">AAA<span class=\"_ _5\"></span> </td><td class=\"t m0 xc0b h16 y5995 ff3 fsf fc1 sc0 ls0 ws0\">A<span class=\"_ _2\"></span>A </td><td class=\"t m0 x51d h16 y5995 ff3 fsf fc1 sc0 ls0 ws0\">A </td><td class=\"t m0 xc05 h16 y5995 ff3 fsf fc1 sc0 ls86 ws7b\">BBB </td><td class=\"t m0 xc55 h16 y5995 ff3 fsf fc1 sc0 ls0 ws0\">be<span class=\"_ _2\"></span>low </td><td class=\"t m0 xc56 h16 y5995 ff3 fsf fc1 sc0 ls17 ws15\">Non-rated<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa06 h16 y5995 ff3 fsf fc1 sc0 ls82 ws77\">Unit-linked </td><td class=\"t m0 xc08 h16 y5995 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x552 h16 y5995 ff3 fsf fc1 sc0 ls0 ws0\">he<span class=\"_ _2\"></span>ld for s<span class=\"_ _2\"></span>ale </td><td class=\"t m0 x487 h16 y5995 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h16 y5996 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0a h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0b h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0c h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0d h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0e h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0f h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9cc h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc10 h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc11 h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5997 we8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc57 y5997 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc58 y5997 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc59 y5997 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5a y5997 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaee y5997 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5b y5997 w32a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">193<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5c y5997 w1bc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">71<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5d y5997 w2eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">26<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5e y5997 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5f y5997 we9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">268<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5998 wea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1c y5998 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc60 y5998 w5f3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">1<span class=\"_ _2\"></span>,50<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc61 y5998 w5f4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">1<span class=\"_ _2\"></span>,06<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc62 y5998 w192 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc63 y5998 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc64 y5998 wde h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>370<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc65 y5998 w387 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">113<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc66 y5998 wde h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>71<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc67 y5998 w54f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc68 y5998 w168 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">4,068<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5999 ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></td><td class=\"c n xc69 y598f w5f5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls4b ws122\">6,834<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6a y598f w5f6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">26<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>95<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6b y598f w5f7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">1<span class=\"_ _2\"></span>9,0<span class=\"_ _2\"></span>45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6c y598f w5f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">16<span class=\"_ _2\"></span>,238<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6d y598f w212 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">1<span class=\"_ _2\"></span>,929<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6e y598f w5f9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6f y598f w5fa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc70 y598f w5fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">8<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc71 y598f w5fc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,59<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc72 y598f wfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">83,<span class=\"_ _2\"></span>116<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y570f w10a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc73 y570f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc74 y570f w5fd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc75 y570f w141 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,579<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc76 y570f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc77 y570f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc78 y570f w5fe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">74<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc79 y570f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7a y570f wde h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>071<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7b y570f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7c y570f wde h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>071<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y599a ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers\u2019 share of inves<span class=\"_ _2\"></span>tment </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561d w5eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc39 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7d y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7e y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7f y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc80 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc81 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc82 y561d w5ff h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc83 y561d w600 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,<span class=\"_ _2\"></span>09<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc84 y561d w601 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">(<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc85 y561d w102 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,0<span class=\"_ _2\"></span>65<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w120 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc86 y561e w602 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">339<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc87 y561e w603 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,16<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc88 y561e w142 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">5<span class=\"_ _2\"></span>,74<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc89 y561e w17e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">63<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8a y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8b y561e wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8c y561e w5e9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">1<span class=\"_ _2\"></span>,556<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8d y561e w224 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">8<span class=\"_ _2\"></span>,872<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8e y561e w1da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(3<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8f y561e w217 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">8,8<span class=\"_ _2\"></span>39<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xc26 y55ef w604 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc90 y55ef w605 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">31<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc91 y55ef w22c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc92 y55ef w606 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">16<span class=\"_ _2\"></span>,32<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc93 y55ef w607 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>929<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc94 y55ef w24a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>24<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc95 y55ef w608 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>217<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc96 y55ef w609 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">111<span class=\"_ _2\"></span>,082<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc97 y55ef w60a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(1<span class=\"_ _2\"></span>,655<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc98 y55ef w60b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>427<span class=\"_ _3bc\"> </span></div></td></tr></table>2,3<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion of I<span class=\"_ _2\"></span>FRS<span class=\"_ _2\"></span>17 Ins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce Co<span class=\"_ _2\"></span>ntra<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s (see n<span class=\"_ _2\"></span>ote A2<span class=\"_ _2\"></span>.1 for fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r det<span class=\"_ _2\"></span>ails).<span class=\"_ _3bc\"> </span>2 <span class=\"_ _2f\"> </span>For fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s tha<span class=\"_ _2\"></span>t do not h<span class=\"_ _2\"></span>ave cre<span class=\"_ _2\"></span>dit rat<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s ass<span class=\"_ _2\"></span>igne<span class=\"_ _2\"></span>d by ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al rat<span class=\"_ _2\"></span>ings a<span class=\"_ _2\"></span>gen<span class=\"_ _2\"></span>cie<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p ass<span class=\"_ _2\"></span>igns i<span class=\"_ _2\"></span>ntern<span class=\"_ _2\"></span>al rat<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s for use i<span class=\"_ _2\"></span>n man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>ment a<span class=\"_ _2\"></span>nd mo<span class=\"_ _2\"></span>nitor<span class=\"_ _2\"></span>ing of cr<span class=\"_ _2\"></span>edit r<span class=\"_ _2\"></span>isk<span class=\"_ _2\"></span>. \u00a314<span class=\"_ _2\"></span>9 milli<span class=\"_ _2\"></span>on of AA<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, \u00a31<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>83 mil<span class=\"_ _2\"></span>lion of A<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, \u00a31<span class=\"_ _2\"></span>,742 millio<span class=\"_ _2\"></span>n of A<span class=\"_ _2\"></span>, \u00a32,7<span class=\"_ _2\"></span>66 mi<span class=\"_ _2\"></span>llion of B<span class=\"_ _2\"></span>BB an<span class=\"_ _2\"></span>d \u00a33<span class=\"_ _2\"></span>67 mill<span class=\"_ _2\"></span>ion of B<span class=\"_ _2\"></span>B and be<span class=\"_ _2\"></span>low de<span class=\"_ _2\"></span>bt se<span class=\"_ _2\"></span>curi<span class=\"_ _2\"></span>ties a<span class=\"_ _2\"></span>re inte<span class=\"_ _2\"></span>rnall<span class=\"_ _2\"></span>y rate<span class=\"_ _2\"></span>d. If a fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>set i<span class=\"_ _2\"></span>s neit<span class=\"_ _2\"></span>her r<span class=\"_ _2\"></span>ated by a<span class=\"_ _2\"></span>n ext<span class=\"_ _2\"></span>erna<span class=\"_ _2\"></span>l age<span class=\"_ _2\"></span>ncy n<span class=\"_ _2\"></span>or inte<span class=\"_ _2\"></span>rnal<span class=\"_ _2\"></span>ly rate<span class=\"_ _2\"></span>d, it i<span class=\"_ _2\"></span>s cla<span class=\"_ _2\"></span>ssifi<span class=\"_ _2\"></span>ed as \u2018n<span class=\"_ _2\"></span>on-r<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>\u2019<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>3 <span class=\"_ _19\"> </span>N<span class=\"_ _2\"></span>on-r<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>d debt s<span class=\"_ _2\"></span>ecur<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s incl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>s equi<span class=\"_ _2\"></span>ty re<span class=\"_ _2\"></span>lea<span class=\"_ _2\"></span>se mo<span class=\"_ _2\"></span>rtg<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>s with a v<span class=\"_ _2\"></span>alue of \u00a3<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>93<span class=\"_ _2\"></span>4 milli<span class=\"_ _2\"></span>on (fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r det<span class=\"_ _2\"></span>ails ar<span class=\"_ _2\"></span>e set ou<span class=\"_ _2\"></span>t in note E<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>3) and n<span class=\"_ _2\"></span>on-<span class=\"_ _2\"></span>rate<span class=\"_ _2\"></span>d bond<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Credit r<span class=\"_ _2\"></span>atings h<span class=\"_ _2\"></span>ave not bee<span class=\"_ _2\"></span>n disclos<span class=\"_ _2\"></span>ed in the ab<span class=\"_ _2\"></span>ove tables for t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>ets of the unit-linked f<span class=\"_ _2\"></span>unds sinc<span class=\"_ _2\"></span>e the share<span class=\"_ _2\"></span>holder i<span class=\"_ _2\"></span>s not direc<span class=\"_ _2\"></span>tly expos<span class=\"_ _2\"></span>ed to credi<span class=\"_ _2\"></span>t risks from the<span class=\"_ _2\"></span>se ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>. Inclu<span class=\"_ _2\"></span>ded in unit-linked fun<span class=\"_ _2\"></span>ds are ass<span class=\"_ _2\"></span>ets whic<span class=\"_ _2\"></span>h are held a<span class=\"_ _2\"></span>s reinsure<span class=\"_ _2\"></span>d extern<span class=\"_ _2\"></span>al fund links<span class=\"_ _2\"></span>. Unde<span class=\"_ _2\"></span>r cer<span class=\"_ _2\"></span>tain circum<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>, the<span class=\"_ gs132\"> </span>sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>r may be exp<span class=\"_ _2\"></span>osed to lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s relating to the d<span class=\"_ _2\"></span>efault of the rein<span class=\"_ _2\"></span>sured ex<span class=\"_ _2\"></span>ternal f<span class=\"_ _2\"></span>und link. Credit r<span class=\"_ _2\"></span>atings h<span class=\"_ _2\"></span>ave not bee<span class=\"_ _2\"></span>n disclos<span class=\"_ _2\"></span>ed in the ab<span class=\"_ _2\"></span>ove tables for h<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s in uncons<span class=\"_ _2\"></span>olidated c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investm<span class=\"_ _2\"></span>ent sche<span class=\"_ _2\"></span>mes an<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nts in as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>s. The<span class=\"_ gs132\"> </span>c<span class=\"_ _2\"></span>redit qua<span class=\"_ _2\"></span>lity of the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g debt se<span class=\"_ _2\"></span>curities w<span class=\"_ _2\"></span>ithin thes<span class=\"_ _2\"></span>e vehicles is m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed by the s<span class=\"_ _2\"></span>afeguar<span class=\"_ _2\"></span>ds built into the inves<span class=\"_ _2\"></span>tment mandat<span class=\"_ _5\"></span>es fo<span class=\"_ _5\"></span>r these v<span class=\"_ _7\"></span>ehicles.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up maintain<span class=\"_ _2\"></span>s accur<span class=\"_ _2\"></span>ate and con<span class=\"_ _2\"></span>sistent ri<span class=\"_ _2\"></span>sk rating<span class=\"_ _2\"></span>s acros<span class=\"_ _2\"></span>s its as<span class=\"_ _2\"></span>set por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folio. This en<span class=\"_ _2\"></span>ables m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>ment to foc<span class=\"_ _2\"></span>us on the app<span class=\"_ _2\"></span>licable r<span class=\"_ _2\"></span>isks and to<span class=\"_ gs132\"> </span>comp<span class=\"_ _2\"></span>are credit ex<span class=\"_ _2\"></span>posure<span class=\"_ _2\"></span>s across a<span class=\"_ _2\"></span>ll lines of busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>, ge<span class=\"_ _2\"></span>ograp<span class=\"_ _2\"></span>hical re<span class=\"_ _2\"></span>gions an<span class=\"_ _2\"></span>d produc<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. The rating s<span class=\"_ _2\"></span>ystem is s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>ted by a vari<span class=\"_ _2\"></span>ety of finan<span class=\"_ _2\"></span>cial anal<span class=\"_ _2\"></span>ytic<span class=\"_ _2\"></span>s combin<span class=\"_ _2\"></span>ed with m<span class=\"_ _2\"></span>arket inf<span class=\"_ _5\"></span>orma<span class=\"_ _2\"></span>tion to provide the m<span class=\"_ _2\"></span>ain input<span class=\"_ _2\"></span>s for the me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt of counterpa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y risk<span class=\"_ _2\"></span>. All risk ratin<span class=\"_ _2\"></span>gs are tailo<span class=\"_ _2\"></span>red to the vario<span class=\"_ _2\"></span>us cate<span class=\"_ _2\"></span>gories of a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and are as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed an<span class=\"_ _2\"></span>d update<span class=\"_ _2\"></span>d regula<span class=\"_ _2\"></span>rly<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up oper<span class=\"_ _2\"></span>ates an As<span class=\"_ _2\"></span>set Man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent Risk C<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>tee, a Ra<span class=\"_ _2\"></span>ting Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>e and a Por<span class=\"_ _2\"></span>tfolio Cre<span class=\"_ _2\"></span>dit Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>e to monitor an<span class=\"_ _2\"></span>d per<span class=\"_ _2\"></span>form oversig<span class=\"_ _2\"></span>ht of internal cre<span class=\"_ _2\"></span>dit rating<span class=\"_ _2\"></span>s for exte<span class=\"_ _2\"></span>rnally rate<span class=\"_ _2\"></span>d and intern<span class=\"_ _2\"></span>ally rated a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s. A vari<span class=\"_ _2\"></span>ety of me<span class=\"_ _2\"></span>thods are u<span class=\"_ _2\"></span>sed to valid<span class=\"_ _2\"></span>ate the approp<span class=\"_ _2\"></span>riatenes<span class=\"_ _2\"></span>s of credit a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssme<span class=\"_ _2\"></span>nts from ex<span class=\"_ _2\"></span>ternal in<span class=\"_ _2\"></span>stitu<span class=\"_ _2\"></span>tions and f<span class=\"_ _2\"></span>und man<span class=\"_ _2\"></span>ager<span class=\"_ _2\"></span>s. Intern<span class=\"_ _2\"></span>ally rate<span class=\"_ _2\"></span>d asse<span class=\"_ _2\"></span>ts do not have a p<span class=\"_ _2\"></span>ublic rating fro<span class=\"_ _2\"></span>m an exte<span class=\"_ _2\"></span>rnal cre<span class=\"_ _2\"></span>dit as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ment ins<span class=\"_ _2\"></span>titution o<span class=\"_ _2\"></span>r from exte<span class=\"_ _2\"></span>rnal as<span class=\"_ _2\"></span>set man<span class=\"_ _2\"></span>ager<span class=\"_ _2\"></span>s. In<span class=\"_ _2\"></span>stead inte<span class=\"_ _2\"></span>rnal cre<span class=\"_ _2\"></span>dit rating<span class=\"_ _2\"></span>s are use<span class=\"_ _2\"></span>d by the Group whic<span class=\"_ _2\"></span>h are provide<span class=\"_ _2\"></span>d by fund man<span class=\"_ _2\"></span>ager<span class=\"_ _2\"></span>s or for cer<span class=\"_ _2\"></span>tain a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s (in par<span class=\"_ _2\"></span>ticular, equit<span class=\"_ _2\"></span>y relea<span class=\"_ _2\"></span>se mor<span class=\"_ _2\"></span>tga<span class=\"_ _2\"></span>ges an<span class=\"_ _2\"></span>d illiquid ass<span class=\"_ _2\"></span>ets) are dete<span class=\"_ _2\"></span>rmined by th<span class=\"_ _2\"></span>e Life Compan<span class=\"_ _2\"></span>ies. Th<span class=\"_ _2\"></span>e Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>es review th<span class=\"_ _2\"></span>e policie<span class=\"_ _2\"></span>s, pro<span class=\"_ _2\"></span>cess<span class=\"_ _2\"></span>es and p<span class=\"_ _2\"></span>ractic<span class=\"_ _2\"></span>es to ens<span class=\"_ _2\"></span>ure the approp<span class=\"_ _2\"></span>riatenes<span class=\"_ _2\"></span>s of the interna<span class=\"_ _2\"></span>l rating<span class=\"_ _2\"></span>s, and to e<span class=\"_ _2\"></span>nsure they a<span class=\"_ _2\"></span>re in line with reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y requirem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Throu<span class=\"_ _2\"></span>ghout 2<span class=\"_ _2\"></span>023, t<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s taken de-ri<span class=\"_ _2\"></span>sking ac<span class=\"_ _2\"></span>tion to incre<span class=\"_ _2\"></span>ase the over<span class=\"_ _2\"></span>all credit qu<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y of its ass<span class=\"_ _2\"></span>et por<span class=\"_ _2\"></span>tfo<span class=\"_ _2\"></span>lio and mitig<span class=\"_ _2\"></span>ate the impa<span class=\"_ _2\"></span>ct of future d<span class=\"_ _2\"></span>owngra<span class=\"_ _2\"></span>des on risk c<span class=\"_ _2\"></span>apita<span class=\"_ _2\"></span>l. Furth<span class=\"_ _2\"></span>er details a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d in the Risk M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>on of the Strate<span class=\"_ _2\"></span>gic Repo<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has inc<span class=\"_ _2\"></span>rease<span class=\"_ _2\"></span>d expos<span class=\"_ _2\"></span>ure to an array of illiquid cre<span class=\"_ _2\"></span>dit as<span class=\"_ _2\"></span>sets su<span class=\"_ _2\"></span>ch as eq<span class=\"_ _2\"></span>uity re<span class=\"_ _2\"></span>lease m<span class=\"_ _2\"></span>ortg<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>s, lo<span class=\"_ _2\"></span>cal auth<span class=\"_ _2\"></span>orit<span class=\"_ _2\"></span>y loans<span class=\"_ _2\"></span>, so<span class=\"_ _2\"></span>cial hou<span class=\"_ _2\"></span>sing, infras<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ure and com<span class=\"_ _2\"></span>mercia<span class=\"_ _2\"></span>l real es<span class=\"_ _2\"></span>tate loans w<span class=\"_ _2\"></span>ith the aim of ach<span class=\"_ _2\"></span>ieving grea<span class=\"_ _2\"></span>ter diversific<span class=\"_ _2\"></span>ation an<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt returns<span class=\"_ _2\"></span>, consi<span class=\"_ _2\"></span>stent with th<span class=\"_ _2\"></span>e Strate<span class=\"_ _2\"></span>gic As<span class=\"_ _2\"></span>set Alloc<span class=\"_ _2\"></span>ation app<span class=\"_ _2\"></span>roved by the Bo<span class=\"_ _2\"></span>ard.<span class=\"_ _3bc\"> </span>A fur<span class=\"_ _2\"></span>ther in<span class=\"_ _2\"></span>dicator of the qu<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y of the Group\u2019s financia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts is the ex<span class=\"_ _2\"></span>tent to which t<span class=\"_ _2\"></span>hey are neit<span class=\"_ _2\"></span>her pas<span class=\"_ _2\"></span>t due nor im<span class=\"_ _2\"></span>paired. A<span class=\"_ _2\"></span>ll of the amount<span class=\"_ _2\"></span>s in the ta<span class=\"_ _2\"></span>ble above for the c<span class=\"_ _2\"></span>urrent and p<span class=\"_ _2\"></span>rior year are ne<span class=\"_ _2\"></span>ither pa<span class=\"_ _2\"></span>st due n<span class=\"_ _2\"></span>or impaired<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Addition<span class=\"_ _2\"></span>al life comp<span class=\"_ _2\"></span>any asset d<span class=\"_ _2\"></span>isclos<span class=\"_ _2\"></span>ures are inclu<span class=\"_ _2\"></span>ded on pa<span class=\"_ _2\"></span>ge 30<span class=\"_ _2\"></span>6 and in<span class=\"_ _2\"></span>clude inform<span class=\"_ _2\"></span>ation on the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s market exp<span class=\"_ _2\"></span>osure anal<span class=\"_ _2\"></span>ysed by cre<span class=\"_ _2\"></span>dit ratin<span class=\"_ _2\"></span>g, se<span class=\"_ _2\"></span>ctor and c<span class=\"_ _2\"></span>ountr<span class=\"_ _2\"></span>y of expos<span class=\"_ _2\"></span>ure for the share<span class=\"_ _2\"></span>holder d<span class=\"_ _2\"></span>ebt por<span class=\"_ _2\"></span>tfoli<span class=\"_ _2\"></span>o.<span class=\"_ _3bc\"> </span>Cre<span class=\"_ _2\"></span>dit risk of fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial liab<span class=\"_ _2\"></span>ilities de<span class=\"_ _2\"></span>sign<span class=\"_ _2\"></span>ated at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir value of investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>cts a<span class=\"_ _2\"></span>nd net as<span class=\"_ _2\"></span>set valu<span class=\"_ _2\"></span>e attrib<span class=\"_ _2\"></span>utable to uni<span class=\"_ _2\"></span>tholder<span class=\"_ _2\"></span>s liabilitie<span class=\"_ _2\"></span>s are determin<span class=\"_ _2\"></span>ed bas<span class=\"_ _2\"></span>ed upon th<span class=\"_ _2\"></span>e per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e of the as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s backin<span class=\"_ _2\"></span>g those lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>. This has th<span class=\"_ _2\"></span>e effec<span class=\"_ _2\"></span>t that th<span class=\"_ _2\"></span>e fair value of the lia<span class=\"_ _2\"></span>bility p<span class=\"_ _2\"></span>rimarily refl<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s ass<span class=\"_ _2\"></span>et-spec<span class=\"_ _2\"></span>ific per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce risk rat<span class=\"_ _2\"></span>her than c<span class=\"_ _2\"></span>redit risk<span class=\"_ _2\"></span>. As a resul<span class=\"_ _2\"></span>t, the valu<span class=\"_ _2\"></span>e of credit risk a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated wit<span class=\"_ _2\"></span>h financia<span class=\"_ _2\"></span>l liabilities de<span class=\"_ _2\"></span>signate<span class=\"_ _2\"></span>d at FV<span class=\"_ _2\"></span>TPL is n<span class=\"_ _2\"></span>ot conside<span class=\"_ _2\"></span>red to be sig<span class=\"_ _2\"></span>nificant<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Con<span class=\"_ _2\"></span>cent<span class=\"_ _2\"></span>ration of c<span class=\"_ _2\"></span>redit ri<span class=\"_ _2\"></span>sk<span class=\"_ _3bc\"> </span>Con<span class=\"_ _2\"></span>centrat<span class=\"_ _2\"></span>ion of credit ris<span class=\"_ _2\"></span>k might exis<span class=\"_ _2\"></span>t where the G<span class=\"_ _2\"></span>roup has si<span class=\"_ _2\"></span>gnificant e<span class=\"_ _2\"></span>xposure to an in<span class=\"_ _2\"></span>dividual c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y or a group of c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>ties wi<span class=\"_ _2\"></span>th similar<span class=\"_ gs132\"> </span>e<span class=\"_ _2\"></span>cono<span class=\"_ _2\"></span>mic chara<span class=\"_ _2\"></span>cteris<span class=\"_ _2\"></span>tics t<span class=\"_ _2\"></span>hat would c<span class=\"_ _2\"></span>ause th<span class=\"_ _2\"></span>eir abilit<span class=\"_ _2\"></span>y to meet c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual obli<span class=\"_ _2\"></span>gations to b<span class=\"_ _2\"></span>e similarly af<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>ted by chan<span class=\"_ _2\"></span>ges in e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c and oth<span class=\"_ _2\"></span>er<span class=\"_ gs132\"> </span>condit<span class=\"_ _2\"></span>ions. T<span class=\"_ _2\"></span>he Group h<span class=\"_ _2\"></span>as mos<span class=\"_ _2\"></span>t of its counte<span class=\"_ _2\"></span>rpar<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k within its life b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s and is mo<span class=\"_ _2\"></span>nitored by the G<span class=\"_ _2\"></span>roup Co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>ty C<span class=\"_ _2\"></span>redit Risk Framework c<span class=\"_ _2\"></span>ontaine<span class=\"_ _2\"></span>d within the G<span class=\"_ _2\"></span>roup Credit R<span class=\"_ _2\"></span>isk Policy. It is fur<span class=\"_ _2\"></span>ther provi<span class=\"_ _2\"></span>ded for in inves<span class=\"_ _2\"></span>tment man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s, overl<span class=\"_ _2\"></span>aid by reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y requirem<span class=\"_ _2\"></span>ents an<span class=\"_ _2\"></span>d the monitor<span class=\"_ _2\"></span>ing of aggre<span class=\"_ _2\"></span>gate co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y exposure<span class=\"_ _2\"></span>s acros<span class=\"_ _2\"></span>s the Group a<span class=\"_ _2\"></span>gains<span class=\"_ _2\"></span>t additio<span class=\"_ _2\"></span>nal Group c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y limits<span class=\"_ _2\"></span>. Co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y risk in resp<span class=\"_ _2\"></span>ect of OT<span class=\"_ _5\"></span>C derivat<span class=\"_ _2\"></span>ive counterpa<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s is monitore<span class=\"_ _2\"></span>d using a Potential Fut<span class=\"_ _2\"></span>ure Exp<span class=\"_ _2\"></span>osure (\u2018<span class=\"_ _2\"></span>PFE\u2019<span class=\"_ _2\"></span>) value me<span class=\"_ _2\"></span>tric.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is also ex<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>d to conce<span class=\"_ _2\"></span>ntration ris<span class=\"_ _2\"></span>k with out<span class=\"_ _2\"></span>source p<span class=\"_ _2\"></span>artn<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up operate<span class=\"_ _2\"></span>s a<span class=\"_ gs132\"> </span>policy to m<span class=\"_ _2\"></span>anage o<span class=\"_ _2\"></span>utso<span class=\"_ _2\"></span>urcer se<span class=\"_ _2\"></span>rvi<span class=\"_ _2\"></span>ce counter<span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>y expo<span class=\"_ _2\"></span>sures and th<span class=\"_ _2\"></span>e impac<span class=\"_ _2\"></span>t from default i<span class=\"_ _2\"></span>s reviewed re<span class=\"_ _2\"></span>gularly by exe<span class=\"_ _2\"></span>cutive com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>es and m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d throug<span class=\"_ _2\"></span>h stres<span class=\"_ _2\"></span>s and sc<span class=\"_ _2\"></span>enario te<span class=\"_ _2\"></span>sting<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Reinsu<span class=\"_ _5\"></span>rance<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is expos<span class=\"_ _2\"></span>ed to cre<span class=\"_ _2\"></span>dit risk as a re<span class=\"_ _2\"></span>sult of insuran<span class=\"_ _2\"></span>ce risk tr<span class=\"_ _2\"></span>ansfer c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts with rein<span class=\"_ _2\"></span>surers<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>olicy is to pl<span class=\"_ _2\"></span>ace reins<span class=\"_ _2\"></span>urance o<span class=\"_ _2\"></span>nly with hig<span class=\"_ _2\"></span>hly rated c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>ties (minim<span class=\"_ _2\"></span>um rating re<span class=\"_ _2\"></span>quirement of A-)<span class=\"_ _5\"></span>. The G<span class=\"_ _2\"></span>roup rest<span class=\"_ _2\"></span>ricts c<span class=\"_ _2\"></span>once<span class=\"_ _2\"></span>ntration with in<span class=\"_ _2\"></span>dividual ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al reinsurer<span class=\"_ _2\"></span>s by spe<span class=\"_ _2\"></span>cif<span class=\"_ _2\"></span>ying limit<span class=\"_ _2\"></span>s on cedin<span class=\"_ _2\"></span>g and minimum c<span class=\"_ _2\"></span>ondition<span class=\"_ _2\"></span>s for acce<span class=\"_ _2\"></span>ptanc<span class=\"_ _2\"></span>e and retention of rein<span class=\"_ _2\"></span>surers<span class=\"_ _2\"></span>. In rec<span class=\"_ _2\"></span>ent year<span class=\"_ _2\"></span>s the Group h<span class=\"_ _2\"></span>as made p<span class=\"_ _2\"></span>rogres<span class=\"_ _2\"></span>s in incre<span class=\"_ _2\"></span>asing the n<span class=\"_ _2\"></span>umber of<span class=\"_ gs132\"> </span>rein<span class=\"_ _2\"></span>surers it t<span class=\"_ _2\"></span>ransa<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>th, however, an elem<span class=\"_ _2\"></span>ent of conc<span class=\"_ _2\"></span>entration re<span class=\"_ _2\"></span>mains due to th<span class=\"_ _2\"></span>e nature of the re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce market and th<span class=\"_ _2\"></span>e restric<span class=\"_ _2\"></span>ted ran<span class=\"_ _2\"></span>ge of reinsure<span class=\"_ _2\"></span>rs availabl<span class=\"_ _2\"></span>e. The Gro<span class=\"_ _2\"></span>up manag<span class=\"_ _2\"></span>es its e<span class=\"_ _2\"></span>xposure to rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e credit ri<span class=\"_ _2\"></span>sk throug<span class=\"_ _2\"></span>h the oper<span class=\"_ _2\"></span>ation of a credi<span class=\"_ _2\"></span>t polic<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, c<span class=\"_ _2\"></span>ollatera<span class=\"_ _2\"></span>lisation<span class=\"_ _2\"></span>, and reg<span class=\"_ _2\"></span>ular moni<span class=\"_ _2\"></span>toring of expo<span class=\"_ _2\"></span>sures at the Re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce Man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent Comm<span class=\"_ _2\"></span>itte<span class=\"_ _2\"></span>e and other c<span class=\"_ _2\"></span>redit foc<span class=\"_ _2\"></span>used c<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>tees<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Collateral<span class=\"_ _3bc\"> </span>The cre<span class=\"_ _2\"></span>dit risk of the G<span class=\"_ _2\"></span>roup is mitig<span class=\"_ _2\"></span>ated, in c<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>ain circums<span class=\"_ _2\"></span>tan<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>, by entering into co<span class=\"_ _2\"></span>llateral ag<span class=\"_ _2\"></span>reem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. The amo<span class=\"_ _2\"></span>unt and t<span class=\"_ _2\"></span>ype of collate<span class=\"_ _2\"></span>ral require<span class=\"_ _2\"></span>d depe<span class=\"_ _2\"></span>nds on an as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of th<span class=\"_ _2\"></span>e credit ris<span class=\"_ _2\"></span>k of the counterp<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y. Guidelin<span class=\"_ _2\"></span>es are imple<span class=\"_ _2\"></span>mented re<span class=\"_ _2\"></span>gardin<span class=\"_ _2\"></span>g the acc<span class=\"_ _2\"></span>eptabilit<span class=\"_ _2\"></span>y of t<span class=\"_ _2\"></span>ypes of collate<span class=\"_ _2\"></span>ral and th<span class=\"_ _2\"></span>e valuation p<span class=\"_ _2\"></span>aramete<span class=\"_ _2\"></span>rs. C<span class=\"_ _2\"></span>ollatera<span class=\"_ _2\"></span>l is mainly obt<span class=\"_ _2\"></span>ained in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of stock l<span class=\"_ _2\"></span>ending<span class=\"_ _2\"></span>, cer<span class=\"_ _2\"></span>tain re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts and to provide s<span class=\"_ _2\"></span>ecurit<span class=\"_ _2\"></span>y ag<span class=\"_ _2\"></span>ainst th<span class=\"_ _2\"></span>e daily mar<span class=\"_ _2\"></span>k to model va<span class=\"_ _2\"></span>lue of derivative fin<span class=\"_ _2\"></span>ancial in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. Mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt monitors t<span class=\"_ _2\"></span>he market value of the c<span class=\"_ _2\"></span>ollatera<span class=\"_ _2\"></span>l rec<span class=\"_ _2\"></span>eived, re<span class=\"_ _2\"></span>ques<span class=\"_ _2\"></span>ts addi<span class=\"_ _2\"></span>tional co<span class=\"_ _2\"></span>llateral wh<span class=\"_ _2\"></span>en nee<span class=\"_ _2\"></span>ded<span class=\"_ _2\"></span>, and per<span class=\"_ _2\"></span>forms an im<span class=\"_ _2\"></span>pairment va<span class=\"_ _2\"></span>luation wh<span class=\"_ _2\"></span>en impairm<span class=\"_ _2\"></span>ent indica<span class=\"_ _2\"></span>tors exis<span class=\"_ _2\"></span>t and the as<span class=\"_ _2\"></span>set is not fully s<span class=\"_ _2\"></span>ecure<span class=\"_ _2\"></span>d and is not c<span class=\"_ _2\"></span>arrie<span class=\"_ _2\"></span>d at fair value. S<span class=\"_ _2\"></span>ee<span class=\"_ gs132\"> </span>note E4 for fur<span class=\"_ _2\"></span>ther inform<span class=\"_ _2\"></span>ation on co<span class=\"_ _2\"></span>llateral arr<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>ments<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>E6<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>2 Ma<span class=\"_ _2\"></span>rket risk<span class=\"_ _3bc\"> </span>Market risk i<span class=\"_ _2\"></span>s defined a<span class=\"_ _2\"></span>s the risk of red<span class=\"_ _2\"></span>uctions in e<span class=\"_ _2\"></span>arning<span class=\"_ _2\"></span>s and/<span class=\"_ _7\"></span>or val<span class=\"_ _2\"></span>ue, throu<span class=\"_ _2\"></span>gh financ<span class=\"_ _2\"></span>ial or repu<span class=\"_ _2\"></span>tationa<span class=\"_ _2\"></span>l loss<span class=\"_ _2\"></span>, from unfavourab<span class=\"_ _2\"></span>le market moveme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>. The<span class=\"_ gs132\"> </span>risk t<span class=\"_ _2\"></span>ypic<span class=\"_ _2\"></span>ally arise<span class=\"_ _2\"></span>s from expo<span class=\"_ _2\"></span>sure to equit<span class=\"_ _2\"></span>y, proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y and fixed in<span class=\"_ _2\"></span>come a<span class=\"_ _2\"></span>sset cl<span class=\"_ _2\"></span>asse<span class=\"_ _2\"></span>s and the im<span class=\"_ _2\"></span>pact of ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in interest r<span class=\"_ _2\"></span>ates, inflation r<span class=\"_ _2\"></span>ates and c<span class=\"_ _2\"></span>urrency exc<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e rates.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is mainly e<span class=\"_ _2\"></span>xpose<span class=\"_ _2\"></span>d to market risk as a re<span class=\"_ _2\"></span>sult of:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e mismatc<span class=\"_ _2\"></span>h bet<span class=\"_ _2\"></span>ween liabili<span class=\"_ _2\"></span>ty profil<span class=\"_ _2\"></span>es and the re<span class=\"_ _2\"></span>lated as<span class=\"_ _2\"></span>set inves<span class=\"_ _2\"></span>tment po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folios;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt of surplus as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s includin<span class=\"_ _2\"></span>g shareh<span class=\"_ _2\"></span>older res<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ves yet to be dist<span class=\"_ _2\"></span>ributed<span class=\"_ _2\"></span>, surplus as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s within the wit<span class=\"_ _2\"></span>h-profit fund<span class=\"_ _2\"></span>s and as<span class=\"_ _2\"></span>sets h<span class=\"_ _2\"></span>eld to mee<span class=\"_ _2\"></span>t regulato<span class=\"_ _2\"></span>ry c<span class=\"_ _2\"></span>apital an<span class=\"_ _2\"></span>d solven<span class=\"_ _2\"></span>cy require<span class=\"_ _2\"></span>ments<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e incom<span class=\"_ _2\"></span>e flow of mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt charge<span class=\"_ _2\"></span>s derived f<span class=\"_ _2\"></span>rom the value of inves<span class=\"_ _2\"></span>ted as<span class=\"_ _2\"></span>sets of the b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up mana<span class=\"_ _2\"></span>ges the l<span class=\"_ _2\"></span>evels of market risk tha<span class=\"_ _2\"></span>t it acce<span class=\"_ _2\"></span>pts throu<span class=\"_ _2\"></span>gh the ope<span class=\"_ _2\"></span>ration of a mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t risk polic<span class=\"_ _2\"></span>y using a num<span class=\"_ _2\"></span>ber of control<span class=\"_ _2\"></span>s and tech<span class=\"_ _2\"></span>niques inc<span class=\"_ _2\"></span>luding:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>efined lis<span class=\"_ _2\"></span>ts of per<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>d sec<span class=\"_ _2\"></span>urities and<span class=\"_ _2\"></span>/<span class=\"_ _6\"></span>or a<span class=\"_ _2\"></span>pplicat<span class=\"_ _2\"></span>ion of investme<span class=\"_ _2\"></span>nt cons<span class=\"_ _2\"></span>traints an<span class=\"_ _2\"></span>d por<span class=\"_ _2\"></span>tfolio lim<span class=\"_ _2\"></span>its;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls18 ws16\">cle<span class=\"_ _2\"></span>arly defined in<span class=\"_ _5\"></span>vestment benc<span class=\"_ _2\"></span>hmarks f<span class=\"_ _5\"></span>or policyholder and shareholder funds<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tocha<span class=\"_ _2\"></span>stic an<span class=\"_ _2\"></span>d determinis<span class=\"_ _2\"></span>tic ass<span class=\"_ _2\"></span>et/li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y modellin<span class=\"_ _2\"></span>g;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>ctive use of de<span class=\"_ _2\"></span>rivatives to imp<span class=\"_ _2\"></span>rove the matching c<span class=\"_ _2\"></span>harac<span class=\"_ _2\"></span>teris<span class=\"_ _2\"></span>tics of as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabilitie<span class=\"_ _2\"></span>s and to reduc<span class=\"_ _2\"></span>e the risk ex<span class=\"_ _2\"></span>posure of a po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folio; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ettin<span class=\"_ _2\"></span>g risk limit<span class=\"_ _2\"></span>s for main mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t risks and ma<span class=\"_ _2\"></span>nagin<span class=\"_ _2\"></span>g exposure<span class=\"_ _2\"></span>s again<span class=\"_ _2\"></span>st the<span class=\"_ _2\"></span>se appet<span class=\"_ _2\"></span>ites.<span class=\"_ _3bc\"> </span>All ope<span class=\"_ _2\"></span>rations c<span class=\"_ _2\"></span>omply with re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s relating to th<span class=\"_ _2\"></span>e taking of m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et risk<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>As<span class=\"_ _2\"></span>sets in th<span class=\"_ _2\"></span>e shareh<span class=\"_ _2\"></span>older fun<span class=\"_ _2\"></span>ds are man<span class=\"_ _2\"></span>aged a<span class=\"_ _2\"></span>gains<span class=\"_ _2\"></span>t ben<span class=\"_ _2\"></span>chmarks th<span class=\"_ _2\"></span>at ensure th<span class=\"_ _2\"></span>ey are diversifi<span class=\"_ _2\"></span>ed acro<span class=\"_ _2\"></span>ss a ran<span class=\"_ _2\"></span>ge of ass<span class=\"_ _2\"></span>et clas<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>, instr<span class=\"_ _2\"></span>uments and g<span class=\"_ _2\"></span>eogr<span class=\"_ _2\"></span>aphies th<span class=\"_ _2\"></span>at are approp<span class=\"_ _2\"></span>riate to the liabiliti<span class=\"_ _2\"></span>es of the fund<span class=\"_ _2\"></span>s or are held to m<span class=\"_ _2\"></span>atch the c<span class=\"_ _2\"></span>ash flows antic<span class=\"_ _2\"></span>ipated to aris<span class=\"_ _2\"></span>e in the bus<span class=\"_ _2\"></span>iness<span class=\"_ _2\"></span>. A comb<span class=\"_ _2\"></span>ination of<span class=\"_ gs132\"> </span>limit<span class=\"_ _2\"></span>s by name of iss<span class=\"_ _2\"></span>uer, sector, geo<span class=\"_ _2\"></span>graphic<span class=\"_ _2\"></span>al reg<span class=\"_ _2\"></span>ion and cre<span class=\"_ _2\"></span>dit rating a<span class=\"_ _2\"></span>re used wh<span class=\"_ _2\"></span>ere relevant to re<span class=\"_ _2\"></span>duce co<span class=\"_ _2\"></span>ncentr<span class=\"_ _2\"></span>ation risk among the<span class=\"_ _5\"></span> assets held.<span class=\"_ _3bc\"> </span>The as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s of the par<span class=\"_ _2\"></span>ticipatin<span class=\"_ _2\"></span>g busine<span class=\"_ _2\"></span>ss are prin<span class=\"_ _2\"></span>cipally m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>d to suppo<span class=\"_ _2\"></span>rt the li<span class=\"_ _2\"></span>abilities of the p<span class=\"_ _2\"></span>arti<span class=\"_ _2\"></span>cipating b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s and are app<span class=\"_ _2\"></span>ropriately divers<span class=\"_ _2\"></span>ified by<span class=\"_ gs132\"> </span>both a<span class=\"_ _2\"></span>sset cl<span class=\"_ _2\"></span>ass an<span class=\"_ _2\"></span>d geo<span class=\"_ _2\"></span>graphy, consid<span class=\"_ _2\"></span>ering:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e econ<span class=\"_ _2\"></span>omic liabilit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d how this varie<span class=\"_ _2\"></span>s with market con<span class=\"_ _2\"></span>ditions;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e nee<span class=\"_ _2\"></span>d to invest as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>ting par<span class=\"_ _2\"></span>ticip<span class=\"_ _2\"></span>ating bus<span class=\"_ _2\"></span>iness in a m<span class=\"_ _2\"></span>anner c<span class=\"_ _2\"></span>onsis<span class=\"_ _2\"></span>tent with the pa<span class=\"_ _2\"></span>rticip<span class=\"_ _2\"></span>ating poli<span class=\"_ _2\"></span>cyhold<span class=\"_ _2\"></span>ers\u2019 reas<span class=\"_ _2\"></span>onable expe<span class=\"_ _2\"></span>ctat<span class=\"_ _2\"></span>ions and Prin<span class=\"_ _2\"></span>ciples an<span class=\"_ _2\"></span>d Prac<span class=\"_ _2\"></span>tices of Fina<span class=\"_ _2\"></span>ncial M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement (<span class=\"_ _2\"></span>\u2018PPFM<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>); and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e nee<span class=\"_ _2\"></span>d to ensure th<span class=\"_ _2\"></span>at regula<span class=\"_ _2\"></span>tory an<span class=\"_ _2\"></span>d capit<span class=\"_ _2\"></span>al require<span class=\"_ _2\"></span>ments a<span class=\"_ _2\"></span>re met.<span class=\"_ _3bc\"> </span>In pra<span class=\"_ _2\"></span>ctice<span class=\"_ _2\"></span>, an elem<span class=\"_ _2\"></span>ent of market risk aris<span class=\"_ _2\"></span>es as a co<span class=\"_ _2\"></span>nsequ<span class=\"_ _2\"></span>ence of the n<span class=\"_ _2\"></span>eed to b<span class=\"_ _2\"></span>alanc<span class=\"_ _2\"></span>e these c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>rations<span class=\"_ _2\"></span>, for exampl<span class=\"_ _2\"></span>e, in cer<span class=\"_ _2\"></span>tain in<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces par<span class=\"_ _2\"></span>ticipat<span class=\"_ _2\"></span>ing polic<span class=\"_ _2\"></span>yholder<span class=\"_ _2\"></span>s may exp<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>at equit<span class=\"_ _2\"></span>y market risk will b<span class=\"_ _2\"></span>e taken on their b<span class=\"_ _2\"></span>ehalf, and d<span class=\"_ _2\"></span>erivative ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s may be us<span class=\"_ _2\"></span>ed to manage these<span class=\"_ _5\"></span> risk<span class=\"_ _5\"></span>s.<span class=\"_ _3bc\"> </span>Markets re<span class=\"_ _2\"></span>main volatile p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>icularly g<span class=\"_ _2\"></span>iven geo<span class=\"_ _2\"></span>politic<span class=\"_ _2\"></span>al tension<span class=\"_ _2\"></span>s, he<span class=\"_ _2\"></span>ightene<span class=\"_ _2\"></span>d inflation<span class=\"_ _2\"></span>, and ac<span class=\"_ _2\"></span>tion by centra<span class=\"_ _2\"></span>l banks to red<span class=\"_ _2\"></span>uce inflatio<span class=\"_ _2\"></span>nar<span class=\"_ _2\"></span>y press<span class=\"_ _2\"></span>ures on ec<span class=\"_ _2\"></span>onomie<span class=\"_ _2\"></span>s whilst b<span class=\"_ _2\"></span>alancin<span class=\"_ _2\"></span>g the nee<span class=\"_ _2\"></span>d to aid pos<span class=\"_ _2\"></span>t-pande<span class=\"_ _2\"></span>mic recover<span class=\"_ _2\"></span>y. This is note<span class=\"_ _2\"></span>d in the Strate<span class=\"_ _2\"></span>gic Repo<span class=\"_ _2\"></span>rt prin<span class=\"_ _2\"></span>cipal ris<span class=\"_ _2\"></span>k sec<span class=\"_ _2\"></span>tion.<span class=\"_ _3bc\"> </span>Inte<span class=\"_ _2\"></span>rest r<span class=\"_ _2\"></span>ate and in<span class=\"_ _2\"></span>flation r<span class=\"_ _2\"></span>isk<span class=\"_ _3bc\"> </span>Interes<span class=\"_ _2\"></span>t rate risk is t<span class=\"_ _2\"></span>he risk that t<span class=\"_ _2\"></span>he fair value of f<span class=\"_ _2\"></span>uture cas<span class=\"_ _2\"></span>h flows of a finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument will fl<span class=\"_ _2\"></span>uctua<span class=\"_ _2\"></span>te relative to the res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tive liabilit<span class=\"_ _2\"></span>y due to the impac<span class=\"_ _2\"></span>t of chan<span class=\"_ _2\"></span>ges in mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t interest r<span class=\"_ _2\"></span>ates on the val<span class=\"_ _2\"></span>ue of interest-be<span class=\"_ _2\"></span>aring as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and on the val<span class=\"_ _2\"></span>ue of future gu<span class=\"_ _2\"></span>arantee<span class=\"_ _2\"></span>s provided un<span class=\"_ _2\"></span>der cer<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>in contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s of insuranc<span class=\"_ _2\"></span>e. The pa<span class=\"_ _2\"></span>ragra<span class=\"_ _2\"></span>phs in this se<span class=\"_ _2\"></span>ction al<span class=\"_ _2\"></span>so apply to infl<span class=\"_ _2\"></span>ation risk<span class=\"_ _2\"></span>, but refere<span class=\"_ _2\"></span>nces to fixe<span class=\"_ _2\"></span>d rate ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabilities wo<span class=\"_ _2\"></span>uld be repla<span class=\"_ _2\"></span>ced wit<span class=\"_ _2\"></span>h index-linked as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is require<span class=\"_ _2\"></span>d to mana<span class=\"_ _2\"></span>ge its intere<span class=\"_ _2\"></span>st rate exp<span class=\"_ _2\"></span>osures in lin<span class=\"_ _2\"></span>e with qualit<span class=\"_ _2\"></span>ative risk app<span class=\"_ _2\"></span>etite st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s, qua<span class=\"_ _2\"></span>ntitative risk m<span class=\"_ _2\"></span>etric<span class=\"_ _2\"></span>s and any addit<span class=\"_ _2\"></span>ional he<span class=\"_ _2\"></span>dging b<span class=\"_ _2\"></span>enchm<span class=\"_ _2\"></span>arks. Inte<span class=\"_ _2\"></span>rest rate ri<span class=\"_ _2\"></span>sk is mana<span class=\"_ _2\"></span>ged by m<span class=\"_ _2\"></span>atching as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s where pr<span class=\"_ _2\"></span>actic<span class=\"_ _2\"></span>able and by e<span class=\"_ _2\"></span>ntering into deri<span class=\"_ _2\"></span>vative arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts for he<span class=\"_ _2\"></span>dging p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>s where app<span class=\"_ _2\"></span>ropriate. Thi<span class=\"_ _2\"></span>s is par<span class=\"_ _2\"></span>ticularl<span class=\"_ _2\"></span>y the cas<span class=\"_ _2\"></span>e for the non<span class=\"_ _2\"></span>-par<span class=\"_ _2\"></span>ticipating f<span class=\"_ _2\"></span>unds and s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>ted pa<span class=\"_ _2\"></span>rticip<span class=\"_ _2\"></span>ating fund<span class=\"_ _2\"></span>s. For unsup<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>ting busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>, some e<span class=\"_ _2\"></span>lement of inves<span class=\"_ _2\"></span>tment mi<span class=\"_ _2\"></span>smatchin<span class=\"_ _2\"></span>g is permit<span class=\"_ _2\"></span>ted wh<span class=\"_ _2\"></span>ere it is con<span class=\"_ _2\"></span>sistent wi<span class=\"_ _2\"></span>th the princ<span class=\"_ _2\"></span>iples of treatin<span class=\"_ _2\"></span>g custo<span class=\"_ _2\"></span>mers fa<span class=\"_ _2\"></span>irly<span class=\"_ _5\"></span>. The<span class=\"_ gs132\"> </span>wi<span class=\"_ _2\"></span>th-profit fun<span class=\"_ _2\"></span>ds of the Group provi<span class=\"_ _2\"></span>de capit<span class=\"_ _2\"></span>al to allow such m<span class=\"_ _2\"></span>ismatchin<span class=\"_ _2\"></span>g to be effe<span class=\"_ _2\"></span>cted<span class=\"_ _2\"></span>. In prac<span class=\"_ _2\"></span>tice, th<span class=\"_ _2\"></span>e life comp<span class=\"_ _2\"></span>anies of the G<span class=\"_ _2\"></span>roup mainta<span class=\"_ _2\"></span>in an<span class=\"_ gs132\"> </span>appropri<span class=\"_ _2\"></span>ate mix of fixed an<span class=\"_ _2\"></span>d variable ra<span class=\"_ _2\"></span>te instrum<span class=\"_ _2\"></span>ents ac<span class=\"_ _2\"></span>cording to th<span class=\"_ _2\"></span>e underl<span class=\"_ _2\"></span>ying insur<span class=\"_ _2\"></span>ance or inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and will review thi<span class=\"_ _2\"></span>s at regula<span class=\"_ _2\"></span>r interva<span class=\"_ _2\"></span>ls to ensure th<span class=\"_ _2\"></span>at overall expo<span class=\"_ _2\"></span>sure is kept within the ri<span class=\"_ _2\"></span>sk profile agre<span class=\"_ _2\"></span>ed for ea<span class=\"_ _2\"></span>ch par<span class=\"_ _2\"></span>ticula<span class=\"_ _2\"></span>r fund. Thi<span class=\"_ _2\"></span>s also re<span class=\"_ _2\"></span>quires the m<span class=\"_ _2\"></span>aturit<span class=\"_ _2\"></span>y profile of the<span class=\"_ _2\"></span>se ass<span class=\"_ _2\"></span>ets to be m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed in line with t<span class=\"_ _2\"></span>he liabilitie<span class=\"_ _2\"></span>s to policyh<span class=\"_ _2\"></span>older<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The s<span class=\"_ _2\"></span>ensitivit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>alysis for intere<span class=\"_ _2\"></span>st rate an<span class=\"_ _2\"></span>d inflation ris<span class=\"_ _2\"></span>k indicates h<span class=\"_ _2\"></span>ow chan<span class=\"_ _2\"></span>ges in the f<span class=\"_ _2\"></span>air value or fu<span class=\"_ _2\"></span>ture cas<span class=\"_ _2\"></span>h flows of a financ<span class=\"_ _2\"></span>ial instr<span class=\"_ _2\"></span>ument arisin<span class=\"_ _2\"></span>g from chan<span class=\"_ _2\"></span>ges in ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et interes<span class=\"_ _2\"></span>t and inflat<span class=\"_ _2\"></span>ion rates at th<span class=\"_ _2\"></span>e repor<span class=\"_ _2\"></span>ting date re<span class=\"_ _2\"></span>sult in a chan<span class=\"_ _2\"></span>ge in profit af<span class=\"_ _2\"></span>ter ta<span class=\"_ _2\"></span>x, eq<span class=\"_ _2\"></span>uity a<span class=\"_ _2\"></span>nd CS<span class=\"_ _2\"></span>M. It t<span class=\"_ _2\"></span>ak<span class=\"_ _5\"></span>es into acc<span class=\"_ _2\"></span>ount the ef<span class=\"_ _2\"></span>fect of s<span class=\"_ _2\"></span>uch chan<span class=\"_ _2\"></span>ges in ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et interes<span class=\"_ _2\"></span>t and inflat<span class=\"_ _2\"></span>ion rates on all a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liabili<span class=\"_ _2\"></span>ties that c<span class=\"_ _2\"></span>ontribute to the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s repo<span class=\"_ _2\"></span>rte<span class=\"_ _2\"></span>d profit af<span class=\"_ _2\"></span>ter tax an<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y. Change<span class=\"_ _2\"></span>s in the value of th<span class=\"_ _2\"></span>e Group\u2019s holdings in s<span class=\"_ _2\"></span>waptions a<span class=\"_ _2\"></span>s a result of time d<span class=\"_ _2\"></span>ecay or c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es to interest r<span class=\"_ _2\"></span>ate volatilit<span class=\"_ _2\"></span>y are not c<span class=\"_ _2\"></span>aptured in th<span class=\"_ _2\"></span>e sensiti<span class=\"_ _2\"></span>vity a<span class=\"_ _2\"></span>nalysis<span class=\"_ _2\"></span>. With-p<span class=\"_ _2\"></span>rofit busine<span class=\"_ _2\"></span>ss and n<span class=\"_ _2\"></span>on-par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>ting busin<span class=\"_ _2\"></span>ess with<span class=\"_ _2\"></span>in the with-profi<span class=\"_ _2\"></span>t funds are ex<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>d to interest r<span class=\"_ _2\"></span>ate risk as gu<span class=\"_ _2\"></span>arantee<span class=\"_ _2\"></span>d liabilities a<span class=\"_ _2\"></span>re value<span class=\"_ _2\"></span>d relative to mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t interest r<span class=\"_ _2\"></span>ates and inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s include fi<span class=\"_ _2\"></span>xed interes<span class=\"_ _2\"></span>t secur<span class=\"_ _2\"></span>ities and d<span class=\"_ _2\"></span>erivatives<span class=\"_ _2\"></span>. For unsupp<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ted with-profi<span class=\"_ _2\"></span>t busines<span class=\"_ _2\"></span>s the profit or lo<span class=\"_ _2\"></span>ss arisin<span class=\"_ _2\"></span>g from misma<span class=\"_ _2\"></span>tches be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en such as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabiliti<span class=\"_ _2\"></span>es is large<span class=\"_ _2\"></span>ly offs<span class=\"_ _2\"></span>et by incre<span class=\"_ _2\"></span>ased or re<span class=\"_ _2\"></span>duce<span class=\"_ _2\"></span>d discreti<span class=\"_ _2\"></span>onar<span class=\"_ _2\"></span>y polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r ben<span class=\"_ _2\"></span>efits de<span class=\"_ _2\"></span>pende<span class=\"_ _2\"></span>nt on the exis<span class=\"_ _2\"></span>tence of po<span class=\"_ _2\"></span>licyhol<span class=\"_ _2\"></span>der gua<span class=\"_ _2\"></span>rantees<span class=\"_ _2\"></span>. The c<span class=\"_ _2\"></span>ontribution of un<span class=\"_ _2\"></span>suppor<span class=\"_ _2\"></span>ted pa<span class=\"_ _2\"></span>rtic<span class=\"_ _2\"></span>ipating bu<span class=\"_ _2\"></span>siness to t<span class=\"_ _2\"></span>he Group res<span class=\"_ _2\"></span>ult is large<span class=\"_ _2\"></span>ly limited to th<span class=\"_ _2\"></span>e shareh<span class=\"_ _2\"></span>older<span class=\"_ _2\"></span>s\u2019 share of bonus<span class=\"_ _2\"></span>es. T<span class=\"_ _2\"></span>he contrib<span class=\"_ _2\"></span>ution of the sup<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted par<span class=\"_ _2\"></span>ticipat<span class=\"_ _2\"></span>ing busine<span class=\"_ _2\"></span>ss to the G<span class=\"_ _2\"></span>roup result is d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d in line with I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>, whic<span class=\"_ _2\"></span>h expos<span class=\"_ _2\"></span>es the sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er to chang<span class=\"_ _2\"></span>es in the va<span class=\"_ _2\"></span>lue of the liabilitie<span class=\"_ _2\"></span>s backed by sh<span class=\"_ _2\"></span>arehol<span class=\"_ _2\"></span>der ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d the value of c<span class=\"_ _2\"></span>apital advan<span class=\"_ _2\"></span>ced to th<span class=\"_ _2\"></span>e with-profit f<span class=\"_ _2\"></span>unds. In the n<span class=\"_ _2\"></span>on-par<span class=\"_ _2\"></span>ticipat<span class=\"_ _2\"></span>ing funds<span class=\"_ _2\"></span>, polic<span class=\"_ _2\"></span>y liabilitie<span class=\"_ _2\"></span>s\u2019 sensitivi<span class=\"_ _2\"></span>ty to intere<span class=\"_ _2\"></span>st rates a<span class=\"_ _2\"></span>re matche<span class=\"_ _2\"></span>d primaril<span class=\"_ _2\"></span>y with debt se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s and he<span class=\"_ _2\"></span>dging if ne<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>sar<span class=\"_ _2\"></span>y to match d<span class=\"_ _2\"></span>uration on a re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y basi<span class=\"_ _2\"></span>s for the Group\u2019s Solven<span class=\"_ _2\"></span>cy II p<span class=\"_ _2\"></span>osition<span class=\"_ _2\"></span>, with the res<span class=\"_ _2\"></span>ult that se<span class=\"_ _2\"></span>nsitivit<span class=\"_ _2\"></span>y to cha<span class=\"_ _2\"></span>nges in inte<span class=\"_ _2\"></span>rest rate<span class=\"_ _2\"></span>s is ver<span class=\"_ _2\"></span>y low. The Group\u2019s expos<span class=\"_ _2\"></span>ure to interest r<span class=\"_ _2\"></span>ates on an IFR<span class=\"_ _2\"></span>S basis pr<span class=\"_ _2\"></span>incipally a<span class=\"_ _2\"></span>rises from t<span class=\"_ _2\"></span>he Group\u2019s hedg<span class=\"_ _2\"></span>ing stra<span class=\"_ _2\"></span>tegy to prote<span class=\"_ _2\"></span>ct the re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y cap<span class=\"_ _2\"></span>ital pos<span class=\"_ _2\"></span>ition, which re<span class=\"_ _2\"></span>sults in an a<span class=\"_ _2\"></span>dverse im<span class=\"_ _2\"></span>pact o<span class=\"_ _2\"></span>n profit on an incre<span class=\"_ _2\"></span>ase in intere<span class=\"_ _2\"></span>st rates<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up is expos<span class=\"_ _2\"></span>ed to inflati<span class=\"_ _2\"></span>on risk throu<span class=\"_ _2\"></span>gh cer<span class=\"_ _2\"></span>tain c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts, s<span class=\"_ _2\"></span>uch as ann<span class=\"_ _2\"></span>uities<span class=\"_ _2\"></span>, which may p<span class=\"_ _2\"></span>rovide for future b<span class=\"_ _2\"></span>enefit<span class=\"_ _2\"></span>s to be paid t<span class=\"_ _2\"></span>aking acc<span class=\"_ _2\"></span>ount of chan<span class=\"_ _2\"></span>ges in the l<span class=\"_ _2\"></span>evel of experie<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>d and implie<span class=\"_ _2\"></span>d inflation<span class=\"_ _2\"></span>, and als<span class=\"_ _2\"></span>o through th<span class=\"_ _2\"></span>e Group\u2019s cost b<span class=\"_ _2\"></span>ase. Th<span class=\"_ _2\"></span>e Group se<span class=\"_ _2\"></span>eks to mana<span class=\"_ _2\"></span>ge inflation r<span class=\"_ _2\"></span>isk within the A<span class=\"_ _2\"></span>LM framewor<span class=\"_ _2\"></span>k through th<span class=\"_ _2\"></span>e holding of de<span class=\"_ _2\"></span>rivatives<span class=\"_ _2\"></span>, such a<span class=\"_ _2\"></span>s inflation swa<span class=\"_ _2\"></span>ps, or p<span class=\"_ _2\"></span>hysical p<span class=\"_ _2\"></span>ositions in re<span class=\"_ _2\"></span>levant as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, such as inde<span class=\"_ _2\"></span>x-link<span class=\"_ _5\"></span>ed g<span class=\"_ _2\"></span>ilts<span class=\"_ _2\"></span>, where app<span class=\"_ _2\"></span>ropriate.<span class=\"_ _3bc\"> </span>The s<span class=\"_ _2\"></span>ensitivit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>alysis res<span class=\"_ _2\"></span>ults for IF<span class=\"_ _2\"></span>RS are bas<span class=\"_ _2\"></span>ed on a com<span class=\"_ _2\"></span>bination of mo<span class=\"_ _2\"></span>delle<span class=\"_ _2\"></span>d results a<span class=\"_ _2\"></span>nd Solve<span class=\"_ _2\"></span>ncy II a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted sen<span class=\"_ _2\"></span>sitivit<span class=\"_ _2\"></span>y result<span class=\"_ _2\"></span>s. S<span class=\"_ _2\"></span>ensiti<span class=\"_ _2\"></span>vity result<span class=\"_ _2\"></span>s inclu<span class=\"_ _2\"></span>de an allowanc<span class=\"_ _2\"></span>e for est<span class=\"_ _2\"></span>ate distrib<span class=\"_ _2\"></span>ution abs<span class=\"_ _2\"></span>orption on with<span class=\"_ _2\"></span>-profit busin<span class=\"_ _2\"></span>ess an<span class=\"_ _2\"></span>d the se<span class=\"_ _2\"></span>cond-<span class=\"_ _2\"></span>order impa<span class=\"_ _2\"></span>ct on Ris<span class=\"_ _2\"></span>k Adjus<span class=\"_ _2\"></span>tment but exclude<span class=\"_ _2\"></span>s the impa<span class=\"_ _2\"></span>ct on the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>emes<span class=\"_ _3bc\"> </span><table class=\"s w60c h2d4\" id=\"_dfde65aa-c3ea-432b-b587-2d917505b546\"><tr><td></td><td></td><td class=\"c n xc99 y599b w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xc9a y599b w60d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc9b h3f y599c ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td><td class=\"t m0 x5ac h16 y599c ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act o<span class=\"_ _2\"></span>n </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc9c h3f y599d ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 x4c3 h3f y599d ff7 fsf fc1 sc0 ls83 ws78\">Impact </td><td class=\"t m0 x8f2 h16 y599d ff3 fsf fc1 sc0 ls0 ws0\">profi<span class=\"_ _2\"></span>t aft<span class=\"_ _2\"></span>er ta<span class=\"_ _2\"></span>x </td><td class=\"t m0 x967 h16 y599d ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act </td></tr><tr><td></td><td class=\"t m0 x907 h3f y599e ff7 fsf fc1 sc0 ls0 ws0\">Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e in </td><td class=\"t m0 x582 h3f y599e ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8c8 h3f y599e ff7 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x77f h16 y599e ff3 fsf fc1 sc0 ls0 ws0\">and e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ty </td><td class=\"t m0 x59f h16 y599e ff3 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xc9d h3f y599f ff7 fsf fc1 sc0 ls70 ws67\">interest rate<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x488 h3f y599f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc9e h3f y599f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ea h3f y599f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ee h16 y599f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59a0 w60e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc9f y59a0 w60f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca0 y59a0 w610 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">3<span class=\"_ _2\"></span>,682<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca1 y59a0 w611 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca2 y59a0 w1e0 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>321<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb56 y59a0 w514 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>52)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a1 w612 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca3 y59a1 w60f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca4 y59a1 w613 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">1<span class=\"_ _3\"></span>,5<span class=\"_ _2\"></span>51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca5 y59a1 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca6 y59a1 w58e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>451<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca7 y59a1 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59a2 w614 h28f\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to interes<span class=\"_ _2\"></span>t rate risk ba<span class=\"_ _2\"></span>cking ins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca8 y59a2 w60f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca9 y59a2 w49d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">(3,988)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcaa y59a2 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcab y59a2 w615 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(3,599)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcac y59a2 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y59a3 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to interes<span class=\"_ _2\"></span>t rate risk ba<span class=\"_ _2\"></span>cking inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59a4 w616 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcad y59a4 w60f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcae y59a4 w350 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>,55<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcaf y59a4 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb0 y59a4 w617 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb1 y59a4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a5 w618 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to interest r<span class=\"_ _2\"></span>ate risk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb2 y59a5 w619 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb3 y59a5 w61a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(222)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb4 y59a5 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb5 y59a5 w499 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>317<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb6 y59a5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a6 w60e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb7 y59a6 w61b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb8 y59a6 w61c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">(4<span class=\"_ _2\"></span>,87<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb9 y59a6 w130 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcba y59a6 w61d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(4<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>03)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbb y59a6 w11a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>23<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a7 w612 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbc y59a7 w550 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbd y59a7 w61e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(2<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbe y59a7 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbf y59a7 w61f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>21)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc0 y59a7 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59a8 w614 h28a\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to interes<span class=\"_ _2\"></span>t rate risk ba<span class=\"_ _2\"></span>cking ins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc1 y59a8 w61b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc2 y59a8 w5f5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">5<span class=\"_ _2\"></span>,25<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc3 y59a8 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc4 y59a8 w620 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc wsba\">4,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc5 y59a8 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y59a9 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to interes<span class=\"_ _2\"></span>t rate risk ba<span class=\"_ _2\"></span>cking inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59aa w616 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc6 y59aa w61b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc7 y59aa w1b6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">2,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc8 y59aa w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc9 y59aa w621 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>921<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x778 y59aa w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59ab w618 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to interest r<span class=\"_ _2\"></span>ate risk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcca y59ab w622 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccb y59ab w9c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">222<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccc y59ab w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccd y59ab w214 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">317<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcce y59ab w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xc99 y59ac w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xc9a y59ac w60d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc9b h3f y59ad ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td><td class=\"t m0 x5ac h16 y59ad ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act o<span class=\"_ _2\"></span>n </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc9c h3f y59ae ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 x4c3 h3f y59ae ff7 fsf fc1 sc0 ls83 ws78\">Impact </td><td class=\"t m0 x8f2 h16 y59ae ff3 fsf fc1 sc0 ls0 ws0\">profi<span class=\"_ _2\"></span>t aft<span class=\"_ _2\"></span>er ta<span class=\"_ _2\"></span>x </td><td class=\"t m0 x967 h16 y59ae ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act </td></tr><tr><td></td><td class=\"t m0 x907 h3f y59af ff7 fsf fc1 sc0 ls0 ws0\">Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e in </td><td class=\"t m0 x582 h3f y59af ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8c8 h3f y59af ff7 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x77f h16 y59af ff3 fsf fc1 sc0 ls0 ws0\">and e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ty </td><td class=\"t m0 x59f h16 y59af ff3 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x5e4 h3f y59b0 ff7 fsf fc1 sc0 ls199 ws185\">inflation<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x488 h3f y59b0 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc9e h3f y59b0 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ea h3f y59b0 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ee h16 y59b0 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59b1 w60e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc9f y59b1 w60f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccf y59b1 w623 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd0 y59b1 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x94b y59b1 w378 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(6<span class=\"_ _2\"></span>83)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd1 y59b1 w419 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b2 w612 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca3 y59b2 w60f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd2 y59b2 w355 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(17<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd3 y59b2 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd4 y59b2 w7d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(165<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd5 y59b2 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59b3 w624 h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to inflation r<span class=\"_ _2\"></span>isk back<span class=\"_ _2\"></span>ing insura<span class=\"_ _2\"></span>nce and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca8 y59b3 w60f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd6 y59b3 w1ff h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">983<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd7 y59b3 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd8 y59b3 w1eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">692<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd9 y59b3 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y59b4 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to inflation r<span class=\"_ _2\"></span>isk back<span class=\"_ _2\"></span>ing investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>ct </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59b5 w616 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcad y59b5 w60f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcda y59b5 w6f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdb y59b5 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdc y59b5 w2fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">165<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdd y59b5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b6 w625 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to inflation ris<span class=\"_ _2\"></span>k<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcde y59b6 w60f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdf y59b6 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce0 y59b6 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce1 y59b6 w31d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">22<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce2 y59b6 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b7 w60e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb7 y59b7 w61b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce3 y59b7 w626 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd2 wsc0\">840<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc36 y59b7 w323 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce4 y59b7 w4f7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">598<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce5 y59b7 w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b8 w612 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbc y59b8 w550 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce6 y59b8 wf5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce7 y59b8 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce8 y59b8 w3b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce9 y59b8 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y59b9 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct inflation r<span class=\"_ _2\"></span>isk back<span class=\"_ _2\"></span>ing insura<span class=\"_ _2\"></span>nce and re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y588c w627 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">contract balanc<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcea y588c w61b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xceb y588c w628 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(8<span class=\"_ _2\"></span>68)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcec y588c w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xced y588c w546 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bf ws1be\">(<span class=\"_ _2\"></span>597<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcee y588c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y59ba ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to inflation r<span class=\"_ _2\"></span>isk back<span class=\"_ _2\"></span>ing investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>ct </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ee w616 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc6 y55ee w61b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcef y55ee w629 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(145)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf0 y55ee w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf1 y55ee w62a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(<span class=\"_ _2\"></span>135)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf2 y55ee w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w625 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to inflation ris<span class=\"_ _2\"></span>k<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf3 y55ef w61b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf4 y55ef w3d2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf5 y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf6 y55ef w1d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(18)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf7 y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS<span class=\"_ _2\"></span>17 Ins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce C<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s (see n<span class=\"_ _2\"></span>ote A2<span class=\"_ _2\"></span>.1 for fur<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>er det<span class=\"_ _2\"></span>ails).<span class=\"_ _3bc\"> </span>Equit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y risk<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is expos<span class=\"_ _2\"></span>ed to the ri<span class=\"_ _2\"></span>sk of reduc<span class=\"_ _2\"></span>tions in the val<span class=\"_ _2\"></span>uation of equi<span class=\"_ _2\"></span>ties (or chan<span class=\"_ _2\"></span>ges in the vol<span class=\"_ _2\"></span>atilit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>) or prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s which co<span class=\"_ _2\"></span>uld result in redu<span class=\"_ _2\"></span>ctions in a<span class=\"_ _2\"></span>sset va<span class=\"_ _2\"></span>lues and l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s for policy<span class=\"_ _2\"></span>holder<span class=\"_ _2\"></span>s or share<span class=\"_ _2\"></span>holder<span class=\"_ _2\"></span>s. In th<span class=\"_ _2\"></span>is contex<span class=\"_ _2\"></span>t, eq<span class=\"_ _2\"></span>uity a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s should b<span class=\"_ _2\"></span>e taken to inclu<span class=\"_ _2\"></span>de shares<span class=\"_ _2\"></span>, eq<span class=\"_ _2\"></span>uity deriva<span class=\"_ _2\"></span>tives, e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y colle<span class=\"_ _2\"></span>ctives an<span class=\"_ _2\"></span>d unliste<span class=\"_ _2\"></span>d equitie<span class=\"_ _2\"></span>s. Prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sets in<span class=\"_ _2\"></span>clude dire<span class=\"_ _2\"></span>ct prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y inves<span class=\"_ _2\"></span>tment, s<span class=\"_ _2\"></span>hares in pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty c<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s, pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty colle<span class=\"_ _2\"></span>ctives a<span class=\"_ _2\"></span>nd str<span class=\"_ _2\"></span>ucture<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio of marketab<span class=\"_ _2\"></span>le equit<span class=\"_ _2\"></span>y se<span class=\"_ _2\"></span>curities a<span class=\"_ _2\"></span>nd prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y investm<span class=\"_ _2\"></span>ents whi<span class=\"_ _2\"></span>ch is carr<span class=\"_ _2\"></span>ied in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition at fair value h<span class=\"_ _2\"></span>as<span class=\"_ gs132\"> </span>expos<span class=\"_ _2\"></span>ure to price risk<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tive in holdin<span class=\"_ _2\"></span>g these a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s is to earn hi<span class=\"_ _2\"></span>gher lon<span class=\"_ _2\"></span>g-term return<span class=\"_ _2\"></span>s by investing in a di<span class=\"_ _2\"></span>verse por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folio of equities a<span class=\"_ _2\"></span>nd prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s. Por<span class=\"_ _2\"></span>tfolio c<span class=\"_ _2\"></span>harac<span class=\"_ _2\"></span>terist<span class=\"_ _2\"></span>ics are an<span class=\"_ _2\"></span>alyse<span class=\"_ _2\"></span>d regula<span class=\"_ _2\"></span>rly and pric<span class=\"_ _2\"></span>e risks are ac<span class=\"_ _2\"></span>tively ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>d in line with inves<span class=\"_ _2\"></span>tment man<span class=\"_ _2\"></span>dates. T<span class=\"_ _2\"></span>he Group\u2019s holding<span class=\"_ _2\"></span>s are divers<span class=\"_ _2\"></span>ified acro<span class=\"_ _2\"></span>ss indu<span class=\"_ _2\"></span>stries a<span class=\"_ _2\"></span>nd conc<span class=\"_ _2\"></span>entration<span class=\"_ _2\"></span>s in any one com<span class=\"_ _2\"></span>pany or indus<span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>y are limited.<span class=\"_ _3bc\"> </span>Equit<span class=\"_ _2\"></span>y and prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty pr<span class=\"_ _2\"></span>ice risk is pr<span class=\"_ _2\"></span>imarily bo<span class=\"_ _2\"></span>rne in resp<span class=\"_ _2\"></span>ect of as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s held in with-<span class=\"_ _2\"></span>profit funds<span class=\"_ _2\"></span>, unit-linked fun<span class=\"_ _2\"></span>ds or equit<span class=\"_ _2\"></span>y rele<span class=\"_ _2\"></span>ase mo<span class=\"_ _2\"></span>rtg<span class=\"_ _2\"></span>ages in th<span class=\"_ _2\"></span>e non-p<span class=\"_ _2\"></span>rofit funds<span class=\"_ _2\"></span>. For unit-linked fund<span class=\"_ _2\"></span>s this risk is b<span class=\"_ _2\"></span>orne by polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs and a<span class=\"_ _2\"></span>sset m<span class=\"_ _2\"></span>ovements dire<span class=\"_ _2\"></span>ctly im<span class=\"_ _2\"></span>pact uni<span class=\"_ _2\"></span>t prices an<span class=\"_ _2\"></span>d henc<span class=\"_ _2\"></span>e policy value<span class=\"_ _2\"></span>s. For with-<span class=\"_ _2\"></span>profit funds p<span class=\"_ _2\"></span>olicyh<span class=\"_ _2\"></span>olders\u2019 f<span class=\"_ _2\"></span>uture bonu<span class=\"_ _2\"></span>ses will b<span class=\"_ _2\"></span>e impacte<span class=\"_ _2\"></span>d by the invest<span class=\"_ _2\"></span>ment return<span class=\"_ _2\"></span>s achieve<span class=\"_ _2\"></span>d and hen<span class=\"_ _2\"></span>ce the pric<span class=\"_ _2\"></span>e risk<span class=\"_ _2\"></span>, whilst the Gro<span class=\"_ _2\"></span>up also ha<span class=\"_ _2\"></span>s exposure to t<span class=\"_ _2\"></span>he value of gua<span class=\"_ _2\"></span>rantees p<span class=\"_ _2\"></span>rovided to with<span class=\"_ _2\"></span>-profit polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs. I<span class=\"_ _2\"></span>n addition s<span class=\"_ _2\"></span>ome eq<span class=\"_ _2\"></span>uity inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s are held in resp<span class=\"_ _2\"></span>ect of sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>ers\u2019 fund<span class=\"_ _2\"></span>s. For the n<span class=\"_ _2\"></span>on-profit fun<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y price ri<span class=\"_ _2\"></span>sk from equi<span class=\"_ _2\"></span>ty rel<span class=\"_ _2\"></span>ease m<span class=\"_ _2\"></span>ortg<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>s is borne by th<span class=\"_ _2\"></span>e Group with th<span class=\"_ _2\"></span>e aim of achie<span class=\"_ _2\"></span>ving greate<span class=\"_ _2\"></span>r diversific<span class=\"_ _2\"></span>ation and inve<span class=\"_ _2\"></span>stment re<span class=\"_ _2\"></span>turns<span class=\"_ _2\"></span>, consis<span class=\"_ _2\"></span>tent with th<span class=\"_ _2\"></span>e Strategi<span class=\"_ _2\"></span>c Asse<span class=\"_ _2\"></span>t Alloca<span class=\"_ _2\"></span>tion approved by th<span class=\"_ _2\"></span>e Board<span class=\"_ _2\"></span>. The Group a<span class=\"_ _2\"></span>s a whole i<span class=\"_ _2\"></span>s expos<span class=\"_ _2\"></span>ed to price ri<span class=\"_ _2\"></span>sk fluct<span class=\"_ _2\"></span>uations imp<span class=\"_ _2\"></span>actin<span class=\"_ _2\"></span>g the inco<span class=\"_ _2\"></span>me flow of mana<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent charg<span class=\"_ _2\"></span>es from the inves<span class=\"_ _2\"></span>ted as<span class=\"_ _2\"></span>sets of all f<span class=\"_ _2\"></span>unds; thi<span class=\"_ _2\"></span>s is prima<span class=\"_ _2\"></span>rily mana<span class=\"_ _2\"></span>ged th<span class=\"_ _2\"></span>rough the u<span class=\"_ _2\"></span>se of derivative<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Equit<span class=\"_ _2\"></span>y and prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty pr<span class=\"_ _2\"></span>ice risk is m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>d throug<span class=\"_ _2\"></span>h the agre<span class=\"_ _2\"></span>ement a<span class=\"_ _2\"></span>nd monitor<span class=\"_ _2\"></span>ing of financi<span class=\"_ _2\"></span>al risk profile<span class=\"_ _2\"></span>s that are appro<span class=\"_ _2\"></span>priate for ea<span class=\"_ _2\"></span>ch of the Group\u2019s life funds in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of maintainin<span class=\"_ _2\"></span>g adeq<span class=\"_ _2\"></span>uate regul<span class=\"_ _2\"></span>atory c<span class=\"_ _2\"></span>apital a<span class=\"_ _2\"></span>nd treatin<span class=\"_ _2\"></span>g custom<span class=\"_ _2\"></span>ers fa<span class=\"_ _2\"></span>irly<span class=\"_ _5\"></span>. This is la<span class=\"_ _2\"></span>rgely a<span class=\"_ _2\"></span>chieved thro<span class=\"_ _2\"></span>ugh as<span class=\"_ _2\"></span>set clas<span class=\"_ _2\"></span>s divers<span class=\"_ _2\"></span>ification a<span class=\"_ _2\"></span>nd within the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s ALM fram<span class=\"_ _2\"></span>ework thro<span class=\"_ _2\"></span>ugh the ho<span class=\"_ _2\"></span>lding of derivat<span class=\"_ _2\"></span>ives or physic<span class=\"_ _2\"></span>al positi<span class=\"_ _2\"></span>ons in relevant a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s where ap<span class=\"_ _2\"></span>propriate. The sh<span class=\"_ _2\"></span>arehol<span class=\"_ _2\"></span>ders\u2019 exp<span class=\"_ _2\"></span>osure to equit<span class=\"_ _2\"></span>y ris<span class=\"_ _2\"></span>k principall<span class=\"_ _2\"></span>y arises f<span class=\"_ _2\"></span>rom the Group\u2019s hed<span class=\"_ _2\"></span>ging str<span class=\"_ _2\"></span>ategy to p<span class=\"_ _2\"></span>rotect the re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y c<span class=\"_ _2\"></span>apital po<span class=\"_ _2\"></span>sition<span class=\"_ _2\"></span>, which result<span class=\"_ _2\"></span>s in an adver<span class=\"_ _2\"></span>se impa<span class=\"_ _2\"></span>ct on profit on a<span class=\"_ _2\"></span>n increa<span class=\"_ _2\"></span>se in equit<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> <span class=\"_ _3bc\"> </span></span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5a0\">The s<span class=\"_ _2\"></span>ensitivit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>alysis for e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y and prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk illus<span class=\"_ _2\"></span>trates how a c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e in the fair value of e<span class=\"_ _2\"></span>quities an<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>tie<span class=\"_ _2\"></span>s affec<span class=\"_ _2\"></span>ts the G<span class=\"_ _2\"></span>roup </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5a1\">result<span class=\"_ _2\"></span>. It takes into ac<span class=\"_ _2\"></span>count the ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t of such cha<span class=\"_ _2\"></span>nges in e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y and prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty pri<span class=\"_ _2\"></span>ces on all as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabiliti<span class=\"_ _2\"></span>es that co<span class=\"_ _2\"></span>ntribute to the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5a2\">repo<span class=\"_ _2\"></span>rted p<span class=\"_ _2\"></span>rofit after t<span class=\"_ _2\"></span>ax and in e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y but exclu<span class=\"_ _2\"></span>des the imp<span class=\"_ _2\"></span>act on th<span class=\"_ _2\"></span>e Group\u2019s pension s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span></div><div class=\"gs5a3\"><table class=\"s w62b h2d4\" id=\"_a78c4d8d-caa1-4880-9f14-31bae551b4f7\"><tr><td></td><td></td><td class=\"c n xcf8 y599b w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c xcfa y599b w60d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 xcf9 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xcfb h3f y59bb ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td><td class=\"t m0 xcfc h3f y59bb ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc0e h3f y59bc ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 x524 h3f y59bc ff7 fsf fc1 sc0 ls83 ws78\">Impact </td><td class=\"t m0 xcfd h3f y59bc ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 xabd h3f y59bc ff7 fsf fc1 sc0 ls83 ws78\">Impact </td></tr><tr><td></td><td class=\"t m0 xcfe h3f y59bd ff7 fsf fc1 sc0 ls0 ws0\">Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e in  </td><td class=\"t m0 x9da h3f y59bd ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xcff h3f y59bd ff7 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d1 h3f y59bd ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x481 h3f y59bd ff7 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xd00 h3f y59be ff7 fsf fc1 sc0 ls70 ws67\">equit<span class=\"_ _2\"></span>y prices<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb29 h3f y59be ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd01 h3f y59be ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5bb h3f y59be ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x553 h3f y59be ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59a0 w60e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd02 y59a0 w62c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd03 y59a0 w62d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(2,079)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd04 y59a0 w62e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">1<span class=\"_ _2\"></span>17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x532 y59a0 w62f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2,0<span class=\"_ _2\"></span>82)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5ab y59a0 w2d3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">1<span class=\"_ _2\"></span>24<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a1 w612 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd05 y59a1 w62c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd06 y59a1 w630 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">(<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd07 y59a1 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd08 y59a1 w631 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">(<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>0<span class=\"_ _19\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd09 y59a1 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59bf w632 h28a\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to equit<span class=\"_ _2\"></span>y pri<span class=\"_ _2\"></span>ce risk ba<span class=\"_ _2\"></span>cking ins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0a y59bf w633 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0b y59bf w39a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,159<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0c y59bf w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0d y59bf w150 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">2,205<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0e y59bf w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59c0 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to equit<span class=\"_ _2\"></span>y pri<span class=\"_ _2\"></span>ce risk ba<span class=\"_ _2\"></span>cking Inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59c1 w616 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0f y59c1 w633 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd10 y59c1 w10d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd11 y59c1 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x781 y59c1 w5fa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd12 y59c1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59c2 w634 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to equit<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd13 y59c2 w62c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccf y59c2 w635 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">(3<span class=\"_ _2\"></span>35)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd14 y59c2 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd15 y59c2 w3e2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(<span class=\"_ _2\"></span>299)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd16 y59c2 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a6 w60e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd17 y59a6 w636 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd18 y59a6 w14c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">2,039<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd19 y59a6 w19b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">(30<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1a y59a6 w327 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">2,0<span class=\"_ _2\"></span>40<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1b y59a6 w223 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a7 w612 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1c y59a7 w2bd h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1d y59a7 w5e2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _2\"></span>74<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1e y59a7 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1f y59a7 w33d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _2\"></span>1<span class=\"_ _19\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd9 y59a7 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55de w632 h28a\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to equit<span class=\"_ _2\"></span>y pri<span class=\"_ _2\"></span>ce risk ba<span class=\"_ _2\"></span>cking ins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd20 y55de w636 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd21 y55de w637 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">(2<span class=\"_ _2\"></span>,128)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd22 y55de w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd23 y55de w638 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(<span class=\"_ _2\"></span>2,169)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd24 y55de w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59c3 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to equit<span class=\"_ _2\"></span>y pri<span class=\"_ _2\"></span>ce risk ba<span class=\"_ _2\"></span>cking Inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59c4 w616 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd25 y59c4 w296 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd26 y59c4 w639 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">(<span class=\"_ _3\"></span>7,<span class=\"_ _2\"></span>74<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd27 y59c4 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd28 y59c4 w63a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">(<span class=\"_ _19\"></span>7,<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd29 y59c4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59c5 w634 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to equit<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd2a y59c5 w2bd h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd2b y59c5 w227 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">335<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd2c y59c5 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x215 y59c5 w9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">299<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd2d y59c5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xcf8 y59c6 w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c xcfa y59c6 w60d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 xcf9 h1d6 y56f3 ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xcfb h3f y59c7 ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td><td class=\"t m0 xcfc h3f y59c7 ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc0e h3f y59c8 ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 x524 h3f y59c8 ff7 fsf fc1 sc0 ls83 ws78\">Impact </td><td class=\"t m0 xcfd h3f y59c8 ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 xd2e h16 y59c8 ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act </td></tr><tr><td></td><td class=\"t m0 xcfe h3f y59c9 ff7 fsf fc1 sc0 ls0 ws0\">Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e in </td><td class=\"t m0 x9da h3f y59c9 ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xcff h3f y59c9 ff7 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d1 h3f y59c9 ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x481 h16 y59c9 ff3 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xd2f h3f y59ca ff7 fsf fc1 sc0 ls5b ws76\">propert<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span> prices<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb29 h3f y59ca ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd01 h3f y59ca ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5bb h3f y59ca ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y59ca ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59cb w60e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd02 y59cb w62c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd30 y59cb w63b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>99<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd31 y59cb w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd32 y59cb w63c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">(2<span class=\"_ _2\"></span>01)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdd y59cb wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59cc w612 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd05 y59cc w62c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd33 y59cc w63d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>431<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdb y59cc w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd34 y59cc w63e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">(<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd35 y59cc w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59cd w63f h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk bac<span class=\"_ _2\"></span>king insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0a y59cd w633 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd36 y59cd w32a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">205<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccc y59cd w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd37 y59cd w3c9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">199<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd09 y59cd w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59ce ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk bac<span class=\"_ _2\"></span>king Inves<span class=\"_ _2\"></span>tment </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59b5 w640 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">contract<span class=\"_ _5\"></span> without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd38 y59b5 w633 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd39 y59b5 w488 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">4<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3a y59b5 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3b y59b5 w116 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3c y59b5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b6 w641 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y price ri<span class=\"_ _2\"></span>sk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd13 y59b6 w62c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3d y59b6 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3e y59b6 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3f y59b6 w2f2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd9 y59b6 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59cf w60e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd17 y59cf w636 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd40 y59cf w11a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>91<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd41 y59cf w5c7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd42 y59cf w642 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">19<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd43 y59cf w2dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59d0 w612 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1c y59d0 w2bd h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd44 y59d0 w4f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">4<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd45 y59d0 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd46 y59d0 w240 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">388<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd47 y59d0 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59d1 w63f h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk bac<span class=\"_ _2\"></span>king insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd20 y59d1 w636 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd48 y59d1 w2ac h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb4 y59d1 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd49 y59d1 w53 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(19<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf2 y59d1 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59d2 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk bac<span class=\"_ _2\"></span>king Inves<span class=\"_ _2\"></span>tment </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ee w640 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">contract<span class=\"_ _5\"></span> without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4a y55ee w296 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4b y55ee waf h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">(4<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4c y55ee w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4d y55ee w53 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(38<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd35 y55ee w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w641 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y price ri<span class=\"_ _2\"></span>sk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4e y55ef w296 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4f y55ef w2dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd50 y55ef w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x95e y55ef w1d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(10)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd51 y55ef w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs5a4\">1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS<span class=\"_ _2\"></span>17 Ins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce C<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s (see n<span class=\"_ _2\"></span>ote A2<span class=\"_ _2\"></span>.1 for fur<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>er det<span class=\"_ _2\"></span>ails).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5a5\">The s<span class=\"_ _2\"></span>ensitivit<span class=\"_ _2\"></span>y to ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in equit<span class=\"_ _2\"></span>y price<span class=\"_ _2\"></span>s is primaril<span class=\"_ _2\"></span>y driven by the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y hedg<span class=\"_ _2\"></span>ing arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts over the va<span class=\"_ _2\"></span>lue of future ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5a6\">charg<span class=\"_ _2\"></span>es that a<span class=\"_ _2\"></span>re link<span class=\"_ _5\"></span>ed to as<span class=\"_ _2\"></span>set valu<span class=\"_ _2\"></span>es. </div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls1c ws1a gs5a7\">Curren<span class=\"_ _2\"></span>cy risk<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5a8\">Curren<span class=\"_ _2\"></span>cy risk is th<span class=\"_ _2\"></span>e risk that c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the value of c<span class=\"_ _2\"></span>urrencie<span class=\"_ _2\"></span>s could le<span class=\"_ _2\"></span>ad to redu<span class=\"_ _2\"></span>ctions in a<span class=\"_ _2\"></span>sset va<span class=\"_ _2\"></span>lues which m<span class=\"_ _2\"></span>ay result in los<span class=\"_ _2\"></span>ses for </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5a9\">polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs and sh<span class=\"_ _2\"></span>arehol<span class=\"_ _2\"></span>ders<span class=\"_ _2\"></span>. With the exc<span class=\"_ _2\"></span>eption of Stan<span class=\"_ _2\"></span>dard Life Intern<span class=\"_ _2\"></span>ational bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s sold in Ge<span class=\"_ _2\"></span>rmany and th<span class=\"_ _2\"></span>e Republic of Ire<span class=\"_ _2\"></span>land an<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5aa\">som<span class=\"_ _2\"></span>e historic b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten in<span class=\"_ gs132\"> </span>the Rep<span class=\"_ _2\"></span>ublic of Irelan<span class=\"_ _2\"></span>d, the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>rincipal tr<span class=\"_ _2\"></span>ansa<span class=\"_ _2\"></span>ctions are c<span class=\"_ _2\"></span>arrie<span class=\"_ _2\"></span>d out in ste<span class=\"_ _2\"></span>rling. Th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts for the<span class=\"_ _2\"></span>se boo<span class=\"_ _2\"></span>ks </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws6b gs5ab\">of busine<span class=\"_ _2\"></span>ss are g<span class=\"_ _2\"></span>enera<span class=\"_ _2\"></span>lly held in th<span class=\"_ _2\"></span>e same c<span class=\"_ _2\"></span>urrency d<span class=\"_ _2\"></span>enomina<span class=\"_ _2\"></span>tion as their li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>, therefore<span class=\"_ _2\"></span>, any foreign cur<span class=\"_ _2\"></span>rency mis<span class=\"_ _2\"></span>match is larg<span class=\"_ _2\"></span>ely mitig<span class=\"_ _2\"></span>ated. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5ac\">Con<span class=\"_ _2\"></span>sequ<span class=\"_ _2\"></span>ently, the foreign cur<span class=\"_ _2\"></span>rency ris<span class=\"_ _2\"></span>k relating to thi<span class=\"_ _2\"></span>s busine<span class=\"_ _2\"></span>ss mainl<span class=\"_ _2\"></span>y arises wh<span class=\"_ _2\"></span>en the as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabilitie<span class=\"_ _2\"></span>s are trans<span class=\"_ _2\"></span>lated into ste<span class=\"_ _2\"></span>rling.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5ad\">The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts are prima<span class=\"_ _2\"></span>rily deno<span class=\"_ _2\"></span>minated in th<span class=\"_ _2\"></span>e same c<span class=\"_ _2\"></span>urrencie<span class=\"_ _2\"></span>s as its ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e and investm<span class=\"_ _2\"></span>ent liabilitie<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>us, th<span class=\"_ _2\"></span>e main foreign </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5ae\">exchan<span class=\"_ _2\"></span>ge risk ar<span class=\"_ _2\"></span>ises from re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liabilit<span class=\"_ _2\"></span>ies deno<span class=\"_ _2\"></span>minated in c<span class=\"_ _2\"></span>urrencie<span class=\"_ _2\"></span>s other than t<span class=\"_ _2\"></span>hose in whic<span class=\"_ _2\"></span>h insuran<span class=\"_ _2\"></span>ce and inves<span class=\"_ _2\"></span>tment </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5af\">liabilitie<span class=\"_ _2\"></span>s are expe<span class=\"_ _2\"></span>cted to b<span class=\"_ _2\"></span>e set<span class=\"_ _2\"></span>tled an<span class=\"_ _2\"></span>d, indirec<span class=\"_ _2\"></span>tly, from the non-<span class=\"_ _2\"></span>UK e<span class=\"_ _2\"></span>arnings of U<span class=\"_ _2\"></span>K compa<span class=\"_ _2\"></span>nies.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5b0\">Som<span class=\"_ _2\"></span>e of the Group\u2019s with-profit f<span class=\"_ _2\"></span>unds have an exp<span class=\"_ _2\"></span>osure to overs<span class=\"_ _2\"></span>eas as<span class=\"_ _2\"></span>sets w<span class=\"_ _2\"></span>hich is not drive<span class=\"_ _2\"></span>n by liabilit<span class=\"_ _2\"></span>y consid<span class=\"_ _2\"></span>erations<span class=\"_ _2\"></span>. The p<span class=\"_ _2\"></span>urpose of thi<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5b1\">expo<span class=\"_ _2\"></span>sure is to<span class=\"_ gs132\"> </span>reduc<span class=\"_ _2\"></span>e overall risk w<span class=\"_ _2\"></span>hilst ma<span class=\"_ _2\"></span>ximising ret<span class=\"_ _2\"></span>urns by diver<span class=\"_ _2\"></span>sificatio<span class=\"_ _2\"></span>n. This exp<span class=\"_ _2\"></span>osure is limite<span class=\"_ _2\"></span>d and man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d through inves<span class=\"_ _2\"></span>tment m<span class=\"_ _2\"></span>andates </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5b2\">which are s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to the over<span class=\"_ _2\"></span>sight of the invest<span class=\"_ _2\"></span>ment com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>es of the Bo<span class=\"_ _2\"></span>ards of each life c<span class=\"_ _2\"></span>ompany. Fluctu<span class=\"_ _2\"></span>ations in exch<span class=\"_ _2\"></span>ange ra<span class=\"_ _2\"></span>tes from cer<span class=\"_ _2\"></span>tain </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5b3\">holdin<span class=\"_ _2\"></span>gs in overs<span class=\"_ _2\"></span>eas as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>re hedg<span class=\"_ _2\"></span>ed ag<span class=\"_ _2\"></span>ainst c<span class=\"_ _2\"></span>urrency r<span class=\"_ _2\"></span>isks. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c3 ws0 gs5b4\">Durin<span class=\"_ _2\"></span>g 2021<span class=\"_ _2\"></span>, the Group e<span class=\"_ _2\"></span>ntered into four h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relations<span class=\"_ _2\"></span>hips to hed<span class=\"_ _2\"></span>ge the curre<span class=\"_ _2\"></span>ncy ris<span class=\"_ _2\"></span>k on its Euro and U<span class=\"_ _2\"></span>S dollar de<span class=\"_ _2\"></span>nominate<span class=\"_ _2\"></span>d hybrid debt (U<span class=\"_ _2\"></span>S </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c3 ws0 gs5b5\">$5<span class=\"_ _2\"></span>00 millio<span class=\"_ _2\"></span>n Tier 2 bo<span class=\"_ _2\"></span>nds<span class=\"_ _2\"></span>, \u20ac50<span class=\"_ _2\"></span>0 million Tie<span class=\"_ _2\"></span>r 2 notes<span class=\"_ _2\"></span>, US $750 millio<span class=\"_ _2\"></span>n conting<span class=\"_ _2\"></span>ent conver<span class=\"_ _2\"></span>tible T<span class=\"_ _2\"></span>ier 1 notes an<span class=\"_ _2\"></span>d US $5<span class=\"_ _2\"></span>00 million F<span class=\"_ _2\"></span>ixed Rate Re<span class=\"_ _2\"></span>set Tie<span class=\"_ _2\"></span>r </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c3 ws0 gs5b6\">2 notes a<span class=\"_ _2\"></span>s set out in note E5<span class=\"_ _2\"></span>) throug<span class=\"_ _2\"></span>h cross c<span class=\"_ _2\"></span>urrency r<span class=\"_ _2\"></span>ate swaps<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div>E6.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>3 F<span class=\"_ _5\"></span>inancial soundness r<span class=\"_ _5\"></span>isk<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial so<span class=\"_ _2\"></span>undnes<span class=\"_ _2\"></span>s risk is a bro<span class=\"_ _2\"></span>ad risk c<span class=\"_ _2\"></span>ategor<span class=\"_ _2\"></span>y en<span class=\"_ _2\"></span>compas<span class=\"_ _2\"></span>sing c<span class=\"_ _2\"></span>apital m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement ris<span class=\"_ _2\"></span>k, ta<span class=\"_ _2\"></span>x risk and liq<span class=\"_ _2\"></span>uidit<span class=\"_ _2\"></span>y and fundin<span class=\"_ _2\"></span>g risk.<span class=\"_ _3bc\"> </span>Capit<span class=\"_ _2\"></span>al mana<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent risk is defin<span class=\"_ _2\"></span>ed as the f<span class=\"_ _2\"></span>ailure of the Group, o<span class=\"_ _2\"></span>r one of its se<span class=\"_ _2\"></span>paratel<span class=\"_ _2\"></span>y regulate<span class=\"_ _2\"></span>d subsidi<span class=\"_ _2\"></span>aries<span class=\"_ _2\"></span>, to maintain s<span class=\"_ _2\"></span>ufficie<span class=\"_ _2\"></span>nt capit<span class=\"_ _2\"></span>al to provide ap<span class=\"_ _2\"></span>propriate se<span class=\"_ _2\"></span>curit<span class=\"_ _2\"></span>y for poli<span class=\"_ _2\"></span>cyhold<span class=\"_ _2\"></span>ers and m<span class=\"_ _2\"></span>eet all re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y ca<span class=\"_ _2\"></span>pital req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>s whilst n<span class=\"_ _2\"></span>ot retaining un<span class=\"_ _2\"></span>nece<span class=\"_ _2\"></span>ssar<span class=\"_ _2\"></span>y c<span class=\"_ _2\"></span>apital. T<span class=\"_ _2\"></span>he Group has ex<span class=\"_ _2\"></span>posure to c<span class=\"_ _2\"></span>apital m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>ment risk t<span class=\"_ _2\"></span>hrough th<span class=\"_ _2\"></span>e requirem<span class=\"_ _2\"></span>ents of the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II cap<span class=\"_ _2\"></span>ital reg<span class=\"_ _2\"></span>ime, as imp<span class=\"_ _2\"></span>lemente<span class=\"_ _2\"></span>d by the PR<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, to calcul<span class=\"_ _2\"></span>ate reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y capit<span class=\"_ _2\"></span>al adeq<span class=\"_ _2\"></span>uacy at a G<span class=\"_ _2\"></span>roup level. Th<span class=\"_ _2\"></span>e Group\u2019s UK life subsidi<span class=\"_ _2\"></span>aries have exp<span class=\"_ _2\"></span>osure to cap<span class=\"_ _2\"></span>ital man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent risk thro<span class=\"_ _2\"></span>ugh the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y capit<span class=\"_ _2\"></span>al requirem<span class=\"_ _2\"></span>ents m<span class=\"_ _2\"></span>andated by th<span class=\"_ _2\"></span>e PRA at t<span class=\"_ _2\"></span>he solo leve<span class=\"_ _2\"></span>l. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ap<span class=\"_ _2\"></span>proach to m<span class=\"_ _2\"></span>anagin<span class=\"_ _2\"></span>g capit<span class=\"_ _2\"></span>al mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt risk is des<span class=\"_ _2\"></span>cribe<span class=\"_ _2\"></span>d in deta<span class=\"_ _2\"></span>il in note I3<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>Ta<span class=\"_ _2\"></span>x<span class=\"_ _3\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>k<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>ax ri<span class=\"_ _2\"></span>sk is define<span class=\"_ _2\"></span>d as the risk of re<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>ns in earnin<span class=\"_ _2\"></span>gs and/<span class=\"_ _7\"></span>o<span class=\"_ _2\"></span>r value, thro<span class=\"_ _2\"></span>ugh finan<span class=\"_ _2\"></span>cial or rep<span class=\"_ _2\"></span>utation<span class=\"_ _2\"></span>al loss<span class=\"_ _2\"></span>, due to an unfore<span class=\"_ _2\"></span>seen t<span class=\"_ _2\"></span>ax cos<span class=\"_ _2\"></span>t, or by th<span class=\"_ _2\"></span>e inapp<span class=\"_ _2\"></span>ropriate rep<span class=\"_ _2\"></span>ortin<span class=\"_ _2\"></span>g and disc<span class=\"_ _2\"></span>losure of informatio<span class=\"_ _2\"></span>n in relation to ta<span class=\"_ _2\"></span>xation<span class=\"_ _2\"></span>. T<span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>x risk ca<span class=\"_ _2\"></span>n be cau<span class=\"_ _2\"></span>sed by<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group, or on<span class=\"_ _2\"></span>e of its subsi<span class=\"_ _2\"></span>diaries<span class=\"_ _2\"></span>, making a m<span class=\"_ _2\"></span>aterial er<span class=\"_ _2\"></span>ror in its ta<span class=\"_ _2\"></span>x repor<span class=\"_ _2\"></span>ting<span class=\"_ _2\"></span>; \u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>corre<span class=\"_ _2\"></span>ct cal<span class=\"_ _2\"></span>culation of ta<span class=\"_ _2\"></span>x provisions<span class=\"_ _2\"></span>; \u2022 <span class=\"_ _9\"> </span>f<span class=\"_ _2\"></span>ailure to implem<span class=\"_ _2\"></span>ent the optim<span class=\"_ _2\"></span>um financia<span class=\"_ _2\"></span>l arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s to underpin a c<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on; and \u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>corre<span class=\"_ _2\"></span>ct ope<span class=\"_ _2\"></span>ration of polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r tax re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>ax ri<span class=\"_ _2\"></span>sk is mana<span class=\"_ _2\"></span>ged by m<span class=\"_ _2\"></span>aintaining an a<span class=\"_ _2\"></span>ppropriate<span class=\"_ _2\"></span>ly-s<span class=\"_ _2\"></span>taffe<span class=\"_ _2\"></span>d tax tea<span class=\"_ _2\"></span>m who have the qu<span class=\"_ _2\"></span>alificatio<span class=\"_ _2\"></span>ns and exp<span class=\"_ _2\"></span>erienc<span class=\"_ _2\"></span>e to make judge<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s on tax iss<span class=\"_ _2\"></span>ues<span class=\"_ _2\"></span>, augme<span class=\"_ _2\"></span>nted by advic<span class=\"_ _2\"></span>e from ex<span class=\"_ _2\"></span>ternal sp<span class=\"_ _2\"></span>ecialis<span class=\"_ _2\"></span>ts wh<span class=\"_ _2\"></span>ere require<span class=\"_ _2\"></span>d. In addi<span class=\"_ _2\"></span>tion, th<span class=\"_ _2\"></span>e Group has a for<span class=\"_ _2\"></span>mal ta<span class=\"_ _2\"></span>x risk polic<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, w<span class=\"_ _2\"></span>hich set<span class=\"_ _2\"></span>s out its ri<span class=\"_ _2\"></span>sk appe<span class=\"_ _2\"></span>tite in relation to sp<span class=\"_ _2\"></span>ecific a<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>ts of ta<span class=\"_ _2\"></span>x risk, a<span class=\"_ _2\"></span>nd which det<span class=\"_ _2\"></span>ails the co<span class=\"_ _2\"></span>ntrols the Gro<span class=\"_ _2\"></span>up has in pla<span class=\"_ _2\"></span>ce to mana<span class=\"_ _2\"></span>ge thos<span class=\"_ _2\"></span>e risks<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Liqui<span class=\"_ _2\"></span>dit<span class=\"_ _2\"></span>y risk<span class=\"_ _3bc\"> </span>Liquidit<span class=\"_ _2\"></span>y risk is d<span class=\"_ _2\"></span>efined as f<span class=\"_ _2\"></span>ailure to mainta<span class=\"_ _2\"></span>in adequ<span class=\"_ _2\"></span>ate levels of financ<span class=\"_ _2\"></span>ial reso<span class=\"_ _2\"></span>urces to me<span class=\"_ _2\"></span>et oblig<span class=\"_ _2\"></span>ations as th<span class=\"_ _2\"></span>ey fall due. Fundin<span class=\"_ _2\"></span>g risk relate<span class=\"_ _2\"></span>s to the potentia<span class=\"_ _2\"></span>l inabilit<span class=\"_ _2\"></span>y to raise a<span class=\"_ _2\"></span>ddition<span class=\"_ _2\"></span>al capit<span class=\"_ _2\"></span>al or liquidit<span class=\"_ _2\"></span>y whe<span class=\"_ _2\"></span>n required in o<span class=\"_ _2\"></span>rder to maint<span class=\"_ _2\"></span>ain the resilie<span class=\"_ _2\"></span>nce of the b<span class=\"_ _2\"></span>alance s<span class=\"_ _2\"></span>heet<span class=\"_ _2\"></span>. The Group h<span class=\"_ _2\"></span>as expo<span class=\"_ _2\"></span>sure to liquidit<span class=\"_ _2\"></span>y risk as a re<span class=\"_ _2\"></span>sult of ser<span class=\"_ _2\"></span>vicin<span class=\"_ _2\"></span>g its ex<span class=\"_ _2\"></span>ternal de<span class=\"_ _2\"></span>bt and eq<span class=\"_ _2\"></span>uity inves<span class=\"_ _2\"></span>tors<span class=\"_ _2\"></span>, and from th<span class=\"_ _2\"></span>e opera<span class=\"_ _2\"></span>ting require<span class=\"_ _2\"></span>ments of it<span class=\"_ _2\"></span>s subsidia<span class=\"_ _2\"></span>ries. T<span class=\"_ _2\"></span>he Group\u2019s subsidia<span class=\"_ _2\"></span>ries have exp<span class=\"_ _2\"></span>osure to liquidit<span class=\"_ _2\"></span>y risk a<span class=\"_ _2\"></span>s a result of norm<span class=\"_ _2\"></span>al busin<span class=\"_ _2\"></span>ess ac<span class=\"_ _2\"></span>tivitie<span class=\"_ _2\"></span>s, sp<span class=\"_ _2\"></span>ecific<span class=\"_ _2\"></span>ally the ris<span class=\"_ _2\"></span>k arising from a<span class=\"_ _2\"></span>n inabilit<span class=\"_ _2\"></span>y to meet shor<span class=\"_ _2\"></span>t-term ca<span class=\"_ _2\"></span>sh flow req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>s and<span class=\"_ gs132\"> </span>to me<span class=\"_ _2\"></span>et obligati<span class=\"_ _2\"></span>ons to polic<span class=\"_ _2\"></span>y liabilities<span class=\"_ _2\"></span>. The B<span class=\"_ _2\"></span>oard of Phoe<span class=\"_ _2\"></span>nix Group H<span class=\"_ _2\"></span>oldings p<span class=\"_ _2\"></span>lc has defin<span class=\"_ _2\"></span>ed a numb<span class=\"_ _2\"></span>er of governa<span class=\"_ _2\"></span>nce obj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ives and prin<span class=\"_ _2\"></span>ciples an<span class=\"_ _2\"></span>d<span class=\"_ gs132\"> </span>the liquidit<span class=\"_ _2\"></span>y ris<span class=\"_ _2\"></span>k framewor<span class=\"_ _2\"></span>ks of each subs<span class=\"_ _2\"></span>idiar<span class=\"_ _2\"></span>y are desig<span class=\"_ _2\"></span>ned to en<span class=\"_ _2\"></span>sure that<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>li<span class=\"_ _2\"></span>quidit<span class=\"_ _2\"></span>y risk is man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d in a manne<span class=\"_ _2\"></span>r consis<span class=\"_ _2\"></span>tent with the s<span class=\"_ _2\"></span>ubsidiar<span class=\"_ _2\"></span>y com<span class=\"_ _2\"></span>pany Board<span class=\"_ _2\"></span>s\u2019 strateg<span class=\"_ _2\"></span>ic obje<span class=\"_ _2\"></span>ctives<span class=\"_ _2\"></span>, risk ap<span class=\"_ _2\"></span>petite and PP<span class=\"_ _2\"></span>FM;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s are appropri<span class=\"_ _2\"></span>ately man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d and the rep<span class=\"_ _2\"></span>utation of th<span class=\"_ _2\"></span>e Group is safe<span class=\"_ _2\"></span>guarde<span class=\"_ _2\"></span>d; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>ppropriate inform<span class=\"_ _2\"></span>ation on liquidi<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k is available to th<span class=\"_ _2\"></span>ose makin<span class=\"_ _2\"></span>g decis<span class=\"_ _2\"></span>ions.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s li<span class=\"_ _2\"></span>quidit<span class=\"_ _2\"></span>y risk man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent str<span class=\"_ _2\"></span>ategy is b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n a risk appe<span class=\"_ _2\"></span>tite of less th<span class=\"_ _2\"></span>an a 1 in 200 c<span class=\"_ _2\"></span>hanc<span class=\"_ _2\"></span>e of having insuf<span class=\"_ _2\"></span>ficient li<span class=\"_ _2\"></span>quid or tan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>sets to<span class=\"_ gs132\"> </span>me<span class=\"_ _2\"></span>et finan<span class=\"_ _2\"></span>cial oblig<span class=\"_ _2\"></span>ations as th<span class=\"_ _2\"></span>ey fall due an<span class=\"_ _2\"></span>d is suppo<span class=\"_ _2\"></span>rted by<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>h<span class=\"_ _2\"></span>olding app<span class=\"_ _2\"></span>ropriate as<span class=\"_ _2\"></span>sets to m<span class=\"_ _2\"></span>eet liqui<span class=\"_ _2\"></span>dity b<span class=\"_ _2\"></span>uffer<span class=\"_ _2\"></span>s;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>h<span class=\"_ _2\"></span>olding hig<span class=\"_ _2\"></span>h qualit<span class=\"_ _2\"></span>y liquid as<span class=\"_ _2\"></span>sets to s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>t day to day ope<span class=\"_ _2\"></span>rations<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>n effec<span class=\"_ _2\"></span>tive stre<span class=\"_ _2\"></span>ss tes<span class=\"_ _2\"></span>ting fram<span class=\"_ _2\"></span>ework to ensure s<span class=\"_ _2\"></span>urviv<span class=\"_ _2\"></span>al horizons are met un<span class=\"_ _2\"></span>der dif<span class=\"_ _2\"></span>ferent severe<span class=\"_ _2\"></span>, but pla<span class=\"_ _2\"></span>usible sc<span class=\"_ _2\"></span>enarios<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive liquidit<span class=\"_ _2\"></span>y por<span class=\"_ _2\"></span>tfo<span class=\"_ _2\"></span>lio manag<span class=\"_ _2\"></span>ement in<span class=\"_ _2\"></span>cluding E<span class=\"_ _2\"></span>arly Warning In<span class=\"_ _2\"></span>dicator<span class=\"_ _2\"></span>s; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>li<span class=\"_ _2\"></span>quidit<span class=\"_ _2\"></span>y risk contin<span class=\"_ _2\"></span>genc<span class=\"_ _2\"></span>y plannin<span class=\"_ _2\"></span>g.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s f<span class=\"_ _2\"></span>unding s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y aims to maint<span class=\"_ _2\"></span>ain the appro<span class=\"_ _2\"></span>priate level of debt an<span class=\"_ _2\"></span>d equit<span class=\"_ _2\"></span>y in orde<span class=\"_ _2\"></span>r to suppor<span class=\"_ _2\"></span>t the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s o<span class=\"_ _2\"></span>rganic an<span class=\"_ _2\"></span>d inorgan<span class=\"_ _2\"></span>ic grow<span class=\"_ _2\"></span>th ambitio<span class=\"_ _2\"></span>ns, wh<span class=\"_ _2\"></span>ile maintainin<span class=\"_ _2\"></span>g suf<span class=\"_ _2\"></span>ficient he<span class=\"_ _2\"></span>adroom for hybr<span class=\"_ _2\"></span>id capit<span class=\"_ _2\"></span>al under S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II rule<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Liquidit<span class=\"_ _2\"></span>y forec<span class=\"_ _2\"></span>ast<span class=\"_ _2\"></span>s showin<span class=\"_ _2\"></span>g headro<span class=\"_ _2\"></span>om again<span class=\"_ _2\"></span>st liquidi<span class=\"_ _2\"></span>ty b<span class=\"_ _2\"></span>uffer<span class=\"_ _2\"></span>s are prepare<span class=\"_ _2\"></span>d regul<span class=\"_ _2\"></span>arly to predic<span class=\"_ _2\"></span>t require<span class=\"_ _2\"></span>d liquidit<span class=\"_ _2\"></span>y levels over b<span class=\"_ _2\"></span>oth the sho<span class=\"_ _2\"></span>rt an<span class=\"_ _2\"></span>d me<span class=\"_ _2\"></span>dium-term allowin<span class=\"_ _2\"></span>g manag<span class=\"_ _2\"></span>ement to re<span class=\"_ _2\"></span>spond a<span class=\"_ _2\"></span>ppropriate<span class=\"_ _2\"></span>ly to chang<span class=\"_ _2\"></span>es in circum<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>. In the event of a liqui<span class=\"_ _2\"></span>dity sh<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tfall<span class=\"_ _2\"></span>, either c<span class=\"_ _2\"></span>urrent or proj<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d, this woul<span class=\"_ _2\"></span>d be mana<span class=\"_ _2\"></span>ged in lin<span class=\"_ _2\"></span>e with the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s C<span class=\"_ _2\"></span>onting<span class=\"_ _2\"></span>ency Liqu<span class=\"_ _2\"></span>idity Pl<span class=\"_ _2\"></span>an where th<span class=\"_ _2\"></span>e latest avail<span class=\"_ _2\"></span>able contin<span class=\"_ _2\"></span>genc<span class=\"_ _2\"></span>y mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt ac<span class=\"_ _2\"></span>tions would b<span class=\"_ _2\"></span>e consi<span class=\"_ _2\"></span>dered. In ex<span class=\"_ _2\"></span>treme circ<span class=\"_ _2\"></span>umst<span class=\"_ _2\"></span>ances<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup could b<span class=\"_ _2\"></span>e expos<span class=\"_ _2\"></span>ed to liquidit<span class=\"_ _2\"></span>y ris<span class=\"_ _2\"></span>k in its unit-linked fun<span class=\"_ _2\"></span>ds. This c<span class=\"_ _2\"></span>ould oc<span class=\"_ _2\"></span>cur where a h<span class=\"_ _2\"></span>igh volume of surren<span class=\"_ _2\"></span>ders c<span class=\"_ _2\"></span>oincide<span class=\"_ _2\"></span>s with a tightenin<span class=\"_ _2\"></span>g of liquidit<span class=\"_ _2\"></span>y in a unit-linked fund to the p<span class=\"_ _2\"></span>oint where a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s of that fund h<span class=\"_ _2\"></span>ave to be sold to me<span class=\"_ _2\"></span>et thos<span class=\"_ _2\"></span>e withdr<span class=\"_ _2\"></span>awals. W<span class=\"_ _2\"></span>here the f<span class=\"_ _2\"></span>und affe<span class=\"_ _2\"></span>cted c<span class=\"_ _2\"></span>onsis<span class=\"_ _2\"></span>ts of les<span class=\"_ _2\"></span>s liquid as<span class=\"_ _2\"></span>sets su<span class=\"_ _2\"></span>ch as prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y, it can ta<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e s<span class=\"_ _2\"></span>everal mo<span class=\"_ _2\"></span>nths to comp<span class=\"_ _2\"></span>lete a sale an<span class=\"_ _2\"></span>d this would impe<span class=\"_ _2\"></span>de the prop<span class=\"_ _2\"></span>er ope<span class=\"_ _2\"></span>ration of the fun<span class=\"_ _2\"></span>d. In the<span class=\"_ _2\"></span>se situa<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>, the Group c<span class=\"_ _2\"></span>onsider<span class=\"_ _2\"></span>s its ris<span class=\"_ _2\"></span>k to be low sinc<span class=\"_ _2\"></span>e there are s<span class=\"_ _2\"></span>teps that c<span class=\"_ _2\"></span>an be taken fir<span class=\"_ _2\"></span>st within th<span class=\"_ _2\"></span>e funds the<span class=\"_ _2\"></span>mselve<span class=\"_ _2\"></span>s both to ens<span class=\"_ _2\"></span>ure the fair treat<span class=\"_ _2\"></span>ment of all investo<span class=\"_ _2\"></span>rs in thos<span class=\"_ _2\"></span>e funds an<span class=\"_ _2\"></span>d to protect th<span class=\"_ _2\"></span>e Group\u2019s own risk expo<span class=\"_ _2\"></span>sure.<span class=\"_ _3bc\"> </span>The va<span class=\"_ _2\"></span>st maj<span class=\"_ _2\"></span>orit<span class=\"_ _2\"></span>y of the Group\u2019s derivative c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are tra<span class=\"_ _2\"></span>ded OT<span class=\"_ _5\"></span>C and h<span class=\"_ _2\"></span>ave a two-<span class=\"_ _2\"></span>day collater<span class=\"_ _2\"></span>al set<span class=\"_ _2\"></span>tleme<span class=\"_ _2\"></span>nt perio<span class=\"_ _2\"></span>d. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s de<span class=\"_ _2\"></span>rivative contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are<span class=\"_ gs132\"> </span>monitore<span class=\"_ _2\"></span>d daily, via an end-<span class=\"_ _2\"></span>of-day valuation p<span class=\"_ _2\"></span>roces<span class=\"_ _2\"></span>s, to a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>s the ne<span class=\"_ _2\"></span>ed for ad<span class=\"_ _2\"></span>ditional f<span class=\"_ _2\"></span>unds to cover ma<span class=\"_ _2\"></span>rgin or collate<span class=\"_ _2\"></span>ral ca<span class=\"_ _2\"></span>lls.<span class=\"_ _3bc\"> </span>Som<span class=\"_ _2\"></span>e of the Group\u2019s comme<span class=\"_ _2\"></span>rcial prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s, c<span class=\"_ _2\"></span>ash and c<span class=\"_ _2\"></span>ash eq<span class=\"_ _2\"></span>uivalent<span class=\"_ _2\"></span>s are held thro<span class=\"_ _2\"></span>ugh coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s. The<span class=\"_ gs132\"> </span>c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investme<span class=\"_ _2\"></span>nt schem<span class=\"_ _2\"></span>es have the p<span class=\"_ _2\"></span>ower to restr<span class=\"_ _2\"></span>ict and/<span class=\"_ _5\"></span>or sus<span class=\"_ _2\"></span>pend wit<span class=\"_ _2\"></span>hdrawals<span class=\"_ _2\"></span>, which wo<span class=\"_ _2\"></span>uld, in turn<span class=\"_ _2\"></span>, affe<span class=\"_ _2\"></span>ct liquidit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing table p<span class=\"_ _2\"></span>rovides a mat<span class=\"_ _2\"></span>urit<span class=\"_ _2\"></span>y analysi<span class=\"_ _2\"></span>s showing th<span class=\"_ _2\"></span>e remainin<span class=\"_ _2\"></span>g contrac<span class=\"_ _2\"></span>tual m<span class=\"_ _2\"></span>aturities of th<span class=\"_ _2\"></span>e Group\u2019s undisco<span class=\"_ _2\"></span>unted financ<span class=\"_ _2\"></span>ial liabilitie<span class=\"_ _2\"></span>s and<span class=\"_ gs132\"> </span>as<span class=\"_ _2\"></span>soc<span class=\"_ _2\"></span>iated interes<span class=\"_ _2\"></span>t.<span class=\"_ _3bc\"> </span><table class=\"s w29b h2d5\" id=\"_bfe76317-b37d-477f-b4d2-3d52d4570704\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xd52 h3f y59d3 ff7 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s amo<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x2c4 h3f y59d4 ff7 fsf fc1 sc0 ls0 ws0\">cl<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ified a<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td class=\"t m0 xd53 h3f y59d5 ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r or les<span class=\"_ _2\"></span>s or </td><td></td><td class=\"t m0 xd54 h3f y59d5 ff7 fsf fc1 sc0 ls0 ws0\">Gr<span class=\"_ _2\"></span>eate<span class=\"_ _2\"></span>r tha<span class=\"_ _2\"></span>n 5 </td><td></td><td></td><td class=\"t m0 x2c4 h3f y59d5 ff7 fsf fc1 sc0 ls5b ws76\">held for<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>ale<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xd55 h3f y59d6 ff7 fsf fc1 sc0 ls0 ws0\">on de<span class=\"_ _2\"></span>man<span class=\"_ _2\"></span>d </td><td class=\"t m0 xd56 h3f y59d6 ff7 fsf fc1 sc0 ls0 ws0\">1\u2013<span class=\"_ _2\"></span>5 yea<span class=\"_ _2\"></span>rs </td><td class=\"t m0 xd57 h3f y59d6 ff7 fsf fc1 sc0 ls0 ws0\">yea<span class=\"_ _2\"></span>rs </td><td class=\"t m0 xd58 h3f y59d6 ff7 fsf fc1 sc0 ls0 ws0\">No fi<span class=\"_ _2\"></span>xed te<span class=\"_ _2\"></span>rm </td><td class=\"t m0 xd59 h3f y59d6 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 xd5a h3f y59d6 ff7 fsf fc1 sc0 ls0 ws0\">(se<span class=\"_ _2\"></span>e note H<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h3f y59d6 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h3f y59d7 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2c h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2d h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5b9 h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5bb h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59d8 w15b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd5b y59d8 w47b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd5c y59d8 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd5d y59d8 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd5e y59d8 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x853 y59d8 w643 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,78<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd5f y59d8 w644 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd60 y59d8 w645 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">158<span class=\"_ _2\"></span>,00<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59d9 ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></td><td class=\"c n xd61 y59da w55a h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1c7 ws1c7\">298<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd62 y59da w646 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,0<span class=\"_ _2\"></span>65<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd63 y59da w647 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,563<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd64 y59da w357 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd65 y59da w311 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>971<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd66 y59da w19d h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd67 y59da w311 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>971<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59dc w648 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives</div><div class=\"t m0 xd68 h13 y59db ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd61 y59dd w649 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls8b ws114\">366<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd69 y59dd w64a h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls76 ws19a\">403<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6a y59dd w2a2 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">5<span class=\"_ _2\"></span>,71<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6b y59dd w109 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6c y59dd w5e9 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1ab ws1a3\">6<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>487<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6d y59dd w2dc h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6e y59dd w646 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1c8 ws1c8\">6,<span class=\"_ _2\"></span>485<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59de w167 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6f y59de w64b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd70 y59de w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd71 y59de w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd72 y59de w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd73 y59de wed h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd74 y59de w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd75 y59de w196 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>921<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59df ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59e0 w64c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls72 ws68\">rece<span class=\"_ _5\"></span>iv<span class=\"_ _5\"></span>ed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd76 y59e0 w64d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">1<span class=\"_ _2\"></span>,005<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd77 y59e0 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd78 y59e0 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd79 y59e0 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7a y59e0 w430 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">1<span class=\"_ _2\"></span>,005<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7b y59e0 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7c y59e0 w64e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>05<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59e1 ff3 fs7 fc1 sc0 ls0 ws0\">Leas<span class=\"_ _2\"></span>e liabilities<span class=\"_ _3bc\"> </span></td><td class=\"c n xbf3 y59e2 w1a0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7d y59e2 w394 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ac ws1a4\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7e y59e2 w64f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls76 ws19a\">63<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7f y59e2 w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd80 y59e2 w78 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">107<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd81 y59e2 w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd82 y59e2 w4f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59e3 w17f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Accr<span class=\"_ _2\"></span>uals and d<span class=\"_ _2\"></span>eferred inc<span class=\"_ _2\"></span>ome<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd83 y59e3 w650 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">5<span class=\"_ _2\"></span>36<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd84 y59e3 w56c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">29<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd85 y59e3 w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd86 y59e3 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd87 y59e3 w91 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">579<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd88 y59e3 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d5 y59e3 w59 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59e4 w181 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other paya<span class=\"_ _5\"></span>bles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd89 y59e4 w651 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8a y59e4 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8b y59e4 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8c y59e4 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8d y59e4 w146 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>272<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8e y59e4 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8f y59e4 w146 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>272<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xd5a h16 y59e5 ff3 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s amo<span class=\"_ _2\"></span>unts </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x5b8 h16 y59e6 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ssi<span class=\"_ _2\"></span>fied a<span class=\"_ _2\"></span>s held </td><td></td></tr><tr><td></td><td class=\"t m0 xd53 h16 y59e7 ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r or les<span class=\"_ _2\"></span>s or </td><td></td><td class=\"t m0 xd90 h16 y59e7 ff3 fsf fc1 sc0 ls0 ws0\">Gre<span class=\"_ _2\"></span>ater t<span class=\"_ _2\"></span>han 5 </td><td></td><td></td><td class=\"t m0 x5b8 h16 y59e7 ff3 fsf fc1 sc0 ls0 ws0\">for s<span class=\"_ _2\"></span>ale (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e </td><td></td></tr><tr><td></td><td class=\"t m0 xd55 h16 y59e8 ff3 fsf fc1 sc0 ls17 ws15\">on demand </td><td class=\"t m0 xd56 h16 y59e8 ff3 fsf fc1 sc0 ls0 ws0\">1\u2013<span class=\"_ _2\"></span>5 year<span class=\"_ _2\"></span>s </td><td class=\"t m0 xd57 h16 y59e8 ff3 fsf fc1 sc0 ls0 ws0\">yea<span class=\"_ _2\"></span>rs </td><td class=\"t m0 x9da h16 y59e8 ff3 fsf fc1 sc0 ls0 ws0\">No fi<span class=\"_ _2\"></span>xed ter<span class=\"_ _2\"></span>m </td><td class=\"t m0 xd59 h16 y59e8 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x5bb h16 y59e8 ff3 fsf fc1 sc0 ls0 ws0\">H3<span class=\"_ _2\"></span>) </td><td class=\"t m0 x487 h16 y59e8 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"c x1ea y59e9 w2a6 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 xb2c h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2d h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd91 h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86d h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59eb w15b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd92 y59eb w652 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">149<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>481<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd93 y59eb w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd94 y59eb w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd95 y59eb w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd96 y59eb w44d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">14<span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd97 y59eb w22f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd98 y59eb w653 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">1<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59ec ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></td><td class=\"c n xd61 y59ed we9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">268<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd99 y59ed w654 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>326<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9a y59ed w103 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">2,<span class=\"_ _2\"></span>357<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9b y59ed w44a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9c y59ed w1e6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">4<span class=\"_ _2\"></span>,015<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9d y59ed w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9e y59ed w1e6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">4,01<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59ee w648 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives</div><div class=\"t m0 xd68 h13 y59db ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd61 y59ee w655 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c6 ws1c6\">757<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9f y59ee w9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">794<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda0 y59ee w36f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">9<span class=\"_ _2\"></span>,335<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda1 y59ee w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda2 y59ee w656 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">10,<span class=\"_ _2\"></span>886<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda3 y59ee w3dd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda4 y59ee w657 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">10<span class=\"_ _2\"></span>,882<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59ef w167 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda5 y59ef w658 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,0<span class=\"_ _3\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd93 y59ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd94 y59ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd95 y59ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda6 y59ef w169 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8bd y59ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8be y59ef w4a5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59f0 ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59f1 w64c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls72 ws68\">rece<span class=\"_ _5\"></span>iv<span class=\"_ _5\"></span>ed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda7 y59f1 w16c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda8 y59f1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda9 y59f1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdaa y59f1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdab y59f1 w4ae h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdac y59f1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdad y59f1 w16c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59f2 ff3 fs7 fc1 sc0 ls0 ws0\">Leas<span class=\"_ _2\"></span>e liabilities<span class=\"_ _3bc\"> </span></td><td class=\"c n xdae y56f9 w659 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdaf y56f9 w1bc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb0 y56f9 w56c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">95<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb1 y56f9 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb2 y56f9 w65a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">14<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb3 y56f9 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb4 y56f9 w65a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">14<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee w17f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Accr<span class=\"_ _2\"></span>uals and d<span class=\"_ _2\"></span>eferred inc<span class=\"_ _2\"></span>ome<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb5 y55ee w461 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">527<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb6 y55ee w422 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb7 y55ee w3fb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba5 y55ee w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb8 y55ee w65b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">5<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb9 y55ee w65c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x313 y55ee w119 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c3 ws1c3\">544<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w181 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other paya<span class=\"_ _5\"></span>bles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd89 y55ef w633 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>373<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdba y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdbb y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdbc y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdbd y55ef w65d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>373<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdbe y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc42 y55ef w65d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>373<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Th<span class=\"_ _2\"></span>ese fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties a<span class=\"_ _2\"></span>re dis<span class=\"_ _2\"></span>clos<span class=\"_ _2\"></span>ed at th<span class=\"_ _2\"></span>eir un<span class=\"_ _2\"></span>disc<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>ed val<span class=\"_ _2\"></span>ue and t<span class=\"_ _2\"></span>here<span class=\"_ _2\"></span>fore dif<span class=\"_ _2\"></span>fer f<span class=\"_ _2\"></span>rom am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s incl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>d in the s<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t of cons<span class=\"_ _2\"></span>olid<span class=\"_ _2\"></span>ated fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cial p<span class=\"_ _2\"></span>osit<span class=\"_ _2\"></span>ion wh<span class=\"_ _2\"></span>ich dis<span class=\"_ _2\"></span>clo<span class=\"_ _2\"></span>ses th<span class=\"_ _2\"></span>e<span class=\"_ gs2dc\"> </span>disc<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>ed val<span class=\"_ _2\"></span>ue.<span class=\"_ _3bc\"> </span>2 <span class=\"_ _2f\"> </span>Prio<span class=\"_ _2\"></span>r per<span class=\"_ _2\"></span>iod co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>rativ<span class=\"_ _2\"></span>es have b<span class=\"_ _2\"></span>een r<span class=\"_ _2\"></span>est<span class=\"_ _2\"></span>ated o<span class=\"_ _2\"></span>n tran<span class=\"_ _2\"></span>siti<span class=\"_ _2\"></span>on to IF<span class=\"_ _2\"></span>RS 17 In<span class=\"_ _2\"></span>sura<span class=\"_ _2\"></span>nce C<span class=\"_ _2\"></span>ontr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s (se<span class=\"_ _2\"></span>e note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s).<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act p<span class=\"_ _2\"></span>olicyho<span class=\"_ _2\"></span>lders h<span class=\"_ _2\"></span>ave the option to termin<span class=\"_ _2\"></span>ate or trans<span class=\"_ _2\"></span>fer their c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts at any time an<span class=\"_ _2\"></span>d to recei<span class=\"_ _2\"></span>ve the surren<span class=\"_ _2\"></span>der or tran<span class=\"_ _2\"></span>sfer value of the<span class=\"_ _2\"></span>ir<span class=\"_ gs132\"> </span>policie<span class=\"_ _2\"></span>s. Alth<span class=\"_ _2\"></span>ough the<span class=\"_ _2\"></span>se liabiliti<span class=\"_ _2\"></span>es are payabl<span class=\"_ _2\"></span>e on deman<span class=\"_ _2\"></span>d, and are th<span class=\"_ _2\"></span>erefore incl<span class=\"_ _2\"></span>uded in the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual ma<span class=\"_ _2\"></span>turit<span class=\"_ _2\"></span>y analys<span class=\"_ _2\"></span>is as due within on<span class=\"_ _2\"></span>e year<span class=\"_ _5\"></span>, the<span class=\"_ gs132\"> </span>Gro<span class=\"_ _2\"></span>up does n<span class=\"_ _2\"></span>ot expec<span class=\"_ _2\"></span>t all thes<span class=\"_ _2\"></span>e amount<span class=\"_ _2\"></span>s to be paid o<span class=\"_ _2\"></span>ut within one ye<span class=\"_ _2\"></span>ar of the repor<span class=\"_ _2\"></span>ting d<span class=\"_ _2\"></span>ate.<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing table<span class=\"_ _2\"></span>s prese<span class=\"_ _2\"></span>nt the es<span class=\"_ _2\"></span>timated am<span class=\"_ _2\"></span>ount and timin<span class=\"_ _2\"></span>g of the remain<span class=\"_ _2\"></span>ing contra<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l discounte<span class=\"_ _2\"></span>d cash fl<span class=\"_ _2\"></span>ows arisin<span class=\"_ _2\"></span>g from insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties. 2023<span class=\"_ _3bc\"> </span><table class=\"s w29b h2d6\" id=\"_526029b3-958d-40a8-9722-0a75edb35716\"><tr><td></td><td class=\"t m0 xd55 h16 y59f3 ff3 fsf fc1 sc0 ls0 ws0\">Up to 1 ye<span class=\"_ _2\"></span>ar<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdbf h16 y59f3 ff3 fsf fc1 sc0 ls1e3 ws15a\">1<span class=\"_ _2\"></span>-2 y<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc0 h16 y59f3 ff3 fsf fc1 sc0 ls0 ws0\">2-3 yea<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc1 h16 y59f3 ff3 fsf fc1 sc0 ls86 ws7b\">3-4 y<span class=\"_ _5\"></span>ears<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc2 h16 y59f3 ff3 fsf fc1 sc0 ls11f ws106\">4-5 yea<span class=\"_ _5\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc3 h16 y59f3 ff3 fsf fc1 sc0 ls0 ws0\">&gt;5 ye<span class=\"_ _2\"></span>ars<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y59f3 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td></td><td class=\"t m0 xb2c h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2d h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd91 h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86d h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59f5 w151 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc4 y59f5 w65e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls25 ws23\">8,468<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc5 y59f5 w21f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">4,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc6 y59f5 we5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">4,959<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc7 y59f5 wd5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c7 ws1c7\">5<span class=\"_ _2\"></span>,292<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc8 y59f5 w14c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">5,633<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc9 y59f5 w65f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">8<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdca y59f5 w47b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xd55 h16 y59f6 ff3 fsf fc1 sc0 ls0 ws0\">Up to 1 ye<span class=\"_ _2\"></span>ar<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdbf h16 y59f6 ff3 fsf fc1 sc0 ls1e3 ws15a\">1<span class=\"_ _2\"></span>-2 y<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc0 h16 y59f6 ff3 fsf fc1 sc0 ls0 ws0\">2-3 yea<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc1 h16 y59f6 ff3 fsf fc1 sc0 ls86 ws7b\">3-4 y<span class=\"_ _5\"></span>ears<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc2 h16 y59f6 ff3 fsf fc1 sc0 ls11f ws106\">4-5 yea<span class=\"_ _5\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc3 h16 y59f6 ff3 fsf fc1 sc0 ls0 ws0\">&gt;5 ye<span class=\"_ _2\"></span>ars<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y59f6 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"c x1ea y577e w2a6 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 xb2c h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2d h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd91 h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86d h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ef w151 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdcb y55ef w660 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdcc y55ef w1bd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdcd y55ef w35e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">4,<span class=\"_ _2\"></span>486<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdce y55ef w1ca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdcf y55ef w661 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">5,<span class=\"_ _2\"></span>956<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdd0 y55ef w662 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">7<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdd1 y55ef w4aa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">102,5<span class=\"_ _2\"></span>64<span class=\"_ _3bc\"> </span></div></td></tr></table>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.1 fo<span class=\"_ _2\"></span>r fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>ils).<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing table s<span class=\"_ _2\"></span>ets ou<span class=\"_ _2\"></span>t the amo<span class=\"_ _2\"></span>unts that are p<span class=\"_ _2\"></span>ayable on dem<span class=\"_ _2\"></span>and and t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying va<span class=\"_ _2\"></span>lue of the relate<span class=\"_ _2\"></span>d por<span class=\"_ _2\"></span>tfolio<span class=\"_ _2\"></span>s of contrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><table class=\"s w663 h2d7\" id=\"_461d1710-42d0-4347-8798-ec31029c9e06\"><tr><td></td><td class=\"c n xdd2 y59f8 w3a3 h2b4\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xdd3 y59f8 w664 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 restated<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 xdd4 h3f y59f9 ff7 fsf fc1 sc0 ls0 ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s paya<span class=\"_ _2\"></span>ble </td><td class=\"t m0 x75d h3f y59f9 ff7 fsf fc1 sc0 ls0 ws0\">Ca<span class=\"_ _2\"></span>rry<span class=\"_ _2\"></span>ing va<span class=\"_ _2\"></span>lue of </td><td class=\"t m0 xdd5 h16 y59f9 ff3 fsf fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>s payab<span class=\"_ _2\"></span>le on </td><td class=\"t m0 x4e7 h16 y59f9 ff3 fsf fc1 sc0 ls17 ws15\">Carrying value of </td></tr><tr><td></td><td class=\"t m0 xa92 h3f y59fa ff7 fsf fc1 sc0 ls81 ws75\">on demand<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9db h3f y59fa ff7 fsf fc1 sc0 ls81 ws75\">portfolio<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdd6 h16 y59fa ff3 fsf fc1 sc0 ls17 ws15\">demand<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23f h16 y59fa ff3 fsf fc1 sc0 ls17 ws15\">port<span class=\"_ _2\"></span>folio<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x9da h3f y59fb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y59fb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y59fb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y59fb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5729 w665 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">With-profits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdd7 y5729 w666 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>076<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdd8 y5729 w18a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>51<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdd9 y5729 w667 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdda y5729 w668 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>52,<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561a w669 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Annuities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xddb y561a w66a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5,163)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xddc y561a w66b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>217<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xddd y561a w66c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(2,<span class=\"_ _2\"></span>09<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdde y561a w66d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>29<span class=\"_ _2\"></span>,27<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w66e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit-link<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xddf y561b w66f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(15,820)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde0 y561b w537 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>16<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>431<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde1 y561b w670 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">(1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>42<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde2 y561b w671 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,74<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w672 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls72 ws68\">Pr<span class=\"_ _5\"></span>ot<span class=\"_ _7\"></span>ection<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde3 y561c w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(61<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde4 y561c w673 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>47<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde5 y561c w674 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">(330)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x59e y561c w675 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>474<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 w393 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7f y5600 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde6 y5600 w175 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">225<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde7 y5600 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde8 y5600 w2fc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bf ws1be\">297<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w676 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Sho<span class=\"_ _2\"></span>rt-term paya<span class=\"_ _2\"></span>bles and re<span class=\"_ _2\"></span>ceivab<span class=\"_ _2\"></span>les (incl<span class=\"_ _2\"></span>uding dep<span class=\"_ _2\"></span>osits fro<span class=\"_ _2\"></span>m reinsurer<span class=\"_ _2\"></span>s)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde9 y561e w677 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">(3<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdea y561e w678 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>41<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdeb y561e w679 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(4<span class=\"_ _7\"></span>,06<span class=\"_ _5\"></span>7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdec y561e w67a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(4<span class=\"_ _7\"></span>,06<span class=\"_ _7\"></span>7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xded y55ef w67b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">(69,<span class=\"_ _2\"></span>2<span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdee y55ef w67c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">(<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdef y55ef w67d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>252<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdf0 y55ef w67e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">(<span class=\"_ _2\"></span>10<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,28<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.1 fo<span class=\"_ _2\"></span>r fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>ils).<span class=\"_ _3bc\"> </span>A signifi<span class=\"_ _2\"></span>cant prop<span class=\"_ _2\"></span>ortio<span class=\"_ _2\"></span>n of the Group\u2019s financi<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>ets are he<span class=\"_ _2\"></span>ld in gilts<span class=\"_ _2\"></span>, ca<span class=\"_ _2\"></span>sh, supr<span class=\"_ _2\"></span>anation<span class=\"_ _2\"></span>als and inves<span class=\"_ _2\"></span>tment gr<span class=\"_ _2\"></span>ade se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s which the Gro<span class=\"_ _2\"></span>up con<span class=\"_ _2\"></span>siders s<span class=\"_ _2\"></span>uffici<span class=\"_ _2\"></span>ent to meet th<span class=\"_ _2\"></span>e liabilities a<span class=\"_ _2\"></span>s they fall du<span class=\"_ _2\"></span>e. The vas<span class=\"_ _2\"></span>t maj<span class=\"_ _2\"></span>orit<span class=\"_ _2\"></span>y of these inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s are readily re<span class=\"_ _2\"></span>alisab<span class=\"_ _2\"></span>le immedi<span class=\"_ _2\"></span>ately sinc<span class=\"_ _2\"></span>e most of them a<span class=\"_ _2\"></span>re quoted in<span class=\"_ gs132\"> </span>an ac<span class=\"_ _2\"></span>tive market. The Gro<span class=\"_ _2\"></span>up has a se<span class=\"_ _2\"></span>t of estab<span class=\"_ _2\"></span>lished p<span class=\"_ _2\"></span>olicies a<span class=\"_ _2\"></span>nd proce<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s to manag<span class=\"_ _2\"></span>e its exp<span class=\"_ _2\"></span>osure to liquidi<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k, incl<span class=\"_ _2\"></span>uding impa<span class=\"_ _2\"></span>cts ar<span class=\"_ _2\"></span>ising from the e<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>omic environm<span class=\"_ _2\"></span>ent, bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s developm<span class=\"_ _2\"></span>ents and f<span class=\"_ _2\"></span>unding ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s. Whe<span class=\"_ _2\"></span>re liquidit<span class=\"_ _2\"></span>y risk is h<span class=\"_ _2\"></span>eightene<span class=\"_ _2\"></span>d, such a<span class=\"_ _2\"></span>s during pe<span class=\"_ _2\"></span>riods of sign<span class=\"_ _2\"></span>ificant ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et volatilit<span class=\"_ _2\"></span>y, trigge<span class=\"_ _2\"></span>rs are in pla<span class=\"_ _2\"></span>ce to enhan<span class=\"_ _2\"></span>ce the fre<span class=\"_ _2\"></span>quenc<span class=\"_ _2\"></span>y of liquidit<span class=\"_ _2\"></span>y monitorin<span class=\"_ _2\"></span>g and to imple<span class=\"_ _2\"></span>ment availab<span class=\"_ _2\"></span>le conting<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>y action<span class=\"_ _2\"></span>s to ensure suf<span class=\"_ _2\"></span>ficient liqu<span class=\"_ _2\"></span>idity i<span class=\"_ _2\"></span>s maintaine<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>E6.<span class=\"_ _2\"></span>2.4 Strategic<span class=\"_ _7\"></span> risk<span class=\"_ _3bc\"> </span>Strate<span class=\"_ _2\"></span>gic risks thre<span class=\"_ _2\"></span>aten the ac<span class=\"_ _2\"></span>hievement of th<span class=\"_ _2\"></span>e Group st<span class=\"_ _2\"></span>rategy t<span class=\"_ _2\"></span>hrough p<span class=\"_ _2\"></span>oor str<span class=\"_ _2\"></span>ategic de<span class=\"_ _2\"></span>cision-<span class=\"_ _2\"></span>making<span class=\"_ _2\"></span>, implem<span class=\"_ _2\"></span>entation o<span class=\"_ _2\"></span>r respon<span class=\"_ _2\"></span>se to chan<span class=\"_ _2\"></span>ging circum<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>. The Group re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nises th<span class=\"_ _2\"></span>at core str<span class=\"_ _2\"></span>ategic a<span class=\"_ _2\"></span>ctivit<span class=\"_ _2\"></span>y bring<span class=\"_ _2\"></span>s with it exp<span class=\"_ _2\"></span>osure to str<span class=\"_ _2\"></span>ategic ris<span class=\"_ _2\"></span>k. However, the Group s<span class=\"_ _2\"></span>eeks to proa<span class=\"_ _2\"></span>ctively revi<span class=\"_ _2\"></span>ew, manag<span class=\"_ _2\"></span>e and control t<span class=\"_ _2\"></span>hese ex<span class=\"_ _2\"></span>posures<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s s<span class=\"_ _2\"></span>trate<span class=\"_ _2\"></span>gy and b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s plan are exp<span class=\"_ _2\"></span>osed to ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al events th<span class=\"_ _2\"></span>at could pre<span class=\"_ _2\"></span>vent or impac<span class=\"_ _2\"></span>t the achi<span class=\"_ _2\"></span>evement of the s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y; event<span class=\"_ _2\"></span>s relatin<span class=\"_ _2\"></span>g to how the s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y and busin<span class=\"_ _2\"></span>ess pl<span class=\"_ _2\"></span>an are execu<span class=\"_ _2\"></span>ted; and event<span class=\"_ _2\"></span>s that aris<span class=\"_ _2\"></span>e as a cons<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>nce of following t<span class=\"_ _2\"></span>he spe<span class=\"_ _2\"></span>cific str<span class=\"_ _2\"></span>ategy ch<span class=\"_ _2\"></span>osen<span class=\"_ _2\"></span>. The id<span class=\"_ _2\"></span>entificati<span class=\"_ _2\"></span>on and as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of st<span class=\"_ _2\"></span>rategic ri<span class=\"_ _2\"></span>sks is an integr<span class=\"_ _2\"></span>ated par<span class=\"_ _2\"></span>t of the Risk M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement Fram<span class=\"_ _2\"></span>ework. St<span class=\"_ _2\"></span>rategic ri<span class=\"_ _2\"></span>sk shoul<span class=\"_ _2\"></span>d be cons<span class=\"_ _2\"></span>idered in para<span class=\"_ _2\"></span>llel with the R<span class=\"_ _2\"></span>isk Univer<span class=\"_ _2\"></span>se as ea<span class=\"_ _2\"></span>ch of the risks with<span class=\"_ _2\"></span>in the Risk Uni<span class=\"_ _2\"></span>verse c<span class=\"_ _2\"></span>an impac<span class=\"_ _2\"></span>t the Group\u2019s stra<span class=\"_ _2\"></span>tegy.<span class=\"_ _3bc\"> </span>A Strate<span class=\"_ _2\"></span>gic Risk Polic<span class=\"_ _2\"></span>y is maintain<span class=\"_ _2\"></span>ed and re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted ag<span class=\"_ _2\"></span>ainst re<span class=\"_ _2\"></span>gularly, with a par<span class=\"_ _2\"></span>tic<span class=\"_ _2\"></span>ular focus on r<span class=\"_ _2\"></span>isk mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt, st<span class=\"_ _2\"></span>akeholder m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>, corp<span class=\"_ _2\"></span>orate ac<span class=\"_ _2\"></span>tivit<span class=\"_ _2\"></span>y and overall re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting ag<span class=\"_ _2\"></span>ainst th<span class=\"_ _2\"></span>e Group\u2019s strateg<span class=\"_ _2\"></span>ic ambition<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>E6.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>5<span class=\"_ _5\"></span> Operational r<span class=\"_ _5\"></span>isk<span class=\"_ _3bc\"> </span>Ope<span class=\"_ _2\"></span>rationa<span class=\"_ _2\"></span>l risk is the ris<span class=\"_ _2\"></span>k of reduc<span class=\"_ _2\"></span>tions in earn<span class=\"_ _2\"></span>ings an<span class=\"_ _2\"></span>d/<span class=\"_ _6\"></span>o<span class=\"_ _2\"></span>r value, thro<span class=\"_ _2\"></span>ugh finan<span class=\"_ _2\"></span>cial or rep<span class=\"_ _2\"></span>utation<span class=\"_ _2\"></span>al loss<span class=\"_ _2\"></span>, from ina<span class=\"_ _2\"></span>dequa<span class=\"_ _2\"></span>te or failed inter<span class=\"_ _2\"></span>nal proc<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es and<span class=\"_ gs132\"> </span>sy<span class=\"_ _2\"></span>stems<span class=\"_ _2\"></span>, or from p<span class=\"_ _2\"></span>eople<span class=\"_ _2\"></span>-related o<span class=\"_ _2\"></span>r exter<span class=\"_ _2\"></span>nal events<span class=\"_ _2\"></span>. Ope<span class=\"_ _2\"></span>rationa<span class=\"_ _2\"></span>l risk arise<span class=\"_ _2\"></span>s due to failure<span class=\"_ _2\"></span>s in one or more of th<span class=\"_ _2\"></span>e following asp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s of our bus<span class=\"_ _2\"></span>iness<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>direct ex<span class=\"_ _2\"></span>posure<span class=\"_ _2\"></span>s through o<span class=\"_ _2\"></span>utso<span class=\"_ _2\"></span>urcing se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e providers a<span class=\"_ _2\"></span>nd supplie<span class=\"_ _2\"></span>rs;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>dire<span class=\"_ _2\"></span>ct exp<span class=\"_ _2\"></span>osures th<span class=\"_ _2\"></span>rough intern<span class=\"_ _2\"></span>al prac<span class=\"_ _2\"></span>tices<span class=\"_ _2\"></span>, ac<span class=\"_ _2\"></span>tions or omis<span class=\"_ _2\"></span>sions<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al threat<span class=\"_ _2\"></span>s from individ<span class=\"_ _2\"></span>uals or group<span class=\"_ _2\"></span>s focus<span class=\"_ _2\"></span>ed on malic<span class=\"_ _2\"></span>ious or crim<span class=\"_ _2\"></span>inal ac<span class=\"_ _2\"></span>tivities<span class=\"_ _2\"></span>, or on ex<span class=\"_ _2\"></span>ternal eve<span class=\"_ _2\"></span>nts occ<span class=\"_ _2\"></span>urring whic<span class=\"_ _2\"></span>h are not within th<span class=\"_ _2\"></span>e Group\u2019s control; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>eglig<span class=\"_ _2\"></span>ence<span class=\"_ _2\"></span>, mal-pra<span class=\"_ _2\"></span>ctice o<span class=\"_ _2\"></span>r failure of employe<span class=\"_ _2\"></span>es, o<span class=\"_ _2\"></span>r supplier<span class=\"_ _2\"></span>s to follow goo<span class=\"_ _2\"></span>d prac<span class=\"_ _2\"></span>tice in deli<span class=\"_ _2\"></span>vering ope<span class=\"_ _2\"></span>rationa<span class=\"_ _2\"></span>l proces<span class=\"_ _2\"></span>ses a<span class=\"_ _2\"></span>nd prac<span class=\"_ _2\"></span>tices<span class=\"_ _2\"></span>. It is ac<span class=\"_ _2\"></span>cepted t<span class=\"_ _2\"></span>hat it is neit<span class=\"_ _2\"></span>her pos<span class=\"_ _2\"></span>sible, a<span class=\"_ _2\"></span>ppropriate n<span class=\"_ _2\"></span>or cos<span class=\"_ _2\"></span>t effec<span class=\"_ _2\"></span>tive to eliminate a<span class=\"_ _2\"></span>ll operati<span class=\"_ _2\"></span>onal risks fro<span class=\"_ _2\"></span>m the busin<span class=\"_ _2\"></span>ess as o<span class=\"_ _2\"></span>peratio<span class=\"_ _2\"></span>nal risk is inhere<span class=\"_ _2\"></span>nt in any oper<span class=\"_ _2\"></span>ating environm<span class=\"_ _2\"></span>ent par<span class=\"_ _2\"></span>ticular<span class=\"_ _2\"></span>ly given the re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y fra<span class=\"_ _2\"></span>mework unde<span class=\"_ _2\"></span>r which the G<span class=\"_ _2\"></span>roup ope<span class=\"_ _2\"></span>rates. A<span class=\"_ _2\"></span>s such th<span class=\"_ _2\"></span>e Group will toler<span class=\"_ _2\"></span>ate a degre<span class=\"_ _2\"></span>e of operatio<span class=\"_ _2\"></span>nal risk s<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to appropr<span class=\"_ _2\"></span>iate and prop<span class=\"_ _2\"></span>ortio<span class=\"_ _2\"></span>nate levels of co<span class=\"_ _2\"></span>ntrol around th<span class=\"_ _2\"></span>e identific<span class=\"_ _2\"></span>ation, m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement an<span class=\"_ _2\"></span>d repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g of such risks<span class=\"_ _2\"></span>. A set of ope<span class=\"_ _2\"></span>rational r<span class=\"_ _2\"></span>isk policie<span class=\"_ _2\"></span>s are mainta<span class=\"_ _2\"></span>ined tha<span class=\"_ _2\"></span>t set out th<span class=\"_ _2\"></span>e nature of the op<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span>al risk exp<span class=\"_ _2\"></span>osure and key contro<span class=\"_ _2\"></span>ls in plac<span class=\"_ _2\"></span>e to control th<span class=\"_ _2\"></span>e risk.<span class=\"_ _3bc\"> </span>E6<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>6 Cus<span class=\"_ _2\"></span>tome<span class=\"_ _2\"></span>r risk<span class=\"_ _3bc\"> </span>Cus<span class=\"_ _2\"></span>tomer ris<span class=\"_ _2\"></span>k is the risk of finan<span class=\"_ _2\"></span>cial failure<span class=\"_ _2\"></span>, reput<span class=\"_ _2\"></span>ational lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, loss of ea<span class=\"_ _2\"></span>rnings an<span class=\"_ _2\"></span>d/<span class=\"_ _6\"></span>o<span class=\"_ _2\"></span>r value throu<span class=\"_ _2\"></span>gh inapp<span class=\"_ _2\"></span>ropriate or po<span class=\"_ _2\"></span>or cus<span class=\"_ _2\"></span>tomer tre<span class=\"_ _2\"></span>atment (inclu<span class=\"_ _2\"></span>ding poo<span class=\"_ _2\"></span>r advice). It c<span class=\"_ _2\"></span>an arise as a re<span class=\"_ _2\"></span>sult of:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r Outco<span class=\"_ _2\"></span>mes: Th<span class=\"_ _2\"></span>e risk that o<span class=\"_ _2\"></span>ur decisi<span class=\"_ _2\"></span>ons, a<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s or behavio<span class=\"_ _2\"></span>rs individ<span class=\"_ _2\"></span>ually or co<span class=\"_ _2\"></span>llective<span class=\"_ _2\"></span>ly result in a fa<span class=\"_ _2\"></span>ilure to act to de<span class=\"_ _2\"></span>liver goo<span class=\"_ _2\"></span>d outco<span class=\"_ _2\"></span>mes for our c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g in the following a<span class=\"_ _2\"></span>reas: Pro<span class=\"_ _2\"></span>duct D<span class=\"_ _2\"></span>esign &amp; De<span class=\"_ _2\"></span>velopme<span class=\"_ _2\"></span>nt, Com<span class=\"_ _2\"></span>municati<span class=\"_ _2\"></span>on &amp; Guidan<span class=\"_ _2\"></span>ce, Cus<span class=\"_ _2\"></span>tomer Supp<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>t &amp; Under<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ding, M<span class=\"_ _2\"></span>onitoring &amp; O<span class=\"_ _2\"></span>versi<span class=\"_ _2\"></span>ght, Cus<span class=\"_ _2\"></span>tomer Fe<span class=\"_ _2\"></span>edbac<span class=\"_ _2\"></span>k, and C<span class=\"_ _2\"></span>ulture &amp; st<span class=\"_ _2\"></span>andard<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ansform<span class=\"_ _2\"></span>ation: The d<span class=\"_ _2\"></span>esign<span class=\"_ _2\"></span>, governan<span class=\"_ _2\"></span>ce and over<span class=\"_ _2\"></span>sight of Strate<span class=\"_ _2\"></span>gic Cus<span class=\"_ _2\"></span>tomer T<span class=\"_ _7\"></span>ra<span class=\"_ _2\"></span>nsforma<span class=\"_ _2\"></span>tion Activi<span class=\"_ _2\"></span>ty in ret<span class=\"_ _2\"></span>ained f<span class=\"_ _2\"></span>unction<span class=\"_ _2\"></span>s and ser<span class=\"_ _2\"></span>vice p<span class=\"_ _2\"></span>roviders<span class=\"_ _2\"></span>, fails to de<span class=\"_ _2\"></span>liver on reas<span class=\"_ _2\"></span>onable c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>er expe<span class=\"_ _2\"></span>ctatio<span class=\"_ _2\"></span>ns, t<span class=\"_ _2\"></span>aking ac<span class=\"_ _2\"></span>count of the Ph<span class=\"_ _2\"></span>oenix G<span class=\"_ _2\"></span>roup cus<span class=\"_ _2\"></span>tomer trea<span class=\"_ _2\"></span>tment risk appe<span class=\"_ _2\"></span>tites and re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y<span class=\"_ gs132\"> </span>requ<span class=\"_ _2\"></span>irement<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has both a C<span class=\"_ _2\"></span>ondu<span class=\"_ _2\"></span>ct Risk ap<span class=\"_ _2\"></span>petite to focu<span class=\"_ _2\"></span>s on behavi<span class=\"_ _2\"></span>ours within th<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, and a Cus<span class=\"_ _2\"></span>tomer Ri<span class=\"_ _2\"></span>sk appeti<span class=\"_ _2\"></span>te to focus on ac<span class=\"_ _2\"></span>hieving go<span class=\"_ _2\"></span>od cus<span class=\"_ _2\"></span>tomer outc<span class=\"_ _2\"></span>omes (b<span class=\"_ _2\"></span>oth of which app<span class=\"_ _2\"></span>ly to the Com<span class=\"_ _2\"></span>pany)<span class=\"_ _5\"></span>. The b<span class=\"_ _2\"></span>ehaviour<span class=\"_ _2\"></span>s and s<span class=\"_ _2\"></span>tandar<span class=\"_ _2\"></span>ds all colle<span class=\"_ _2\"></span>agues a<span class=\"_ _2\"></span>re expec<span class=\"_ _2\"></span>ted to ach<span class=\"_ _2\"></span>ieve are deta<span class=\"_ _2\"></span>iled in our Gro<span class=\"_ _2\"></span>up Code of C<span class=\"_ _2\"></span>onduc<span class=\"_ _2\"></span>t. For our c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>, what repre<span class=\"_ _2\"></span>sents a g<span class=\"_ _2\"></span>ood o<span class=\"_ _2\"></span>utcome is a<span class=\"_ _2\"></span>rtic<span class=\"_ _2\"></span>ulated in our C<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r Stand<span class=\"_ _2\"></span>ards and supp<span class=\"_ _2\"></span>ortin<span class=\"_ _2\"></span>g Busine<span class=\"_ _2\"></span>ss Unit p<span class=\"_ _2\"></span>roces<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>. In addit<span class=\"_ _2\"></span>ion, the G<span class=\"_ _2\"></span>roup Con<span class=\"_ _2\"></span>duct Str<span class=\"_ _2\"></span>ategy, which over<span class=\"_ _2\"></span>arches o<span class=\"_ _2\"></span>ur Risk Univer<span class=\"_ _2\"></span>se and all r<span class=\"_ _2\"></span>isk policie<span class=\"_ _2\"></span>s is desig<span class=\"_ _2\"></span>ned to detec<span class=\"_ _2\"></span>t where o<span class=\"_ _2\"></span>ur custom<span class=\"_ _2\"></span>ers are at ri<span class=\"_ _2\"></span>sk of poor o<span class=\"_ _2\"></span>utcome<span class=\"_ _2\"></span>s, minimi<span class=\"_ _2\"></span>se cond<span class=\"_ _2\"></span>uct risks<span class=\"_ _2\"></span>, and re<span class=\"_ _2\"></span>spond w<span class=\"_ _2\"></span>ith timely an<span class=\"_ _2\"></span>d appropr<span class=\"_ _2\"></span>iate mitigatin<span class=\"_ _2\"></span>g actio<span class=\"_ _2\"></span>ns. The Gro<span class=\"_ _2\"></span>up also ha<span class=\"_ _2\"></span>s a suite of cus<span class=\"_ _2\"></span>tomer po<span class=\"_ _2\"></span>lices whic<span class=\"_ _2\"></span>h set out th<span class=\"_ _2\"></span>e k<span class=\"_ _5\"></span>ey cus<span class=\"_ _2\"></span>tomer ris<span class=\"_ _2\"></span>ks and contro<span class=\"_ _2\"></span>l obje<span class=\"_ _2\"></span>ctives in pla<span class=\"_ _2\"></span>ce to mitig<span class=\"_ _2\"></span>ate them<span class=\"_ _2\"></span>. The cus<span class=\"_ _2\"></span>tomer ris<span class=\"_ _2\"></span>ks for<span class=\"_ gs132\"> </span>the Group are re<span class=\"_ _2\"></span>gular<span class=\"_ _2\"></span>ly repor<span class=\"_ _2\"></span>ted to ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment overs<span class=\"_ _2\"></span>ight commi<span class=\"_ _2\"></span>ttee<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>I3. Capital management<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s c<span class=\"_ _2\"></span>apita<span class=\"_ _2\"></span>l manag<span class=\"_ _2\"></span>ement i<span class=\"_ _2\"></span>s base<span class=\"_ _2\"></span>d on the So<span class=\"_ _2\"></span>lvency I<span class=\"_ _2\"></span>I framewo<span class=\"_ _2\"></span>rk as imple<span class=\"_ _2\"></span>mented in th<span class=\"_ _2\"></span>e UK. T<span class=\"_ _2\"></span>his involves a valuat<span class=\"_ _2\"></span>ion in line with Sol<span class=\"_ _2\"></span>vency I<span class=\"_ _2\"></span>I principle<span class=\"_ _2\"></span>s of the Group\u2019s Own Funds a<span class=\"_ _2\"></span>nd risk-base<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y Capita<span class=\"_ _2\"></span>l Requirem<span class=\"_ _2\"></span>ent (\u2018<span class=\"_ _2\"></span>SCR<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>).<span class=\"_ _3bc\"> </span>This note s<span class=\"_ _2\"></span>ets out t<span class=\"_ _2\"></span>he Group\u2019s approa<span class=\"_ _2\"></span>ch to manag<span class=\"_ _2\"></span>ing cap<span class=\"_ _2\"></span>ital and p<span class=\"_ _2\"></span>rovides an an<span class=\"_ _2\"></span>alysis of Ow<span class=\"_ _2\"></span>n Funds and SC<span class=\"_ _2\"></span>R<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Risk and capital management objectives<span class=\"_ _3bc\"> </span>The ris<span class=\"_ _2\"></span>k manag<span class=\"_ _2\"></span>ement o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tives an<span class=\"_ _2\"></span>d policies of th<span class=\"_ _2\"></span>e Group are ba<span class=\"_ _2\"></span>sed on th<span class=\"_ _2\"></span>e requirem<span class=\"_ _2\"></span>ent to protec<span class=\"_ _2\"></span>t the Group\u2019s regul<span class=\"_ _2\"></span>atory c<span class=\"_ _2\"></span>apita<span class=\"_ _2\"></span>l position<span class=\"_ _2\"></span>, there<span class=\"_ _2\"></span>by safegu<span class=\"_ _2\"></span>arding poli<span class=\"_ _2\"></span>cyhold<span class=\"_ _2\"></span>ers\u2019 gua<span class=\"_ _2\"></span>rantee<span class=\"_ _2\"></span>d benefit<span class=\"_ _2\"></span>s whils<span class=\"_ _2\"></span>t also ens<span class=\"_ _2\"></span>uring the Gro<span class=\"_ _2\"></span>up can m<span class=\"_ _2\"></span>eet its va<span class=\"_ _2\"></span>rious c<span class=\"_ _2\"></span>ash flow req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>s. S<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to this<span class=\"_ _2\"></span>, the Group s<span class=\"_ _2\"></span>eeks to us<span class=\"_ _2\"></span>e available c<span class=\"_ _2\"></span>apital to a<span class=\"_ _2\"></span>chieve incre<span class=\"_ _2\"></span>ased ret<span class=\"_ _2\"></span>urns<span class=\"_ _2\"></span>, balanc<span class=\"_ _2\"></span>ing risk an<span class=\"_ _2\"></span>d reward, to g<span class=\"_ _2\"></span>enerate a<span class=\"_ _2\"></span>dditiona<span class=\"_ _2\"></span>l value for policyholders and sh<span class=\"_ _2\"></span>areholders.<span class=\"_ _3bc\"> </span>In pur<span class=\"_ _2\"></span>suing the<span class=\"_ _2\"></span>se obj<span class=\"_ _2\"></span>ective<span class=\"_ _2\"></span>s, the G<span class=\"_ _2\"></span>roup depl<span class=\"_ _2\"></span>oys financia<span class=\"_ _2\"></span>l and other a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and inc<span class=\"_ _2\"></span>urs insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities an<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial and othe<span class=\"_ _2\"></span>r liabilitie<span class=\"_ _2\"></span>s. Fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>nd other as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s principa<span class=\"_ _2\"></span>lly compri<span class=\"_ _2\"></span>se investm<span class=\"_ _2\"></span>ents in e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y securi<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>, debt se<span class=\"_ _2\"></span>curities<span class=\"_ _2\"></span>, colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s, prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y, derivatives<span class=\"_ _2\"></span>, reins<span class=\"_ _2\"></span>urance<span class=\"_ _2\"></span>, trade an<span class=\"_ _2\"></span>d other re<span class=\"_ _2\"></span>ceivabl<span class=\"_ _2\"></span>es, an<span class=\"_ _2\"></span>d bankin<span class=\"_ _2\"></span>g deposi<span class=\"_ _2\"></span>ts. F<span class=\"_ _2\"></span>inancia<span class=\"_ _2\"></span>l liabilities p<span class=\"_ _2\"></span>rincipall<span class=\"_ _2\"></span>y compris<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, bo<span class=\"_ _2\"></span>rrowings for fin<span class=\"_ _2\"></span>ancing p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>s, de<span class=\"_ _2\"></span>rivative liabiliti<span class=\"_ _2\"></span>es and net a<span class=\"_ _2\"></span>sset va<span class=\"_ _2\"></span>lue at<span class=\"_ _2\"></span>tributab<span class=\"_ _2\"></span>le to unithold<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s R<span class=\"_ _2\"></span>isk Man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent Framework is d<span class=\"_ _2\"></span>escrib<span class=\"_ _2\"></span>ed in the ri<span class=\"_ _2\"></span>sk mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt comme<span class=\"_ _2\"></span>ntar<span class=\"_ _2\"></span>y on pag<span class=\"_ _2\"></span>es 46 to 57 of th<span class=\"_ _2\"></span>e Annual Re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t and Acc<span class=\"_ _2\"></span>ounts an<span class=\"_ _2\"></span>d the Risk Unive<span class=\"_ _2\"></span>rse co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nt of this framewo<span class=\"_ _2\"></span>rk summar<span class=\"_ _2\"></span>ises the c<span class=\"_ _2\"></span>ompreh<span class=\"_ _2\"></span>ensive set of ris<span class=\"_ _2\"></span>ks to which the Gro<span class=\"_ _2\"></span>up is expos<span class=\"_ _2\"></span>ed. The<span class=\"_ gs132\"> </span>m<span class=\"_ _2\"></span>ajor ris<span class=\"_ _2\"></span>ks (\u2018Leve<span class=\"_ _2\"></span>l 1\u2019 ris<span class=\"_ _2\"></span>ks<span class=\"_ _5\"></span>) that th<span class=\"_ _2\"></span>e Group\u2019s busine<span class=\"_ _2\"></span>sses a<span class=\"_ _2\"></span>re expose<span class=\"_ _2\"></span>d to and the G<span class=\"_ _2\"></span>roup\u2019s approach to m<span class=\"_ _2\"></span>anagin<span class=\"_ _2\"></span>g those ri<span class=\"_ _2\"></span>sks are outline<span class=\"_ _2\"></span>d in the fol<span class=\"_ _5\"></span>lowi<span class=\"_ _5\"></span>ng not<span class=\"_ _7\"></span>es:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>ote E6: Credit ri<span class=\"_ _2\"></span>sk, ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et risk<span class=\"_ _2\"></span>, financ<span class=\"_ _2\"></span>ial soun<span class=\"_ _2\"></span>dness r<span class=\"_ _2\"></span>isk, s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>ic risk, c<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r risk and o<span class=\"_ _2\"></span>peratio<span class=\"_ _2\"></span>nal risk<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>ote F11: Ins<span class=\"_ _2\"></span>urance r<span class=\"_ _2\"></span>isk.<span class=\"_ _3bc\"> </span>The s<span class=\"_ _2\"></span>ectio<span class=\"_ _2\"></span>n on risk and c<span class=\"_ _2\"></span>apital m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement ob<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>tives is inc<span class=\"_ _2\"></span>luded b<span class=\"_ _2\"></span>elow. Capital Management Framewor<span class=\"_ _5\"></span>k<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s C<span class=\"_ _2\"></span>apital M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement Fram<span class=\"_ _2\"></span>ework is des<span class=\"_ _2\"></span>igned to a<span class=\"_ _2\"></span>chieve the followin<span class=\"_ _2\"></span>g obje<span class=\"_ _2\"></span>ctives<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>to p<span class=\"_ _2\"></span>rovide approp<span class=\"_ _2\"></span>riate sec<span class=\"_ _2\"></span>urity fo<span class=\"_ _2\"></span>r policyh<span class=\"_ _2\"></span>older<span class=\"_ _2\"></span>s and me<span class=\"_ _2\"></span>et all regul<span class=\"_ _2\"></span>atory c<span class=\"_ _2\"></span>apita<span class=\"_ _2\"></span>l requirem<span class=\"_ _2\"></span>ents und<span class=\"_ _2\"></span>er the So<span class=\"_ _2\"></span>lvency I<span class=\"_ _2\"></span>I regime w<span class=\"_ _2\"></span>hile not retainin<span class=\"_ _2\"></span>g<span class=\"_ gs132\"> </span>unnec<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y excess c<span class=\"_ _2\"></span>apita<span class=\"_ _2\"></span>l, oper<span class=\"_ _2\"></span>ating within a S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II Sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er Capit<span class=\"_ _2\"></span>al Covera<span class=\"_ _2\"></span>ge ratio of 14<span class=\"_ _2\"></span>0-18<span class=\"_ _2\"></span>0%;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>to e<span class=\"_ _2\"></span>nsure suf<span class=\"_ _2\"></span>ficient liq<span class=\"_ _2\"></span>uidit<span class=\"_ _2\"></span>y to meet ob<span class=\"_ _2\"></span>ligations to p<span class=\"_ _2\"></span>olicyh<span class=\"_ _2\"></span>olders a<span class=\"_ _2\"></span>nd other cre<span class=\"_ _2\"></span>ditors<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>to m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>e our levera<span class=\"_ _2\"></span>ge posit<span class=\"_ _2\"></span>ion, inc<span class=\"_ _2\"></span>luding optimi<span class=\"_ _2\"></span>sation of the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II levera<span class=\"_ _2\"></span>ge ratio a<span class=\"_ _2\"></span>nd the Fitc<span class=\"_ _2\"></span>h leverag<span class=\"_ _2\"></span>e ratio to maint<span class=\"_ _2\"></span>ain an investm<span class=\"_ _2\"></span>ent<span class=\"_ gs132\"> </span>gra<span class=\"_ _2\"></span>de credit r<span class=\"_ _2\"></span>ating; and \u2022 <span class=\"_ _9\"> </span>to m<span class=\"_ _2\"></span>aintain a divid<span class=\"_ _2\"></span>end polic<span class=\"_ _2\"></span>y to pay an ordina<span class=\"_ _2\"></span>ry divi<span class=\"_ _2\"></span>dend tha<span class=\"_ _2\"></span>t is progre<span class=\"_ _2\"></span>ssive and s<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable.<span class=\"_ _3bc\"> </span>The fr<span class=\"_ _2\"></span>amework c<span class=\"_ _2\"></span>omprise<span class=\"_ _2\"></span>s a suite of capi<span class=\"_ _2\"></span>tal man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent policie<span class=\"_ _2\"></span>s that gover<span class=\"_ _2\"></span>n the alloc<span class=\"_ _2\"></span>ation of cap<span class=\"_ _2\"></span>ital throu<span class=\"_ _2\"></span>ghout t<span class=\"_ _2\"></span>he Group to ac<span class=\"_ _2\"></span>hieve the<span class=\"_ gs132\"> </span>fra<span class=\"_ _2\"></span>mework ob<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>tives under a r<span class=\"_ _2\"></span>ange of s<span class=\"_ _2\"></span>tress c<span class=\"_ _2\"></span>ondition<span class=\"_ _2\"></span>s. The p<span class=\"_ _2\"></span>olicy sui<span class=\"_ _2\"></span>te is defined wi<span class=\"_ _2\"></span>th referenc<span class=\"_ _2\"></span>e to policyh<span class=\"_ _2\"></span>older se<span class=\"_ _2\"></span>curit<span class=\"_ _2\"></span>y, creditor oblig<span class=\"_ _2\"></span>ations<span class=\"_ _2\"></span>, owner divi<span class=\"_ _2\"></span>dend po<span class=\"_ _2\"></span>licy and re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y ca<span class=\"_ _2\"></span>pital req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Group capital<span class=\"_ _3bc\"> </span>Group c<span class=\"_ _2\"></span>apital i<span class=\"_ _2\"></span>s manag<span class=\"_ _2\"></span>ed on a S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II basis<span class=\"_ _2\"></span>. Und<span class=\"_ _2\"></span>er the So<span class=\"_ _2\"></span>lvency I<span class=\"_ _2\"></span>I framewo<span class=\"_ _2\"></span>rk, the p<span class=\"_ _2\"></span>rimar<span class=\"_ _2\"></span>y sourc<span class=\"_ _2\"></span>es of capit<span class=\"_ _2\"></span>al mana<span class=\"_ _2\"></span>ged by th<span class=\"_ _2\"></span>e Group comp<span class=\"_ _2\"></span>rises th<span class=\"_ _2\"></span>e Group\u2019s Own Funds as m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d under th<span class=\"_ _2\"></span>e Solven<span class=\"_ _2\"></span>cy II prin<span class=\"_ _2\"></span>ciples a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted to exclude s<span class=\"_ _2\"></span>urplus fun<span class=\"_ _2\"></span>ds att<span class=\"_ _2\"></span>ributab<span class=\"_ _2\"></span>le to the Group\u2019s unsupp<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ted with-profi<span class=\"_ _2\"></span>t funds an<span class=\"_ _2\"></span>d unsuppo<span class=\"_ _2\"></span>rte<span class=\"_ _2\"></span>d pensio<span class=\"_ _2\"></span>n schem<span class=\"_ _2\"></span>es. A Sol<span class=\"_ _2\"></span>vency I<span class=\"_ _2\"></span>I capit<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent involves valuat<span class=\"_ _2\"></span>ion in line with S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II princip<span class=\"_ _2\"></span>les of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s O<span class=\"_ _2\"></span>wn Funds and a r<span class=\"_ _2\"></span>isk<span class=\"_ _5\"></span>-ba<span class=\"_ _2\"></span>sed as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y Capit<span class=\"_ _2\"></span>al Requirem<span class=\"_ _2\"></span>ent (\u2018<span class=\"_ _2\"></span>SCR<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>). Solven<span class=\"_ _2\"></span>cy II s<span class=\"_ _2\"></span>urplus is the exc<span class=\"_ _2\"></span>ess of O<span class=\"_ _2\"></span>wn Funds over the S<span class=\"_ _2\"></span>CR<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up aims to maint<span class=\"_ _2\"></span>ain a Solven<span class=\"_ _2\"></span>cy II s<span class=\"_ _2\"></span>urplus at le<span class=\"_ _2\"></span>ast e<span class=\"_ _2\"></span>qual to its B<span class=\"_ _2\"></span>oard-ap<span class=\"_ _2\"></span>proved cap<span class=\"_ _2\"></span>ital poli<span class=\"_ _2\"></span>cy<span class=\"_ _5\"></span>, which refl<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s Board r<span class=\"_ _2\"></span>isk appet<span class=\"_ _2\"></span>ite for me<span class=\"_ _2\"></span>eting prevailin<span class=\"_ _2\"></span>g solvenc<span class=\"_ _2\"></span>y requirem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>apital p<span class=\"_ _2\"></span>olicy of ea<span class=\"_ _2\"></span>ch Life Compa<span class=\"_ _2\"></span>ny is set and m<span class=\"_ _2\"></span>onitored by e<span class=\"_ _2\"></span>ach Life Com<span class=\"_ _2\"></span>pany Board<span class=\"_ _2\"></span>. These p<span class=\"_ _2\"></span>olicies e<span class=\"_ _2\"></span>nsure the<span class=\"_ _2\"></span>re is suffi<span class=\"_ _2\"></span>cient ca<span class=\"_ _2\"></span>pital within e<span class=\"_ _2\"></span>ach Life Comp<span class=\"_ _2\"></span>any to meet re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y ca<span class=\"_ _2\"></span>pital re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s under a r<span class=\"_ _2\"></span>ange of st<span class=\"_ _2\"></span>ress co<span class=\"_ _2\"></span>nditions<span class=\"_ _2\"></span>. The c<span class=\"_ _2\"></span>apital p<span class=\"_ _2\"></span>olicy of ea<span class=\"_ _2\"></span>ch Life Compa<span class=\"_ _2\"></span>ny varies a<span class=\"_ _2\"></span>ccordin<span class=\"_ _2\"></span>g to the risk profil<span class=\"_ _2\"></span>e and finan<span class=\"_ _2\"></span>cial stre<span class=\"_ _2\"></span>ngth of the c<span class=\"_ _2\"></span>ompany.<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>apital p<span class=\"_ _2\"></span>olicy of ea<span class=\"_ _2\"></span>ch Group Ho<span class=\"_ _2\"></span>lding Co<span class=\"_ _2\"></span>mpany is desi<span class=\"_ _2\"></span>gned to en<span class=\"_ _2\"></span>sure that th<span class=\"_ _2\"></span>ere is suf<span class=\"_ _2\"></span>ficient liqui<span class=\"_ _2\"></span>dity to m<span class=\"_ _2\"></span>eet cre<span class=\"_ _2\"></span>ditor oblig<span class=\"_ _2\"></span>ations thro<span class=\"_ _2\"></span>ugh the co<span class=\"_ _2\"></span>mbination of c<span class=\"_ _2\"></span>ash buf<span class=\"_ _2\"></span>fers an<span class=\"_ _2\"></span>d cash fl<span class=\"_ _2\"></span>ows from the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g compa<span class=\"_ _2\"></span>nies.<span class=\"_ _3bc\"> </span>Own Fun<span class=\"_ _2\"></span>ds and S<span class=\"_ _2\"></span>CR<span class=\"_ _3bc\"> </span>Basi<span class=\"_ _2\"></span>c Own Funds rep<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>s the exces<span class=\"_ _2\"></span>s of ass<span class=\"_ _2\"></span>ets over liabili<span class=\"_ _2\"></span>ties from the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II bal<span class=\"_ _2\"></span>ance sh<span class=\"_ _2\"></span>eet ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d to add bac<span class=\"_ _2\"></span>k any relevant subo<span class=\"_ _2\"></span>rdinated liab<span class=\"_ _2\"></span>ilities that m<span class=\"_ _2\"></span>eet the c<span class=\"_ _2\"></span>riteria to be tre<span class=\"_ _2\"></span>ated as c<span class=\"_ _2\"></span>apital ite<span class=\"_ _2\"></span>ms.<span class=\"_ _3bc\"> </span>The B<span class=\"_ _2\"></span>asic Own Fund<span class=\"_ _2\"></span>s are clas<span class=\"_ _2\"></span>sified into thre<span class=\"_ _2\"></span>e Tier<span class=\"_ _2\"></span>s base<span class=\"_ _2\"></span>d on per<span class=\"_ _2\"></span>manen<span class=\"_ _2\"></span>cy and lo<span class=\"_ _2\"></span>ss abs<span class=\"_ _2\"></span>orbenc<span class=\"_ _2\"></span>y (<span class=\"_ _2\"></span>Tier 1 be<span class=\"_ _2\"></span>ing the high<span class=\"_ _2\"></span>est qu<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y and Tie<span class=\"_ _2\"></span>r 3 the lowes<span class=\"_ _2\"></span>t). The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s O<span class=\"_ _2\"></span>wn Funds are as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed for th<span class=\"_ _2\"></span>eir eligibilit<span class=\"_ _2\"></span>y to cover t<span class=\"_ _2\"></span>he Group S<span class=\"_ _2\"></span>CR with referen<span class=\"_ _2\"></span>ce to both th<span class=\"_ _2\"></span>e qualit<span class=\"_ _2\"></span>y of capit<span class=\"_ _2\"></span>al and it<span class=\"_ _2\"></span>s availabilit<span class=\"_ _2\"></span>y and t<span class=\"_ _2\"></span>ransfe<span class=\"_ _2\"></span>rabilit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>. Surp<span class=\"_ _2\"></span>lus funds in w<span class=\"_ _2\"></span>ith-profit fun<span class=\"_ _2\"></span>ds of the Life comp<span class=\"_ _2\"></span>anies and in t<span class=\"_ _2\"></span>he pens<span class=\"_ _2\"></span>ion sche<span class=\"_ _2\"></span>mes are re<span class=\"_ _2\"></span>stric<span class=\"_ _2\"></span>ted and c<span class=\"_ _2\"></span>an only be inclu<span class=\"_ _2\"></span>ded in Eligib<span class=\"_ _2\"></span>le Own Funds up to th<span class=\"_ _2\"></span>e value of the SC<span class=\"_ _2\"></span>R they are us<span class=\"_ _2\"></span>ed to supp<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Eligible O<span class=\"_ _2\"></span>wn Funds to cover th<span class=\"_ _2\"></span>e SCR are o<span class=\"_ _2\"></span>btaine<span class=\"_ _2\"></span>d after ap<span class=\"_ _2\"></span>plying th<span class=\"_ _2\"></span>e prescr<span class=\"_ _2\"></span>ibed T<span class=\"_ _2\"></span>iering limit<span class=\"_ _2\"></span>s and availab<span class=\"_ _2\"></span>ility re<span class=\"_ _2\"></span>stric<span class=\"_ _2\"></span>tions to the Ba<span class=\"_ _2\"></span>sic Own Fund<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The S<span class=\"_ _2\"></span>CR is ca<span class=\"_ _2\"></span>librated s<span class=\"_ _2\"></span>o that the likeliho<span class=\"_ _2\"></span>od of a loss exc<span class=\"_ _2\"></span>eedin<span class=\"_ _2\"></span>g the SC<span class=\"_ _2\"></span>R is less t<span class=\"_ _2\"></span>han 0.<span class=\"_ _2\"></span>5% over one year. This ensure<span class=\"_ _2\"></span>s that cap<span class=\"_ _2\"></span>ital is suf<span class=\"_ _2\"></span>ficient to withs<span class=\"_ _2\"></span>tand a b<span class=\"_ _2\"></span>roadly \u2018<span class=\"_ _2\"></span>1 in 20<span class=\"_ _2\"></span>0 year event<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up oper<span class=\"_ _2\"></span>ates an Intern<span class=\"_ _2\"></span>al Mode<span class=\"_ _2\"></span>l to calcul<span class=\"_ _2\"></span>ate Group SC<span class=\"_ _2\"></span>R<span class=\"_ _2\"></span>, all Group co<span class=\"_ _2\"></span>mpanies a<span class=\"_ _2\"></span>re within the sc<span class=\"_ _2\"></span>ope of the sin<span class=\"_ _2\"></span>gle interna<span class=\"_ _2\"></span>l model<span class=\"_ _2\"></span>, with the excepti<span class=\"_ _2\"></span>on of acquire<span class=\"_ _2\"></span>d ReAss<span class=\"_ _2\"></span>ure busine<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s, the I<span class=\"_ _2\"></span>rish life entitie<span class=\"_ _2\"></span>s, St<span class=\"_ _2\"></span>andard Life Intern<span class=\"_ _2\"></span>ational D<span class=\"_ _2\"></span>esign<span class=\"_ _2\"></span>ated Acti<span class=\"_ _2\"></span>vity C<span class=\"_ _2\"></span>ompany an<span class=\"_ _2\"></span>d Phoen<span class=\"_ _2\"></span>ix Life As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e Europe De<span class=\"_ _2\"></span>signate<span class=\"_ _2\"></span>d Activit<span class=\"_ _2\"></span>y Co<span class=\"_ _2\"></span>mpany, and Sun Life As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e Comp<span class=\"_ _2\"></span>any of Canada (<span class=\"_ _2\"></span>U.K<span class=\"_ _2\"></span>.) Limited<span class=\"_ _2\"></span>, which determ<span class=\"_ _2\"></span>ine their c<span class=\"_ _2\"></span>apital require<span class=\"_ _2\"></span>ments in a<span class=\"_ _2\"></span>ccord<span class=\"_ _2\"></span>ance with t<span class=\"_ _2\"></span>he Stan<span class=\"_ _2\"></span>dard Formula<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Group capital resources \u2013 u<span class=\"_ _5\"></span>naudited<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up capit<span class=\"_ _2\"></span>al reso<span class=\"_ _2\"></span>urces<span class=\"_ _2\"></span>, prese<span class=\"_ _2\"></span>nted on a sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>r basis<span class=\"_ _2\"></span>, are bas<span class=\"_ _2\"></span>ed on the G<span class=\"_ _2\"></span>roup\u2019s E<span class=\"_ _5\"></span>ligibl<span class=\"_ _2\"></span>e Own Funds a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted to remove amo<span class=\"_ _2\"></span>unts per<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span>ing to unsupp<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d with-profit f<span class=\"_ _2\"></span>unds and G<span class=\"_ _2\"></span>roup pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>emes:<span class=\"_ _3bc\"> </span>Unaudited<span class=\"_ _3bc\"> </span><table class=\"s w286 h333\" id=\"_13a0cfcb-22fd-430e-8c11-932624b0411b\"><tr><td></td><td class=\"t m0 x44d h3f y5f33 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5f33 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8f1 h3f y5f34 ff7 fsf fc1 sc0 ls82 ws77\">\u00a3bn<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1f26 h16 y5f34 ff3 fsf fc1 sc0 ls113 ws108\">\u00a3bn<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5738 wcce h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">PG<span class=\"_ _2\"></span>H plc Elig<span class=\"_ _2\"></span>ible Ow<span class=\"_ _2\"></span>n Funds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f27 y5738 w9da h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">11.1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f28 y5738 wccf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">11<span class=\"_ _2\"></span>.1<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5739 wcd0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Remove O<span class=\"_ _2\"></span>wn Funds per<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>ining to unsupp<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d with-profit f<span class=\"_ _2\"></span>unds and p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f29 y5739 wcd1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2.<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f2a y5739 wcd2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>.8)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wcd3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">Group capital resources<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f2b y55ef wcd4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls47 ws19d\">8.9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f2c y55ef wcd5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">9.<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr></table><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gsc8a\">So<span class=\"_ _2\"></span>lvency I<span class=\"_ _2\"></span>I surpl<span class=\"_ _2\"></span>us \u2013 unau<span class=\"_ _2\"></span>dited<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc8b\">An anal<span class=\"_ _2\"></span>ysis of the PG<span class=\"_ _2\"></span>H plc So<span class=\"_ _2\"></span>lvency I<span class=\"_ _2\"></span>I surplus a<span class=\"_ _2\"></span>s at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023 is provide<span class=\"_ _2\"></span>d in the bus<span class=\"_ _2\"></span>iness rev<span class=\"_ _2\"></span>iew sec<span class=\"_ _2\"></span>tion on pa<span class=\"_ _2\"></span>ge 34 to 3<span class=\"_ _2\"></span>5. Th<span class=\"_ _2\"></span>e Group </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc8c\">has c<span class=\"_ _2\"></span>omplied w<span class=\"_ _2\"></span>ith all ex<span class=\"_ _2\"></span>ternally imp<span class=\"_ _2\"></span>ose<span class=\"_ _2\"></span>d capita<span class=\"_ _2\"></span>l requirem<span class=\"_ _2\"></span>ents durin<span class=\"_ _2\"></span>g the year.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-674": {
   "value": "E6<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2.1 Cr<span class=\"_ _2\"></span>edit ris<span class=\"_ _2\"></span>k<span class=\"_ _3bc\"> </span>Credit r<span class=\"_ _2\"></span>isk is define<span class=\"_ _2\"></span>d as the ris<span class=\"_ _2\"></span>k of reducti<span class=\"_ _2\"></span>ons in earnin<span class=\"_ _2\"></span>gs and/<span class=\"_ _5\"></span>or value<span class=\"_ _2\"></span>, throug<span class=\"_ _2\"></span>h financia<span class=\"_ _2\"></span>l or reput<span class=\"_ _2\"></span>ational lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, as a result of the d<span class=\"_ _2\"></span>efault of a counte<span class=\"_ _2\"></span>rpar<span class=\"_ _2\"></span>ty or a<span class=\"_ _2\"></span>n asso<span class=\"_ _2\"></span>ciate of such a c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y to a financ<span class=\"_ _2\"></span>ial trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on (i.e. failure to h<span class=\"_ _2\"></span>onour the<span class=\"_ _2\"></span>ir financi<span class=\"_ _2\"></span>al obligat<span class=\"_ _2\"></span>ions<span class=\"_ _2\"></span>, or failing to pe<span class=\"_ _2\"></span>rform them in a tim<span class=\"_ _2\"></span>ely man<span class=\"_ _2\"></span>ner), whethe<span class=\"_ _2\"></span>r on or off b<span class=\"_ _2\"></span>alance s<span class=\"_ _2\"></span>heet<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>There a<span class=\"_ _2\"></span>re two pr<span class=\"_ _2\"></span>incipal s<span class=\"_ _2\"></span>ources of cre<span class=\"_ _2\"></span>dit risk for the G<span class=\"_ _2\"></span>roup:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>redit risk w<span class=\"_ _2\"></span>hich result<span class=\"_ _2\"></span>s from direc<span class=\"_ _2\"></span>t investm<span class=\"_ _2\"></span>ent activ<span class=\"_ _2\"></span>ities<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g investme<span class=\"_ _2\"></span>nts in debt s<span class=\"_ _2\"></span>ecuritie<span class=\"_ _2\"></span>s, de<span class=\"_ _2\"></span>rivatives c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>, colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes<span class=\"_ _2\"></span>, hed<span class=\"_ _2\"></span>ge fund<span class=\"_ _2\"></span>s and the pl<span class=\"_ _2\"></span>acing of ca<span class=\"_ _2\"></span>sh depo<span class=\"_ _2\"></span>sits; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>redit risk w<span class=\"_ _2\"></span>hich result<span class=\"_ _2\"></span>s indirec<span class=\"_ _2\"></span>tly from ac<span class=\"_ _2\"></span>tivitie<span class=\"_ _2\"></span>s under<span class=\"_ _2\"></span>taken in the no<span class=\"_ _2\"></span>rmal co<span class=\"_ _2\"></span>urse of bus<span class=\"_ _2\"></span>iness<span class=\"_ _2\"></span>. Suc<span class=\"_ _2\"></span>h activi<span class=\"_ _2\"></span>ties inclu<span class=\"_ _2\"></span>de premium p<span class=\"_ _2\"></span>ayments<span class=\"_ _2\"></span>, out<span class=\"_ _2\"></span>sourcin<span class=\"_ _2\"></span>g contrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, reinsur<span class=\"_ _2\"></span>ance ag<span class=\"_ _2\"></span>reem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, expos<span class=\"_ _2\"></span>ure from materia<span class=\"_ _2\"></span>l supplier<span class=\"_ _2\"></span>s and the le<span class=\"_ _2\"></span>nding of se<span class=\"_ _2\"></span>curities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>ount discl<span class=\"_ _2\"></span>osed in th<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment of cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l position in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of all finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, toget<span class=\"_ _2\"></span>her with rig<span class=\"_ _2\"></span>hts se<span class=\"_ _2\"></span>cured und<span class=\"_ _2\"></span>er off bala<span class=\"_ _2\"></span>nce she<span class=\"_ _2\"></span>et collate<span class=\"_ _2\"></span>ral arran<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, but exclu<span class=\"_ _2\"></span>ding the mino<span class=\"_ _2\"></span>rity inte<span class=\"_ _2\"></span>rest in co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s and thos<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets that bac<span class=\"_ _2\"></span>k policyh<span class=\"_ _2\"></span>older lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>, repres<span class=\"_ _2\"></span>ents the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s ma<span class=\"_ _2\"></span>ximum expo<span class=\"_ _2\"></span>sure to credit r<span class=\"_ _2\"></span>isk. Th<span class=\"_ _2\"></span>e credit ris<span class=\"_ _2\"></span>k borne by the s<span class=\"_ _2\"></span>hareho<span class=\"_ _2\"></span>lder on with<span class=\"_ _2\"></span>-profit polic<span class=\"_ _2\"></span>ies is dep<span class=\"_ _2\"></span>endent on t<span class=\"_ _2\"></span>he exte<span class=\"_ _2\"></span>nt to which the un<span class=\"_ _2\"></span>derlying in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e fund is re<span class=\"_ _2\"></span>lying on sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er suppo<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The imp<span class=\"_ _2\"></span>act of non<span class=\"_ _2\"></span>-governm<span class=\"_ _2\"></span>ent debt se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s and, inter a<span class=\"_ _2\"></span>lia, the c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e in market credit sp<span class=\"_ _2\"></span>reads dur<span class=\"_ _2\"></span>ing the year is f<span class=\"_ _2\"></span>ully reflec<span class=\"_ _2\"></span>ted in the va<span class=\"_ _2\"></span>lues shown in t<span class=\"_ _2\"></span>hese c<span class=\"_ _2\"></span>onsolida<span class=\"_ _2\"></span>ted finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s. Cre<span class=\"_ _2\"></span>dit sprea<span class=\"_ _2\"></span>ds are the exce<span class=\"_ _2\"></span>ss of corp<span class=\"_ _2\"></span>orate bon<span class=\"_ _2\"></span>d yields over g<span class=\"_ _2\"></span>ilt yields to refle<span class=\"_ _2\"></span>ct the h<span class=\"_ _2\"></span>igher level of risk<span class=\"_ _2\"></span>. Similar<span class=\"_ _2\"></span>ly<span class=\"_ _7\"></span>, t<span class=\"_ _2\"></span>he value of deri<span class=\"_ _2\"></span>vatives that th<span class=\"_ _2\"></span>e Group hol<span class=\"_ _2\"></span>ds takes into acc<span class=\"_ _2\"></span>ount fully th<span class=\"_ _2\"></span>e chang<span class=\"_ _2\"></span>es in swap r<span class=\"_ _2\"></span>ates. There i<span class=\"_ _2\"></span>s an expos<span class=\"_ _2\"></span>ure to spread c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es affe<span class=\"_ _2\"></span>cting th<span class=\"_ _2\"></span>e prices of c<span class=\"_ _2\"></span>orporate b<span class=\"_ _2\"></span>onds an<span class=\"_ _2\"></span>d derivatives<span class=\"_ _2\"></span>. This exp<span class=\"_ _2\"></span>osure app<span class=\"_ _2\"></span>lies to supp<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d with-profit fund<span class=\"_ _2\"></span>s (<span class=\"_ _5\"></span>where r<span class=\"_ _2\"></span>isks and rewa<span class=\"_ _2\"></span>rds fall wholl<span class=\"_ _2\"></span>y to shareh<span class=\"_ _2\"></span>olders), no<span class=\"_ _2\"></span>n-profit fun<span class=\"_ _2\"></span>ds and sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>rs\u2019 funds<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up holds \u00a3<span class=\"_ _2\"></span>18<span class=\"_ _2\"></span>,479 million (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>977 millio<span class=\"_ _2\"></span>n) o<span class=\"_ _5\"></span>f corp<span class=\"_ _2\"></span>orate bon<span class=\"_ _2\"></span>ds which are u<span class=\"_ _2\"></span>sed to ba<span class=\"_ _2\"></span>ck annuit<span class=\"_ _2\"></span>y liabilit<span class=\"_ _2\"></span>ies in non-p<span class=\"_ _2\"></span>rofit funds<span class=\"_ _2\"></span>. The<span class=\"_ _2\"></span>se<span class=\"_ gs132\"> </span>annuit<span class=\"_ _2\"></span>y liabili<span class=\"_ _2\"></span>ties inclu<span class=\"_ _2\"></span>de an agg<span class=\"_ _2\"></span>regate c<span class=\"_ _2\"></span>redit defaul<span class=\"_ _2\"></span>t provision of \u00a33<span class=\"_ _2\"></span>88 milli<span class=\"_ _2\"></span>on (2022: \u00a3<span class=\"_ _2\"></span>305 m<span class=\"_ _2\"></span>illion) to fund ag<span class=\"_ _2\"></span>ainst th<span class=\"_ _2\"></span>e risk of default<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A 10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s widening of cre<span class=\"_ _2\"></span>dit spre<span class=\"_ _2\"></span>ads, w<span class=\"_ _2\"></span>ith all other var<span class=\"_ _2\"></span>iables h<span class=\"_ _2\"></span>eld con<span class=\"_ _2\"></span>stant an<span class=\"_ _2\"></span>d no chan<span class=\"_ _2\"></span>ge in as<span class=\"_ _2\"></span>sumed e<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted defa<span class=\"_ _2\"></span>ults<span class=\"_ _2\"></span>, would resul<span class=\"_ _2\"></span>t in a dec<span class=\"_ _2\"></span>rease in th<span class=\"_ _2\"></span>e profit afte<span class=\"_ _2\"></span>r tax in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of a full financ<span class=\"_ _2\"></span>ial year, and in equit<span class=\"_ _2\"></span>y, of \u00a3357 millio<span class=\"_ _2\"></span>n (2022: \u00a348<span class=\"_ _2\"></span>0 million), and a de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in CSM of \u00a35 million (20<span class=\"_ _2\"></span>22: \u00a36 million).<span class=\"_ _3bc\"> </span>A 10<span class=\"_ _2\"></span>0bp<span class=\"_ _2\"></span>s narrowing of cre<span class=\"_ _2\"></span>dit sprea<span class=\"_ _2\"></span>ds, w<span class=\"_ _2\"></span>ith all other var<span class=\"_ _2\"></span>iables he<span class=\"_ _2\"></span>ld cons<span class=\"_ _2\"></span>tant an<span class=\"_ _2\"></span>d no chan<span class=\"_ _2\"></span>ge in as<span class=\"_ _2\"></span>sumed ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted defaul<span class=\"_ _2\"></span>ts, wo<span class=\"_ _2\"></span>uld result in a<span class=\"_ _2\"></span>n incre<span class=\"_ _2\"></span>ase in the p<span class=\"_ _2\"></span>rofit after t<span class=\"_ _2\"></span>ax in resp<span class=\"_ _2\"></span>ect of a f<span class=\"_ _2\"></span>ull financia<span class=\"_ _2\"></span>l year<span class=\"_ _7\"></span>, a<span class=\"_ _2\"></span>nd in equit<span class=\"_ _2\"></span>y, of \u00a3<span class=\"_ _7\"></span>4<span class=\"_ _2\"></span>85 millio<span class=\"_ _2\"></span>n (2022: \u00a36<span class=\"_ _2\"></span>26 million), and a<span class=\"_ _2\"></span>n increas<span class=\"_ _2\"></span>e in CSM of \u00a36 million (20<span class=\"_ _2\"></span>22: \u00a31<span class=\"_ _2\"></span>0 million).<span class=\"_ _3bc\"> </span>Credit r<span class=\"_ _2\"></span>isk is man<span class=\"_ _2\"></span>aged by th<span class=\"_ _2\"></span>e monitorin<span class=\"_ _2\"></span>g of aggre<span class=\"_ _2\"></span>gate Group e<span class=\"_ _2\"></span>xposure<span class=\"_ _2\"></span>s to individual c<span class=\"_ _2\"></span>ounterpa<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s and by appro<span class=\"_ _2\"></span>priate credi<span class=\"_ _2\"></span>t risk divers<span class=\"_ _2\"></span>ification<span class=\"_ _2\"></span>. The<span class=\"_ gs132\"> </span>Gro<span class=\"_ _2\"></span>up manag<span class=\"_ _2\"></span>es the leve<span class=\"_ _2\"></span>l of credit risk i<span class=\"_ _2\"></span>t acce<span class=\"_ _2\"></span>pts throu<span class=\"_ _2\"></span>gh credit ri<span class=\"_ _2\"></span>sk toleran<span class=\"_ _2\"></span>ces an<span class=\"_ _2\"></span>d limits (inc<span class=\"_ _2\"></span>luding as<span class=\"_ _2\"></span>set cla<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, indus<span class=\"_ _2\"></span>try an<span class=\"_ _2\"></span>d ge<span class=\"_ _2\"></span>ograp<span class=\"_ _2\"></span>hy limits). Additiona<span class=\"_ _2\"></span>l controls for illiq<span class=\"_ _2\"></span>uid ass<span class=\"_ _2\"></span>et conc<span class=\"_ _2\"></span>entration ri<span class=\"_ _2\"></span>sk are set ou<span class=\"_ _2\"></span>t via spe<span class=\"_ _2\"></span>cific risk limit<span class=\"_ _2\"></span>s within the ri<span class=\"_ _2\"></span>sk appeti<span class=\"_ _2\"></span>te framewor<span class=\"_ _2\"></span>k. Credit r<span class=\"_ _2\"></span>isk on deriva<span class=\"_ _2\"></span>tives and<span class=\"_ gs132\"> </span>s<span class=\"_ _2\"></span>ecuritie<span class=\"_ _2\"></span>s lendin<span class=\"_ _2\"></span>g is mitigate<span class=\"_ _2\"></span>d through t<span class=\"_ _2\"></span>he use of coll<span class=\"_ _2\"></span>ateral with ap<span class=\"_ _2\"></span>propriate h<span class=\"_ _2\"></span>aircuts<span class=\"_ _2\"></span>. Cre<span class=\"_ _2\"></span>dit qual<span class=\"_ _2\"></span>ity of a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>An indic<span class=\"_ _2\"></span>ation of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ex<span class=\"_ _2\"></span>posure to cre<span class=\"_ _2\"></span>dit risk is th<span class=\"_ _2\"></span>e qualit<span class=\"_ _2\"></span>y of the invest<span class=\"_ _2\"></span>ments an<span class=\"_ _2\"></span>d counterp<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>ies with whic<span class=\"_ _2\"></span>h it trans<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s. The foll<span class=\"_ _2\"></span>owing tabl<span class=\"_ _2\"></span>e provides inform<span class=\"_ _2\"></span>ation reg<span class=\"_ _2\"></span>arding the a<span class=\"_ _2\"></span>ggreg<span class=\"_ _2\"></span>ate credit ex<span class=\"_ _2\"></span>posure sp<span class=\"_ _2\"></span>lit by credit r<span class=\"_ _2\"></span>ating.<span class=\"_ _3bc\"> </span><table class=\"s w5df h2d2\" id=\"_b3761a49-b158-47d9-91d0-35df88ac3d88\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc01 h3f y5986 ff7 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc02 h3f y5987 ff7 fsf fc1 sc0 ls0 ws0\">am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc03 h3f y5988 ff7 fsf fc1 sc0 ls81 ws75\">classified </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xa90 h3f y5989 ff7 fsf fc1 sc0 ls0 ws0\">BB a<span class=\"_ _2\"></span>nd </td><td></td><td></td><td></td><td class=\"t m0 x54a h3f y5989 ff7 fsf fc1 sc0 ls0 ws0\">as h<span class=\"_ _2\"></span>eld fo<span class=\"_ _2\"></span>r </td><td></td></tr><tr><td></td><td class=\"t m0 xc04 h3f y598a ff7 fsf fc1 sc0 ls1de ws1e0\">AAA<span class=\"_ _5\"></span> </td><td class=\"t m0 xb2c h3f y598a ff7 fsf fc1 sc0 ls0 ws0\">A<span class=\"_ _2\"></span>A </td><td class=\"t m0 x51d h3f y598a ff7 fsf fc1 sc0 ls0 ws0\">A </td><td class=\"t m0 xc05 h3f y598a ff7 fsf fc1 sc0 lsd5 wsc3\">BBB </td><td class=\"t m0 xc06 h3f y598a ff7 fsf fc1 sc0 ls0 ws0\">be<span class=\"_ _2\"></span>low </td><td class=\"t m0 xc07 h3f y598a ff7 fsf fc1 sc0 ls11f ws106\">Non-rated<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x75e h3f y598a ff7 fsf fc1 sc0 lse3 wscd\">Unit-linked </td><td class=\"t m0 xc08 h3f y598a ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 xc09 h3f y598a ff7 fsf fc1 sc0 ls81 ws75\">sale<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h3f y598a ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h3f y598b ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0a h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0b h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0c h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0d h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0e h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0f h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9cc h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc10 h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc11 h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y598b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y598c we8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc12 y598c w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc13 y598c w1a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc14 y598c w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc15 y598c w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc16 y598c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc17 y598c w329 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">245<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc18 y598c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc19 y598c wd0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">24<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1a y598c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1b y598c wd0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">24<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y598d wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1c y598d w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1d y598d w5e0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1e y598d w5d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">736<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1f y598d w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc20 y598d w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc21 y598d w5e1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b0 ws1ac\">662<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc22 y598d w1d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc23 y598d w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,76<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc24 y598d w5c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc25 y598d w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2,7<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y598e ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></td><td class=\"c n xc26 y598f w5e2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc27 y598f w5e3 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls8b ws114\">34,1<span class=\"_ _2\"></span>33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc28 y598f w5e4 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a9 ws1a1\">21<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc29 y598f w41f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">14<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2a y598f w14c h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">2,933<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2b y598f w5e5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2c y598f w10d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2d y598f w335 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2e y598f w5e6 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls142 ws125\">(<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc2f y598f w5e7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls18c ws172\">9<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>374<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5990 w10a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc30 y5990 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc31 y5990 w5e8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls4b ws122\">2,6<span class=\"_ _2\"></span>90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc32 y5990 w393 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">2,163<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc33 y5990 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc34 y5990 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc35 y5990 w2a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">23<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc36 y5990 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc37 y5990 w5e9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>876<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc38 y5990 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2ef y5990 w5ea h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">4<span class=\"_ _2\"></span>,876<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5991 ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers\u2019 share of inves<span class=\"_ _2\"></span>tment </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y57dc w5eb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc39 y57dc w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3a y57dc w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3b y57dc w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3c y57dc w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3d y57dc w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3e y57dc w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3f y57dc wec h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc40 y57dc wec h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">9<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc41 y57dc w2c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>28)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc42 y57dc w300 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">9,672<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y581c w120 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc43 y581c w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc44 y581c w5ec h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">1<span class=\"_ _2\"></span>,2<span class=\"_ _7\"></span>54<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc45 y581c w195 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">4,<span class=\"_ _2\"></span>383<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc46 y581c w17a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">88<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc47 y581c w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc48 y581c w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc49 y581c w1b6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>495<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4a y581c w10d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4b y581c w214 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">(52)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x85e y581c w10d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xc26 y55ef w5e2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc27 y55ef w5ed h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">39,394<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4c y55ef w67 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>452<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4d y55ef w5ee h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls9d ws58\">14,<span class=\"_ _2\"></span>857<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4e y55ef w1b8 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">2,<span class=\"_ _2\"></span>933<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc4f y55ef w5ef h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls9d ws58\">8<span class=\"_ _2\"></span>,26<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc50 y55ef w5f0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc51 y55ef w3f1 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsb3 wsf4\">119,598<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc52 y55ef w5f1 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>49<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc53 y55ef w5f2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls8b ws114\">118,10<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr></table>1,2<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span> For fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cial a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts th<span class=\"_ _2\"></span>at do not h<span class=\"_ _2\"></span>ave cre<span class=\"_ _2\"></span>dit r<span class=\"_ _2\"></span>ating<span class=\"_ _2\"></span>s as<span class=\"_ _2\"></span>sign<span class=\"_ _2\"></span>ed by ex<span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>nal ra<span class=\"_ _2\"></span>ting<span class=\"_ _2\"></span>s age<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>es, t<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up as<span class=\"_ _2\"></span>sign<span class=\"_ _2\"></span>s inter<span class=\"_ _2\"></span>nal r<span class=\"_ _2\"></span>ating<span class=\"_ _2\"></span>s for us<span class=\"_ _2\"></span>e in ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>emen<span class=\"_ _2\"></span>t and m<span class=\"_ _2\"></span>onito<span class=\"_ _2\"></span>ring of c<span class=\"_ _2\"></span>redi<span class=\"_ _2\"></span>t risk<span class=\"_ _2\"></span>. \u00a31<span class=\"_ _2\"></span>69 m<span class=\"_ _2\"></span>illion o<span class=\"_ _2\"></span>f AA<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, \u00a31<span class=\"_ _2\"></span>,4<span class=\"_ _2\"></span>35 mi<span class=\"_ _2\"></span>llion of A<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, \u00a32<span class=\"_ _2\"></span>,470 mill<span class=\"_ _2\"></span>ion of A<span class=\"_ _2\"></span>, \u00a31<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>19 mi<span class=\"_ _2\"></span>llion of B<span class=\"_ _2\"></span>BB a<span class=\"_ _2\"></span>nd \u00a3247 mil<span class=\"_ _2\"></span>lion of B<span class=\"_ _2\"></span>B and b<span class=\"_ _2\"></span>elow d<span class=\"_ _2\"></span>ebt se<span class=\"_ _2\"></span>cur<span class=\"_ _2\"></span>ities a<span class=\"_ _2\"></span>re inte<span class=\"_ _2\"></span>rnal<span class=\"_ _2\"></span>ly rate<span class=\"_ _2\"></span>d. If a fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>t is nei<span class=\"_ _2\"></span>ther r<span class=\"_ _2\"></span>ated b<span class=\"_ _2\"></span>y an ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al age<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>y nor inte<span class=\"_ _2\"></span>rnal<span class=\"_ _2\"></span>ly rate<span class=\"_ _2\"></span>d, it i<span class=\"_ _2\"></span>s cla<span class=\"_ _2\"></span>ssifi<span class=\"_ _2\"></span>ed as \u2018n<span class=\"_ _2\"></span>on-r<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>\u2019<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>2 <span class=\"_ _2f\"> </span>Non<span class=\"_ _2\"></span>-rat<span class=\"_ _2\"></span>ed de<span class=\"_ _2\"></span>bt sec<span class=\"_ _2\"></span>urit<span class=\"_ _2\"></span>ies in<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>es eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y rele<span class=\"_ _2\"></span>ase m<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tgag<span class=\"_ _2\"></span>es wi<span class=\"_ _2\"></span>th a valu<span class=\"_ _2\"></span>e of \u00a34,4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>6 milli<span class=\"_ _2\"></span>on (fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r deta<span class=\"_ _2\"></span>ils are s<span class=\"_ _2\"></span>et ou<span class=\"_ _2\"></span>t in note E<span class=\"_ _2\"></span>2.3<span class=\"_ _2\"></span>) and n<span class=\"_ _2\"></span>on-r<span class=\"_ _2\"></span>ated b<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span><table class=\"s w29b h2d3\" id=\"_9fdddeea-9bcf-490d-8ada-b2f2c49e20cc\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc01 h16 y5992 ff3 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x5bb h16 y5993 ff3 fsf fc1 sc0 ls82 ws77\">amount<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xa90 h16 y5994 ff3 fsf fc1 sc0 ls0 ws0\">BB a<span class=\"_ _2\"></span>nd </td><td></td><td></td><td></td><td class=\"t m0 x552 h16 y5994 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ssi<span class=\"_ _2\"></span>fied a<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td class=\"t m0 xc54 h16 y5995 ff3 fsf fc1 sc0 ls1df ws1e1\">AAA<span class=\"_ _5\"></span> </td><td class=\"t m0 xc0b h16 y5995 ff3 fsf fc1 sc0 ls0 ws0\">A<span class=\"_ _2\"></span>A </td><td class=\"t m0 x51d h16 y5995 ff3 fsf fc1 sc0 ls0 ws0\">A </td><td class=\"t m0 xc05 h16 y5995 ff3 fsf fc1 sc0 ls86 ws7b\">BBB </td><td class=\"t m0 xc55 h16 y5995 ff3 fsf fc1 sc0 ls0 ws0\">be<span class=\"_ _2\"></span>low </td><td class=\"t m0 xc56 h16 y5995 ff3 fsf fc1 sc0 ls17 ws15\">Non-rated<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa06 h16 y5995 ff3 fsf fc1 sc0 ls82 ws77\">Unit-linked </td><td class=\"t m0 xc08 h16 y5995 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x552 h16 y5995 ff3 fsf fc1 sc0 ls0 ws0\">he<span class=\"_ _2\"></span>ld for s<span class=\"_ _2\"></span>ale </td><td class=\"t m0 x487 h16 y5995 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h16 y5996 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0a h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0b h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0c h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0d h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0e h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0f h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9cc h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc10 h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc11 h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5996 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5997 we8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc57 y5997 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc58 y5997 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc59 y5997 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5a y5997 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaee y5997 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5b y5997 w32a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">193<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5c y5997 w1bc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">71<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5d y5997 w2eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">26<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5e y5997 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5f y5997 we9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">268<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5998 wea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc1c y5998 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc60 y5998 w5f3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">1<span class=\"_ _2\"></span>,50<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc61 y5998 w5f4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">1<span class=\"_ _2\"></span>,06<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc62 y5998 w192 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc63 y5998 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc64 y5998 wde h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>370<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc65 y5998 w387 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">113<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc66 y5998 wde h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>71<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc67 y5998 w54f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc68 y5998 w168 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">4,068<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5999 ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></td><td class=\"c n xc69 y598f w5f5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls4b ws122\">6,834<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6a y598f w5f6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">26<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>95<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6b y598f w5f7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">1<span class=\"_ _2\"></span>9,0<span class=\"_ _2\"></span>45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6c y598f w5f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">16<span class=\"_ _2\"></span>,238<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6d y598f w212 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">1<span class=\"_ _2\"></span>,929<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6e y598f w5f9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc6f y598f w5fa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc70 y598f w5fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">8<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc71 y598f w5fc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,59<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc72 y598f wfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">83,<span class=\"_ _2\"></span>116<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y570f w10a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc73 y570f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc74 y570f w5fd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc75 y570f w141 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,579<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc76 y570f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc77 y570f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc78 y570f w5fe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">74<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc79 y570f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7a y570f wde h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>071<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7b y570f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7c y570f wde h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>071<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y599a ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urers\u2019 share of inves<span class=\"_ _2\"></span>tment </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561d w5eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc39 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7d y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7e y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc7f y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc80 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc81 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc82 y561d w5ff h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc83 y561d w600 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,<span class=\"_ _2\"></span>09<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc84 y561d w601 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">(<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc85 y561d w102 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">9,0<span class=\"_ _2\"></span>65<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w120 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc86 y561e w602 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">339<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc87 y561e w603 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,16<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc88 y561e w142 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">5<span class=\"_ _2\"></span>,74<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc89 y561e w17e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">63<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8a y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8b y561e wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8c y561e w5e9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">1<span class=\"_ _2\"></span>,556<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8d y561e w224 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">8<span class=\"_ _2\"></span>,872<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8e y561e w1da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(3<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8f y561e w217 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">8,8<span class=\"_ _2\"></span>39<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xc26 y55ef w604 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc90 y55ef w605 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">31<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc91 y55ef w22c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc92 y55ef w606 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">16<span class=\"_ _2\"></span>,32<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc93 y55ef w607 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>929<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc94 y55ef w24a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>24<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc95 y55ef w608 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>217<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc96 y55ef w609 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">111<span class=\"_ _2\"></span>,082<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc97 y55ef w60a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(1<span class=\"_ _2\"></span>,655<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc98 y55ef w60b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>427<span class=\"_ _3bc\"> </span></div></td></tr></table>2,3<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion of I<span class=\"_ _2\"></span>FRS<span class=\"_ _2\"></span>17 Ins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce Co<span class=\"_ _2\"></span>ntra<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s (see n<span class=\"_ _2\"></span>ote A2<span class=\"_ _2\"></span>.1 for fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r det<span class=\"_ _2\"></span>ails).<span class=\"_ _3bc\"> </span>2 <span class=\"_ _2f\"> </span>For fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s tha<span class=\"_ _2\"></span>t do not h<span class=\"_ _2\"></span>ave cre<span class=\"_ _2\"></span>dit rat<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s ass<span class=\"_ _2\"></span>igne<span class=\"_ _2\"></span>d by ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al rat<span class=\"_ _2\"></span>ings a<span class=\"_ _2\"></span>gen<span class=\"_ _2\"></span>cie<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p ass<span class=\"_ _2\"></span>igns i<span class=\"_ _2\"></span>ntern<span class=\"_ _2\"></span>al rat<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s for use i<span class=\"_ _2\"></span>n man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>ment a<span class=\"_ _2\"></span>nd mo<span class=\"_ _2\"></span>nitor<span class=\"_ _2\"></span>ing of cr<span class=\"_ _2\"></span>edit r<span class=\"_ _2\"></span>isk<span class=\"_ _2\"></span>. \u00a314<span class=\"_ _2\"></span>9 milli<span class=\"_ _2\"></span>on of AA<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, \u00a31<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>83 mil<span class=\"_ _2\"></span>lion of A<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, \u00a31<span class=\"_ _2\"></span>,742 millio<span class=\"_ _2\"></span>n of A<span class=\"_ _2\"></span>, \u00a32,7<span class=\"_ _2\"></span>66 mi<span class=\"_ _2\"></span>llion of B<span class=\"_ _2\"></span>BB an<span class=\"_ _2\"></span>d \u00a33<span class=\"_ _2\"></span>67 mill<span class=\"_ _2\"></span>ion of B<span class=\"_ _2\"></span>B and be<span class=\"_ _2\"></span>low de<span class=\"_ _2\"></span>bt se<span class=\"_ _2\"></span>curi<span class=\"_ _2\"></span>ties a<span class=\"_ _2\"></span>re inte<span class=\"_ _2\"></span>rnall<span class=\"_ _2\"></span>y rate<span class=\"_ _2\"></span>d. If a fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>set i<span class=\"_ _2\"></span>s neit<span class=\"_ _2\"></span>her r<span class=\"_ _2\"></span>ated by a<span class=\"_ _2\"></span>n ext<span class=\"_ _2\"></span>erna<span class=\"_ _2\"></span>l age<span class=\"_ _2\"></span>ncy n<span class=\"_ _2\"></span>or inte<span class=\"_ _2\"></span>rnal<span class=\"_ _2\"></span>ly rate<span class=\"_ _2\"></span>d, it i<span class=\"_ _2\"></span>s cla<span class=\"_ _2\"></span>ssifi<span class=\"_ _2\"></span>ed as \u2018n<span class=\"_ _2\"></span>on-r<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>\u2019<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>3 <span class=\"_ _19\"> </span>N<span class=\"_ _2\"></span>on-r<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>d debt s<span class=\"_ _2\"></span>ecur<span class=\"_ _2\"></span>itie<span class=\"_ _2\"></span>s incl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>s equi<span class=\"_ _2\"></span>ty re<span class=\"_ _2\"></span>lea<span class=\"_ _2\"></span>se mo<span class=\"_ _2\"></span>rtg<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>s with a v<span class=\"_ _2\"></span>alue of \u00a3<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>93<span class=\"_ _2\"></span>4 milli<span class=\"_ _2\"></span>on (fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r det<span class=\"_ _2\"></span>ails ar<span class=\"_ _2\"></span>e set ou<span class=\"_ _2\"></span>t in note E<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>3) and n<span class=\"_ _2\"></span>on-<span class=\"_ _2\"></span>rate<span class=\"_ _2\"></span>d bond<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Credit r<span class=\"_ _2\"></span>atings h<span class=\"_ _2\"></span>ave not bee<span class=\"_ _2\"></span>n disclos<span class=\"_ _2\"></span>ed in the ab<span class=\"_ _2\"></span>ove tables for t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>ets of the unit-linked f<span class=\"_ _2\"></span>unds sinc<span class=\"_ _2\"></span>e the share<span class=\"_ _2\"></span>holder i<span class=\"_ _2\"></span>s not direc<span class=\"_ _2\"></span>tly expos<span class=\"_ _2\"></span>ed to credi<span class=\"_ _2\"></span>t risks from the<span class=\"_ _2\"></span>se ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>. Inclu<span class=\"_ _2\"></span>ded in unit-linked fun<span class=\"_ _2\"></span>ds are ass<span class=\"_ _2\"></span>ets whic<span class=\"_ _2\"></span>h are held a<span class=\"_ _2\"></span>s reinsure<span class=\"_ _2\"></span>d extern<span class=\"_ _2\"></span>al fund links<span class=\"_ _2\"></span>. Unde<span class=\"_ _2\"></span>r cer<span class=\"_ _2\"></span>tain circum<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>, the<span class=\"_ gs132\"> </span>sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>r may be exp<span class=\"_ _2\"></span>osed to lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s relating to the d<span class=\"_ _2\"></span>efault of the rein<span class=\"_ _2\"></span>sured ex<span class=\"_ _2\"></span>ternal f<span class=\"_ _2\"></span>und link. Credit r<span class=\"_ _2\"></span>atings h<span class=\"_ _2\"></span>ave not bee<span class=\"_ _2\"></span>n disclos<span class=\"_ _2\"></span>ed in the ab<span class=\"_ _2\"></span>ove tables for h<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s in uncons<span class=\"_ _2\"></span>olidated c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investm<span class=\"_ _2\"></span>ent sche<span class=\"_ _2\"></span>mes an<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nts in as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>s. The<span class=\"_ gs132\"> </span>c<span class=\"_ _2\"></span>redit qua<span class=\"_ _2\"></span>lity of the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g debt se<span class=\"_ _2\"></span>curities w<span class=\"_ _2\"></span>ithin thes<span class=\"_ _2\"></span>e vehicles is m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed by the s<span class=\"_ _2\"></span>afeguar<span class=\"_ _2\"></span>ds built into the inves<span class=\"_ _2\"></span>tment mandat<span class=\"_ _5\"></span>es fo<span class=\"_ _5\"></span>r these v<span class=\"_ _7\"></span>ehicles.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up maintain<span class=\"_ _2\"></span>s accur<span class=\"_ _2\"></span>ate and con<span class=\"_ _2\"></span>sistent ri<span class=\"_ _2\"></span>sk rating<span class=\"_ _2\"></span>s acros<span class=\"_ _2\"></span>s its as<span class=\"_ _2\"></span>set por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folio. This en<span class=\"_ _2\"></span>ables m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>ment to foc<span class=\"_ _2\"></span>us on the app<span class=\"_ _2\"></span>licable r<span class=\"_ _2\"></span>isks and to<span class=\"_ gs132\"> </span>comp<span class=\"_ _2\"></span>are credit ex<span class=\"_ _2\"></span>posure<span class=\"_ _2\"></span>s across a<span class=\"_ _2\"></span>ll lines of busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>, ge<span class=\"_ _2\"></span>ograp<span class=\"_ _2\"></span>hical re<span class=\"_ _2\"></span>gions an<span class=\"_ _2\"></span>d produc<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. The rating s<span class=\"_ _2\"></span>ystem is s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>ted by a vari<span class=\"_ _2\"></span>ety of finan<span class=\"_ _2\"></span>cial anal<span class=\"_ _2\"></span>ytic<span class=\"_ _2\"></span>s combin<span class=\"_ _2\"></span>ed with m<span class=\"_ _2\"></span>arket inf<span class=\"_ _5\"></span>orma<span class=\"_ _2\"></span>tion to provide the m<span class=\"_ _2\"></span>ain input<span class=\"_ _2\"></span>s for the me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt of counterpa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y risk<span class=\"_ _2\"></span>. All risk ratin<span class=\"_ _2\"></span>gs are tailo<span class=\"_ _2\"></span>red to the vario<span class=\"_ _2\"></span>us cate<span class=\"_ _2\"></span>gories of a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and are as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed an<span class=\"_ _2\"></span>d update<span class=\"_ _2\"></span>d regula<span class=\"_ _2\"></span>rly<span class=\"_ _3bc\"> </span><span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up oper<span class=\"_ _2\"></span>ates an As<span class=\"_ _2\"></span>set Man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent Risk C<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>tee, a Ra<span class=\"_ _2\"></span>ting Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>e and a Por<span class=\"_ _2\"></span>tfolio Cre<span class=\"_ _2\"></span>dit Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>e to monitor an<span class=\"_ _2\"></span>d per<span class=\"_ _2\"></span>form oversig<span class=\"_ _2\"></span>ht of internal cre<span class=\"_ _2\"></span>dit rating<span class=\"_ _2\"></span>s for exte<span class=\"_ _2\"></span>rnally rate<span class=\"_ _2\"></span>d and intern<span class=\"_ _2\"></span>ally rated a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s. A vari<span class=\"_ _2\"></span>ety of me<span class=\"_ _2\"></span>thods are u<span class=\"_ _2\"></span>sed to valid<span class=\"_ _2\"></span>ate the approp<span class=\"_ _2\"></span>riatenes<span class=\"_ _2\"></span>s of credit a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssme<span class=\"_ _2\"></span>nts from ex<span class=\"_ _2\"></span>ternal in<span class=\"_ _2\"></span>stitu<span class=\"_ _2\"></span>tions and f<span class=\"_ _2\"></span>und man<span class=\"_ _2\"></span>ager<span class=\"_ _2\"></span>s. Intern<span class=\"_ _2\"></span>ally rate<span class=\"_ _2\"></span>d asse<span class=\"_ _2\"></span>ts do not have a p<span class=\"_ _2\"></span>ublic rating fro<span class=\"_ _2\"></span>m an exte<span class=\"_ _2\"></span>rnal cre<span class=\"_ _2\"></span>dit as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ment ins<span class=\"_ _2\"></span>titution o<span class=\"_ _2\"></span>r from exte<span class=\"_ _2\"></span>rnal as<span class=\"_ _2\"></span>set man<span class=\"_ _2\"></span>ager<span class=\"_ _2\"></span>s. In<span class=\"_ _2\"></span>stead inte<span class=\"_ _2\"></span>rnal cre<span class=\"_ _2\"></span>dit rating<span class=\"_ _2\"></span>s are use<span class=\"_ _2\"></span>d by the Group whic<span class=\"_ _2\"></span>h are provide<span class=\"_ _2\"></span>d by fund man<span class=\"_ _2\"></span>ager<span class=\"_ _2\"></span>s or for cer<span class=\"_ _2\"></span>tain a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s (in par<span class=\"_ _2\"></span>ticular, equit<span class=\"_ _2\"></span>y relea<span class=\"_ _2\"></span>se mor<span class=\"_ _2\"></span>tga<span class=\"_ _2\"></span>ges an<span class=\"_ _2\"></span>d illiquid ass<span class=\"_ _2\"></span>ets) are dete<span class=\"_ _2\"></span>rmined by th<span class=\"_ _2\"></span>e Life Compan<span class=\"_ _2\"></span>ies. Th<span class=\"_ _2\"></span>e Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>es review th<span class=\"_ _2\"></span>e policie<span class=\"_ _2\"></span>s, pro<span class=\"_ _2\"></span>cess<span class=\"_ _2\"></span>es and p<span class=\"_ _2\"></span>ractic<span class=\"_ _2\"></span>es to ens<span class=\"_ _2\"></span>ure the approp<span class=\"_ _2\"></span>riatenes<span class=\"_ _2\"></span>s of the interna<span class=\"_ _2\"></span>l rating<span class=\"_ _2\"></span>s, and to e<span class=\"_ _2\"></span>nsure they a<span class=\"_ _2\"></span>re in line with reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y requirem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Throu<span class=\"_ _2\"></span>ghout 2<span class=\"_ _2\"></span>023, t<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s taken de-ri<span class=\"_ _2\"></span>sking ac<span class=\"_ _2\"></span>tion to incre<span class=\"_ _2\"></span>ase the over<span class=\"_ _2\"></span>all credit qu<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y of its ass<span class=\"_ _2\"></span>et por<span class=\"_ _2\"></span>tfo<span class=\"_ _2\"></span>lio and mitig<span class=\"_ _2\"></span>ate the impa<span class=\"_ _2\"></span>ct of future d<span class=\"_ _2\"></span>owngra<span class=\"_ _2\"></span>des on risk c<span class=\"_ _2\"></span>apita<span class=\"_ _2\"></span>l. Furth<span class=\"_ _2\"></span>er details a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d in the Risk M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>on of the Strate<span class=\"_ _2\"></span>gic Repo<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has inc<span class=\"_ _2\"></span>rease<span class=\"_ _2\"></span>d expos<span class=\"_ _2\"></span>ure to an array of illiquid cre<span class=\"_ _2\"></span>dit as<span class=\"_ _2\"></span>sets su<span class=\"_ _2\"></span>ch as eq<span class=\"_ _2\"></span>uity re<span class=\"_ _2\"></span>lease m<span class=\"_ _2\"></span>ortg<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>s, lo<span class=\"_ _2\"></span>cal auth<span class=\"_ _2\"></span>orit<span class=\"_ _2\"></span>y loans<span class=\"_ _2\"></span>, so<span class=\"_ _2\"></span>cial hou<span class=\"_ _2\"></span>sing, infras<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ure and com<span class=\"_ _2\"></span>mercia<span class=\"_ _2\"></span>l real es<span class=\"_ _2\"></span>tate loans w<span class=\"_ _2\"></span>ith the aim of ach<span class=\"_ _2\"></span>ieving grea<span class=\"_ _2\"></span>ter diversific<span class=\"_ _2\"></span>ation an<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt returns<span class=\"_ _2\"></span>, consi<span class=\"_ _2\"></span>stent with th<span class=\"_ _2\"></span>e Strate<span class=\"_ _2\"></span>gic As<span class=\"_ _2\"></span>set Alloc<span class=\"_ _2\"></span>ation app<span class=\"_ _2\"></span>roved by the Bo<span class=\"_ _2\"></span>ard.<span class=\"_ _3bc\"> </span>A fur<span class=\"_ _2\"></span>ther in<span class=\"_ _2\"></span>dicator of the qu<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y of the Group\u2019s financia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts is the ex<span class=\"_ _2\"></span>tent to which t<span class=\"_ _2\"></span>hey are neit<span class=\"_ _2\"></span>her pas<span class=\"_ _2\"></span>t due nor im<span class=\"_ _2\"></span>paired. A<span class=\"_ _2\"></span>ll of the amount<span class=\"_ _2\"></span>s in the ta<span class=\"_ _2\"></span>ble above for the c<span class=\"_ _2\"></span>urrent and p<span class=\"_ _2\"></span>rior year are ne<span class=\"_ _2\"></span>ither pa<span class=\"_ _2\"></span>st due n<span class=\"_ _2\"></span>or impaired<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Addition<span class=\"_ _2\"></span>al life comp<span class=\"_ _2\"></span>any asset d<span class=\"_ _2\"></span>isclos<span class=\"_ _2\"></span>ures are inclu<span class=\"_ _2\"></span>ded on pa<span class=\"_ _2\"></span>ge 30<span class=\"_ _2\"></span>6 and in<span class=\"_ _2\"></span>clude inform<span class=\"_ _2\"></span>ation on the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s market exp<span class=\"_ _2\"></span>osure anal<span class=\"_ _2\"></span>ysed by cre<span class=\"_ _2\"></span>dit ratin<span class=\"_ _2\"></span>g, se<span class=\"_ _2\"></span>ctor and c<span class=\"_ _2\"></span>ountr<span class=\"_ _2\"></span>y of expos<span class=\"_ _2\"></span>ure for the share<span class=\"_ _2\"></span>holder d<span class=\"_ _2\"></span>ebt por<span class=\"_ _2\"></span>tfoli<span class=\"_ _2\"></span>o.<span class=\"_ _3bc\"> </span>Cre<span class=\"_ _2\"></span>dit risk of fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial liab<span class=\"_ _2\"></span>ilities de<span class=\"_ _2\"></span>sign<span class=\"_ _2\"></span>ated at F<span class=\"_ _2\"></span>VT<span class=\"_ _2\"></span>PL<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir value of investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>cts a<span class=\"_ _2\"></span>nd net as<span class=\"_ _2\"></span>set valu<span class=\"_ _2\"></span>e attrib<span class=\"_ _2\"></span>utable to uni<span class=\"_ _2\"></span>tholder<span class=\"_ _2\"></span>s liabilitie<span class=\"_ _2\"></span>s are determin<span class=\"_ _2\"></span>ed bas<span class=\"_ _2\"></span>ed upon th<span class=\"_ _2\"></span>e per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e of the as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s backin<span class=\"_ _2\"></span>g those lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>. This has th<span class=\"_ _2\"></span>e effec<span class=\"_ _2\"></span>t that th<span class=\"_ _2\"></span>e fair value of the lia<span class=\"_ _2\"></span>bility p<span class=\"_ _2\"></span>rimarily refl<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s ass<span class=\"_ _2\"></span>et-spec<span class=\"_ _2\"></span>ific per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce risk rat<span class=\"_ _2\"></span>her than c<span class=\"_ _2\"></span>redit risk<span class=\"_ _2\"></span>. As a resul<span class=\"_ _2\"></span>t, the valu<span class=\"_ _2\"></span>e of credit risk a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated wit<span class=\"_ _2\"></span>h financia<span class=\"_ _2\"></span>l liabilities de<span class=\"_ _2\"></span>signate<span class=\"_ _2\"></span>d at FV<span class=\"_ _2\"></span>TPL is n<span class=\"_ _2\"></span>ot conside<span class=\"_ _2\"></span>red to be sig<span class=\"_ _2\"></span>nificant<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Con<span class=\"_ _2\"></span>cent<span class=\"_ _2\"></span>ration of c<span class=\"_ _2\"></span>redit ri<span class=\"_ _2\"></span>sk<span class=\"_ _3bc\"> </span>Con<span class=\"_ _2\"></span>centrat<span class=\"_ _2\"></span>ion of credit ris<span class=\"_ _2\"></span>k might exis<span class=\"_ _2\"></span>t where the G<span class=\"_ _2\"></span>roup has si<span class=\"_ _2\"></span>gnificant e<span class=\"_ _2\"></span>xposure to an in<span class=\"_ _2\"></span>dividual c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y or a group of c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>ties wi<span class=\"_ _2\"></span>th similar<span class=\"_ gs132\"> </span>e<span class=\"_ _2\"></span>cono<span class=\"_ _2\"></span>mic chara<span class=\"_ _2\"></span>cteris<span class=\"_ _2\"></span>tics t<span class=\"_ _2\"></span>hat would c<span class=\"_ _2\"></span>ause th<span class=\"_ _2\"></span>eir abilit<span class=\"_ _2\"></span>y to meet c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual obli<span class=\"_ _2\"></span>gations to b<span class=\"_ _2\"></span>e similarly af<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>ted by chan<span class=\"_ _2\"></span>ges in e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c and oth<span class=\"_ _2\"></span>er<span class=\"_ gs132\"> </span>condit<span class=\"_ _2\"></span>ions. T<span class=\"_ _2\"></span>he Group h<span class=\"_ _2\"></span>as mos<span class=\"_ _2\"></span>t of its counte<span class=\"_ _2\"></span>rpar<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k within its life b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s and is mo<span class=\"_ _2\"></span>nitored by the G<span class=\"_ _2\"></span>roup Co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>ty C<span class=\"_ _2\"></span>redit Risk Framework c<span class=\"_ _2\"></span>ontaine<span class=\"_ _2\"></span>d within the G<span class=\"_ _2\"></span>roup Credit R<span class=\"_ _2\"></span>isk Policy. It is fur<span class=\"_ _2\"></span>ther provi<span class=\"_ _2\"></span>ded for in inves<span class=\"_ _2\"></span>tment man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s, overl<span class=\"_ _2\"></span>aid by reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y requirem<span class=\"_ _2\"></span>ents an<span class=\"_ _2\"></span>d the monitor<span class=\"_ _2\"></span>ing of aggre<span class=\"_ _2\"></span>gate co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y exposure<span class=\"_ _2\"></span>s acros<span class=\"_ _2\"></span>s the Group a<span class=\"_ _2\"></span>gains<span class=\"_ _2\"></span>t additio<span class=\"_ _2\"></span>nal Group c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y limits<span class=\"_ _2\"></span>. Co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y risk in resp<span class=\"_ _2\"></span>ect of OT<span class=\"_ _5\"></span>C derivat<span class=\"_ _2\"></span>ive counterpa<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s is monitore<span class=\"_ _2\"></span>d using a Potential Fut<span class=\"_ _2\"></span>ure Exp<span class=\"_ _2\"></span>osure (\u2018<span class=\"_ _2\"></span>PFE\u2019<span class=\"_ _2\"></span>) value me<span class=\"_ _2\"></span>tric.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is also ex<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>d to conce<span class=\"_ _2\"></span>ntration ris<span class=\"_ _2\"></span>k with out<span class=\"_ _2\"></span>source p<span class=\"_ _2\"></span>artn<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up operate<span class=\"_ _2\"></span>s a<span class=\"_ gs132\"> </span>policy to m<span class=\"_ _2\"></span>anage o<span class=\"_ _2\"></span>utso<span class=\"_ _2\"></span>urcer se<span class=\"_ _2\"></span>rvi<span class=\"_ _2\"></span>ce counter<span class=\"_ _2\"></span>part<span class=\"_ _2\"></span>y expo<span class=\"_ _2\"></span>sures and th<span class=\"_ _2\"></span>e impac<span class=\"_ _2\"></span>t from default i<span class=\"_ _2\"></span>s reviewed re<span class=\"_ _2\"></span>gularly by exe<span class=\"_ _2\"></span>cutive com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>es and m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d throug<span class=\"_ _2\"></span>h stres<span class=\"_ _2\"></span>s and sc<span class=\"_ _2\"></span>enario te<span class=\"_ _2\"></span>sting<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Reinsu<span class=\"_ _5\"></span>rance<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is expos<span class=\"_ _2\"></span>ed to cre<span class=\"_ _2\"></span>dit risk as a re<span class=\"_ _2\"></span>sult of insuran<span class=\"_ _2\"></span>ce risk tr<span class=\"_ _2\"></span>ansfer c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts with rein<span class=\"_ _2\"></span>surers<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>olicy is to pl<span class=\"_ _2\"></span>ace reins<span class=\"_ _2\"></span>urance o<span class=\"_ _2\"></span>nly with hig<span class=\"_ _2\"></span>hly rated c<span class=\"_ _2\"></span>ounterpar<span class=\"_ _2\"></span>ties (minim<span class=\"_ _2\"></span>um rating re<span class=\"_ _2\"></span>quirement of A-)<span class=\"_ _5\"></span>. The G<span class=\"_ _2\"></span>roup rest<span class=\"_ _2\"></span>ricts c<span class=\"_ _2\"></span>once<span class=\"_ _2\"></span>ntration with in<span class=\"_ _2\"></span>dividual ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al reinsurer<span class=\"_ _2\"></span>s by spe<span class=\"_ _2\"></span>cif<span class=\"_ _2\"></span>ying limit<span class=\"_ _2\"></span>s on cedin<span class=\"_ _2\"></span>g and minimum c<span class=\"_ _2\"></span>ondition<span class=\"_ _2\"></span>s for acce<span class=\"_ _2\"></span>ptanc<span class=\"_ _2\"></span>e and retention of rein<span class=\"_ _2\"></span>surers<span class=\"_ _2\"></span>. In rec<span class=\"_ _2\"></span>ent year<span class=\"_ _2\"></span>s the Group h<span class=\"_ _2\"></span>as made p<span class=\"_ _2\"></span>rogres<span class=\"_ _2\"></span>s in incre<span class=\"_ _2\"></span>asing the n<span class=\"_ _2\"></span>umber of<span class=\"_ gs132\"> </span>rein<span class=\"_ _2\"></span>surers it t<span class=\"_ _2\"></span>ransa<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>th, however, an elem<span class=\"_ _2\"></span>ent of conc<span class=\"_ _2\"></span>entration re<span class=\"_ _2\"></span>mains due to th<span class=\"_ _2\"></span>e nature of the re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce market and th<span class=\"_ _2\"></span>e restric<span class=\"_ _2\"></span>ted ran<span class=\"_ _2\"></span>ge of reinsure<span class=\"_ _2\"></span>rs availabl<span class=\"_ _2\"></span>e. The Gro<span class=\"_ _2\"></span>up manag<span class=\"_ _2\"></span>es its e<span class=\"_ _2\"></span>xposure to rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e credit ri<span class=\"_ _2\"></span>sk throug<span class=\"_ _2\"></span>h the oper<span class=\"_ _2\"></span>ation of a credi<span class=\"_ _2\"></span>t polic<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, c<span class=\"_ _2\"></span>ollatera<span class=\"_ _2\"></span>lisation<span class=\"_ _2\"></span>, and reg<span class=\"_ _2\"></span>ular moni<span class=\"_ _2\"></span>toring of expo<span class=\"_ _2\"></span>sures at the Re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce Man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent Comm<span class=\"_ _2\"></span>itte<span class=\"_ _2\"></span>e and other c<span class=\"_ _2\"></span>redit foc<span class=\"_ _2\"></span>used c<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>tees<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Collateral<span class=\"_ _3bc\"> </span>The cre<span class=\"_ _2\"></span>dit risk of the G<span class=\"_ _2\"></span>roup is mitig<span class=\"_ _2\"></span>ated, in c<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>ain circums<span class=\"_ _2\"></span>tan<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>, by entering into co<span class=\"_ _2\"></span>llateral ag<span class=\"_ _2\"></span>reem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. The amo<span class=\"_ _2\"></span>unt and t<span class=\"_ _2\"></span>ype of collate<span class=\"_ _2\"></span>ral require<span class=\"_ _2\"></span>d depe<span class=\"_ _2\"></span>nds on an as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of th<span class=\"_ _2\"></span>e credit ris<span class=\"_ _2\"></span>k of the counterp<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y. Guidelin<span class=\"_ _2\"></span>es are imple<span class=\"_ _2\"></span>mented re<span class=\"_ _2\"></span>gardin<span class=\"_ _2\"></span>g the acc<span class=\"_ _2\"></span>eptabilit<span class=\"_ _2\"></span>y of t<span class=\"_ _2\"></span>ypes of collate<span class=\"_ _2\"></span>ral and th<span class=\"_ _2\"></span>e valuation p<span class=\"_ _2\"></span>aramete<span class=\"_ _2\"></span>rs. C<span class=\"_ _2\"></span>ollatera<span class=\"_ _2\"></span>l is mainly obt<span class=\"_ _2\"></span>ained in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of stock l<span class=\"_ _2\"></span>ending<span class=\"_ _2\"></span>, cer<span class=\"_ _2\"></span>tain re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts and to provide s<span class=\"_ _2\"></span>ecurit<span class=\"_ _2\"></span>y ag<span class=\"_ _2\"></span>ainst th<span class=\"_ _2\"></span>e daily mar<span class=\"_ _2\"></span>k to model va<span class=\"_ _2\"></span>lue of derivative fin<span class=\"_ _2\"></span>ancial in<span class=\"_ _2\"></span>strum<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. Mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt monitors t<span class=\"_ _2\"></span>he market value of the c<span class=\"_ _2\"></span>ollatera<span class=\"_ _2\"></span>l rec<span class=\"_ _2\"></span>eived, re<span class=\"_ _2\"></span>ques<span class=\"_ _2\"></span>ts addi<span class=\"_ _2\"></span>tional co<span class=\"_ _2\"></span>llateral wh<span class=\"_ _2\"></span>en nee<span class=\"_ _2\"></span>ded<span class=\"_ _2\"></span>, and per<span class=\"_ _2\"></span>forms an im<span class=\"_ _2\"></span>pairment va<span class=\"_ _2\"></span>luation wh<span class=\"_ _2\"></span>en impairm<span class=\"_ _2\"></span>ent indica<span class=\"_ _2\"></span>tors exis<span class=\"_ _2\"></span>t and the as<span class=\"_ _2\"></span>set is not fully s<span class=\"_ _2\"></span>ecure<span class=\"_ _2\"></span>d and is not c<span class=\"_ _2\"></span>arrie<span class=\"_ _2\"></span>d at fair value. S<span class=\"_ _2\"></span>ee<span class=\"_ gs132\"> </span>note E4 for fur<span class=\"_ _2\"></span>ther inform<span class=\"_ _2\"></span>ation on co<span class=\"_ _2\"></span>llateral arr<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>ments<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-675": {
   "value": "E6<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>2 Ma<span class=\"_ _2\"></span>rket risk<span class=\"_ _3bc\"> </span>Market risk i<span class=\"_ _2\"></span>s defined a<span class=\"_ _2\"></span>s the risk of red<span class=\"_ _2\"></span>uctions in e<span class=\"_ _2\"></span>arning<span class=\"_ _2\"></span>s and/<span class=\"_ _7\"></span>or val<span class=\"_ _2\"></span>ue, throu<span class=\"_ _2\"></span>gh financ<span class=\"_ _2\"></span>ial or repu<span class=\"_ _2\"></span>tationa<span class=\"_ _2\"></span>l loss<span class=\"_ _2\"></span>, from unfavourab<span class=\"_ _2\"></span>le market moveme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>. The<span class=\"_ gs132\"> </span>risk t<span class=\"_ _2\"></span>ypic<span class=\"_ _2\"></span>ally arise<span class=\"_ _2\"></span>s from expo<span class=\"_ _2\"></span>sure to equit<span class=\"_ _2\"></span>y, proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y and fixed in<span class=\"_ _2\"></span>come a<span class=\"_ _2\"></span>sset cl<span class=\"_ _2\"></span>asse<span class=\"_ _2\"></span>s and the im<span class=\"_ _2\"></span>pact of ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in interest r<span class=\"_ _2\"></span>ates, inflation r<span class=\"_ _2\"></span>ates and c<span class=\"_ _2\"></span>urrency exc<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e rates.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is mainly e<span class=\"_ _2\"></span>xpose<span class=\"_ _2\"></span>d to market risk as a re<span class=\"_ _2\"></span>sult of:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e mismatc<span class=\"_ _2\"></span>h bet<span class=\"_ _2\"></span>ween liabili<span class=\"_ _2\"></span>ty profil<span class=\"_ _2\"></span>es and the re<span class=\"_ _2\"></span>lated as<span class=\"_ _2\"></span>set inves<span class=\"_ _2\"></span>tment po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folios;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt of surplus as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s includin<span class=\"_ _2\"></span>g shareh<span class=\"_ _2\"></span>older res<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ves yet to be dist<span class=\"_ _2\"></span>ributed<span class=\"_ _2\"></span>, surplus as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s within the wit<span class=\"_ _2\"></span>h-profit fund<span class=\"_ _2\"></span>s and as<span class=\"_ _2\"></span>sets h<span class=\"_ _2\"></span>eld to mee<span class=\"_ _2\"></span>t regulato<span class=\"_ _2\"></span>ry c<span class=\"_ _2\"></span>apital an<span class=\"_ _2\"></span>d solven<span class=\"_ _2\"></span>cy require<span class=\"_ _2\"></span>ments<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e incom<span class=\"_ _2\"></span>e flow of mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt charge<span class=\"_ _2\"></span>s derived f<span class=\"_ _2\"></span>rom the value of inves<span class=\"_ _2\"></span>ted as<span class=\"_ _2\"></span>sets of the b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up mana<span class=\"_ _2\"></span>ges the l<span class=\"_ _2\"></span>evels of market risk tha<span class=\"_ _2\"></span>t it acce<span class=\"_ _2\"></span>pts throu<span class=\"_ _2\"></span>gh the ope<span class=\"_ _2\"></span>ration of a mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t risk polic<span class=\"_ _2\"></span>y using a num<span class=\"_ _2\"></span>ber of control<span class=\"_ _2\"></span>s and tech<span class=\"_ _2\"></span>niques inc<span class=\"_ _2\"></span>luding:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>d<span class=\"_ _2\"></span>efined lis<span class=\"_ _2\"></span>ts of per<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>d sec<span class=\"_ _2\"></span>urities and<span class=\"_ _2\"></span>/<span class=\"_ _6\"></span>or a<span class=\"_ _2\"></span>pplicat<span class=\"_ _2\"></span>ion of investme<span class=\"_ _2\"></span>nt cons<span class=\"_ _2\"></span>traints an<span class=\"_ _2\"></span>d por<span class=\"_ _2\"></span>tfolio lim<span class=\"_ _2\"></span>its;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls18 ws16\">cle<span class=\"_ _2\"></span>arly defined in<span class=\"_ _5\"></span>vestment benc<span class=\"_ _2\"></span>hmarks f<span class=\"_ _5\"></span>or policyholder and shareholder funds<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>tocha<span class=\"_ _2\"></span>stic an<span class=\"_ _2\"></span>d determinis<span class=\"_ _2\"></span>tic ass<span class=\"_ _2\"></span>et/li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y modellin<span class=\"_ _2\"></span>g;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>ctive use of de<span class=\"_ _2\"></span>rivatives to imp<span class=\"_ _2\"></span>rove the matching c<span class=\"_ _2\"></span>harac<span class=\"_ _2\"></span>teris<span class=\"_ _2\"></span>tics of as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabilitie<span class=\"_ _2\"></span>s and to reduc<span class=\"_ _2\"></span>e the risk ex<span class=\"_ _2\"></span>posure of a po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folio; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>s<span class=\"_ _2\"></span>ettin<span class=\"_ _2\"></span>g risk limit<span class=\"_ _2\"></span>s for main mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t risks and ma<span class=\"_ _2\"></span>nagin<span class=\"_ _2\"></span>g exposure<span class=\"_ _2\"></span>s again<span class=\"_ _2\"></span>st the<span class=\"_ _2\"></span>se appet<span class=\"_ _2\"></span>ites.<span class=\"_ _3bc\"> </span>All ope<span class=\"_ _2\"></span>rations c<span class=\"_ _2\"></span>omply with re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s relating to th<span class=\"_ _2\"></span>e taking of m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et risk<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>As<span class=\"_ _2\"></span>sets in th<span class=\"_ _2\"></span>e shareh<span class=\"_ _2\"></span>older fun<span class=\"_ _2\"></span>ds are man<span class=\"_ _2\"></span>aged a<span class=\"_ _2\"></span>gains<span class=\"_ _2\"></span>t ben<span class=\"_ _2\"></span>chmarks th<span class=\"_ _2\"></span>at ensure th<span class=\"_ _2\"></span>ey are diversifi<span class=\"_ _2\"></span>ed acro<span class=\"_ _2\"></span>ss a ran<span class=\"_ _2\"></span>ge of ass<span class=\"_ _2\"></span>et clas<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>, instr<span class=\"_ _2\"></span>uments and g<span class=\"_ _2\"></span>eogr<span class=\"_ _2\"></span>aphies th<span class=\"_ _2\"></span>at are approp<span class=\"_ _2\"></span>riate to the liabiliti<span class=\"_ _2\"></span>es of the fund<span class=\"_ _2\"></span>s or are held to m<span class=\"_ _2\"></span>atch the c<span class=\"_ _2\"></span>ash flows antic<span class=\"_ _2\"></span>ipated to aris<span class=\"_ _2\"></span>e in the bus<span class=\"_ _2\"></span>iness<span class=\"_ _2\"></span>. A comb<span class=\"_ _2\"></span>ination of<span class=\"_ gs132\"> </span>limit<span class=\"_ _2\"></span>s by name of iss<span class=\"_ _2\"></span>uer, sector, geo<span class=\"_ _2\"></span>graphic<span class=\"_ _2\"></span>al reg<span class=\"_ _2\"></span>ion and cre<span class=\"_ _2\"></span>dit rating a<span class=\"_ _2\"></span>re used wh<span class=\"_ _2\"></span>ere relevant to re<span class=\"_ _2\"></span>duce co<span class=\"_ _2\"></span>ncentr<span class=\"_ _2\"></span>ation risk among the<span class=\"_ _5\"></span> assets held.<span class=\"_ _3bc\"> </span>The as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s of the par<span class=\"_ _2\"></span>ticipatin<span class=\"_ _2\"></span>g busine<span class=\"_ _2\"></span>ss are prin<span class=\"_ _2\"></span>cipally m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>d to suppo<span class=\"_ _2\"></span>rt the li<span class=\"_ _2\"></span>abilities of the p<span class=\"_ _2\"></span>arti<span class=\"_ _2\"></span>cipating b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s and are app<span class=\"_ _2\"></span>ropriately divers<span class=\"_ _2\"></span>ified by<span class=\"_ gs132\"> </span>both a<span class=\"_ _2\"></span>sset cl<span class=\"_ _2\"></span>ass an<span class=\"_ _2\"></span>d geo<span class=\"_ _2\"></span>graphy, consid<span class=\"_ _2\"></span>ering:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e econ<span class=\"_ _2\"></span>omic liabilit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d how this varie<span class=\"_ _2\"></span>s with market con<span class=\"_ _2\"></span>ditions;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e nee<span class=\"_ _2\"></span>d to invest as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>ting par<span class=\"_ _2\"></span>ticip<span class=\"_ _2\"></span>ating bus<span class=\"_ _2\"></span>iness in a m<span class=\"_ _2\"></span>anner c<span class=\"_ _2\"></span>onsis<span class=\"_ _2\"></span>tent with the pa<span class=\"_ _2\"></span>rticip<span class=\"_ _2\"></span>ating poli<span class=\"_ _2\"></span>cyhold<span class=\"_ _2\"></span>ers\u2019 reas<span class=\"_ _2\"></span>onable expe<span class=\"_ _2\"></span>ctat<span class=\"_ _2\"></span>ions and Prin<span class=\"_ _2\"></span>ciples an<span class=\"_ _2\"></span>d Prac<span class=\"_ _2\"></span>tices of Fina<span class=\"_ _2\"></span>ncial M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement (<span class=\"_ _2\"></span>\u2018PPFM<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>); and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e nee<span class=\"_ _2\"></span>d to ensure th<span class=\"_ _2\"></span>at regula<span class=\"_ _2\"></span>tory an<span class=\"_ _2\"></span>d capit<span class=\"_ _2\"></span>al require<span class=\"_ _2\"></span>ments a<span class=\"_ _2\"></span>re met.<span class=\"_ _3bc\"> </span>In pra<span class=\"_ _2\"></span>ctice<span class=\"_ _2\"></span>, an elem<span class=\"_ _2\"></span>ent of market risk aris<span class=\"_ _2\"></span>es as a co<span class=\"_ _2\"></span>nsequ<span class=\"_ _2\"></span>ence of the n<span class=\"_ _2\"></span>eed to b<span class=\"_ _2\"></span>alanc<span class=\"_ _2\"></span>e these c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>rations<span class=\"_ _2\"></span>, for exampl<span class=\"_ _2\"></span>e, in cer<span class=\"_ _2\"></span>tain in<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces par<span class=\"_ _2\"></span>ticipat<span class=\"_ _2\"></span>ing polic<span class=\"_ _2\"></span>yholder<span class=\"_ _2\"></span>s may exp<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>at equit<span class=\"_ _2\"></span>y market risk will b<span class=\"_ _2\"></span>e taken on their b<span class=\"_ _2\"></span>ehalf, and d<span class=\"_ _2\"></span>erivative ins<span class=\"_ _2\"></span>trument<span class=\"_ _2\"></span>s may be us<span class=\"_ _2\"></span>ed to manage these<span class=\"_ _5\"></span> risk<span class=\"_ _5\"></span>s.<span class=\"_ _3bc\"> </span>Markets re<span class=\"_ _2\"></span>main volatile p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>icularly g<span class=\"_ _2\"></span>iven geo<span class=\"_ _2\"></span>politic<span class=\"_ _2\"></span>al tension<span class=\"_ _2\"></span>s, he<span class=\"_ _2\"></span>ightene<span class=\"_ _2\"></span>d inflation<span class=\"_ _2\"></span>, and ac<span class=\"_ _2\"></span>tion by centra<span class=\"_ _2\"></span>l banks to red<span class=\"_ _2\"></span>uce inflatio<span class=\"_ _2\"></span>nar<span class=\"_ _2\"></span>y press<span class=\"_ _2\"></span>ures on ec<span class=\"_ _2\"></span>onomie<span class=\"_ _2\"></span>s whilst b<span class=\"_ _2\"></span>alancin<span class=\"_ _2\"></span>g the nee<span class=\"_ _2\"></span>d to aid pos<span class=\"_ _2\"></span>t-pande<span class=\"_ _2\"></span>mic recover<span class=\"_ _2\"></span>y. This is note<span class=\"_ _2\"></span>d in the Strate<span class=\"_ _2\"></span>gic Repo<span class=\"_ _2\"></span>rt prin<span class=\"_ _2\"></span>cipal ris<span class=\"_ _2\"></span>k sec<span class=\"_ _2\"></span>tion.<span class=\"_ _3bc\"> </span>Inte<span class=\"_ _2\"></span>rest r<span class=\"_ _2\"></span>ate and in<span class=\"_ _2\"></span>flation r<span class=\"_ _2\"></span>isk<span class=\"_ _3bc\"> </span>Interes<span class=\"_ _2\"></span>t rate risk is t<span class=\"_ _2\"></span>he risk that t<span class=\"_ _2\"></span>he fair value of f<span class=\"_ _2\"></span>uture cas<span class=\"_ _2\"></span>h flows of a finan<span class=\"_ _2\"></span>cial ins<span class=\"_ _2\"></span>trument will fl<span class=\"_ _2\"></span>uctua<span class=\"_ _2\"></span>te relative to the res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tive liabilit<span class=\"_ _2\"></span>y due to the impac<span class=\"_ _2\"></span>t of chan<span class=\"_ _2\"></span>ges in mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t interest r<span class=\"_ _2\"></span>ates on the val<span class=\"_ _2\"></span>ue of interest-be<span class=\"_ _2\"></span>aring as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and on the val<span class=\"_ _2\"></span>ue of future gu<span class=\"_ _2\"></span>arantee<span class=\"_ _2\"></span>s provided un<span class=\"_ _2\"></span>der cer<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>in contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s of insuranc<span class=\"_ _2\"></span>e. The pa<span class=\"_ _2\"></span>ragra<span class=\"_ _2\"></span>phs in this se<span class=\"_ _2\"></span>ction al<span class=\"_ _2\"></span>so apply to infl<span class=\"_ _2\"></span>ation risk<span class=\"_ _2\"></span>, but refere<span class=\"_ _2\"></span>nces to fixe<span class=\"_ _2\"></span>d rate ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabilities wo<span class=\"_ _2\"></span>uld be repla<span class=\"_ _2\"></span>ced wit<span class=\"_ _2\"></span>h index-linked as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is require<span class=\"_ _2\"></span>d to mana<span class=\"_ _2\"></span>ge its intere<span class=\"_ _2\"></span>st rate exp<span class=\"_ _2\"></span>osures in lin<span class=\"_ _2\"></span>e with qualit<span class=\"_ _2\"></span>ative risk app<span class=\"_ _2\"></span>etite st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s, qua<span class=\"_ _2\"></span>ntitative risk m<span class=\"_ _2\"></span>etric<span class=\"_ _2\"></span>s and any addit<span class=\"_ _2\"></span>ional he<span class=\"_ _2\"></span>dging b<span class=\"_ _2\"></span>enchm<span class=\"_ _2\"></span>arks. Inte<span class=\"_ _2\"></span>rest rate ri<span class=\"_ _2\"></span>sk is mana<span class=\"_ _2\"></span>ged by m<span class=\"_ _2\"></span>atching as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd liabilitie<span class=\"_ _2\"></span>s where pr<span class=\"_ _2\"></span>actic<span class=\"_ _2\"></span>able and by e<span class=\"_ _2\"></span>ntering into deri<span class=\"_ _2\"></span>vative arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts for he<span class=\"_ _2\"></span>dging p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>s where app<span class=\"_ _2\"></span>ropriate. Thi<span class=\"_ _2\"></span>s is par<span class=\"_ _2\"></span>ticularl<span class=\"_ _2\"></span>y the cas<span class=\"_ _2\"></span>e for the non<span class=\"_ _2\"></span>-par<span class=\"_ _2\"></span>ticipating f<span class=\"_ _2\"></span>unds and s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>ted pa<span class=\"_ _2\"></span>rticip<span class=\"_ _2\"></span>ating fund<span class=\"_ _2\"></span>s. For unsup<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>ting busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>, some e<span class=\"_ _2\"></span>lement of inves<span class=\"_ _2\"></span>tment mi<span class=\"_ _2\"></span>smatchin<span class=\"_ _2\"></span>g is permit<span class=\"_ _2\"></span>ted wh<span class=\"_ _2\"></span>ere it is con<span class=\"_ _2\"></span>sistent wi<span class=\"_ _2\"></span>th the princ<span class=\"_ _2\"></span>iples of treatin<span class=\"_ _2\"></span>g custo<span class=\"_ _2\"></span>mers fa<span class=\"_ _2\"></span>irly<span class=\"_ _5\"></span>. The<span class=\"_ gs132\"> </span>wi<span class=\"_ _2\"></span>th-profit fun<span class=\"_ _2\"></span>ds of the Group provi<span class=\"_ _2\"></span>de capit<span class=\"_ _2\"></span>al to allow such m<span class=\"_ _2\"></span>ismatchin<span class=\"_ _2\"></span>g to be effe<span class=\"_ _2\"></span>cted<span class=\"_ _2\"></span>. In prac<span class=\"_ _2\"></span>tice, th<span class=\"_ _2\"></span>e life comp<span class=\"_ _2\"></span>anies of the G<span class=\"_ _2\"></span>roup mainta<span class=\"_ _2\"></span>in an<span class=\"_ gs132\"> </span>appropri<span class=\"_ _2\"></span>ate mix of fixed an<span class=\"_ _2\"></span>d variable ra<span class=\"_ _2\"></span>te instrum<span class=\"_ _2\"></span>ents ac<span class=\"_ _2\"></span>cording to th<span class=\"_ _2\"></span>e underl<span class=\"_ _2\"></span>ying insur<span class=\"_ _2\"></span>ance or inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and will review thi<span class=\"_ _2\"></span>s at regula<span class=\"_ _2\"></span>r interva<span class=\"_ _2\"></span>ls to ensure th<span class=\"_ _2\"></span>at overall expo<span class=\"_ _2\"></span>sure is kept within the ri<span class=\"_ _2\"></span>sk profile agre<span class=\"_ _2\"></span>ed for ea<span class=\"_ _2\"></span>ch par<span class=\"_ _2\"></span>ticula<span class=\"_ _2\"></span>r fund. Thi<span class=\"_ _2\"></span>s also re<span class=\"_ _2\"></span>quires the m<span class=\"_ _2\"></span>aturit<span class=\"_ _2\"></span>y profile of the<span class=\"_ _2\"></span>se ass<span class=\"_ _2\"></span>ets to be m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed in line with t<span class=\"_ _2\"></span>he liabilitie<span class=\"_ _2\"></span>s to policyh<span class=\"_ _2\"></span>older<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The s<span class=\"_ _2\"></span>ensitivit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>alysis for intere<span class=\"_ _2\"></span>st rate an<span class=\"_ _2\"></span>d inflation ris<span class=\"_ _2\"></span>k indicates h<span class=\"_ _2\"></span>ow chan<span class=\"_ _2\"></span>ges in the f<span class=\"_ _2\"></span>air value or fu<span class=\"_ _2\"></span>ture cas<span class=\"_ _2\"></span>h flows of a financ<span class=\"_ _2\"></span>ial instr<span class=\"_ _2\"></span>ument arisin<span class=\"_ _2\"></span>g from chan<span class=\"_ _2\"></span>ges in ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et interes<span class=\"_ _2\"></span>t and inflat<span class=\"_ _2\"></span>ion rates at th<span class=\"_ _2\"></span>e repor<span class=\"_ _2\"></span>ting date re<span class=\"_ _2\"></span>sult in a chan<span class=\"_ _2\"></span>ge in profit af<span class=\"_ _2\"></span>ter ta<span class=\"_ _2\"></span>x, eq<span class=\"_ _2\"></span>uity a<span class=\"_ _2\"></span>nd CS<span class=\"_ _2\"></span>M. It t<span class=\"_ _2\"></span>ak<span class=\"_ _5\"></span>es into acc<span class=\"_ _2\"></span>ount the ef<span class=\"_ _2\"></span>fect of s<span class=\"_ _2\"></span>uch chan<span class=\"_ _2\"></span>ges in ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et interes<span class=\"_ _2\"></span>t and inflat<span class=\"_ _2\"></span>ion rates on all a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liabili<span class=\"_ _2\"></span>ties that c<span class=\"_ _2\"></span>ontribute to the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s repo<span class=\"_ _2\"></span>rte<span class=\"_ _2\"></span>d profit af<span class=\"_ _2\"></span>ter tax an<span class=\"_ _2\"></span>d in equit<span class=\"_ _2\"></span>y. Change<span class=\"_ _2\"></span>s in the value of th<span class=\"_ _2\"></span>e Group\u2019s holdings in s<span class=\"_ _2\"></span>waptions a<span class=\"_ _2\"></span>s a result of time d<span class=\"_ _2\"></span>ecay or c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es to interest r<span class=\"_ _2\"></span>ate volatilit<span class=\"_ _2\"></span>y are not c<span class=\"_ _2\"></span>aptured in th<span class=\"_ _2\"></span>e sensiti<span class=\"_ _2\"></span>vity a<span class=\"_ _2\"></span>nalysis<span class=\"_ _2\"></span>. With-p<span class=\"_ _2\"></span>rofit busine<span class=\"_ _2\"></span>ss and n<span class=\"_ _2\"></span>on-par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>ting busin<span class=\"_ _2\"></span>ess with<span class=\"_ _2\"></span>in the with-profi<span class=\"_ _2\"></span>t funds are ex<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>d to interest r<span class=\"_ _2\"></span>ate risk as gu<span class=\"_ _2\"></span>arantee<span class=\"_ _2\"></span>d liabilities a<span class=\"_ _2\"></span>re value<span class=\"_ _2\"></span>d relative to mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t interest r<span class=\"_ _2\"></span>ates and inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s include fi<span class=\"_ _2\"></span>xed interes<span class=\"_ _2\"></span>t secur<span class=\"_ _2\"></span>ities and d<span class=\"_ _2\"></span>erivatives<span class=\"_ _2\"></span>. For unsupp<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ted with-profi<span class=\"_ _2\"></span>t busines<span class=\"_ _2\"></span>s the profit or lo<span class=\"_ _2\"></span>ss arisin<span class=\"_ _2\"></span>g from misma<span class=\"_ _2\"></span>tches be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en such as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabiliti<span class=\"_ _2\"></span>es is large<span class=\"_ _2\"></span>ly offs<span class=\"_ _2\"></span>et by incre<span class=\"_ _2\"></span>ased or re<span class=\"_ _2\"></span>duce<span class=\"_ _2\"></span>d discreti<span class=\"_ _2\"></span>onar<span class=\"_ _2\"></span>y polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r ben<span class=\"_ _2\"></span>efits de<span class=\"_ _2\"></span>pende<span class=\"_ _2\"></span>nt on the exis<span class=\"_ _2\"></span>tence of po<span class=\"_ _2\"></span>licyhol<span class=\"_ _2\"></span>der gua<span class=\"_ _2\"></span>rantees<span class=\"_ _2\"></span>. The c<span class=\"_ _2\"></span>ontribution of un<span class=\"_ _2\"></span>suppor<span class=\"_ _2\"></span>ted pa<span class=\"_ _2\"></span>rtic<span class=\"_ _2\"></span>ipating bu<span class=\"_ _2\"></span>siness to t<span class=\"_ _2\"></span>he Group res<span class=\"_ _2\"></span>ult is large<span class=\"_ _2\"></span>ly limited to th<span class=\"_ _2\"></span>e shareh<span class=\"_ _2\"></span>older<span class=\"_ _2\"></span>s\u2019 share of bonus<span class=\"_ _2\"></span>es. T<span class=\"_ _2\"></span>he contrib<span class=\"_ _2\"></span>ution of the sup<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted par<span class=\"_ _2\"></span>ticipat<span class=\"_ _2\"></span>ing busine<span class=\"_ _2\"></span>ss to the G<span class=\"_ _2\"></span>roup result is d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d in line with I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>, whic<span class=\"_ _2\"></span>h expos<span class=\"_ _2\"></span>es the sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er to chang<span class=\"_ _2\"></span>es in the va<span class=\"_ _2\"></span>lue of the liabilitie<span class=\"_ _2\"></span>s backed by sh<span class=\"_ _2\"></span>arehol<span class=\"_ _2\"></span>der ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d the value of c<span class=\"_ _2\"></span>apital advan<span class=\"_ _2\"></span>ced to th<span class=\"_ _2\"></span>e with-profit f<span class=\"_ _2\"></span>unds. In the n<span class=\"_ _2\"></span>on-par<span class=\"_ _2\"></span>ticipat<span class=\"_ _2\"></span>ing funds<span class=\"_ _2\"></span>, polic<span class=\"_ _2\"></span>y liabilitie<span class=\"_ _2\"></span>s\u2019 sensitivi<span class=\"_ _2\"></span>ty to intere<span class=\"_ _2\"></span>st rates a<span class=\"_ _2\"></span>re matche<span class=\"_ _2\"></span>d primaril<span class=\"_ _2\"></span>y with debt se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s and he<span class=\"_ _2\"></span>dging if ne<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>sar<span class=\"_ _2\"></span>y to match d<span class=\"_ _2\"></span>uration on a re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y basi<span class=\"_ _2\"></span>s for the Group\u2019s Solven<span class=\"_ _2\"></span>cy II p<span class=\"_ _2\"></span>osition<span class=\"_ _2\"></span>, with the res<span class=\"_ _2\"></span>ult that se<span class=\"_ _2\"></span>nsitivit<span class=\"_ _2\"></span>y to cha<span class=\"_ _2\"></span>nges in inte<span class=\"_ _2\"></span>rest rate<span class=\"_ _2\"></span>s is ver<span class=\"_ _2\"></span>y low. The Group\u2019s expos<span class=\"_ _2\"></span>ure to interest r<span class=\"_ _2\"></span>ates on an IFR<span class=\"_ _2\"></span>S basis pr<span class=\"_ _2\"></span>incipally a<span class=\"_ _2\"></span>rises from t<span class=\"_ _2\"></span>he Group\u2019s hedg<span class=\"_ _2\"></span>ing stra<span class=\"_ _2\"></span>tegy to prote<span class=\"_ _2\"></span>ct the re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y cap<span class=\"_ _2\"></span>ital pos<span class=\"_ _2\"></span>ition, which re<span class=\"_ _2\"></span>sults in an a<span class=\"_ _2\"></span>dverse im<span class=\"_ _2\"></span>pact o<span class=\"_ _2\"></span>n profit on an incre<span class=\"_ _2\"></span>ase in intere<span class=\"_ _2\"></span>st rates<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up is expos<span class=\"_ _2\"></span>ed to inflati<span class=\"_ _2\"></span>on risk throu<span class=\"_ _2\"></span>gh cer<span class=\"_ _2\"></span>tain c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts, s<span class=\"_ _2\"></span>uch as ann<span class=\"_ _2\"></span>uities<span class=\"_ _2\"></span>, which may p<span class=\"_ _2\"></span>rovide for future b<span class=\"_ _2\"></span>enefit<span class=\"_ _2\"></span>s to be paid t<span class=\"_ _2\"></span>aking acc<span class=\"_ _2\"></span>ount of chan<span class=\"_ _2\"></span>ges in the l<span class=\"_ _2\"></span>evel of experie<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>d and implie<span class=\"_ _2\"></span>d inflation<span class=\"_ _2\"></span>, and als<span class=\"_ _2\"></span>o through th<span class=\"_ _2\"></span>e Group\u2019s cost b<span class=\"_ _2\"></span>ase. Th<span class=\"_ _2\"></span>e Group se<span class=\"_ _2\"></span>eks to mana<span class=\"_ _2\"></span>ge inflation r<span class=\"_ _2\"></span>isk within the A<span class=\"_ _2\"></span>LM framewor<span class=\"_ _2\"></span>k through th<span class=\"_ _2\"></span>e holding of de<span class=\"_ _2\"></span>rivatives<span class=\"_ _2\"></span>, such a<span class=\"_ _2\"></span>s inflation swa<span class=\"_ _2\"></span>ps, or p<span class=\"_ _2\"></span>hysical p<span class=\"_ _2\"></span>ositions in re<span class=\"_ _2\"></span>levant as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, such as inde<span class=\"_ _2\"></span>x-link<span class=\"_ _5\"></span>ed g<span class=\"_ _2\"></span>ilts<span class=\"_ _2\"></span>, where app<span class=\"_ _2\"></span>ropriate.<span class=\"_ _3bc\"> </span>The s<span class=\"_ _2\"></span>ensitivit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>alysis res<span class=\"_ _2\"></span>ults for IF<span class=\"_ _2\"></span>RS are bas<span class=\"_ _2\"></span>ed on a com<span class=\"_ _2\"></span>bination of mo<span class=\"_ _2\"></span>delle<span class=\"_ _2\"></span>d results a<span class=\"_ _2\"></span>nd Solve<span class=\"_ _2\"></span>ncy II a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted sen<span class=\"_ _2\"></span>sitivit<span class=\"_ _2\"></span>y result<span class=\"_ _2\"></span>s. S<span class=\"_ _2\"></span>ensiti<span class=\"_ _2\"></span>vity result<span class=\"_ _2\"></span>s inclu<span class=\"_ _2\"></span>de an allowanc<span class=\"_ _2\"></span>e for est<span class=\"_ _2\"></span>ate distrib<span class=\"_ _2\"></span>ution abs<span class=\"_ _2\"></span>orption on with<span class=\"_ _2\"></span>-profit busin<span class=\"_ _2\"></span>ess an<span class=\"_ _2\"></span>d the se<span class=\"_ _2\"></span>cond-<span class=\"_ _2\"></span>order impa<span class=\"_ _2\"></span>ct on Ris<span class=\"_ _2\"></span>k Adjus<span class=\"_ _2\"></span>tment but exclude<span class=\"_ _2\"></span>s the impa<span class=\"_ _2\"></span>ct on the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>emes<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><div class=\"gs2ed\"><table class=\"s w60c h2d4\" id=\"_dfde65aa-c3ea-432b-b587-2d917505b546\"><tr><td></td><td></td><td class=\"c n xc99 y599b w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xc9a y599b w60d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc9b h3f y599c ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td><td class=\"t m0 x5ac h16 y599c ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act o<span class=\"_ _2\"></span>n </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc9c h3f y599d ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 x4c3 h3f y599d ff7 fsf fc1 sc0 ls83 ws78\">Impact </td><td class=\"t m0 x8f2 h16 y599d ff3 fsf fc1 sc0 ls0 ws0\">profi<span class=\"_ _2\"></span>t aft<span class=\"_ _2\"></span>er ta<span class=\"_ _2\"></span>x </td><td class=\"t m0 x967 h16 y599d ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act </td></tr><tr><td></td><td class=\"t m0 x907 h3f y599e ff7 fsf fc1 sc0 ls0 ws0\">Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e in </td><td class=\"t m0 x582 h3f y599e ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8c8 h3f y599e ff7 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x77f h16 y599e ff3 fsf fc1 sc0 ls0 ws0\">and e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ty </td><td class=\"t m0 x59f h16 y599e ff3 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xc9d h3f y599f ff7 fsf fc1 sc0 ls70 ws67\">interest rate<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x488 h3f y599f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc9e h3f y599f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ea h3f y599f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ee h16 y599f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59a0 w60e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc9f y59a0 w60f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca0 y59a0 w610 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">3<span class=\"_ _2\"></span>,682<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca1 y59a0 w611 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca2 y59a0 w1e0 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>321<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb56 y59a0 w514 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>52)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a1 w612 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca3 y59a1 w60f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca4 y59a1 w613 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">1<span class=\"_ _3\"></span>,5<span class=\"_ _2\"></span>51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca5 y59a1 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca6 y59a1 w58e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>451<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca7 y59a1 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59a2 w614 h28f\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to interes<span class=\"_ _2\"></span>t rate risk ba<span class=\"_ _2\"></span>cking ins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca8 y59a2 w60f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca9 y59a2 w49d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">(3,988)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcaa y59a2 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcab y59a2 w615 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(3,599)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcac y59a2 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y59a3 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to interes<span class=\"_ _2\"></span>t rate risk ba<span class=\"_ _2\"></span>cking inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59a4 w616 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcad y59a4 w60f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcae y59a4 w350 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>,55<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcaf y59a4 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb0 y59a4 w617 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb1 y59a4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a5 w618 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to interest r<span class=\"_ _2\"></span>ate risk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb2 y59a5 w619 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb3 y59a5 w61a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(222)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb4 y59a5 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb5 y59a5 w499 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>317<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb6 y59a5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a6 w60e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb7 y59a6 w61b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb8 y59a6 w61c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">(4<span class=\"_ _2\"></span>,87<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb9 y59a6 w130 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcba y59a6 w61d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(4<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>03)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbb y59a6 w11a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>23<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a7 w612 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbc y59a7 w550 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbd y59a7 w61e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(2<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbe y59a7 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbf y59a7 w61f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>21)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc0 y59a7 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59a8 w614 h28a\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to interes<span class=\"_ _2\"></span>t rate risk ba<span class=\"_ _2\"></span>cking ins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc1 y59a8 w61b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc2 y59a8 w5f5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">5<span class=\"_ _2\"></span>,25<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc3 y59a8 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc4 y59a8 w620 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc wsba\">4,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc5 y59a8 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y59a9 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to interes<span class=\"_ _2\"></span>t rate risk ba<span class=\"_ _2\"></span>cking inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59aa w616 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc6 y59aa w61b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc7 y59aa w1b6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">2,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc8 y59aa w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc9 y59aa w621 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>921<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x778 y59aa w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59ab w618 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to interest r<span class=\"_ _2\"></span>ate risk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcca y59ab w622 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccb y59ab w9c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">222<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccc y59ab w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccd y59ab w214 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">317<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcce y59ab w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xc99 y59ac w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xc9a y59ac w60d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc9b h3f y59ad ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td><td class=\"t m0 x5ac h16 y59ad ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act o<span class=\"_ _2\"></span>n </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc9c h3f y59ae ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 x4c3 h3f y59ae ff7 fsf fc1 sc0 ls83 ws78\">Impact </td><td class=\"t m0 x8f2 h16 y59ae ff3 fsf fc1 sc0 ls0 ws0\">profi<span class=\"_ _2\"></span>t aft<span class=\"_ _2\"></span>er ta<span class=\"_ _2\"></span>x </td><td class=\"t m0 x967 h16 y59ae ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act </td></tr><tr><td></td><td class=\"t m0 x907 h3f y59af ff7 fsf fc1 sc0 ls0 ws0\">Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e in </td><td class=\"t m0 x582 h3f y59af ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8c8 h3f y59af ff7 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x77f h16 y59af ff3 fsf fc1 sc0 ls0 ws0\">and e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ty </td><td class=\"t m0 x59f h16 y59af ff3 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x5e4 h3f y59b0 ff7 fsf fc1 sc0 ls199 ws185\">inflation<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x488 h3f y59b0 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc9e h3f y59b0 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ea h3f y59b0 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ee h16 y59b0 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59b1 w60e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc9f y59b1 w60f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccf y59b1 w623 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd0 y59b1 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x94b y59b1 w378 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(6<span class=\"_ _2\"></span>83)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd1 y59b1 w419 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b2 w612 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca3 y59b2 w60f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd2 y59b2 w355 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(17<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd3 y59b2 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd4 y59b2 w7d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(165<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd5 y59b2 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59b3 w624 h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to inflation r<span class=\"_ _2\"></span>isk back<span class=\"_ _2\"></span>ing insura<span class=\"_ _2\"></span>nce and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xca8 y59b3 w60f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd6 y59b3 w1ff h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">983<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd7 y59b3 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd8 y59b3 w1eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">692<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd9 y59b3 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y59b4 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to inflation r<span class=\"_ _2\"></span>isk back<span class=\"_ _2\"></span>ing investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>ct </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59b5 w616 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcad y59b5 w60f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcda y59b5 w6f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdb y59b5 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdc y59b5 w2fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">165<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdd y59b5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b6 w625 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to inflation ris<span class=\"_ _2\"></span>k<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcde y59b6 w60f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdf y59b6 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce0 y59b6 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce1 y59b6 w31d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">22<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce2 y59b6 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b7 w60e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb7 y59b7 w61b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce3 y59b7 w626 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd2 wsc0\">840<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc36 y59b7 w323 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce4 y59b7 w4f7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">598<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce5 y59b7 w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b8 w612 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcbc y59b8 w550 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce6 y59b8 wf5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce7 y59b8 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce8 y59b8 w3b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xce9 y59b8 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y59b9 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct inflation r<span class=\"_ _2\"></span>isk back<span class=\"_ _2\"></span>ing insura<span class=\"_ _2\"></span>nce and re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y588c w627 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">contract balanc<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcea y588c w61b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xceb y588c w628 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(8<span class=\"_ _2\"></span>68)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcec y588c w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xced y588c w546 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bf ws1be\">(<span class=\"_ _2\"></span>597<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcee y588c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y59ba ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to inflation r<span class=\"_ _2\"></span>isk back<span class=\"_ _2\"></span>ing investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>ct </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ee w616 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcc6 y55ee w61b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcef y55ee w629 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(145)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf0 y55ee w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf1 y55ee w62a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(<span class=\"_ _2\"></span>135)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf2 y55ee w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w625 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to inflation ris<span class=\"_ _2\"></span>k<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf3 y55ef w61b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf4 y55ef w3d2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf5 y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf6 y55ef w1d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(18)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf7 y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h1d6 ff3 fs172 fc1 sc0 ls0 ws0 gs586\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h1d6 ff3 fs172 fc1 sc0 ls0 ws0 gs587\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs588\">1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS<span class=\"_ _2\"></span>17 Ins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce C<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s (see n<span class=\"_ _2\"></span>ote A2<span class=\"_ _2\"></span>.1 for fur<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>er det<span class=\"_ _2\"></span>ails).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs589\">Equit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y risk<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs58a\">The Gro<span class=\"_ _2\"></span>up is expos<span class=\"_ _2\"></span>ed to the ri<span class=\"_ _2\"></span>sk of reduc<span class=\"_ _2\"></span>tions in the val<span class=\"_ _2\"></span>uation of equi<span class=\"_ _2\"></span>ties (or chan<span class=\"_ _2\"></span>ges in the vol<span class=\"_ _2\"></span>atilit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>) or prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s which co<span class=\"_ _2\"></span>uld result </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs58b\">in redu<span class=\"_ _2\"></span>ctions in a<span class=\"_ _2\"></span>sset va<span class=\"_ _2\"></span>lues and l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s for policy<span class=\"_ _2\"></span>holder<span class=\"_ _2\"></span>s or share<span class=\"_ _2\"></span>holder<span class=\"_ _2\"></span>s. In th<span class=\"_ _2\"></span>is contex<span class=\"_ _2\"></span>t, eq<span class=\"_ _2\"></span>uity a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s should b<span class=\"_ _2\"></span>e taken to inclu<span class=\"_ _2\"></span>de shares<span class=\"_ _2\"></span>, eq<span class=\"_ _2\"></span>uity </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs58c\">deriva<span class=\"_ _2\"></span>tives, e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y colle<span class=\"_ _2\"></span>ctives an<span class=\"_ _2\"></span>d unliste<span class=\"_ _2\"></span>d equitie<span class=\"_ _2\"></span>s. Prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sets in<span class=\"_ _2\"></span>clude dire<span class=\"_ _2\"></span>ct prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y inves<span class=\"_ _2\"></span>tment, s<span class=\"_ _2\"></span>hares in pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty c<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s, pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs58d\">colle<span class=\"_ _2\"></span>ctives a<span class=\"_ _2\"></span>nd str<span class=\"_ _2\"></span>ucture<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs58e\">The p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio of marketab<span class=\"_ _2\"></span>le equit<span class=\"_ _2\"></span>y se<span class=\"_ _2\"></span>curities a<span class=\"_ _2\"></span>nd prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y investm<span class=\"_ _2\"></span>ents whi<span class=\"_ _2\"></span>ch is carr<span class=\"_ _2\"></span>ied in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition at fair </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs58f\">value h<span class=\"_ _2\"></span>as<span class=\"_ gs132\"> </span>expos<span class=\"_ _2\"></span>ure to price risk<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tive in holdin<span class=\"_ _2\"></span>g these a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s is to earn hi<span class=\"_ _2\"></span>gher lon<span class=\"_ _2\"></span>g-term return<span class=\"_ _2\"></span>s by investing in a di<span class=\"_ _2\"></span>verse </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs590\">por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folio of equities a<span class=\"_ _2\"></span>nd prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s. Por<span class=\"_ _2\"></span>tfolio c<span class=\"_ _2\"></span>harac<span class=\"_ _2\"></span>terist<span class=\"_ _2\"></span>ics are an<span class=\"_ _2\"></span>alyse<span class=\"_ _2\"></span>d regula<span class=\"_ _2\"></span>rly and pric<span class=\"_ _2\"></span>e risks are ac<span class=\"_ _2\"></span>tively ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>d in line with inves<span class=\"_ _2\"></span>tment </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs591\">man<span class=\"_ _2\"></span>dates. T<span class=\"_ _2\"></span>he Group\u2019s holding<span class=\"_ _2\"></span>s are divers<span class=\"_ _2\"></span>ified acro<span class=\"_ _2\"></span>ss indu<span class=\"_ _2\"></span>stries a<span class=\"_ _2\"></span>nd conc<span class=\"_ _2\"></span>entration<span class=\"_ _2\"></span>s in any one com<span class=\"_ _2\"></span>pany or indus<span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>y are limited.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs592\">Equit<span class=\"_ _2\"></span>y and prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty pr<span class=\"_ _2\"></span>ice risk is pr<span class=\"_ _2\"></span>imarily bo<span class=\"_ _2\"></span>rne in resp<span class=\"_ _2\"></span>ect of as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s held in with-<span class=\"_ _2\"></span>profit funds<span class=\"_ _2\"></span>, unit-linked fun<span class=\"_ _2\"></span>ds or equit<span class=\"_ _2\"></span>y rele<span class=\"_ _2\"></span>ase mo<span class=\"_ _2\"></span>rtg<span class=\"_ _2\"></span>ages in th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs593\">non-p<span class=\"_ _2\"></span>rofit funds<span class=\"_ _2\"></span>. For unit-linked fund<span class=\"_ _2\"></span>s this risk is b<span class=\"_ _2\"></span>orne by polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs and a<span class=\"_ _2\"></span>sset m<span class=\"_ _2\"></span>ovements dire<span class=\"_ _2\"></span>ctly im<span class=\"_ _2\"></span>pact uni<span class=\"_ _2\"></span>t prices an<span class=\"_ _2\"></span>d henc<span class=\"_ _2\"></span>e policy </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs594\">value<span class=\"_ _2\"></span>s. For with-<span class=\"_ _2\"></span>profit funds p<span class=\"_ _2\"></span>olicyh<span class=\"_ _2\"></span>olders\u2019 f<span class=\"_ _2\"></span>uture bonu<span class=\"_ _2\"></span>ses will b<span class=\"_ _2\"></span>e impacte<span class=\"_ _2\"></span>d by the invest<span class=\"_ _2\"></span>ment return<span class=\"_ _2\"></span>s achieve<span class=\"_ _2\"></span>d and hen<span class=\"_ _2\"></span>ce the pric<span class=\"_ _2\"></span>e risk<span class=\"_ _2\"></span>, whilst </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs595\">the Gro<span class=\"_ _2\"></span>up also ha<span class=\"_ _2\"></span>s exposure to t<span class=\"_ _2\"></span>he value of gua<span class=\"_ _2\"></span>rantees p<span class=\"_ _2\"></span>rovided to with<span class=\"_ _2\"></span>-profit polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs. I<span class=\"_ _2\"></span>n addition s<span class=\"_ _2\"></span>ome eq<span class=\"_ _2\"></span>uity inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s are held in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs596\">resp<span class=\"_ _2\"></span>ect of sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>ers\u2019 fund<span class=\"_ _2\"></span>s. For the n<span class=\"_ _2\"></span>on-profit fun<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y price ri<span class=\"_ _2\"></span>sk from equi<span class=\"_ _2\"></span>ty rel<span class=\"_ _2\"></span>ease m<span class=\"_ _2\"></span>ortg<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>s is borne by th<span class=\"_ _2\"></span>e Group with th<span class=\"_ _2\"></span>e aim of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs597\">achie<span class=\"_ _2\"></span>ving greate<span class=\"_ _2\"></span>r diversific<span class=\"_ _2\"></span>ation and inve<span class=\"_ _2\"></span>stment re<span class=\"_ _2\"></span>turns<span class=\"_ _2\"></span>, consis<span class=\"_ _2\"></span>tent with th<span class=\"_ _2\"></span>e Strategi<span class=\"_ _2\"></span>c Asse<span class=\"_ _2\"></span>t Alloca<span class=\"_ _2\"></span>tion approved by th<span class=\"_ _2\"></span>e Board<span class=\"_ _2\"></span>. The Group a<span class=\"_ _2\"></span>s a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs598\">whole i<span class=\"_ _2\"></span>s expos<span class=\"_ _2\"></span>ed to price ri<span class=\"_ _2\"></span>sk fluct<span class=\"_ _2\"></span>uations imp<span class=\"_ _2\"></span>actin<span class=\"_ _2\"></span>g the inco<span class=\"_ _2\"></span>me flow of mana<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent charg<span class=\"_ _2\"></span>es from the inves<span class=\"_ _2\"></span>ted as<span class=\"_ _2\"></span>sets of all f<span class=\"_ _2\"></span>unds; thi<span class=\"_ _2\"></span>s is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs599\">prima<span class=\"_ _2\"></span>rily mana<span class=\"_ _2\"></span>ged th<span class=\"_ _2\"></span>rough the u<span class=\"_ _2\"></span>se of derivative<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 lsd6 ws0 gs59a\">Equit<span class=\"_ _2\"></span>y and prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty pr<span class=\"_ _2\"></span>ice risk is m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>d throug<span class=\"_ _2\"></span>h the agre<span class=\"_ _2\"></span>ement a<span class=\"_ _2\"></span>nd monitor<span class=\"_ _2\"></span>ing of financi<span class=\"_ _2\"></span>al risk profile<span class=\"_ _2\"></span>s that are appro<span class=\"_ _2\"></span>priate for ea<span class=\"_ _2\"></span>ch of the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 lsd6 ws0 gs59b\">Group\u2019s life funds in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of maintainin<span class=\"_ _2\"></span>g adeq<span class=\"_ _2\"></span>uate regul<span class=\"_ _2\"></span>atory c<span class=\"_ _2\"></span>apital a<span class=\"_ _2\"></span>nd treatin<span class=\"_ _2\"></span>g custom<span class=\"_ _2\"></span>ers fa<span class=\"_ _2\"></span>irly<span class=\"_ _5\"></span>. This is la<span class=\"_ _2\"></span>rgely a<span class=\"_ _2\"></span>chieved thro<span class=\"_ _2\"></span>ugh as<span class=\"_ _2\"></span>set clas<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 lsd6 ws0 gs59c\">divers<span class=\"_ _2\"></span>ification a<span class=\"_ _2\"></span>nd within the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s ALM fram<span class=\"_ _2\"></span>ework thro<span class=\"_ _2\"></span>ugh the ho<span class=\"_ _2\"></span>lding of derivat<span class=\"_ _2\"></span>ives or physic<span class=\"_ _2\"></span>al positi<span class=\"_ _2\"></span>ons in relevant a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s where ap<span class=\"_ _2\"></span>propriate. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs59d\">The sh<span class=\"_ _2\"></span>arehol<span class=\"_ _2\"></span>ders\u2019 exp<span class=\"_ _2\"></span>osure to equit<span class=\"_ _2\"></span>y ris<span class=\"_ _2\"></span>k principall<span class=\"_ _2\"></span>y arises f<span class=\"_ _2\"></span>rom the Group\u2019s hed<span class=\"_ _2\"></span>ging str<span class=\"_ _2\"></span>ategy to p<span class=\"_ _2\"></span>rotect the re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y c<span class=\"_ _2\"></span>apital po<span class=\"_ _2\"></span>sition<span class=\"_ _2\"></span>, which </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs59e\">result<span class=\"_ _2\"></span>s in an adver<span class=\"_ _2\"></span>se impa<span class=\"_ _2\"></span>ct on profit on a<span class=\"_ _2\"></span>n increa<span class=\"_ _2\"></span>se in equit<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> <span class=\"_ _3bc\"> </span></span>.<span class=\"_ _3bc\"> </span></div>The s<span class=\"_ _2\"></span>ensitivit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>alysis for e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y and prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk illus<span class=\"_ _2\"></span>trates how a c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e in the fair value of e<span class=\"_ _2\"></span>quities an<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>tie<span class=\"_ _2\"></span>s affec<span class=\"_ _2\"></span>ts the G<span class=\"_ _2\"></span>roup result<span class=\"_ _2\"></span>. It takes into ac<span class=\"_ _2\"></span>count the ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t of such cha<span class=\"_ _2\"></span>nges in e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y and prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty pri<span class=\"_ _2\"></span>ces on all as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabiliti<span class=\"_ _2\"></span>es that co<span class=\"_ _2\"></span>ntribute to the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s repo<span class=\"_ _2\"></span>rted p<span class=\"_ _2\"></span>rofit after t<span class=\"_ _2\"></span>ax and in e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y but exclu<span class=\"_ _2\"></span>des the imp<span class=\"_ _2\"></span>act on th<span class=\"_ _2\"></span>e Group\u2019s pension s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span><table class=\"s w62b h2d4\" id=\"_a78c4d8d-caa1-4880-9f14-31bae551b4f7\"><tr><td></td><td></td><td class=\"c n xcf8 y599b w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c xcfa y599b w60d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 xcf9 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xcfb h3f y59bb ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td><td class=\"t m0 xcfc h3f y59bb ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc0e h3f y59bc ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 x524 h3f y59bc ff7 fsf fc1 sc0 ls83 ws78\">Impact </td><td class=\"t m0 xcfd h3f y59bc ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 xabd h3f y59bc ff7 fsf fc1 sc0 ls83 ws78\">Impact </td></tr><tr><td></td><td class=\"t m0 xcfe h3f y59bd ff7 fsf fc1 sc0 ls0 ws0\">Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e in  </td><td class=\"t m0 x9da h3f y59bd ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xcff h3f y59bd ff7 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d1 h3f y59bd ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x481 h3f y59bd ff7 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xd00 h3f y59be ff7 fsf fc1 sc0 ls70 ws67\">equit<span class=\"_ _2\"></span>y prices<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb29 h3f y59be ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd01 h3f y59be ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5bb h3f y59be ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x553 h3f y59be ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59a0 w60e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd02 y59a0 w62c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd03 y59a0 w62d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(2,079)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd04 y59a0 w62e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">1<span class=\"_ _2\"></span>17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x532 y59a0 w62f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2,0<span class=\"_ _2\"></span>82)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5ab y59a0 w2d3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">1<span class=\"_ _2\"></span>24<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a1 w612 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd05 y59a1 w62c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd06 y59a1 w630 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">(<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd07 y59a1 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd08 y59a1 w631 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">(<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>0<span class=\"_ _19\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd09 y59a1 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59bf w632 h28a\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to equit<span class=\"_ _2\"></span>y pri<span class=\"_ _2\"></span>ce risk ba<span class=\"_ _2\"></span>cking ins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0a y59bf w633 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0b y59bf w39a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,159<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0c y59bf w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0d y59bf w150 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">2,205<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0e y59bf w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59c0 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to equit<span class=\"_ _2\"></span>y pri<span class=\"_ _2\"></span>ce risk ba<span class=\"_ _2\"></span>cking Inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59c1 w616 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0f y59c1 w633 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd10 y59c1 w10d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd11 y59c1 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x781 y59c1 w5fa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd12 y59c1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59c2 w634 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to equit<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd13 y59c2 w62c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccf y59c2 w635 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">(3<span class=\"_ _2\"></span>35)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd14 y59c2 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd15 y59c2 w3e2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(<span class=\"_ _2\"></span>299)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd16 y59c2 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a6 w60e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd17 y59a6 w636 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd18 y59a6 w14c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">2,039<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd19 y59a6 w19b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">(30<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1a y59a6 w327 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">2,0<span class=\"_ _2\"></span>40<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1b y59a6 w223 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59a7 w612 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1c y59a7 w2bd h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1d y59a7 w5e2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _2\"></span>74<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1e y59a7 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1f y59a7 w33d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _2\"></span>1<span class=\"_ _19\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd9 y59a7 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55de w632 h28a\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to equit<span class=\"_ _2\"></span>y pri<span class=\"_ _2\"></span>ce risk ba<span class=\"_ _2\"></span>cking ins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd20 y55de w636 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd21 y55de w637 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">(2<span class=\"_ _2\"></span>,128)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd22 y55de w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd23 y55de w638 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(<span class=\"_ _2\"></span>2,169)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd24 y55de w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59c3 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to equit<span class=\"_ _2\"></span>y pri<span class=\"_ _2\"></span>ce risk ba<span class=\"_ _2\"></span>cking Inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59c4 w616 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd25 y59c4 w296 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd26 y59c4 w639 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">(<span class=\"_ _3\"></span>7,<span class=\"_ _2\"></span>74<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd27 y59c4 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd28 y59c4 w63a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">(<span class=\"_ _19\"></span>7,<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd29 y59c4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59c5 w634 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to equit<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd2a y59c5 w2bd h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd2b y59c5 w227 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">335<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd2c y59c5 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x215 y59c5 w9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">299<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd2d y59c5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xcf8 y59c6 w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c xcfa y59c6 w60d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 xcf9 h1d6 y56f3 ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xcfb h3f y59c7 ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td><td class=\"t m0 xcfc h3f y59c7 ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on  </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc0e h3f y59c8 ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 x524 h3f y59c8 ff7 fsf fc1 sc0 ls83 ws78\">Impact </td><td class=\"t m0 xcfd h3f y59c8 ff7 fsf fc1 sc0 ls0 ws0\">pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax </td><td class=\"t m0 xd2e h16 y59c8 ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act </td></tr><tr><td></td><td class=\"t m0 xcfe h3f y59c9 ff7 fsf fc1 sc0 ls0 ws0\">Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e in </td><td class=\"t m0 x9da h3f y59c9 ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xcff h3f y59c9 ff7 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d1 h3f y59c9 ff7 fsf fc1 sc0 ls5b ws76\">and equity<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x481 h16 y59c9 ff3 fsf fc1 sc0 ls0 ws0\">on C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xd2f h3f y59ca ff7 fsf fc1 sc0 ls5b ws76\">propert<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span> prices<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb29 h3f y59ca ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd01 h3f y59ca ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5bb h3f y59ca ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y59ca ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59cb w60e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd02 y59cb w62c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd30 y59cb w63b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>99<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd31 y59cb w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd32 y59cb w63c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">(2<span class=\"_ _2\"></span>01)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdd y59cb wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59cc w612 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd05 y59cc w62c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd33 y59cc w63d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>431<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcdb y59cc w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd34 y59cc w63e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">(<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd35 y59cc w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59cd w63f h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk bac<span class=\"_ _2\"></span>king insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0a y59cd w633 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd36 y59cd w32a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">205<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xccc y59cd w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd37 y59cd w3c9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">199<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd09 y59cd w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59ce ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk bac<span class=\"_ _2\"></span>king Inves<span class=\"_ _2\"></span>tment </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59b5 w640 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">contract<span class=\"_ _5\"></span> without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd38 y59b5 w633 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd39 y59b5 w488 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">4<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3a y59b5 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3b y59b5 w116 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3c y59b5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b6 w641 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y price ri<span class=\"_ _2\"></span>sk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd13 y59b6 w62c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3d y59b6 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3e y59b6 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd3f y59b6 w2f2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcd9 y59b6 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59cf w60e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd17 y59cf w636 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd40 y59cf w11a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>91<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd41 y59cf w5c7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd42 y59cf w642 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">19<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd43 y59cf w2dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59d0 w612 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment co<span class=\"_ _5\"></span>ntract w<span class=\"_ _5\"></span>ithout<span class=\"_ _5\"></span> DPF balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1c y59d0 w2bd h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd44 y59d0 w4f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">4<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd45 y59d0 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd46 y59d0 w240 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">388<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd47 y59d0 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59d1 w63f h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk bac<span class=\"_ _2\"></span>king insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t balan<span class=\"_ _2\"></span>ces<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd20 y59d1 w636 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd48 y59d1 w2ac h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcb4 y59d1 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd49 y59d1 w53 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(19<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcf2 y59d1 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59d2 ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>e risk bac<span class=\"_ _2\"></span>king Inves<span class=\"_ _2\"></span>tment </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ee w640 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">contract<span class=\"_ _5\"></span> without<span class=\"_ _7\"></span> D<span class=\"_ _2\"></span>PF<span class=\"_ _5\"></span> balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4a y55ee w296 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4b y55ee waf h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">(4<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4c y55ee w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4d y55ee w53 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(38<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd35 y55ee w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w641 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y price ri<span class=\"_ _2\"></span>sk<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4e y55ef w296 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd4f y55ef w2dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd50 y55ef w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x95e y55ef w1d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(10)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd51 y55ef w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS<span class=\"_ _2\"></span>17 Ins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce C<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s (see n<span class=\"_ _2\"></span>ote A2<span class=\"_ _2\"></span>.1 for fur<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>er det<span class=\"_ _2\"></span>ails).<span class=\"_ _3bc\"> </span>The s<span class=\"_ _2\"></span>ensitivit<span class=\"_ _2\"></span>y to ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in equit<span class=\"_ _2\"></span>y price<span class=\"_ _2\"></span>s is primaril<span class=\"_ _2\"></span>y driven by the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y hedg<span class=\"_ _2\"></span>ing arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts over the va<span class=\"_ _2\"></span>lue of future ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment charg<span class=\"_ _2\"></span>es that a<span class=\"_ _2\"></span>re link<span class=\"_ _5\"></span>ed to as<span class=\"_ _2\"></span>set valu<span class=\"_ _2\"></span>es. Curren<span class=\"_ _2\"></span>cy risk<span class=\"_ _3bc\"> </span>Curren<span class=\"_ _2\"></span>cy risk is th<span class=\"_ _2\"></span>e risk that c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the value of c<span class=\"_ _2\"></span>urrencie<span class=\"_ _2\"></span>s could le<span class=\"_ _2\"></span>ad to redu<span class=\"_ _2\"></span>ctions in a<span class=\"_ _2\"></span>sset va<span class=\"_ _2\"></span>lues which m<span class=\"_ _2\"></span>ay result in los<span class=\"_ _2\"></span>ses for polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs and sh<span class=\"_ _2\"></span>arehol<span class=\"_ _2\"></span>ders<span class=\"_ _2\"></span>. With the exc<span class=\"_ _2\"></span>eption of Stan<span class=\"_ _2\"></span>dard Life Intern<span class=\"_ _2\"></span>ational bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s sold in Ge<span class=\"_ _2\"></span>rmany and th<span class=\"_ _2\"></span>e Republic of Ire<span class=\"_ _2\"></span>land an<span class=\"_ _2\"></span>d som<span class=\"_ _2\"></span>e historic b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s writ<span class=\"_ _2\"></span>ten in<span class=\"_ gs132\"> </span>the Rep<span class=\"_ _2\"></span>ublic of Irelan<span class=\"_ _2\"></span>d, the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>rincipal tr<span class=\"_ _2\"></span>ansa<span class=\"_ _2\"></span>ctions are c<span class=\"_ _2\"></span>arrie<span class=\"_ _2\"></span>d out in ste<span class=\"_ _2\"></span>rling. Th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts for the<span class=\"_ _2\"></span>se boo<span class=\"_ _2\"></span>ks of busine<span class=\"_ _2\"></span>ss are g<span class=\"_ _2\"></span>enera<span class=\"_ _2\"></span>lly held in th<span class=\"_ _2\"></span>e same c<span class=\"_ _2\"></span>urrency d<span class=\"_ _2\"></span>enomina<span class=\"_ _2\"></span>tion as their li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>, therefore<span class=\"_ _2\"></span>, any foreign cur<span class=\"_ _2\"></span>rency mis<span class=\"_ _2\"></span>match is larg<span class=\"_ _2\"></span>ely mitig<span class=\"_ _2\"></span>ated. Con<span class=\"_ _2\"></span>sequ<span class=\"_ _2\"></span>ently, the foreign cur<span class=\"_ _2\"></span>rency ris<span class=\"_ _2\"></span>k relating to thi<span class=\"_ _2\"></span>s busine<span class=\"_ _2\"></span>ss mainl<span class=\"_ _2\"></span>y arises wh<span class=\"_ _2\"></span>en the as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabilitie<span class=\"_ _2\"></span>s are trans<span class=\"_ _2\"></span>lated into ste<span class=\"_ _2\"></span>rling.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts are prima<span class=\"_ _2\"></span>rily deno<span class=\"_ _2\"></span>minated in th<span class=\"_ _2\"></span>e same c<span class=\"_ _2\"></span>urrencie<span class=\"_ _2\"></span>s as its ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e and investm<span class=\"_ _2\"></span>ent liabilitie<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>us, th<span class=\"_ _2\"></span>e main foreign exchan<span class=\"_ _2\"></span>ge risk ar<span class=\"_ _2\"></span>ises from re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liabilit<span class=\"_ _2\"></span>ies deno<span class=\"_ _2\"></span>minated in c<span class=\"_ _2\"></span>urrencie<span class=\"_ _2\"></span>s other than t<span class=\"_ _2\"></span>hose in whic<span class=\"_ _2\"></span>h insuran<span class=\"_ _2\"></span>ce and inves<span class=\"_ _2\"></span>tment liabilitie<span class=\"_ _2\"></span>s are expe<span class=\"_ _2\"></span>cted to b<span class=\"_ _2\"></span>e set<span class=\"_ _2\"></span>tled an<span class=\"_ _2\"></span>d, indirec<span class=\"_ _2\"></span>tly, from the non-<span class=\"_ _2\"></span>UK e<span class=\"_ _2\"></span>arnings of U<span class=\"_ _2\"></span>K compa<span class=\"_ _2\"></span>nies.<span class=\"_ _3bc\"> </span>Som<span class=\"_ _2\"></span>e of the Group\u2019s with-profit f<span class=\"_ _2\"></span>unds have an exp<span class=\"_ _2\"></span>osure to overs<span class=\"_ _2\"></span>eas as<span class=\"_ _2\"></span>sets w<span class=\"_ _2\"></span>hich is not drive<span class=\"_ _2\"></span>n by liabilit<span class=\"_ _2\"></span>y consid<span class=\"_ _2\"></span>erations<span class=\"_ _2\"></span>. The p<span class=\"_ _2\"></span>urpose of thi<span class=\"_ _2\"></span>s expo<span class=\"_ _2\"></span>sure is to<span class=\"_ gs132\"> </span>reduc<span class=\"_ _2\"></span>e overall risk w<span class=\"_ _2\"></span>hilst ma<span class=\"_ _2\"></span>ximising ret<span class=\"_ _2\"></span>urns by diver<span class=\"_ _2\"></span>sificatio<span class=\"_ _2\"></span>n. This exp<span class=\"_ _2\"></span>osure is limite<span class=\"_ _2\"></span>d and man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d through inves<span class=\"_ _2\"></span>tment m<span class=\"_ _2\"></span>andates which are s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to the over<span class=\"_ _2\"></span>sight of the invest<span class=\"_ _2\"></span>ment com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>es of the Bo<span class=\"_ _2\"></span>ards of each life c<span class=\"_ _2\"></span>ompany. Fluctu<span class=\"_ _2\"></span>ations in exch<span class=\"_ _2\"></span>ange ra<span class=\"_ _2\"></span>tes from cer<span class=\"_ _2\"></span>tain holdin<span class=\"_ _2\"></span>gs in overs<span class=\"_ _2\"></span>eas as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>re hedg<span class=\"_ _2\"></span>ed ag<span class=\"_ _2\"></span>ainst c<span class=\"_ _2\"></span>urrency r<span class=\"_ _2\"></span>isks. Durin<span class=\"_ _2\"></span>g 2021<span class=\"_ _2\"></span>, the Group e<span class=\"_ _2\"></span>ntered into four h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g relations<span class=\"_ _2\"></span>hips to hed<span class=\"_ _2\"></span>ge the curre<span class=\"_ _2\"></span>ncy ris<span class=\"_ _2\"></span>k on its Euro and U<span class=\"_ _2\"></span>S dollar de<span class=\"_ _2\"></span>nominate<span class=\"_ _2\"></span>d hybrid debt (U<span class=\"_ _2\"></span>S $5<span class=\"_ _2\"></span>00 millio<span class=\"_ _2\"></span>n Tier 2 bo<span class=\"_ _2\"></span>nds<span class=\"_ _2\"></span>, \u20ac50<span class=\"_ _2\"></span>0 million Tie<span class=\"_ _2\"></span>r 2 notes<span class=\"_ _2\"></span>, US $750 millio<span class=\"_ _2\"></span>n conting<span class=\"_ _2\"></span>ent conver<span class=\"_ _2\"></span>tible T<span class=\"_ _2\"></span>ier 1 notes an<span class=\"_ _2\"></span>d US $5<span class=\"_ _2\"></span>00 million F<span class=\"_ _2\"></span>ixed Rate Re<span class=\"_ _2\"></span>set Tie<span class=\"_ _2\"></span>r 2 notes a<span class=\"_ _2\"></span>s set out in note E5<span class=\"_ _2\"></span>) throug<span class=\"_ _2\"></span>h cross c<span class=\"_ _2\"></span>urrency r<span class=\"_ _2\"></span>ate swaps<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>E6.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>3 F<span class=\"_ _5\"></span>inancial soundness r<span class=\"_ _5\"></span>isk<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial so<span class=\"_ _2\"></span>undnes<span class=\"_ _2\"></span>s risk is a bro<span class=\"_ _2\"></span>ad risk c<span class=\"_ _2\"></span>ategor<span class=\"_ _2\"></span>y en<span class=\"_ _2\"></span>compas<span class=\"_ _2\"></span>sing c<span class=\"_ _2\"></span>apital m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement ris<span class=\"_ _2\"></span>k, ta<span class=\"_ _2\"></span>x risk and liq<span class=\"_ _2\"></span>uidit<span class=\"_ _2\"></span>y and fundin<span class=\"_ _2\"></span>g risk.<span class=\"_ _3bc\"> </span>Capit<span class=\"_ _2\"></span>al mana<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent risk is defin<span class=\"_ _2\"></span>ed as the f<span class=\"_ _2\"></span>ailure of the Group, o<span class=\"_ _2\"></span>r one of its se<span class=\"_ _2\"></span>paratel<span class=\"_ _2\"></span>y regulate<span class=\"_ _2\"></span>d subsidi<span class=\"_ _2\"></span>aries<span class=\"_ _2\"></span>, to maintain s<span class=\"_ _2\"></span>ufficie<span class=\"_ _2\"></span>nt capit<span class=\"_ _2\"></span>al to provide ap<span class=\"_ _2\"></span>propriate se<span class=\"_ _2\"></span>curit<span class=\"_ _2\"></span>y for poli<span class=\"_ _2\"></span>cyhold<span class=\"_ _2\"></span>ers and m<span class=\"_ _2\"></span>eet all re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y ca<span class=\"_ _2\"></span>pital req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>s whilst n<span class=\"_ _2\"></span>ot retaining un<span class=\"_ _2\"></span>nece<span class=\"_ _2\"></span>ssar<span class=\"_ _2\"></span>y c<span class=\"_ _2\"></span>apital. T<span class=\"_ _2\"></span>he Group has ex<span class=\"_ _2\"></span>posure to c<span class=\"_ _2\"></span>apital m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>ment risk t<span class=\"_ _2\"></span>hrough th<span class=\"_ _2\"></span>e requirem<span class=\"_ _2\"></span>ents of the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II cap<span class=\"_ _2\"></span>ital reg<span class=\"_ _2\"></span>ime, as imp<span class=\"_ _2\"></span>lemente<span class=\"_ _2\"></span>d by the PR<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, to calcul<span class=\"_ _2\"></span>ate reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y capit<span class=\"_ _2\"></span>al adeq<span class=\"_ _2\"></span>uacy at a G<span class=\"_ _2\"></span>roup level. Th<span class=\"_ _2\"></span>e Group\u2019s UK life subsidi<span class=\"_ _2\"></span>aries have exp<span class=\"_ _2\"></span>osure to cap<span class=\"_ _2\"></span>ital man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent risk thro<span class=\"_ _2\"></span>ugh the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y capit<span class=\"_ _2\"></span>al requirem<span class=\"_ _2\"></span>ents m<span class=\"_ _2\"></span>andated by th<span class=\"_ _2\"></span>e PRA at t<span class=\"_ _2\"></span>he solo leve<span class=\"_ _2\"></span>l. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ap<span class=\"_ _2\"></span>proach to m<span class=\"_ _2\"></span>anagin<span class=\"_ _2\"></span>g capit<span class=\"_ _2\"></span>al mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt risk is des<span class=\"_ _2\"></span>cribe<span class=\"_ _2\"></span>d in deta<span class=\"_ _2\"></span>il in note I3<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>Ta<span class=\"_ _2\"></span>x<span class=\"_ _3\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>k<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>ax ri<span class=\"_ _2\"></span>sk is define<span class=\"_ _2\"></span>d as the risk of re<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>ns in earnin<span class=\"_ _2\"></span>gs and/<span class=\"_ _7\"></span>o<span class=\"_ _2\"></span>r value, thro<span class=\"_ _2\"></span>ugh finan<span class=\"_ _2\"></span>cial or rep<span class=\"_ _2\"></span>utation<span class=\"_ _2\"></span>al loss<span class=\"_ _2\"></span>, due to an unfore<span class=\"_ _2\"></span>seen t<span class=\"_ _2\"></span>ax cos<span class=\"_ _2\"></span>t, or by th<span class=\"_ _2\"></span>e inapp<span class=\"_ _2\"></span>ropriate rep<span class=\"_ _2\"></span>ortin<span class=\"_ _2\"></span>g and disc<span class=\"_ _2\"></span>losure of informatio<span class=\"_ _2\"></span>n in relation to ta<span class=\"_ _2\"></span>xation<span class=\"_ _2\"></span>. T<span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>x risk ca<span class=\"_ _2\"></span>n be cau<span class=\"_ _2\"></span>sed by<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group, or on<span class=\"_ _2\"></span>e of its subsi<span class=\"_ _2\"></span>diaries<span class=\"_ _2\"></span>, making a m<span class=\"_ _2\"></span>aterial er<span class=\"_ _2\"></span>ror in its ta<span class=\"_ _2\"></span>x repor<span class=\"_ _2\"></span>ting<span class=\"_ _2\"></span>; \u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>corre<span class=\"_ _2\"></span>ct cal<span class=\"_ _2\"></span>culation of ta<span class=\"_ _2\"></span>x provisions<span class=\"_ _2\"></span>; \u2022 <span class=\"_ _9\"> </span>f<span class=\"_ _2\"></span>ailure to implem<span class=\"_ _2\"></span>ent the optim<span class=\"_ _2\"></span>um financia<span class=\"_ _2\"></span>l arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s to underpin a c<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on; and \u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>corre<span class=\"_ _2\"></span>ct ope<span class=\"_ _2\"></span>ration of polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r tax re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>ax ri<span class=\"_ _2\"></span>sk is mana<span class=\"_ _2\"></span>ged by m<span class=\"_ _2\"></span>aintaining an a<span class=\"_ _2\"></span>ppropriate<span class=\"_ _2\"></span>ly-s<span class=\"_ _2\"></span>taffe<span class=\"_ _2\"></span>d tax tea<span class=\"_ _2\"></span>m who have the qu<span class=\"_ _2\"></span>alificatio<span class=\"_ _2\"></span>ns and exp<span class=\"_ _2\"></span>erienc<span class=\"_ _2\"></span>e to make judge<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s on tax iss<span class=\"_ _2\"></span>ues<span class=\"_ _2\"></span>, augme<span class=\"_ _2\"></span>nted by advic<span class=\"_ _2\"></span>e from ex<span class=\"_ _2\"></span>ternal sp<span class=\"_ _2\"></span>ecialis<span class=\"_ _2\"></span>ts wh<span class=\"_ _2\"></span>ere require<span class=\"_ _2\"></span>d. In addi<span class=\"_ _2\"></span>tion, th<span class=\"_ _2\"></span>e Group has a for<span class=\"_ _2\"></span>mal ta<span class=\"_ _2\"></span>x risk polic<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, w<span class=\"_ _2\"></span>hich set<span class=\"_ _2\"></span>s out its ri<span class=\"_ _2\"></span>sk appe<span class=\"_ _2\"></span>tite in relation to sp<span class=\"_ _2\"></span>ecific a<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>ts of ta<span class=\"_ _2\"></span>x risk, a<span class=\"_ _2\"></span>nd which det<span class=\"_ _2\"></span>ails the co<span class=\"_ _2\"></span>ntrols the Gro<span class=\"_ _2\"></span>up has in pla<span class=\"_ _2\"></span>ce to mana<span class=\"_ _2\"></span>ge thos<span class=\"_ _2\"></span>e risks<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5b8\">The follow<span class=\"_ _2\"></span>ing table p<span class=\"_ _2\"></span>rovides a mat<span class=\"_ _2\"></span>urit<span class=\"_ _2\"></span>y analysi<span class=\"_ _2\"></span>s showing th<span class=\"_ _2\"></span>e remainin<span class=\"_ _2\"></span>g contrac<span class=\"_ _2\"></span>tual m<span class=\"_ _2\"></span>aturities of th<span class=\"_ _2\"></span>e Group\u2019s undisco<span class=\"_ _2\"></span>unted financ<span class=\"_ _2\"></span>ial liabilitie<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5b9\">and<span class=\"_ gs132\"> </span>as<span class=\"_ _2\"></span>soc<span class=\"_ _2\"></span>iated interes<span class=\"_ _2\"></span>t.<span class=\"_ _3bc\"> </span></div><div class=\"gs5ba\"><table class=\"s w29b h2d5\" id=\"_bfe76317-b37d-477f-b4d2-3d52d4570704\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xd52 h3f y59d3 ff7 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s amo<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x2c4 h3f y59d4 ff7 fsf fc1 sc0 ls0 ws0\">cl<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ified a<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td class=\"t m0 xd53 h3f y59d5 ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r or les<span class=\"_ _2\"></span>s or </td><td></td><td class=\"t m0 xd54 h3f y59d5 ff7 fsf fc1 sc0 ls0 ws0\">Gr<span class=\"_ _2\"></span>eate<span class=\"_ _2\"></span>r tha<span class=\"_ _2\"></span>n 5 </td><td></td><td></td><td class=\"t m0 x2c4 h3f y59d5 ff7 fsf fc1 sc0 ls5b ws76\">held for<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>ale<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xd55 h3f y59d6 ff7 fsf fc1 sc0 ls0 ws0\">on de<span class=\"_ _2\"></span>man<span class=\"_ _2\"></span>d </td><td class=\"t m0 xd56 h3f y59d6 ff7 fsf fc1 sc0 ls0 ws0\">1\u2013<span class=\"_ _2\"></span>5 yea<span class=\"_ _2\"></span>rs </td><td class=\"t m0 xd57 h3f y59d6 ff7 fsf fc1 sc0 ls0 ws0\">yea<span class=\"_ _2\"></span>rs </td><td class=\"t m0 xd58 h3f y59d6 ff7 fsf fc1 sc0 ls0 ws0\">No fi<span class=\"_ _2\"></span>xed te<span class=\"_ _2\"></span>rm </td><td class=\"t m0 xd59 h3f y59d6 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 xd5a h3f y59d6 ff7 fsf fc1 sc0 ls0 ws0\">(se<span class=\"_ _2\"></span>e note H<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h3f y59d6 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h3f y59d7 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2c h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2d h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5b9 h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5bb h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y59d7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59d8 w15b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd5b y59d8 w47b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd5c y59d8 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd5d y59d8 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd5e y59d8 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x853 y59d8 w643 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,78<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd5f y59d8 w644 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd60 y59d8 w645 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">158<span class=\"_ _2\"></span>,00<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59d9 ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></td><td class=\"c n xd61 y59da w55a h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1c7 ws1c7\">298<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd62 y59da w646 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,0<span class=\"_ _2\"></span>65<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd63 y59da w647 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,563<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd64 y59da w357 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd65 y59da w311 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>971<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd66 y59da w19d h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd67 y59da w311 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>971<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59dc w648 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives</div><div class=\"t m0 xd68 h13 y59db ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd61 y59dd w649 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls8b ws114\">366<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd69 y59dd w64a h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls76 ws19a\">403<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6a y59dd w2a2 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">5<span class=\"_ _2\"></span>,71<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6b y59dd w109 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6c y59dd w5e9 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1ab ws1a3\">6<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>487<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6d y59dd w2dc h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6e y59dd w646 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1c8 ws1c8\">6,<span class=\"_ _2\"></span>485<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59de w167 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd6f y59de w64b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd70 y59de w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd71 y59de w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd72 y59de w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd73 y59de wed h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd74 y59de w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd75 y59de w196 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>921<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59df ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59e0 w64c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls72 ws68\">rece<span class=\"_ _5\"></span>iv<span class=\"_ _5\"></span>ed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd76 y59e0 w64d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">1<span class=\"_ _2\"></span>,005<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd77 y59e0 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd78 y59e0 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd79 y59e0 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7a y59e0 w430 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">1<span class=\"_ _2\"></span>,005<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7b y59e0 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7c y59e0 w64e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>05<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59e1 ff3 fs7 fc1 sc0 ls0 ws0\">Leas<span class=\"_ _2\"></span>e liabilities<span class=\"_ _3bc\"> </span></td><td class=\"c n xbf3 y59e2 w1a0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7d y59e2 w394 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ac ws1a4\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7e y59e2 w64f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls76 ws19a\">63<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd7f y59e2 w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd80 y59e2 w78 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">107<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd81 y59e2 w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd82 y59e2 w4f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59e3 w17f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Accr<span class=\"_ _2\"></span>uals and d<span class=\"_ _2\"></span>eferred inc<span class=\"_ _2\"></span>ome<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd83 y59e3 w650 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">5<span class=\"_ _2\"></span>36<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd84 y59e3 w56c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">29<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd85 y59e3 w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd86 y59e3 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd87 y59e3 w91 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">579<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd88 y59e3 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d5 y59e3 w59 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59e4 w181 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other paya<span class=\"_ _5\"></span>bles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd89 y59e4 w651 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8a y59e4 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8b y59e4 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8c y59e4 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8d y59e4 w146 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>272<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8e y59e4 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd8f y59e4 w146 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>272<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xd5a h16 y59e5 ff3 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s amo<span class=\"_ _2\"></span>unts </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x5b8 h16 y59e6 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ssi<span class=\"_ _2\"></span>fied a<span class=\"_ _2\"></span>s held </td><td></td></tr><tr><td></td><td class=\"t m0 xd53 h16 y59e7 ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r or les<span class=\"_ _2\"></span>s or </td><td></td><td class=\"t m0 xd90 h16 y59e7 ff3 fsf fc1 sc0 ls0 ws0\">Gre<span class=\"_ _2\"></span>ater t<span class=\"_ _2\"></span>han 5 </td><td></td><td></td><td class=\"t m0 x5b8 h16 y59e7 ff3 fsf fc1 sc0 ls0 ws0\">for s<span class=\"_ _2\"></span>ale (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e </td><td></td></tr><tr><td></td><td class=\"t m0 xd55 h16 y59e8 ff3 fsf fc1 sc0 ls17 ws15\">on demand </td><td class=\"t m0 xd56 h16 y59e8 ff3 fsf fc1 sc0 ls0 ws0\">1\u2013<span class=\"_ _2\"></span>5 year<span class=\"_ _2\"></span>s </td><td class=\"t m0 xd57 h16 y59e8 ff3 fsf fc1 sc0 ls0 ws0\">yea<span class=\"_ _2\"></span>rs </td><td class=\"t m0 x9da h16 y59e8 ff3 fsf fc1 sc0 ls0 ws0\">No fi<span class=\"_ _2\"></span>xed ter<span class=\"_ _2\"></span>m </td><td class=\"t m0 xd59 h16 y59e8 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x5bb h16 y59e8 ff3 fsf fc1 sc0 ls0 ws0\">H3<span class=\"_ _2\"></span>) </td><td class=\"t m0 x487 h16 y59e8 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"c x1ea y59e9 w2a6 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 xb2c h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2d h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd91 h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86d h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y59ea ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59eb w15b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd92 y59eb w652 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">149<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>481<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd93 y59eb w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd94 y59eb w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd95 y59eb w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd96 y59eb w44d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">14<span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd97 y59eb w22f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd98 y59eb w653 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">1<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59ec ff3 fs7 fc1 sc0 ls0 ws0\">Borrow<span class=\"_ _2\"></span>ings<span class=\"_ _3bc\"> </span></td><td class=\"c n xd61 y59ed we9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">268<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd99 y59ed w654 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>326<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9a y59ed w103 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">2,<span class=\"_ _2\"></span>357<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9b y59ed w44a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9c y59ed w1e6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">4<span class=\"_ _2\"></span>,015<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9d y59ed w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9e y59ed w1e6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">4,01<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y59ee w648 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives</div><div class=\"t m0 xd68 h13 y59db ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd61 y59ee w655 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c6 ws1c6\">757<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd9f y59ee w9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">794<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda0 y59ee w36f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">9<span class=\"_ _2\"></span>,335<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda1 y59ee w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda2 y59ee w656 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">10,<span class=\"_ _2\"></span>886<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda3 y59ee w3dd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda4 y59ee w657 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">10<span class=\"_ _2\"></span>,882<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59ef w167 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Net a<span class=\"_ _2\"></span>sset val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to unitholde<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda5 y59ef w658 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,0<span class=\"_ _3\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd93 y59ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd94 y59ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd95 y59ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda6 y59ef w169 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8bd y59ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8be y59ef w4a5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59f0 ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of co<span class=\"_ _2\"></span>llateral </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59f1 w64c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls72 ws68\">rece<span class=\"_ _5\"></span>iv<span class=\"_ _5\"></span>ed<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda7 y59f1 w16c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda8 y59f1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xda9 y59f1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdaa y59f1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdab y59f1 w4ae h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdac y59f1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdad y59f1 w16c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y59f2 ff3 fs7 fc1 sc0 ls0 ws0\">Leas<span class=\"_ _2\"></span>e liabilities<span class=\"_ _3bc\"> </span></td><td class=\"c n xdae y56f9 w659 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdaf y56f9 w1bc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb0 y56f9 w56c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c7 ws1c7\">95<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb1 y56f9 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb2 y56f9 w65a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">14<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb3 y56f9 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb4 y56f9 w65a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">14<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee w17f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Accr<span class=\"_ _2\"></span>uals and d<span class=\"_ _2\"></span>eferred inc<span class=\"_ _2\"></span>ome<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb5 y55ee w461 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">527<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb6 y55ee w422 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb7 y55ee w3fb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba5 y55ee w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb8 y55ee w65b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">5<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdb9 y55ee w65c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x313 y55ee w119 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c3 ws1c3\">544<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w181 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other paya<span class=\"_ _5\"></span>bles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd89 y55ef w633 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>373<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdba y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdbb y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdbc y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdbd y55ef w65d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>373<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdbe y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc42 y55ef w65d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>373<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs5bb\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs5bc\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs5bd\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs5be\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs5bf\">1 <span class=\"_ _b3\"> </span>Th<span class=\"_ _2\"></span>ese fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties a<span class=\"_ _2\"></span>re dis<span class=\"_ _2\"></span>clos<span class=\"_ _2\"></span>ed at th<span class=\"_ _2\"></span>eir un<span class=\"_ _2\"></span>disc<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>ed val<span class=\"_ _2\"></span>ue and t<span class=\"_ _2\"></span>here<span class=\"_ _2\"></span>fore dif<span class=\"_ _2\"></span>fer f<span class=\"_ _2\"></span>rom am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s incl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>d in the s<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t of cons<span class=\"_ _2\"></span>olid<span class=\"_ _2\"></span>ated fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cial p<span class=\"_ _2\"></span>osit<span class=\"_ _2\"></span>ion wh<span class=\"_ _2\"></span>ich dis<span class=\"_ _2\"></span>clo<span class=\"_ _2\"></span>ses th<span class=\"_ _2\"></span>e<span class=\"_ gs2dc\"> </span>disc<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>ed val<span class=\"_ _2\"></span>ue.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs5c0\">2 <span class=\"_ _2f\"> </span>Prio<span class=\"_ _2\"></span>r per<span class=\"_ _2\"></span>iod co<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>rativ<span class=\"_ _2\"></span>es have b<span class=\"_ _2\"></span>een r<span class=\"_ _2\"></span>est<span class=\"_ _2\"></span>ated o<span class=\"_ _2\"></span>n tran<span class=\"_ _2\"></span>siti<span class=\"_ _2\"></span>on to IF<span class=\"_ _2\"></span>RS 17 In<span class=\"_ _2\"></span>sura<span class=\"_ _2\"></span>nce C<span class=\"_ _2\"></span>ontr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s (se<span class=\"_ _2\"></span>e note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5c1\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act p<span class=\"_ _2\"></span>olicyho<span class=\"_ _2\"></span>lders h<span class=\"_ _2\"></span>ave the option to termin<span class=\"_ _2\"></span>ate or trans<span class=\"_ _2\"></span>fer their c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts at any time an<span class=\"_ _2\"></span>d to recei<span class=\"_ _2\"></span>ve the surren<span class=\"_ _2\"></span>der or tran<span class=\"_ _2\"></span>sfer </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5c2\">value of the<span class=\"_ _2\"></span>ir<span class=\"_ gs132\"> </span>policie<span class=\"_ _2\"></span>s. Alth<span class=\"_ _2\"></span>ough the<span class=\"_ _2\"></span>se liabiliti<span class=\"_ _2\"></span>es are payabl<span class=\"_ _2\"></span>e on deman<span class=\"_ _2\"></span>d, and are th<span class=\"_ _2\"></span>erefore incl<span class=\"_ _2\"></span>uded in the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual ma<span class=\"_ _2\"></span>turit<span class=\"_ _2\"></span>y analys<span class=\"_ _2\"></span>is as due </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5c3\">within on<span class=\"_ _2\"></span>e year<span class=\"_ _5\"></span>, the<span class=\"_ gs132\"> </span>Gro<span class=\"_ _2\"></span>up does n<span class=\"_ _2\"></span>ot expec<span class=\"_ _2\"></span>t all thes<span class=\"_ _2\"></span>e amount<span class=\"_ _2\"></span>s to be paid o<span class=\"_ _2\"></span>ut within one ye<span class=\"_ _2\"></span>ar of the repor<span class=\"_ _2\"></span>ting d<span class=\"_ _2\"></span>ate.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5c4\">The follow<span class=\"_ _2\"></span>ing table<span class=\"_ _2\"></span>s prese<span class=\"_ _2\"></span>nt the es<span class=\"_ _2\"></span>timated am<span class=\"_ _2\"></span>ount and timin<span class=\"_ _2\"></span>g of the remain<span class=\"_ _2\"></span>ing contra<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l discounte<span class=\"_ _2\"></span>d cash fl<span class=\"_ _2\"></span>ows arisin<span class=\"_ _2\"></span>g from insuran<span class=\"_ _2\"></span>ce </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5c5\">contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties. </div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls70 ws67 gs5c6\">2023<span class=\"_ _3bc\"> </span></div><div class=\"gs5c7\"><table class=\"s w29b h2d6\" id=\"_526029b3-958d-40a8-9722-0a75edb35716\"><tr><td></td><td class=\"t m0 xd55 h16 y59f3 ff3 fsf fc1 sc0 ls0 ws0\">Up to 1 ye<span class=\"_ _2\"></span>ar<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdbf h16 y59f3 ff3 fsf fc1 sc0 ls1e3 ws15a\">1<span class=\"_ _2\"></span>-2 y<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc0 h16 y59f3 ff3 fsf fc1 sc0 ls0 ws0\">2-3 yea<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc1 h16 y59f3 ff3 fsf fc1 sc0 ls86 ws7b\">3-4 y<span class=\"_ _5\"></span>ears<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc2 h16 y59f3 ff3 fsf fc1 sc0 ls11f ws106\">4-5 yea<span class=\"_ _5\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc3 h16 y59f3 ff3 fsf fc1 sc0 ls0 ws0\">&gt;5 ye<span class=\"_ _2\"></span>ars<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y59f3 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td></td><td class=\"t m0 xb2c h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2d h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd91 h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86d h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y59f4 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59f5 w151 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc4 y59f5 w65e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls25 ws23\">8,468<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc5 y59f5 w21f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">4,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc6 y59f5 we5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">4,959<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc7 y59f5 wd5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c7 ws1c7\">5<span class=\"_ _2\"></span>,292<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc8 y59f5 w14c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">5,633<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc9 y59f5 w65f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">8<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdca y59f5 w47b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xd55 h16 y59f6 ff3 fsf fc1 sc0 ls0 ws0\">Up to 1 ye<span class=\"_ _2\"></span>ar<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdbf h16 y59f6 ff3 fsf fc1 sc0 ls1e3 ws15a\">1<span class=\"_ _2\"></span>-2 y<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc0 h16 y59f6 ff3 fsf fc1 sc0 ls0 ws0\">2-3 yea<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc1 h16 y59f6 ff3 fsf fc1 sc0 ls86 ws7b\">3-4 y<span class=\"_ _5\"></span>ears<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc2 h16 y59f6 ff3 fsf fc1 sc0 ls11f ws106\">4-5 yea<span class=\"_ _5\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc3 h16 y59f6 ff3 fsf fc1 sc0 ls0 ws0\">&gt;5 ye<span class=\"_ _2\"></span>ars<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y59f6 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"c x1ea y577e w2a6 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y570a ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 xb2c h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2d h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd91 h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86d h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y59f7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ef w151 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdcb y55ef w660 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdcc y55ef w1bd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdcd y55ef w35e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">4,<span class=\"_ _2\"></span>486<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdce y55ef w1ca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdcf y55ef w661 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">5,<span class=\"_ _2\"></span>956<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdd0 y55ef w662 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">7<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdd1 y55ef w4aa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">102,5<span class=\"_ _2\"></span>64<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs5c8\">1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.1 fo<span class=\"_ _2\"></span>r fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>ils).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5c9\">The follow<span class=\"_ _2\"></span>ing table s<span class=\"_ _2\"></span>ets ou<span class=\"_ _2\"></span>t the amo<span class=\"_ _2\"></span>unts that are p<span class=\"_ _2\"></span>ayable on dem<span class=\"_ _2\"></span>and and t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying va<span class=\"_ _2\"></span>lue of the relate<span class=\"_ _2\"></span>d por<span class=\"_ _2\"></span>tfolio<span class=\"_ _2\"></span>s of contrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"gs5ca\"><table class=\"s w663 h2d7\" id=\"_461d1710-42d0-4347-8798-ec31029c9e06\"><tr><td></td><td class=\"c n xdd2 y59f8 w3a3 h2b4\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xdd3 y59f8 w664 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 restated<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 xdd4 h3f y59f9 ff7 fsf fc1 sc0 ls0 ws0\">Am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>s paya<span class=\"_ _2\"></span>ble </td><td class=\"t m0 x75d h3f y59f9 ff7 fsf fc1 sc0 ls0 ws0\">Ca<span class=\"_ _2\"></span>rry<span class=\"_ _2\"></span>ing va<span class=\"_ _2\"></span>lue of </td><td class=\"t m0 xdd5 h16 y59f9 ff3 fsf fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>s payab<span class=\"_ _2\"></span>le on </td><td class=\"t m0 x4e7 h16 y59f9 ff3 fsf fc1 sc0 ls17 ws15\">Carrying value of </td></tr><tr><td></td><td class=\"t m0 xa92 h3f y59fa ff7 fsf fc1 sc0 ls81 ws75\">on demand<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9db h3f y59fa ff7 fsf fc1 sc0 ls81 ws75\">portfolio<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdd6 h16 y59fa ff3 fsf fc1 sc0 ls17 ws15\">demand<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23f h16 y59fa ff3 fsf fc1 sc0 ls17 ws15\">port<span class=\"_ _2\"></span>folio<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x9da h3f y59fb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y59fb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y59fb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y59fb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5729 w665 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">With-profits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdd7 y5729 w666 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>076<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdd8 y5729 w18a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>51<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdd9 y5729 w667 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdda y5729 w668 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>52,<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561a w669 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Annuities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xddb y561a w66a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5,163)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xddc y561a w66b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>217<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xddd y561a w66c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(2,<span class=\"_ _2\"></span>09<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdde y561a w66d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>29<span class=\"_ _2\"></span>,27<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w66e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit-link<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xddf y561b w66f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(15,820)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde0 y561b w537 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>16<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>431<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde1 y561b w670 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">(1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>42<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde2 y561b w671 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,74<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w672 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls72 ws68\">Pr<span class=\"_ _5\"></span>ot<span class=\"_ _7\"></span>ection<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde3 y561c w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(61<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde4 y561c w673 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>47<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde5 y561c w674 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">(330)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x59e y561c w675 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>474<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 w393 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7f y5600 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde6 y5600 w175 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">225<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde7 y5600 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde8 y5600 w2fc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bf ws1be\">297<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w676 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Sho<span class=\"_ _2\"></span>rt-term paya<span class=\"_ _2\"></span>bles and re<span class=\"_ _2\"></span>ceivab<span class=\"_ _2\"></span>les (incl<span class=\"_ _2\"></span>uding dep<span class=\"_ _2\"></span>osits fro<span class=\"_ _2\"></span>m reinsurer<span class=\"_ _2\"></span>s)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde9 y561e w677 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">(3<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdea y561e w678 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>41<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdeb y561e w679 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(4<span class=\"_ _7\"></span>,06<span class=\"_ _5\"></span>7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdec y561e w67a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(4<span class=\"_ _7\"></span>,06<span class=\"_ _7\"></span>7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xded y55ef w67b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">(69,<span class=\"_ _2\"></span>2<span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdee y55ef w67c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">(<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdef y55ef w67d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>252<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdf0 y55ef w67e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">(<span class=\"_ _2\"></span>10<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,28<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h1d6 ff3 fs172 fc1 sc0 ls0 ws0 gs5cb\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs5cc\">1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.1 fo<span class=\"_ _2\"></span>r fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>ils).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5cd\">A signifi<span class=\"_ _2\"></span>cant prop<span class=\"_ _2\"></span>ortio<span class=\"_ _2\"></span>n of the Group\u2019s financi<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>ets are he<span class=\"_ _2\"></span>ld in gilts<span class=\"_ _2\"></span>, ca<span class=\"_ _2\"></span>sh, supr<span class=\"_ _2\"></span>anation<span class=\"_ _2\"></span>als and inves<span class=\"_ _2\"></span>tment gr<span class=\"_ _2\"></span>ade se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s which the Gro<span class=\"_ _2\"></span>up </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5ce\">con<span class=\"_ _2\"></span>siders s<span class=\"_ _2\"></span>uffici<span class=\"_ _2\"></span>ent to meet th<span class=\"_ _2\"></span>e liabilities a<span class=\"_ _2\"></span>s they fall du<span class=\"_ _2\"></span>e. The vas<span class=\"_ _2\"></span>t maj<span class=\"_ _2\"></span>orit<span class=\"_ _2\"></span>y of these inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s are readily re<span class=\"_ _2\"></span>alisab<span class=\"_ _2\"></span>le immedi<span class=\"_ _2\"></span>ately sinc<span class=\"_ _2\"></span>e most of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5cf\">them a<span class=\"_ _2\"></span>re quoted in<span class=\"_ gs132\"> </span>an ac<span class=\"_ _2\"></span>tive market. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5d0\">The Gro<span class=\"_ _2\"></span>up has a se<span class=\"_ _2\"></span>t of estab<span class=\"_ _2\"></span>lished p<span class=\"_ _2\"></span>olicies a<span class=\"_ _2\"></span>nd proce<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s to manag<span class=\"_ _2\"></span>e its exp<span class=\"_ _2\"></span>osure to liquidi<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k, incl<span class=\"_ _2\"></span>uding impa<span class=\"_ _2\"></span>cts ar<span class=\"_ _2\"></span>ising from the e<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>omic </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5d1\">environm<span class=\"_ _2\"></span>ent, bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s developm<span class=\"_ _2\"></span>ents and f<span class=\"_ _2\"></span>unding ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s. Whe<span class=\"_ _2\"></span>re liquidit<span class=\"_ _2\"></span>y risk is h<span class=\"_ _2\"></span>eightene<span class=\"_ _2\"></span>d, such a<span class=\"_ _2\"></span>s during pe<span class=\"_ _2\"></span>riods of sign<span class=\"_ _2\"></span>ificant ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5d2\">volatilit<span class=\"_ _2\"></span>y, trigge<span class=\"_ _2\"></span>rs are in pla<span class=\"_ _2\"></span>ce to enhan<span class=\"_ _2\"></span>ce the fre<span class=\"_ _2\"></span>quenc<span class=\"_ _2\"></span>y of liquidit<span class=\"_ _2\"></span>y monitorin<span class=\"_ _2\"></span>g and to imple<span class=\"_ _2\"></span>ment availab<span class=\"_ _2\"></span>le conting<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>y action<span class=\"_ _2\"></span>s to ensure </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs5d3\">suf<span class=\"_ _2\"></span>ficient liqu<span class=\"_ _2\"></span>idity i<span class=\"_ _2\"></span>s maintaine<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div>E6.<span class=\"_ _2\"></span>2.4 Strategic<span class=\"_ _7\"></span> risk<span class=\"_ _3bc\"> </span>Strate<span class=\"_ _2\"></span>gic risks thre<span class=\"_ _2\"></span>aten the ac<span class=\"_ _2\"></span>hievement of th<span class=\"_ _2\"></span>e Group st<span class=\"_ _2\"></span>rategy t<span class=\"_ _2\"></span>hrough p<span class=\"_ _2\"></span>oor str<span class=\"_ _2\"></span>ategic de<span class=\"_ _2\"></span>cision-<span class=\"_ _2\"></span>making<span class=\"_ _2\"></span>, implem<span class=\"_ _2\"></span>entation o<span class=\"_ _2\"></span>r respon<span class=\"_ _2\"></span>se to chan<span class=\"_ _2\"></span>ging circum<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>. The Group re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nises th<span class=\"_ _2\"></span>at core str<span class=\"_ _2\"></span>ategic a<span class=\"_ _2\"></span>ctivit<span class=\"_ _2\"></span>y bring<span class=\"_ _2\"></span>s with it exp<span class=\"_ _2\"></span>osure to str<span class=\"_ _2\"></span>ategic ris<span class=\"_ _2\"></span>k. However, the Group s<span class=\"_ _2\"></span>eeks to proa<span class=\"_ _2\"></span>ctively revi<span class=\"_ _2\"></span>ew, manag<span class=\"_ _2\"></span>e and control t<span class=\"_ _2\"></span>hese ex<span class=\"_ _2\"></span>posures<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s s<span class=\"_ _2\"></span>trate<span class=\"_ _2\"></span>gy and b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s plan are exp<span class=\"_ _2\"></span>osed to ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al events th<span class=\"_ _2\"></span>at could pre<span class=\"_ _2\"></span>vent or impac<span class=\"_ _2\"></span>t the achi<span class=\"_ _2\"></span>evement of the s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y; event<span class=\"_ _2\"></span>s relatin<span class=\"_ _2\"></span>g to how the s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y and busin<span class=\"_ _2\"></span>ess pl<span class=\"_ _2\"></span>an are execu<span class=\"_ _2\"></span>ted; and event<span class=\"_ _2\"></span>s that aris<span class=\"_ _2\"></span>e as a cons<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>nce of following t<span class=\"_ _2\"></span>he spe<span class=\"_ _2\"></span>cific str<span class=\"_ _2\"></span>ategy ch<span class=\"_ _2\"></span>osen<span class=\"_ _2\"></span>. The id<span class=\"_ _2\"></span>entificati<span class=\"_ _2\"></span>on and as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of st<span class=\"_ _2\"></span>rategic ri<span class=\"_ _2\"></span>sks is an integr<span class=\"_ _2\"></span>ated par<span class=\"_ _2\"></span>t of the Risk M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement Fram<span class=\"_ _2\"></span>ework. St<span class=\"_ _2\"></span>rategic ri<span class=\"_ _2\"></span>sk shoul<span class=\"_ _2\"></span>d be cons<span class=\"_ _2\"></span>idered in para<span class=\"_ _2\"></span>llel with the R<span class=\"_ _2\"></span>isk Univer<span class=\"_ _2\"></span>se as ea<span class=\"_ _2\"></span>ch of the risks with<span class=\"_ _2\"></span>in the Risk Uni<span class=\"_ _2\"></span>verse c<span class=\"_ _2\"></span>an impac<span class=\"_ _2\"></span>t the Group\u2019s stra<span class=\"_ _2\"></span>tegy.<span class=\"_ _3bc\"> </span>A Strate<span class=\"_ _2\"></span>gic Risk Polic<span class=\"_ _2\"></span>y is maintain<span class=\"_ _2\"></span>ed and re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted ag<span class=\"_ _2\"></span>ainst re<span class=\"_ _2\"></span>gularly, with a par<span class=\"_ _2\"></span>tic<span class=\"_ _2\"></span>ular focus on r<span class=\"_ _2\"></span>isk mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt, st<span class=\"_ _2\"></span>akeholder m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>, corp<span class=\"_ _2\"></span>orate ac<span class=\"_ _2\"></span>tivit<span class=\"_ _2\"></span>y and overall re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting ag<span class=\"_ _2\"></span>ainst th<span class=\"_ _2\"></span>e Group\u2019s strateg<span class=\"_ _2\"></span>ic ambition<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>E6.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>5<span class=\"_ _5\"></span> Operational r<span class=\"_ _5\"></span>isk<span class=\"_ _3bc\"> </span>Ope<span class=\"_ _2\"></span>rationa<span class=\"_ _2\"></span>l risk is the ris<span class=\"_ _2\"></span>k of reduc<span class=\"_ _2\"></span>tions in earn<span class=\"_ _2\"></span>ings an<span class=\"_ _2\"></span>d/<span class=\"_ _6\"></span>o<span class=\"_ _2\"></span>r value, thro<span class=\"_ _2\"></span>ugh finan<span class=\"_ _2\"></span>cial or rep<span class=\"_ _2\"></span>utation<span class=\"_ _2\"></span>al loss<span class=\"_ _2\"></span>, from ina<span class=\"_ _2\"></span>dequa<span class=\"_ _2\"></span>te or failed inter<span class=\"_ _2\"></span>nal proc<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es and<span class=\"_ gs132\"> </span>sy<span class=\"_ _2\"></span>stems<span class=\"_ _2\"></span>, or from p<span class=\"_ _2\"></span>eople<span class=\"_ _2\"></span>-related o<span class=\"_ _2\"></span>r exter<span class=\"_ _2\"></span>nal events<span class=\"_ _2\"></span>. Ope<span class=\"_ _2\"></span>rationa<span class=\"_ _2\"></span>l risk arise<span class=\"_ _2\"></span>s due to failure<span class=\"_ _2\"></span>s in one or more of th<span class=\"_ _2\"></span>e following asp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s of our bus<span class=\"_ _2\"></span>iness<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>in<span class=\"_ _2\"></span>direct ex<span class=\"_ _2\"></span>posure<span class=\"_ _2\"></span>s through o<span class=\"_ _2\"></span>utso<span class=\"_ _2\"></span>urcing se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e providers a<span class=\"_ _2\"></span>nd supplie<span class=\"_ _2\"></span>rs;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>dire<span class=\"_ _2\"></span>ct exp<span class=\"_ _2\"></span>osures th<span class=\"_ _2\"></span>rough intern<span class=\"_ _2\"></span>al prac<span class=\"_ _2\"></span>tices<span class=\"_ _2\"></span>, ac<span class=\"_ _2\"></span>tions or omis<span class=\"_ _2\"></span>sions<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al threat<span class=\"_ _2\"></span>s from individ<span class=\"_ _2\"></span>uals or group<span class=\"_ _2\"></span>s focus<span class=\"_ _2\"></span>ed on malic<span class=\"_ _2\"></span>ious or crim<span class=\"_ _2\"></span>inal ac<span class=\"_ _2\"></span>tivities<span class=\"_ _2\"></span>, or on ex<span class=\"_ _2\"></span>ternal eve<span class=\"_ _2\"></span>nts occ<span class=\"_ _2\"></span>urring whic<span class=\"_ _2\"></span>h are not within th<span class=\"_ _2\"></span>e Group\u2019s control; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>eglig<span class=\"_ _2\"></span>ence<span class=\"_ _2\"></span>, mal-pra<span class=\"_ _2\"></span>ctice o<span class=\"_ _2\"></span>r failure of employe<span class=\"_ _2\"></span>es, o<span class=\"_ _2\"></span>r supplier<span class=\"_ _2\"></span>s to follow goo<span class=\"_ _2\"></span>d prac<span class=\"_ _2\"></span>tice in deli<span class=\"_ _2\"></span>vering ope<span class=\"_ _2\"></span>rationa<span class=\"_ _2\"></span>l proces<span class=\"_ _2\"></span>ses a<span class=\"_ _2\"></span>nd prac<span class=\"_ _2\"></span>tices<span class=\"_ _2\"></span>. It is ac<span class=\"_ _2\"></span>cepted t<span class=\"_ _2\"></span>hat it is neit<span class=\"_ _2\"></span>her pos<span class=\"_ _2\"></span>sible, a<span class=\"_ _2\"></span>ppropriate n<span class=\"_ _2\"></span>or cos<span class=\"_ _2\"></span>t effec<span class=\"_ _2\"></span>tive to eliminate a<span class=\"_ _2\"></span>ll operati<span class=\"_ _2\"></span>onal risks fro<span class=\"_ _2\"></span>m the busin<span class=\"_ _2\"></span>ess as o<span class=\"_ _2\"></span>peratio<span class=\"_ _2\"></span>nal risk is inhere<span class=\"_ _2\"></span>nt in any oper<span class=\"_ _2\"></span>ating environm<span class=\"_ _2\"></span>ent par<span class=\"_ _2\"></span>ticular<span class=\"_ _2\"></span>ly given the re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y fra<span class=\"_ _2\"></span>mework unde<span class=\"_ _2\"></span>r which the G<span class=\"_ _2\"></span>roup ope<span class=\"_ _2\"></span>rates. A<span class=\"_ _2\"></span>s such th<span class=\"_ _2\"></span>e Group will toler<span class=\"_ _2\"></span>ate a degre<span class=\"_ _2\"></span>e of operatio<span class=\"_ _2\"></span>nal risk s<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to appropr<span class=\"_ _2\"></span>iate and prop<span class=\"_ _2\"></span>ortio<span class=\"_ _2\"></span>nate levels of co<span class=\"_ _2\"></span>ntrol around th<span class=\"_ _2\"></span>e identific<span class=\"_ _2\"></span>ation, m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement an<span class=\"_ _2\"></span>d repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g of such risks<span class=\"_ _2\"></span>. A set of ope<span class=\"_ _2\"></span>rational r<span class=\"_ _2\"></span>isk policie<span class=\"_ _2\"></span>s are mainta<span class=\"_ _2\"></span>ined tha<span class=\"_ _2\"></span>t set out th<span class=\"_ _2\"></span>e nature of the op<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span>al risk exp<span class=\"_ _2\"></span>osure and key contro<span class=\"_ _2\"></span>ls in plac<span class=\"_ _2\"></span>e to control th<span class=\"_ _2\"></span>e risk.<span class=\"_ _3bc\"> </span>E6<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>6 Cus<span class=\"_ _2\"></span>tome<span class=\"_ _2\"></span>r risk<span class=\"_ _3bc\"> </span>Cus<span class=\"_ _2\"></span>tomer ris<span class=\"_ _2\"></span>k is the risk of finan<span class=\"_ _2\"></span>cial failure<span class=\"_ _2\"></span>, reput<span class=\"_ _2\"></span>ational lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, loss of ea<span class=\"_ _2\"></span>rnings an<span class=\"_ _2\"></span>d/<span class=\"_ _6\"></span>o<span class=\"_ _2\"></span>r value throu<span class=\"_ _2\"></span>gh inapp<span class=\"_ _2\"></span>ropriate or po<span class=\"_ _2\"></span>or cus<span class=\"_ _2\"></span>tomer tre<span class=\"_ _2\"></span>atment (inclu<span class=\"_ _2\"></span>ding poo<span class=\"_ _2\"></span>r advice). It c<span class=\"_ _2\"></span>an arise as a re<span class=\"_ _2\"></span>sult of:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r Outco<span class=\"_ _2\"></span>mes: Th<span class=\"_ _2\"></span>e risk that o<span class=\"_ _2\"></span>ur decisi<span class=\"_ _2\"></span>ons, a<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s or behavio<span class=\"_ _2\"></span>rs individ<span class=\"_ _2\"></span>ually or co<span class=\"_ _2\"></span>llective<span class=\"_ _2\"></span>ly result in a fa<span class=\"_ _2\"></span>ilure to act to de<span class=\"_ _2\"></span>liver goo<span class=\"_ _2\"></span>d outco<span class=\"_ _2\"></span>mes for our c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g in the following a<span class=\"_ _2\"></span>reas: Pro<span class=\"_ _2\"></span>duct D<span class=\"_ _2\"></span>esign &amp; De<span class=\"_ _2\"></span>velopme<span class=\"_ _2\"></span>nt, Com<span class=\"_ _2\"></span>municati<span class=\"_ _2\"></span>on &amp; Guidan<span class=\"_ _2\"></span>ce, Cus<span class=\"_ _2\"></span>tomer Supp<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>t &amp; Under<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ding, M<span class=\"_ _2\"></span>onitoring &amp; O<span class=\"_ _2\"></span>versi<span class=\"_ _2\"></span>ght, Cus<span class=\"_ _2\"></span>tomer Fe<span class=\"_ _2\"></span>edbac<span class=\"_ _2\"></span>k, and C<span class=\"_ _2\"></span>ulture &amp; st<span class=\"_ _2\"></span>andard<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ansform<span class=\"_ _2\"></span>ation: The d<span class=\"_ _2\"></span>esign<span class=\"_ _2\"></span>, governan<span class=\"_ _2\"></span>ce and over<span class=\"_ _2\"></span>sight of Strate<span class=\"_ _2\"></span>gic Cus<span class=\"_ _2\"></span>tomer T<span class=\"_ _7\"></span>ra<span class=\"_ _2\"></span>nsforma<span class=\"_ _2\"></span>tion Activi<span class=\"_ _2\"></span>ty in ret<span class=\"_ _2\"></span>ained f<span class=\"_ _2\"></span>unction<span class=\"_ _2\"></span>s and ser<span class=\"_ _2\"></span>vice p<span class=\"_ _2\"></span>roviders<span class=\"_ _2\"></span>, fails to de<span class=\"_ _2\"></span>liver on reas<span class=\"_ _2\"></span>onable c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>er expe<span class=\"_ _2\"></span>ctatio<span class=\"_ _2\"></span>ns, t<span class=\"_ _2\"></span>aking ac<span class=\"_ _2\"></span>count of the Ph<span class=\"_ _2\"></span>oenix G<span class=\"_ _2\"></span>roup cus<span class=\"_ _2\"></span>tomer trea<span class=\"_ _2\"></span>tment risk appe<span class=\"_ _2\"></span>tites and re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y<span class=\"_ gs132\"> </span>requ<span class=\"_ _2\"></span>irement<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has both a C<span class=\"_ _2\"></span>ondu<span class=\"_ _2\"></span>ct Risk ap<span class=\"_ _2\"></span>petite to focu<span class=\"_ _2\"></span>s on behavi<span class=\"_ _2\"></span>ours within th<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, and a Cus<span class=\"_ _2\"></span>tomer Ri<span class=\"_ _2\"></span>sk appeti<span class=\"_ _2\"></span>te to focus on ac<span class=\"_ _2\"></span>hieving go<span class=\"_ _2\"></span>od cus<span class=\"_ _2\"></span>tomer outc<span class=\"_ _2\"></span>omes (b<span class=\"_ _2\"></span>oth of which app<span class=\"_ _2\"></span>ly to the Com<span class=\"_ _2\"></span>pany)<span class=\"_ _5\"></span>. The b<span class=\"_ _2\"></span>ehaviour<span class=\"_ _2\"></span>s and s<span class=\"_ _2\"></span>tandar<span class=\"_ _2\"></span>ds all colle<span class=\"_ _2\"></span>agues a<span class=\"_ _2\"></span>re expec<span class=\"_ _2\"></span>ted to ach<span class=\"_ _2\"></span>ieve are deta<span class=\"_ _2\"></span>iled in our Gro<span class=\"_ _2\"></span>up Code of C<span class=\"_ _2\"></span>onduc<span class=\"_ _2\"></span>t. For our c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>, what repre<span class=\"_ _2\"></span>sents a g<span class=\"_ _2\"></span>ood o<span class=\"_ _2\"></span>utcome is a<span class=\"_ _2\"></span>rtic<span class=\"_ _2\"></span>ulated in our C<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r Stand<span class=\"_ _2\"></span>ards and supp<span class=\"_ _2\"></span>ortin<span class=\"_ _2\"></span>g Busine<span class=\"_ _2\"></span>ss Unit p<span class=\"_ _2\"></span>roces<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>. In addit<span class=\"_ _2\"></span>ion, the G<span class=\"_ _2\"></span>roup Con<span class=\"_ _2\"></span>duct Str<span class=\"_ _2\"></span>ategy, which over<span class=\"_ _2\"></span>arches o<span class=\"_ _2\"></span>ur Risk Univer<span class=\"_ _2\"></span>se and all r<span class=\"_ _2\"></span>isk policie<span class=\"_ _2\"></span>s is desig<span class=\"_ _2\"></span>ned to detec<span class=\"_ _2\"></span>t where o<span class=\"_ _2\"></span>ur custom<span class=\"_ _2\"></span>ers are at ri<span class=\"_ _2\"></span>sk of poor o<span class=\"_ _2\"></span>utcome<span class=\"_ _2\"></span>s, minimi<span class=\"_ _2\"></span>se cond<span class=\"_ _2\"></span>uct risks<span class=\"_ _2\"></span>, and re<span class=\"_ _2\"></span>spond w<span class=\"_ _2\"></span>ith timely an<span class=\"_ _2\"></span>d appropr<span class=\"_ _2\"></span>iate mitigatin<span class=\"_ _2\"></span>g actio<span class=\"_ _2\"></span>ns. The Gro<span class=\"_ _2\"></span>up also ha<span class=\"_ _2\"></span>s a suite of cus<span class=\"_ _2\"></span>tomer po<span class=\"_ _2\"></span>lices whic<span class=\"_ _2\"></span>h set out th<span class=\"_ _2\"></span>e k<span class=\"_ _5\"></span>ey cus<span class=\"_ _2\"></span>tomer ris<span class=\"_ _2\"></span>ks and contro<span class=\"_ _2\"></span>l obje<span class=\"_ _2\"></span>ctives in pla<span class=\"_ _2\"></span>ce to mitig<span class=\"_ _2\"></span>ate them<span class=\"_ _2\"></span>. The cus<span class=\"_ _2\"></span>tomer ris<span class=\"_ _2\"></span>ks for<span class=\"_ gs132\"> </span>the Group are re<span class=\"_ _2\"></span>gular<span class=\"_ _2\"></span>ly repor<span class=\"_ _2\"></span>ted to ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment overs<span class=\"_ _2\"></span>ight commi<span class=\"_ _2\"></span>ttee<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-686": {
   "value": "Capit<span class=\"_ _2\"></span>al mana<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent risk is defin<span class=\"_ _2\"></span>ed as the f<span class=\"_ _2\"></span>ailure of the Group, o<span class=\"_ _2\"></span>r one of its se<span class=\"_ _2\"></span>paratel<span class=\"_ _2\"></span>y regulate<span class=\"_ _2\"></span>d subsidi<span class=\"_ _2\"></span>aries<span class=\"_ _2\"></span>, to maintain s<span class=\"_ _2\"></span>ufficie<span class=\"_ _2\"></span>nt capit<span class=\"_ _2\"></span>al to provide ap<span class=\"_ _2\"></span>propriate se<span class=\"_ _2\"></span>curit<span class=\"_ _2\"></span>y for poli<span class=\"_ _2\"></span>cyhold<span class=\"_ _2\"></span>ers and m<span class=\"_ _2\"></span>eet all re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y ca<span class=\"_ _2\"></span>pital req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>s whilst n<span class=\"_ _2\"></span>ot retaining un<span class=\"_ _2\"></span>nece<span class=\"_ _2\"></span>ssar<span class=\"_ _2\"></span>y c<span class=\"_ _2\"></span>apital. T<span class=\"_ _2\"></span>he Group has ex<span class=\"_ _2\"></span>posure to c<span class=\"_ _2\"></span>apital m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>ment risk t<span class=\"_ _2\"></span>hrough th<span class=\"_ _2\"></span>e requirem<span class=\"_ _2\"></span>ents of the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II cap<span class=\"_ _2\"></span>ital reg<span class=\"_ _2\"></span>ime, as imp<span class=\"_ _2\"></span>lemente<span class=\"_ _2\"></span>d by the PR<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, to calcul<span class=\"_ _2\"></span>ate reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y capit<span class=\"_ _2\"></span>al adeq<span class=\"_ _2\"></span>uacy at a G<span class=\"_ _2\"></span>roup level. Th<span class=\"_ _2\"></span>e Group\u2019s UK life subsidi<span class=\"_ _2\"></span>aries have exp<span class=\"_ _2\"></span>osure to cap<span class=\"_ _2\"></span>ital man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent risk thro<span class=\"_ _2\"></span>ugh the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y capit<span class=\"_ _2\"></span>al requirem<span class=\"_ _2\"></span>ents m<span class=\"_ _2\"></span>andated by th<span class=\"_ _2\"></span>e PRA at t<span class=\"_ _2\"></span>he solo leve<span class=\"_ _2\"></span>l. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ap<span class=\"_ _2\"></span>proach to m<span class=\"_ _2\"></span>anagin<span class=\"_ _2\"></span>g capit<span class=\"_ _2\"></span>al mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt risk is des<span class=\"_ _2\"></span>cribe<span class=\"_ _2\"></span>d in deta<span class=\"_ _2\"></span>il in note I3<span class=\"_ _3bc\"> </span>I3. Capital management<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s c<span class=\"_ _2\"></span>apita<span class=\"_ _2\"></span>l manag<span class=\"_ _2\"></span>ement i<span class=\"_ _2\"></span>s base<span class=\"_ _2\"></span>d on the So<span class=\"_ _2\"></span>lvency I<span class=\"_ _2\"></span>I framewo<span class=\"_ _2\"></span>rk as imple<span class=\"_ _2\"></span>mented in th<span class=\"_ _2\"></span>e UK. T<span class=\"_ _2\"></span>his involves a valuat<span class=\"_ _2\"></span>ion in line with Sol<span class=\"_ _2\"></span>vency I<span class=\"_ _2\"></span>I principle<span class=\"_ _2\"></span>s of the Group\u2019s Own Funds a<span class=\"_ _2\"></span>nd risk-base<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y Capita<span class=\"_ _2\"></span>l Requirem<span class=\"_ _2\"></span>ent (\u2018<span class=\"_ _2\"></span>SCR<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>).<span class=\"_ _3bc\"> </span>This note s<span class=\"_ _2\"></span>ets out t<span class=\"_ _2\"></span>he Group\u2019s approa<span class=\"_ _2\"></span>ch to manag<span class=\"_ _2\"></span>ing cap<span class=\"_ _2\"></span>ital and p<span class=\"_ _2\"></span>rovides an an<span class=\"_ _2\"></span>alysis of Ow<span class=\"_ _2\"></span>n Funds and SC<span class=\"_ _2\"></span>R<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Risk and capital management objectives<span class=\"_ _3bc\"> </span>The ris<span class=\"_ _2\"></span>k manag<span class=\"_ _2\"></span>ement o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tives an<span class=\"_ _2\"></span>d policies of th<span class=\"_ _2\"></span>e Group are ba<span class=\"_ _2\"></span>sed on th<span class=\"_ _2\"></span>e requirem<span class=\"_ _2\"></span>ent to protec<span class=\"_ _2\"></span>t the Group\u2019s regul<span class=\"_ _2\"></span>atory c<span class=\"_ _2\"></span>apita<span class=\"_ _2\"></span>l position<span class=\"_ _2\"></span>, there<span class=\"_ _2\"></span>by safegu<span class=\"_ _2\"></span>arding poli<span class=\"_ _2\"></span>cyhold<span class=\"_ _2\"></span>ers\u2019 gua<span class=\"_ _2\"></span>rantee<span class=\"_ _2\"></span>d benefit<span class=\"_ _2\"></span>s whils<span class=\"_ _2\"></span>t also ens<span class=\"_ _2\"></span>uring the Gro<span class=\"_ _2\"></span>up can m<span class=\"_ _2\"></span>eet its va<span class=\"_ _2\"></span>rious c<span class=\"_ _2\"></span>ash flow req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>s. S<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to this<span class=\"_ _2\"></span>, the Group s<span class=\"_ _2\"></span>eeks to us<span class=\"_ _2\"></span>e available c<span class=\"_ _2\"></span>apital to a<span class=\"_ _2\"></span>chieve incre<span class=\"_ _2\"></span>ased ret<span class=\"_ _2\"></span>urns<span class=\"_ _2\"></span>, balanc<span class=\"_ _2\"></span>ing risk an<span class=\"_ _2\"></span>d reward, to g<span class=\"_ _2\"></span>enerate a<span class=\"_ _2\"></span>dditiona<span class=\"_ _2\"></span>l value for policyholders and sh<span class=\"_ _2\"></span>areholders.<span class=\"_ _3bc\"> </span>In pur<span class=\"_ _2\"></span>suing the<span class=\"_ _2\"></span>se obj<span class=\"_ _2\"></span>ective<span class=\"_ _2\"></span>s, the G<span class=\"_ _2\"></span>roup depl<span class=\"_ _2\"></span>oys financia<span class=\"_ _2\"></span>l and other a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and inc<span class=\"_ _2\"></span>urs insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities an<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial and othe<span class=\"_ _2\"></span>r liabilitie<span class=\"_ _2\"></span>s. Fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>nd other as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s principa<span class=\"_ _2\"></span>lly compri<span class=\"_ _2\"></span>se investm<span class=\"_ _2\"></span>ents in e<span class=\"_ _2\"></span>quit<span class=\"_ _2\"></span>y securi<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>, debt se<span class=\"_ _2\"></span>curities<span class=\"_ _2\"></span>, colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s, prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y, derivatives<span class=\"_ _2\"></span>, reins<span class=\"_ _2\"></span>urance<span class=\"_ _2\"></span>, trade an<span class=\"_ _2\"></span>d other re<span class=\"_ _2\"></span>ceivabl<span class=\"_ _2\"></span>es, an<span class=\"_ _2\"></span>d bankin<span class=\"_ _2\"></span>g deposi<span class=\"_ _2\"></span>ts. F<span class=\"_ _2\"></span>inancia<span class=\"_ _2\"></span>l liabilities p<span class=\"_ _2\"></span>rincipall<span class=\"_ _2\"></span>y compris<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, bo<span class=\"_ _2\"></span>rrowings for fin<span class=\"_ _2\"></span>ancing p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>s, de<span class=\"_ _2\"></span>rivative liabiliti<span class=\"_ _2\"></span>es and net a<span class=\"_ _2\"></span>sset va<span class=\"_ _2\"></span>lue at<span class=\"_ _2\"></span>tributab<span class=\"_ _2\"></span>le to unithold<span class=\"_ _2\"></span>ers<div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc57\">The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s R<span class=\"_ _2\"></span>isk Man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent Framework is d<span class=\"_ _2\"></span>escrib<span class=\"_ _2\"></span>ed in the ri<span class=\"_ _2\"></span>sk mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt comme<span class=\"_ _2\"></span>ntar<span class=\"_ _2\"></span>y on pag<span class=\"_ _2\"></span>es 46 to 57 of th<span class=\"_ _2\"></span>e Annual Re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc58\">Acc<span class=\"_ _2\"></span>ounts an<span class=\"_ _2\"></span>d the Risk Unive<span class=\"_ _2\"></span>rse co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nt of this framewo<span class=\"_ _2\"></span>rk summar<span class=\"_ _2\"></span>ises the c<span class=\"_ _2\"></span>ompreh<span class=\"_ _2\"></span>ensive set of ris<span class=\"_ _2\"></span>ks to which the Gro<span class=\"_ _2\"></span>up is expos<span class=\"_ _2\"></span>ed. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc59\">The<span class=\"_ gs132\"> </span>m<span class=\"_ _2\"></span>ajor ris<span class=\"_ _2\"></span>ks (\u2018Leve<span class=\"_ _2\"></span>l 1\u2019 ris<span class=\"_ _2\"></span>ks<span class=\"_ _5\"></span>) that th<span class=\"_ _2\"></span>e Group\u2019s busine<span class=\"_ _2\"></span>sses a<span class=\"_ _2\"></span>re expose<span class=\"_ _2\"></span>d to and the G<span class=\"_ _2\"></span>roup\u2019s approach to m<span class=\"_ _2\"></span>anagin<span class=\"_ _2\"></span>g those ri<span class=\"_ _2\"></span>sks are outline<span class=\"_ _2\"></span>d in the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls17 ws15 gsc5a\">fol<span class=\"_ _5\"></span>lowi<span class=\"_ _5\"></span>ng not<span class=\"_ _7\"></span>es:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc5b\">\u2022 <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>ote E6: Credit ri<span class=\"_ _2\"></span>sk, ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et risk<span class=\"_ _2\"></span>, financ<span class=\"_ _2\"></span>ial soun<span class=\"_ _2\"></span>dness r<span class=\"_ _2\"></span>isk, s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>ic risk, c<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r risk and o<span class=\"_ _2\"></span>peratio<span class=\"_ _2\"></span>nal risk<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc5c\">\u2022 <span class=\"_ _9\"> </span>n<span class=\"_ _2\"></span>ote F11: Ins<span class=\"_ _2\"></span>urance r<span class=\"_ _2\"></span>isk.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc5d\">The s<span class=\"_ _2\"></span>ectio<span class=\"_ _2\"></span>n on risk and c<span class=\"_ _2\"></span>apital m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement ob<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>tives is inc<span class=\"_ _2\"></span>luded b<span class=\"_ _2\"></span>elow. </div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gsc5e\">Capital Management Framewor<span class=\"_ _5\"></span>k<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc5f\">The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s C<span class=\"_ _2\"></span>apital M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement Fram<span class=\"_ _2\"></span>ework is des<span class=\"_ _2\"></span>igned to a<span class=\"_ _2\"></span>chieve the followin<span class=\"_ _2\"></span>g obje<span class=\"_ _2\"></span>ctives<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc60\">\u2022 <span class=\"_ _9\"> </span>to p<span class=\"_ _2\"></span>rovide approp<span class=\"_ _2\"></span>riate sec<span class=\"_ _2\"></span>urity fo<span class=\"_ _2\"></span>r policyh<span class=\"_ _2\"></span>older<span class=\"_ _2\"></span>s and me<span class=\"_ _2\"></span>et all regul<span class=\"_ _2\"></span>atory c<span class=\"_ _2\"></span>apita<span class=\"_ _2\"></span>l requirem<span class=\"_ _2\"></span>ents und<span class=\"_ _2\"></span>er the So<span class=\"_ _2\"></span>lvency I<span class=\"_ _2\"></span>I regime w<span class=\"_ _2\"></span>hile not </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc61\">retainin<span class=\"_ _2\"></span>g<span class=\"_ gs132\"> </span>unnec<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y excess c<span class=\"_ _2\"></span>apita<span class=\"_ _2\"></span>l, oper<span class=\"_ _2\"></span>ating within a S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II Sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er Capit<span class=\"_ _2\"></span>al Covera<span class=\"_ _2\"></span>ge ratio of 14<span class=\"_ _2\"></span>0-18<span class=\"_ _2\"></span>0%;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc62\">\u2022 <span class=\"_ _9\"> </span>to e<span class=\"_ _2\"></span>nsure suf<span class=\"_ _2\"></span>ficient liq<span class=\"_ _2\"></span>uidit<span class=\"_ _2\"></span>y to meet ob<span class=\"_ _2\"></span>ligations to p<span class=\"_ _2\"></span>olicyh<span class=\"_ _2\"></span>olders a<span class=\"_ _2\"></span>nd other cre<span class=\"_ _2\"></span>ditors<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc63\">\u2022 <span class=\"_ _9\"> </span>to m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>e our levera<span class=\"_ _2\"></span>ge posit<span class=\"_ _2\"></span>ion, inc<span class=\"_ _2\"></span>luding optimi<span class=\"_ _2\"></span>sation of the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II levera<span class=\"_ _2\"></span>ge ratio a<span class=\"_ _2\"></span>nd the Fitc<span class=\"_ _2\"></span>h leverag<span class=\"_ _2\"></span>e ratio to maint<span class=\"_ _2\"></span>ain an </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc64\">investm<span class=\"_ _2\"></span>ent<span class=\"_ gs132\"> </span>gra<span class=\"_ _2\"></span>de credit r<span class=\"_ _2\"></span>ating; and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc65\">\u2022 <span class=\"_ _9\"> </span>to m<span class=\"_ _2\"></span>aintain a divid<span class=\"_ _2\"></span>end polic<span class=\"_ _2\"></span>y to pay an ordina<span class=\"_ _2\"></span>ry divi<span class=\"_ _2\"></span>dend tha<span class=\"_ _2\"></span>t is progre<span class=\"_ _2\"></span>ssive and s<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc66\">The fr<span class=\"_ _2\"></span>amework c<span class=\"_ _2\"></span>omprise<span class=\"_ _2\"></span>s a suite of capi<span class=\"_ _2\"></span>tal man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent policie<span class=\"_ _2\"></span>s that gover<span class=\"_ _2\"></span>n the alloc<span class=\"_ _2\"></span>ation of cap<span class=\"_ _2\"></span>ital throu<span class=\"_ _2\"></span>ghout t<span class=\"_ _2\"></span>he Group to ac<span class=\"_ _2\"></span>hieve </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc67\">the<span class=\"_ gs132\"> </span>fra<span class=\"_ _2\"></span>mework ob<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>tives under a r<span class=\"_ _2\"></span>ange of s<span class=\"_ _2\"></span>tress c<span class=\"_ _2\"></span>ondition<span class=\"_ _2\"></span>s. The p<span class=\"_ _2\"></span>olicy sui<span class=\"_ _2\"></span>te is defined wi<span class=\"_ _2\"></span>th referenc<span class=\"_ _2\"></span>e to policyh<span class=\"_ _2\"></span>older se<span class=\"_ _2\"></span>curit<span class=\"_ _2\"></span>y, creditor </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc68\">oblig<span class=\"_ _2\"></span>ations<span class=\"_ _2\"></span>, owner divi<span class=\"_ _2\"></span>dend po<span class=\"_ _2\"></span>licy and re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y ca<span class=\"_ _2\"></span>pital req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gsc69\">Group capital<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc6a\">Group c<span class=\"_ _2\"></span>apital i<span class=\"_ _2\"></span>s manag<span class=\"_ _2\"></span>ed on a S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II basis<span class=\"_ _2\"></span>. Und<span class=\"_ _2\"></span>er the So<span class=\"_ _2\"></span>lvency I<span class=\"_ _2\"></span>I framewo<span class=\"_ _2\"></span>rk, the p<span class=\"_ _2\"></span>rimar<span class=\"_ _2\"></span>y sourc<span class=\"_ _2\"></span>es of capit<span class=\"_ _2\"></span>al mana<span class=\"_ _2\"></span>ged by th<span class=\"_ _2\"></span>e Group </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc6b\">comp<span class=\"_ _2\"></span>rises th<span class=\"_ _2\"></span>e Group\u2019s Own Funds as m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d under th<span class=\"_ _2\"></span>e Solven<span class=\"_ _2\"></span>cy II prin<span class=\"_ _2\"></span>ciples a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted to exclude s<span class=\"_ _2\"></span>urplus fun<span class=\"_ _2\"></span>ds att<span class=\"_ _2\"></span>ributab<span class=\"_ _2\"></span>le to the Group\u2019s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc6c\">unsupp<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ted with-profi<span class=\"_ _2\"></span>t funds an<span class=\"_ _2\"></span>d unsuppo<span class=\"_ _2\"></span>rte<span class=\"_ _2\"></span>d pensio<span class=\"_ _2\"></span>n schem<span class=\"_ _2\"></span>es. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc6d\">A Sol<span class=\"_ _2\"></span>vency I<span class=\"_ _2\"></span>I capit<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent involves valuat<span class=\"_ _2\"></span>ion in line with S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II princip<span class=\"_ _2\"></span>les of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s O<span class=\"_ _2\"></span>wn Funds and a r<span class=\"_ _2\"></span>isk<span class=\"_ _5\"></span>-ba<span class=\"_ _2\"></span>sed as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc6e\">the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y Capit<span class=\"_ _2\"></span>al Requirem<span class=\"_ _2\"></span>ent (\u2018<span class=\"_ _2\"></span>SCR<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>). Solven<span class=\"_ _2\"></span>cy II s<span class=\"_ _2\"></span>urplus is the exc<span class=\"_ _2\"></span>ess of O<span class=\"_ _2\"></span>wn Funds over the S<span class=\"_ _2\"></span>CR<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc6f\">The Gro<span class=\"_ _2\"></span>up aims to maint<span class=\"_ _2\"></span>ain a Solven<span class=\"_ _2\"></span>cy II s<span class=\"_ _2\"></span>urplus at le<span class=\"_ _2\"></span>ast e<span class=\"_ _2\"></span>qual to its B<span class=\"_ _2\"></span>oard-ap<span class=\"_ _2\"></span>proved cap<span class=\"_ _2\"></span>ital poli<span class=\"_ _2\"></span>cy<span class=\"_ _5\"></span>, which refl<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s Board r<span class=\"_ _2\"></span>isk appet<span class=\"_ _2\"></span>ite for </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc70\">me<span class=\"_ _2\"></span>eting prevailin<span class=\"_ _2\"></span>g solvenc<span class=\"_ _2\"></span>y requirem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc71\">The c<span class=\"_ _2\"></span>apital p<span class=\"_ _2\"></span>olicy of ea<span class=\"_ _2\"></span>ch Life Compa<span class=\"_ _2\"></span>ny is set and m<span class=\"_ _2\"></span>onitored by e<span class=\"_ _2\"></span>ach Life Com<span class=\"_ _2\"></span>pany Board<span class=\"_ _2\"></span>. These p<span class=\"_ _2\"></span>olicies e<span class=\"_ _2\"></span>nsure the<span class=\"_ _2\"></span>re is suffi<span class=\"_ _2\"></span>cient ca<span class=\"_ _2\"></span>pital </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc72\">within e<span class=\"_ _2\"></span>ach Life Comp<span class=\"_ _2\"></span>any to meet re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y ca<span class=\"_ _2\"></span>pital re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s under a r<span class=\"_ _2\"></span>ange of st<span class=\"_ _2\"></span>ress co<span class=\"_ _2\"></span>nditions<span class=\"_ _2\"></span>. The c<span class=\"_ _2\"></span>apital p<span class=\"_ _2\"></span>olicy of ea<span class=\"_ _2\"></span>ch Life Compa<span class=\"_ _2\"></span>ny </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc73\">varies a<span class=\"_ _2\"></span>ccordin<span class=\"_ _2\"></span>g to the risk profil<span class=\"_ _2\"></span>e and finan<span class=\"_ _2\"></span>cial stre<span class=\"_ _2\"></span>ngth of the c<span class=\"_ _2\"></span>ompany.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc74\">The c<span class=\"_ _2\"></span>apital p<span class=\"_ _2\"></span>olicy of ea<span class=\"_ _2\"></span>ch Group Ho<span class=\"_ _2\"></span>lding Co<span class=\"_ _2\"></span>mpany is desi<span class=\"_ _2\"></span>gned to en<span class=\"_ _2\"></span>sure that th<span class=\"_ _2\"></span>ere is suf<span class=\"_ _2\"></span>ficient liqui<span class=\"_ _2\"></span>dity to m<span class=\"_ _2\"></span>eet cre<span class=\"_ _2\"></span>ditor oblig<span class=\"_ _2\"></span>ations thro<span class=\"_ _2\"></span>ugh </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc75\">the co<span class=\"_ _2\"></span>mbination of c<span class=\"_ _2\"></span>ash buf<span class=\"_ _2\"></span>fers an<span class=\"_ _2\"></span>d cash fl<span class=\"_ _2\"></span>ows from the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g compa<span class=\"_ _2\"></span>nies.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gsc76\">Own Fun<span class=\"_ _2\"></span>ds and S<span class=\"_ _2\"></span>CR<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc77\">Basi<span class=\"_ _2\"></span>c Own Funds rep<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>s the exces<span class=\"_ _2\"></span>s of ass<span class=\"_ _2\"></span>ets over liabili<span class=\"_ _2\"></span>ties from the S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II bal<span class=\"_ _2\"></span>ance sh<span class=\"_ _2\"></span>eet ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d to add bac<span class=\"_ _2\"></span>k any relevant </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc78\">subo<span class=\"_ _2\"></span>rdinated liab<span class=\"_ _2\"></span>ilities that m<span class=\"_ _2\"></span>eet the c<span class=\"_ _2\"></span>riteria to be tre<span class=\"_ _2\"></span>ated as c<span class=\"_ _2\"></span>apital ite<span class=\"_ _2\"></span>ms.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc79\">The B<span class=\"_ _2\"></span>asic Own Fund<span class=\"_ _2\"></span>s are clas<span class=\"_ _2\"></span>sified into thre<span class=\"_ _2\"></span>e Tier<span class=\"_ _2\"></span>s base<span class=\"_ _2\"></span>d on per<span class=\"_ _2\"></span>manen<span class=\"_ _2\"></span>cy and lo<span class=\"_ _2\"></span>ss abs<span class=\"_ _2\"></span>orbenc<span class=\"_ _2\"></span>y (<span class=\"_ _2\"></span>Tier 1 be<span class=\"_ _2\"></span>ing the high<span class=\"_ _2\"></span>est qu<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y and Tie<span class=\"_ _2\"></span>r 3 the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc7a\">lowes<span class=\"_ _2\"></span>t). The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s O<span class=\"_ _2\"></span>wn Funds are as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed for th<span class=\"_ _2\"></span>eir eligibilit<span class=\"_ _2\"></span>y to cover t<span class=\"_ _2\"></span>he Group S<span class=\"_ _2\"></span>CR with referen<span class=\"_ _2\"></span>ce to both th<span class=\"_ _2\"></span>e qualit<span class=\"_ _2\"></span>y of capit<span class=\"_ _2\"></span>al and it<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc7b\">availabilit<span class=\"_ _2\"></span>y and t<span class=\"_ _2\"></span>ransfe<span class=\"_ _2\"></span>rabilit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>. Surp<span class=\"_ _2\"></span>lus funds in w<span class=\"_ _2\"></span>ith-profit fun<span class=\"_ _2\"></span>ds of the Life comp<span class=\"_ _2\"></span>anies and in t<span class=\"_ _2\"></span>he pens<span class=\"_ _2\"></span>ion sche<span class=\"_ _2\"></span>mes are re<span class=\"_ _2\"></span>stric<span class=\"_ _2\"></span>ted and c<span class=\"_ _2\"></span>an only be </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc7c\">inclu<span class=\"_ _2\"></span>ded in Eligib<span class=\"_ _2\"></span>le Own Funds up to th<span class=\"_ _2\"></span>e value of the SC<span class=\"_ _2\"></span>R they are us<span class=\"_ _2\"></span>ed to supp<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls12c ws6b gsc7d\">Eligible O<span class=\"_ _2\"></span>wn Funds to cover th<span class=\"_ _2\"></span>e SCR are o<span class=\"_ _2\"></span>btaine<span class=\"_ _2\"></span>d after ap<span class=\"_ _2\"></span>plying th<span class=\"_ _2\"></span>e prescr<span class=\"_ _2\"></span>ibed T<span class=\"_ _2\"></span>iering limit<span class=\"_ _2\"></span>s and availab<span class=\"_ _2\"></span>ility re<span class=\"_ _2\"></span>stric<span class=\"_ _2\"></span>tions to the Ba<span class=\"_ _2\"></span>sic Own Fund<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc7e\">The S<span class=\"_ _2\"></span>CR is ca<span class=\"_ _2\"></span>librated s<span class=\"_ _2\"></span>o that the likeliho<span class=\"_ _2\"></span>od of a loss exc<span class=\"_ _2\"></span>eedin<span class=\"_ _2\"></span>g the SC<span class=\"_ _2\"></span>R is less t<span class=\"_ _2\"></span>han 0.<span class=\"_ _2\"></span>5% over one year. This ensure<span class=\"_ _2\"></span>s that cap<span class=\"_ _2\"></span>ital is suf<span class=\"_ _2\"></span>ficient to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc7f\">withs<span class=\"_ _2\"></span>tand a b<span class=\"_ _2\"></span>roadly \u2018<span class=\"_ _2\"></span>1 in 20<span class=\"_ _2\"></span>0 year event<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc80\">The Gro<span class=\"_ _2\"></span>up oper<span class=\"_ _2\"></span>ates an Intern<span class=\"_ _2\"></span>al Mode<span class=\"_ _2\"></span>l to calcul<span class=\"_ _2\"></span>ate Group SC<span class=\"_ _2\"></span>R<span class=\"_ _2\"></span>, all Group co<span class=\"_ _2\"></span>mpanies a<span class=\"_ _2\"></span>re within the sc<span class=\"_ _2\"></span>ope of the sin<span class=\"_ _2\"></span>gle interna<span class=\"_ _2\"></span>l model<span class=\"_ _2\"></span>, with the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc81\">excepti<span class=\"_ _2\"></span>on of acquire<span class=\"_ _2\"></span>d ReAss<span class=\"_ _2\"></span>ure busine<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s, the I<span class=\"_ _2\"></span>rish life entitie<span class=\"_ _2\"></span>s, St<span class=\"_ _2\"></span>andard Life Intern<span class=\"_ _2\"></span>ational D<span class=\"_ _2\"></span>esign<span class=\"_ _2\"></span>ated Acti<span class=\"_ _2\"></span>vity C<span class=\"_ _2\"></span>ompany an<span class=\"_ _2\"></span>d Phoen<span class=\"_ _2\"></span>ix Life </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc82\">As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e Europe De<span class=\"_ _2\"></span>signate<span class=\"_ _2\"></span>d Activit<span class=\"_ _2\"></span>y Co<span class=\"_ _2\"></span>mpany, and Sun Life As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e Comp<span class=\"_ _2\"></span>any of Canada (<span class=\"_ _2\"></span>U.K<span class=\"_ _2\"></span>.) Limited<span class=\"_ _2\"></span>, which determ<span class=\"_ _2\"></span>ine their c<span class=\"_ _2\"></span>apital </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc83\">require<span class=\"_ _2\"></span>ments in a<span class=\"_ _2\"></span>ccord<span class=\"_ _2\"></span>ance with t<span class=\"_ _2\"></span>he Stan<span class=\"_ _2\"></span>dard Formula<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gsc84\">Group capital resources \u2013 u<span class=\"_ _5\"></span>naudited<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc85\">The Gro<span class=\"_ _2\"></span>up capit<span class=\"_ _2\"></span>al reso<span class=\"_ _2\"></span>urces<span class=\"_ _2\"></span>, prese<span class=\"_ _2\"></span>nted on a sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>r basis<span class=\"_ _2\"></span>, are bas<span class=\"_ _2\"></span>ed on the G<span class=\"_ _2\"></span>roup\u2019s E<span class=\"_ _5\"></span>ligibl<span class=\"_ _2\"></span>e Own Funds a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted to remove amo<span class=\"_ _2\"></span>unts </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc86\">per<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span>ing to unsupp<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d with-profit f<span class=\"_ _2\"></span>unds and G<span class=\"_ _2\"></span>roup pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>emes:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 lse4 wsce gsc87\">Unaudited<span class=\"_ _3bc\"> </span></div><div class=\"gsc88\"><table class=\"s w286 h333\" id=\"_13a0cfcb-22fd-430e-8c11-932624b0411b\"><tr><td></td><td class=\"t m0 x44d h3f y5f33 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5f33 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8f1 h3f y5f34 ff7 fsf fc1 sc0 ls82 ws77\">\u00a3bn<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1f26 h16 y5f34 ff3 fsf fc1 sc0 ls113 ws108\">\u00a3bn<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5738 wcce h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">PG<span class=\"_ _2\"></span>H plc Elig<span class=\"_ _2\"></span>ible Ow<span class=\"_ _2\"></span>n Funds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f27 y5738 w9da h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">11.1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f28 y5738 wccf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">11<span class=\"_ _2\"></span>.1<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5739 wcd0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Remove O<span class=\"_ _2\"></span>wn Funds per<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>ining to unsupp<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d with-profit f<span class=\"_ _2\"></span>unds and p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f29 y5739 wcd1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2.<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f2a y5739 wcd2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>.8)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wcd3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">Group capital resources<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f2b y55ef wcd4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls47 ws19d\">8.9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f2c y55ef wcd5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">9.<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr></table></div>So<span class=\"_ _2\"></span>lvency I<span class=\"_ _2\"></span>I surpl<span class=\"_ _2\"></span>us \u2013 unau<span class=\"_ _2\"></span>dited<span class=\"_ _3bc\"> </span>An anal<span class=\"_ _2\"></span>ysis of the PG<span class=\"_ _2\"></span>H plc So<span class=\"_ _2\"></span>lvency I<span class=\"_ _2\"></span>I surplus a<span class=\"_ _2\"></span>s at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023 is provide<span class=\"_ _2\"></span>d in the bus<span class=\"_ _2\"></span>iness rev<span class=\"_ _2\"></span>iew sec<span class=\"_ _2\"></span>tion on pa<span class=\"_ _2\"></span>ge 34 to 3<span class=\"_ _2\"></span>5. Th<span class=\"_ _2\"></span>e Group has c<span class=\"_ _2\"></span>omplied w<span class=\"_ _2\"></span>ith all ex<span class=\"_ _2\"></span>ternally imp<span class=\"_ _2\"></span>ose<span class=\"_ _2\"></span>d capita<span class=\"_ _2\"></span>l requirem<span class=\"_ _2\"></span>ents durin<span class=\"_ _2\"></span>g the year.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-676": {
   "value": "Liqui<span class=\"_ _2\"></span>dit<span class=\"_ _2\"></span>y risk<span class=\"_ _3bc\"> </span>Liquidit<span class=\"_ _2\"></span>y risk is d<span class=\"_ _2\"></span>efined as f<span class=\"_ _2\"></span>ailure to mainta<span class=\"_ _2\"></span>in adequ<span class=\"_ _2\"></span>ate levels of financ<span class=\"_ _2\"></span>ial reso<span class=\"_ _2\"></span>urces to me<span class=\"_ _2\"></span>et oblig<span class=\"_ _2\"></span>ations as th<span class=\"_ _2\"></span>ey fall due. Fundin<span class=\"_ _2\"></span>g risk relate<span class=\"_ _2\"></span>s to the potentia<span class=\"_ _2\"></span>l inabilit<span class=\"_ _2\"></span>y to raise a<span class=\"_ _2\"></span>ddition<span class=\"_ _2\"></span>al capit<span class=\"_ _2\"></span>al or liquidit<span class=\"_ _2\"></span>y whe<span class=\"_ _2\"></span>n required in o<span class=\"_ _2\"></span>rder to maint<span class=\"_ _2\"></span>ain the resilie<span class=\"_ _2\"></span>nce of the b<span class=\"_ _2\"></span>alance s<span class=\"_ _2\"></span>heet<span class=\"_ _2\"></span>. The Group h<span class=\"_ _2\"></span>as expo<span class=\"_ _2\"></span>sure to liquidit<span class=\"_ _2\"></span>y risk as a re<span class=\"_ _2\"></span>sult of ser<span class=\"_ _2\"></span>vicin<span class=\"_ _2\"></span>g its ex<span class=\"_ _2\"></span>ternal de<span class=\"_ _2\"></span>bt and eq<span class=\"_ _2\"></span>uity inves<span class=\"_ _2\"></span>tors<span class=\"_ _2\"></span>, and from th<span class=\"_ _2\"></span>e opera<span class=\"_ _2\"></span>ting require<span class=\"_ _2\"></span>ments of it<span class=\"_ _2\"></span>s subsidia<span class=\"_ _2\"></span>ries. T<span class=\"_ _2\"></span>he Group\u2019s subsidia<span class=\"_ _2\"></span>ries have exp<span class=\"_ _2\"></span>osure to liquidit<span class=\"_ _2\"></span>y risk a<span class=\"_ _2\"></span>s a result of norm<span class=\"_ _2\"></span>al busin<span class=\"_ _2\"></span>ess ac<span class=\"_ _2\"></span>tivitie<span class=\"_ _2\"></span>s, sp<span class=\"_ _2\"></span>ecific<span class=\"_ _2\"></span>ally the ris<span class=\"_ _2\"></span>k arising from a<span class=\"_ _2\"></span>n inabilit<span class=\"_ _2\"></span>y to meet shor<span class=\"_ _2\"></span>t-term ca<span class=\"_ _2\"></span>sh flow req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>s and<span class=\"_ gs132\"> </span>to me<span class=\"_ _2\"></span>et obligati<span class=\"_ _2\"></span>ons to polic<span class=\"_ _2\"></span>y liabilities<span class=\"_ _2\"></span>. The B<span class=\"_ _2\"></span>oard of Phoe<span class=\"_ _2\"></span>nix Group H<span class=\"_ _2\"></span>oldings p<span class=\"_ _2\"></span>lc has defin<span class=\"_ _2\"></span>ed a numb<span class=\"_ _2\"></span>er of governa<span class=\"_ _2\"></span>nce obj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ives and prin<span class=\"_ _2\"></span>ciples an<span class=\"_ _2\"></span>d<span class=\"_ gs132\"> </span>the liquidit<span class=\"_ _2\"></span>y ris<span class=\"_ _2\"></span>k framewor<span class=\"_ _2\"></span>ks of each subs<span class=\"_ _2\"></span>idiar<span class=\"_ _2\"></span>y are desig<span class=\"_ _2\"></span>ned to en<span class=\"_ _2\"></span>sure that<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>li<span class=\"_ _2\"></span>quidit<span class=\"_ _2\"></span>y risk is man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d in a manne<span class=\"_ _2\"></span>r consis<span class=\"_ _2\"></span>tent with the s<span class=\"_ _2\"></span>ubsidiar<span class=\"_ _2\"></span>y com<span class=\"_ _2\"></span>pany Board<span class=\"_ _2\"></span>s\u2019 strateg<span class=\"_ _2\"></span>ic obje<span class=\"_ _2\"></span>ctives<span class=\"_ _2\"></span>, risk ap<span class=\"_ _2\"></span>petite and PP<span class=\"_ _2\"></span>FM;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s are appropri<span class=\"_ _2\"></span>ately man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d and the rep<span class=\"_ _2\"></span>utation of th<span class=\"_ _2\"></span>e Group is safe<span class=\"_ _2\"></span>guarde<span class=\"_ _2\"></span>d; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>ppropriate inform<span class=\"_ _2\"></span>ation on liquidi<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k is available to th<span class=\"_ _2\"></span>ose makin<span class=\"_ _2\"></span>g decis<span class=\"_ _2\"></span>ions.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s li<span class=\"_ _2\"></span>quidit<span class=\"_ _2\"></span>y risk man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent str<span class=\"_ _2\"></span>ategy is b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n a risk appe<span class=\"_ _2\"></span>tite of less th<span class=\"_ _2\"></span>an a 1 in 200 c<span class=\"_ _2\"></span>hanc<span class=\"_ _2\"></span>e of having insuf<span class=\"_ _2\"></span>ficient li<span class=\"_ _2\"></span>quid or tan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>sets to<span class=\"_ gs132\"> </span>me<span class=\"_ _2\"></span>et finan<span class=\"_ _2\"></span>cial oblig<span class=\"_ _2\"></span>ations as th<span class=\"_ _2\"></span>ey fall due an<span class=\"_ _2\"></span>d is suppo<span class=\"_ _2\"></span>rted by<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>h<span class=\"_ _2\"></span>olding app<span class=\"_ _2\"></span>ropriate as<span class=\"_ _2\"></span>sets to m<span class=\"_ _2\"></span>eet liqui<span class=\"_ _2\"></span>dity b<span class=\"_ _2\"></span>uffer<span class=\"_ _2\"></span>s;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>h<span class=\"_ _2\"></span>olding hig<span class=\"_ _2\"></span>h qualit<span class=\"_ _2\"></span>y liquid as<span class=\"_ _2\"></span>sets to s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>t day to day ope<span class=\"_ _2\"></span>rations<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>n effec<span class=\"_ _2\"></span>tive stre<span class=\"_ _2\"></span>ss tes<span class=\"_ _2\"></span>ting fram<span class=\"_ _2\"></span>ework to ensure s<span class=\"_ _2\"></span>urviv<span class=\"_ _2\"></span>al horizons are met un<span class=\"_ _2\"></span>der dif<span class=\"_ _2\"></span>ferent severe<span class=\"_ _2\"></span>, but pla<span class=\"_ _2\"></span>usible sc<span class=\"_ _2\"></span>enarios<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive liquidit<span class=\"_ _2\"></span>y por<span class=\"_ _2\"></span>tfo<span class=\"_ _2\"></span>lio manag<span class=\"_ _2\"></span>ement in<span class=\"_ _2\"></span>cluding E<span class=\"_ _2\"></span>arly Warning In<span class=\"_ _2\"></span>dicator<span class=\"_ _2\"></span>s; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>li<span class=\"_ _2\"></span>quidit<span class=\"_ _2\"></span>y risk contin<span class=\"_ _2\"></span>genc<span class=\"_ _2\"></span>y plannin<span class=\"_ _2\"></span>g.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s f<span class=\"_ _2\"></span>unding s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y aims to maint<span class=\"_ _2\"></span>ain the appro<span class=\"_ _2\"></span>priate level of debt an<span class=\"_ _2\"></span>d equit<span class=\"_ _2\"></span>y in orde<span class=\"_ _2\"></span>r to suppor<span class=\"_ _2\"></span>t the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s o<span class=\"_ _2\"></span>rganic an<span class=\"_ _2\"></span>d inorgan<span class=\"_ _2\"></span>ic grow<span class=\"_ _2\"></span>th ambitio<span class=\"_ _2\"></span>ns, wh<span class=\"_ _2\"></span>ile maintainin<span class=\"_ _2\"></span>g suf<span class=\"_ _2\"></span>ficient he<span class=\"_ _2\"></span>adroom for hybr<span class=\"_ _2\"></span>id capit<span class=\"_ _2\"></span>al under S<span class=\"_ _2\"></span>olvenc<span class=\"_ _2\"></span>y II rule<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Liquidit<span class=\"_ _2\"></span>y forec<span class=\"_ _2\"></span>ast<span class=\"_ _2\"></span>s showin<span class=\"_ _2\"></span>g headro<span class=\"_ _2\"></span>om again<span class=\"_ _2\"></span>st liquidi<span class=\"_ _2\"></span>ty b<span class=\"_ _2\"></span>uffer<span class=\"_ _2\"></span>s are prepare<span class=\"_ _2\"></span>d regul<span class=\"_ _2\"></span>arly to predic<span class=\"_ _2\"></span>t require<span class=\"_ _2\"></span>d liquidit<span class=\"_ _2\"></span>y levels over b<span class=\"_ _2\"></span>oth the sho<span class=\"_ _2\"></span>rt an<span class=\"_ _2\"></span>d me<span class=\"_ _2\"></span>dium-term allowin<span class=\"_ _2\"></span>g manag<span class=\"_ _2\"></span>ement to re<span class=\"_ _2\"></span>spond a<span class=\"_ _2\"></span>ppropriate<span class=\"_ _2\"></span>ly to chang<span class=\"_ _2\"></span>es in circum<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>. In the event of a liqui<span class=\"_ _2\"></span>dity sh<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tfall<span class=\"_ _2\"></span>, either c<span class=\"_ _2\"></span>urrent or proj<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d, this woul<span class=\"_ _2\"></span>d be mana<span class=\"_ _2\"></span>ged in lin<span class=\"_ _2\"></span>e with the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s C<span class=\"_ _2\"></span>onting<span class=\"_ _2\"></span>ency Liqu<span class=\"_ _2\"></span>idity Pl<span class=\"_ _2\"></span>an where th<span class=\"_ _2\"></span>e latest avail<span class=\"_ _2\"></span>able contin<span class=\"_ _2\"></span>genc<span class=\"_ _2\"></span>y mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt ac<span class=\"_ _2\"></span>tions would b<span class=\"_ _2\"></span>e consi<span class=\"_ _2\"></span>dered. In ex<span class=\"_ _2\"></span>treme circ<span class=\"_ _2\"></span>umst<span class=\"_ _2\"></span>ances<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup could b<span class=\"_ _2\"></span>e expos<span class=\"_ _2\"></span>ed to liquidit<span class=\"_ _2\"></span>y ris<span class=\"_ _2\"></span>k in its unit-linked fun<span class=\"_ _2\"></span>ds. This c<span class=\"_ _2\"></span>ould oc<span class=\"_ _2\"></span>cur where a h<span class=\"_ _2\"></span>igh volume of surren<span class=\"_ _2\"></span>ders c<span class=\"_ _2\"></span>oincide<span class=\"_ _2\"></span>s with a tightenin<span class=\"_ _2\"></span>g of liquidit<span class=\"_ _2\"></span>y in a unit-linked fund to the p<span class=\"_ _2\"></span>oint where a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s of that fund h<span class=\"_ _2\"></span>ave to be sold to me<span class=\"_ _2\"></span>et thos<span class=\"_ _2\"></span>e withdr<span class=\"_ _2\"></span>awals. W<span class=\"_ _2\"></span>here the f<span class=\"_ _2\"></span>und affe<span class=\"_ _2\"></span>cted c<span class=\"_ _2\"></span>onsis<span class=\"_ _2\"></span>ts of les<span class=\"_ _2\"></span>s liquid as<span class=\"_ _2\"></span>sets su<span class=\"_ _2\"></span>ch as prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y, it can ta<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e s<span class=\"_ _2\"></span>everal mo<span class=\"_ _2\"></span>nths to comp<span class=\"_ _2\"></span>lete a sale an<span class=\"_ _2\"></span>d this would impe<span class=\"_ _2\"></span>de the prop<span class=\"_ _2\"></span>er ope<span class=\"_ _2\"></span>ration of the fun<span class=\"_ _2\"></span>d. In the<span class=\"_ _2\"></span>se situa<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>, the Group c<span class=\"_ _2\"></span>onsider<span class=\"_ _2\"></span>s its ris<span class=\"_ _2\"></span>k to be low sinc<span class=\"_ _2\"></span>e there are s<span class=\"_ _2\"></span>teps that c<span class=\"_ _2\"></span>an be taken fir<span class=\"_ _2\"></span>st within th<span class=\"_ _2\"></span>e funds the<span class=\"_ _2\"></span>mselve<span class=\"_ _2\"></span>s both to ens<span class=\"_ _2\"></span>ure the fair treat<span class=\"_ _2\"></span>ment of all investo<span class=\"_ _2\"></span>rs in thos<span class=\"_ _2\"></span>e funds an<span class=\"_ _2\"></span>d to protect th<span class=\"_ _2\"></span>e Group\u2019s own risk expo<span class=\"_ _2\"></span>sure.<span class=\"_ _3bc\"> </span>The va<span class=\"_ _2\"></span>st maj<span class=\"_ _2\"></span>orit<span class=\"_ _2\"></span>y of the Group\u2019s derivative c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are tra<span class=\"_ _2\"></span>ded OT<span class=\"_ _5\"></span>C and h<span class=\"_ _2\"></span>ave a two-<span class=\"_ _2\"></span>day collater<span class=\"_ _2\"></span>al set<span class=\"_ _2\"></span>tleme<span class=\"_ _2\"></span>nt perio<span class=\"_ _2\"></span>d. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s de<span class=\"_ _2\"></span>rivative contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are<span class=\"_ gs132\"> </span>monitore<span class=\"_ _2\"></span>d daily, via an end-<span class=\"_ _2\"></span>of-day valuation p<span class=\"_ _2\"></span>roces<span class=\"_ _2\"></span>s, to a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>s the ne<span class=\"_ _2\"></span>ed for ad<span class=\"_ _2\"></span>ditional f<span class=\"_ _2\"></span>unds to cover ma<span class=\"_ _2\"></span>rgin or collate<span class=\"_ _2\"></span>ral ca<span class=\"_ _2\"></span>lls.<span class=\"_ _3bc\"> </span>Som<span class=\"_ _2\"></span>e of the Group\u2019s comme<span class=\"_ _2\"></span>rcial prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s, c<span class=\"_ _2\"></span>ash and c<span class=\"_ _2\"></span>ash eq<span class=\"_ _2\"></span>uivalent<span class=\"_ _2\"></span>s are held thro<span class=\"_ _2\"></span>ugh coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s. The<span class=\"_ gs132\"> </span>c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investme<span class=\"_ _2\"></span>nt schem<span class=\"_ _2\"></span>es have the p<span class=\"_ _2\"></span>ower to restr<span class=\"_ _2\"></span>ict and/<span class=\"_ _5\"></span>or sus<span class=\"_ _2\"></span>pend wit<span class=\"_ _2\"></span>hdrawals<span class=\"_ _2\"></span>, which wo<span class=\"_ _2\"></span>uld, in turn<span class=\"_ _2\"></span>, affe<span class=\"_ _2\"></span>ct liquidit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-614": {
   "value": "F1<span class=\"_ _2\"></span>. Liab<span class=\"_ _2\"></span>ilitie<span class=\"_ _2\"></span>s unde<span class=\"_ _2\"></span>r insur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span>Classific<span class=\"_ _2\"></span>ation Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s under whi<span class=\"_ _2\"></span>ch the Group a<span class=\"_ _2\"></span>ccept<span class=\"_ _2\"></span>s signific<span class=\"_ _2\"></span>ant insur<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>k are clas<span class=\"_ _2\"></span>sified as in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>. Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s held by the G<span class=\"_ _2\"></span>roup under which it tr<span class=\"_ _2\"></span>ansfer<span class=\"_ _2\"></span>s signific<span class=\"_ _2\"></span>ant insur<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>k related to und<span class=\"_ _2\"></span>erlying in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts are c<span class=\"_ _2\"></span>lassifi<span class=\"_ _2\"></span>ed as rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. Som<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts entere<span class=\"_ _2\"></span>d into by the Group h<span class=\"_ _2\"></span>ave the lega<span class=\"_ _2\"></span>l form of insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts b<span class=\"_ _2\"></span>ut do not tra<span class=\"_ _2\"></span>nsfer sig<span class=\"_ _2\"></span>nificant in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e risk and ex<span class=\"_ _2\"></span>pose th<span class=\"_ _2\"></span>e Group to finan<span class=\"_ _2\"></span>cial risk<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts are c<span class=\"_ _2\"></span>lassifie<span class=\"_ _2\"></span>d as finan<span class=\"_ _2\"></span>cial liabili<span class=\"_ _2\"></span>ties and are refe<span class=\"_ _2\"></span>rred to as inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>All referen<span class=\"_ _2\"></span>ces in the<span class=\"_ _2\"></span>se acc<span class=\"_ _2\"></span>ounting p<span class=\"_ _2\"></span>olicies to ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts and re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s include c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts is<span class=\"_ _2\"></span>sued<span class=\"_ _2\"></span>, initiated or a<span class=\"_ _2\"></span>cquired by the Gro<span class=\"_ _2\"></span>up, unles<span class=\"_ _2\"></span>s other<span class=\"_ _2\"></span>wise st<span class=\"_ _2\"></span>ated. Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as direc<span class=\"_ _2\"></span>t par<span class=\"_ _2\"></span>ticipating c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts or co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s witho<span class=\"_ _2\"></span>ut direct p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>icipation fea<span class=\"_ _2\"></span>tures. D<span class=\"_ _2\"></span>irect p<span class=\"_ _2\"></span>arti<span class=\"_ _2\"></span>cipating contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are contra<span class=\"_ _2\"></span>cts for wh<span class=\"_ _2\"></span>ich, at in<span class=\"_ _2\"></span>ception:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ctual te<span class=\"_ _2\"></span>rms spe<span class=\"_ _2\"></span>cif<span class=\"_ _2\"></span>y that the p<span class=\"_ _2\"></span>olicyho<span class=\"_ _2\"></span>lder par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>tes in a share of a cle<span class=\"_ _2\"></span>arly ide<span class=\"_ _2\"></span>ntified po<span class=\"_ _2\"></span>ol of underly<span class=\"_ _2\"></span>ing items<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group exp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s to pay to the po<span class=\"_ _2\"></span>licyhold<span class=\"_ _2\"></span>er an amo<span class=\"_ _2\"></span>unt equal to a s<span class=\"_ _2\"></span>ubsta<span class=\"_ _2\"></span>ntial share of the f<span class=\"_ _2\"></span>air value retur<span class=\"_ _2\"></span>ns on the und<span class=\"_ _2\"></span>erlying ite<span class=\"_ _2\"></span>ms; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group exp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s a subs<span class=\"_ _2\"></span>tantial pro<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tion of any chan<span class=\"_ _2\"></span>ge in the am<span class=\"_ _2\"></span>ounts to be p<span class=\"_ _2\"></span>aid to the polic<span class=\"_ _2\"></span>yhold<span class=\"_ _2\"></span>er to var<span class=\"_ _2\"></span>y with the ch<span class=\"_ _2\"></span>ange in fa<span class=\"_ _2\"></span>ir value of the unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s. All other in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts an<span class=\"_ _2\"></span>d all reinsur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts are cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as contra<span class=\"_ _2\"></span>cts w<span class=\"_ _2\"></span>ithout dire<span class=\"_ _2\"></span>ct par<span class=\"_ _2\"></span>ticip<span class=\"_ _2\"></span>ation feature<span class=\"_ _2\"></span>s. Som<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt contra<span class=\"_ _2\"></span>cts is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d by the Group c<span class=\"_ _2\"></span>ontain disc<span class=\"_ _2\"></span>retionar<span class=\"_ _2\"></span>y par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>tion feature<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>DPF\u2019<span class=\"_ _2\"></span>), where<span class=\"_ _2\"></span>by the investor h<span class=\"_ _2\"></span>as the right a<span class=\"_ _2\"></span>nd is expe<span class=\"_ _2\"></span>cted to re<span class=\"_ _2\"></span>ceive, a<span class=\"_ _2\"></span>s a supplem<span class=\"_ _2\"></span>ent to the am<span class=\"_ _2\"></span>ount not sub<span class=\"_ _2\"></span>ject to t<span class=\"_ _2\"></span>he Group\u2019s discretio<span class=\"_ _2\"></span>n, potentia<span class=\"_ _2\"></span>lly signific<span class=\"_ _2\"></span>ant additi<span class=\"_ _2\"></span>onal be<span class=\"_ _2\"></span>nefits b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the ret<span class=\"_ _2\"></span>urn of specifi<span class=\"_ _2\"></span>ed po<span class=\"_ _2\"></span>ols of investme<span class=\"_ _2\"></span>nt asse<span class=\"_ _2\"></span>ts. T<span class=\"_ _2\"></span>he Group a<span class=\"_ _2\"></span>ccount<span class=\"_ _2\"></span>s for thes<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts und<span class=\"_ _2\"></span>er IFRS 17 c<span class=\"_ _2\"></span>onsis<span class=\"_ _2\"></span>tent with insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The cl<span class=\"_ _2\"></span>assific<span class=\"_ _2\"></span>ation as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment is m<span class=\"_ _2\"></span>ade at the d<span class=\"_ _2\"></span>ate of inception o<span class=\"_ _2\"></span>r for busine<span class=\"_ _2\"></span>ss com<span class=\"_ _2\"></span>binations o<span class=\"_ _2\"></span>r por<span class=\"_ _2\"></span>tfolio tr<span class=\"_ _2\"></span>ansfer<span class=\"_ _2\"></span>s, as at t<span class=\"_ _2\"></span>he date of acqui<span class=\"_ _2\"></span>sition. Onc<span class=\"_ _2\"></span>e a contra<span class=\"_ _2\"></span>ct is as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed as in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e, investm<span class=\"_ _2\"></span>ent with D<span class=\"_ _2\"></span>PF or reinsur<span class=\"_ _2\"></span>ance, t<span class=\"_ _2\"></span>he clas<span class=\"_ _2\"></span>sificati<span class=\"_ _2\"></span>on continue<span class=\"_ _2\"></span>s until the cont<span class=\"_ _2\"></span>ract is dere<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed or m<span class=\"_ _2\"></span>odified<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>When c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>ring clas<span class=\"_ _2\"></span>sific<span class=\"_ _2\"></span>ation, an<span class=\"_ _2\"></span>d applyin<span class=\"_ _2\"></span>g the provision<span class=\"_ _2\"></span>s of IFRS 17<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e Group ide<span class=\"_ _2\"></span>ntifies a contr<span class=\"_ _2\"></span>act a<span class=\"_ _2\"></span>s the smalle<span class=\"_ _2\"></span>st unit of ac<span class=\"_ _2\"></span>count. The<span class=\"_ gs132\"> </span>Gro<span class=\"_ _2\"></span>up also m<span class=\"_ _2\"></span>ak<span class=\"_ _5\"></span>es an eval<span class=\"_ _2\"></span>uation of wheth<span class=\"_ _2\"></span>er a seri<span class=\"_ _2\"></span>es of contra<span class=\"_ _2\"></span>cts c<span class=\"_ _2\"></span>an be treate<span class=\"_ _2\"></span>d toget<span class=\"_ _2\"></span>her in appl<span class=\"_ _2\"></span>ying IFRS 17 b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on reaso<span class=\"_ _2\"></span>nable an<span class=\"_ _2\"></span>d supp<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>able informatio<span class=\"_ _2\"></span>n, or whe<span class=\"_ _2\"></span>ther a sing<span class=\"_ _2\"></span>le contra<span class=\"_ _2\"></span>ct cont<span class=\"_ _2\"></span>ains com<span class=\"_ _2\"></span>ponent<span class=\"_ _2\"></span>s that ne<span class=\"_ _2\"></span>ed to be s<span class=\"_ _2\"></span>eparate<span class=\"_ _2\"></span>d and treate<span class=\"_ _2\"></span>d as if they we<span class=\"_ _2\"></span>re stan<span class=\"_ _2\"></span>d-<span class=\"_ _3bc\"> </span>alone contract<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Accountin<span class=\"_ _2\"></span>g treatment<span class=\"_ _3bc\"> </span>Separating components from insurance and reinsurance contracts<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es its ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e produc<span class=\"_ _2\"></span>ts to determ<span class=\"_ _2\"></span>ine whethe<span class=\"_ _2\"></span>r they cont<span class=\"_ _2\"></span>ain comp<span class=\"_ _2\"></span>onents<span class=\"_ _2\"></span>, whic<span class=\"_ _2\"></span>h must b<span class=\"_ _2\"></span>e acco<span class=\"_ _2\"></span>unted for unde<span class=\"_ _2\"></span>r acco<span class=\"_ _2\"></span>unting st<span class=\"_ _2\"></span>andards oth<span class=\"_ _2\"></span>er than I<span class=\"_ _2\"></span>FRS 17 (distinc<span class=\"_ _2\"></span>t non-in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e compo<span class=\"_ _2\"></span>nents).<span class=\"_ _3bc\"> </span>Where a<span class=\"_ _2\"></span>n insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act ha<span class=\"_ _2\"></span>s a distinc<span class=\"_ _2\"></span>t investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>onent an<span class=\"_ _2\"></span>d meet<span class=\"_ _2\"></span>s the sep<span class=\"_ _2\"></span>aration cr<span class=\"_ _2\"></span>iteria es<span class=\"_ _2\"></span>tablish<span class=\"_ _2\"></span>ed unde<span class=\"_ _2\"></span>r IFRS 17<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt comp<span class=\"_ _2\"></span>onent is s<span class=\"_ _2\"></span>eparate<span class=\"_ _2\"></span>d from the ho<span class=\"_ _2\"></span>st cont<span class=\"_ _2\"></span>ract an<span class=\"_ _2\"></span>d acco<span class=\"_ _2\"></span>unted for unde<span class=\"_ _2\"></span>r IFRS 9. T<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ment of wheth<span class=\"_ _2\"></span>er a contra<span class=\"_ _2\"></span>ct has a d<span class=\"_ _2\"></span>istinc<span class=\"_ _2\"></span>t investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>onent is c<span class=\"_ _2\"></span>arried o<span class=\"_ _2\"></span>ut at ince<span class=\"_ _2\"></span>ption of the contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>, or the date of ac<span class=\"_ _2\"></span>quisition in th<span class=\"_ _2\"></span>e cas<span class=\"_ _2\"></span>e of a busines<span class=\"_ _2\"></span>s combin<span class=\"_ _2\"></span>ation.<span class=\"_ _3bc\"> </span>When a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssing wh<span class=\"_ _2\"></span>ether th<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt compo<span class=\"_ _2\"></span>nent is dis<span class=\"_ _2\"></span>tinct<span class=\"_ _2\"></span>, the Group c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>rs the followin<span class=\"_ _2\"></span>g, whic<span class=\"_ _2\"></span>h may indic<span class=\"_ _2\"></span>ate that the ins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>nd investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>onent are hi<span class=\"_ _2\"></span>ghly interrel<span class=\"_ _2\"></span>ated:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e value of one c<span class=\"_ _2\"></span>ompone<span class=\"_ _2\"></span>nt varies wit<span class=\"_ _2\"></span>h the other c<span class=\"_ _2\"></span>ompone<span class=\"_ _2\"></span>nt;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>ex<span class=\"_ _2\"></span>isten<span class=\"_ _2\"></span>ce of an option to swi<span class=\"_ _2\"></span>tch bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e different c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ents;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>di<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span>s that spa<span class=\"_ _2\"></span>n both elem<span class=\"_ _2\"></span>ents e.<span class=\"_ _2\"></span>g. a redu<span class=\"_ _2\"></span>ced as<span class=\"_ _2\"></span>set ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment cha<span class=\"_ _2\"></span>rge bas<span class=\"_ _2\"></span>ed on total s<span class=\"_ _2\"></span>iz<span class=\"_ _7\"></span>e of c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>oth<span class=\"_ _2\"></span>er interac<span class=\"_ _2\"></span>ting feat<span class=\"_ _2\"></span>ures e.g<span class=\"_ _2\"></span>. insuran<span class=\"_ _2\"></span>ce risk from p<span class=\"_ _2\"></span>remium waiver<span class=\"_ _2\"></span>s and retur<span class=\"_ _2\"></span>n of premium coverin<span class=\"_ _2\"></span>g both elem<span class=\"_ _2\"></span>ents of the p<span class=\"_ _2\"></span>olicy.<span class=\"_ _3bc\"> </span>Afte<span class=\"_ _2\"></span>r separ<span class=\"_ _2\"></span>ating any dist<span class=\"_ _2\"></span>inct co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nts, t<span class=\"_ _2\"></span>he Group app<span class=\"_ _2\"></span>lies the re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s of IFRS 17 to all re<span class=\"_ _2\"></span>maining co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nts of the ins<span class=\"_ _2\"></span>urance contr<span class=\"_ _2\"></span>act or wh<span class=\"_ _2\"></span>ere distin<span class=\"_ _2\"></span>ct crite<span class=\"_ _2\"></span>ria are not met<span class=\"_ _2\"></span>, the who<span class=\"_ _2\"></span>le contra<span class=\"_ _2\"></span>ct is ac<span class=\"_ _2\"></span>counted for w<span class=\"_ _2\"></span>ithin IFRS 17<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>Level of ag<span class=\"_ _2\"></span>gre<span class=\"_ _2\"></span>gatio<span class=\"_ _2\"></span>n<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is require<span class=\"_ _2\"></span>d to divide it<span class=\"_ _2\"></span>s busine<span class=\"_ _2\"></span>ss into groups fo<span class=\"_ _2\"></span>r the purpo<span class=\"_ _2\"></span>ses of rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n and mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt. The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s is firs<span class=\"_ _2\"></span>tly split into por<span class=\"_ _2\"></span>tfoli<span class=\"_ _2\"></span>os. Por<span class=\"_ _2\"></span>tfolio<span class=\"_ _2\"></span>s contain g<span class=\"_ _2\"></span>roups of contra<span class=\"_ _2\"></span>cts w<span class=\"_ _2\"></span>ith similar ris<span class=\"_ _2\"></span>ks, whic<span class=\"_ _2\"></span>h are mana<span class=\"_ _2\"></span>ged tog<span class=\"_ _2\"></span>ether. P<span class=\"_ _5\"></span>or<span class=\"_ _2\"></span>tfolio<span class=\"_ _2\"></span>s are fur<span class=\"_ _2\"></span>ther divid<span class=\"_ _2\"></span>ed bas<span class=\"_ _2\"></span>ed on expe<span class=\"_ _2\"></span>cted p<span class=\"_ _2\"></span>rofitabilit<span class=\"_ _2\"></span>y at inc<span class=\"_ _2\"></span>eption into thre<span class=\"_ _2\"></span>e categ<span class=\"_ _2\"></span>ories: on<span class=\"_ _2\"></span>erous c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, contrac<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t are profitabl<span class=\"_ _2\"></span>e at initial rec<span class=\"_ _2\"></span>ogniti<span class=\"_ _2\"></span>on and have no signifi<span class=\"_ _2\"></span>cant risk of be<span class=\"_ _2\"></span>comin<span class=\"_ _2\"></span>g onerou<span class=\"_ _2\"></span>s, an<span class=\"_ _2\"></span>d the remainin<span class=\"_ _2\"></span>g profitab<span class=\"_ _2\"></span>le contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>. For reinsur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts the s<span class=\"_ _2\"></span>ame three g<span class=\"_ _2\"></span>roups would b<span class=\"_ _2\"></span>e identifi<span class=\"_ _2\"></span>ed with \u2018onero<span class=\"_ _2\"></span>us\u2019 being rep<span class=\"_ _2\"></span>lace<span class=\"_ _2\"></span>d with \u2018net gain\u2019 an<span class=\"_ _2\"></span>d \u2018<span class=\"_ _7\"></span>p<span class=\"_ _2\"></span>rofitable\u2019 b<span class=\"_ _2\"></span>eing rep<span class=\"_ _2\"></span>lace<span class=\"_ _2\"></span>d with \u2018net cost<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>. C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts whic<span class=\"_ _2\"></span>h are issu<span class=\"_ _2\"></span>ed more th<span class=\"_ _2\"></span>an one yea<span class=\"_ _2\"></span>r apar<span class=\"_ _2\"></span>t are not per<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>d to be incl<span class=\"_ _2\"></span>uded with<span class=\"_ _2\"></span>in the same g<span class=\"_ _2\"></span>roup. Howeve<span class=\"_ _2\"></span>r as permi<span class=\"_ _2\"></span>tted by I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e groups of cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s for which the FVA has bee<span class=\"_ _2\"></span>n adopted o<span class=\"_ _2\"></span>n transiti<span class=\"_ _2\"></span>on includ<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts is<span class=\"_ _2\"></span>sued m<span class=\"_ _2\"></span>ore than on<span class=\"_ _2\"></span>e year apar<span class=\"_ _2\"></span>t.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has defin<span class=\"_ _2\"></span>ed por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folios of insuran<span class=\"_ _2\"></span>ce and re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts i<span class=\"_ _2\"></span>ssue<span class=\"_ _2\"></span>d broadly b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on the pred<span class=\"_ _2\"></span>ominant ris<span class=\"_ _2\"></span>ks inherent in th<span class=\"_ _2\"></span>e produ<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>/<span class=\"_ _6\"></span>c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, for example<span class=\"_ _2\"></span>, longevi<span class=\"_ _2\"></span>ty, per<span class=\"_ _2\"></span>sisten<span class=\"_ _2\"></span>cy<span class=\"_ _5\"></span>, mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y, and by con<span class=\"_ _2\"></span>sidering w<span class=\"_ _2\"></span>hether g<span class=\"_ _2\"></span>roups of produ<span class=\"_ _2\"></span>cts are m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed tog<span class=\"_ _2\"></span>ether<span class=\"_ _5\"></span>. The<span class=\"_ _2\"></span>se por<span class=\"_ _2\"></span>tfoli<span class=\"_ _2\"></span>os are fur<span class=\"_ _2\"></span>ther sp<span class=\"_ _2\"></span>lit by lega<span class=\"_ _2\"></span>l entit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, wi<span class=\"_ _2\"></span>th-profit fun<span class=\"_ _2\"></span>d and contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s subje<span class=\"_ _2\"></span>ct to dif<span class=\"_ _2\"></span>ferent IFRS 17 m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment mo<span class=\"_ _2\"></span>dels are gro<span class=\"_ _2\"></span>uped sep<span class=\"_ _2\"></span>arately. The po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>folios are allo<span class=\"_ _2\"></span>cated to c<span class=\"_ _2\"></span>ohor<span class=\"_ _2\"></span>ts ba<span class=\"_ _2\"></span>sed on wh<span class=\"_ _2\"></span>ether th<span class=\"_ _2\"></span>ey are onero<span class=\"_ _2\"></span>us at incept<span class=\"_ _2\"></span>ion or bas<span class=\"_ _2\"></span>ed on the<span class=\"_ _2\"></span>ir expec<span class=\"_ _2\"></span>ted level of profita<span class=\"_ _2\"></span>bility u<span class=\"_ _2\"></span>sing informatio<span class=\"_ _2\"></span>n available at inc<span class=\"_ _2\"></span>eption<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>For reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d, por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folios are bas<span class=\"_ _2\"></span>ed upon s<span class=\"_ _2\"></span>imilar risks to tho<span class=\"_ _2\"></span>se of the unde<span class=\"_ _2\"></span>rlying c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts. T<span class=\"_ _2\"></span>he reinsur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s held a<span class=\"_ _2\"></span>re as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ed for ag<span class=\"_ _2\"></span>greg<span class=\"_ _2\"></span>ation require<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s on an individu<span class=\"_ _2\"></span>al contra<span class=\"_ _2\"></span>ct bas<span class=\"_ _2\"></span>is.<span class=\"_ _3bc\"> </span>The gro<span class=\"_ _2\"></span>uping of the ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts are dete<span class=\"_ _2\"></span>rmined a<span class=\"_ _2\"></span>t initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n and are not sub<span class=\"_ _2\"></span>sequ<span class=\"_ _2\"></span>ently reas<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed<span class=\"_ _2\"></span>. Therefore<span class=\"_ _2\"></span>, a contrac<span class=\"_ _2\"></span>t will remain w<span class=\"_ _2\"></span>ithin the as<span class=\"_ _2\"></span>signe<span class=\"_ _2\"></span>d aggre<span class=\"_ _2\"></span>gation g<span class=\"_ _2\"></span>roup until it is de<span class=\"_ _2\"></span>recog<span class=\"_ _2\"></span>nised<span class=\"_ _2\"></span>, either by e<span class=\"_ _2\"></span>xpiry o<span class=\"_ _2\"></span>r modific<span class=\"_ _2\"></span>ation.<span class=\"_ _3bc\"> </span>Recogn<span class=\"_ _2\"></span>ition<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>s groups of insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts that it is<span class=\"_ _2\"></span>sues f<span class=\"_ _2\"></span>rom the earli<span class=\"_ _2\"></span>est of the follow<span class=\"_ _2\"></span>ing:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e beg<span class=\"_ _2\"></span>inning of the cove<span class=\"_ _2\"></span>rage p<span class=\"_ _2\"></span>eriod of the g<span class=\"_ _2\"></span>roup of contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>; \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e date when th<span class=\"_ _2\"></span>e first p<span class=\"_ _2\"></span>ayment from th<span class=\"_ _2\"></span>e policyh<span class=\"_ _2\"></span>older in th<span class=\"_ _2\"></span>e group is due o<span class=\"_ _2\"></span>r actu<span class=\"_ _2\"></span>ally rece<span class=\"_ _2\"></span>ived if there i<span class=\"_ _2\"></span>s no due date; or<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>for a g<span class=\"_ _2\"></span>roup of onero<span class=\"_ _2\"></span>us contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, as so<span class=\"_ _2\"></span>on as fac<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d circums<span class=\"_ _2\"></span>tance<span class=\"_ _2\"></span>s indica<span class=\"_ _2\"></span>te that the gro<span class=\"_ _2\"></span>up is onerou<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s with DPF a<span class=\"_ _2\"></span>re initially re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed at the d<span class=\"_ _2\"></span>ate when the G<span class=\"_ _2\"></span>roup bec<span class=\"_ _2\"></span>omes a p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y to the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t.<span class=\"_ _3bc\"> </span>Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts acq<span class=\"_ _2\"></span>uired in a bus<span class=\"_ _2\"></span>iness c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>n within the s<span class=\"_ _2\"></span>cope of IFR<span class=\"_ _2\"></span>S 3 Busine<span class=\"_ _2\"></span>ss Co<span class=\"_ _2\"></span>mbination<span class=\"_ _2\"></span>s or a por<span class=\"_ _2\"></span>tfolio t<span class=\"_ _2\"></span>ransfer a<span class=\"_ _2\"></span>re acc<span class=\"_ _2\"></span>ounted for a<span class=\"_ _2\"></span>s if they were entere<span class=\"_ _2\"></span>d into at the date of ac<span class=\"_ _2\"></span>quisition or tr<span class=\"_ _2\"></span>ansfer.<span class=\"_ _3bc\"> </span>Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d from the ea<span class=\"_ _2\"></span>rliest of th<span class=\"_ _2\"></span>e following:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e beg<span class=\"_ _2\"></span>inning of the cove<span class=\"_ _2\"></span>rage p<span class=\"_ _2\"></span>eriod of the g<span class=\"_ _2\"></span>roup of reinsura<span class=\"_ _2\"></span>nce co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>. However<span class=\"_ _5\"></span>, the Gro<span class=\"_ _2\"></span>up delays th<span class=\"_ _2\"></span>e recog<span class=\"_ _2\"></span>nition of a group of reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d that provide p<span class=\"_ _2\"></span>ropor<span class=\"_ _2\"></span>tionate cove<span class=\"_ _2\"></span>rage (for examp<span class=\"_ _2\"></span>le, throug<span class=\"_ _2\"></span>h a quota sh<span class=\"_ _2\"></span>are arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt) until the date wh<span class=\"_ _2\"></span>en any under<span class=\"_ _2\"></span>lying ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t is initially re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised<span class=\"_ _2\"></span>, if that date is late<span class=\"_ _2\"></span>r than the b<span class=\"_ _2\"></span>eginnin<span class=\"_ _2\"></span>g of the coverag<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d of the group of reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e date the Gro<span class=\"_ _2\"></span>up reco<span class=\"_ _2\"></span>gnises a<span class=\"_ _2\"></span>n onerous g<span class=\"_ _2\"></span>roup of underl<span class=\"_ _2\"></span>ying insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>ts if the Gro<span class=\"_ _2\"></span>up entered into th<span class=\"_ _2\"></span>e related rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act he<span class=\"_ _2\"></span>ld in the group of re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts h<span class=\"_ _2\"></span>eld at or befo<span class=\"_ _2\"></span>re that date.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up adds n<span class=\"_ _2\"></span>ew contra<span class=\"_ _2\"></span>cts to th<span class=\"_ _2\"></span>e group in the rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting perio<span class=\"_ _2\"></span>d in which th<span class=\"_ _2\"></span>at contrac<span class=\"_ _2\"></span>t mee<span class=\"_ _2\"></span>ts one of the c<span class=\"_ _2\"></span>riteria set o<span class=\"_ _2\"></span>ut above.<span class=\"_ _3bc\"> </span>Contract boundaries<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up includ<span class=\"_ _2\"></span>es in the me<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent of a group of insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s all the fu<span class=\"_ _2\"></span>ture cas<span class=\"_ _2\"></span>h flows within th<span class=\"_ _2\"></span>e bound<span class=\"_ _2\"></span>ary of e<span class=\"_ _2\"></span>ach contr<span class=\"_ _2\"></span>act in th<span class=\"_ _2\"></span>e group. C<span class=\"_ _2\"></span>ash flows a<span class=\"_ _2\"></span>re within the b<span class=\"_ _2\"></span>oundar<span class=\"_ _2\"></span>y of an insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t if they arise f<span class=\"_ _2\"></span>rom the right<span class=\"_ _2\"></span>s and oblig<span class=\"_ _2\"></span>ations th<span class=\"_ _2\"></span>at exist dur<span class=\"_ _2\"></span>ing the pe<span class=\"_ _2\"></span>riod in which th<span class=\"_ _2\"></span>e policyh<span class=\"_ _2\"></span>older is o<span class=\"_ _2\"></span>bligate<span class=\"_ _2\"></span>d to pay premiums o<span class=\"_ _2\"></span>r the Group h<span class=\"_ _2\"></span>as a subs<span class=\"_ _2\"></span>tantive oblig<span class=\"_ _2\"></span>ation to provide th<span class=\"_ _2\"></span>e policyh<span class=\"_ _2\"></span>older wi<span class=\"_ _2\"></span>th insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es. A s<span class=\"_ _2\"></span>ubsta<span class=\"_ _2\"></span>ntive obligati<span class=\"_ _2\"></span>on to provide insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ser<span class=\"_ _2\"></span>vices e<span class=\"_ _2\"></span>nds when<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s the pra<span class=\"_ _2\"></span>ctica<span class=\"_ _2\"></span>l abilit<span class=\"_ _2\"></span>y to reprice th<span class=\"_ _2\"></span>e risks of the par<span class=\"_ _2\"></span>ticul<span class=\"_ _2\"></span>ar policy<span class=\"_ _2\"></span>holder o<span class=\"_ _2\"></span>r chang<span class=\"_ _2\"></span>e the level of be<span class=\"_ _2\"></span>nefits s<span class=\"_ _2\"></span>o that the pr<span class=\"_ _2\"></span>ice fully refle<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>ose risks<span class=\"_ _2\"></span>; or \u2022 <span class=\"_ _9\"> </span>b<span class=\"_ _2\"></span>oth of the following c<span class=\"_ _2\"></span>riteria are s<span class=\"_ _2\"></span>atisfie<span class=\"_ _2\"></span>d:<span class=\"_ _3bc\"> </span>\u2013 <span class=\"_ _1a\"> </span>the G<span class=\"_ _2\"></span>roup has th<span class=\"_ _2\"></span>e prac<span class=\"_ _2\"></span>tical abilit<span class=\"_ _2\"></span>y to rep<span class=\"_ _2\"></span>rice the co<span class=\"_ _2\"></span>ntract o<span class=\"_ _2\"></span>r a por<span class=\"_ _2\"></span>tfolio of co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s so that t<span class=\"_ _2\"></span>he price f<span class=\"_ _2\"></span>ully reflec<span class=\"_ _2\"></span>ts the re<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>d risk of that p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio; and \u2013 <span class=\"_ _1a\"> </span>the p<span class=\"_ _2\"></span>ricing of premi<span class=\"_ _2\"></span>ums up to the date whe<span class=\"_ _2\"></span>n risks are rea<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d does not refl<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>e risks relate<span class=\"_ _2\"></span>d to perio<span class=\"_ _2\"></span>ds beyond th<span class=\"_ _2\"></span>e reas<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment da<span class=\"_ _2\"></span>te.<span class=\"_ _3bc\"> </span>Where a<span class=\"_ _2\"></span>n expec<span class=\"_ _2\"></span>ted pre<span class=\"_ _2\"></span>mium or expe<span class=\"_ _2\"></span>cted c<span class=\"_ _2\"></span>laim is not within t<span class=\"_ _2\"></span>he contra<span class=\"_ _2\"></span>ct bo<span class=\"_ _2\"></span>undar<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, it is not re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as a c<span class=\"_ _2\"></span>ash flow of th<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t and is ins<span class=\"_ _2\"></span>tead con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d to relate to a future in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct and re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed wh<span class=\"_ _2\"></span>en those c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts me<span class=\"_ _2\"></span>et the re<span class=\"_ _2\"></span>cogniti<span class=\"_ _2\"></span>on criteria<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t bounda<span class=\"_ _2\"></span>ry is re<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ed at eac<span class=\"_ _2\"></span>h repor<span class=\"_ _2\"></span>ting date to in<span class=\"_ _2\"></span>clude the ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t of chang<span class=\"_ _2\"></span>es in circum<span class=\"_ _2\"></span>stan<span class=\"_ _2\"></span>ces on th<span class=\"_ _2\"></span>e Group\u2019s substa<span class=\"_ _2\"></span>ntive right<span class=\"_ _2\"></span>s and oblig<span class=\"_ _2\"></span>ations an<span class=\"_ _2\"></span>d, therefore<span class=\"_ _2\"></span>, may chan<span class=\"_ _2\"></span>ge over time<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t bounda<span class=\"_ _2\"></span>ry for a re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act is de<span class=\"_ _2\"></span>pende<span class=\"_ _2\"></span>nt on the terms a<span class=\"_ _2\"></span>nd con<span class=\"_ _2\"></span>ditions of the rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct and th<span class=\"_ _2\"></span>erefore may not ne<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>sarily b<span class=\"_ _2\"></span>e the sam<span class=\"_ _2\"></span>e as for the unde<span class=\"_ _2\"></span>rlying c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts. W<span class=\"_ _2\"></span>here the rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct is ope<span class=\"_ _2\"></span>n to new busin<span class=\"_ _2\"></span>ess on a<span class=\"_ _2\"></span>gree<span class=\"_ _2\"></span>d terms for a peri<span class=\"_ _2\"></span>od of time, th<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t boun<span class=\"_ _2\"></span>dar<span class=\"_ _2\"></span>y may inclu<span class=\"_ _2\"></span>de estim<span class=\"_ _2\"></span>ates of reinsur<span class=\"_ _2\"></span>ance on in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>at have not yet be<span class=\"_ _2\"></span>en issu<span class=\"_ _2\"></span>ed or rep<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span>Measurement<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s in<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d without d<span class=\"_ _2\"></span>irect pa<span class=\"_ _2\"></span>rtic<span class=\"_ _2\"></span>ipation feat<span class=\"_ _2\"></span>ures are group<span class=\"_ _2\"></span>ed tog<span class=\"_ _2\"></span>ether und<span class=\"_ _2\"></span>er annuit<span class=\"_ _2\"></span>y, protectio<span class=\"_ _2\"></span>n and other non-lin<span class=\"_ _2\"></span>k<span class=\"_ _5\"></span>ed ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e busines<span class=\"_ _2\"></span>s. T<span class=\"_ _2\"></span>hese gro<span class=\"_ _2\"></span>ups of insura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d under th<span class=\"_ _2\"></span>e Gene<span class=\"_ _2\"></span>ral Mod<span class=\"_ _2\"></span>el (\u2018G<span class=\"_ _2\"></span>M\u2019<span class=\"_ _2\"></span>). Direc<span class=\"_ _2\"></span>t par<span class=\"_ _2\"></span>ticipatin<span class=\"_ _2\"></span>g contra<span class=\"_ _2\"></span>cts is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d by the Group are c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts with D<span class=\"_ _2\"></span>PF where th<span class=\"_ _2\"></span>e Group hol<span class=\"_ _2\"></span>ds the po<span class=\"_ _2\"></span>ol of underlyin<span class=\"_ _2\"></span>g ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>. Direct par<span class=\"_ _2\"></span>ticipat<span class=\"_ _2\"></span>ing insura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are group<span class=\"_ _2\"></span>ed toge<span class=\"_ _2\"></span>ther and re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted prim<span class=\"_ _2\"></span>arily as eith<span class=\"_ _2\"></span>er unit-linked or with-p<span class=\"_ _2\"></span>rofit busine<span class=\"_ _2\"></span>ss alth<span class=\"_ _2\"></span>ough s<span class=\"_ _2\"></span>ome protec<span class=\"_ _2\"></span>tion contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s are consi<span class=\"_ _2\"></span>dered to have dire<span class=\"_ _2\"></span>ct par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>tion feature<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>se group<span class=\"_ _2\"></span>s of contrac<span class=\"_ _2\"></span>ts are me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d using the var<span class=\"_ _2\"></span>iable fee appro<span class=\"_ _2\"></span>ach (\u2018<span class=\"_ _2\"></span>VF<span class=\"_ _5\"></span>A<span class=\"_ _7\"></span>\u2019<span class=\"_ _2\"></span>), unle<span class=\"_ _2\"></span>ss they fa<span class=\"_ _2\"></span>il the eligibilit<span class=\"_ _2\"></span>y tes<span class=\"_ _2\"></span>t to be treate<span class=\"_ _2\"></span>d under thi<span class=\"_ _2\"></span>s approac<span class=\"_ _2\"></span>h, in suc<span class=\"_ _2\"></span>h circums<span class=\"_ _2\"></span>tanc<span class=\"_ _2\"></span>es they are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d under the G<span class=\"_ _2\"></span>M. Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d are mea<span class=\"_ _2\"></span>sured unde<span class=\"_ _2\"></span>r the GM irre<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>tive of the me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt mode<span class=\"_ _2\"></span>l used for th<span class=\"_ _2\"></span>e underly<span class=\"_ _2\"></span>ing contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>. Ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in with-p<span class=\"_ _2\"></span>rofit funds with<span class=\"_ _2\"></span>in the Group h<span class=\"_ _2\"></span>old non-p<span class=\"_ _2\"></span>rofit insuran<span class=\"_ _2\"></span>ce busin<span class=\"_ _2\"></span>ess s<span class=\"_ _2\"></span>uch as ann<span class=\"_ _2\"></span>uities. T<span class=\"_ _2\"></span>his busin<span class=\"_ _2\"></span>ess will al<span class=\"_ _2\"></span>so be me<span class=\"_ _2\"></span>asured un<span class=\"_ _2\"></span>der the G<span class=\"_ _2\"></span>M.<span class=\"_ _3bc\"> </span>Initial measurement \u2013<span class=\"_ _5\"></span> Insurance contract<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>On initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, the Group m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>s a group of insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s as the tota<span class=\"_ _2\"></span>l of (<span class=\"_ _5\"></span>a) the fulfilm<span class=\"_ _2\"></span>ent ca<span class=\"_ _2\"></span>sh flows<span class=\"_ _2\"></span>, which com<span class=\"_ _2\"></span>prise es<span class=\"_ _2\"></span>timates of future c<span class=\"_ _2\"></span>ash flows<span class=\"_ _2\"></span>, ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d to reflec<span class=\"_ _2\"></span>t the time valu<span class=\"_ _2\"></span>e of money and t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>ociate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l risks<span class=\"_ _2\"></span>, and a risk ad<span class=\"_ _2\"></span>just<span class=\"_ _2\"></span>ment for non<span class=\"_ _2\"></span>-financ<span class=\"_ _2\"></span>ial risk<span class=\"_ _2\"></span>; and (b) the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual se<span class=\"_ _2\"></span>rvi<span class=\"_ _2\"></span>ce margin (<span class=\"_ _2\"></span>\u2018CS<span class=\"_ _2\"></span>M\u2019<span class=\"_ _2\"></span>). The fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows of a group of ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts do not refl<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>e Group\u2019s non-<span class=\"_ _3bc\"> </span>per<span class=\"_ _2\"></span>formance risk.<span class=\"_ _3bc\"> </span>The f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows co<span class=\"_ _2\"></span>mprise:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>un<span class=\"_ _2\"></span>biase<span class=\"_ _2\"></span>d and proba<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>y-weighte<span class=\"_ _2\"></span>d estim<span class=\"_ _2\"></span>ates of future c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s that are within th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct boun<span class=\"_ _2\"></span>dar<span class=\"_ _2\"></span>y plus an a<span class=\"_ _2\"></span>djust<span class=\"_ _2\"></span>ment to refle<span class=\"_ _2\"></span>ct the time val<span class=\"_ _2\"></span>ue of money an<span class=\"_ _2\"></span>d the finan<span class=\"_ _2\"></span>cial risks rel<span class=\"_ _2\"></span>ated to future c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s, to the ex<span class=\"_ _2\"></span>tent th<span class=\"_ _2\"></span>at the finan<span class=\"_ _2\"></span>cial risks are n<span class=\"_ _2\"></span>ot include<span class=\"_ _2\"></span>d in the es<span class=\"_ _2\"></span>timates of future c<span class=\"_ _2\"></span>ash flows (<span class=\"_ _2\"></span>\u2018B<span class=\"_ _2\"></span>EL<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>); an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a r<span class=\"_ _2\"></span>isk adju<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt for non-fin<span class=\"_ _2\"></span>ancial ris<span class=\"_ _2\"></span>k<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>The m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent of fulfilme<span class=\"_ _2\"></span>nt cash flo<span class=\"_ _2\"></span>ws includ<span class=\"_ _2\"></span>es insura<span class=\"_ _2\"></span>nce ac<span class=\"_ _2\"></span>quisition c<span class=\"_ _2\"></span>ash flows wh<span class=\"_ _2\"></span>ich are alloc<span class=\"_ _2\"></span>ated as a p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ion of premium to profit o<span class=\"_ _2\"></span>r los<span class=\"_ _2\"></span>s (<span class=\"_ _5\"></span>throu<span class=\"_ _2\"></span>gh insura<span class=\"_ _2\"></span>nce reven<span class=\"_ _2\"></span>ue) ov<span class=\"_ _5\"></span>er th<span class=\"_ _2\"></span>e period of th<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t in a sys<span class=\"_ _2\"></span>tematic an<span class=\"_ _2\"></span>d rationa<span class=\"_ _2\"></span>l way base<span class=\"_ _2\"></span>d on the pas<span class=\"_ _2\"></span>sag<span class=\"_ _2\"></span>e of time.<span class=\"_ _3bc\"> </span>The ris<span class=\"_ _2\"></span>k adjus<span class=\"_ _2\"></span>tment for n<span class=\"_ _2\"></span>on-fina<span class=\"_ _2\"></span>ncial ris<span class=\"_ _2\"></span>k for a group of insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s, de<span class=\"_ _2\"></span>termine<span class=\"_ _2\"></span>d separ<span class=\"_ _2\"></span>ately from the oth<span class=\"_ _2\"></span>er es<span class=\"_ _2\"></span>timates<span class=\"_ _2\"></span>, is the comp<span class=\"_ _2\"></span>ensa<span class=\"_ _2\"></span>tion require<span class=\"_ _2\"></span>d for bear<span class=\"_ _2\"></span>ing unce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>inty ab<span class=\"_ _2\"></span>out the am<span class=\"_ _2\"></span>ount and tim<span class=\"_ _2\"></span>ing of the ca<span class=\"_ _2\"></span>sh flows that a<span class=\"_ _2\"></span>rises from n<span class=\"_ _2\"></span>on-fina<span class=\"_ _2\"></span>ncial ris<span class=\"_ _2\"></span>k. The Gro<span class=\"_ _2\"></span>up applie<span class=\"_ _2\"></span>s a confide<span class=\"_ _2\"></span>nce level te<span class=\"_ _2\"></span>chnique<span class=\"_ _2\"></span>. The risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment is allo<span class=\"_ _2\"></span>cated to g<span class=\"_ _2\"></span>roups of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s base<span class=\"_ _2\"></span>d on an anal<span class=\"_ _2\"></span>ysis of the risk profil<span class=\"_ _2\"></span>es of the group<span class=\"_ _2\"></span>s, refle<span class=\"_ _2\"></span>cting th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>cts of the di<span class=\"_ _2\"></span>versific<span class=\"_ _2\"></span>ation ben<span class=\"_ _2\"></span>efits be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en Group ent<span class=\"_ _2\"></span>ities to the ex<span class=\"_ _2\"></span>tent that th<span class=\"_ _2\"></span>e Group inc<span class=\"_ _2\"></span>ludes it wh<span class=\"_ _2\"></span>en determin<span class=\"_ _2\"></span>ing the co<span class=\"_ _2\"></span>mpens<span class=\"_ _2\"></span>ation req<span class=\"_ _2\"></span>uired to bea<span class=\"_ _2\"></span>r that risk<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up include<span class=\"_ _2\"></span>s diversific<span class=\"_ _2\"></span>ation be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en Group enti<span class=\"_ _2\"></span>ties which u<span class=\"_ _2\"></span>se the Gro<span class=\"_ _2\"></span>up Internal M<span class=\"_ _2\"></span>odel for man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent deci<span class=\"_ _2\"></span>sion-mak<span class=\"_ _2\"></span>ing. Wh<span class=\"_ _2\"></span>ere a Stand<span class=\"_ _2\"></span>ard Formula ap<span class=\"_ _2\"></span>proach is u<span class=\"_ _2\"></span>sed<span class=\"_ _2\"></span>, no diversifi<span class=\"_ _2\"></span>cation wit<span class=\"_ _2\"></span>h other entitie<span class=\"_ _2\"></span>s within the G<span class=\"_ _2\"></span>roup is allowed fo<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>. The G<span class=\"_ _2\"></span>roup determin<span class=\"_ _2\"></span>es the ris<span class=\"_ _2\"></span>k adjus<span class=\"_ _2\"></span>tment us<span class=\"_ _2\"></span>ing a one<span class=\"_ _2\"></span>-year time h<span class=\"_ _2\"></span>orizon, con<span class=\"_ _2\"></span>sistent wi<span class=\"_ _2\"></span>th the time ho<span class=\"_ _2\"></span>riz<span class=\"_ _5\"></span>on use<span class=\"_ _2\"></span>d for Sol<span class=\"_ _2\"></span>vency I<span class=\"_ _2\"></span>I, a key metric unde<span class=\"_ _2\"></span>rlying h<span class=\"_ _2\"></span>ow the Group is m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed.<span class=\"_ _3bc\"> </span>The C<span class=\"_ _2\"></span>SM of a group of ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts rep<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>s the unea<span class=\"_ _2\"></span>rned profit t<span class=\"_ _2\"></span>hat the Gro<span class=\"_ _2\"></span>up will reco<span class=\"_ _2\"></span>gnise over th<span class=\"_ _2\"></span>e life o<span class=\"_ _5\"></span>f the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t as insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt-related se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es are provide<span class=\"_ _2\"></span>d. For profit<span class=\"_ _2\"></span>able group<span class=\"_ _2\"></span>s of insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>e CSM i<span class=\"_ _2\"></span>s esta<span class=\"_ _2\"></span>blishe<span class=\"_ _2\"></span>d to ensure tha<span class=\"_ _2\"></span>t no profit or lo<span class=\"_ _2\"></span>ss is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed at inc<span class=\"_ _2\"></span>eption and c<span class=\"_ _2\"></span>onse<span class=\"_ _2\"></span>quently it of<span class=\"_ _2\"></span>fset<span class=\"_ _2\"></span>s the net p<span class=\"_ _2\"></span>resent val<span class=\"_ _2\"></span>ue of the expe<span class=\"_ _2\"></span>cted c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s (includin<span class=\"_ _2\"></span>g initial prem<span class=\"_ _2\"></span>ium and ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e acquisi<span class=\"_ _2\"></span>tion cas<span class=\"_ _2\"></span>h flows) and the ri<span class=\"_ _2\"></span>sk adju<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt. For a group of ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t are onerou<span class=\"_ _2\"></span>s, the C<span class=\"_ _2\"></span>SM is s<span class=\"_ _2\"></span>et to nil and a los<span class=\"_ _2\"></span>s is immedi<span class=\"_ _2\"></span>ately rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in profit or lo<span class=\"_ _2\"></span>ss. A l<span class=\"_ _2\"></span>oss com<span class=\"_ _2\"></span>ponent of th<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y for remainin<span class=\"_ _2\"></span>g coverag<span class=\"_ _2\"></span>e (\u2018<span class=\"_ _2\"></span>LRC<span class=\"_ _2\"></span>\u2019) is e<span class=\"_ _2\"></span>stabli<span class=\"_ _2\"></span>shed for th<span class=\"_ _2\"></span>e amount of los<span class=\"_ _2\"></span>s reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d. The init<span class=\"_ _2\"></span>ial reco<span class=\"_ _2\"></span>gnition of the C<span class=\"_ _2\"></span>SM is c<span class=\"_ _2\"></span>onsiste<span class=\"_ _2\"></span>nt for insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s applyin<span class=\"_ _2\"></span>g the GM an<span class=\"_ _2\"></span>d VF<span class=\"_ _7\"></span>A me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt approa<span class=\"_ _2\"></span>ches<span class=\"_ _2\"></span>, however th<span class=\"_ _2\"></span>ere are key differe<span class=\"_ _2\"></span>nces for s<span class=\"_ _2\"></span>ubseq<span class=\"_ _2\"></span>uent mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of the CSM un<span class=\"_ _2\"></span>der the<span class=\"_ _2\"></span>se mea<span class=\"_ _2\"></span>surement m<span class=\"_ _2\"></span>odels<span class=\"_ _2\"></span>. For group<span class=\"_ _2\"></span>s of contrac<span class=\"_ _2\"></span>ts ac<span class=\"_ _2\"></span>quired in a tra<span class=\"_ _2\"></span>nsfer of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s or a busin<span class=\"_ _2\"></span>ess co<span class=\"_ _2\"></span>mbination<span class=\"_ _2\"></span>, the con<span class=\"_ _2\"></span>sidera<span class=\"_ _2\"></span>tion rece<span class=\"_ _2\"></span>ived for the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts is incl<span class=\"_ _2\"></span>uded in the fulfi<span class=\"_ _2\"></span>lment ca<span class=\"_ _2\"></span>sh flows as a prox<span class=\"_ _2\"></span>y for the p<span class=\"_ _2\"></span>remiums re<span class=\"_ _2\"></span>ceived at th<span class=\"_ _2\"></span>e date of acquis<span class=\"_ _2\"></span>ition. In a b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s combin<span class=\"_ _2\"></span>ation, t<span class=\"_ _2\"></span>he consi<span class=\"_ _2\"></span>deration rec<span class=\"_ _2\"></span>eived is the f<span class=\"_ _2\"></span>air value of the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts at that da<span class=\"_ _2\"></span>te.<span class=\"_ _3bc\"> </span>With-profit estate<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has a num<span class=\"_ _2\"></span>ber of with-p<span class=\"_ _2\"></span>rofit funds wh<span class=\"_ _2\"></span>ere surplus<span class=\"_ _2\"></span>es are sh<span class=\"_ _2\"></span>ared bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n policyh<span class=\"_ _2\"></span>older<span class=\"_ _2\"></span>s and sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>rs. A<span class=\"_ _2\"></span>ll such fun<span class=\"_ _2\"></span>ds are close<span class=\"_ _2\"></span>d to new bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>se fund<span class=\"_ _2\"></span>s typi<span class=\"_ _2\"></span>cally have an e<span class=\"_ _2\"></span>state<span class=\"_ _2\"></span>, being a sur<span class=\"_ _2\"></span>plus of ass<span class=\"_ _2\"></span>ets over th<span class=\"_ _2\"></span>ose ne<span class=\"_ _2\"></span>eded to m<span class=\"_ _2\"></span>eet the lia<span class=\"_ _2\"></span>bilities of curre<span class=\"_ _2\"></span>nt polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs. A<span class=\"_ _2\"></span>s these f<span class=\"_ _2\"></span>unds are cl<span class=\"_ _2\"></span>osed to ne<span class=\"_ _2\"></span>w busine<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, the surplu<span class=\"_ _2\"></span>s is expe<span class=\"_ _2\"></span>cted to be di<span class=\"_ _2\"></span>stribute<span class=\"_ _2\"></span>d to existin<span class=\"_ _2\"></span>g policy<span class=\"_ _2\"></span>holder<span class=\"_ _2\"></span>s over time and t<span class=\"_ _2\"></span>he Group h<span class=\"_ _2\"></span>as determin<span class=\"_ _2\"></span>ed it app<span class=\"_ _2\"></span>ropriate to alloc<span class=\"_ _2\"></span>ate the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d future p<span class=\"_ _2\"></span>olicyhol<span class=\"_ _2\"></span>der payme<span class=\"_ _2\"></span>nts from th<span class=\"_ _2\"></span>e esta<span class=\"_ _2\"></span>te to specifi<span class=\"_ _2\"></span>c groups of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s within th<span class=\"_ _2\"></span>e meas<span class=\"_ _2\"></span>urement of the b<span class=\"_ _2\"></span>est e<span class=\"_ _2\"></span>stimate c<span class=\"_ _2\"></span>ash flows<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Subsequent<span class=\"_ _7\"></span> measurement<span class=\"_ _5\"></span> \u2013 Insu<span class=\"_ _5\"></span>rance con<span class=\"_ _5\"></span>tracts<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of a group of insura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s at each re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting date is th<span class=\"_ _2\"></span>e sum of the LRC an<span class=\"_ _2\"></span>d the liabilit<span class=\"_ _2\"></span>y for inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>LIC<span class=\"_ _2\"></span>\u2019). The LRC c<span class=\"_ _2\"></span>ompris<span class=\"_ _2\"></span>es the BEL<span class=\"_ _2\"></span>, risk ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent and any re<span class=\"_ _2\"></span>maining C<span class=\"_ _2\"></span>SM at that d<span class=\"_ _2\"></span>ate. The LIC in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>s the BEL an<span class=\"_ _2\"></span>d risk adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt (the fulfilment ca<span class=\"_ _2\"></span>sh flows for inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s and exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s that have not yet be<span class=\"_ _2\"></span>en paid<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g claims th<span class=\"_ _2\"></span>at have bee<span class=\"_ _2\"></span>n incurre<span class=\"_ _2\"></span>d but not yet rep<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d). There is no C<span class=\"_ _2\"></span>SM as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with the LI<span class=\"_ _2\"></span>C, and a<span class=\"_ _2\"></span>s a result<span class=\"_ _2\"></span>, any chang<span class=\"_ _2\"></span>es in the LI<span class=\"_ _2\"></span>C are taken direc<span class=\"_ _2\"></span>tly to profit or los<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows of group<span class=\"_ _2\"></span>s of insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts a<span class=\"_ _2\"></span>re meas<span class=\"_ _2\"></span>ured at the rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting date using c<span class=\"_ _2\"></span>urrent es<span class=\"_ _2\"></span>timates of fut<span class=\"_ _2\"></span>ure cash fl<span class=\"_ _2\"></span>ows, current di<span class=\"_ _2\"></span>scount r<span class=\"_ _2\"></span>ates and cur<span class=\"_ _2\"></span>rent estim<span class=\"_ _2\"></span>ates of the risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for n<span class=\"_ _2\"></span>on-finan<span class=\"_ _2\"></span>cial risk<span class=\"_ _2\"></span>. Chang<span class=\"_ _2\"></span>es in fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows are rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d as follows<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Cha<span class=\"_ _2\"></span>nges r<span class=\"_ _2\"></span>elatin<span class=\"_ _2\"></span>g to futur<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vices i<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>ance<span class=\"_ _2aa\"> </span><span class=\"ff3\">A<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted aga<span class=\"_ _2\"></span>inst the C<span class=\"_ _2\"></span>SM (or rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the ins<span class=\"_ _2\"></span>urance s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice </span>result in p<span class=\"_ _2\"></span>rofit or los<span class=\"_ _2\"></span>s if the group is on<span class=\"_ _2\"></span>erous)<span class=\"_ _3bc\"> </span>Cha<span class=\"_ _2\"></span>nges r<span class=\"_ _2\"></span>elatin<span class=\"_ _2\"></span>g to curre<span class=\"_ _2\"></span>nt or pas<span class=\"_ _2\"></span>t ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s<span class=\"_ _2ba\"> </span><span class=\"ff3\">Rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the ins<span class=\"_ _2\"></span>urance s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice resul<span class=\"_ _2\"></span>t in profit or los<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></span>Effe<span class=\"_ _2\"></span>cts of t<span class=\"_ _2\"></span>he time va<span class=\"_ _2\"></span>lue of mo<span class=\"_ _2\"></span>ney, financ<span class=\"_ _2\"></span>ial risk a<span class=\"_ _2\"></span>nd cha<span class=\"_ _2\"></span>nges<span class=\"_ _7b\"> </span><span class=\"ff3\">Re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e financ<span class=\"_ _2\"></span>e income o<span class=\"_ _2\"></span>r expens<span class=\"_ _2\"></span>es there<span class=\"_ _2\"></span>in on </span>es<span class=\"_ _2\"></span>timated fu<span class=\"_ _2\"></span>ture cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span>Where<span class=\"_ _2\"></span>, during the c<span class=\"_ _2\"></span>overag<span class=\"_ _2\"></span>e period<span class=\"_ _2\"></span>, a group of ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts be<span class=\"_ _2\"></span>come<span class=\"_ _2\"></span>s onerou<span class=\"_ _2\"></span>s, the G<span class=\"_ _2\"></span>roup reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>s a loss in profi<span class=\"_ _2\"></span>t or loss for th<span class=\"_ _2\"></span>e net out<span class=\"_ _2\"></span>flow, resultin<span class=\"_ _2\"></span>g in the car<span class=\"_ _2\"></span>ryin<span class=\"_ _2\"></span>g amount of the li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y for the group b<span class=\"_ _2\"></span>eing eq<span class=\"_ _2\"></span>ual to the fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows. A l<span class=\"_ _2\"></span>oss co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nt is esta<span class=\"_ _2\"></span>blishe<span class=\"_ _2\"></span>d by the Gro<span class=\"_ _2\"></span>up for the liabilit<span class=\"_ _2\"></span>y for rem<span class=\"_ _2\"></span>aining cover<span class=\"_ _2\"></span>age for su<span class=\"_ _2\"></span>ch groups of on<span class=\"_ _2\"></span>erous co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s repres<span class=\"_ _2\"></span>enting the l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d. The C<span class=\"_ _2\"></span>SM of eac<span class=\"_ _2\"></span>h group of contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s is calc<span class=\"_ _2\"></span>ulated at ea<span class=\"_ _2\"></span>ch repor<span class=\"_ _2\"></span>ting d<span class=\"_ _2\"></span>ate as follows:<span class=\"_ _3bc\"> </span>Insurance<span class=\"_ _7\"></span> contracts measured<span class=\"_ _7\"></span> under GM<span class=\"_ _3bc\"> </span>For insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s mea<span class=\"_ _2\"></span>sured und<span class=\"_ _2\"></span>er the GM ap<span class=\"_ _2\"></span>proach<span class=\"_ _2\"></span>, the CS<span class=\"_ _2\"></span>M is adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d by applying l<span class=\"_ _2\"></span>ocked-in disc<span class=\"_ _2\"></span>ount rates<span class=\"_ _2\"></span>, while th<span class=\"_ _2\"></span>e BEL and ris<span class=\"_ _2\"></span>k adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt are adj<span class=\"_ _2\"></span>usted us<span class=\"_ _2\"></span>ing current di<span class=\"_ _2\"></span>scount r<span class=\"_ _2\"></span>ates.<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of the CSM a<span class=\"_ _2\"></span>t each rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting date is the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt at the st<span class=\"_ _2\"></span>art of th<span class=\"_ _2\"></span>e year<span class=\"_ _5\"></span>, adj<span class=\"_ _2\"></span>usted fo<span class=\"_ _2\"></span>r:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e CSM of any n<span class=\"_ _2\"></span>ew contra<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>at are adde<span class=\"_ _2\"></span>d to the group in th<span class=\"_ _2\"></span>e year;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>inte<span class=\"_ _2\"></span>rest ac<span class=\"_ _2\"></span>creted on t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mount of the CS<span class=\"_ _2\"></span>M during th<span class=\"_ _2\"></span>e year;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in fulfilme<span class=\"_ _2\"></span>nt cash flo<span class=\"_ _2\"></span>ws that relate to f<span class=\"_ _2\"></span>uture ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s, exc<span class=\"_ _2\"></span>ept to the ex<span class=\"_ _2\"></span>tent that<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2013 <span class=\"_ _1a\"> </span>any inc<span class=\"_ _2\"></span>rease<span class=\"_ _2\"></span>s in the fulfilme<span class=\"_ _2\"></span>nt cash fl<span class=\"_ _2\"></span>ows excee<span class=\"_ _2\"></span>d the ca<span class=\"_ _2\"></span>rryin<span class=\"_ _2\"></span>g amount of the C<span class=\"_ _2\"></span>SM<span class=\"_ _2\"></span>, in which c<span class=\"_ _2\"></span>ase the exc<span class=\"_ _2\"></span>ess is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised a<span class=\"_ _2\"></span>s a loss in profit or los<span class=\"_ _2\"></span>s and cre<span class=\"_ _2\"></span>ates a loss c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ent; or<span class=\"_ _3bc\"> </span>\u2013 <span class=\"_ _1a\"> </span>any de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>es in the fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows are allo<span class=\"_ _2\"></span>cated to th<span class=\"_ _2\"></span>e loss c<span class=\"_ _2\"></span>ompone<span class=\"_ _2\"></span>nt, revers<span class=\"_ _2\"></span>ing los<span class=\"_ _2\"></span>ses previo<span class=\"_ _2\"></span>usly rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in profit or l<span class=\"_ _2\"></span>oss;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ct of any curren<span class=\"_ _2\"></span>cy exchan<span class=\"_ _2\"></span>ge dif<span class=\"_ _2\"></span>ference<span class=\"_ _2\"></span>s on the CS<span class=\"_ _2\"></span>M; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e amount re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e revenue b<span class=\"_ _2\"></span>eca<span class=\"_ _2\"></span>use of the se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es provide<span class=\"_ _2\"></span>d in the year (se<span class=\"_ _2\"></span>e the \u2018<span class=\"_ _2\"></span>Insura<span class=\"_ _2\"></span>nce revenu<span class=\"_ _2\"></span>e\u2019 acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>y in note C1 for f<span class=\"_ _2\"></span>urth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s)<span class=\"_ _3bc\"> </span><span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>Chan<span class=\"_ _2\"></span>ges in fulfilm<span class=\"_ _2\"></span>ent ca<span class=\"_ _2\"></span>sh flows relat<span class=\"_ _2\"></span>ing to future s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice that a<span class=\"_ _2\"></span>djust t<span class=\"_ _2\"></span>he CS<span class=\"_ _2\"></span>M compris<span class=\"_ _2\"></span>e:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>ex<span class=\"_ _2\"></span>perien<span class=\"_ _2\"></span>ce adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ents aris<span class=\"_ _2\"></span>ing from the dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>e bet<span class=\"_ _2\"></span>ween pre<span class=\"_ _2\"></span>miums rec<span class=\"_ _2\"></span>eived an<span class=\"_ _2\"></span>d the expe<span class=\"_ _2\"></span>cted a<span class=\"_ _2\"></span>mounts e<span class=\"_ _2\"></span>stima<span class=\"_ _2\"></span>ted at the be<span class=\"_ _2\"></span>ginning of the pe<span class=\"_ _2\"></span>riod, th<span class=\"_ _2\"></span>at relate to fut<span class=\"_ _2\"></span>ure ser<span class=\"_ _2\"></span>vice, a<span class=\"_ _2\"></span>long with any a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated ac<span class=\"_ _2\"></span>quisition c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in est<span class=\"_ _2\"></span>imates of the pre<span class=\"_ _2\"></span>sent value of f<span class=\"_ _2\"></span>uture cas<span class=\"_ _2\"></span>h flows in the B<span class=\"_ _2\"></span>EL and risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>dif<span class=\"_ _2\"></span>feren<span class=\"_ _2\"></span>ces bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n any investme<span class=\"_ _2\"></span>nt compo<span class=\"_ _2\"></span>nent exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d to beco<span class=\"_ _2\"></span>me payable in th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d and the a<span class=\"_ _2\"></span>ctual inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ent that becom<span class=\"_ _2\"></span>es payable;<span class=\"_ _5\"></span> and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for n<span class=\"_ _2\"></span>on-finan<span class=\"_ _2\"></span>cial risk th<span class=\"_ _2\"></span>at relate to fut<span class=\"_ _2\"></span>ure ser<span class=\"_ _2\"></span>vice.<span class=\"_ _3bc\"> </span>The imp<span class=\"_ _2\"></span>act of disc<span class=\"_ _2\"></span>ounting th<span class=\"_ _2\"></span>e risk adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ent for busine<span class=\"_ _2\"></span>ss me<span class=\"_ _2\"></span>asured un<span class=\"_ _2\"></span>der GM is di<span class=\"_ _2\"></span>sagg<span class=\"_ _2\"></span>regate<span class=\"_ _2\"></span>d and rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed within N<span class=\"_ _2\"></span>et financ<span class=\"_ _2\"></span>e incom<span class=\"_ _2\"></span>e or exp<span class=\"_ _2\"></span>enses f<span class=\"_ _2\"></span>rom insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s within the inc<span class=\"_ _2\"></span>ome s<span class=\"_ _2\"></span>tatement<span class=\"_ _2\"></span>. Insurance<span class=\"_ _7\"></span> contracts measured<span class=\"_ _7\"></span> under VF<span class=\"_ _6\"></span>A model<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s un<span class=\"_ _2\"></span>it-link<span class=\"_ _5\"></span>ed an<span class=\"_ _2\"></span>d with-profit b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s that me<span class=\"_ _2\"></span>ets th<span class=\"_ _2\"></span>e VF<span class=\"_ _7\"></span>A elig<span class=\"_ _2\"></span>ibility c<span class=\"_ _2\"></span>riteria are dire<span class=\"_ _2\"></span>ct par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>ting contr<span class=\"_ _2\"></span>acts un<span class=\"_ _2\"></span>der whic<span class=\"_ _2\"></span>h the Group\u2019s obliga<span class=\"_ _2\"></span>tion to the polic<span class=\"_ _2\"></span>yhold<span class=\"_ _2\"></span>er is the net of<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e obligat<span class=\"_ _2\"></span>ion to pay the po<span class=\"_ _2\"></span>licyhol<span class=\"_ _2\"></span>der an amo<span class=\"_ _2\"></span>unt equal to th<span class=\"_ _2\"></span>e fair value of the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g items; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a va<span class=\"_ _2\"></span>riable fee in e<span class=\"_ _2\"></span>xchang<span class=\"_ _2\"></span>e for future se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es provide<span class=\"_ _2\"></span>d by the contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, b<span class=\"_ _2\"></span>eing the am<span class=\"_ _2\"></span>ount of the Group\u2019s share of th<span class=\"_ _2\"></span>e fair value of the under<span class=\"_ _2\"></span>lying item<span class=\"_ _2\"></span>s less f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows th<span class=\"_ _2\"></span>at do not var<span class=\"_ _2\"></span>y bas<span class=\"_ _2\"></span>ed on the ret<span class=\"_ _2\"></span>urns on unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e Group provide<span class=\"_ _2\"></span>s investme<span class=\"_ _2\"></span>nt ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s under th<span class=\"_ _2\"></span>ese cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s by giving a ret<span class=\"_ _2\"></span>urn base<span class=\"_ _2\"></span>d on unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s, in ad<span class=\"_ _2\"></span>dition to insur<span class=\"_ _2\"></span>ance cover<span class=\"_ _2\"></span>age.<span class=\"_ _3bc\"> </span>For unit-linked and wi<span class=\"_ _2\"></span>th-profit cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s that are me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d under the VFA<span class=\"_ _2\"></span>, interest is n<span class=\"_ _2\"></span>ot accrete<span class=\"_ _2\"></span>d on the CS<span class=\"_ _2\"></span>M using a lo<span class=\"_ _2\"></span>cked-in disc<span class=\"_ _2\"></span>ount rate, ins<span class=\"_ _2\"></span>tead it is dete<span class=\"_ _2\"></span>rmined wi<span class=\"_ _2\"></span>th reference to th<span class=\"_ _2\"></span>e underl<span class=\"_ _2\"></span>ying items<span class=\"_ _2\"></span>, refle<span class=\"_ _2\"></span>cting th<span class=\"_ _2\"></span>at on thes<span class=\"_ _2\"></span>e typ<span class=\"_ _2\"></span>es of insura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s the Group fe<span class=\"_ _2\"></span>es for providing inve<span class=\"_ _2\"></span>stment-re<span class=\"_ _2\"></span>lated ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es are determ<span class=\"_ _2\"></span>ined with refere<span class=\"_ _2\"></span>nce to the v<span class=\"_ _2\"></span>alue of the invest<span class=\"_ _2\"></span>ments a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated with t<span class=\"_ _2\"></span>he polic<span class=\"_ _2\"></span>yholder<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>olicy. For examp<span class=\"_ _2\"></span>le, annua<span class=\"_ _2\"></span>l manag<span class=\"_ _2\"></span>ement c<span class=\"_ _2\"></span>harge<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _7\"></span>AM<span class=\"_ _2\"></span>C\u2019<span class=\"_ _2\"></span>) are dete<span class=\"_ _2\"></span>rmined by refere<span class=\"_ _2\"></span>nce to the va<span class=\"_ _2\"></span>lue of the polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r\u2019<span class=\"_ _5\"></span>s fun<span class=\"_ _2\"></span>d value and th<span class=\"_ _2\"></span>e share<span class=\"_ _2\"></span>holde<span class=\"_ _2\"></span>r\u2019<span class=\"_ _5\"></span>s share of b<span class=\"_ _2\"></span>onuse<span class=\"_ _2\"></span>s on a with-profit p<span class=\"_ _2\"></span>olicy in a 9<span class=\"_ _2\"></span>0:10 fun<span class=\"_ _2\"></span>d is determin<span class=\"_ _2\"></span>ed bas<span class=\"_ _2\"></span>ed on the p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e of the with-profit f<span class=\"_ _2\"></span>und.<span class=\"_ _3bc\"> </span>The var<span class=\"_ _2\"></span>iable fee e<span class=\"_ _2\"></span>arned by th<span class=\"_ _2\"></span>e Group is co<span class=\"_ _2\"></span>nseq<span class=\"_ _2\"></span>uently the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s sha<span class=\"_ _2\"></span>re of the fair value of und<span class=\"_ _2\"></span>erlying ite<span class=\"_ _2\"></span>ms les<span class=\"_ _2\"></span>s fulfilment c<span class=\"_ _2\"></span>ash flows t<span class=\"_ _2\"></span>hat do not var<span class=\"_ _2\"></span>y bas<span class=\"_ _2\"></span>ed on ret<span class=\"_ _2\"></span>urns of the unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>For unit-linked contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e underlyin<span class=\"_ _2\"></span>g items are f<span class=\"_ _2\"></span>unds that th<span class=\"_ _2\"></span>e unit price of the inve<span class=\"_ _2\"></span>stment c<span class=\"_ _2\"></span>hose<span class=\"_ _2\"></span>n by the polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r varies with<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>For with-p<span class=\"_ _2\"></span>rofits contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e underlyin<span class=\"_ _2\"></span>g items are t<span class=\"_ _2\"></span>ypic<span class=\"_ _2\"></span>ally the ne<span class=\"_ _2\"></span>t asset<span class=\"_ _2\"></span>s of the releva<span class=\"_ _2\"></span>nt with-profit fun<span class=\"_ _2\"></span>d, incl<span class=\"_ _2\"></span>uding the e<span class=\"_ _2\"></span>state an<span class=\"_ _2\"></span>d the fair value of no<span class=\"_ _2\"></span>n-profit contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s within the f<span class=\"_ _2\"></span>und. With-p<span class=\"_ _2\"></span>rofit funds c<span class=\"_ _2\"></span>an var<span class=\"_ _2\"></span>y in their na<span class=\"_ _2\"></span>ture and op<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span>, therefore will b<span class=\"_ _2\"></span>e depe<span class=\"_ _2\"></span>ndent on fa<span class=\"_ _2\"></span>cts and circ<span class=\"_ _2\"></span>umst<span class=\"_ _2\"></span>ances<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>When m<span class=\"_ _2\"></span>easur<span class=\"_ _2\"></span>ing a group of unit-linked an<span class=\"_ _2\"></span>d with-profit co<span class=\"_ _2\"></span>ntrac<span class=\"_ _2\"></span>ts using th<span class=\"_ _2\"></span>e VF<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup adj<span class=\"_ _2\"></span>usts t<span class=\"_ _2\"></span>he fulfilme<span class=\"_ _2\"></span>nt cash flow<span class=\"_ _2\"></span>s for the whol<span class=\"_ _2\"></span>e of the ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the oblig<span class=\"_ _2\"></span>ation to pay polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs an am<span class=\"_ _2\"></span>ount equa<span class=\"_ _2\"></span>l to the fair value of th<span class=\"_ _2\"></span>e underly<span class=\"_ _2\"></span>ing items<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e chang<span class=\"_ _2\"></span>es do not re<span class=\"_ _2\"></span>late to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices an<span class=\"_ _2\"></span>d are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in profit or los<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e Group the<span class=\"_ _2\"></span>n adjus<span class=\"_ _2\"></span>ts any CS<span class=\"_ _2\"></span>M for cha<span class=\"_ _2\"></span>nges in th<span class=\"_ _2\"></span>e amount of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s sha<span class=\"_ _2\"></span>re of the fair value of the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g items<span class=\"_ _2\"></span>, which rela<span class=\"_ _2\"></span>te to future ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es, a<span class=\"_ _2\"></span>s explaine<span class=\"_ _2\"></span>d below.<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of the CSM a<span class=\"_ _2\"></span>t each rep<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ting date is the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt at the st<span class=\"_ _2\"></span>art of th<span class=\"_ _2\"></span>e year<span class=\"_ _5\"></span>, adj<span class=\"_ _2\"></span>usted fo<span class=\"_ _2\"></span>r:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e CSM of any n<span class=\"_ _2\"></span>ew contra<span class=\"_ _2\"></span>cts th<span class=\"_ _2\"></span>at are adde<span class=\"_ _2\"></span>d to the group in th<span class=\"_ _2\"></span>e year;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e chan<span class=\"_ _2\"></span>ge in the am<span class=\"_ _2\"></span>ount of the Group\u2019s share of the f<span class=\"_ _2\"></span>air value of the un<span class=\"_ _2\"></span>derlying i<span class=\"_ _2\"></span>tems and ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in fulfilment c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s that relate to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>, except to th<span class=\"_ _2\"></span>e extent th<span class=\"_ _2\"></span>at:<span class=\"_ _3bc\"> </span>\u2013 <span class=\"_ _1a\"> </span>the G<span class=\"_ _2\"></span>roup has ap<span class=\"_ _2\"></span>plied the r<span class=\"_ _2\"></span>isk mitiga<span class=\"_ _2\"></span>tion option to exclu<span class=\"_ _2\"></span>de from the CS<span class=\"_ _2\"></span>M cha<span class=\"_ _2\"></span>nges in th<span class=\"_ _2\"></span>e effec<span class=\"_ _2\"></span>t of financi<span class=\"_ _2\"></span>al risk on the a<span class=\"_ _2\"></span>mount of its s<span class=\"_ _2\"></span>hare of the unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s or fulfilme<span class=\"_ _2\"></span>nt cash fl<span class=\"_ _2\"></span>ows;<span class=\"_ _3bc\"> </span>\u2013 <span class=\"_ _1a\"> </span>a de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in the amount of th<span class=\"_ _2\"></span>e Group\u2019s share of the fair va<span class=\"_ _2\"></span>lue of the unde<span class=\"_ _2\"></span>rlying item<span class=\"_ _2\"></span>s, or an in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in the fulfilme<span class=\"_ _2\"></span>nt cash fl<span class=\"_ _2\"></span>ows that rela<span class=\"_ _2\"></span>te to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>, excee<span class=\"_ _2\"></span>ds the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of the CSM<span class=\"_ _2\"></span>, givin<span class=\"_ _2\"></span>g rise to a los<span class=\"_ _2\"></span>s in profit or los<span class=\"_ _2\"></span>s (inclu<span class=\"_ _2\"></span>ded in insur<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>ervi<span class=\"_ _2\"></span>ce expe<span class=\"_ _2\"></span>nses) and cre<span class=\"_ _2\"></span>ating a los<span class=\"_ _2\"></span>s comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>; or<span class=\"_ _3bc\"> </span>\u2013 <span class=\"_ _1a\"> </span>an inc<span class=\"_ _2\"></span>rease in th<span class=\"_ _2\"></span>e amount of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s sha<span class=\"_ _2\"></span>re of the fair value of th<span class=\"_ _2\"></span>e underlyin<span class=\"_ _2\"></span>g items<span class=\"_ _2\"></span>, or a dec<span class=\"_ _2\"></span>rease in th<span class=\"_ _2\"></span>e fulfilment c<span class=\"_ _2\"></span>ash flows t<span class=\"_ _2\"></span>hat relate to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>, is alloc<span class=\"_ _2\"></span>ated to the l<span class=\"_ _2\"></span>oss com<span class=\"_ _2\"></span>ponent<span class=\"_ _2\"></span>, reversin<span class=\"_ _2\"></span>g loss<span class=\"_ _2\"></span>es previou<span class=\"_ _2\"></span>sly rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in profit or los<span class=\"_ _2\"></span>s (inclu<span class=\"_ _2\"></span>ded in ins<span class=\"_ _2\"></span>urance service expenses);<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e effe<span class=\"_ _2\"></span>ct of any curren<span class=\"_ _2\"></span>cy exchan<span class=\"_ _2\"></span>ge dif<span class=\"_ _2\"></span>ference<span class=\"_ _2\"></span>s on the CS<span class=\"_ _2\"></span>M; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e amount re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e revenue b<span class=\"_ _2\"></span>eca<span class=\"_ _2\"></span>use of the se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es provide<span class=\"_ _2\"></span>d in the year (se<span class=\"_ _2\"></span>e the \u2018<span class=\"_ _2\"></span>Insura<span class=\"_ _2\"></span>nce revenu<span class=\"_ _2\"></span>e\u2019 acco<span class=\"_ _2\"></span>unting polic<span class=\"_ _2\"></span>y in note C1 for f<span class=\"_ _2\"></span>urth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s)<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>Chan<span class=\"_ _2\"></span>ges in fulfilm<span class=\"_ _2\"></span>ent ca<span class=\"_ _2\"></span>sh flows that re<span class=\"_ _2\"></span>late to future s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice inclu<span class=\"_ _2\"></span>de the cha<span class=\"_ _2\"></span>nges re<span class=\"_ _2\"></span>lating to fut<span class=\"_ _2\"></span>ure ser<span class=\"_ _2\"></span>vices s<span class=\"_ _2\"></span>pecifi<span class=\"_ _2\"></span>ed above for co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s witho<span class=\"_ _2\"></span>ut direc<span class=\"_ _2\"></span>t par<span class=\"_ _2\"></span>ticipation fe<span class=\"_ _2\"></span>atures (mea<span class=\"_ _2\"></span>sured at cur<span class=\"_ _2\"></span>rent disco<span class=\"_ _2\"></span>unt rates) and ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in the ef<span class=\"_ _2\"></span>fect of the tim<span class=\"_ _2\"></span>e value of mon<span class=\"_ _2\"></span>ey and finan<span class=\"_ _2\"></span>cial risks th<span class=\"_ _2\"></span>at do not arise f<span class=\"_ _2\"></span>rom underl<span class=\"_ _2\"></span>ying items<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up does n<span class=\"_ _2\"></span>ot currently a<span class=\"_ _2\"></span>pply the ris<span class=\"_ _2\"></span>k mitigati<span class=\"_ _2\"></span>on option to any mater<span class=\"_ _2\"></span>ial exte<span class=\"_ _2\"></span>nt.<span class=\"_ _3bc\"> </span>Loss co<span class=\"_ _2\"></span>mponent<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>A los<span class=\"_ _2\"></span>s compo<span class=\"_ _2\"></span>nent repre<span class=\"_ _2\"></span>sents a n<span class=\"_ _2\"></span>otional re<span class=\"_ _2\"></span>cord of the los<span class=\"_ _2\"></span>ses at<span class=\"_ _2\"></span>trib<span class=\"_ _2\"></span>utable to e<span class=\"_ _2\"></span>ach group of on<span class=\"_ _2\"></span>erous ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. The los<span class=\"_ _2\"></span>s compo<span class=\"_ _2\"></span>nent is rele<span class=\"_ _2\"></span>ased b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n a system<span class=\"_ _2\"></span>atic alloc<span class=\"_ _2\"></span>ation of the s<span class=\"_ _2\"></span>ubsequ<span class=\"_ _2\"></span>ent chan<span class=\"_ _2\"></span>ges rel<span class=\"_ _2\"></span>ating to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice in the f<span class=\"_ _2\"></span>ulfilment ca<span class=\"_ _2\"></span>sh flows to (i) the lo<span class=\"_ _2\"></span>ss comp<span class=\"_ _2\"></span>onent<span class=\"_ _2\"></span>; and (ii) the lia<span class=\"_ _2\"></span>bility fo<span class=\"_ _2\"></span>r remaining c<span class=\"_ _2\"></span>overag<span class=\"_ _2\"></span>e excluding th<span class=\"_ _2\"></span>e loss co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nt. The lo<span class=\"_ _2\"></span>ss com<span class=\"_ _2\"></span>ponent is a<span class=\"_ _2\"></span>lso upda<span class=\"_ _2\"></span>ted for subs<span class=\"_ _2\"></span>equent chan<span class=\"_ _2\"></span>ges in e<span class=\"_ _2\"></span>stimates of th<span class=\"_ _2\"></span>e fulfilment c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s and the ris<span class=\"_ _2\"></span>k adjus<span class=\"_ _2\"></span>tment re<span class=\"_ _2\"></span>lating to fut<span class=\"_ _2\"></span>ure ser<span class=\"_ _2\"></span>vice. Th<span class=\"_ _2\"></span>e syste<span class=\"_ _2\"></span>matic allo<span class=\"_ _2\"></span>cation of sub<span class=\"_ _2\"></span>seque<span class=\"_ _2\"></span>nt chan<span class=\"_ _2\"></span>ges to th<span class=\"_ _2\"></span>e loss co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nt results in t<span class=\"_ _2\"></span>he total amo<span class=\"_ _2\"></span>unts allo<span class=\"_ _2\"></span>cated to th<span class=\"_ _2\"></span>e loss c<span class=\"_ _2\"></span>ompone<span class=\"_ _2\"></span>nt being e<span class=\"_ _2\"></span>qual to zero by the en<span class=\"_ _2\"></span>d of the covera<span class=\"_ _2\"></span>ge peri<span class=\"_ _2\"></span>od of a group of insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts. T<span class=\"_ _2\"></span>he Group us<span class=\"_ _2\"></span>es covera<span class=\"_ _2\"></span>ge units a<span class=\"_ _2\"></span>s the meth<span class=\"_ _2\"></span>od of sys<span class=\"_ _2\"></span>tematic allo<span class=\"_ _2\"></span>cation<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Reinsu<span class=\"_ _5\"></span>rance con<span class=\"_ _7\"></span>tracts held \u2013 me<span class=\"_ _5\"></span>asuremen<span class=\"_ _5\"></span>t<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of a group of reinsur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s at eac<span class=\"_ _2\"></span>h repor<span class=\"_ _2\"></span>ting date is t<span class=\"_ _2\"></span>he sum of the as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>/liabilit<span class=\"_ _2\"></span>y for remain<span class=\"_ _2\"></span>ing covera<span class=\"_ _2\"></span>ge and th<span class=\"_ _2\"></span>e as<span class=\"_ _2\"></span>set/li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y for incurre<span class=\"_ _2\"></span>d claims<span class=\"_ _2\"></span>. The as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>/liabilit<span class=\"_ _2\"></span>y for remainin<span class=\"_ _2\"></span>g coverag<span class=\"_ _2\"></span>e comp<span class=\"_ _2\"></span>rises (a) the fulfilm<span class=\"_ _2\"></span>ent ca<span class=\"_ _2\"></span>sh flows that re<span class=\"_ _2\"></span>late to ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s that will be re<span class=\"_ _2\"></span>ceived un<span class=\"_ _2\"></span>der the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts in fut<span class=\"_ _2\"></span>ure period<span class=\"_ _2\"></span>s and (b) any remain<span class=\"_ _2\"></span>ing CS<span class=\"_ _2\"></span>M at that date.<span class=\"_ _3bc\"> </span>The m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent of reinsur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts held a<span class=\"_ _2\"></span>t initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n follows the sa<span class=\"_ _2\"></span>me princ<span class=\"_ _2\"></span>iples as th<span class=\"_ _2\"></span>ose for insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts iss<span class=\"_ _2\"></span>ued, w<span class=\"_ _2\"></span>ith the exce<span class=\"_ _2\"></span>ption of the followin<span class=\"_ _2\"></span>g:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment of the c<span class=\"_ _2\"></span>ash flows in<span class=\"_ _2\"></span>clude an all<span class=\"_ _2\"></span>owance on a p<span class=\"_ _2\"></span>robabilit<span class=\"_ _2\"></span>y-we<span class=\"_ _2\"></span>ighted ba<span class=\"_ _2\"></span>sis for the ef<span class=\"_ _2\"></span>fect of any no<span class=\"_ _2\"></span>n-per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce by the reins<span class=\"_ _2\"></span>urers<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g the effe<span class=\"_ _2\"></span>cts of c<span class=\"_ _2\"></span>ollateral;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e risk ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent for non-<span class=\"_ _2\"></span>financia<span class=\"_ _2\"></span>l risk is determ<span class=\"_ _2\"></span>ined so t<span class=\"_ _2\"></span>hat it repre<span class=\"_ _2\"></span>sents th<span class=\"_ _2\"></span>e amount of ris<span class=\"_ _2\"></span>k being tr<span class=\"_ _2\"></span>ansferre<span class=\"_ _2\"></span>d to the reins<span class=\"_ _2\"></span>urer; an<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e Group re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>es both g<span class=\"_ _2\"></span>ains and lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s at initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n in the st<span class=\"_ _2\"></span>atement of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial positi<span class=\"_ _2\"></span>on as CS<span class=\"_ _2\"></span>M and rele<span class=\"_ _2\"></span>ases this to profit or l<span class=\"_ _2\"></span>oss as th<span class=\"_ _2\"></span>e reinsurer re<span class=\"_ _2\"></span>nder<span class=\"_ _2\"></span>s ser<span class=\"_ _2\"></span>vices<span class=\"_ _2\"></span>, except for a<span class=\"_ _2\"></span>ny por<span class=\"_ _2\"></span>tion of a loss th<span class=\"_ _2\"></span>at relates to event<span class=\"_ _2\"></span>s before initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>. Where the Gro<span class=\"_ _2\"></span>up reco<span class=\"_ _2\"></span>gnises a l<span class=\"_ _2\"></span>oss on init<span class=\"_ _2\"></span>ial reco<span class=\"_ _2\"></span>gnition of an on<span class=\"_ _2\"></span>erous gro<span class=\"_ _2\"></span>up of underlyin<span class=\"_ _2\"></span>g contra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span>, it es<span class=\"_ _2\"></span>tablish<span class=\"_ _2\"></span>es a los<span class=\"_ _2\"></span>s-rec<span class=\"_ _2\"></span>overy c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ent of the as<span class=\"_ _2\"></span>set for rem<span class=\"_ _2\"></span>aining cover<span class=\"_ _2\"></span>age de<span class=\"_ _2\"></span>picting th<span class=\"_ _2\"></span>e recover<span class=\"_ _2\"></span>y of los<span class=\"_ _2\"></span>ses re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed.<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>o deter<span class=\"_ _2\"></span>mine the risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contra<span class=\"_ _2\"></span>cts h<span class=\"_ _2\"></span>eld, th<span class=\"_ _2\"></span>e Group will app<span class=\"_ _2\"></span>ly the appro<span class=\"_ _2\"></span>ach set o<span class=\"_ _2\"></span>ut above for ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts both gros<span class=\"_ _2\"></span>s and net of rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e and deter<span class=\"_ _2\"></span>mine the am<span class=\"_ _2\"></span>ount of risk bein<span class=\"_ _2\"></span>g trans<span class=\"_ _2\"></span>ferred to the re<span class=\"_ _2\"></span>insurer as t<span class=\"_ _2\"></span>he differe<span class=\"_ _2\"></span>nce be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en the t<span class=\"_ _2\"></span>wo result<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The lo<span class=\"_ _2\"></span>ss-re<span class=\"_ _2\"></span>cover<span class=\"_ _2\"></span>y comp<span class=\"_ _2\"></span>onent dete<span class=\"_ _2\"></span>rmines the a<span class=\"_ _2\"></span>mounts t<span class=\"_ _2\"></span>hat are subs<span class=\"_ _2\"></span>equent<span class=\"_ _2\"></span>ly prese<span class=\"_ _2\"></span>nted in profit or lo<span class=\"_ _2\"></span>ss as rever<span class=\"_ _2\"></span>sals of rec<span class=\"_ _2\"></span>overies of los<span class=\"_ _2\"></span>ses from rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d are exclude<span class=\"_ _2\"></span>d from the allo<span class=\"_ _2\"></span>cation of rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e premium<span class=\"_ _2\"></span>s paid. It is a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted to refle<span class=\"_ _2\"></span>ct chan<span class=\"_ _2\"></span>ges in th<span class=\"_ _2\"></span>e loss comp<span class=\"_ _2\"></span>onent of the o<span class=\"_ _2\"></span>nerous g<span class=\"_ _2\"></span>roup of underl<span class=\"_ _2\"></span>ying contr<span class=\"_ _2\"></span>acts<span class=\"_ _2\"></span>, but i<span class=\"_ _2\"></span>t cannot exc<span class=\"_ _2\"></span>eed th<span class=\"_ _2\"></span>e por<span class=\"_ _2\"></span>tion of the los<span class=\"_ _2\"></span>s comp<span class=\"_ _2\"></span>onent of the on<span class=\"_ _2\"></span>erous gro<span class=\"_ _2\"></span>up of under<span class=\"_ _2\"></span>lying cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s that the G<span class=\"_ _2\"></span>roup expe<span class=\"_ _2\"></span>cts to re<span class=\"_ _2\"></span>cover from th<span class=\"_ _2\"></span>e reinsura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up adju<span class=\"_ _2\"></span>sts th<span class=\"_ _2\"></span>e CSM of th<span class=\"_ _2\"></span>e group to which a re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act be<span class=\"_ _2\"></span>longs a<span class=\"_ _2\"></span>nd as a resul<span class=\"_ _2\"></span>t recog<span class=\"_ _2\"></span>nises in<span class=\"_ _2\"></span>come wh<span class=\"_ _2\"></span>en it reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>s a loss on initia<span class=\"_ _2\"></span>l recog<span class=\"_ _2\"></span>nition of onero<span class=\"_ _2\"></span>us under<span class=\"_ _2\"></span>lying contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, if th<span class=\"_ _2\"></span>e reinsuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act is e<span class=\"_ _2\"></span>ntered into before or a<span class=\"_ _2\"></span>t the sam<span class=\"_ _2\"></span>e time as the on<span class=\"_ _2\"></span>erous under<span class=\"_ _2\"></span>lying cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d. The a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment to the C<span class=\"_ _2\"></span>SM is dete<span class=\"_ _2\"></span>rmined by m<span class=\"_ _2\"></span>ultiplying<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e amount of the l<span class=\"_ _2\"></span>oss tha<span class=\"_ _2\"></span>t relates to the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g contrac<span class=\"_ _2\"></span>ts; a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e perce<span class=\"_ _2\"></span>ntag<span class=\"_ _2\"></span>e of claims on the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g contrac<span class=\"_ _2\"></span>ts th<span class=\"_ _2\"></span>at the Group ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ts to rec<span class=\"_ _2\"></span>over from the reins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. The s<span class=\"_ _2\"></span>ubsequ<span class=\"_ _2\"></span>ent mea<span class=\"_ _2\"></span>surement of rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts h<span class=\"_ _2\"></span>eld follows th<span class=\"_ _2\"></span>e same prin<span class=\"_ _2\"></span>ciples a<span class=\"_ _2\"></span>s those for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d, with the excepti<span class=\"_ _2\"></span>on of the following:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows are rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in profit or lo<span class=\"_ _2\"></span>ss if the re<span class=\"_ _2\"></span>lated cha<span class=\"_ _2\"></span>nges a<span class=\"_ _2\"></span>rising from th<span class=\"_ _2\"></span>e underly<span class=\"_ _2\"></span>ing ced<span class=\"_ _2\"></span>ed contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s have be<span class=\"_ _2\"></span>en reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in profit or los<span class=\"_ _2\"></span>s. Alte<span class=\"_ _2\"></span>rnatively, chan<span class=\"_ _2\"></span>ges in the f<span class=\"_ _2\"></span>ulfilment c<span class=\"_ _2\"></span>ash flows a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>t the CS<span class=\"_ _2\"></span>M; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in the fulfilm<span class=\"_ _2\"></span>ent cas<span class=\"_ _2\"></span>h flows that re<span class=\"_ _2\"></span>sult from ch<span class=\"_ _2\"></span>anges in t<span class=\"_ _2\"></span>he risk of non-<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e by the iss<span class=\"_ _2\"></span>uer of a reinsur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract h<span class=\"_ _2\"></span>eld do not ad<span class=\"_ _2\"></span>just th<span class=\"_ _2\"></span>e CSM a<span class=\"_ _2\"></span>s they do not re<span class=\"_ _2\"></span>late to future se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e. The ef<span class=\"_ _2\"></span>fect of th<span class=\"_ _2\"></span>e non-pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance ris<span class=\"_ _2\"></span>k of the reinsure<span class=\"_ _2\"></span>r is ass<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>d at eac<span class=\"_ _2\"></span>h repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g date and the ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>t of chang<span class=\"_ _2\"></span>es in the non<span class=\"_ _2\"></span>-per<span class=\"_ _2\"></span>formanc<span class=\"_ _2\"></span>e risk is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in profit or l<span class=\"_ _2\"></span>oss<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Modification and derecognition<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up derec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>es insur<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d reinsuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s when: \u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e rights a<span class=\"_ _2\"></span>nd obliga<span class=\"_ _2\"></span>tions relatin<span class=\"_ _2\"></span>g to the contr<span class=\"_ _2\"></span>act are ex<span class=\"_ _2\"></span>ting<span class=\"_ _2\"></span>uishe<span class=\"_ _2\"></span>d (i.e. disch<span class=\"_ _2\"></span>arge<span class=\"_ _2\"></span>d, can<span class=\"_ _2\"></span>celle<span class=\"_ _2\"></span>d or expired)<span class=\"_ _2\"></span>; or<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct is mo<span class=\"_ _2\"></span>dified suc<span class=\"_ _2\"></span>h that the m<span class=\"_ _2\"></span>odificat<span class=\"_ _2\"></span>ion result<span class=\"_ _2\"></span>s in a chang<span class=\"_ _2\"></span>e in the me<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent mode<span class=\"_ _2\"></span>l, or the ap<span class=\"_ _2\"></span>plicabl<span class=\"_ _2\"></span>e stan<span class=\"_ _2\"></span>dard for me<span class=\"_ _2\"></span>asuring a comp<span class=\"_ _2\"></span>onent of the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t. In su<span class=\"_ _2\"></span>ch cas<span class=\"_ _2\"></span>es, th<span class=\"_ _2\"></span>e Group dere<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nises th<span class=\"_ _2\"></span>e initial cont<span class=\"_ _2\"></span>ract an<span class=\"_ _2\"></span>d reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>s the modifi<span class=\"_ _2\"></span>ed contr<span class=\"_ _2\"></span>act as a new contract<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Disclosure Groups The Gro<span class=\"_ _2\"></span>up disag<span class=\"_ _2\"></span>greg<span class=\"_ _2\"></span>ates informatio<span class=\"_ _2\"></span>n for the purpo<span class=\"_ _2\"></span>ses of makin<span class=\"_ _2\"></span>g the disc<span class=\"_ _2\"></span>losures re<span class=\"_ _2\"></span>quired by I<span class=\"_ _2\"></span>FRS 17 into the followin<span class=\"_ _2\"></span>g disclos<span class=\"_ _2\"></span>ure groups:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">Retirement<span class=\"_ _7\"></span> S<span class=\"_ _2\"></span>olut<span class=\"_ _5\"></span>ions;<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">Pensions &amp;<span class=\"_ _5\"></span> Savings;<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span>W<span class=\"_ _2\"></span>ith-Profit<span class=\"_ _2\"></span>s; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Euro<span class=\"_ _2\"></span>pe &amp; Oth<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span>The dis<span class=\"_ _2\"></span>closure g<span class=\"_ _2\"></span>roups are align<span class=\"_ _2\"></span>ed to the s<span class=\"_ _2\"></span>egme<span class=\"_ _2\"></span>nts use<span class=\"_ _2\"></span>d for seg<span class=\"_ _2\"></span>mental re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting in note B1<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6d8\">The t<span class=\"_ _2\"></span>able bel<span class=\"_ _2\"></span>ow shows a sum<span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span>y of the carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mount of insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s and th<span class=\"_ _2\"></span>e related rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts in th<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls18 ws16 gs6d9\">consolidated financial position.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls70 ws67 gs6da\">2023<span class=\"_ _3bc\"> </span></div><div class=\"gs6db\"><table class=\"s w67f h2d8\" id=\"_2801c2e0-f5fd-4db3-a991-da8cf2701e52\"><tr><td></td><td class=\"t m0 x610 h3f y59fc ff7 fsf fc1 sc0 ls5b ws76\">Retirement </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x611 h3f y59fd ff7 fsf fc1 sc0 ls81 ws75\">Solutions<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x612 h3f y59fd ff7 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; Sav<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x613 h3f y59fd ff7 fsf fc1 sc0 lse2 wscc\">With-Pr<span class=\"_ _2\"></span>ofits<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x614 h3f y59fd ff7 fsf fc1 sc0 ls0 ws0\">Eur<span class=\"_ _2\"></span>ope &amp; O<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h3f y59fd ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x581 h3f y59fe ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x582 h3f y59fe ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h3f y59fe ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y59fe ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y59fe ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y59ff ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts iss<span class=\"_ _2\"></span>ued<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a00 w680 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timates of pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdf1 y5a00 w681 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">(35,<span class=\"_ _2\"></span>036)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdf2 y5a00 w682 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>41<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdf3 y5a00 w683 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">(29,880)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdf4 y5a00 w684 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(22,829)</div></td><td class=\"c n xdf5 y5a00 w685 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a01 w686 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Risk adjus<span class=\"_ _2\"></span>tment<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdf6 y5a01 w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>767)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdf7 y5a01 w191 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>84)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdf8 y5a01 w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(10<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d4 y5a01 w687 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>217<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdf9 y5a01 w688 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">(1<span class=\"_ _2\"></span>,1<span class=\"_ _7\"></span>72)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a02 w689 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls60 ws57\">CSM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdfa y5a02 w68a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,741<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdfb y5a02 wc2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(201<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdfc y5a02 w68b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>597<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdfd y5a02 w68c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">(<span class=\"_ _2\"></span>24<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdfe y5a02 w8e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55e5 w68d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">Net insurance contract liabiliti<span class=\"_ _5\"></span>es issued<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdff y55e5 w68e h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">(39<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>44)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe00 y55e5 w68f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c8 ws1c8\">(22,326)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe01 y55e5 w690 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b6 ws1b5\">(3<span class=\"_ _2\"></span>0,<span class=\"_ _2\"></span>581<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe02 y55e5 w691 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls173 ws1a8\">(23<span class=\"_ _2\"></span>,29<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)</div></td><td class=\"c n xe03 y55e5 w692 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls96 ws8c\">(115,<span class=\"_ _7\"></span>7<span class=\"_ _5\"></span>4<span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5813 w151 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe04 y5813 w693 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(39<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>44)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe05 y5813 w694 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">(22,32<span class=\"_ _7\"></span>6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe06 y5813 w690 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">(<span class=\"_ _2\"></span>30<span class=\"_ _2\"></span>,581<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe07 y5813 w691 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">(23<span class=\"_ _2\"></span>,2<span class=\"_ _2\"></span>90<span class=\"_ _2\"></span>)</div></td><td class=\"c n xe08 y5813 w695 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">(115,<span class=\"_ _7\"></span>74<span class=\"_ _6\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a03 w107 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe09 y5a03 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe0a y5a03 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe0b y5a03 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe0c y5a03 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe0d y5a03 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55e8 w68d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">Net insurance contract liabiliti<span class=\"_ _5\"></span>es issued<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdff y55e8 w68e h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">(39<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>44)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe00 y55e8 w68f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c8 ws1c8\">(22,326)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe01 y55e8 w690 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b6 ws1b5\">(3<span class=\"_ _2\"></span>0,<span class=\"_ _2\"></span>581<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe02 y55e8 w691 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls173 ws1a8\">(23<span class=\"_ _2\"></span>,29<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)</div></td><td class=\"c n xe03 y55e8 w692 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls96 ws8c\">(115,<span class=\"_ _7\"></span>7<span class=\"_ _5\"></span>4<span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5a04 ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a05 w680 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timates of pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe0e y5a05 w227 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">935<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe0f y5a05 w696 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe10 y5a05 w172 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">820<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe11 y5a05 w3b9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">3<span class=\"_ _2\"></span>91<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe12 y5a05 w195 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">2,16<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a06 w686 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Risk adjus<span class=\"_ _2\"></span>tment<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x679 y5a06 w1b3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">5<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe13 y5a06 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x45c y5a06 w405 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls25 ws23\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe14 y5a06 w60 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">48<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe15 y5a06 w387 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">633<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a07 w689 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls60 ws57\">CSM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdfa y5a07 w697 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">1,604<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe16 y5a07 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe17 y5a07 w157 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">1<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe18 y5a07 w373 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">179<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe19 y5a07 w5e8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls4b ws122\">1<span class=\"_ _2\"></span>,930<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w698 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">Net reinsurance contract assets held<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe1a y561c w699 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">3,<span class=\"_ _2\"></span>076<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe1b y561c w138 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b9 ws1b8\">22<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe1c y561c w69a h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">1<span class=\"_ _2\"></span>,01<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe1d y561c w69b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">618<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe1e y561c wec h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a08 w10a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe1f y5a08 w21f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">3,<span class=\"_ _2\"></span>223<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe20 y5a08 w138 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">22<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe21 y5a08 w69a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">1<span class=\"_ _2\"></span>,01<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe22 y5a08 w69c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">618<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe23 y5a08 w10c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">4,<span class=\"_ _2\"></span>876<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a09 w156 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe24 y5a09 w69d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">(1<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe25 y5a09 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe26 y5a09 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe27 y5a09 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe28 y5a09 w69e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w698 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">Net reinsurance contract assets held<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe1a y55ef w699 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">3,<span class=\"_ _2\"></span>076<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe1b y55ef w138 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b9 ws1b8\">22<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe1c y55ef w69a h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">1<span class=\"_ _2\"></span>,01<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe1d y55ef w69b h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">618<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe1e y55ef wec h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 lse3 wscd gs6dc\">2022<span class=\"_ _3bc\"> </span></div><div class=\"gs6dd\"><table class=\"s w69f h2d9\" id=\"_00fd743f-2545-4ff2-b491-a402883dd513\"><tr><td></td><td class=\"t m0 x62d h16 y5a0a ff3 fsf fc1 sc0 ls82 ws77\">Retireme<span class=\"_ _2\"></span>nt </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x57a h16 y5a0b ff3 fsf fc1 sc0 ls17 ws15\">Solutions<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x62e h16 y5a0b ff3 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; Savin<span class=\"_ _2\"></span>gs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x62f h16 y5a0b ff3 fsf fc1 sc0 lse9 wsd4\">With-Profit<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x630 h16 y5a0b ff3 fsf fc1 sc0 ls0 ws0\">Euro<span class=\"_ _2\"></span>pe &amp; Ot<span class=\"_ _2\"></span>her<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5a0b ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x581 h16 y5a0c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x582 h16 y5a0c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h16 y5a0c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h16 y5a0c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5a0c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y5a0d ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts iss<span class=\"_ _2\"></span>ued<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y579f w680 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timates of pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe29 y579f w6a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe2a y579f w6a1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls32 ws149\">(2<span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>,302<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe2b y579f w6a2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">(<span class=\"_ _2\"></span>28,<span class=\"_ _2\"></span>282<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe2c y579f w6a3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(22,201)</div></td><td class=\"c n xe2d y579f w6a4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(10<span class=\"_ _2\"></span>2,5<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a0e w686 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Risk adjus<span class=\"_ _2\"></span>tment<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe2e y5a0e w24f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">(6<span class=\"_ _2\"></span>81<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe2f y5a0e w1cd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(89<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe30 y5a0e wb3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(158<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe31 y5a0e w7d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(16<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe32 y5a0e w6a5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bf ws1be\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>97<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a0f w689 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls60 ws57\">CSM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe33 y5a0f w6a6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">(2<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe34 y5a0f w509 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(9<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe35 y5a0f w6a7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">(565<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe36 y5a0f w6a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">(<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe37 y5a0f w25c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">(3,8<span class=\"_ _2\"></span>99)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55e5 w68d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">Net insurance contract liabiliti<span class=\"_ _5\"></span>es issued<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe38 y55e5 w6a9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>281<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe39 y55e5 w6aa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b0 ws1ac\">(2<span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>,48<span class=\"_ _5\"></span>5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe3a y55e5 w6ab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(<span class=\"_ _2\"></span>29,0<span class=\"_ _2\"></span>05<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe3b y55e5 w6ac h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(<span class=\"_ _2\"></span>2<span class=\"_ _5\"></span>2,<span class=\"_ _7\"></span>789)</div></td><td class=\"c n xe3c y55e5 w6ad h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">(<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _19\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5771 w151 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe3d y5771 w6ae h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">(3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,281<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe3e y5771 w6af h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">(<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>53<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe3f y5771 w6b0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(29,0<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe40 y5771 w6b1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(22,<span class=\"_ _7\"></span>789)</div></td><td class=\"c n xe41 y5771 w6ad h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">(<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>6<span class=\"_ _19\"></span>0<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a10 w107 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe09 y5a10 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe42 y5a10 w8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">48<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe43 y5a10 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe44 y5a10 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe45 y5a10 w8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">48<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55e8 w68d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">Net insurance contract liabiliti<span class=\"_ _5\"></span>es issued<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe38 y55e8 w6a9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>281<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe39 y55e8 w6aa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b0 ws1ac\">(2<span class=\"_ _7\"></span>1<span class=\"_ _2\"></span>,48<span class=\"_ _5\"></span>5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe3a y55e8 w6ab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(<span class=\"_ _2\"></span>29,0<span class=\"_ _2\"></span>05<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe3b y55e8 w6ac h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(<span class=\"_ _2\"></span>2<span class=\"_ _5\"></span>2,<span class=\"_ _7\"></span>789)</div></td><td class=\"c n xe3c y55e8 w6ad h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">(<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _19\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5a11 ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ea w680 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timates of pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe46 y55ea w654 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">1<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>32<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe47 y55ea w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe48 y55ea w1eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">869<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe49 y55ea w55e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">276<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2ef y55ea w6b2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,27<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55eb w686 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Risk adjus<span class=\"_ _2\"></span>tment<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x679 y55eb w548 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">379<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe4a y55eb w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe4b y55eb w51a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">38<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe4c y55eb w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">61<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe4d y55eb w19c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">478<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b8 w689 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls60 ws57\">CSM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe4e y56b8 w538 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">9<span class=\"_ _2\"></span>52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe4f y56b8 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe50 y56b8 w62e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">1<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe51 y56b8 wd0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe52 y56b8 w549 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls4b ws122\">1<span class=\"_ _2\"></span>,309<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w698 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">Net reinsurance contract assets held<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe53 y561c wd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">2,46<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe54 y561c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2bc y561c w6b3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe55 y561c w461 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">552<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe56 y561c wed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">4,0<span class=\"_ _2\"></span>64<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5738 w10a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe1f y5738 w150 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">2,463<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe57 y5738 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2b4 y5738 w6b4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">1,056<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe58 y5738 w2a4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">5<span class=\"_ _2\"></span>52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe59 y5738 wde h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>071<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5739 w156 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe5a y5739 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe5b y5739 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe5c y5739 w3d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xacb y5739 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe5d y5739 w3d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w698 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">Net reinsurance contract assets held<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe53 y55ef wd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">2,46<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe54 y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2bc y55ef w6b3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe55 y55ef w461 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">552<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe56 y55ef wed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">4,0<span class=\"_ _2\"></span>64<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs6df\">F2<span class=\"_ _2\"></span>. Movem<span class=\"_ _2\"></span>ents i<span class=\"_ _2\"></span>n pres<span class=\"_ _2\"></span>ent val<span class=\"_ _2\"></span>ue of fut<span class=\"_ _2\"></span>ure ca<span class=\"_ _2\"></span>sh flows<span class=\"_ _2\"></span>, ris<span class=\"_ _2\"></span>k adju<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ent an<span class=\"_ _2\"></span>d CSM of i<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6e0\">The re<span class=\"_ _2\"></span>concili<span class=\"_ _2\"></span>ations be<span class=\"_ _2\"></span>low provide a roll-for<span class=\"_ _2\"></span>ward of the ne<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>t or liabilit<span class=\"_ _2\"></span>y for insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s iss<span class=\"_ _2\"></span>ued by me<span class=\"_ _2\"></span>asureme<span class=\"_ _2\"></span>nt compo<span class=\"_ _2\"></span>nent show<span class=\"_ _2\"></span>ing </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6e1\">es<span class=\"_ _2\"></span>timates of the pre<span class=\"_ _2\"></span>sent valu<span class=\"_ _2\"></span>e of future ca<span class=\"_ _2\"></span>sh flows<span class=\"_ _2\"></span>, the risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for no<span class=\"_ _2\"></span>n-finan<span class=\"_ _2\"></span>cial risk an<span class=\"_ _2\"></span>d the CS<span class=\"_ _2\"></span>M.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls82 ws77 gs6e2\">Retireme<span class=\"_ _2\"></span>nt Solutions<span class=\"_ _3bc\"> </span></div><div class=\"gs6e3\"><table class=\"s w6b5 h2da\" id=\"_223df92e-303d-4892-a6dc-da2af5f5622a\"><tr><td></td><td></td><td></td><td class=\"c n xe5f y5a12 w402 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xe60 y5a12 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 xe61 h3f y5a13 ff7 fsf fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>tim<span class=\"_ _2\"></span>ates of </td><td></td><td></td><td></td><td class=\"t m0 xe62 h16 y5a13 ff3 fsf fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>tes of </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xe63 h3f y5a14 ff7 fsf fc1 sc0 ls0 ws0\">the p<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td class=\"t m0 xe64 h16 y5a14 ff3 fsf fc1 sc0 ls0 ws0\">the p<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xe65 h3f y5a15 ff7 fsf fc1 sc0 ls0 ws0\">val<span class=\"_ _2\"></span>ue of </td><td></td><td class=\"t m0 xe66 h3f y5a15 ff7 fsf fc1 sc0 ls5b ws76\">Contractual </td><td></td><td class=\"t m0 xe67 h16 y5a15 ff3 fsf fc1 sc0 ls17 ws15\">value of<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 xe68 h16 y5a15 ff3 fsf fc1 sc0 ls17 ws15\">Contractual </td><td></td></tr><tr><td></td><td class=\"t m0 xe63 h3f y5a16 ff7 fsf fc1 sc0 ls0 ws0\">fut<span class=\"_ _2\"></span>ure c<span class=\"_ _2\"></span>ash </td><td class=\"t m0 xe69 h3f y5a16 ff7 fsf fc1 sc0 ls199 ws185\">Risk<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe6a h3f y5a16 ff7 fsf fc1 sc0 ls0 ws0\">se<span class=\"_ _2\"></span>rvi<span class=\"_ _2\"></span>ce </td><td></td><td class=\"t m0 xe64 h16 y5a16 ff3 fsf fc1 sc0 ls0 ws0\">fut<span class=\"_ _2\"></span>ure c<span class=\"_ _2\"></span>ash </td><td class=\"t m0 xe6b h16 y5a16 ff3 fsf fc1 sc0 ls70 ws67\">Risk<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe6c h16 y5a16 ff3 fsf fc1 sc0 lse1 wscb\">service </td><td></td></tr><tr><td></td><td class=\"t m0 xe6d h3f y5a17 ff7 fsf fc1 sc0 lsea wsd5\">flows<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe6e h3f y5a17 ff7 fsf fc1 sc0 ls51 ws4b\">adjustment<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe6f h3f y5a17 ff7 fsf fc1 sc0 lse3 wscd\">margin<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe70 h3f y5a17 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe71 h16 y5a17 ff3 fsf fc1 sc0 lse9 wsd4\">flows<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe72 h16 y5a17 ff3 fsf fc1 sc0 ls83 ws78\">adjustment<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe73 h16 y5a17 ff3 fsf fc1 sc0 ls82 ws77\">margin<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe74 h16 y5a17 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xe75 h3f y5a18 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe76 h3f y5a18 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe77 h3f y5a18 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe78 h3f y5a18 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe79 h16 y5a18 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe7a h16 y5a18 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe7b h16 y5a18 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe7c h16 y5a18 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n xe7d y5a19 w6b6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at 1 Januar<span class=\"_ _2\"></span>y</div></td><td class=\"c n xe7e y5a19 w41d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe7f y5a19 w305 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">681</div></td><td class=\"c n xe80 y5a19 w6b7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>821</div></td><td class=\"c n xe81 y5a19 w37b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">34<span class=\"_ _2\"></span>,281</div></td><td class=\"c n xe82 y5a19 w368 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">39<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>28</div></td><td class=\"c n xe83 y5a19 w369 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>161</div></td><td class=\"c n xe84 y5a19 w146 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">2,67<span class=\"_ _5\"></span>1</div></td><td class=\"c n xe85 y5a19 w6b8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">42<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5a1a w6b9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts as at 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe86 y5a1a w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe87 y5a1a w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe88 y5a1a w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe89 y5a1a w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe8a y5a1a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe8b y5a1a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe8c y5a1a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe8d y5a1a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c xe7d y5a1b w6ba h2db\"><div class=\"t m0 x1e6 he y5645 ff7 fs7 fc1 sc0 ls0 ws0\">Net i<span class=\"_ _2\"></span>nsura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct liab<span class=\"_ _2\"></span>ilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">1 January<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe8e y5a1b w41d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">3<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe8f y5a1b w305 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">681</div></td><td class=\"c n xe90 y5a1b w6b7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>21</div></td><td class=\"c n xe91 y5a1b w37b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">34<span class=\"_ _2\"></span>,281</div></td><td class=\"c n xe92 y5a1b w368 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">39<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>28</div></td><td class=\"c n xe93 y5a1b w128 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>61</div></td><td class=\"c n xe94 y5a1b w6bb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">2,671</div></td><td class=\"c n xe95 y5a1b w6bc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">42,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xe96 hd y5a1c ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in profit o<span class=\"_ _2\"></span>r loss:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xe7d y5a1d w6bd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for ser<span class=\"_ _2\"></span>vices p<span class=\"_ _2\"></span>rovided<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe97 y5a1d w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe98 y5a1d w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe99 y5a1d w470 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">(26<span class=\"_ _2\"></span>0)</div></td><td class=\"c n xe9a y5a1d w470 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">(26<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe9b y5a1d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe9c y5a1d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe9d y5a1d w8b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(<span class=\"_ _2\"></span>207<span class=\"_ _2\"></span>)</div></td><td class=\"c n xe9e y5a1d w8b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(<span class=\"_ _2\"></span>207<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5a1e w6be h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for the ri<span class=\"_ _2\"></span>sk expired<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe9f y5a1e w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xea0 y5a1e w6bf h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(39)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xea1 y5a1e w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xea2 y5a1e w3dc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(39)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xea3 y5a1e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xea4 y5a1e w2cf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>76<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xea5 y5a1e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xea6 y5a1e w2cf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>76<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5a1f w6c0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Experience adjustments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xea7 y5a1f w6c1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xea8 y5a1f w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xea9 y5a1f w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeaa y5a1f w3ce h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeab y5a1f w1da h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeac y5a1f w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xead y5a1f w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeae y5a1f w1c3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5a20 w2f5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Policyholder tax charges<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeaf y5a20 w6c2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeb0 y5a20 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeb1 y5a20 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeb2 y5a20 w3d5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe9b y5a20 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe9c y5a20 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeb3 y5a20 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeb4 y5a20 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5a21 w6c3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e relating to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _2\"></span>vice<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeb5 y5a21 w6c4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeb6 y5a21 w6bf h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(39)</div></td><td class=\"c n xeb7 y5a21 w6c5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">(26<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)</div></td><td class=\"c n xeb8 y5a21 w1f9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">(308)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeb9 y5a21 w1da h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>13)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeba y5a21 w2cf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>76<span class=\"_ _2\"></span>)</div></td><td class=\"c n xebb y5a21 w6c6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(2<span class=\"_ _2\"></span>07)</div></td><td class=\"c n xebc y5a21 w3cc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(<span class=\"_ _2\"></span>296)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5a22 w6c7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s initially re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the p<span class=\"_ _2\"></span>eriod<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xebd y5a22 w6c8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>60<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xebe y5a22 w91 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">167<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xebf y5a22 w55b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">4<span class=\"_ _2\"></span>35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xec0 y5a22 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xec1 y5a22 w6c6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(35<span class=\"_ _2\"></span>7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xec2 y5a22 w4f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xec3 y5a22 wf6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">232<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xec4 y5a22 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5a23 w6c9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in es<span class=\"_ _2\"></span>timates th<span class=\"_ _2\"></span>at adj<span class=\"_ _2\"></span>ust the C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xec5 y5a23 w6ca h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">(566)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xec6 y5a23 w1ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(9<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xec7 y5a23 w2a5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">658<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xec8 y5a23 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xec9 y5a23 w1d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(88)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeca y5a23 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xecb y5a23 w6cb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">81<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xecc y5a23 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xe96 hd y5a24 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in es<span class=\"_ _2\"></span>timates th<span class=\"_ _2\"></span>at do not ad<span class=\"_ _2\"></span>just </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xe7d y5a25 w6cc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">the<span class=\"_ gs132\"> </span>CS<span class=\"_ _2\"></span>M<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xecd y5a25 w1a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xece y5a25 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xecf y5a25 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xed0 y5a25 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xed1 y5a25 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xed2 y5a25 w5d9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xed3 y5a25 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xed4 y5a25 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a26 w6cd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e relating to fu<span class=\"_ _2\"></span>ture ser<span class=\"_ _2\"></span>vice<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xed5 y5a26 w6ce h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">(1<span class=\"_ _2\"></span>,167<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xed6 y5a26 w6cf h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">75</div></td><td class=\"c n xed7 y5a26 w6d0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls4b ws122\">1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>93<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xed8 y5a26 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xed9 y5a26 w6d1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>41<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeda y5a26 w1eb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">134<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xedb y5a26 w37f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xedc y5a26 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xedd hd y5a27 ff3 fs7 fc1 sc0 ls0 ws0\">Adju<span class=\"_ _2\"></span>stment<span class=\"_ _2\"></span>s to liabilitie<span class=\"_ _2\"></span>s for incurre<span class=\"_ _2\"></span>d claims </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a28 w6d2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">(pas<span class=\"_ _2\"></span>t ser<span class=\"_ _2\"></span>vice)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xede y5a28 wd9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">106<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xedf y5a28 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee0 y5a28 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee1 y5a28 w130 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee2 y5a28 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee3 y5a28 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee4 y5a28 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee5 y5a28 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xedd hd y5a29 ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>irment of as<span class=\"_ _2\"></span>sets for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a2a w6d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">acquisition c<span class=\"_ _2\"></span>ash flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee6 y5a2a w6c2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee7 y5a2a w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee8 y5a2a w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee9 y5a2a w3d5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeea y5a2a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeeb y5a2a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeec y5a2a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeed y5a2a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a2b w6d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice result<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeee y5a2b w6d5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>071<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeef y5a2b w6d6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">36<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xef0 y5a2b w6d7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">833<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xef1 y5a2b w299 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2<span class=\"_ _2\"></span>02)</div></td><td class=\"c n xef2 y5a2b w360 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(4<span class=\"_ _2\"></span>54)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xef3 y5a2b wa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">58<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xef4 y5a2b w5a2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x578 y5a2b w3e2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(29<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a2c w6d8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls13 ws11\">Insura<span class=\"_ _5\"></span>nce fina<span class=\"_ _5\"></span>nce expense<span class=\"_ _5\"></span>/<span class=\"_ _7\"></span>(income<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xef5 y5a2c w6d9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">1<span class=\"_ _2\"></span>,895<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xef6 y5a2c w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xef7 y5a2c w6da h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b0 ws1ac\">62</div></td><td class=\"c n xef8 y5a2c w6db h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls49 ws1ca\">1,961</div></td><td class=\"c n xef9 y5a2c w6dc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">(9,0<span class=\"_ _2\"></span>96<span class=\"_ _2\"></span>)</div></td><td class=\"c n xefa y5a2c w6dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">(534)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xefb y5a2c w31a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">44</div></td><td class=\"c n x717 y5a2c w630 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">(9,586)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a2d w6de h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l chan<span class=\"_ _2\"></span>ges in p<span class=\"_ _2\"></span>rofit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xefc y5a2d wd0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b2 ws1af\">8<span class=\"_ _2\"></span>24<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xefd y5a2d w543 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8c ws6b\">40<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xefe y5a2d wd9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">895</div></td><td class=\"c n xeff y5a2d w6df h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>9</div></td><td class=\"c n xf00 y5a2d w630 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">(9,550)</div></td><td class=\"c n xf01 y5a2d w6e0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">(<span class=\"_ _2\"></span>476<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf02 y5a2d w61 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">15<span class=\"_ _2\"></span>0</div></td><td class=\"c n xf03 y5a2d w6a6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span>876)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xedd hd y5a2e ff3 fs7 fc1 sc0 ls14 ws12\">Cash flows:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a2f w6e1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Premium<span class=\"_ _2\"></span>s receive<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf04 y5a2f w6e2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">6,<span class=\"_ _2\"></span>421<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf05 y5a2f w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf06 y5a2f w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n xf07 y5a2f w3a6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">6<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>421</div></td><td class=\"c n xf08 y5a2f w150 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">4,596<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf09 y5a2f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf0a y5a2f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n xf0b y5a2f wd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">4,59<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a30 w6e3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Claims a<span class=\"_ _2\"></span>nd other ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>s paid<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf0c y5a30 w6e4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(4,<span class=\"_ _2\"></span>380<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf0d y5a30 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf0e y5a30 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n xf0f y5a30 w6e5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(4,3<span class=\"_ _2\"></span>80)</div></td><td class=\"c n xf10 y5a30 w6e6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(3,<span class=\"_ _2\"></span>2<span class=\"_ _5\"></span>72)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf11 y5a30 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf12 y5a30 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n xf13 y5a30 w6e6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(3,<span class=\"_ _2\"></span>2<span class=\"_ _5\"></span>72)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a31 w6e7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n cash fl<span class=\"_ _2\"></span>ows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf14 y5a31 w6e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(38)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf15 y5a31 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf16 y5a31 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf17 y5a31 w6e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(38)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf18 y5a31 w6e9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">(26<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf19 y5a31 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf1a y5a31 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf1b y5a31 w6ea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>26)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a32 w6eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf1c y5a32 w646 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,00<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf1d y5a32 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf1e y5a32 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n xf1f y5a32 w646 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,0<span class=\"_ _2\"></span>03</div></td><td class=\"c n x856 y5a32 w607 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">1<span class=\"_ _2\"></span>,29<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf20 y5a32 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf21 y5a32 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n xf22 y5a32 w5e9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">1<span class=\"_ _2\"></span>,298<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xedd hd y5a33 ff3 fs7 fc1 sc0 ls12 ws10\">Other mov<span class=\"_ _5\"></span>ements<span class=\"_ _3bc\"> </span></td><td class=\"c n xf23 y5a34 w6ec h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a8 ws19f\">1<span class=\"_ _2\"></span>,430<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf24 y5a34 w194 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls25 ws23\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf25 y5a34 w306 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25</div></td><td class=\"c n xf26 y5a34 w2df h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">1<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf27 y5a34 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf28 y5a34 w576 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf29 y5a34 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf2a y5a34 w5d9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c xe7d y5a35 w6ba h2ca\"><div class=\"t m0 x1e6 he y5654 ff7 fs7 fc1 sc0 ls0 ws0\">Net i<span class=\"_ _2\"></span>nsura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct liab<span class=\"_ _2\"></span>ilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf2b y5a35 w6ed h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">35,<span class=\"_ _2\"></span>036<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf2c y5a35 w5bf h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">767</div></td><td class=\"c n xf2d y5a35 w6ee h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">3<span class=\"_ _2\"></span>,741</div></td><td class=\"c n xf2e y5a35 w41e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">39,5<span class=\"_ _2\"></span>44</div></td><td class=\"c n xf2f y5a35 w5fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">3<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf30 y5a35 w65b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">6<span class=\"_ _2\"></span>81</div></td><td class=\"c n xf31 y5a35 w30f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">2<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>21</div></td><td class=\"c n xf32 y5a35 w6ef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">3<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>281<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c xe7d y5a36 w6f0 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf33 y5a36 w6f1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">35,0<span class=\"_ _2\"></span>36<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf34 y5a36 w5bf h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">767</div></td><td class=\"c n xf35 y5a36 w6f2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>741</div></td><td class=\"c n xf36 y5a36 w6f3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">39,54<span class=\"_ _2\"></span>4</div></td><td class=\"c n xf37 y5a36 w6f4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">3<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf38 y5a36 wb0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">6<span class=\"_ _2\"></span>81</div></td><td class=\"c n xf39 y5a36 w145 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">2,<span class=\"_ _2\"></span>821</div></td><td class=\"c n xf3a y5a36 w6ef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">3<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>281<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5a37 w6f5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts as at 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf3b y5a37 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf3c y5a37 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf3d y5a37 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf3e y5a37 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf3f y5a37 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf40 y5a37 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf41 y5a37 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf42 y5a37 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c xe7d y55ef w6f6 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Net in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t liabilitie<span class=\"_ _2\"></span>s as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf33 y55ef w6f1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">35,0<span class=\"_ _2\"></span>36<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf34 y55ef w5bf h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">767</div></td><td class=\"c n xf35 y55ef w6f2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>741</div></td><td class=\"c n xf36 y55ef w6f3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">39,54<span class=\"_ _2\"></span>4</div></td><td class=\"c n xf37 y55ef w6f4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">3<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf38 y55ef wb0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">6<span class=\"_ _2\"></span>81</div></td><td class=\"c n xf39 y55ef w145 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">2,<span class=\"_ _2\"></span>821</div></td><td class=\"c n xf3a y55ef w6ef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">3<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>281<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs6e4\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs6e5\">1 <span class=\"_ _b3\"> </span>\u00a3<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>514 mill<span class=\"_ _2\"></span>ion in<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>ed in \u2018es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>tes of th<span class=\"_ _2\"></span>e pres<span class=\"_ _2\"></span>ent va<span class=\"_ _2\"></span>lue of f<span class=\"_ _2\"></span>uture c<span class=\"_ _2\"></span>ash fl<span class=\"_ _2\"></span>ows\u2019 re<span class=\"_ _2\"></span>late<span class=\"_ _2\"></span>s to the f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue of ins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce co<span class=\"_ _2\"></span>ntra<span class=\"_ _2\"></span>cts a<span class=\"_ _2\"></span>cqu<span class=\"_ _2\"></span>ired a<span class=\"_ _2\"></span>s par<span class=\"_ _2\"></span>t of the a<span class=\"_ _2\"></span>cqui<span class=\"_ _2\"></span>siti<span class=\"_ _2\"></span>on of SL<span class=\"_ _2\"></span>F of Cana<span class=\"_ _2\"></span>da U<span class=\"_ _2\"></span>K Limite<span class=\"_ _2\"></span>d in th<span class=\"_ _2\"></span>e </div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs6e6\">pe<span class=\"_ _2\"></span>riod (s<span class=\"_ _2\"></span>ee no<span class=\"_ _2\"></span>te H2).<span class=\"_ _3bc\"> </span></div><table class=\"s w6f7 h2dc\" id=\"_005fc2fe-4325-4791-88d1-c0092622c584\"><tr><td></td><td></td><td></td><td class=\"c n xf43 y5a38 w402 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xf44 y5a38 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 xf45 h3f y5a39 ff7 fsf fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>tim<span class=\"_ _2\"></span>ates of </td><td></td><td></td><td></td><td class=\"t m0 xf46 h16 y5a39 ff3 fsf fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>tes of </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf47 h3f y5a3a ff7 fsf fc1 sc0 ls0 ws0\">the p<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td class=\"t m0 x747 h16 y5a3a ff3 fsf fc1 sc0 ls0 ws0\">the p<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf48 h3f y5a3b ff7 fsf fc1 sc0 ls0 ws0\">val<span class=\"_ _2\"></span>ue of </td><td></td><td class=\"t m0 xf49 h3f y5a3b ff7 fsf fc1 sc0 ls5b ws76\">Contractual </td><td></td><td class=\"t m0 xf4a h16 y5a3b ff3 fsf fc1 sc0 ls17 ws15\">value of<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 x557 h16 y5a3b ff3 fsf fc1 sc0 ls17 ws15\">Contractual </td><td></td></tr><tr><td></td><td class=\"t m0 xf47 h3f y5a3c ff7 fsf fc1 sc0 ls0 ws0\">fut<span class=\"_ _2\"></span>ure c<span class=\"_ _2\"></span>ash </td><td class=\"t m0 x57d h3f y5a3c ff7 fsf fc1 sc0 ls199 ws185\">Risk<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xf4b h3f y5a3c ff7 fsf fc1 sc0 ls0 ws0\">se<span class=\"_ _2\"></span>rvi<span class=\"_ _2\"></span>ce </td><td></td><td class=\"t m0 x747 h16 y5a3c ff3 fsf fc1 sc0 ls0 ws0\">fut<span class=\"_ _2\"></span>ure c<span class=\"_ _2\"></span>ash </td><td class=\"t m0 x559 h16 y5a3c ff3 fsf fc1 sc0 ls70 ws67\">Risk<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xf4c h16 y5a3c ff3 fsf fc1 sc0 lse1 wscb\">service </td><td></td></tr><tr><td></td><td class=\"t m0 x97c h3f y5a3d ff7 fsf fc1 sc0 lsea wsd5\">flows<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8e7 h3f y5a3d ff7 fsf fc1 sc0 ls51 ws4b\">adjustment<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc9d h3f y5a3d ff7 fsf fc1 sc0 lse3 wscd\">margin<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xf4d h3f y5a3d ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xf4e h16 y5a3d ff3 fsf fc1 sc0 lse9 wsd4\">flows<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x983 h16 y5a3d ff3 fsf fc1 sc0 ls83 ws78\">adjustment<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xf4f h16 y5a3d ff3 fsf fc1 sc0 ls82 ws77\">margin<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5a3d ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xf50 h3f y5a3e ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x97d h3f y5a3e ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e4 h3f y5a3e ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x582 h3f y5a3e ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xf51 h16 y5a3e ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x749 h16 y5a3e ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x98c h16 y5a3e ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5a3e ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5a3f w6b6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at 1 Januar<span class=\"_ _2\"></span>y</div></td><td class=\"c n xf52 y5a3f w6f8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>35<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf53 y5a3f w6da h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b0 ws1ac\">89<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf54 y5a3f w6f9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">94</div></td><td class=\"c n xf55 y5a3f w53c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>33</div></td><td class=\"c n xf56 y5a3f w6fa h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">25,059<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf57 y5a3f w8d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">88<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf58 y5a3f w64 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws195\">96</div></td><td class=\"c n xf59 y5a3f w6fb h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>24<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a40 w6b9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts as at 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf5a y5a40 w6fc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(48)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf5b y5a40 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf5c y5a40 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf5d y5a40 w6fd h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(4<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf5e y5a40 w28f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(65)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf5f y5a40 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf60 y5a40 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf61 y5a40 w28f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(65)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a41 w6ba h2db\"><div class=\"t m0 x1e6 he y5645 ff7 fs7 fc1 sc0 ls0 ws0\">Net i<span class=\"_ _2\"></span>nsura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct liab<span class=\"_ _2\"></span>ilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">1 January<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf62 y5a41 w53c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _2\"></span>,3<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf63 y5a41 w6da h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b0 ws1ac\">89<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd13 y5a41 w6f9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">94</div></td><td class=\"c n xf64 y5a41 w6fe h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>85</div></td><td class=\"c n xf65 y5a41 w6ff h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf66 y5a41 w8d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">88<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf67 y5a41 w64 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws195\">96</div></td><td class=\"c n x510 y5a41 w700 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">25<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>178<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5a42 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in profit o<span class=\"_ _2\"></span>r loss:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a43 w6bd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for ser<span class=\"_ _2\"></span>vices p<span class=\"_ _2\"></span>rovided<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf68 y5a43 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf0d y5a43 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf69 y5a43 w701 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf6a y5a43 w3e0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(25<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf6b y5a43 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4e y5a43 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf6c y5a43 w1c3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x50b y5a43 w1da h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>13)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a44 w6be h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for the ri<span class=\"_ _2\"></span>sk expired<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf6d y5a44 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf6e y5a44 w3ce h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf6f y5a44 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf70 y5a44 w3ce h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf71 y5a44 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf72 y5a44 w1d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(11)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf73 y5a44 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x69d y5a44 w1cd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(11<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a45 w6c0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Experience adjustments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf74 y5a45 w190 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf75 y5a45 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf76 y5a45 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x588 y5a45 w190 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf77 y5a45 w1dc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf78 y5a45 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf79 y5a45 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x7f1 y5a45 wd3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">33<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a46 w2f5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Policyholder tax charges<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf7a y5a46 w702 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf7b y5a46 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf7c y5a46 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf7d y5a46 w7f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf7e y5a46 w703 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf7f y5a46 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf80 y5a46 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf81 y5a46 w374 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">18<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a47 w6c3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e relating to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _2\"></span>vice<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf82 y5a47 w1a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf83 y5a47 w6c1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf84 y5a47 w704 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>25)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf85 y5a47 wd0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">(<span class=\"_ _2\"></span>29)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf86 y5a47 w409 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf87 y5a47 w3e0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf88 y5a47 w134 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(13)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf89 y5a47 wbd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a48 w6c7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s initially re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the p<span class=\"_ _2\"></span>eriod<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf8a y5a48 w705 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">(67<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf8b y5a48 w307 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf8c y5a48 w569 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">34<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x82c y5a48 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf8d y5a48 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3e y5a48 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf8e y5a48 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf8f y5a48 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a49 w6c9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in es<span class=\"_ _2\"></span>timates th<span class=\"_ _2\"></span>at adj<span class=\"_ _2\"></span>ust the C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf90 y5a49 w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(10<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf91 y5a49 w6c2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf92 y5a49 we0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf93 y5a49 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaca y5a49 w80 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf94 y5a49 w2dd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf95 y5a49 w307 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xacc y5a49 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5a4a ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in es<span class=\"_ _2\"></span>timates th<span class=\"_ _2\"></span>at do not ad<span class=\"_ _2\"></span>just </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a4b w6cc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">the<span class=\"_ gs132\"> </span>CS<span class=\"_ _2\"></span>M<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf96 y5a4b w55 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(10)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf97 y5a4b w1a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf98 y5a4b w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf99 y5a4b w706 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf9a y5a4b w387 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">119<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf9b y5a4b w13f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc8e y5a4b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x78b y5a4b w40f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">1<span class=\"_ _2\"></span>32<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a4c w6cd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e relating to fu<span class=\"_ _2\"></span>ture ser<span class=\"_ _2\"></span>vice<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf9c y5a4c w63b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>80<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf9d y5a4c w17a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">34<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf9e y5a4c w2f4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">1<span class=\"_ _2\"></span>38<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf9f y5a4c w706 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfa0 y5a4c w112 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">110<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfa1 y5a4c w307 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfa2 y5a4c w307 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfa3 y5a4c wf6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">132<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5a4d ff3 fs7 fc1 sc0 ls0 ws0\">Adju<span class=\"_ _2\"></span>stment<span class=\"_ _2\"></span>s to liabilitie<span class=\"_ _2\"></span>s for incurre<span class=\"_ _2\"></span>d claims </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a4e w707 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls68 ws5c\">(past service)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfa4 y5a4e w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfa5 y5a4e w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfa6 y5a4e w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfa7 y5a4e w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfa8 y5a4e wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfa9 y5a4e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfaa y5a4e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfab y5a4e wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a4f w6d4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice result<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfac y5a4f w708 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>62)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xed6 y5a4f w541 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">26<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfad y5a4f w6d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">113<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfae y5a4f w214 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">(23)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfaf y5a4f w91 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">166<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfb0 y5a4f w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfb1 y5a4f w709 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfb2 y5a4f w91 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">164<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a50 w6d8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls13 ws11\">Insura<span class=\"_ _5\"></span>nce fina<span class=\"_ _5\"></span>nce expense<span class=\"_ _5\"></span>/<span class=\"_ _7\"></span>(income<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xef5 y5a50 w5e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">1<span class=\"_ _2\"></span>,593<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfb3 y5a50 w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfb4 y5a50 w70a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)</div></td><td class=\"c n xfb5 y5a50 w70b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">1<span class=\"_ _2\"></span>,590</div></td><td class=\"c n xfb6 y5a50 w4d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>24<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfb7 y5a50 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfb8 y5a50 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n xfb9 y5a50 w70c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>023)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a51 w6de h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l chan<span class=\"_ _2\"></span>ges in p<span class=\"_ _2\"></span>rofit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfba y5a51 w70d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>431<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfbb y5a51 w70e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfbc y5a51 w18f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>9</div></td><td class=\"c n xfbd y5a51 w14f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">1,<span class=\"_ _2\"></span>567</div></td><td class=\"c n xfbe y5a51 w70f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>,85<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfbf y5a51 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc0 y5a51 w709 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(2)</div></td><td class=\"c n xfc1 y5a51 w638 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(1<span class=\"_ _2\"></span>,859)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5a52 ff3 fs7 fc1 sc0 ls14 ws12\">Cash flows:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a53 w6e1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Premium<span class=\"_ _2\"></span>s receive<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc2 y5a53 w5d7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">389<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc3 y5a53 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf6f y5a53 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc4 y5a53 w2f4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">38<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc5 y5a53 w32a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">443<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc6 y5a53 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc7 y5a53 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc8 y5a53 w32a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">443<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a54 w6e3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Claims a<span class=\"_ _2\"></span>nd other ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>s paid<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf0c y5a54 w710 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(3,<span class=\"_ _2\"></span>488)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc9 y5a54 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfca y5a54 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n xfcb y5a54 w711 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(3,48<span class=\"_ _2\"></span>8)</div></td><td class=\"c n xfcc y5a54 w712 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>277<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfcd y5a54 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfce y5a54 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n xfcf y5a54 w43f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5a55 ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span></td><td class=\"c n xfd0 y5a56 w713 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(3,0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfd1 y5a56 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfd2 y5a56 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n xfd3 y5a56 w46e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(3<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>99)</div></td><td class=\"c n xfd4 y5a56 w5fc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>83<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfd5 y5a56 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfd6 y5a56 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n xfd7 y5a56 w5fc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>83<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a58 w714 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other mov<span class=\"_ _5\"></span>ements</div><div class=\"t m0 xfd8 h13 y5a57 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfd9 y5a59 w21f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">2,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfda y5a59 w715 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(32)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfdb y5a59 w2dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)</div></td><td class=\"c n xfdc y5a59 w716 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfdd y5a59 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfde y5a59 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfdf y5a59 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfe0 y5a59 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5667 w6ba h2ca\"><div class=\"t m0 x1e6 he y5654 ff7 fs7 fc1 sc0 ls0 ws0\">Net i<span class=\"_ _2\"></span>nsura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct liab<span class=\"_ _2\"></span>ilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfe1 y5667 w473 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>41<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfe2 y5667 w717 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd2 wsc0\">84<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfe3 y5667 w718 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">2<span class=\"_ _2\"></span>01</div></td><td class=\"c n xfe4 y5667 w719 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">22,<span class=\"_ _2\"></span>326</div></td><td class=\"c n xfe5 y5667 w71a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls32 ws149\">21,302<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfe6 y5667 w442 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c8 ws1c8\">89<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfe7 y5667 w71b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12c ws170\">94</div></td><td class=\"c n xfe8 y5667 w65f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>48<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a5a w6f0 h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfe9 y5a5a w71c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>41<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfea y5a5a w717 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd2 wsc0\">84<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfeb y5a5a w5d5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">201</div></td><td class=\"c n xfec y5a5a w71d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">22,<span class=\"_ _2\"></span>326</div></td><td class=\"c n xfed y5a5a w65f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>35<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfee y5a5a w442 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c8 ws1c8\">89<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfef y5a5a w71b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12c ws170\">94</div></td><td class=\"c n xff0 y5a5a w37b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>53<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a5b w71e h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff1 y5a5b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff2 y5a5b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff3 y5a5b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff4 y5a5b w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff5 y5a5b w1c4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls38 ws35\">(48)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff6 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff7 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff8 y5a5b w1c4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls38 ws35\">(48)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55ef w6f6 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Net in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t liabilitie<span class=\"_ _2\"></span>s as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfe9 y55ef w71c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>41<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfea y55ef w717 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd2 wsc0\">84<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfeb y55ef w5d5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">201</div></td><td class=\"c n xfec y55ef w71d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">22,<span class=\"_ _2\"></span>326</div></td><td class=\"c n xfed y55ef w71f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls32 ws149\">2<span class=\"_ _5\"></span>1,302<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff9 y55ef w720 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c8 ws1c8\">89<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xffa y55ef w71b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12c ws170\">94</div></td><td class=\"c n xffb y55ef w721 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>85<span class=\"_ _3bc\"> </span></div></td></tr></table>1 <span class=\"_ _b3\"> </span>\u00a3<span class=\"_ _2\"></span>2,411 m<span class=\"_ _2\"></span>illio<span class=\"_ _2\"></span>n incl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>d in \u2018est<span class=\"_ _2\"></span>imate<span class=\"_ _2\"></span>s of the p<span class=\"_ _2\"></span>rese<span class=\"_ _2\"></span>nt val<span class=\"_ _2\"></span>ue of fut<span class=\"_ _2\"></span>ure c<span class=\"_ _2\"></span>ash flo<span class=\"_ _2\"></span>ws\u2019 rel<span class=\"_ _2\"></span>ates to t<span class=\"_ _2\"></span>he fai<span class=\"_ _2\"></span>r value o<span class=\"_ _2\"></span>f insur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts ac<span class=\"_ _2\"></span>quir<span class=\"_ _2\"></span>ed as p<span class=\"_ _2\"></span>art of t<span class=\"_ _2\"></span>he ac<span class=\"_ _2\"></span>quis<span class=\"_ _2\"></span>ition of S<span class=\"_ _2\"></span>LF of C<span class=\"_ _2\"></span>anda U<span class=\"_ _2\"></span>K Limi<span class=\"_ _2\"></span>ted (se<span class=\"_ _2\"></span>e note H<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span><div class=\"t m0 h16 ff3 fsf fc1 sc0 lse9 wsd4 gs6e8\">With-Profit<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div><div class=\"gs2ed\"><table class=\"s w722 h2dd\" id=\"_dc5e3a52-96b3-4689-a17d-dc10e4e7ff9d\"><tr><td></td><td></td><td></td><td class=\"c n xb8a y5a5c w402 h2de\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xffc y5a5c w3a4 h2df\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x9ce h3f y5a5d ff7 fsf fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>tim<span class=\"_ _2\"></span>ates of </td><td></td><td></td><td></td><td class=\"t m0 x75d h16 y5a5d ff3 fsf fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>tes of </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xd53 h3f y5a5e ff7 fsf fc1 sc0 ls0 ws0\">the p<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td class=\"t m0 xa02 h16 y5a5e ff3 fsf fc1 sc0 ls0 ws0\">the p<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xd55 h3f y5a5f ff7 fsf fc1 sc0 ls0 ws0\">val<span class=\"_ _2\"></span>ue of </td><td></td><td class=\"t m0 xffd h3f y5a5f ff7 fsf fc1 sc0 ls5b ws76\">Contractual </td><td></td><td class=\"t m0 x9d5 h16 y5a5f ff3 fsf fc1 sc0 ls17 ws15\">value of<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 xffe h16 y5a5f ff3 fsf fc1 sc0 ls17 ws15\">Contractual </td><td></td></tr><tr><td></td><td class=\"t m0 xd53 h3f y5a60 ff7 fsf fc1 sc0 ls0 ws0\">fut<span class=\"_ _2\"></span>ure c<span class=\"_ _2\"></span>ash </td><td class=\"t m0 xfff h3f y5a60 ff7 fsf fc1 sc0 ls199 ws185\">Risk<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1000 h3f y5a60 ff7 fsf fc1 sc0 ls0 ws0\">se<span class=\"_ _2\"></span>rvi<span class=\"_ _2\"></span>ce </td><td></td><td class=\"t m0 xa02 h16 y5a60 ff3 fsf fc1 sc0 ls0 ws0\">fut<span class=\"_ _2\"></span>ure c<span class=\"_ _2\"></span>ash </td><td class=\"t m0 x1001 h16 y5a60 ff3 fsf fc1 sc0 ls70 ws67\">Risk<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc03 h16 y5a60 ff3 fsf fc1 sc0 lse1 wscb\">service </td><td></td></tr><tr><td></td><td class=\"t m0 x9fe h3f y5a61 ff7 fsf fc1 sc0 lsea wsd5\">flows<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1002 h3f y5a61 ff7 fsf fc1 sc0 ls51 ws4b\">adjustment<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd54 h3f y5a61 ff7 fsf fc1 sc0 lse3 wscd\">margin<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1003 h3f y5a61 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9cb h16 y5a61 ff3 fsf fc1 sc0 lse9 wsd4\">flows<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9fd h16 y5a61 ff3 fsf fc1 sc0 ls83 ws78\">adjustment<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1004 h16 y5a61 ff3 fsf fc1 sc0 ls82 ws77\">margin<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y5a61 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xa05 h3f y5a62 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d8 h3f y5a62 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d9 h3f y5a62 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9da h3f y5a62 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa06 h16 y5a62 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa07 h16 y5a62 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa08 h16 y5a62 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5a62 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5a63 w6b6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at 1 Januar<span class=\"_ _2\"></span>y</div></td><td class=\"c n x1005 y5a63 w723 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>282<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1006 y5a63 w1eb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">158<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1007 y5a63 w724 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls47 ws19d\">565</div></td><td class=\"c n x1008 y5a63 w725 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">29,<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>5</div></td><td class=\"c n x1009 y5a63 w5f8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35,8<span class=\"_ _2\"></span>38<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x100a y5a63 w5d8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">252<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x100b y5a63 w112 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">433</div></td><td class=\"c n x100c y5a63 w726 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">3<span class=\"_ _2\"></span>6,<span class=\"_ _2\"></span>523<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a64 w6b9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts as at 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x100d y5a64 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x100e y5a64 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x100f y5a64 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1010 y5a64 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1011 y5a64 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1012 y5a64 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1013 y5a64 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1014 y5a64 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a65 w6ba h2e0\"><div class=\"t m0 x1e6 he y5645 ff7 fs7 fc1 sc0 ls0 ws0\">Net i<span class=\"_ _2\"></span>nsura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct liab<span class=\"_ _2\"></span>ilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">1 January<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf62 y5a65 w723 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>282<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1015 y5a65 w309 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">15<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1016 y5a65 w724 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls47 ws19d\">565</div></td><td class=\"c n x1017 y5a65 w462 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">29,0<span class=\"_ _2\"></span>05</div></td><td class=\"c n x1018 y5a65 w727 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>38<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1019 y5a65 w5d8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">252<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x101a y5a65 w112 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">433</div></td><td class=\"c n x101b y5a65 w726 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">3<span class=\"_ _2\"></span>6,<span class=\"_ _2\"></span>523<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5a66 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in profit o<span class=\"_ _2\"></span>r loss:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a67 w6bd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for ser<span class=\"_ _2\"></span>vices p<span class=\"_ _2\"></span>rovided<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf68 y5a67 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf0d y5a67 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x101c y5a67 w728 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">(77<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x101d y5a67 w348 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">(<span class=\"_ _2\"></span>77)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x101e y5a67 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x101f y5a67 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1020 y5a67 w28f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(99)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1021 y5a67 w28f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(99)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a68 w6be h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for the ri<span class=\"_ _2\"></span>sk expired<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf6d y5a68 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1022 y5a68 w70a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1023 y5a68 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1024 y5a68 w5c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeea y5a68 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1025 y5a68 w361 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1026 y5a68 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1027 y5a68 w207 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a69 w6c0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Experience adjustments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf74 y5a69 w2a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">23<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1028 y5a69 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1029 y5a69 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x102a y5a69 w2a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">23<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x102b y5a69 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x102c y5a69 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x102d y5a69 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x102e y5a69 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a6a w2f5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Policyholder tax charges<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x102f y5a6a w729 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1030 y5a6a w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1031 y5a6a w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1032 y5a6a w72a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1033 y5a6a w30c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1034 y5a6a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1035 y5a6a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x954 y5a6a w30c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a6b w6c3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e relating to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _2\"></span>vice<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf82 y5a6b w1a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1036 y5a6b w70a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1037 y5a6b w728 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">(<span class=\"_ _2\"></span>77)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1038 y5a6b w72b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>75<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1039 y5a6b w160 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x103a y5a6b w207 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x103b y5a6b w72c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(9<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x103c y5a6b w1d4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(86)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a6c w6c9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in es<span class=\"_ _2\"></span>timates th<span class=\"_ _2\"></span>at adj<span class=\"_ _2\"></span>ust the C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x103d y5a6c w6bf h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(99)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x103e y5a6c w1ed h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">(20)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x103f y5a6c w6d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">119<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x570 y5a6c w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1040 y5a6c w1fa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>82)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1041 y5a6c w1c3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>43)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1042 y5a6c w5d8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">225<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2cc y5a6c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5a6d ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in es<span class=\"_ _2\"></span>timates th<span class=\"_ _2\"></span>at do not ad<span class=\"_ _2\"></span>just </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a6e w6cc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">the<span class=\"_ gs132\"> </span>CS<span class=\"_ _2\"></span>M<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf96 y5a6e w389 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>52)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1043 y5a6e w1ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1044 y5a6e w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1045 y5a6e w1ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(6<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1046 y5a6e w3b9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1047 y5a6e wbd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1048 y5a6e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1049 y5a6e w72d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">381<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a6f w6cd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e relating to fu<span class=\"_ _2\"></span>ture ser<span class=\"_ _2\"></span>vice<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x104a y5a6f w72e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>151<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x104b y5a6f w715 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(32)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x104c y5a6f w6d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">119<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x104d y5a6f w3cb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>64)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x104e y5a6f w389 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1041 y5a6f w5b9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">(16<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x104f y5a6f w5d8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">225<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1050 y5a6f w72f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">381<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5a70 ff3 fs7 fc1 sc0 ls0 ws0\">Adju<span class=\"_ _2\"></span>stment<span class=\"_ _2\"></span>s to liabilitie<span class=\"_ _2\"></span>s for incurre<span class=\"_ _2\"></span>d claims </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a71 w707 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls68 ws5c\">(past service)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1051 y5a71 w1fc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(33)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1052 y5a71 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1053 y5a71 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1054 y5a71 w1fc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(33)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1055 y5a71 w730 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">(41<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1056 y5a71 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1057 y5a71 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1058 y5a71 w731 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">(<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a72 w54 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16 ws14\">Insurance<span class=\"_ _7\"></span> ser<span class=\"_ _2\"></span>vice<span class=\"_ _7\"></span> result<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1059 y5a72 w2ca h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x105a y5a72 w6e8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">(36)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x105b y5a72 w1bc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x105c y5a72 w355 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x105d y5a72 w488 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x105e y5a72 w732 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">(<span class=\"_ _2\"></span>24<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x105f y5a72 w2eb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">1<span class=\"_ _2\"></span>26<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1060 y5a72 w269 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a73 w6d8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls13 ws11\">Insura<span class=\"_ _5\"></span>nce fina<span class=\"_ _5\"></span>nce expense<span class=\"_ _5\"></span>/<span class=\"_ _7\"></span>(income<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xef5 y5a73 wd5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>891<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1061 y5a73 w1d9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1062 y5a73 w190 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10</div></td><td class=\"c n x1063 y5a73 wd5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,91<span class=\"_ _2\"></span>4</div></td><td class=\"c n x1064 y5a73 w24d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(5,379)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1065 y5a73 w733 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c4 ws1c4\">(<span class=\"_ _2\"></span>70)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1066 y5a73 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">6</div></td><td class=\"c n x218 y5a73 w2d4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(5<span class=\"_ _2\"></span>,4<span class=\"_ _2\"></span>43)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a74 w6de h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l chan<span class=\"_ _2\"></span>ges in p<span class=\"_ _2\"></span>rofit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfba y5a74 w734 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1067 y5a74 w389 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>23)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1068 y5a74 w2a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">52</div></td><td class=\"c n x1069 y5a74 w735 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>742</div></td><td class=\"c n x106a y5a74 w712 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>227<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x106b y5a74 w32c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x106c y5a74 wf6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">132</div></td><td class=\"c n x106d y5a74 w638 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(<span class=\"_ _2\"></span>5,189)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5a75 ff3 fs7 fc1 sc0 ls14 ws12\">Cash flows:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a53 w6e1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Premium<span class=\"_ _2\"></span>s receive<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc2 y5a53 w736 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">1<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x106e y5a53 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf98 y5a53 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x106f y5a53 w1f7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">1<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1070 y5a53 w737 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">136<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1071 y5a53 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1072 y5a53 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x27d y5a53 w2a9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">136<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a76 w6e3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Claims a<span class=\"_ _2\"></span>nd other ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>s paid<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1073 y5a76 w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(6<span class=\"_ _2\"></span>94)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf1d y5a76 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf1e y5a76 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1074 y5a76 w623 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(6<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4)</div></td><td class=\"c n x1075 y5a76 w738 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">(2,468)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x102c y5a76 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x102d y5a76 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1076 y5a76 w739 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">(2,468)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a77 w6eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1077 y5a77 w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>573)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1078 y5a77 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1079 y5a77 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x107a y5a77 w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(57<span class=\"_ _2\"></span>3)</div></td><td class=\"c n x107b y5a77 w61d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(2<span class=\"_ _2\"></span>,3<span class=\"_ _2\"></span>32)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x107c y5a77 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x107d y5a77 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x107e y5a77 w70c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>332)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a78 w73a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other mov<span class=\"_ _5\"></span>ements</div><div class=\"t m0 x107f h13 y5a57 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1080 y5a79 w1b7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">458<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1081 y5a79 w73b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>31)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1082 y5a79 w73c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">(20<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1083 y5a79 w4f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">4<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1084 y5a79 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1085 y5a79 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1086 y5a79 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1087 y5a79 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5667 w6ba h2ca\"><div class=\"t m0 x1e6 he y5654 ff7 fs7 fc1 sc0 ls0 ws0\">Net i<span class=\"_ _2\"></span>nsura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct liab<span class=\"_ _2\"></span>ilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1088 y5667 w462 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c7 ws1c7\">29,<span class=\"_ _2\"></span>880<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1089 y5667 w18f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x108a y5667 w73d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">5<span class=\"_ _2\"></span>97</div></td><td class=\"c n x108b y5667 w73e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">3<span class=\"_ _2\"></span>0,<span class=\"_ _2\"></span>581</div></td><td class=\"c n x108c y5667 w73f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _2\"></span>,28<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x108d y5667 w118 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">158<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x108e y5667 w32a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">565</div></td><td class=\"c n x108f y5667 w503 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">29,0<span class=\"_ _2\"></span>05<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a5a w6f0 h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfe9 y5a5a w462 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c7 ws1c7\">29,88<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1090 y5a5a w18f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1091 y5a5a w2ac h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">5<span class=\"_ _2\"></span>97</div></td><td class=\"c n x1092 y5a5a w740 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">3<span class=\"_ _2\"></span>0,<span class=\"_ _2\"></span>581</div></td><td class=\"c n x1093 y5a5a w368 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _2\"></span>,28<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1094 y5a5a w112 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">158<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1095 y5a5a w32a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">565</div></td><td class=\"c n x1096 y5a5a w503 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">29,0<span class=\"_ _2\"></span>05<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a5b w71e h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff1 y5a5b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff2 y5a5b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff3 y5a5b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff4 y5a5b w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1097 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1098 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1099 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x109a y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55ef w6f6 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Net in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t liabilitie<span class=\"_ _2\"></span>s as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfe9 y55ef w462 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c7 ws1c7\">29,88<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1090 y55ef w18f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1091 y55ef w2ac h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">5<span class=\"_ _2\"></span>97</div></td><td class=\"c n x1092 y55ef w740 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">3<span class=\"_ _2\"></span>0,<span class=\"_ _2\"></span>581</div></td><td class=\"c n x1093 y55ef w368 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _2\"></span>,28<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1094 y55ef w112 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">158<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1095 y55ef w32a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">565</div></td><td class=\"c n x1096 y55ef w503 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">29,0<span class=\"_ _2\"></span>05<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs6e9\">1 <span class=\"_ _b3\"> </span>\u00a33<span class=\"_ _2\"></span>49 m<span class=\"_ _2\"></span>illio<span class=\"_ _2\"></span>n incl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>d in \u2018est<span class=\"_ _2\"></span>imate<span class=\"_ _2\"></span>s of the p<span class=\"_ _2\"></span>rese<span class=\"_ _2\"></span>nt val<span class=\"_ _2\"></span>ue of fut<span class=\"_ _2\"></span>ure ca<span class=\"_ _2\"></span>sh flow<span class=\"_ _2\"></span>s\u2019 rel<span class=\"_ _2\"></span>ates to t<span class=\"_ _2\"></span>he fair v<span class=\"_ _2\"></span>alue of i<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts ac<span class=\"_ _2\"></span>quire<span class=\"_ _2\"></span>d as pa<span class=\"_ _2\"></span>rt of t<span class=\"_ _2\"></span>he ac<span class=\"_ _2\"></span>quisi<span class=\"_ _2\"></span>tion of S<span class=\"_ _2\"></span>LF of Ca<span class=\"_ _2\"></span>nad<span class=\"_ _2\"></span>a UK Lim<span class=\"_ _2\"></span>ited </div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs6ea\">(se<span class=\"_ _2\"></span>e note H<span class=\"_ _2\"></span>2).<span class=\"_ _3bc\"> </span></div><div class=\"gs2ed\"><table class=\"s w722 h2e1\" id=\"_566e1a3d-433e-449c-8026-c15e162b5ed3\"><tr><td></td><td></td><td></td><td class=\"c n xf43 y5a7a w402 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xf44 y5a7a w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 xf45 h3f y5a7b ff7 fsf fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>tim<span class=\"_ _2\"></span>ates of </td><td></td><td></td><td></td><td class=\"t m0 xf46 h16 y5a7b ff3 fsf fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>tes of </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf47 h3f y5a7c ff7 fsf fc1 sc0 ls0 ws0\">the p<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td class=\"t m0 x747 h16 y5a7c ff3 fsf fc1 sc0 ls0 ws0\">the p<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf48 h3f y5a7d ff7 fsf fc1 sc0 ls0 ws0\">val<span class=\"_ _2\"></span>ue of </td><td></td><td class=\"t m0 xf49 h3f y5a7d ff7 fsf fc1 sc0 ls5b ws76\">Contractual </td><td></td><td class=\"t m0 xf4a h16 y5a7d ff3 fsf fc1 sc0 ls17 ws15\">value of<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 x557 h16 y5a7d ff3 fsf fc1 sc0 ls17 ws15\">Contractual </td><td></td></tr><tr><td></td><td class=\"t m0 xf47 h3f y5a7e ff7 fsf fc1 sc0 ls0 ws0\">fut<span class=\"_ _2\"></span>ure c<span class=\"_ _2\"></span>ash </td><td class=\"t m0 x57d h3f y5a7e ff7 fsf fc1 sc0 ls199 ws185\">Risk<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xf4b h3f y5a7e ff7 fsf fc1 sc0 ls0 ws0\">se<span class=\"_ _2\"></span>rvi<span class=\"_ _2\"></span>ce </td><td></td><td class=\"t m0 x747 h16 y5a7e ff3 fsf fc1 sc0 ls0 ws0\">fut<span class=\"_ _2\"></span>ure c<span class=\"_ _2\"></span>ash </td><td class=\"t m0 x559 h16 y5a7e ff3 fsf fc1 sc0 ls70 ws67\">Risk<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xf4c h16 y5a7e ff3 fsf fc1 sc0 lse1 wscb\">service </td><td></td></tr><tr><td></td><td class=\"t m0 x97c h3f y5a7f ff7 fsf fc1 sc0 lsea wsd5\">flows<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8e7 h3f y5a7f ff7 fsf fc1 sc0 ls51 ws4b\">adjustment<span class=\"_ _3bc\"> </span></td><td class=\"c n x109b y5a80 w741 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lse3 wscd\">margin<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x109c y5a80 w742 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls1cc ws1cd\">Tot<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 xf4e h16 y5a7f ff3 fsf fc1 sc0 lse9 wsd4\">flows<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x983 h16 y5a7f ff3 fsf fc1 sc0 ls83 ws78\">adjustment<span class=\"_ _3bc\"> </span></td><td class=\"c n x109d y5a81 w743 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">margin<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x109e y5a81 w744 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 h16 y5a82 ff3 fsf fc1 sc0 ls0 ws0\">Euro<span class=\"_ _2\"></span>pe &amp; Ot<span class=\"_ _2\"></span>her<span class=\"_ _3bc\"> </span></td><td class=\"c n x109f y5a83 w44 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10a0 y5a83 w44 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10a1 y5a83 w44 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10a2 y5a83 w44 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10a3 y5a83 w45 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10a4 y5a83 w45 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10a5 y5a83 w591 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10a6 y5a83 w45 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a84 w6b6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at 1 Januar<span class=\"_ _2\"></span>y</div></td><td class=\"c n x1005 y5a84 w745 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">22,<span class=\"_ _2\"></span>201<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10a7 y5a84 w2f4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10a8 y5a84 w533 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _2\"></span>9</div></td><td class=\"c n x10a9 y5a84 w746 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>9</div></td><td class=\"c n x10aa y5a84 w747 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10ab y5a84 w240 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">220<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10ac y5a84 we1 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>7</div></td><td class=\"c n x10ad y5a84 w22a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a85 w6b9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts as at 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x100d y5a85 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x100e y5a85 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x100f y5a85 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1010 y5a85 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1011 y5a85 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1012 y5a85 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1013 y5a85 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1014 y5a85 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a86 w6ba h2e2\"><div class=\"t m0 x1e6 he y564f ff7 fs7 fc1 sc0 ls0 ws0\">Net i<span class=\"_ _2\"></span>nsura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct liab<span class=\"_ _2\"></span>ilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">1 January<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf62 y5a86 w745 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">22,<span class=\"_ _2\"></span>201<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10ae y5a86 w2f4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10af y5a86 w533 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _2\"></span>9</div></td><td class=\"c n x10b0 y5a86 w41f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>9</div></td><td class=\"c n x10b1 y5a86 w747 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10b2 y5a86 w240 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">220<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10b3 y5a86 we1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>7</div></td><td class=\"c n x10b4 y5a86 w748 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _2\"></span>7,<span class=\"_ _19\"></span>8<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5a87 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in profit o<span class=\"_ _2\"></span>r loss:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a88 w6bd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for ser<span class=\"_ _2\"></span>vices p<span class=\"_ _2\"></span>rovided<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf68 y5a88 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf0d y5a88 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10b5 y5a88 w544 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">(47<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10b6 y5a88 w749 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">(<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10b7 y5a88 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10b8 y5a88 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10b9 y5a88 w2c7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(67<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb41 y5a88 w2c7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(67<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a89 w6be h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for the ri<span class=\"_ _2\"></span>sk expired<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf6d y5a89 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10ba y5a89 w1ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10bb y5a89 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10bc y5a89 w175 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>12)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10bd y5a89 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10be y5a89 w3d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1035 y5a89 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10bf y5a89 w3d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a8a w6c0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Experience adjustments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf74 y5a8a w569 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10c0 y5a8a w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10c1 y5a8a w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10c2 y5a8a w51c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10c3 y5a8a w74a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">36<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10c4 y5a8a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10c5 y5a8a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10c6 y5a8a wcb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">36<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a8b w2f5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Policyholder tax charges<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf7a y5a8b w6c2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10c7 y5a8b w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10c8 y5a8b w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10c9 y5a8b w3d5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10ca y5a8b w5d9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10cb y5a8b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10cc y5a8b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10cd y5a8b w74b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a8c w6c3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e relating to cur<span class=\"_ _2\"></span>rent ser<span class=\"_ _2\"></span>vice<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10ce y5a8c w74c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10cf y5a8c w1ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10d0 y5a8c w513 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">(<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3c y5a8c w74d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>42)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10d1 y5a8c w137 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10d2 y5a8c w3d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10d3 y5a8c w2c7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(67<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d2 y5a8c w1d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(39)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a8d w6c7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s initially re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the p<span class=\"_ _2\"></span>eriod<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf8a y5a8d w705 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">(57<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10d4 y5a8d w1a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10d5 y5a8d w74e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsdc wsc7\">53<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10d6 y5a8d wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10d7 y5a8d w74f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">(<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10d8 y5a8d wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10d9 y5a8d w1df h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls47 ws19d\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10da y5a8d wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a8e w6c9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in es<span class=\"_ _2\"></span>timates th<span class=\"_ _2\"></span>at adj<span class=\"_ _2\"></span>ust the C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10db y5a8e w5d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">116<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10dc y5a8e w323 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10dd y5a8e w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(14<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6b0 y5a8e w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10de y5a8e w750 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">(134)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10df y5a8e w751 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">(21<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10e0 y5a8e w1ce h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">1<span class=\"_ _2\"></span>55<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x725 y5a8e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5a8f ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in es<span class=\"_ _2\"></span>timates th<span class=\"_ _2\"></span>at do not ad<span class=\"_ _2\"></span>just </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a90 w6cc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">the<span class=\"_ gs132\"> </span>CS<span class=\"_ _2\"></span>M<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10e1 y5a90 w190 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10e2 y5a90 w306 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10e3 y5a90 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10e4 y5a90 w752 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10e5 y5a90 w160 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10e6 y5a90 w1d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(15)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10e7 y5a90 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10e8 y5a90 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a91 w6cd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e relating to fu<span class=\"_ _2\"></span>ture ser<span class=\"_ _2\"></span>vice<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10e9 y5a91 w753 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls76 ws19a\">69<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xefd y5a91 w314 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls77 ws6c\">60<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10ea y5a91 w754 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls4b ws122\">(90<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10eb y5a91 w659 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">39<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10ec y5a91 w99 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">(16<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10ed y5a91 w134 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(32)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10ee y5a91 w540 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">2<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10ef y5a91 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5a92 ff3 fs7 fc1 sc0 ls0 ws0\">Adju<span class=\"_ _2\"></span>stment<span class=\"_ _2\"></span>s to liabilitie<span class=\"_ _2\"></span>s for incurre<span class=\"_ _2\"></span>d claims </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a4b w707 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls68 ws5c\">(past service)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10f0 y5a4b w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(10<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10f1 y5a4b w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10f2 y5a4b w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10f3 y5a4b w755 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(10<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10f4 y5a4b wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf20 y5a4b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf21 y5a4b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10f5 y5a4b w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5a93 ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>irment of as<span class=\"_ _2\"></span>sets for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a94 w6d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">acquisition c<span class=\"_ _2\"></span>ash flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee6 y5a94 w70a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10f6 y5a94 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10f7 y5a94 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10f8 y5a94 w5c7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10f9 y5a94 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10fa y5a94 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10fb y5a94 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10fc y5a94 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a95 w6d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice result<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10fd y5a95 w756 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10fe y5a95 w60 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">48<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10ff y5a95 w757 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>)</div></td><td class=\"c n x1100 y5a95 wc2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(110<span class=\"_ _2\"></span>)</div></td><td class=\"c n x7e2 y5a95 w254 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1101 y5a95 w1d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(39)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1102 y5a95 w1eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">134<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1103 y5a95 w135 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>22)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a96 w6d8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls13 ws11\">Insura<span class=\"_ _5\"></span>nce fina<span class=\"_ _5\"></span>nce expense<span class=\"_ _5\"></span>/<span class=\"_ _7\"></span>(income<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xef5 y5a96 w1b8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">1<span class=\"_ _2\"></span>,550<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1104 y5a96 w1fc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(13)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1105 y5a96 w1ed h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">(20)</div></td><td class=\"c n x1106 y5a96 w758 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>517</div></td><td class=\"c n x1107 y5a96 w24d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(5,820)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1108 y5a96 w135 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1109 y5a96 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5</div></td><td class=\"c n x110a y5a96 w712 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">(5<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>827<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a97 w6de h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l chan<span class=\"_ _2\"></span>ges in p<span class=\"_ _2\"></span>rofit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfba y5a97 w759 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">1<span class=\"_ _2\"></span>,529<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x110b y5a97 w394 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x110c y5a97 w470 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">(157<span class=\"_ _2\"></span>)</div></td><td class=\"c n x110d y5a97 w582 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>07</div></td><td class=\"c n x110e y5a97 w75a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10ed y5a97 w75b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xef4 y5a97 w55b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">1<span class=\"_ _2\"></span>39</div></td><td class=\"c n x231 y5a97 w615 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(5,849)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5a98 ff3 fs7 fc1 sc0 ls14 ws12\">Cash flows:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a99 w6e1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Premium<span class=\"_ _2\"></span>s receive<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x110f y5a99 w75c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>673<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1110 y5a99 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1111 y5a99 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1112 y5a99 w75d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,673</div></td><td class=\"c n x1113 y5a99 w75e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfa9 y5a99 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfaa y5a99 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1114 y5a99 w75e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a9a w6e3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Claims a<span class=\"_ _2\"></span>nd other ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>s paid<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1115 y5a9a w75f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">(2,2<span class=\"_ _5\"></span>59)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf1d y5a9a w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf1e y5a9a w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1116 y5a9a w673 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">(2,259)</div></td><td class=\"c n x1117 y5a9a w760 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">(1,666)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1118 y5a9a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1119 y5a9a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x111a y5a9a w761 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">(1,666<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a76 w6e7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n cash fl<span class=\"_ _2\"></span>ows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x111b y5a76 wc2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(116<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x111c y5a76 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x111d y5a76 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x111e y5a76 w8b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(116)</div></td><td class=\"c n x111f y5a76 w53 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(10<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1120 y5a76 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfb8 y5a76 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f4 y5a76 w53 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(10<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a9b w6eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1121 y5a9b w6c8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>70<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1122 y5a9b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10c8 y5a9b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1123 y5a9b w762 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>70<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1124 y5a9b w65c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1125 y5a9b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf1a y5a9b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1126 y5a9b w763 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">(37<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a9d w714 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other mov<span class=\"_ _5\"></span>ements</div><div class=\"t m0 xfd8 h13 y5a9c ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1127 y5a9e w764 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(19<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1128 y5a9e w1d9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1129 y5a9e w1b3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>8)</div></td><td class=\"c n x112a y5a9e w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(20<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x112b y5a9e w72d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">781<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x112c y5a9e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x112d y5a9e w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">23<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x112e y5a9e w114 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">804<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5667 w6ba h2ca\"><div class=\"t m0 x1e6 he y5654 ff7 fs7 fc1 sc0 ls0 ws0\">Net i<span class=\"_ _2\"></span>nsura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct liab<span class=\"_ _2\"></span>ilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x112f y5667 w745 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">22<span class=\"_ _2\"></span>,829<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1130 y5667 w2ba h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">217<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1131 y5667 wd0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b2 ws1af\">24<span class=\"_ _2\"></span>4</div></td><td class=\"c n x1132 y5667 w765 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">23,2<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>0</div></td><td class=\"c n x1133 y5667 w6fa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">22,201<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1134 y5667 w91 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">169<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1135 y5667 w116 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _2\"></span>9</div></td><td class=\"c n x1136 y5667 w5fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a5a w6f0 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfe9 y5a5a w766 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">22<span class=\"_ _2\"></span>,829<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1137 y5a5a w2ba h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">217<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1138 y5a5a wd0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b2 ws1af\">24<span class=\"_ _2\"></span>4</div></td><td class=\"c n x1139 y5a5a w767 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">23,2<span class=\"_ _2\"></span>90</div></td><td class=\"c n x1107 y5a5a w6fa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">22,201<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x113a y5a5a w59 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x113b y5a5a w116 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _2\"></span>9</div></td><td class=\"c n x113c y5a5a w5fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a37 w71e h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff1 y5a37 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff2 y5a37 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff3 y5a37 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff4 y5a37 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1097 y5a37 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1098 y5a37 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1099 y5a37 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x109a y5a37 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55ef w6f6 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Net in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t liabilitie<span class=\"_ _2\"></span>s as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfe9 y55ef w766 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">22<span class=\"_ _2\"></span>,829<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1137 y55ef w2ba h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">217<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1138 y55ef wd0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b2 ws1af\">24<span class=\"_ _2\"></span>4</div></td><td class=\"c n x1139 y55ef w767 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">23,2<span class=\"_ _2\"></span>90</div></td><td class=\"c n x1107 y55ef w6fa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">22,201<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x113a y55ef w59 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x113b y55ef w116 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _2\"></span>9</div></td><td class=\"c n x113c y55ef w5fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs6ec\">1 <span class=\"_ _b3\"> </span>\u00a3<span class=\"_ _2\"></span>112 mil<span class=\"_ _2\"></span>lion in<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>ed in \u2018es<span class=\"_ _2\"></span>tim<span class=\"_ _2\"></span>ates of t<span class=\"_ _2\"></span>he pre<span class=\"_ _2\"></span>sent v<span class=\"_ _2\"></span>alue of f<span class=\"_ _2\"></span>utur<span class=\"_ _2\"></span>e cas<span class=\"_ _2\"></span>h flows\u2019 r<span class=\"_ _2\"></span>elate<span class=\"_ _2\"></span>s to the f<span class=\"_ _2\"></span>air va<span class=\"_ _2\"></span>lue of in<span class=\"_ _2\"></span>sura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s acq<span class=\"_ _2\"></span>uired a<span class=\"_ _2\"></span>s par<span class=\"_ _2\"></span>t of the a<span class=\"_ _2\"></span>cqu<span class=\"_ _2\"></span>isiti<span class=\"_ _2\"></span>on of SL<span class=\"_ _2\"></span>F of Can<span class=\"_ _2\"></span>ada U<span class=\"_ _2\"></span>K Limit<span class=\"_ _2\"></span>ed (se<span class=\"_ _2\"></span>e note H<span class=\"_ _2\"></span>2).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs6ee\">F3<span class=\"_ _2\"></span>. Moveme<span class=\"_ _2\"></span>nts in li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties for r<span class=\"_ _2\"></span>ema<span class=\"_ _2\"></span>ining c<span class=\"_ _2\"></span>overag<span class=\"_ _2\"></span>e and li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties for i<span class=\"_ _2\"></span>ncurr<span class=\"_ _2\"></span>ed cl<span class=\"_ _2\"></span>aims for i<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6ef\">The follow<span class=\"_ _2\"></span>ing reco<span class=\"_ _2\"></span>nciliation<span class=\"_ _2\"></span>s show how th<span class=\"_ _2\"></span>e net car<span class=\"_ _2\"></span>ryin<span class=\"_ _2\"></span>g amount<span class=\"_ _2\"></span>s of insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d chang<span class=\"_ _2\"></span>ed over the ye<span class=\"_ _2\"></span>ar as a result of c<span class=\"_ _2\"></span>ash flows<span class=\"_ _2\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6f0\">amo<span class=\"_ _2\"></span>unts rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment and oth<span class=\"_ _2\"></span>er moveme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>, analys<span class=\"_ _2\"></span>ed by remain<span class=\"_ _2\"></span>ing covera<span class=\"_ _2\"></span>ge and in<span class=\"_ _2\"></span>curred cl<span class=\"_ _2\"></span>aims. </div><div class=\"gs6e3\"><table class=\"s w768 h2e3\" id=\"_2259ff5b-85f5-4502-9987-26871b2edfda\"><tr><td></td><td></td><td></td><td class=\"c n xe5f y5a9f w402 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xe60 y5a9f w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x113d y5aa0 w769 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls102 wscd\">Liabilities for remaining coverage<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x113e y5aa0 w76a h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse0 ws77\">Lia<span class=\"_ _2\"></span>bilities for remaining cover<span class=\"_ _2\"></span>age<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x113f h3f y5aa1 ff7 fsf fc1 sc0 ls113 ws75\">Liabilities<span class=\"_ _5\"></span> for </td><td></td><td></td><td></td><td class=\"t m0 x1140 h16 y5aa1 ff3 fsf fc1 sc0 ls0 ws108\">Liabilitie<span class=\"_ _2\"></span>s for </td><td></td></tr><tr><td></td><td class=\"t m0 x1141 h3f y5aa2 ff7 fsf fc1 sc0 ls102 wscd\">Excluding los<span class=\"_ _2\"></span>s </td><td class=\"t m0 x1142 h3f y5aa2 ff7 fsf fc1 sc0 ls0 ws0\">Loss </td><td class=\"t m0 x1143 h3f y5aa2 ff7 fsf fc1 sc0 ls102 wsf8\">incurred </td><td></td><td class=\"t m0 x1144 h16 y5aa2 ff3 fsf fc1 sc0 lse6 ws15\">Excluding loss </td><td class=\"t m0 x1145 h16 y5aa2 ff3 fsf fc1 sc0 ls1e4 ws1e5\">Loss </td><td class=\"t m0 x1146 h16 y5aa2 ff3 fsf fc1 sc0 lse0 wsca\">incurre<span class=\"_ _2\"></span>d </td><td></td></tr><tr><td></td><td class=\"t m0 xe63 h3f y5aa3 ff7 fsf fc1 sc0 ls113 ws108\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe6e h3f y5aa3 ff7 fsf fc1 sc0 ls113 ws108\">component<span class=\"_ _3bc\"> </span></td><td class=\"c n x1147 y5aa4 w76b h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls113 ws108\">claims<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1148 y5aa4 w76c h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls6 ws3a\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l</div></td><td class=\"t m0 xe64 h16 y5aa3 ff3 fsf fc1 sc0 lse6 wsd0\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1149 h16 y5aa3 ff3 fsf fc1 sc0 lse6 wsd0\">component<span class=\"_ _3bc\"> </span></td><td class=\"c n x114a y5aa5 w76d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse6 wsd0\">claims<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x114b y5aa5 w76e h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls6 ws3a\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xe96 h16 y5aa6 ff3 fsf fc1 sc0 ls82 ws77\">Retireme<span class=\"_ _2\"></span>nt Solutions<span class=\"_ _3bc\"> </span></td><td class=\"c n x114c y5aa7 w76f h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls6d ws64\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x114d y5aa7 w76f h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls6d ws64\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x114e y5aa7 w76f h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls6d ws64\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x114f y5aa7 w76f h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls6d ws64\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1150 y5aa7 w770 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse5 wscf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1151 y5aa7 w771 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse5 wscf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1152 y5aa7 w771 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse5 wscf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1153 y5aa7 w770 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse5 wscf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5aa8 w6b6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at 1 Januar<span class=\"_ _2\"></span>y</div></td><td class=\"c n x1154 y5aa8 w772 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">34,189<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1155 y5aa8 w60 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">56<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1156 y5aa8 w6d6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">36</div></td><td class=\"c n x1157 y5aa8 w773 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">34,<span class=\"_ _2\"></span>281</div></td><td class=\"c n x1158 y5aa8 w774 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">42<span class=\"_ _2\"></span>,742<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1159 y5aa8 w28b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c3 ws1c3\">54<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x115a y5aa8 w44a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64</div></td><td class=\"c n x115b y5aa8 w775 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">42<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5aa9 w6b9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts as at 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe86 y5aa9 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe87 y5aa9 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe88 y5aa9 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe89 y5aa9 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe8a y5aa9 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe8b y5aa9 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe8c y5aa9 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe8d y5aa9 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c xe7d y5aaa w6ba h2db\"><div class=\"t m0 x1e6 he y5645 ff7 fs7 fc1 sc0 ls0 ws0\">Net i<span class=\"_ _2\"></span>nsura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct liab<span class=\"_ _2\"></span>ilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">1 January<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x115c y5aaa w776 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">34,189<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x115d y5aaa w60 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">56<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x115e y5aaa w6d6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">36</div></td><td class=\"c n x115f y5aaa w777 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">34<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>281</div></td><td class=\"c n x1160 y5aaa w778 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">42<span class=\"_ _2\"></span>,7<span class=\"_ _7\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1161 y5aaa w28b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c3 ws1c3\">54<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1162 y5aaa w44a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64</div></td><td class=\"c n x1163 y5aaa w775 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">42<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5aab w779 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance reve<span class=\"_ _2\"></span>nue (note C1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1164 y5aab w77a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1165 y5aab w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1166 y5aab w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1167 y5aab w47f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>3,7<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)</div></td><td class=\"c n x1168 y5aab w77b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(3,<span class=\"_ _2\"></span>54<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1169 y5aab w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x116a y5aab w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x116b y5aab w5fc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>3,5<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xe96 hd y5aac ff3 fs7 fc1 sc0 ls12 ws10\">Insurance service e<span class=\"_ _5\"></span>xpenses<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xe7d y5aad w77c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s and othe<span class=\"_ _2\"></span>r expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x116c y5aad w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x116d y5aad w70a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)</div></td><td class=\"c n x116e y5aad w161 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,4<span class=\"_ _2\"></span>46</div></td><td class=\"c n x116f y5aad w165 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1170 y5aad w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1171 y5aad w54f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)</div></td><td class=\"c n x1172 y5aad w163 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">3,<span class=\"_ _2\"></span>252</div></td><td class=\"c n x1173 y5aad w24a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>24<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xe96 hd y5aae ff3 fs7 fc1 sc0 ls0 ws0\">Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation of insuran<span class=\"_ _2\"></span>ce ac<span class=\"_ _2\"></span>quisition </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xe7d y5aaf w77d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ca<span class=\"_ _2\"></span>sh<span class=\"_ gs132\"> </span>flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1174 y5aaf wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1175 y5aaf w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1176 y5aaf w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1177 y5aaf wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1178 y5aaf wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1179 y5aaf w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x117a y5aaf w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x117b y5aaf wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xe96 hd y5ab0 ff3 fs7 fc1 sc0 ls0 ws0\">Loss<span class=\"_ _2\"></span>es on one<span class=\"_ _2\"></span>rous contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and revers<span class=\"_ _2\"></span>als </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xe7d y5ab1 w77e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">of thos<span class=\"_ _2\"></span>e losse<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x117c y5ab1 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x117d y5ab1 w1a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x117e y5ab1 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x117f y5ab1 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1180 y5ab1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1181 y5ab1 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1182 y5ab1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1183 y5ab1 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xedd hd y5ab2 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges to liabili<span class=\"_ _2\"></span>ties for inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ab3 w707 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls68 ws5c\">(past service)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1184 y5ab3 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1185 y5ab3 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1186 y5ab3 we0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1187 y5ab3 wd9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">106<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1188 y5ab3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf78 y5ab3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf79 y5ab3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1189 y5ab3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xedd hd y5ab4 ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>irment of as<span class=\"_ _2\"></span>sets for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ab5 w6d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">acquisition c<span class=\"_ _2\"></span>ash flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee6 y5ab5 w6c2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee7 y5ab5 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee8 y5ab5 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee9 y5ab5 w3d5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeea y5ab5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeeb y5ab5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeec y5ab5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeed y5ab5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ab6 w6d4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice result<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x118a y5ab6 w434 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x118b y5ab6 w573 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>3)</div></td><td class=\"c n x118c y5ab6 w21f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">3,5<span class=\"_ _2\"></span>52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x118d y5ab6 w77f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2<span class=\"_ _2\"></span>02)</div></td><td class=\"c n x118e y5ab6 w630 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">(3,543)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x118f y5ab6 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1</div></td><td class=\"c n x1190 y5ab6 w780 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">3<span class=\"_ _2\"></span>,25<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1191 y5ab6 w781 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(<span class=\"_ _2\"></span>290<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ab7 w6d8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls13 ws11\">Insura<span class=\"_ _5\"></span>nce fina<span class=\"_ _5\"></span>nce expense<span class=\"_ _5\"></span>/<span class=\"_ _7\"></span>(income<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1192 y5ab7 w782 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls49 ws1ca\">1,960<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1193 y5ab7 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1031 y5ab7 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1194 y5ab7 w783 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls49 ws1ca\">1,961</div></td><td class=\"c n x1195 y5ab7 w630 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">(9,587)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1196 y5ab7 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1197 y5ab7 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1198 y5ab7 w630 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">(9,586)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xedd he y5ab8 ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l chan<span class=\"_ _2\"></span>ges in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olida<span class=\"_ _2\"></span>ted </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ab9 w784 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16 ws14\">income<span class=\"_ _5\"></span><span class=\"_ gs234\"> </span>stateme<span class=\"_ _5\"></span>nt<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1199 y5ab9 w785 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>91<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x119a y5ab9 w786 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)</div></td><td class=\"c n x119b y5ab9 w21f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">3,5<span class=\"_ _2\"></span>52</div></td><td class=\"c n x119c y5ab9 w421 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _3\"></span>,75<span class=\"_ _2\"></span>9</div></td><td class=\"c n x119d y5ab9 w787 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">(13,130)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x119e y5ab9 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">2</div></td><td class=\"c n x119f y5ab9 w163 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">3,<span class=\"_ _2\"></span>252</div></td><td class=\"c n x11a0 y5ab9 w6a6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b5 ws1b4\">(9<span class=\"_ _2\"></span>,876<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5aba w788 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Inv<span class=\"_ _5\"></span>estment componen<span class=\"_ _5\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11a1 y5aba w764 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(16<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11a2 y5aba w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11a3 y5aba w530 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11a4 y5aba w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11a5 y5aba w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11a6 y5aba w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11a7 y5aba w3d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11a8 y5aba w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xedd hd y5abb ff3 fs7 fc1 sc0 ls14 ws12\">Cash flows:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a99 w6e1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Premium<span class=\"_ _2\"></span>s receive<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf04 y5a99 w6e2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">6,<span class=\"_ _2\"></span>421<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf05 y5a99 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf06 y5a99 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n xf07 y5a99 w3a6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">6<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>421</div></td><td class=\"c n xf08 y5a99 w150 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">4,596<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf09 y5a99 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf0a y5a99 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n xf0b y5a99 wd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">4,59<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a9a w6e3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Claims a<span class=\"_ _2\"></span>nd other ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>s paid<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11a9 y5a9a w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11aa y5a9a w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x11ab y5a9a w6e4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(4,<span class=\"_ _2\"></span>380<span class=\"_ _2\"></span>)</div></td><td class=\"c n x11ac y5a9a w789 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(4,38<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11ad y5a9a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11ae y5a9a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x11af y5a9a w20d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(3<span class=\"_ _2\"></span>,272)</div></td><td class=\"c n x11b0 y5a9a w78a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(3,272)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5abc w6e7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n cash fl<span class=\"_ _2\"></span>ows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf14 y5abc w6e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(38)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf15 y5abc w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf16 y5abc w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf17 y5abc w6e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(38)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf18 y5abc w6e9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">(26<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf19 y5abc w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf1a y5abc w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf1b y5abc w6ea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>26)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a9b w6eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf1c y5a9b w195 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">6<span class=\"_ _2\"></span>,383<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11b1 y5a9b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x11b2 y5a9b w6e4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(4,<span class=\"_ _2\"></span>380<span class=\"_ _2\"></span>)</div></td><td class=\"c n x11b3 y5a9b w78b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,0<span class=\"_ _2\"></span>03</div></td><td class=\"c n x11b4 y5a9b w78c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c4 ws1c4\">4<span class=\"_ _2\"></span>,570<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11b5 y5a9b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x11b6 y5a9b w6e6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(3,<span class=\"_ _2\"></span>2<span class=\"_ _5\"></span>72)</div></td><td class=\"c n x11b7 y5a9b w5e9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">1<span class=\"_ _2\"></span>,298<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xedd hd y5abd ff3 fs7 fc1 sc0 ls12 ws10\">Other mov<span class=\"_ _5\"></span>ements<span class=\"_ _3bc\"> </span></td><td class=\"c n xf23 y5a9e w165 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>42<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11b8 y5a9e w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11b9 y5a9e w6d6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">72</div></td><td class=\"c n x11ba y5a9e w2df h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">1<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11bb y5a9e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11bc y5a9e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11bd y5a9e w207 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11be y5a9e w74b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c xe7d y5667 w6ba h2ca\"><div class=\"t m0 x1e6 he y5654 ff7 fs7 fc1 sc0 ls0 ws0\">Net i<span class=\"_ _2\"></span>nsura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct liab<span class=\"_ _2\"></span>ilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11bf y5667 w78d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">40,050<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11c0 y5667 w78e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">54<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11c1 y5667 w6ca h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(560)</div></td><td class=\"c n xe81 y5667 w78f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">39,54<span class=\"_ _2\"></span>4</div></td><td class=\"c n x11c2 y5667 w790 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">34,189<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11c3 y5667 w13f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">56<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11c4 y5667 w74a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">36</div></td><td class=\"c n x11c5 y5667 w6ef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">3<span class=\"_ _2\"></span>4,<span class=\"_ _2\"></span>281<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c xe7d y5a5a w6f0 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11c6 y5a5a w791 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">4<span class=\"_ _2\"></span>0,050<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11c7 y5a5a w78e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">54<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11c8 y5a5a w6ca h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(560)</div></td><td class=\"c n x11c9 y5a5a w6f3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">39,<span class=\"_ _2\"></span>544</div></td><td class=\"c n x11ca y5a5a w790 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">34,189<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11cb y5a5a w13f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">56<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11cc y5a5a wcb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">36</div></td><td class=\"c n x11cd y5a5a w792 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,281<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c xe7d y5a37 w71e h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11ce y5a37 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11cf y5a37 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11d0 y5a37 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11d1 y5a37 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11d2 y5a37 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11d3 y5a37 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11d4 y5a37 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11d5 y5a37 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c xe7d y55ef w6f6 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Net in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t liabilitie<span class=\"_ _2\"></span>s as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11c6 y55ef w791 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">4<span class=\"_ _2\"></span>0,050<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11c7 y55ef w78e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">54<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11c8 y55ef w6ca h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(560)</div></td><td class=\"c n x11c9 y55ef w6f3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">39,<span class=\"_ _2\"></span>544</div></td><td class=\"c n x11ca y55ef w790 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">34,189<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11cb y55ef w13f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">56<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11cc y55ef wcb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">36</div></td><td class=\"c n x11cd y55ef w792 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,281<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs6f1\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs6f2\">1 <span class=\"_ _b3\"> </span>\u00a3<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>514 mill<span class=\"_ _2\"></span>ion rel<span class=\"_ _2\"></span>ates t<span class=\"_ _2\"></span>o the fa<span class=\"_ _2\"></span>ir valu<span class=\"_ _2\"></span>e of insu<span class=\"_ _2\"></span>ran<span class=\"_ _2\"></span>ce con<span class=\"_ _2\"></span>trac<span class=\"_ _2\"></span>ts a<span class=\"_ _2\"></span>cqui<span class=\"_ _2\"></span>red as p<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>t of the ac<span class=\"_ _2\"></span>quis<span class=\"_ _2\"></span>itio<span class=\"_ _2\"></span>n of SLF C<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>da UK Li<span class=\"_ _2\"></span>mite<span class=\"_ _2\"></span>d (see n<span class=\"_ _2\"></span>ote H2).<span class=\"_ _3bc\"> </span></div><div class=\"gs2ed\"><table class=\"s w793 h2e4\" id=\"_2fd41db6-6328-46eb-a0b4-09ada98f2323\"><tr><td></td><td></td><td></td><td class=\"c n xf43 y5abe w402 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xf44 y5abe w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x11d6 y5abf w769 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls102 wscd\">Liabilities for remaining coverage<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x11d7 y5abf w76a h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse0 ws77\">Lia<span class=\"_ _2\"></span>bilities for remaining cover<span class=\"_ _2\"></span>age<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x11d8 h3f y5ac0 ff7 fsf fc1 sc0 ls113 ws75\">Liabilities<span class=\"_ _5\"></span> for </td><td></td><td></td><td></td><td class=\"t m0 x5ac h16 y5ac0 ff3 fsf fc1 sc0 ls0 ws108\">Liabilitie<span class=\"_ _2\"></span>s for </td><td></td></tr><tr><td></td><td class=\"t m0 x989 h3f y5ac1 ff7 fsf fc1 sc0 ls102 wscd\">Excluding los<span class=\"_ _2\"></span>s </td><td class=\"t m0 x11d9 h3f y5ac1 ff7 fsf fc1 sc0 ls0 ws0\">Loss </td><td class=\"t m0 x581 h3f y5ac1 ff7 fsf fc1 sc0 ls102 wsf8\">incurred </td><td></td><td class=\"t m0 x579 h16 y5ac1 ff3 fsf fc1 sc0 lse6 ws15\">Excluding loss </td><td class=\"t m0 x630 h16 y5ac1 ff3 fsf fc1 sc0 ls1e4 ws1e5\">Loss </td><td class=\"t m0 x11da h16 y5ac1 ff3 fsf fc1 sc0 lse0 wsca\">incurre<span class=\"_ _2\"></span>d </td><td></td></tr><tr><td></td><td class=\"t m0 xf47 h3f y5ac2 ff7 fsf fc1 sc0 ls113 ws108\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8e7 h3f y5ac2 ff7 fsf fc1 sc0 ls113 ws108\">component<span class=\"_ _3bc\"> </span></td><td class=\"c n x8eb y5ac3 w76b h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls113 ws108\">claims<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11db y5ac3 w76c h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls6 ws3a\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l</div></td><td class=\"t m0 x747 h16 y5ac2 ff3 fsf fc1 sc0 lse6 wsd0\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8e5 h16 y5ac2 ff3 fsf fc1 sc0 lse6 wsd0\">component<span class=\"_ _3bc\"> </span></td><td class=\"c n x988 y5ac4 w76d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse6 wsd0\">claims<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11dc y5ac4 w76e h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls6 ws3a\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 h16 y5ac5 ff3 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; Savin<span class=\"_ _2\"></span>gs<span class=\"_ _3bc\"> </span></td><td class=\"c n x109f y5ac6 w76f h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls6d ws64\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11dd y5ac6 w76f h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls6d ws64\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11de y5ac6 w76f h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls6d ws64\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11df y5ac6 w76f h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls6d ws64\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11e0 y5ac6 w770 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse5 wscf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11e1 y5ac6 w771 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse5 wscf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11e2 y5ac6 w771 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse5 wscf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11e3 y5ac6 w770 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse5 wscf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ac7 w6b6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at 1 Januar<span class=\"_ _2\"></span>y</div></td><td class=\"c n x1005 y5ac7 w53c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>35<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11e4 y5ac7 w2a4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11e5 y5ac7 w794 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a8 ws19f\">43</div></td><td class=\"c n x11e6 y5ac7 w795 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _3\"></span>,5<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>3</div></td><td class=\"c n x11e7 y5ac7 w605 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">25<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11e8 y5ac7 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11e9 y5ac7 we9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">126</div></td><td class=\"c n x11ea y5ac7 w6fb h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>24<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ac8 w6b9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts as at 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11eb y5ac8 w796 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">(5<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11ec y5ac8 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11ed y5ac8 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11ee y5ac8 w797 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(4<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11ef y5ac8 w28f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(65)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11f0 y5ac8 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11f1 y5ac8 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11f2 y5ac8 w28f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(65)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5ac9 w6ba h2e0\"><div class=\"t m0 x1e6 he y5645 ff7 fs7 fc1 sc0 ls0 ws0\">Net i<span class=\"_ _2\"></span>nsura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct liab<span class=\"_ _2\"></span>ilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">1 January<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11f3 y5ac9 w798 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11f4 y5ac9 w6d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">133<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11f5 y5ac9 w794 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a8 ws19f\">43</div></td><td class=\"c n xf64 y5ac9 w6fe h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>85</div></td><td class=\"c n xf56 y5ac9 w799 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>052<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11f6 y5ac9 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11f7 y5ac9 w2eb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">1<span class=\"_ _2\"></span>26</div></td><td class=\"c n x11f8 y5ac9 w605 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">25<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5aca w779 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance reve<span class=\"_ _2\"></span>nue (note C1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11f9 y5aca w79a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11fa y5aca w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11fb y5aca w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11fc y5aca w33e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>272<span class=\"_ _2\"></span>)</div></td><td class=\"c n x11fd y5aca w8b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(<span class=\"_ _2\"></span>307<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11fe y5aca w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11ff y5aca w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1200 y5aca w8b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(3<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5acb ff3 fs7 fc1 sc0 ls12 ws10\">Insurance service e<span class=\"_ _5\"></span>xpenses<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5acc w77c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s and othe<span class=\"_ _2\"></span>r expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1201 y5acc w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1202 y5acc w79b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(14)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1203 y5acc w5c5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">257<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1204 y5acc w79c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">243<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1205 y5acc w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfb0 y5acc w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x106c y5acc w112 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">333<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1206 y5acc w112 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">333<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5acd ff3 fs7 fc1 sc0 ls0 ws0\">Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation of insuran<span class=\"_ _2\"></span>ce ac<span class=\"_ _2\"></span>quisition </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ace w77d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ca<span class=\"_ _2\"></span>sh<span class=\"_ gs132\"> </span>flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1207 y5ace w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1208 y5ace w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1209 y5ace w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x120a y5ace w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10bd y5ace w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf20 y5ace w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf21 y5ace w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2ab y5ace w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5acf ff3 fs7 fc1 sc0 ls0 ws0\">Loss<span class=\"_ _2\"></span>es on one<span class=\"_ _2\"></span>rous contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and revers<span class=\"_ _2\"></span>als </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ad0 w77e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">of thos<span class=\"_ _2\"></span>e losse<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x120b y5ad0 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x3ed y5ad0 w79d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(8<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x120c y5ad0 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x120d y5ad0 w79d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(8<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x120e y5ad0 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x120f y5ad0 w118 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">133<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1210 y5ad0 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1211 y5ad0 w112 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">133<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5ad1 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges to liabili<span class=\"_ _2\"></span>ties for inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ad2 w707 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls68 ws5c\">(past service)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1184 y5ad2 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1185 y5ad2 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1212 y5ad2 w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1213 y5ad2 w1b2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1214 y5ad2 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1215 y5ad2 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1216 y5ad2 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1217 y5ad2 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ad3 w6d4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice result<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1218 y5ad3 w79a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>272<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1219 y5ad3 w2c3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x121a y5ad3 w1b3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x121b y5ad3 w389 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>23)</div></td><td class=\"c n x121c y5ad3 w79e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(<span class=\"_ _2\"></span>307<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x121d y5ad3 w118 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">133<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x121e y5ad3 w240 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">338<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x121f y5ad3 w59 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ad4 w6d8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls13 ws11\">Insura<span class=\"_ _5\"></span>nce fina<span class=\"_ _5\"></span>nce expense<span class=\"_ _5\"></span>/<span class=\"_ _7\"></span>(income<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1220 y5ad4 w79f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">1<span class=\"_ _2\"></span>,576<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1221 y5ad4 w1a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1222 y5ad4 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">9</div></td><td class=\"c n x1223 y5ad4 w70b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">1,59<span class=\"_ _2\"></span>0</div></td><td class=\"c n x1224 y5ad4 w83 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf09 y5ad4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1225 y5ad4 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2</div></td><td class=\"c n x891 y5ad4 w2d4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(2<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>23)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5ad5 ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l chan<span class=\"_ _2\"></span>ges in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olida<span class=\"_ _2\"></span>ted </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a73 w784 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16 ws14\">income<span class=\"_ _5\"></span><span class=\"_ gs234\"> </span>stateme<span class=\"_ _5\"></span>nt<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1226 y5a73 w7a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">1,3<span class=\"_ _5\"></span>04<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1227 y5a73 w729 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1228 y5a73 w40f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _2\"></span>0</div></td><td class=\"c n x1229 y5a73 w5ef h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>67</div></td><td class=\"c n x122a y5a73 w70c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>332)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x122b y5a73 w5a2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">1<span class=\"_ _2\"></span>33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x122c y5a73 w1eb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">340</div></td><td class=\"c n xfcf y5a73 w638 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(1<span class=\"_ _2\"></span>,859)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ad6 w788 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Inv<span class=\"_ _5\"></span>estment componen<span class=\"_ _5\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x122d y5ad6 w54b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">(2<span class=\"_ _2\"></span>,2<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x122e y5ad6 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x122f y5ad6 w7a1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>207<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1230 y5ad6 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1231 y5ad6 w77b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>854)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10b8 y5ad6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1232 y5ad6 w11f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls71 ws1a9\">1<span class=\"_ _2\"></span>,854<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1233 y5ad6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5ad7 ff3 fs7 fc1 sc0 ls14 ws12\">Cash flows:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ad8 w6e1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Premium<span class=\"_ _2\"></span>s receive<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc2 y5ad8 w5d7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">389<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc3 y5ad8 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf6f y5ad8 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc4 y5ad8 w2f4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">38<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc5 y5ad8 w32a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">443<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc6 y5ad8 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc7 y5ad8 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc8 y5ad8 w32a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">443<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a54 w6e3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Claims a<span class=\"_ _2\"></span>nd other ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>s paid<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11a9 y5a54 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11aa y5a54 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x11ab y5a54 w711 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(3,<span class=\"_ _2\"></span>488)</div></td><td class=\"c n x1234 y5a54 w7a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(3<span class=\"_ _2\"></span>,48<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1235 y5a54 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1236 y5a54 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1237 y5a54 w712 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>277<span class=\"_ _2\"></span>)</div></td><td class=\"c n x1238 y5a54 w43d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a77 w6eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1239 y5a77 w5d7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">389<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x123a y5a77 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x123b y5a77 w710 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(3,48<span class=\"_ _2\"></span>8)</div></td><td class=\"c n x123c y5a77 w20f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(3,0<span class=\"_ _2\"></span>99)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x123d y5a77 wce h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">4<span class=\"_ _2\"></span>43<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x123e y5a77 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x123f y5a77 w43d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)</div></td><td class=\"c n xffb y5a77 w77b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(1<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>34)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a78 w714 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other mov<span class=\"_ _5\"></span>ements</div><div class=\"t m0 xfd8 h13 y5a57 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfd9 y5a79 w10f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">2<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1240 y5a79 w6c2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1241 y5a79 w1b3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>7</div></td><td class=\"c n x1242 y5a79 w146 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>373<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1243 y5a79 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1244 y5a79 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1245 y5a79 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1246 y5a79 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5667 w6ba h2e5\"><div class=\"t m0 x1e6 he y5666 ff7 fs7 fc1 sc0 ls0 ws0\">Net i<span class=\"_ _2\"></span>nsura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct liab<span class=\"_ _2\"></span>ilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1088 y5667 w7a3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">22<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>92<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1247 y5667 w6d7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">115<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1248 y5667 w33d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">(6<span class=\"_ _2\"></span>81<span class=\"_ _2\"></span>)</div></td><td class=\"c n x1249 y5667 w7a4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">22<span class=\"_ _2\"></span>,326</div></td><td class=\"c n x124a y5667 w65f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>30<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x124b y5667 w112 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">133<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x124c y5667 w8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">43</div></td><td class=\"c n x124d y5667 w37b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>85<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5ad9 w6f0 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfe9 y5ad9 w766 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">22,8<span class=\"_ _2\"></span>92<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x124e y5ad9 w7a5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x124f y5ad9 w7a6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">(681<span class=\"_ _2\"></span>)</div></td><td class=\"c n xde9 y5ad9 w71d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">22,<span class=\"_ _2\"></span>326</div></td><td class=\"c n x1250 y5ad9 w721 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>35<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1251 y5ad9 wf7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">1<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1252 y5ad9 w8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">43</div></td><td class=\"c n x1253 y5ad9 w37b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>53<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a5b w71e h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff1 y5a5b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff2 y5a5b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff3 y5a5b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff4 y5a5b w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1254 y5a5b w1ad h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a6 ws196\">(5<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1255 y5a5b w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1256 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1257 y5a5b w1c4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls38 ws35\">(48)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55ef w6f6 h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 ls0 ws0\">Net in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t liabilitie<span class=\"_ _2\"></span>s as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfe9 y55ef w766 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">22,8<span class=\"_ _2\"></span>92<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x124e y55ef w7a5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x124f y55ef w7a6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">(681<span class=\"_ _2\"></span>)</div></td><td class=\"c n xde9 y55ef w71d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">22,<span class=\"_ _2\"></span>326</div></td><td class=\"c n x1258 y55ef w7a7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1259 y55ef w112 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">133<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x125a y55ef w8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">43</div></td><td class=\"c n x125b y55ef w37b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>48<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs6f4\">1 <span class=\"_ _b3\"> </span>\u00a3<span class=\"_ _2\"></span>2,411 m<span class=\"_ _2\"></span>illio<span class=\"_ _2\"></span>n rela<span class=\"_ _2\"></span>tes to th<span class=\"_ _2\"></span>e fair v<span class=\"_ _2\"></span>alue of in<span class=\"_ _2\"></span>sur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s ac<span class=\"_ _2\"></span>quire<span class=\"_ _2\"></span>d as pa<span class=\"_ _2\"></span>rt of th<span class=\"_ _2\"></span>e acq<span class=\"_ _2\"></span>uisi<span class=\"_ _2\"></span>tion of S<span class=\"_ _2\"></span>LF Can<span class=\"_ _2\"></span>ada U<span class=\"_ _2\"></span>K Limi<span class=\"_ _2\"></span>ted (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e H2).<span class=\"_ _3bc\"> </span></div><div class=\"gs2ed\"><table class=\"s w7a8 h2e6\" id=\"_e13175e6-99b2-47ad-836b-6a1a0af363e0\"><tr><td></td><td></td><td></td><td class=\"c n xe5f y5ada w402 h2de\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xe60 y5ada w3a4 h2df\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x113d y5adb w769 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls102 wscd\">Liabilities for remaining coverage<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x113e y5adb w76a h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse0 ws77\">Lia<span class=\"_ _2\"></span>bilities for remaining cover<span class=\"_ _2\"></span>age<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x113f h3f y5adc ff7 fsf fc1 sc0 ls113 ws75\">Liabilities<span class=\"_ _5\"></span> for </td><td></td><td></td><td></td><td class=\"t m0 x1140 h16 y5adc ff3 fsf fc1 sc0 ls0 ws108\">Liabilitie<span class=\"_ _2\"></span>s for </td><td></td></tr><tr><td></td><td class=\"t m0 x1141 h3f y5add ff7 fsf fc1 sc0 ls102 wscd\">Excluding los<span class=\"_ _2\"></span>s </td><td class=\"t m0 x1142 h3f y5add ff7 fsf fc1 sc0 ls0 ws0\">Loss </td><td class=\"t m0 x1143 h3f y5add ff7 fsf fc1 sc0 ls102 wsf8\">incurred </td><td></td><td class=\"t m0 x1144 h16 y5add ff3 fsf fc1 sc0 lse6 ws15\">Excluding loss </td><td class=\"t m0 x1145 h16 y5add ff3 fsf fc1 sc0 ls1e4 ws1e5\">Loss </td><td class=\"t m0 x1146 h16 y5add ff3 fsf fc1 sc0 lse0 wsca\">incurre<span class=\"_ _2\"></span>d </td><td></td></tr><tr><td></td><td class=\"t m0 xe63 h3f y5ade ff7 fsf fc1 sc0 ls113 ws108\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xe6e h3f y5ade ff7 fsf fc1 sc0 ls113 ws108\">component<span class=\"_ _3bc\"> </span></td><td class=\"c n x1147 y5adf w76b h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls113 ws108\">claims<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1148 y5adf w76c h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls6 ws3a\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l</div></td><td class=\"t m0 xe64 h16 y5ade ff3 fsf fc1 sc0 lse6 wsd0\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1149 h16 y5ade ff3 fsf fc1 sc0 lse6 wsd0\">component<span class=\"_ _3bc\"> </span></td><td class=\"c n x114a y5ae0 w76d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse6 wsd0\">claims<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x114b y5ae0 w76e h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls6 ws3a\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xe96 h16 y5ae1 ff3 fsf fc1 sc0 lse9 wsd4\">With-Profit<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"c n x114c y5ae2 w76f h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls6d ws64\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x114d y5ae2 w76f h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls6d ws64\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x114e y5ae2 w76f h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls6d ws64\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x114f y5ae2 w76f h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls6d ws64\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1150 y5ae2 w770 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse5 wscf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1151 y5ae2 w771 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse5 wscf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1152 y5ae2 w771 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse5 wscf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1153 y5ae2 w770 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse5 wscf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5ae3 w6b6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at 1 Januar<span class=\"_ _2\"></span>y</div></td><td class=\"c n x125c y5ae3 w7a9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">2<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x125d y5ae3 w548 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">397<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x125e y5ae3 w387 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">796</div></td><td class=\"c n x125f y5ae3 w462 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">29,0<span class=\"_ _2\"></span>05</div></td><td class=\"c n x1260 y5ae3 w795 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1261 y5ae3 w30c h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1262 y5ae3 wcf h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">598</div></td><td class=\"c n x1263 y5ae3 w7aa h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">3<span class=\"_ _2\"></span>6,<span class=\"_ _2\"></span>523<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5ac9 w6b9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts as at 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe86 y5ac9 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe87 y5ac9 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe88 y5ac9 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe89 y5ac9 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe8a y5ac9 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe8b y5ac9 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe8c y5ac9 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe8d y5ac9 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c xe7d y5ae4 w6ba h2e7\"><div class=\"t m0 x1e6 he y564f ff7 fs7 fc1 sc0 ls0 ws0\">Net i<span class=\"_ _2\"></span>nsura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct liab<span class=\"_ _2\"></span>ilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">1 January<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1264 y5ae4 w7ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">27,<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1265 y5ae4 w73d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">3<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1266 y5ae4 w7a5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">79<span class=\"_ _2\"></span>6</div></td><td class=\"c n x1267 y5ae4 w725 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">29,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>05</div></td><td class=\"c n x1268 y5ae4 w7ac h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35,<span class=\"_ _2\"></span>90<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1269 y5ae4 w7ad h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x126a y5ae4 wcf h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">598</div></td><td class=\"c n x126b y5ae4 w7aa h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">3<span class=\"_ _2\"></span>6,<span class=\"_ _2\"></span>523<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5ae5 w779 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance reve<span class=\"_ _2\"></span>nue (note C1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x126c y5ae5 w7ae h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">(267<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x126d y5ae5 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x126e y5ae5 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x126f y5ae5 w7af h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">(267)</div></td><td class=\"c n x1270 y5ae5 w24e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">(<span class=\"_ _2\"></span>636)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1271 y5ae5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1272 y5ae5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1273 y5ae5 w24e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">(6<span class=\"_ _2\"></span>36)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xe96 hd y5ae6 ff3 fs7 fc1 sc0 ls12 ws10\">Insurance service e<span class=\"_ _5\"></span>xpenses<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xe7d y5ae7 w77c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s and othe<span class=\"_ _2\"></span>r expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x116c y5ae7 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1274 y5ae7 w191 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>61)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1275 y5ae7 w5c6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1276 y5ae7 w4fd h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsdc wsc7\">192<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1277 y5ae7 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1278 y5ae7 w5d9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1279 y5ae7 w115 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">5<span class=\"_ _2\"></span>51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x127a y5ae7 w9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">550<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xe96 hd y5ae8 ff3 fs7 fc1 sc0 ls0 ws0\">Loss<span class=\"_ _2\"></span>es on one<span class=\"_ _2\"></span>rous contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and revers<span class=\"_ _2\"></span>als </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xe7d y5ae9 w77e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">of thos<span class=\"_ _2\"></span>e losse<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x117c y5ae9 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x127b y5ae9 w1ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(6<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xea9 y5ae9 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x127c y5ae9 w1ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(6<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x127d y5ae9 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x127e y5ae9 w72f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">381<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x127f y5ae9 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1280 y5ae9 w72d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">381<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xe96 hd y5aea ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges to liabili<span class=\"_ _2\"></span>ties for inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xe7d y5aeb w707 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls68 ws5c\">(past service)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1281 y5aeb w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1282 y5aeb w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1283 y5aeb w1fc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(33)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1284 y5aeb w1ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1285 y5aeb w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1286 y5aeb w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1287 y5aeb w7b0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">(<span class=\"_ _2\"></span>41<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1288 y5aeb w730 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">(41<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5aec w6d4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice result<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1289 y5aec w470 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">(<span class=\"_ _2\"></span>267)</div></td><td class=\"c n x128a y5aec w72e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(1<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x128b y5aec w9c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">220<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x128c y5aec w355 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>172<span class=\"_ _2\"></span>)</div></td><td class=\"c n x128d y5aec w24e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">(636<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x128e y5aec w240 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">380<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x128f y5aec w7b1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">510<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1290 y5aec we1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5aed w6d8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls13 ws11\">Insura<span class=\"_ _5\"></span>nce fina<span class=\"_ _5\"></span>nce expense<span class=\"_ _5\"></span>/<span class=\"_ _7\"></span>(income<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1291 y5aed w7b2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">1,883<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1292 y5aed w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1293 y5aed w422 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17</div></td><td class=\"c n x1294 y5aed wd5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>914</div></td><td class=\"c n x1295 y5aed w7b3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">(<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1296 y5aed w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1297 y5aed w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4</div></td><td class=\"c n x1298 y5aed w244 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>43)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xe96 he y5aee ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l chan<span class=\"_ _2\"></span>ges in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olida<span class=\"_ _2\"></span>ted </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xe7d y5aef w7b4 h281\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16 ws14\">income<span class=\"_ _5\"></span><span class=\"_ gs234\"> </span>stateme<span class=\"_ _5\"></span>n<span class=\"ff3 ls0 ws0\">t<span class=\"_ _3bc\"> </span></span></div></td><td class=\"c n x1299 y5aef w7b5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">1<span class=\"_ _2\"></span>,61<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x129a y5aef w2bd h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(111)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x129b y5aef w1b3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>37</div></td><td class=\"c n x129c y5aef w485 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">1<span class=\"_ _2\"></span>,74<span class=\"_ _2\"></span>2</div></td><td class=\"c n x129d y5aef w61d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(6<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>83)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x129e y5aef w240 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">380<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x129f y5aef w7b1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">514</div></td><td class=\"c n x12a0 y5aef w615 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(5,189)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5a51 w788 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Inv<span class=\"_ _5\"></span>estment componen<span class=\"_ _5\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12a1 y5a51 w673 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">(2,36<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12a2 y5a51 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x12a3 y5a51 w52f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">2,<span class=\"_ _2\"></span>360<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12a4 y5a51 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x12a5 y5a51 w7b6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>2,148<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12a6 y5a51 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x12a7 y5a51 w421 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">2,<span class=\"_ _2\"></span>148<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12a8 y5a51 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xe96 hd y5af0 ff3 fs7 fc1 sc0 ls14 ws12\">Cash flows:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xe7d y5a53 w6e1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Premium<span class=\"_ _2\"></span>s receive<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12a9 y5a53 w736 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">1<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12aa y5a53 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x117e y5a53 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12ab y5a53 w1f7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">1<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12ac y5a53 w737 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">136<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12ad y5a53 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12ae y5a53 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12af y5a53 w2a9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">136<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a54 w6e3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Claims a<span class=\"_ _2\"></span>nd other ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>s paid<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11a9 y5a54 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11aa y5a54 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12b0 y5a54 w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(69<span class=\"_ _2\"></span>4)</div></td><td class=\"c n x12b1 y5a54 w623 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(6<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12b2 y5a54 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12b3 y5a54 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x94f y5a54 w738 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls47 ws19d\">(2,468)</div></td><td class=\"c n x12b4 y5a54 w738 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls47 ws19d\">(2,468)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a77 w6eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12b5 y5a77 w31e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">121<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12b6 y5a77 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12b7 y5a77 w623 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>69<span class=\"_ _2\"></span>4)</div></td><td class=\"c n x12b8 y5a77 w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(57<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12b9 y5a77 w737 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">136<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12ba y5a77 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x12bb y5a77 w738 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">(2,468)</div></td><td class=\"c n x12bc y5a77 w70c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>332)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 xedd hd y5af1 ff3 fs7 fc1 sc0 ls12 ws10\">Other mov<span class=\"_ _5\"></span>ements<span class=\"_ _3bc\"> </span></td><td class=\"c n x12bd y5a79 w64a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls76 ws19a\">402<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12be y5a79 w1d7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">26<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12bf y5a79 w544 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>21)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12c0 y5a79 w4f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">4<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12c1 y5a79 w5d9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12c2 y5a79 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12c3 y5a79 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12c4 y5a79 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c xe7d y5667 w6ba h2e5\"><div class=\"t m0 x1e6 he y5666 ff7 fs7 fc1 sc0 ls0 ws0\">Net i<span class=\"_ _2\"></span>nsura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct liab<span class=\"_ _2\"></span>ilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12c5 y5667 w7ab h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">27,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12c6 y5667 w538 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _2\"></span>2</div></td><td class=\"c n x12c7 y5667 w11d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">2<span class=\"_ _2\"></span>,678</div></td><td class=\"c n x12c8 y5667 w740 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">30<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>81</div></td><td class=\"c n x12c9 y5667 w22c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12ca y5667 w7b7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bf ws1be\">397<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12cb y5667 w7b8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">79<span class=\"_ _2\"></span>6</div></td><td class=\"c n x12cc y5667 w503 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">29,0<span class=\"_ _2\"></span>05<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c xe7d y5a5a w6f0 h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12cd y5a5a w7ab h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">27,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12ce y5a5a w538 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _2\"></span>2</div></td><td class=\"c n x12cf y5a5a w11d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">2<span class=\"_ _2\"></span>,678</div></td><td class=\"c n x12d0 y5a5a w740 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">30<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>81</div></td><td class=\"c n x12d1 y5a5a w22c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12d2 y5a5a w7b7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bf ws1be\">397<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12d3 y5a5a w7b8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">79<span class=\"_ _2\"></span>6</div></td><td class=\"c n x12d4 y5a5a w462 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">29,0<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c xe7d y5a5b w71e h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11ce y5a5b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11cf y5a5b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11d0 y5a5b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11d1 y5a5b w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11d2 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11d3 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11d4 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11d5 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c xe7d y55ef w6f6 h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 ls0 ws0\">Net in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t liabilitie<span class=\"_ _2\"></span>s as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12cd y55ef w7ab h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">27,<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12ce y55ef w538 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _2\"></span>2</div></td><td class=\"c n x12cf y55ef w11d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">2<span class=\"_ _2\"></span>,678</div></td><td class=\"c n x12d0 y55ef w740 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">30<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>81</div></td><td class=\"c n x12d1 y55ef w22c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12d2 y55ef w7b7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bf ws1be\">397<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12d3 y55ef w7b8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">79<span class=\"_ _2\"></span>6</div></td><td class=\"c n x12d4 y55ef w462 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">29,0<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs6f6\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs6f7\">1 <span class=\"_ _b3\"> </span>\u00a33<span class=\"_ _2\"></span>49 m<span class=\"_ _2\"></span>illio<span class=\"_ _2\"></span>n relat<span class=\"_ _2\"></span>es to th<span class=\"_ _2\"></span>e fair va<span class=\"_ _2\"></span>lue of in<span class=\"_ _2\"></span>sura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s acq<span class=\"_ _2\"></span>uire<span class=\"_ _2\"></span>d as par<span class=\"_ _2\"></span>t of th<span class=\"_ _2\"></span>e acq<span class=\"_ _2\"></span>uisit<span class=\"_ _2\"></span>ion of S<span class=\"_ _2\"></span>LF Can<span class=\"_ _2\"></span>ada U<span class=\"_ _2\"></span>K Limi<span class=\"_ _2\"></span>ted (se<span class=\"_ _2\"></span>e note H<span class=\"_ _2\"></span>2).<span class=\"_ _3bc\"> </span></div><table class=\"s w7b9 h2e3\" id=\"_f4da4332-cbdf-4c52-b7ca-1eb313c23f6b\"><tr><td></td><td></td><td></td><td class=\"c n xf43 y5a9f w402 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xf44 y5a9f w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x11d6 y5aa0 w769 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls102 wscd\">Liabilities for remaining coverage<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x11d7 y5aa0 w76a h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse0 ws77\">Lia<span class=\"_ _2\"></span>bilities for remaining cover<span class=\"_ _2\"></span>age<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x11d8 h3f y5af2 ff7 fsf fc1 sc0 ls113 ws75\">Liabilities<span class=\"_ _5\"></span> for </td><td></td><td></td><td></td><td class=\"t m0 x5ac h16 y5af2 ff3 fsf fc1 sc0 ls0 ws108\">Liabilitie<span class=\"_ _2\"></span>s for </td><td></td></tr><tr><td></td><td class=\"t m0 x989 h3f y5af3 ff7 fsf fc1 sc0 ls102 wscd\">Excluding los<span class=\"_ _2\"></span>s </td><td class=\"t m0 x11d9 h3f y5af3 ff7 fsf fc1 sc0 ls0 ws0\">Loss </td><td class=\"t m0 x581 h3f y5af3 ff7 fsf fc1 sc0 ls102 wsf8\">incurred </td><td></td><td class=\"t m0 x579 h16 y5af3 ff3 fsf fc1 sc0 lse6 ws15\">Excluding loss </td><td class=\"t m0 x630 h16 y5af3 ff3 fsf fc1 sc0 ls1e4 ws1e5\">Loss </td><td class=\"t m0 x11da h16 y5af3 ff3 fsf fc1 sc0 lse0 wsca\">incurre<span class=\"_ _2\"></span>d </td><td></td></tr><tr><td></td><td class=\"t m0 xf47 h3f y5af4 ff7 fsf fc1 sc0 ls113 ws108\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8e7 h3f y5af4 ff7 fsf fc1 sc0 ls113 ws108\">component<span class=\"_ _3bc\"> </span></td><td class=\"c n x8eb y5af5 w76b h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls113 ws108\">claims<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11db y5af5 w76c h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls6 ws3a\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l</div></td><td class=\"t m0 x747 h16 y5af4 ff3 fsf fc1 sc0 lse6 wsd0\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8e5 h16 y5af4 ff3 fsf fc1 sc0 lse6 wsd0\">component<span class=\"_ _3bc\"> </span></td><td class=\"c n x988 y5af6 w76d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse6 wsd0\">claims<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11dc y5af6 w76e h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls6 ws3a\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 h16 y5af7 ff3 fsf fc1 sc0 ls0 ws0\">Euro<span class=\"_ _2\"></span>pe &amp; Ot<span class=\"_ _2\"></span>her<span class=\"_ _3bc\"> </span></td><td class=\"c n x109f y5af8 w76f h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls6d ws64\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11dd y5af8 w76f h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls6d ws64\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11de y5af8 w76f h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls6d ws64\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11df y5af8 w76f h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls6d ws64\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11e0 y5af8 w770 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse5 wscf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11e1 y5af8 w771 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse5 wscf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11e2 y5af8 w771 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse5 wscf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11e3 y5af8 w770 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse5 wscf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5af9 w6b6 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at 1 Januar<span class=\"_ _2\"></span>y</div></td><td class=\"c n x12d5 y5af9 w7ba h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>271<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12d6 y5af9 wa5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">72<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12d7 y5af9 w7bb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls25 ws23\">446</div></td><td class=\"c n x1249 y5af9 w41f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>2,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>9</div></td><td class=\"c n x12d8 y5af9 w7bc h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">27<span class=\"_ _26\"></span>,488<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12d9 y5af9 w201 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12da y5af9 wf7 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>9</div></td><td class=\"c n x12db y5af9 w22a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>8<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5aa9 w6b9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts as at 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x100d y5aa9 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x100e y5aa9 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x100f y5aa9 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1010 y5aa9 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1011 y5aa9 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1012 y5aa9 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1013 y5aa9 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1014 y5aa9 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5aaa w6ba h2e0\"><div class=\"t m0 x1e6 he y5645 ff7 fs7 fc1 sc0 ls0 ws0\">Net i<span class=\"_ _2\"></span>nsura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct liab<span class=\"_ _2\"></span>ilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">1 January<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12dc y5aaa w7ba h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>271<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12dd y5aaa wa5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">72<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12de y5aaa w7bd h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls25 ws23\">446</div></td><td class=\"c n x12df y5aaa w41f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">22<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>9</div></td><td class=\"c n x12e0 y5aaa w7be h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">27<span class=\"_ _6\"></span>,488<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12e1 y5aaa w44a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12e2 y5aaa wf7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>9</div></td><td class=\"c n x12e3 y5aaa w22c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">2<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>7<span class=\"_ _3\"></span>1<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5aab w779 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance reve<span class=\"_ _2\"></span>nue (note C1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12e4 y5aab w7ae h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1bf ws1be\">(<span class=\"_ _2\"></span>571<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12e5 y5aab w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12e6 y5aab w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12e7 y5aab w7bf h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1bf ws1be\">(5<span class=\"_ _2\"></span>71)</div></td><td class=\"c n x12e8 y5aab w3e2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(655<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12e9 y5aab w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12ea y5aab w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12eb y5aab w3e2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">(6<span class=\"_ _2\"></span>55)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5afa ff3 fs7 fc1 sc0 ls12 ws10\">Insurance service e<span class=\"_ _5\"></span>xpenses<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5afb w77c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s and othe<span class=\"_ _2\"></span>r expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1201 y5afb w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12ec y5afb w1a7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(11<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12ed y5afb w52e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">526<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12ee y5afb w1b0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">515<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10f9 y5afb w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12ef y5afb w575 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12f0 y5afb w119 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c3 ws1c3\">603<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12f1 y5afb w7c0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">60<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5afc ff3 fs7 fc1 sc0 ls0 ws0\">Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation of insuran<span class=\"_ _2\"></span>ce ac<span class=\"_ _2\"></span>quisition </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5aaf w77d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ca<span class=\"_ _2\"></span>sh<span class=\"_ gs132\"> </span>flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12f2 y5aaf w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12f3 y5aaf w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12f4 y5aaf w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12f5 y5aaf w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12f6 y5aaf w1d7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11a6 y5aaf w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12f7 y5aaf w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba1 y5aaf w1d7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5afd ff3 fs7 fc1 sc0 ls0 ws0\">Loss<span class=\"_ _2\"></span>es on one<span class=\"_ _2\"></span>rous contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and revers<span class=\"_ _2\"></span>als </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5afe w77e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">of thos<span class=\"_ _2\"></span>e losse<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x120b y5afe w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12f8 y5afe w659 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">39<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12f9 y5afe w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12fa y5afe w307 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">39<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12fb y5afe w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12fc y5afe wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12fd y5afe w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12fe y5afe wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5aff ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges to liabili<span class=\"_ _2\"></span>ties for inc<span class=\"_ _2\"></span>urred claim<span class=\"_ _2\"></span>s </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ab3 w707 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls68 ws5c\">(past service)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1184 y5ab3 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1185 y5ab3 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12ff y5ab3 w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(10<span class=\"_ _2\"></span>4)</div></td><td class=\"c n x1300 y5ab3 w623 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1301 y5ab3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1302 y5ab3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1109 y5ab3 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1303 y5ab3 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5b00 ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>irment of as<span class=\"_ _2\"></span>sets for in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ab5 w6d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">acquisition c<span class=\"_ _2\"></span>ash flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee6 y5ab5 w70a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10f6 y5ab5 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10f7 y5ab5 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10f8 y5ab5 w5c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10f9 y5ab5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10fa y5ab5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10fb y5ab5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10fc y5ab5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ab6 w6d4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice result<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1304 y5ab6 w7c1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">(560)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1305 y5ab6 w1cf h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1306 y5ab6 w2ac h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">42<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1307 y5ab6 w764 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>10)</div></td><td class=\"c n x1308 y5ab6 w7c2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(6<span class=\"_ _2\"></span>39)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1309 y5ab6 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x130a y5ab6 w2a8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">611<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x130b y5ab6 w135 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>22)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ab7 w7c3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls13 ws11\">Insura<span class=\"_ _5\"></span>nce fina<span class=\"_ _5\"></span>nce income<span class=\"_ _7\"></span>/<span class=\"_ _7\"></span>expense<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x130c y5ab7 w7c4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">1<span class=\"_ _2\"></span>,488<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x130d y5ab7 w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x130e y5ab7 w13f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">15</div></td><td class=\"c n x130f y5ab7 w7c5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>17</div></td><td class=\"c n x1310 y5ab7 w7c6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls4b ws122\">(5,830<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1311 y5ab7 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1312 y5ab7 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1</div></td><td class=\"c n x1313 y5ab7 w7c7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>5,<span class=\"_ _2\"></span>827<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5b01 ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l chan<span class=\"_ _2\"></span>ges in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olida<span class=\"_ _2\"></span>ted </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ab9 w784 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16 ws14\">income<span class=\"_ _5\"></span><span class=\"_ gs234\"> </span>stateme<span class=\"_ _5\"></span>nt<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1314 y5ab9 w31c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">928<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1315 y5ab9 w1bc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1316 y5ab9 w1b3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">4<span class=\"_ _2\"></span>37</div></td><td class=\"c n x1317 y5ab9 w582 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>07</div></td><td class=\"c n x1318 y5ab9 w638 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(6<span class=\"_ _2\"></span>,469)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1319 y5ab9 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x131a y5ab9 w3b9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">61<span class=\"_ _2\"></span>2</div></td><td class=\"c n x131b y5ab9 w24d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(5,849)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5aba w788 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Inv<span class=\"_ _5\"></span>estment componen<span class=\"_ _5\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x131c y5aba w7c8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>48<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11aa y5aba w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x131d y5aba w16b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">1<span class=\"_ _2\"></span>,483<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x596 y5aba w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x131e y5aba w7c9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>,172)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x131f y5aba w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1320 y5aba w7ca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>172<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1321 y5aba w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5b02 ff3 fs7 fc1 sc0 ls14 ws12\">Cash flows:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a99 w6e1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Premium<span class=\"_ _2\"></span>s receive<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x110f y5a99 w75c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>673<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1110 y5a99 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1111 y5a99 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1112 y5a99 w75d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,673</div></td><td class=\"c n x1113 y5a99 w75e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfa9 y5a99 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfaa y5a99 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1114 y5a99 w75e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a9a w6e3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Claims a<span class=\"_ _2\"></span>nd other ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>s paid<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11a9 y5a9a w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11aa y5a9a w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x11ab y5a9a w7cb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">(2,<span class=\"_ _2\"></span>2<span class=\"_ _7\"></span>59)</div></td><td class=\"c n x1322 y5a9a w606 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">(2,259)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1323 y5a9a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x131f y5a9a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1324 y5a9a w761 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">(1,666<span class=\"_ _5\"></span>)</div></td><td class=\"c n x1325 y5a9a w7cc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">(1,666)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a76 w6e7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n cash fl<span class=\"_ _2\"></span>ows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x111b y5a76 wc2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(116<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x111c y5a76 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x111d y5a76 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x111e y5a76 w8b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(116)</div></td><td class=\"c n x111f y5a76 w53 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(10<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1120 y5a76 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfb8 y5a76 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f4 y5a76 w53 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(10<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a9b w6eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf1c y5a9b w75c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>557<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1326 y5a9b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1327 y5a9b w673 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">(2,259)</div></td><td class=\"c n x1328 y5a9b w7cd h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>70<span class=\"_ _2\"></span>2)</div></td><td class=\"c n x1329 y5a9b w5e9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">1<span class=\"_ _2\"></span>,629<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf11 y5a9b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x132a y5a9b w760 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">(1,666)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x132b y5a9b w7ce h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a9d w714 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other mov<span class=\"_ _5\"></span>ements</div><div class=\"t m0 xfd8 h13 y5a9c ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1127 y5a79 w7cf h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">(21<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x132c y5a79 w1cf h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x132d y5a79 w79b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(14)</div></td><td class=\"c n x132e y5a79 w623 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x132f y5a79 w9c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">795<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1330 y5a79 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1331 y5a79 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1332 y5a79 w7d0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">80<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5667 w6ba h2ca\"><div class=\"t m0 x1e6 he y5654 ff7 fs7 fc1 sc0 ls0 ws0\">Net i<span class=\"_ _2\"></span>nsura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontra<span class=\"_ _2\"></span>ct liab<span class=\"_ _2\"></span>ilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x112f y5667 w33f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">23,<span class=\"_ _2\"></span>05<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1333 y5667 w548 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">142<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1334 y5667 w7d1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">93</div></td><td class=\"c n x1335 y5667 w33f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">23,<span class=\"_ _2\"></span>29<span class=\"_ _2\"></span>0</div></td><td class=\"c n x1336 y5667 w7d2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">2<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>271<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1337 y5667 w31d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">72<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1338 y5667 w1bf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">446</div></td><td class=\"c n x1339 y5667 w7d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a5a w6f0 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfe9 y5a5a w33f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">23,<span class=\"_ _2\"></span>05<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x133a y5a5a w85 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">142<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x133b y5a5a w7d1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">93</div></td><td class=\"c n x133c y5a5a w33f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">23,<span class=\"_ _2\"></span>29<span class=\"_ _2\"></span>0</div></td><td class=\"c n x133d y5a5a w7d2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">2<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>271<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x133e y5a5a w51a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">72<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x133f y5a5a w1bf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">446</div></td><td class=\"c n x1340 y5a5a w7d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a5b w71e h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff1 y5a5b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff2 y5a5b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff3 y5a5b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xff4 y5a5b w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1097 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1098 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1099 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x109a y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55ef w6f6 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Net in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t liabilitie<span class=\"_ _2\"></span>s as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfe9 y55ef w33f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">23,<span class=\"_ _2\"></span>05<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x133a y55ef w85 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">142<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x133b y55ef w7d1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">93</div></td><td class=\"c n x133c y55ef w33f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">23,<span class=\"_ _2\"></span>29<span class=\"_ _2\"></span>0</div></td><td class=\"c n x133d y55ef w7d2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">2<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>271<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x133e y55ef w51a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">72<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x133f y55ef w1bf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">446</div></td><td class=\"c n x1340 y55ef w7d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr></table>1 <span class=\"_ _b3\"> </span>\u00a3<span class=\"_ _2\"></span>112 mil<span class=\"_ _2\"></span>lion re<span class=\"_ _2\"></span>late<span class=\"_ _2\"></span>s to the fa<span class=\"_ _2\"></span>ir val<span class=\"_ _2\"></span>ue of ins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce co<span class=\"_ _2\"></span>ntra<span class=\"_ _2\"></span>cts a<span class=\"_ _2\"></span>cqui<span class=\"_ _2\"></span>red a<span class=\"_ _2\"></span>s par<span class=\"_ _2\"></span>t of the a<span class=\"_ _2\"></span>cqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of SLF C<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>da UK Li<span class=\"_ _2\"></span>mite<span class=\"_ _2\"></span>d (see n<span class=\"_ _2\"></span>ote H2)<span class=\"_ _3bc\"> </span>F4. Movem<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s in pres<span class=\"_ _2\"></span>ent val<span class=\"_ _2\"></span>ue of fut<span class=\"_ _2\"></span>ure ca<span class=\"_ _2\"></span>sh flows<span class=\"_ _2\"></span>, ris<span class=\"_ _2\"></span>k adj<span class=\"_ _2\"></span>ust<span class=\"_ _2\"></span>ment an<span class=\"_ _2\"></span>d CSM o<span class=\"_ _2\"></span>f reins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce co<span class=\"_ _2\"></span>ntra<span class=\"_ _2\"></span>cts h<span class=\"_ _2\"></span>eld<span class=\"_ _3bc\"> </span>The re<span class=\"_ _2\"></span>concili<span class=\"_ _2\"></span>ations be<span class=\"_ _2\"></span>low provide a roll-for<span class=\"_ _2\"></span>ward of the ne<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>t or liabilit<span class=\"_ _2\"></span>y for reinsur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d by measure<span class=\"_ _2\"></span>ment co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nt, showin<span class=\"_ _2\"></span>g es<span class=\"_ _2\"></span>timates of the pre<span class=\"_ _2\"></span>sent valu<span class=\"_ _2\"></span>e of future ca<span class=\"_ _2\"></span>sh flows<span class=\"_ _2\"></span>, the risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for no<span class=\"_ _2\"></span>n-finan<span class=\"_ _2\"></span>cial risk an<span class=\"_ _2\"></span>d the CS<span class=\"_ _2\"></span>M.<span class=\"_ _3bc\"> </span><table class=\"s w7d4 h2e8\" id=\"_63af494e-bfac-443d-b648-e71a9f29a2f6\"><tr><td></td><td></td><td class=\"c n xb8a y5b03 w402 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xffc y5b03 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x9fc h3f y5b04 ff7 fsf fc1 sc0 ls0 ws67\">Estima<span class=\"_ _2\"></span>tes of </td><td></td><td></td><td></td><td class=\"t m0 x76e h16 y5b04 ff3 fsf fc1 sc0 ls0 ws67\">Estimates of </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xd53 h3f y5b05 ff7 fsf fc1 sc0 ls0 ws67\">the present </td><td></td><td></td><td></td><td class=\"t m0 xa02 h16 y5b05 ff3 fsf fc1 sc0 lsce ws77\">the prese<span class=\"_ _2\"></span>nt </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1341 h3f y5b06 ff7 fsf fc1 sc0 lsb1 ws0\">val<span class=\"_ _2\"></span>ue of fu<span class=\"_ _2\"></span>tur<span class=\"_ _2\"></span>e </td><td class=\"t m0 xfff h3f y5b06 ff7 fsf fc1 sc0 ls1e5 ws1e6\">Risk<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1342 h3f y5b06 ff7 fsf fc1 sc0 ls102 wsf8\">Contractual </td><td></td><td class=\"t m0 x1343 h16 y5b06 ff3 fsf fc1 sc0 lsb4 ws15\">value of<span class=\"_ _5\"></span> future </td><td class=\"t m0 x1001 h16 y5b06 ff3 fsf fc1 sc0 ls0 ws0\">Risk<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xffe h16 y5b06 ff3 fsf fc1 sc0 ls0 ws0\">Contract<span class=\"_ _2\"></span>ual </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1344 h3f y5b07 ff7 fsf fc1 sc0 lsb1 ws0\">ca<span class=\"_ _2\"></span>sh flow<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb8d h3f y5b07 ff7 fsf fc1 sc0 ls113 ws108\">adjustment<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4fd h3f y5b07 ff7 fsf fc1 sc0 ls102 ws76\">service margin<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1003 h3f y5b07 ff7 fsf fc1 sc0 ls1e6 ws1e7\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h16 y5b07 ff3 fsf fc1 sc0 lsf2 wsce\">cash flows<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9fd h16 y5b07 ff3 fsf fc1 sc0 lse6 wsd0\">adjustment<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdd6 h16 y5b07 ff3 fsf fc1 sc0 lsce ws77\">ser<span class=\"_ _2\"></span>vice margin<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x487 h16 y5b07 ff3 fsf fc1 sc0 ls1e6 ws1e7\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xa05 h3f y5b08 ff7 fsf fc1 sc0 lsee ws128\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d8 h3f y5b08 ff7 fsf fc1 sc0 lsee ws128\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d9 h3f y5b08 ff7 fsf fc1 sc0 lsee ws128\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9da h3f y5b08 ff7 fsf fc1 sc0 lsee ws128\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa06 h16 y5b08 ff3 fsf fc1 sc0 ls1db ws1db\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa07 h16 y5b08 ff3 fsf fc1 sc0 ls1db ws1db\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa08 h16 y5b08 ff3 fsf fc1 sc0 ls1db ws1db\">\u00a3m<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x2c6 h16 y5b08 ff3 fsf fc1 sc0 ls1db ws1db\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y5b09 w7d5 h2e9\"><div class=\"t m0 x1e6 hd y564f ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">1 Januar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1345 y5b09 w3ce h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1346 y5b09 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1347 y5b09 w1a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1348 y5b09 w8d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1349 y5b09 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x134a y5b09 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x134b y5b09 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x134c y5b09 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b0a w7d6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets as at 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y</div></td><td class=\"c n x134d y5b0a w39a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,285<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x134e y5b0a w157 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">47<span class=\"_ _2\"></span>8</div></td><td class=\"c n x134f y5b0a w7d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls47 ws19d\">1,308</div></td><td class=\"c n x1350 y5b0a w212 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">4<span class=\"_ _2\"></span>,07<span class=\"_ _2\"></span>1</div></td><td class=\"c n x1351 y5b0a w224 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">3,<span class=\"_ _2\"></span>032<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1352 y5b0a wcf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">659</div></td><td class=\"c n x1353 y5b0a w7d8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>028<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1354 y5b0a w7d9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">4<span class=\"_ _2\"></span>,71<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5b0b w7da h2e2\"><div class=\"t m0 x1e6 he y564f ff7 fs7 fc1 sc0 ls0 ws0\">Net r<span class=\"_ _2\"></span>einsu<span class=\"_ _2\"></span>ranc<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">1 January<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1355 y5b0b w146 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>277<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1356 y5b0b w7db h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">47<span class=\"_ _2\"></span>8</div></td><td class=\"c n x1357 y5b0b w7dc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls47 ws19d\">1,309</div></td><td class=\"c n x1358 y5b0b w42c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">4,06<span class=\"_ _2\"></span>4</div></td><td class=\"c n x1359 y5b0b w96 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">3<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>32<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x135a y5b0b wcf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">659</div></td><td class=\"c n x135b y5b0b w7dd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _3\"></span>,0<span class=\"_ _2\"></span>28<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x135c y5b0b w1ca h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5b0c ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in profit o<span class=\"_ _2\"></span>r loss:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5b0d w7de h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for ser<span class=\"_ _2\"></span>vices re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x135d y5b0d w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12b6 y5b0d w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x135e y5b0d wc2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(168<span class=\"_ _2\"></span>)</div></td><td class=\"c n x670 y5b0d wc2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(168<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x135f y5b0d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1360 y5b0d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1361 y5b0d w378 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>13)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1362 y5b0d w1e9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>113)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b0e w6be h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for the ri<span class=\"_ _2\"></span>sk expired<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf6d y5b0e w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10ba y5b0e w6e8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">(30)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1363 y5b0e w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1364 y5b0e w6e8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">(30)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1365 y5b0e w36c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>42)<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x1366 y5b0e w36c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>42)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b0f w6c0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Experience adjustments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1367 y5b0f w323 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1110 y5b0f w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1111 y5b0f w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1368 y5b0f w413 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1369 y5b0f w1da h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>13)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x136a y5b0f w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x136b y5b0f w134 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(13)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b10 w7df h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l chan<span class=\"_ _2\"></span>ge rel<span class=\"_ _2\"></span>ating to c<span class=\"_ _2\"></span>urrent s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x136c y5b10 w323 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x136d y5b10 w19b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">(30<span class=\"_ _2\"></span>)</div></td><td class=\"c n x136e y5b10 w764 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(16<span class=\"_ _2\"></span>8)</div></td><td class=\"c n x58c y5b10 w355 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>171<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x136f y5b10 w134 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(13)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1370 y5b10 w36c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">(42<span class=\"_ _2\"></span>)</div></td><td class=\"c n x1371 y5b10 w7e0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>113)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1372 y5b10 w7d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">(<span class=\"_ _2\"></span>168)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b11 w6c7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s initially re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the p<span class=\"_ _2\"></span>eriod<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1373 y5b11 w7e1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">(351)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1374 y5b11 w9c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">229<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1228 y5b11 w9c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">122<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1375 y5b11 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1376 y5b11 w378 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>93)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1377 y5b11 wcf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">120<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1378 y5b11 w138 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">73<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1379 y5b11 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b12 w6c9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in es<span class=\"_ _2\"></span>timates th<span class=\"_ _2\"></span>at adj<span class=\"_ _2\"></span>ust the C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf90 y5b12 w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(610<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x137a y5b12 w7e2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(49)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x137b y5b12 w7e3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">659<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x137c y5b12 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x137d y5b12 w7e4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">(<span class=\"_ _2\"></span>285<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x137e y5b12 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x137f y5b12 w3b7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc wsba\">276<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x2cc y5b12 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5b13 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in es<span class=\"_ _2\"></span>timates th<span class=\"_ _2\"></span>at do not ad<span class=\"_ _2\"></span>just </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5b14 w6cc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">the<span class=\"_ gs132\"> </span>CS<span class=\"_ _2\"></span>M<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf96 y5b14 w7e5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1380 y5b14 w1a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1381 y5b14 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1382 y5b14 w7e6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(10)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1383 y5b14 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1384 y5b14 wb7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a6 ws196\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1385 y5b14 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1386 y5b14 w5db h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a6 ws196\">(5)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5a8b w7e7 h28a\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Revers<span class=\"_ _2\"></span>al of impairm<span class=\"_ _2\"></span>ent of asse<span class=\"_ _2\"></span>ts for<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">reins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n cash fl<span class=\"_ _2\"></span>ows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1387 y5a8b w1a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1052 y5a8b w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1053 y5a8b w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1388 y5a8b w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee2 y5a8b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1389 y5a8b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x138a y5a8b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x138b y5a8b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a8c w6cd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e relating to fu<span class=\"_ _2\"></span>ture ser<span class=\"_ _2\"></span>vice<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x138c y5a8c w598 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>976<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x138d y5a8c w78 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">187<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x138e y5a8c w7e8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">7<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x138f y5a8c w706 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)</div></td><td class=\"c n x1390 y5a8c w7e9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(478)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1391 y5a8c w2d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">1<span class=\"_ _2\"></span>24<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1392 y5a8c w91 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">349<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1393 y5a8c wb7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a6 ws196\">(5)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5b15 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in am<span class=\"_ _2\"></span>ounts re<span class=\"_ _2\"></span>coverable a<span class=\"_ _2\"></span>rising </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y5b16 ff3 fs7 fc1 sc0 ls0 ws0\">from ch<span class=\"_ _2\"></span>anges in li<span class=\"_ _2\"></span>abilities for in<span class=\"_ _2\"></span>curred </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5b17 w7ea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">claim<span class=\"_ _2\"></span>s (past s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1394 y5b17 w6c2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfc9 y5b17 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfca y5b17 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1395 y5b17 w418 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1396 y5b17 w2f2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1397 y5b17 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1398 y5b17 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1399 y5b17 w307 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b18 w7eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">Net expenses from rei<span class=\"_ _5\"></span>nsurance contract<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x139a y5b18 w7ec h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">(950)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x139b y5b18 w59 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>57<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1228 y5b18 w7ed h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">61<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x139c y5b18 w63b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>80<span class=\"_ _2\"></span>)</div></td><td class=\"c n x139d y5b18 w35f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls38 ws35\">(48<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x139e y5b18 w56c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">82<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x139f y5b18 w239 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">236<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x13a0 y5b18 w7ee h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>162)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x2c3 h16 y5b19 ff3 fsf fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></td><td></td></tr><tr><td class=\"c n x1ea y5b1a w7ef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance fin<span class=\"_ _2\"></span>ance (exp<span class=\"_ _2\"></span>ense)/incom<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13a1 y5b1a w1eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">156<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13a2 y5b1a w70a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13a3 y5b1a w541 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">26<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13a4 y5b1a w291 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">179<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13a5 y5b1a w7f0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">(808)</div></td><td class=\"c n x13a6 y5b1a w1e9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>263)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13a7 y5b1a w374 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">18<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x13a8 y5b1a w7f1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">(1<span class=\"_ _2\"></span>,053<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b1b w7f2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l chan<span class=\"_ _2\"></span>ges in th<span class=\"_ _2\"></span>e profit o<span class=\"_ _2\"></span>r loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13a9 y5b1b w7f3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>79<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13aa y5b1b w1eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">154<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13ab y5b1b w7a5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">6<span class=\"_ _2\"></span>39<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13ac y5b1b w3d5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)</div></td><td class=\"c n x13ad y5b1b w7f4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>28<span class=\"_ _2\"></span>8)</div></td><td class=\"c n x13ae y5b1b w1e9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">(<span class=\"_ _2\"></span>181<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13af y5b1b w269 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">25<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x13b0 y5b1b w61f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>215<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5b1c ff3 fs7 fc1 sc0 ls14 ws12\">Cash flows:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5b1d w7f5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Premium<span class=\"_ _2\"></span>s paid<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13b1 y5b1d w7f6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,085<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13b2 y5b1d w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf0e y5b1d w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x13b3 y5b1d w126 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,085</div></td><td class=\"c n x13b4 y5b1d w7f7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">1<span class=\"_ _2\"></span>,656<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13b5 y5b1d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf73 y5b1d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x13b6 y5b1d w7f7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">1<span class=\"_ _2\"></span>,656<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b1e w7f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Claims re<span class=\"_ _2\"></span>covere<span class=\"_ _2\"></span>d and other ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es paid</div></td><td class=\"c n x13b7 y5b1e w7f9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>280<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13b8 y5b1e w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13b9 y5b1e w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x13ba y5b1e w7fa h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">(2<span class=\"_ _2\"></span>,28<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)</div></td><td class=\"c n x13bb y5b1e w70f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>,09<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12ba y5b1e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13bc y5b1e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x13bd y5b1e w6fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1,<span class=\"_ _2\"></span>09<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b1f w6eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1239 y5b1f w5e1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b0 ws1ac\">805<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13be y5b1f w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13bf y5b1f w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13c0 y5b1f w5e1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b0 ws1ac\">805<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13c1 y5b1f w309 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">56<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1215 y5b1f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13c2 y5b1f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x13c3 y5b1f w309 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">56<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5b21 w73a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other mov<span class=\"_ _5\"></span>ements</div><div class=\"t m0 x107f h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13c4 y5b22 w7fb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(122)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13c5 y5b22 w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13c6 y5b22 w55 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(18)</div></td><td class=\"c n x13c7 y5b22 w296 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">(139)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13c8 y5b22 w134 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(33)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13c9 y5b22 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc11 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13ca y5b22 wbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x13cb y5b22 w252 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(6)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5b23 w7da h2ca\"><div class=\"t m0 x1e6 he y5654 ff7 fs7 fc1 sc0 ls0 ws0\">Net r<span class=\"_ _2\"></span>einsu<span class=\"_ _2\"></span>ranc<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13cc y5b23 w195 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">2,<span class=\"_ _2\"></span>166<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13cd y5b23 w6d7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">633</div></td><td class=\"c n x6a3 y5b23 w5e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">1,<span class=\"_ _2\"></span>930</div></td><td class=\"c n x13ce y5b23 w2a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">4<span class=\"_ _2\"></span>,72<span class=\"_ _2\"></span>9</div></td><td class=\"c n x13cf y5b23 w370 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>277<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13d0 y5b23 w7fc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">47<span class=\"_ _2\"></span>8</div></td><td class=\"c n x13d1 y5b23 w7fd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls4b ws122\">1<span class=\"_ _2\"></span>,309<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x13d2 y5b23 wed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">4,0<span class=\"_ _2\"></span>64<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5b24 w7d5 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13d3 y5b24 w7fe h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b2 ws1af\">(24<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13d4 y5b24 w323 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13d5 y5b24 w314 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls77 ws6c\">60<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13d6 y5b24 w69d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">(1<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13d7 y5b24 w361 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x13d8 y5b24 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x13d9 y5b24 w3d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5b25 w7ff h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13da y5b25 w800 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls142 ws125\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13db y5b25 w7e3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">596</div></td><td class=\"c n x13dc y5b25 w7a1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>870</div></td><td class=\"c n x13dd y5b25 w212 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>876</div></td><td class=\"c n x13de y5b25 we7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">2,<span class=\"_ _2\"></span>285<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13df y5b25 w7fc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">47<span class=\"_ _2\"></span>8</div></td><td class=\"c n x13e0 y5b25 w549 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls4b ws122\">1,<span class=\"_ _2\"></span>308<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x13e1 y5b25 wde h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>071<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5997 w7da h2ca\"><div class=\"t m0 x1e6 he y5654 ff7 fs7 fc1 sc0 ls0 ws0\">Net r<span class=\"_ _2\"></span>einsu<span class=\"_ _2\"></span>ranc<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13cc y5997 w195 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">2,<span class=\"_ _2\"></span>166<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13cd y5997 w6d7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">633</div></td><td class=\"c n x6a3 y5997 w5e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">1,<span class=\"_ _2\"></span>930</div></td><td class=\"c n x13ce y5997 w2a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">4<span class=\"_ _2\"></span>,72<span class=\"_ _2\"></span>9</div></td><td class=\"c n x13cf y5997 w370 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>277<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13d0 y5997 w7fc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">47<span class=\"_ _2\"></span>8</div></td><td class=\"c n x13d1 y5997 w7fd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls4b ws122\">1<span class=\"_ _2\"></span>,309<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x13d2 y5997 wed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">4,0<span class=\"_ _2\"></span>64<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5b26 ff3 fs7 fc1 sc0 ls0 ws0\">Anal<span class=\"_ _2\"></span>ysed by se<span class=\"_ _2\"></span>gme<span class=\"_ _2\"></span>nt as follows:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5b27 w287 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Retirem<span class=\"_ _2\"></span>ent Solu<span class=\"_ _2\"></span>tions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13e2 y5b27 w602 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">935<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13e3 y5b27 w55 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">537</div></td><td class=\"c n x13e4 y5b27 w7a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">1,<span class=\"_ _5\"></span>604</div></td><td class=\"c n x13e5 y5b27 w212 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>076</div></td><td class=\"c n x13e6 y5b27 w96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>132<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13e7 y5b27 w85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">379<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13e8 y5b27 w2a4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">9<span class=\"_ _2\"></span>52<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x13e9 y5b27 wd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">2,<span class=\"_ _2\"></span>463<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b28 w288 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Pension<span class=\"_ _2\"></span>s &amp; Saving<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13ea y5b28 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13eb y5b28 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee8 y5b28 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13ec y5b28 w138 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">22<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13ed y5b28 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13ee y5b28 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13ef y5b28 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x13f0 y5b28 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a36 w665 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">With-profits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13f1 y5a36 w6d7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">820<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x10fe y5a36 w194 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls25 ws23\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13f2 y5a36 w801 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">147</div></td><td class=\"c n x13f3 y5a36 w69a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">1<span class=\"_ _2\"></span>,01<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13c1 y5a36 w309 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">86<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13f4 y5a36 w51a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">38<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13f5 y5a36 w373 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1a1\">142<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x13f6 y5a36 w6b3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5b2a w7da h2ea\"><div class=\"t m0 x1e6 hd y5b29 ff3 fs7 fc1 sc0 ls0 ws0\">Europe &amp; O<span class=\"_ _2\"></span>ther<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">Net r<span class=\"_ _2\"></span>einsu<span class=\"_ _2\"></span>ranc<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s as at<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13f7 y5a5b w305 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">391<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13f8 y5a5b w60 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">48<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13f9 y5a5b w802 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x440 y5a5b w540 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">61<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdf3 y5a5b w55e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">276<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13fa y5a5b w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">61<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13fb y5a5b w329 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">215<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x13fc y5a5b w461 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">552<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w803 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13cc y55ef w195 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">2,<span class=\"_ _2\"></span>166<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13cd y55ef w6d7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">633</div></td><td class=\"c n x6a3 y55ef w5e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">1,<span class=\"_ _2\"></span>930</div></td><td class=\"c n x13ce y55ef w2a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">4<span class=\"_ _2\"></span>,72<span class=\"_ _2\"></span>9</div></td><td class=\"c n x13cf y55ef w370 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>277<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13d0 y55ef w7fc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">47<span class=\"_ _2\"></span>8</div></td><td class=\"c n x13d1 y55ef w7fd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls4b ws122\">1<span class=\"_ _2\"></span>,309<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x13d2 y55ef wed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">4,0<span class=\"_ _2\"></span>64<span class=\"_ _3bc\"> </span></div></td></tr></table>1 <span class=\"_ _b3\"> </span>\u00a3(1<span class=\"_ _2\"></span>53<span class=\"_ _2\"></span>) milli<span class=\"_ _2\"></span>on inc<span class=\"_ _2\"></span>lude<span class=\"_ _2\"></span>d in \u2018es<span class=\"_ _2\"></span>timat<span class=\"_ _2\"></span>es of the p<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>ent val<span class=\"_ _2\"></span>ue of fu<span class=\"_ _2\"></span>ture c<span class=\"_ _2\"></span>ash fl<span class=\"_ _2\"></span>ows\u2019 rel<span class=\"_ _2\"></span>ates t<span class=\"_ _2\"></span>o the fa<span class=\"_ _2\"></span>ir valu<span class=\"_ _2\"></span>e of rein<span class=\"_ _2\"></span>sura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s acq<span class=\"_ _2\"></span>uire<span class=\"_ _2\"></span>d as par<span class=\"_ _2\"></span>t of th<span class=\"_ _2\"></span>e acqu<span class=\"_ _2\"></span>isit<span class=\"_ _2\"></span>ion of S<span class=\"_ _2\"></span>LF of Can<span class=\"_ _2\"></span>ada U<span class=\"_ _2\"></span>K Limit<span class=\"_ _2\"></span>ed (se<span class=\"_ _2\"></span>e note H<span class=\"_ _2\"></span>2)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-615": {
   "value": "<div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs6f9\">F5. M<span class=\"_ _2\"></span>ovemen<span class=\"_ _2\"></span>ts in lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>ies for r<span class=\"_ _2\"></span>emain<span class=\"_ _2\"></span>ing cove<span class=\"_ _2\"></span>rag<span class=\"_ _2\"></span>e and lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>ies for in<span class=\"_ _2\"></span>curr<span class=\"_ _2\"></span>ed cla<span class=\"_ _2\"></span>ims for r<span class=\"_ _2\"></span>einsu<span class=\"_ _2\"></span>ranc<span class=\"_ _2\"></span>e cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts he<span class=\"_ _2\"></span>ld<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6fa\">The follow<span class=\"_ _2\"></span>ing reco<span class=\"_ _2\"></span>nciliation<span class=\"_ _2\"></span>s show how th<span class=\"_ _2\"></span>e net car<span class=\"_ _2\"></span>ryin<span class=\"_ _2\"></span>g amount<span class=\"_ _2\"></span>s of reinsuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s held ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>d over the year as a re<span class=\"_ _2\"></span>sult of cas<span class=\"_ _2\"></span>h flows<span class=\"_ _2\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs6fb\">amo<span class=\"_ _2\"></span>unts rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in the co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment and oth<span class=\"_ _2\"></span>er moveme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>, analys<span class=\"_ _2\"></span>ed by remain<span class=\"_ _2\"></span>ing covera<span class=\"_ _2\"></span>ge and in<span class=\"_ _2\"></span>curred cl<span class=\"_ _2\"></span>aims.<span class=\"_ _3bc\"> </span></div><div class=\"gs6fc\"><table class=\"s w804 h2eb\" id=\"_05d27524-81b3-4628-bcc8-13bd08a25292\"><tr><td></td><td></td><td class=\"c n x13fd y5b2b w402 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x13fe y5b2b w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c n x13ff y5b2c w805 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls51 ws4b\">Assets fo<span class=\"_ _5\"></span>r remai<span class=\"_ _5\"></span>ning co<span class=\"_ _5\"></span>verage<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x1400 y5b2c w806 h27d\" colspan=\"2\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">As<span class=\"_ _2\"></span>sets<span class=\"_ _5\"></span> for<span class=\"_ _5\"></span> remaini<span class=\"_ _5\"></span>ng cov<span class=\"_ _5\"></span>erage<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1401 h3f y5b2d ff7 fsf fc1 sc0 ls0 ws0\" colspan=\"2\">Ex<span class=\"_ _2\"></span>clu<span class=\"_ _2\"></span>ding l<span class=\"_ _2\"></span>oss </td><td class=\"t m0 x1402 h3f y5b2d ff7 fsf fc1 sc0 ls0 ws0\">As<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s for </td><td></td><td class=\"t m0 x1403 h16 y5b2d ff3 fsf fc1 sc0 ls0 ws0\">Ex<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>ing lo<span class=\"_ _2\"></span>ss </td><td></td><td class=\"t m0 x1404 h16 y5b2d ff3 fsf fc1 sc0 ls0 ws0\">As<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s for </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1405 h3f y5b2e ff7 fsf fc1 sc0 ls1b ws19\">rec<span class=\"_ _2\"></span>overy </td><td class=\"t m0 x1406 h3f y5b2e ff7 fsf fc1 sc0 ls0 ws0\">Los<span class=\"_ _2\"></span>s rec<span class=\"_ _2\"></span>over<span class=\"_ _2\"></span>y </td><td class=\"t m0 x1407 h3f y5b2e ff7 fsf fc1 sc0 lse3 wscd\">incurred </td><td></td><td class=\"t m0 x1408 h16 y5b2e ff3 fsf fc1 sc0 ls0 ws0\">rec<span class=\"_ _2\"></span>over<span class=\"_ _2\"></span>y </td><td class=\"t m0 x1409 h16 y5b2e ff3 fsf fc1 sc0 ls0 ws0\">Los<span class=\"_ _2\"></span>s rec<span class=\"_ _2\"></span>over<span class=\"_ _2\"></span>y </td><td class=\"t m0 x140a h16 y5b2e ff3 fsf fc1 sc0 ls82 ws77\">incurre<span class=\"_ _2\"></span>d </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x140b h3f y5b2f ff7 fsf fc1 sc0 ls81 ws75\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x140c h3f y5b2f ff7 fsf fc1 sc0 ls81 ws75\">component<span class=\"_ _3bc\"> </span></td><td class=\"c n x140d y5b30 w2e8 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls81 ws75\">claims<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x140e y5b30 w807 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l</div></td><td class=\"t m0 x140f h16 y5b2f ff3 fsf fc1 sc0 ls17 ws15\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1410 h16 y5b2f ff3 fsf fc1 sc0 ls17 ws15\">component<span class=\"_ _3bc\"> </span></td><td class=\"c n x1411 y5b31 w808 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls17 ws15\">claims<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1412 y5b31 w744 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x1413 y5b32 w44 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1414 y5b32 w44 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1415 y5b32 w44 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1416 y5b32 w44 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1417 y5b32 w45 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1418 y5b32 w45 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1419 y5b32 w591 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x141a y5b32 w45 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x33e y5b33 w7d5 h28f\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">1 Januar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x141b y5b33 w8d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x141c y5b33 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x141d y5b33 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x141e y5b33 w8d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x141f y5b33 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1420 y5b33 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1421 y5b33 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1422 y5b33 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x33e y5b34 w7d6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets as at 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y</div></td><td class=\"c n x1423 y5b34 w809 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">6<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1424 y5b34 w539 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">47</div></td><td class=\"c n x1425 y5b34 w7ba h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls4b ws122\">(2,681)</div></td><td class=\"c n x1426 y5b34 w699 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">4,<span class=\"_ _2\"></span>071</div></td><td class=\"c n x1427 y5b34 w5f9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1428 y5b34 w34a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">52</div></td><td class=\"c n x1429 y5b34 w4d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x142a y5b34 w310 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">4<span class=\"_ _3\"></span>,71<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x33e y5b35 w7da h2db\"><div class=\"t m0 x1e6 he y5645 ff7 fs7 fc1 sc0 ls0 ws0\">Net r<span class=\"_ _2\"></span>einsu<span class=\"_ _2\"></span>ranc<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">1 January<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x142b y5b35 w5e8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls4b ws122\">6<span class=\"_ _2\"></span>,698<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x142c y5b35 w2ef h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">47</div></td><td class=\"c n x142d y5b35 w7ba h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls4b ws122\">(2,681)</div></td><td class=\"c n x142e y5b35 w161 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">4,0<span class=\"_ _2\"></span>64</div></td><td class=\"c n x142f y5b35 w127 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1430 y5b35 w80a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">52</div></td><td class=\"c n x1431 y5b35 w80b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>24<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1432 y5b35 w1ca h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x1433 h16 y5b36 ff3 fsf fc1 sc0 ls0 ws0\">\u2013 </td><td></td></tr><tr><td class=\"c n x33e y5b37 w80c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Reinsu<span class=\"_ _5\"></span>rance expenses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1434 y5b37 w426 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(2<span class=\"_ _2\"></span>,3<span class=\"_ _2\"></span>49)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1435 y5b37 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1436 y5b37 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1437 y5b37 w80d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(2,<span class=\"_ _2\"></span>349<span class=\"_ _2\"></span>)</div></td><td class=\"c n x1438 y5b37 w258 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">(<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1439 y5b37 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x143a y5b37 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x143b y5b37 w258 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">(<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x332 hd y5b38 ff3 fs7 fc1 sc0 ls0 ws0\">Claims re<span class=\"_ _2\"></span>coverab<span class=\"_ _2\"></span>le and othe<span class=\"_ _2\"></span>r expens<span class=\"_ _2\"></span>es </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x33e y5b39 w6a3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">incur<span class=\"_ _2\"></span>red<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x143c y5b39 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x143d y5b39 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x143e y5b39 w80e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">2<span class=\"_ _2\"></span>,181</div></td><td class=\"c n x143f y5b39 w80e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">2,<span class=\"_ _2\"></span>181<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1440 y5b39 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1441 y5b39 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1442 y5b39 w128 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,61<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1443 y5b39 w128 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,61<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x332 hd y5b3a ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in the C<span class=\"_ _2\"></span>SM due to re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nition </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x332 hd y5b3b ff3 fs7 fc1 sc0 ls0 ws0\">and rever<span class=\"_ _2\"></span>sal of a los<span class=\"_ _2\"></span>s-re<span class=\"_ _2\"></span>cover<span class=\"_ _2\"></span>y compon<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x33e y5b3c w80f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">from one<span class=\"_ _2\"></span>rous unde<span class=\"_ _2\"></span>rlying c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1444 y5b3c w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1445 y5b3c w1b3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1446 y5b3c w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1447 y5b3c w29d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(10<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1448 y5b3c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1449 y5b3c w576 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x144a y5b3c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x144b y5b3c w3dd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x332 hd y5b3d ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges to as<span class=\"_ _2\"></span>sets fo<span class=\"_ _2\"></span>r incurre<span class=\"_ _2\"></span>d claims </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x33e y5b3e w6d2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">(pas<span class=\"_ _2\"></span>t<span class=\"_ gs132\"> </span>ser<span class=\"_ _2\"></span>vice)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x144c y5b3e w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x9c2 y5b3e w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x144d y5b3e w52d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x144e y5b3e w5c9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x144f y5b3e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1450 y5b3e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1451 y5b3e w307 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1452 y5b3e w307 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x332 hd y5b3f ff3 fs7 fc1 sc0 ls0 ws0\">Cos<span class=\"_ _2\"></span>t of retroac<span class=\"_ _2\"></span>tive cover on rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x33e y5b40 w810 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">contracts held<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1453 y5b40 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1454 y5b40 w5c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1455 y5b40 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1456 y5b40 w5c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1457 y5b40 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1458 y5b40 w811 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1459 y5b40 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x145a y5b40 w524 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x33e y5b41 w7e7 h28a\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Revers<span class=\"_ _2\"></span>al of impairm<span class=\"_ _2\"></span>ent of asse<span class=\"_ _2\"></span>ts for<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">insur<span class=\"_ _2\"></span>ance ac<span class=\"_ _2\"></span>quisition c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x145b y5b41 w1a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x145c y5b41 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x145d y5b41 w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x145e y5b41 wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x145f y5b41 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1460 y5b41 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1461 y5b41 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1462 y5b41 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x332 hd y5b42 ff3 fs7 fc1 sc0 ls0 ws0\">Net in<span class=\"_ _2\"></span>come/(expens<span class=\"_ _2\"></span>es) from reinsur<span class=\"_ _2\"></span>ance </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x33e y5b43 w810 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">contracts held<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1463 y5b43 w812 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1464 y5b43 w79b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(13)</div></td><td class=\"c n x1465 y5b43 w813 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">2,180<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1466 y5b43 w52 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(18<span class=\"_ _2\"></span>0)</div></td><td class=\"c n x1438 y5b43 w258 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">(<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1467 y5b43 w364 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(6<span class=\"_ _2\"></span>)</div></td><td class=\"c n x1468 y5b43 w369 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>23<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1469 y5b43 w53 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(16<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x33e y5b44 w814 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance fin<span class=\"_ _2\"></span>ance in<span class=\"_ _2\"></span>come/<span class=\"_ _7\"></span>ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x146a y5b44 w802 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x146b y5b44 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x146c y5b44 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x146d y5b44 w373 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">179</div></td><td class=\"c n x146e y5b44 w5fc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>05<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x146f y5b44 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1470 y5b44 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1471 y5b44 w815 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">(1<span class=\"_ _2\"></span>,053<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x332 he y5b45 ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l chan<span class=\"_ _2\"></span>ges in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olida<span class=\"_ _2\"></span>ted </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x33e y5b46 w784 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16 ws14\">income<span class=\"_ _5\"></span><span class=\"_ gs234\"> </span>stateme<span class=\"_ _5\"></span>nt<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1472 y5b46 w816 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">(2,168)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1473 y5b46 w1ad h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>3)</div></td><td class=\"c n x1474 y5b46 w52f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">2<span class=\"_ _2\"></span>,180<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1475 y5b46 w523 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)</div></td><td class=\"c n xdaa y5b46 w2d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>2,8<span class=\"_ _2\"></span>33)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1476 y5b46 w5db h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a6 ws196\">(5)</div></td><td class=\"c n x1477 y5b46 w128 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>23<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1478 y5b46 w61f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,21<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x33e y5b47 w788 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Inv<span class=\"_ _5\"></span>estment componen<span class=\"_ _5\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1479 y5b47 w817 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(35<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x147a y5b47 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x147b y5b47 w394 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x147c y5b47 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x147d y5b47 w134 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(32)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x147e y5b47 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x147f y5b47 wa4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">32<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1480 y5b47 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x33e y5b48 w818 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">Cash flows:<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x1481 y5b48 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x33e y5b49 w7f5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Premium<span class=\"_ _2\"></span>s paid<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1482 y5b49 w7f6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,085<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1483 y5b49 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1484 y5b49 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x1485 y5b49 w126 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,085</div></td><td class=\"c n x1486 y5b49 w7f7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">1<span class=\"_ _2\"></span>,656<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1487 y5b49 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1488 y5b49 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1489 y5b49 w7f7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">1<span class=\"_ _2\"></span>,656<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x33e y5b4a w7f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Claims re<span class=\"_ _2\"></span>covere<span class=\"_ _2\"></span>d and other ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es paid<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x143c y5b4a w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x143d y5b4a w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x148a y5b4a w819 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">(2,<span class=\"_ _2\"></span>28<span class=\"_ _2\"></span>0)</div></td><td class=\"c n x148b y5b4a w7fa h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">(2<span class=\"_ _2\"></span>,28<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x148c y5b4a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x148d y5b4a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x148e y5b4a w6fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1,<span class=\"_ _2\"></span>09<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x148f y5b4a w81a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>90<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x33e y5b4b w81b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>cquisiti<span class=\"_ _2\"></span>on cash fl<span class=\"_ _2\"></span>ows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1490 y5b4b w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1491 y5b4b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1492 y5b4b w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1493 y5b4b w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1494 y5b4b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1495 y5b4b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1496 y5b4b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1497 y5b4b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x33e y5b4c w6eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1498 y5b4c w81c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,0<span class=\"_ _2\"></span>85<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1499 y5b4c w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x149a y5b4c w819 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">(2,<span class=\"_ _2\"></span>28<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x149b y5b4c w81d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b0 ws1ac\">8<span class=\"_ _2\"></span>05</div></td><td class=\"c n x149c y5b4c w11f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">1<span class=\"_ _2\"></span>,656<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x149d y5b4c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x149e y5b4c w6fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1,<span class=\"_ _2\"></span>09<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x149f y5b4c w1eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">566<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x39a hd y5b4d ff3 fs7 fc1 sc0 ls12 ws10\">Other mov<span class=\"_ _5\"></span>ements<span class=\"_ _3bc\"> </span></td><td class=\"c n x14a0 y5b21 w2bb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">(585)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14a1 y5b21 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14a2 y5b21 w112 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a8 ws19f\">443<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14a3 y5b21 w296 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">(139)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14a4 y5b21 w207 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14a5 y5b21 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14a6 y5b21 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x14a7 y5b21 w364 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x33e y5b23 w7da h2ca\"><div class=\"t m0 x1e6 he y5654 ff7 fs7 fc1 sc0 ls0 ws0\">Net r<span class=\"_ _2\"></span>einsu<span class=\"_ _2\"></span>ranc<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14a8 y5b23 w81e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">6,995<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14a9 y5b23 w70e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">37</div></td><td class=\"c n x14aa y5b23 w5f1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>30<span class=\"_ _2\"></span>3)</div></td><td class=\"c n x14ab y5b23 wec h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9</div></td><td class=\"c n x14ac y5b23 w81f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">6,698<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14ad y5b23 w820 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">47</div></td><td class=\"c n x14ae y5b23 w821 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>81<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x14af y5b23 wed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">4,0<span class=\"_ _2\"></span>64<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x33e y5b24 w7d5 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14b0 y5b24 w822 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">(152)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14b1 y5b24 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14b2 y5b24 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14b3 y5b24 w69e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14b4 y5b24 w3d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14b5 y5b24 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14b6 y5b24 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x14b7 y5b24 w3d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x33e y5b25 w7ff h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14b8 y5b25 w823 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14b9 y5b25 w70e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">37</div></td><td class=\"c n x14ba y5b25 w673 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">(2,30<span class=\"_ _2\"></span>8)</div></td><td class=\"c n x14bb y5b25 w7a1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">4<span class=\"_ _2\"></span>,87<span class=\"_ _2\"></span>6</div></td><td class=\"c n x14bc y5b25 w1ca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">6<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14bd y5b25 w820 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">47</div></td><td class=\"c n x14be y5b25 w821 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>81<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x466 y5b25 w10d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">4,<span class=\"_ _2\"></span>071<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x33e y5b4e w7da h2e5\"><div class=\"t m0 x1e6 he y5666 ff7 fs7 fc1 sc0 ls0 ws0\">Net r<span class=\"_ _2\"></span>einsu<span class=\"_ _2\"></span>ranc<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s as at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14a8 y5b4e w81e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">6,995<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14a9 y5b4e w70e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">37</div></td><td class=\"c n x14aa y5b4e w5f1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>30<span class=\"_ _2\"></span>3)</div></td><td class=\"c n x14ab y5b4e wec h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9</div></td><td class=\"c n x14ac y5b4e w81f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">6,698<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14ad y5b4e w820 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">47</div></td><td class=\"c n x14ae y5b4e w821 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>81<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x14af y5b4e wed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">4,0<span class=\"_ _2\"></span>64<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x332 hd y5b4f ff3 fs7 fc1 sc0 ls0 ws0\">Anal<span class=\"_ _2\"></span>ysed by se<span class=\"_ _2\"></span>gme<span class=\"_ _2\"></span>nt as follows:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x33e y5b27 w287 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Retirem<span class=\"_ _2\"></span>ent Solu<span class=\"_ _2\"></span>tions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14bf y5b27 w824 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">5,<span class=\"_ _2\"></span>421<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14c0 y5b27 wa5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">36</div></td><td class=\"c n x14c1 y5b27 w825 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c3 ws1c3\">(2,3<span class=\"_ _5\"></span>81)</div></td><td class=\"c n x14c2 y5b27 w10c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">3,<span class=\"_ _2\"></span>076</div></td><td class=\"c n x14c3 y5b27 w4b0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">5,14<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14c4 y5b27 w1df h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">46</div></td><td class=\"c n x14c5 y5b27 w826 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>31<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x14c6 y5b27 wd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">2,<span class=\"_ _2\"></span>463<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x33e y5b28 w288 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Pension<span class=\"_ _2\"></span>s &amp; Saving<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14c7 y5b28 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14c8 y5b28 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14c9 y5b28 w1b2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14ca y5b28 w138 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">22<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14cb y5b28 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14cc y5b28 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14cd y5b28 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x14ce y5b28 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x33e y5b50 w28a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">With-Profits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14cf y5b50 w5c8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">984<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14d0 y5b50 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14d1 y5b50 w827 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c7 ws1c7\">29</div></td><td class=\"c n x14d2 y5b50 w828 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">1<span class=\"_ _2\"></span>,013</div></td><td class=\"c n x14d3 y5b50 w621 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>25<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14d4 y5b50 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14d5 y5b50 w5c9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x14d6 y5b50 w6b3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x33e y5b2a w7da h2ec\"><div class=\"t m0 x1e6 hd y5b51 ff3 fs7 fc1 sc0 ls0 ws0\">Europe &amp; O<span class=\"_ _2\"></span>ther<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">Net r<span class=\"_ _2\"></span>einsu<span class=\"_ _2\"></span>ranc<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s as at<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14cf y5a37 w7e3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">584<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14d7 y5a37 w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14d8 y5a37 w659 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14d9 y5a37 w7ed h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">61<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14da y5a37 w5d8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">525<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14db y5a37 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14dc y5a37 w2a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">26<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x14dd y5a37 w2a4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1b1\">5<span class=\"_ _2\"></span>52<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x33e y55ef w803 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls12 ws10\">31 December<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14a8 y55ef w81e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">6,995<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14a9 y55ef w70e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">37</div></td><td class=\"c n x14aa y55ef w5f1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>30<span class=\"_ _2\"></span>3)</div></td><td class=\"c n x14ab y55ef wec h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9</div></td><td class=\"c n x14ac y55ef w81f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">6,698<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14ad y55ef w820 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">47</div></td><td class=\"c n x14ae y55ef w821 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>81<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x14af y55ef wed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">4,0<span class=\"_ _2\"></span>64<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gs6fd\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs6fe\">1 <span class=\"_ _b3\"> </span>\u00a3(1<span class=\"_ _2\"></span>53<span class=\"_ _2\"></span>) milli<span class=\"_ _2\"></span>on rela<span class=\"_ _2\"></span>tes to th<span class=\"_ _2\"></span>e fair v<span class=\"_ _2\"></span>alue of i<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts ac<span class=\"_ _2\"></span>quire<span class=\"_ _2\"></span>d as pa<span class=\"_ _2\"></span>rt of t<span class=\"_ _2\"></span>he ac<span class=\"_ _2\"></span>quisi<span class=\"_ _2\"></span>tion of S<span class=\"_ _2\"></span>LF of Ca<span class=\"_ _2\"></span>nad<span class=\"_ _2\"></span>a UK Lim<span class=\"_ _2\"></span>ited (s<span class=\"_ _2\"></span>ee no<span class=\"_ _2\"></span>te H2).</div>",
   "dimensions": {
    "concept": "pheonixgroupholdings:DisclosureOfMovementsInLiabilitiesForRemainingCoverageAndLiabilities",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-616": {
   "value": "<div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs700\">F6<span class=\"_ _2\"></span>. The imp<span class=\"_ _2\"></span>act o<span class=\"_ _2\"></span>n the c<span class=\"_ _2\"></span>urrent p<span class=\"_ _2\"></span>erio<span class=\"_ _2\"></span>d of tra<span class=\"_ _2\"></span>nsiti<span class=\"_ _2\"></span>on app<span class=\"_ _2\"></span>roac<span class=\"_ _2\"></span>hes ad<span class=\"_ _2\"></span>opte<span class=\"_ _2\"></span>d in est<span class=\"_ _2\"></span>abli<span class=\"_ _2\"></span>shin<span class=\"_ _2\"></span>g CSM<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs701\">The imp<span class=\"_ _2\"></span>act on th<span class=\"_ _2\"></span>e current pe<span class=\"_ _2\"></span>riod of the tr<span class=\"_ _2\"></span>ansition ap<span class=\"_ _2\"></span>proach<span class=\"_ _2\"></span>es adopte<span class=\"_ _2\"></span>d in est<span class=\"_ _2\"></span>ablishin<span class=\"_ _2\"></span>g CSM<span class=\"_ _2\"></span>s for insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s issue<span class=\"_ _2\"></span>d and rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs702\">contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s held is sh<span class=\"_ _2\"></span>own in the tab<span class=\"_ _2\"></span>les bel<span class=\"_ _2\"></span>ow<span class=\"_ _5\"></span>. For fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>etails of the tr<span class=\"_ _2\"></span>ansition ap<span class=\"_ _2\"></span>proach<span class=\"_ _2\"></span>es applie<span class=\"_ _2\"></span>d see n<span class=\"_ _2\"></span>ote A2.1.1.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls17 ws15 gs703\">F6.1<span class=\"_ _5\"></span> Insurance contracts<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls82 ws77 gs704\">Retireme<span class=\"_ _2\"></span>nt Solutions<span class=\"_ _3bc\"> </span></div><div class=\"gs705\"><table class=\"s w829 h2ed\" id=\"_85d8a44b-fca0-4c61-a82a-1c7c004f71f9\"><tr><td></td><td></td><td class=\"c n xb8a y5b52 w402 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n xffc y5b52 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x9f9 h3f y5b53 ff7 fsf fc1 sc0 ls0 ws67\">Fully retrospecti<span class=\"_ _2\"></span>ve </td><td></td><td></td><td class=\"t m0 x76f h16 y5b53 ff3 fsf fc1 sc0 ls82 ws77\">Fully retrospe<span class=\"_ _2\"></span>ctive </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x51d h3f y5b54 ff7 fsf fc1 sc0 ls102 ws76\">approach at </td><td></td><td></td><td class=\"t m0 x14de h16 y5b54 ff3 fsf fc1 sc0 ls0 ws0\">app<span class=\"_ _2\"></span>roac<span class=\"_ _2\"></span>h at </td><td></td></tr><tr><td></td><td class=\"t m0 xc0a h3f y5b55 ff7 fsf fc1 sc0 ls102 ws76\">Fair<span class=\"_ _5\"></span> value approach </td><td class=\"t m0 x14df h3f y5b55 ff7 fsf fc1 sc0 ls0 ws67\">transitio<span class=\"_ _2\"></span>n<span class=\"_ _5\"></span> and new </td><td></td><td class=\"t m0 x1343 h16 y5b55 ff3 fsf fc1 sc0 ls17 ws15\">Fair value<span class=\"_ _5\"></span> approach </td><td class=\"t m0 x7cf h16 y5b55 ff3 fsf fc1 sc0 ls17 ws15\">transition and new </td><td></td></tr><tr><td></td><td class=\"t m0 x14e0 h3f y5b56 ff7 fsf fc1 sc0 ls0 ws67\">at transition<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x51e h3f y5b56 ff7 fsf fc1 sc0 lsf3 wsdf\">contracts<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1003 h3f y5b56 ff7 fsf fc1 sc0 ls1e6 ws1e7\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> </td><td class=\"t m0 xa8e h16 y5b56 ff3 fsf fc1 sc0 ls70 ws67\">at transition<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc10 h16 y5b56 ff3 fsf fc1 sc0 ls1dd ws1df\">cont<span class=\"_ _5\"></span>racts<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y5b56 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x14e1 h3f y5b57 ff7 fsf fc1 sc0 lsee ws128\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x522 h3f y5b57 ff7 fsf fc1 sc0 lsee ws128\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9da h3f y5b57 ff7 fsf fc1 sc0 lsee ws128\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h16 y5b57 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y5b57 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5b57 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5b58 w82a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M as at 1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14e2 y5b58 w602 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">784<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14e3 y5b58 w716 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14e4 y5b58 w196 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">2,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14e5 y5b58 w214 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">817<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14e6 y5b58 w11f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls71 ws1a9\">1<span class=\"_ _2\"></span>,854<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14e7 y5b58 w82b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">2,67<span class=\"_ _7\"></span>1<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5b59 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges th<span class=\"_ _2\"></span>at relate to current s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x14e8 y5b5a w82c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for ser<span class=\"_ _2\"></span>vices p<span class=\"_ _2\"></span>rovided<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14e9 y5b5a w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(10<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14ea y5b5a w470 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">(157<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14eb y5b5a w82d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">(26<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14ec y5b5a w82e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsdc wsc7\">(77<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14ed y5b5a w50 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>30)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14ee y5b5a w79e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(<span class=\"_ _2\"></span>207<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5b5b ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges th<span class=\"_ _2\"></span>at relate to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x14e8 y5b5c w6c7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s initially re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the p<span class=\"_ _2\"></span>eriod<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14ef y5b5c w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x565 y5b5c w602 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">435<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14f0 y5b5c w227 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">435<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe43 y5b5c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14f1 y5b5c wf6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">232<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14f2 y5b5c wf6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">232<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x14e8 y5b5d w82f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in es<span class=\"_ _2\"></span>timates th<span class=\"_ _2\"></span>at adj<span class=\"_ _2\"></span>ust the C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14f3 y5b5d w112 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a8 ws19f\">438<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14f4 y5b5d w9c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">220<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14f5 y5b5d w411 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">658<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14f6 y5b5d w7d1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls4b ws122\">30<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14f7 y5b5d w409 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14f8 y5b5d w6cb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">81<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b5e w6d4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice result<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14f9 y5b5e w227 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">335<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14fa y5b5e w1b7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">498<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1187 y5b5e w172 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">833<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14fb y5b5e w830 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">(47<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe51 y5b5e w112 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">153<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14fc y5b5e w5a2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b5f w831 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Insurance fi<span class=\"_ _5\"></span>nance expenses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14fd y5b5f w569 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14fe y5b5f w511 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb2 wse8\">44<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14ff y5b5f w832 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b0 ws1ac\">62<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1500 y5b5f wca h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1501 y5b5f w7d1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls4b ws122\">30<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x70f y5b5f w31a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">44<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b60 w6de h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l chan<span class=\"_ _2\"></span>ges in p<span class=\"_ _2\"></span>rofit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1502 y5b60 w602 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ac ws1a4\">353<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1503 y5b60 w73d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">5<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1504 y5b60 w3e5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">895<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1505 y5b60 w134 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(33)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1506 y5b60 wdb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">183<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x62c y5b60 w112 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">150<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b61 w833 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other mov<span class=\"_ _5\"></span>ements<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1507 y5b61 w306 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x65b y5b61 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1508 y5b61 w2f7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1509 y5b61 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x150a y5b61 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x150b y5b61 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b62 w834 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M as at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x150c y5b62 w195 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">1,<span class=\"_ _2\"></span>162<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x150d y5b62 w11d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">2<span class=\"_ _2\"></span>,579<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x150e y5b62 w835 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">3<span class=\"_ _2\"></span>,741<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x150f y5b62 wf6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">784<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1510 y5b62 wde h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">2<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1511 y5b62 w30f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">2,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xb8a y5b63 w402 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n xffc y5b63 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x9f9 h3f y5b64 ff7 fsf fc1 sc0 ls0 ws67\">Fully retrospecti<span class=\"_ _2\"></span>ve </td><td></td><td></td><td class=\"t m0 x76f h16 y5b64 ff3 fsf fc1 sc0 ls82 ws77\">Fully retrospe<span class=\"_ _2\"></span>ctive </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x51d h3f y5b65 ff7 fsf fc1 sc0 ls102 ws76\">approach at </td><td></td><td></td><td class=\"t m0 x14de h16 y5b65 ff3 fsf fc1 sc0 ls0 ws0\">app<span class=\"_ _2\"></span>roac<span class=\"_ _2\"></span>h at </td><td></td></tr><tr><td></td><td class=\"t m0 xc0a h3f y5b66 ff7 fsf fc1 sc0 ls102 ws76\">Fair<span class=\"_ _5\"></span> value approach </td><td class=\"t m0 x14df h3f y5b66 ff7 fsf fc1 sc0 ls0 ws67\">transitio<span class=\"_ _2\"></span>n<span class=\"_ _5\"></span> and new </td><td></td><td class=\"t m0 x1343 h16 y5b66 ff3 fsf fc1 sc0 ls17 ws15\">Fair value<span class=\"_ _5\"></span> approach </td><td class=\"t m0 x7cf h16 y5b66 ff3 fsf fc1 sc0 ls17 ws15\">transition and new </td><td></td></tr><tr><td></td><td class=\"t m0 x14e0 h3f y5b67 ff7 fsf fc1 sc0 ls0 ws67\">at transition<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x51e h3f y5b67 ff7 fsf fc1 sc0 lsf3 wsdf\">contracts<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1003 h3f y5b67 ff7 fsf fc1 sc0 ls1e6 ws1e7\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> </td><td class=\"t m0 xa8e h16 y5b67 ff3 fsf fc1 sc0 ls70 ws67\">at transition<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc10 h16 y5b67 ff3 fsf fc1 sc0 ls1dd ws1df\">cont<span class=\"_ _5\"></span>racts<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y5b67 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h16 y5b68 ff3 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; Savin<span class=\"_ _2\"></span>gs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x14e1 h3f y5b69 ff7 fsf fc1 sc0 lsee ws128\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x522 h3f y5b69 ff7 fsf fc1 sc0 lsee ws128\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9da h3f y5b69 ff7 fsf fc1 sc0 lsee ws128\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h16 y5b69 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y5b69 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5b69 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5b6a w82a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M as at 1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1512 y5b6a w6f9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">94<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1513 y5b6a w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1514 y5b6a w836 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">94<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1515 y5b6a w64 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws195\">96<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1516 y5b6a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1517 y5b6a w64 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws195\">96<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5b6b ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges th<span class=\"_ _2\"></span>at relate to current s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x14e8 y5b6c w82c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for ser<span class=\"_ _2\"></span>vices p<span class=\"_ _2\"></span>rovided<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1518 y5b6c w7e5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1519 y5b6c w6c1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2a8 y5b6c w3e0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(25<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x205 y5b6c w1da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>13)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x151a y5b6c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x151b y5b6c w1da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5b6d ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges th<span class=\"_ _2\"></span>at relate to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x14e8 y5b6e w6c7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s initially re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the p<span class=\"_ _2\"></span>eriod<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14ef y5b6e w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x151c y5b6e w569 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">34<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x151d y5b6e w17a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">34<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x151e y5b6e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x151f y5b6e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1520 y5b6e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x14e8 y5b6f w82f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in es<span class=\"_ _2\"></span>timates th<span class=\"_ _2\"></span>at adj<span class=\"_ _2\"></span>ust the C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1521 y5b6f w78e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">54<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1522 y5b6f w31a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws2f\">50<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1523 y5b6f w130 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1524 y5b6f w2f2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1525 y5b6f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba1 y5b6f w307 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b70 w6d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice result<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1526 y5b70 w70e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1527 y5b70 w6cf h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">76<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1528 y5b70 w172 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">113<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1529 y5b70 w709 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x152a y5b70 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x152b y5b70 w524 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b71 w837 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance fin<span class=\"_ _2\"></span>ance inc<span class=\"_ _2\"></span>ome<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x152c y5b71 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x152d y5b71 w70a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x152e y5b71 w206 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x152f y5b71 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1530 y5b71 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2ab y5b71 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b72 w6de h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l chan<span class=\"_ _2\"></span>ges in p<span class=\"_ _2\"></span>rofit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1531 y5b72 w323 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1532 y5b72 w6d6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">72<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1523 y5b72 w130 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1533 y5b72 w524 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1429 y5b72 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1534 y5b72 w2dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b73 w833 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other mov<span class=\"_ _5\"></span>ements<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1535 y5b73 w2dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1536 y5b73 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1537 y5b73 w2dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1538 y5b73 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1539 y5b73 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4d5 y5b73 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b74 w834 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M as at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x153a y5b74 w55a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c7 ws1c7\">129<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x153b y5b74 w6d6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">72<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x153c y5b74 w838 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">2<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x153d y5b74 w71b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12c ws170\">94<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x153e y5b74 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x153f y5b74 w71b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12c ws170\">94<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xb8a y5b75 w402 h2b4\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n xffc y5b75 w3a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x9f9 h3f y5b76 ff7 fsf fc1 sc0 ls0 ws67\">Fully retrospecti<span class=\"_ _2\"></span>ve </td><td></td><td></td><td class=\"t m0 x76f h16 y5b76 ff3 fsf fc1 sc0 ls82 ws77\">Fully retrospe<span class=\"_ _2\"></span>ctive </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x51d h3f y5b77 ff7 fsf fc1 sc0 ls102 ws76\">approach at </td><td></td><td></td><td class=\"t m0 x14de h16 y5b77 ff3 fsf fc1 sc0 ls0 ws0\">app<span class=\"_ _2\"></span>roac<span class=\"_ _2\"></span>h at </td><td></td></tr><tr><td></td><td class=\"t m0 xc0a h3f y5b78 ff7 fsf fc1 sc0 ls102 ws76\">Fair<span class=\"_ _5\"></span> value approach </td><td class=\"t m0 x14df h3f y5b78 ff7 fsf fc1 sc0 ls0 ws67\">transitio<span class=\"_ _2\"></span>n<span class=\"_ _5\"></span> and new </td><td></td><td class=\"t m0 x1343 h16 y5b78 ff3 fsf fc1 sc0 ls17 ws15\">Fair value<span class=\"_ _5\"></span> approach </td><td class=\"t m0 x7cf h16 y5b78 ff3 fsf fc1 sc0 ls17 ws15\">transition and new </td><td></td></tr><tr><td></td><td class=\"t m0 x14e0 h3f y5b79 ff7 fsf fc1 sc0 ls0 ws67\">at transition<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x51e h3f y5b79 ff7 fsf fc1 sc0 lsf3 wsdf\">contracts<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1003 h3f y5b79 ff7 fsf fc1 sc0 ls1e6 ws1e7\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> </td><td class=\"t m0 xa8e h16 y5b79 ff3 fsf fc1 sc0 ls70 ws67\">at transition<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc10 h16 y5b79 ff3 fsf fc1 sc0 ls1dd ws1df\">cont<span class=\"_ _5\"></span>racts<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y5b79 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h16 y5b7a ff3 fsf fc1 sc0 lse9 wsd4\">With-Profit<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x14e1 h3f y5b7b ff7 fsf fc1 sc0 lsee ws128\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x522 h3f y5b7b ff7 fsf fc1 sc0 lsee ws128\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9da h3f y5b7b ff7 fsf fc1 sc0 lsee ws128\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h16 y5b7b ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y5b7b ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5b7b ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5896 w82a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M as at 1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14e2 y5896 w5c6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">51<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1540 y5896 w306 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1541 y5896 w1bf h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls47 ws19d\">565<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1542 y5896 w116 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">41<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1543 y5896 w1d7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1544 y5896 w112 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">433<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5b7c ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges th<span class=\"_ _2\"></span>at relate to current s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x14e8 y5617 w82c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for ser<span class=\"_ _2\"></span>vices p<span class=\"_ _2\"></span>rovided<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1545 y5617 w737 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">(6<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1546 y5617 w6c1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1547 y5617 w40f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(77<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6a5 y5617 w1d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(89)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1548 y5617 w1d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(10)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1549 y5617 w28f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(99)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5b7d ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges th<span class=\"_ _2\"></span>at relate to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x14e8 y5774 w6c7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s initially re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the p<span class=\"_ _2\"></span>eriod<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14ef y5774 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x154a y5774 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe5b y5774 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x154b y5774 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x154c y5774 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x154d y5774 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x14e8 y5898 w82f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in es<span class=\"_ _2\"></span>timates th<span class=\"_ _2\"></span>at adj<span class=\"_ _2\"></span>ust the C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1521 y5898 w50a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18 ws16\">90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x154e y5898 w827 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c7 ws1c7\">29<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x154f y5898 w172 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">119<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1550 y5898 w173 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">18<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1551 y5898 w51a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x942 y5898 we1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">2<span class=\"_ _2\"></span>25<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ea w6d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice result<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1552 y55ea wbd h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1553 y55ea wbd h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe1b y55ea w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1554 y55ea w839 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d9 ws1d9\">91<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1555 y55ea w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1556 y55ea w2eb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">1<span class=\"_ _2\"></span>26<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b8 w831 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Insurance fi<span class=\"_ _5\"></span>nance expenses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1557 y56b8 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1558 y56b8 w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1559 y56b8 w341 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x155a y56b8 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x155b y56b8 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x155c y56b8 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w6de h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l chan<span class=\"_ _2\"></span>ges in p<span class=\"_ _2\"></span>rofit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x155d y561d w83a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls47 ws19d\">30<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x155e y561d w138 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">22<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x155f y561d w2a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1560 y561d w83b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bf ws1be\">97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1561 y561d w137 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1562 y561d w1e1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">132<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5739 w833 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other mov<span class=\"_ _5\"></span>ements<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1563 y5739 w1a7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(19<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1564 y5739 w52d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1565 y5739 w1ed h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">(20)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1566 y5739 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13d1 y5739 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1567 y5739 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w834 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M as at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1568 y55ef w5c5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">525<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1569 y55ef w6d6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">72<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x156a y55ef w2ac h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">5<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x156b y55ef w7b1 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">514<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x949 y55ef w409 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd1b y55ef w32a h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">565<span class=\"_ _3bc\"> </span></div></td></tr></table></div>2023<span class=\"_ _3bc\"> </span>2022<span class=\"_ _3bc\"> </span>Fully retrospecti<span class=\"_ _2\"></span>ve Fully retrospe<span class=\"_ _2\"></span>ctive approach at app<span class=\"_ _2\"></span>roac<span class=\"_ _2\"></span>h at Fair<span class=\"_ _5\"></span> value approach transitio<span class=\"_ _2\"></span>n<span class=\"_ _5\"></span> and new Fair value<span class=\"_ _5\"></span> approach transition and new at transition<span class=\"_ _3bc\"> </span>contracts<span class=\"_ _3bc\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> at transition<span class=\"_ _3bc\"> </span>cont<span class=\"_ _5\"></span>racts<span class=\"_ _3bc\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>CS<span class=\"_ _2\"></span>M as at 1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>306<span class=\"_ _3bc\"> </span>11<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span>41<span class=\"_ _3\"></span>9<span class=\"_ _3bc\"> </span>214<span class=\"_ _3bc\"> </span>43<span class=\"_ _3bc\"> </span>257<span class=\"_ _3bc\"> </span>Chan<span class=\"_ _2\"></span>ges th<span class=\"_ _2\"></span>at relate to current s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice:<span class=\"_ _3bc\"> </span>CS<span class=\"_ _2\"></span>M reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for ser<span class=\"_ _2\"></span>vices p<span class=\"_ _2\"></span>rovided<span class=\"_ _3bc\"> </span>(27<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span>(20)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(56)<span class=\"_ _3bc\"> </span>(1<span class=\"_ _2\"></span>1)<span class=\"_ _3bc\"> </span>(67<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>Chan<span class=\"_ _2\"></span>ges th<span class=\"_ _2\"></span>at relate to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice:<span class=\"_ _3bc\"> </span>Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s initially re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the p<span class=\"_ _2\"></span>eriod<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>53<span class=\"_ _3bc\"> </span>53<span class=\"_ _3bc\"> </span>5<span class=\"_ _3bc\"> </span>41<span class=\"_ _3bc\"> </span>46<span class=\"_ _3bc\"> </span>Chan<span class=\"_ _2\"></span>ges in es<span class=\"_ _2\"></span>timates th<span class=\"_ _2\"></span>at adj<span class=\"_ _2\"></span>ust the C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span>(8<span class=\"_ _2\"></span>5)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>58)<span class=\"_ _3bc\"> </span>(143)<span class=\"_ _3bc\"> </span>130<span class=\"_ _3bc\"> </span>25<span class=\"_ _3bc\"> </span>155<span class=\"_ _3bc\"> </span>Insur<span class=\"_ _2\"></span>ance s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice result<span class=\"_ _3bc\"> </span>(11<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span>(25<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>79<span class=\"_ _3bc\"> </span>55<span class=\"_ _3bc\"> </span>134<span class=\"_ _3bc\"> </span>Insur<span class=\"_ _2\"></span>ance fin<span class=\"_ _2\"></span>ance (inc<span class=\"_ _2\"></span>ome)/<span class=\"_ _7\"></span>expe<span class=\"_ _2\"></span>nses<span class=\"_ _3bc\"> </span>(22)<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>(20<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span>8<span class=\"_ _3bc\"> </span>5<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l chan<span class=\"_ _2\"></span>ges in p<span class=\"_ _2\"></span>rofit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>134)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>23)<span class=\"_ _3bc\"> </span>(157<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>76<span class=\"_ _3bc\"> </span>63<span class=\"_ _3bc\"> </span>139<span class=\"_ _3bc\"> </span>Other mov<span class=\"_ _5\"></span>ements<span class=\"_ _3bc\"> </span>(3)<span class=\"_ _3bc\"> </span>(15)<span class=\"_ _3bc\"> </span>(1<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span>16<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>23<span class=\"_ _3bc\"> </span>CS<span class=\"_ _2\"></span>M as at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span>169<span class=\"_ _3bc\"> </span>75<span class=\"_ _3bc\"> </span>24<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span>30<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span>11<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span>41<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span>F6<span class=\"_ _2\"></span>.2 Re<span class=\"_ _2\"></span>insu<span class=\"_ _2\"></span>ranc<span class=\"_ _2\"></span>e cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts he<span class=\"_ _2\"></span>ld<span class=\"_ _3bc\"> </span><table class=\"s w843 h2ef\" id=\"_28fc7698-c108-4a9b-9dc4-5641737a4021\"><tr><td></td><td></td><td class=\"c n xf43 y5b8b w402 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n xf44 y5b8b w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x156c h3f y5b8c ff7 fsf fc1 sc0 ls0 ws67\">Fully retrospecti<span class=\"_ _2\"></span>ve </td><td></td><td></td><td class=\"t m0 x15a1 h16 y5b8c ff3 fsf fc1 sc0 ls0 ws67\">Fully retrospective </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x156e h3f y5b8d ff7 fsf fc1 sc0 ls102 ws76\">approach at </td><td></td><td></td><td class=\"t m0 x15a2 h16 y5b8d ff3 fsf fc1 sc0 lsf2 wsce\">approach at </td><td></td></tr><tr><td></td><td class=\"t m0 x156f h3f y5b8e ff7 fsf fc1 sc0 ls102 ws76\">Fair<span class=\"_ _5\"></span> value approach </td><td class=\"t m0 x156c h3f y5b8e ff7 fsf fc1 sc0 ls0 ws67\">transitio<span class=\"_ _2\"></span>n<span class=\"_ _5\"></span> and new </td><td></td><td class=\"t m0 x8f0 h16 y5b8e ff3 fsf fc1 sc0 lsb4 ws15\">Fair value<span class=\"_ _5\"></span> approach </td><td class=\"t m0 x15a1 h16 y5b8e ff3 fsf fc1 sc0 lsb4 ws15\">transition and new </td><td></td></tr><tr><td></td><td class=\"t m0 x1571 h3f y5b8f ff7 fsf fc1 sc0 ls0 ws67\">at transition<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x611 h3f y5b8f ff7 fsf fc1 sc0 lsf3 wsdf\">contracts<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1572 h3f y5b8f ff7 fsf fc1 sc0 ls1e6 ws1e7\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x982 h16 y5b8f ff3 fsf fc1 sc0 ls0 ws67\">at transition<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7e7 h16 y5b8f ff3 fsf fc1 sc0 lse2 wscc\">cont<span class=\"_ _5\"></span>racts<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x15a3 h16 y5b8f ff3 fsf fc1 sc0 ls1e6 ws1e7\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x1573 h3f y5b90 ff7 fsf fc1 sc0 lsee ws128\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x581 h3f y5b90 ff7 fsf fc1 sc0 lsee ws128\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x582 h3f y5b90 ff7 fsf fc1 sc0 lsee ws128\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h16 y5b90 ff3 fsf fc1 sc0 ls1db ws1db\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x11da h16 y5b90 ff3 fsf fc1 sc0 ls1db ws1db\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5b90 ff3 fsf fc1 sc0 ls1db ws1db\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5b91 w82a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M as at 1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15a4 y5b91 w844 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1a3\">6<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15a5 y5b91 w845 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a5\">61<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15a6 y5b91 w846 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls47 ws149\">1<span class=\"_ _2\"></span>,309<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15a7 y5b91 w847 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws19f\">498<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15a8 y5b91 we2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls4b wsf4\">530<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15a9 y5b91 w7d8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1ad\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>028<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5b92 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges th<span class=\"_ _2\"></span>at relate to current s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y579f w7de h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for ser<span class=\"_ _2\"></span>vices re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15aa y579f w848 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c8\">(99)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15ab y579f w849 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws8c\">(69)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15ac y579f w84a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a9\">(168)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15ad y579f w2c7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws8c\">(67<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15ae y579f w1c4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls38 ws1c0\">(46)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15af y579f w24e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1a6\">(<span class=\"_ _2\"></span>11<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5b93 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges th<span class=\"_ _2\"></span>at relate to future s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a0f w6c7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s initially re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the p<span class=\"_ _2\"></span>eriod<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15b0 y5a0f w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1503 y5a0f w84c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws19f\">122<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15b1 y5a0f w84d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws19f\">122<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15b2 y5a0f w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d6 y5a0f w138 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1a9\">73<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6db y5a0f w1a9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1a9\">73<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y573f w6c9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ges in es<span class=\"_ _2\"></span>timates th<span class=\"_ _2\"></span>at adj<span class=\"_ _2\"></span>ust the C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15b3 y573f w84e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1ad\">25<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15b4 y573f w84f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b0 ws195\">405<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15b5 y573f w850 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1b0\">659<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15b6 y573f w851 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1a3\">21<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15b7 y573f w852 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws1b0\">56<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15b8 y573f w55e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc ws1be\">275<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55e6 w51 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Net ex<span class=\"_ _2\"></span>pense<span class=\"_ _2\"></span>s from reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14f3 y55e6 w853 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c8\">155<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15b9 y55e6 w83f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws35\">458<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15ba y55e6 w854 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a5\">613<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15bb y55e6 w855 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1d9\">152<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15bc y55e6 w60 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1af ws23\">83<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15bd y55e6 w2a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b8\">235<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5843 w856 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance fin<span class=\"_ _2\"></span>ance in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15be y5843 w857 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 wsf4\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15bf y5843 w858 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws122\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe20 y5843 w859 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws1c7\">26<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15c0 y5843 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15c1 y5843 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15c2 y5843 w374 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1c8\">18<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5786 w6de h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ota<span class=\"_ _2\"></span>l chan<span class=\"_ _2\"></span>ges in p<span class=\"_ _2\"></span>rofit or lo<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15c3 y5786 w85a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws122\">165<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15c4 y5786 w85b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws1c5\">474<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15c5 y5786 w85c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c8\">639<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15b6 y5786 w239 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b8\">161<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15c6 y5786 w852 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws1b0\">92<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14f2 y5786 we1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 wsba\">25<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5775 w833 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other mov<span class=\"_ _5\"></span>ements<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15c7 y5775 w85d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c8\">(3<span class=\"_ _5\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15c8 y5775 w85e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc ws1d9\">21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15c9 y5775 w85f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a9\">(1<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15ca y5775 w51a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws35\">38<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15cb y5775 w1d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1b2\">(10)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15cc y5775 w192 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1ad\">28<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561a w834 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">CS<span class=\"_ _2\"></span>M as at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15cd y561a w860 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1b8\">8<span class=\"_ _2\"></span>23<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15ce y561a w759 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1c6\">1<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15cf y561a w861 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws19d\">1<span class=\"_ _2\"></span>,930<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15d0 y561a w7b7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bf ws1a8\">697<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x73e y561a w11a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b8\">61<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15d1 y561a w29f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls4b wsf4\">1,30<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5b94 ff3 fs7 fc1 sc0 ls0 ws0\">Anal<span class=\"_ _2\"></span>ysed by se<span class=\"_ _2\"></span>gme<span class=\"_ _2\"></span>nt as follows:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y572b w287 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Retirem<span class=\"_ _2\"></span>ent Solu<span class=\"_ _2\"></span>tions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15d2 y572b w862 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1a3\">497<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15d3 y572b w863 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1c6\">1<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15d4 y572b w864 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws14\">1,604<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15d5 y572b w227 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1b2\">339<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15d6 y572b w239 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b8\">613<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa40 y572b w865 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b3 ws1d9\">9<span class=\"_ _2\"></span>52<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5738 w28a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">With-Profits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15d7 y5738 w550 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1e8\">147<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6a3 y5738 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15d8 y5738 w866 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1e8\">1<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15d9 y5738 w65a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1c4\">14<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x71e y5738 w74b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1b2\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6cf y5738 w291 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1e9\">142<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5739 w28c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Europe &amp; O<span class=\"_ _2\"></span>ther<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15da y5739 w83d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a7\">179<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15db y5739 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13a4 y5739 w867 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a7\">17<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15dc y5739 w868 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1a3\">21<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15dd y5739 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15de y5739 w868 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1a3\">21<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w869 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws0\">CS<span class=\"_ _2\"></span>M as at 3<span class=\"_ _7\"></span>1 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15c3 y55ef w86a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1b8\">823<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15df y55ef w759 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1c6\">1<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15e0 y55ef w86b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws19d\">1,<span class=\"_ _2\"></span>930<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x320 y55ef w86c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bf ws1a8\">6<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15e1 y55ef w11a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b8\">61<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15e2 y55ef w549 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls4b wsf4\">1<span class=\"_ _2\"></span>,309</div></td></tr></table>",
   "dimensions": {
    "concept": "pheonixgroupholdings:DisclosureOfImpactOnTheCurrentPeriodOfTransitionAdoptedToEstablishingCSMs",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-617": {
   "value": "F7. Reco<span class=\"_ _2\"></span>gniti<span class=\"_ _2\"></span>on of CS<span class=\"_ _2\"></span>M in profi<span class=\"_ _2\"></span>t or los<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing table<span class=\"_ _2\"></span>s set out w<span class=\"_ _2\"></span>hen the Gro<span class=\"_ _2\"></span>up expe<span class=\"_ _2\"></span>cts to re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>se the c<span class=\"_ _2\"></span>arry<span class=\"_ _2\"></span>ing value of the C<span class=\"_ _2\"></span>SM in the c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement for insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s iss<span class=\"_ _2\"></span>ued and re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>acts h<span class=\"_ _2\"></span>eld. For G<span class=\"_ _2\"></span>enera<span class=\"_ _2\"></span>l Mode<span class=\"_ _2\"></span>l busines<span class=\"_ _2\"></span>s this is sh<span class=\"_ _2\"></span>own afte<span class=\"_ _2\"></span>r allowing for fu<span class=\"_ _2\"></span>ture accre<span class=\"_ _2\"></span>tion of interes<span class=\"_ _2\"></span>t on the CS<span class=\"_ _2\"></span>M at the lo<span class=\"_ _2\"></span>cked in rate. The a<span class=\"_ _2\"></span>mounts p<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d repres<span class=\"_ _2\"></span>ent the net imp<span class=\"_ _2\"></span>act in e<span class=\"_ _2\"></span>ach per<span class=\"_ _2\"></span>iod of expe<span class=\"_ _2\"></span>cted re<span class=\"_ _2\"></span>lease of th<span class=\"_ _2\"></span>e CSM rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in revenue le<span class=\"_ _2\"></span>ss the a<span class=\"_ _2\"></span>ccretion of intere<span class=\"_ _2\"></span>st on th<span class=\"_ _2\"></span>e CSM on G<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>al Mode<span class=\"_ _2\"></span>l busine<span class=\"_ _2\"></span>ss rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in insur<span class=\"_ _2\"></span>ance fina<span class=\"_ _2\"></span>nce exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span><table class=\"s w86d h2f0\" id=\"_ab00bb7f-3e10-4e2c-9e78-bff66dc1ec1c\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xd5a h3f y5b95 ff7 fsf fc1 sc0 ls0 ws0\">Mo<span class=\"_ _2\"></span>re tha<span class=\"_ _2\"></span>n 10 </td><td></td></tr><tr><td></td><td class=\"t m0 x15e3 h3f y5b96 ff7 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s tha<span class=\"_ _2\"></span>n 1 year<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9fe h3f y5b96 ff7 fsf fc1 sc0 ls9 ws7a\">1<span class=\"_ _2\"></span>-2 ye<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd56 h3f y5b96 ff7 fsf fc1 sc0 lsd4 wsc2\">2-3 ye<span class=\"_ _2\"></span>ars<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc0 h3f y5b96 ff7 fsf fc1 sc0 ls0 ws0\">3-<span class=\"_ _2\"></span>4 yea<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x15e4 h3f y5b96 ff7 fsf fc1 sc0 ls0 ws0\">4-<span class=\"_ _2\"></span>5 yea<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xcff h3f y5b96 ff7 fsf fc1 sc0 lsd4 wsc2\">5-1<span class=\"_ _2\"></span>0 yea<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x54a h3f y5b96 ff7 fsf fc1 sc0 ls102 wsf8\">year<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h3f y5b96 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h3f y5b97 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x15e5 h3f y5b97 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2c h3f y5b97 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2d h3f y5b97 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5b9 h3f y5b97 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h3f y5b97 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h3f y5b97 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5bb h3f y5b97 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5b97 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5b98 ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts iss<span class=\"_ _2\"></span>ued<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5b99 w287 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Retirem<span class=\"_ _2\"></span>ent Solu<span class=\"_ _2\"></span>tions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15e6 y5b99 w83c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">243<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15e7 y5b99 we9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">236<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15e8 y5b99 w5c5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">225<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15e9 y5b99 w1f7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15ea y5b99 w32a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">205<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd87 y5b99 w4f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">87<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15eb y5b99 w86e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">1<span class=\"_ _3\"></span>,741<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15ec y5b99 w835 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">3<span class=\"_ _2\"></span>,741<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b9a w288 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pension<span class=\"_ _2\"></span>s &amp; Saving<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15ed y5b9a w541 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">26<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15ee y5b9a wbd h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15ef y5b9a w569 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15f0 y5b9a w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15f1 y5b9a w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15f2 y5b9a w357 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15f3 y5b9a w1d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15f4 y5b9a w737 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">201<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b9b w28a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">With-Profits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15f5 y5b9b w78e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd6 ws195\">66<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15f6 y5b9b w60 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">56<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15f7 y5b9b w31a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a ws2f\">50<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15f8 y5b9b w511 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb2 wse8\">44<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15f9 y5b9b w413 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15fa y5b9b w91 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">126<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15fb y5b9b w586 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xac5 y5b9b w2ac h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">5<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b9c w28c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Europe &amp; O<span class=\"_ _2\"></span>ther<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15ed y5b9c w307 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15fc y5b9c w306 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15fd y5b9c w2a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">23<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15fe y5b9c w8d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15ff y5b9c w51c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1600 y5b9c w201 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15f3 y5b9c w9b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">61<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1601 y5b9c wd0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">24<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5728 w86f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b7 ws1b6\">To<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> C<span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>M<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1602 y5728 w593 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls8b ws114\">36<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1603 y5728 w5d7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">338<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1604 y5728 w2a4 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1605 y5728 w870 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c7 ws1c7\">29<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1606 y5728 w871 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls18c ws172\">274<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1607 y5728 w195 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">1<span class=\"_ _2\"></span>,116<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1608 y5728 w5e9 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">2<span class=\"_ _2\"></span>,07<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa60 y5728 w6df h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b8 ws1b7\">4<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5b9d ff3 fs7 fc1 sc0 ls0 ws0\">Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5b9e w287 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Retirem<span class=\"_ _2\"></span>ent Solu<span class=\"_ _2\"></span>tions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1609 y5b9e w8b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(116)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x160a y5b9e w2bd h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(111)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x160b y5b9e w8b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(105)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x160c y5b9e w872 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(99)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x160d y5b9e w28e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls4b ws122\">(93)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x160e y5b9e w90 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(38<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x160f y5b9e w873 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>97<span class=\"_ _2\"></span>)</div></td><td class=\"c n x1610 y5b9e w874 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">(<span class=\"_ _5\"></span>1,6<span class=\"_ _5\"></span>04<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5b9f w288 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pension<span class=\"_ _2\"></span>s &amp; Saving<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1611 y5b9f w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1612 y5b9f w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1613 y5b9f w199 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1614 y5b9f w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1615 y5b9f w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1616 y5b9f w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1617 y5b9f w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x202 y5b9f w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ba0 w28a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">With-Profits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1618 y5ba0 w1ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1619 y5ba0 w1ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x161a y5ba0 w715 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(12)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x161b y5ba0 w1a7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(11<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x161c y5ba0 w316 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x161d y5ba0 w1b0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>32)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x161e y5ba0 w1e1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">(56)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x161f y5ba0 w875 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">(<span class=\"_ _2\"></span>147<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ba1 w28c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Europe &amp; O<span class=\"_ _2\"></span>ther<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1620 y5ba1 w1b3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(16<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1621 y5ba1 w1b3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(15<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1622 y5ba1 w1fc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(14)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1623 y5ba1 w1ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1624 y5ba1 w1ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1625 y5ba1 w3e0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1626 y5ba1 w112 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">(<span class=\"_ _2\"></span>57<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1627 y5ba1 w876 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(1<span class=\"_ _7\"></span>79)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w86f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b7 ws1b6\">To<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> C<span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>M<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1628 y55ef w764 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">(14<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1629 y55ef w2bd h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">(139)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x162a y55ef w7c h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>131<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x162b y55ef w877 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls173 ws1a8\">(123)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x162c y55ef w95 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>15)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x162d y55ef w209 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(4<span class=\"_ _2\"></span>66<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x162e y55ef w33c h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b6 ws1b5\">(<span class=\"_ _2\"></span>810)</div></td><td class=\"c n x162f y55ef w35a h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>930<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table>Mo<span class=\"_ _2\"></span>re than 1<span class=\"_ _2\"></span>0 Les<span class=\"_ _2\"></span>s tha<span class=\"_ _2\"></span>n 1 year<span class=\"_ _3bc\"> </span>1<span class=\"_ _2\"></span>-2<span class=\"_ _2\"></span> ye<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>2-3 ye<span class=\"_ _2\"></span>ars<span class=\"_ _3bc\"> </span>3-4<span class=\"_ _7\"></span> years<span class=\"_ _3bc\"> </span>4-5 y<span class=\"_ _5\"></span>ears<span class=\"_ _3bc\"> </span>5-1<span class=\"_ _2\"></span>0 ye<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>year<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span>2022<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts iss<span class=\"_ _2\"></span>ued<span class=\"_ _3bc\"> </span>Retirem<span class=\"_ _2\"></span>ent Solu<span class=\"_ _2\"></span>tions<span class=\"_ _3bc\"> </span>216<span class=\"_ _3bc\"> </span>20<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span>18<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span>17<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span>16<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span>668<span class=\"_ _3bc\"> </span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>216<span class=\"_ _3bc\"> </span>2,<span class=\"_ _2\"></span>821<span class=\"_ _3bc\"> </span>Pension<span class=\"_ _2\"></span>s &amp; Saving<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>10<span class=\"_ _3bc\"> </span>9<span class=\"_ _3bc\"> </span>8<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>24<span class=\"_ _3bc\"> </span>29<span class=\"_ _3bc\"> </span>94<span class=\"_ _3bc\"> </span>With-profits<span class=\"_ _3bc\"> </span>81<span class=\"_ _3bc\"> </span>63<span class=\"_ _3bc\"> </span>54<span class=\"_ _3bc\"> </span>46<span class=\"_ _3bc\"> </span>39<span class=\"_ _3bc\"> </span>1<span class=\"_ _2\"></span>23<span class=\"_ _3bc\"> </span>159<span class=\"_ _3bc\"> </span>565<span class=\"_ _3bc\"> </span>Europe &amp; O<span class=\"_ _2\"></span>ther<span class=\"_ _3bc\"> </span>52<span class=\"_ _3bc\"> </span>41<span class=\"_ _3bc\"> </span>32<span class=\"_ _3bc\"> </span>29<span class=\"_ _3bc\"> </span>26<span class=\"_ _3bc\"> </span>97<span class=\"_ _3bc\"> </span>1<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span>41<span class=\"_ _3\"></span>9<span class=\"_ _3bc\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> C<span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>M<span class=\"_ _3bc\"> </span>359<span class=\"_ _3bc\"> </span>31<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span>28<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span>255<span class=\"_ _3bc\"> </span>23<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span>91<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span>1,5<span class=\"_ _2\"></span>46<span class=\"_ _3bc\"> </span>3,89<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span>Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>Retirem<span class=\"_ _2\"></span>ent Solu<span class=\"_ _2\"></span>tions<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>73)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>68)<span class=\"_ _3bc\"> </span>(6<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span>(59)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>55)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>225<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(409)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>952)<span class=\"_ _3bc\"> </span>Pension<span class=\"_ _2\"></span>s &amp; Saving<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>With-profits<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>17<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span>(15)<span class=\"_ _3bc\"> </span>(14)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>12)<span class=\"_ _3bc\"> </span>(11<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(35<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(38<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>142<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>Europe &amp; O<span class=\"_ _2\"></span>ther<span class=\"_ _3bc\"> </span>(14)<span class=\"_ _3bc\"> </span>(14)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>14)<span class=\"_ _3bc\"> </span>(15)<span class=\"_ _3bc\"> </span>(15<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(67<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>76<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>215<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> C<span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>M<span class=\"_ _3bc\"> </span>(1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span>(97<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(91<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(86<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(81<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(3<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(52<span class=\"_ _2\"></span>3)<span class=\"ff3 ls1be ws1bd\"><span class=\"ls1bf ws1be\"><span class=\"ls1d9 ws1d9\"><span class=\"ls1ac ws1a4\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>309</span></span></span></span>",
   "dimensions": {
    "concept": "pheonixgroupholdings:DislosureOfRecognitionOfCSMInProfitOrLoss",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-618": {
   "value": "<div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs707\">F8<span class=\"_ _2\"></span>. Effe<span class=\"_ _2\"></span>ct of co<span class=\"_ _2\"></span>ntra<span class=\"_ _2\"></span>cts i<span class=\"_ _2\"></span>nitia<span class=\"_ _2\"></span>lly rec<span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>ised i<span class=\"_ _2\"></span>n the year<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs708\">The ef<span class=\"_ _2\"></span>fect o<span class=\"_ _2\"></span>n the mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt compon<span class=\"_ _2\"></span>ents ari<span class=\"_ _2\"></span>sing from the in<span class=\"_ _2\"></span>itial rec<span class=\"_ _2\"></span>ognition of in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e and reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts in the ye<span class=\"_ _2\"></span>ar is disclo<span class=\"_ _2\"></span>sed in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs709\">the ta<span class=\"_ _2\"></span>bles be<span class=\"_ _2\"></span>low. Contrac<span class=\"_ _2\"></span>ts is<span class=\"_ _2\"></span>sued m<span class=\"_ _2\"></span>ainly com<span class=\"_ _2\"></span>prise of bulk p<span class=\"_ _2\"></span>urchase a<span class=\"_ _2\"></span>nnuit<span class=\"_ _2\"></span>y trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>ns compl<span class=\"_ _2\"></span>eted in the yea<span class=\"_ _2\"></span>r and protec<span class=\"_ _2\"></span>tion busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs70a\">Contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s acquire<span class=\"_ _2\"></span>d in the year re<span class=\"_ _2\"></span>late to the acq<span class=\"_ _2\"></span>uisition of SLF of C<span class=\"_ _2\"></span>anada U<span class=\"_ _2\"></span>K Limited (se<span class=\"_ _2\"></span>e note H2).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls17 ws15 gs70b\">F8.1 Insurance<span class=\"_ _5\"></span> contracts<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls82 ws77 gs70c\">Retireme<span class=\"_ _2\"></span>nt Solutions<span class=\"_ _3bc\"> </span></div><div class=\"gs70d\"><table class=\"s w891 h2f2\" id=\"_19fd57c7-aebf-480b-b42c-458a10214335\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x1689 y5bab w402 h2b4\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x168a y5bab w3a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x168b y5bac w892 h2b4\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls81 ws75\">Contracts issued<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x168c y5bac w893 h2b4\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lse3 wscd\">Co<span class=\"_ _2\"></span>ntracts acquired<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x168d y5bac w894 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1dd ws1df\">Contracts<span class=\"_ _7\"></span> issued<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x168e y5bac w895 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">C<span class=\"_ _2\"></span>ontracts a<span class=\"_ _2\"></span>cquired<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x168f h3f y5bad ff7 fsf fc1 sc0 ls5b ws76\">Profitable<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9fe h3f y5bad ff7 fsf fc1 sc0 ls84 ws79\">Onerous<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1690 h3f y5bad ff7 fsf fc1 sc0 ls5b ws76\">Profitable<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd2f h3f y5bad ff7 fsf fc1 sc0 ls84 ws79\">Onerous<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1691 h3f y5bad ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1692 h16 y5bad ff3 fsf fc1 sc0 ls17 ws15\">Profitable<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb22 h16 y5bad ff3 fsf fc1 sc0 ls83 ws78\">Onerous<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x521 h16 y5bad ff3 fsf fc1 sc0 ls17 ws15\">Profitable<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1693 h16 y5bad ff3 fsf fc1 sc0 ls83 ws78\">Onerous<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y5bad ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xc0a h3f y5bae ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0b h3f y5bae ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0c h3f y5bae ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0d h3f y5bae ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0e h3f y5bae ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0f h16 y5bae ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9cc h16 y5bae ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc10 h16 y5bae ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc11 h16 y5bae ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5bae ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5baf ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timate of pres<span class=\"_ _2\"></span>ent value of fut<span class=\"_ _2\"></span>ure </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x240 hd y5bb0 ff3 fs7 fc1 sc0 ls14 ws12\">cash outfl<span class=\"_ _2\"></span>ows:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bb1 w6e7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n cash fl<span class=\"_ _2\"></span>ows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1694 y5bb1 w896 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c8\">39<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1695 y5bb1 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1696 y5bb1 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1697 y5bb1 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1698 y5bb1 w897 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c8\">39<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1699 y5bb1 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x169a y5bb1 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x169b y5bb1 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x169c y5bb1 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x169d y5bb1 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5bb2 ff3 fs7 fc1 sc0 ls0 ws0\">Claims a<span class=\"_ _2\"></span>nd other dire<span class=\"_ _2\"></span>ctly </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bb3 w898 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble<span class=\"_ gs132\"> </span>expen<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x169e y5bb3 w899 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws141\">5<span class=\"_ _2\"></span>,71<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x169f y5bb3 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16a0 y5bb3 w89a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a8 ws1aa\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>443<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16a1 y5bb3 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16a2 y5bb3 w89b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1ea\">7,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16a3 y5bb3 w224 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1eb\">3<span class=\"_ _2\"></span>,8<span class=\"_ _2\"></span>81<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16a4 y5bb3 w5a2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws122\">10<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16a5 y5bb3 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16a6 y5bb3 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5de y5bb3 w89c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1a6\">3<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>87<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5bb4 ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timates of pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bb5 w89d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">cash outfl<span class=\"_ _2\"></span>ows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16a7 y5bb5 w89e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws1c5\">5<span class=\"_ _2\"></span>,74<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16a8 y5bb5 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16a9 y5bb5 w89a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a8 ws1aa\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>443<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3c y5bb5 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16aa y5bb5 w43a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1ea\">7,<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdce y5bb5 w5f5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws114\">3,88<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16ab y5bb5 w2a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b8\">107<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16ac y5bb5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16ad y5bb5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16ae y5bb5 w162 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws114\">3,9<span class=\"_ _2\"></span>90<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5bb6 ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timates of pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5b28 w89f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ca<span class=\"_ _2\"></span>sh inflows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16af y5b28 w8a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1a0\">(<span class=\"_ _2\"></span>6,<span class=\"_ _2\"></span>28<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16b0 y5b28 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16b1 y5b28 w8a1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1ad\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,51<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16b2 y5b28 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16b3 y5b28 w8a2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1ea\">(<span class=\"_ _3\"> </span>7,<span class=\"_ _2\"></span>7<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16b4 y5b28 w47f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls38 ws1c0\">(4,238)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x22d y5b28 w8a3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1b2\">(10<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16b5 y5b28 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16b6 y5b28 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16b7 y5b28 w8a4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws1c1\">(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>347<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a36 w8a5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment inc<span class=\"_ _2\"></span>urred<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16b8 y5a36 w8a6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a4\">132<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16b9 y5a36 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16ba y5a36 w8a7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws114\">35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd05 y5a36 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16bb y5a36 w8a8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws1c7\">167<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16bc y5a36 w11a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b8\">1<span class=\"_ _2\"></span>23<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16bd y5a36 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16be y5a36 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16bf y5a36 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa40 y5a36 w4f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1ad\">1<span class=\"_ _2\"></span>28<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a5b w689 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls60 ws57\">CSM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16c0 y5a5b w76d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c8\">39<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16c1 y5a5b w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16c2 y5a5b w8a9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws196\">36<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16c3 y5a5b w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16c4 y5a5b w8aa h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws114\">435<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16c5 y5a5b w1e1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1a6\">232<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16c6 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16c7 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16c8 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x67d y5a5b wf6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1a6\">232<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55ef w8ab h2ca\"><div class=\"t m0 x1e6 he y5654 ff7 fs7 fc1 sc0 ls0 ws0\">Los<span class=\"_ _2\"></span>ses on on<span class=\"_ _2\"></span>erou<span class=\"_ _2\"></span>s contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls61 ws5f\">initial<span class=\"_ gs234\"> </span>reco<span class=\"_ _2\"></span>gnition<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16c9 y55ef w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16ca y55ef w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16cb y55ef w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0a y55ef w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13a4 y55ef w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16cc y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16cd y55ef wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16ce y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16cf y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ca y55ef w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">3<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"gs2ed\"><table class=\"s w8ac h2f3\" id=\"_241bb3b8-94f3-4805-a505-738c06be3f3a\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x16d0 y5bb7 w402 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x16d1 y5bb7 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x16d2 y5bb8 w892 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls81 ws75\">Contracts issued<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x16d3 y5bb8 w893 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lse3 wscd\">Co<span class=\"_ _2\"></span>ntracts acquired<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x16d4 y5bb8 w894 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1dd ws1df\">Contracts<span class=\"_ _7\"></span> issued<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x16d5 y5bb8 w895 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">C<span class=\"_ _2\"></span>ontracts a<span class=\"_ _2\"></span>cquired<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x16d6 h3f y5bb9 ff7 fsf fc1 sc0 ls5b ws76\">Profitable<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x97c h3f y5bb9 ff7 fsf fc1 sc0 ls84 ws79\">Onerous<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16d7 h3f y5bb9 ff7 fsf fc1 sc0 ls5b ws76\">Profitable<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16d8 h3f y5bb9 ff7 fsf fc1 sc0 ls84 ws79\">Onerous<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16d9 h3f y5bb9 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16da h16 y5bb9 ff3 fsf fc1 sc0 ls17 ws15\">Profitable<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16db h16 y5bb9 ff3 fsf fc1 sc0 ls83 ws78\">Onerous<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x630 h16 y5bb9 ff3 fsf fc1 sc0 ls17 ws15\">Profitable<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x904 h16 y5bb9 ff3 fsf fc1 sc0 ls83 ws78\">Onerous<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x15a3 h16 y5bb9 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x16dc h16 y5bba ff3 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion &amp; S<span class=\"_ _2\"></span>aving<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16dd h3f y5bbb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16de h3f y5bbb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16df h3f y5bbb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16e0 h3f y5bbb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa51 h3f y5bbb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x57b h16 y5bbb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x80e h16 y5bbb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7e7 h16 y5bbb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16e1 h16 y5bbb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5bbb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y5bbc ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timate of pres<span class=\"_ _2\"></span>ent value of fut<span class=\"_ _2\"></span>ure </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5bbd ff3 fs7 fc1 sc0 ls14 ws12\">cash outfl<span class=\"_ _2\"></span>ows:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5bbe ff3 fs7 fc1 sc0 ls0 ws0\">Claims a<span class=\"_ _2\"></span>nd other dire<span class=\"_ _2\"></span>ctly </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bbf w19a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble <span class=\"_ gs132\"> </span>expen<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16e2 y5bbf w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc3a y5bbf w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013</div></td><td class=\"c n x16e3 y5bbf w8ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1b0\">2,344<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16e4 y5bbf w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013</div></td><td class=\"c n x16e5 y5bbf w65e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1b0\">2,<span class=\"_ _2\"></span>344<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc81 y5bbf w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16e6 y5bbf w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16e7 y5bbf w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16e8 y5bbf w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16e9 y5bbf w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5bc0 ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timates of pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bc1 w89d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls14 ws12\">cash outfl<span class=\"_ _2\"></span>ows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16ea y5bc1 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16eb y5bc1 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013</div></td><td class=\"c n x16ec y5bc1 w8ae h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1b0\">2,344<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16ed y5bc1 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013</div></td><td class=\"c n x16ee y5bc1 w8af h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1b0\">2,<span class=\"_ _2\"></span>344<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16ef y5bc1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16f0 y5bc1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16f1 y5bc1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16f2 y5bc1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11a8 y5bc1 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5bc2 ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timates of pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bc3 w89f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ca<span class=\"_ _2\"></span>sh inflows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16f3 y5bc3 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16f4 y5bc3 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013</div></td><td class=\"c n x16f5 y5bc3 w8b0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws1d8\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16f6 y5bc3 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013</div></td><td class=\"c n x16f7 y5bc3 w8b1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws1d8\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>41<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16f8 y5bc3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16f9 y5bc3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16fa y5bc3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16fb y5bc3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16fc y5bc3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bc4 w686 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Risk adjus<span class=\"_ _2\"></span>tment<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16fd y5bc4 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16fe y5bc4 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16ff y5bc4 w896 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c8\">33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1700 y5bc4 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1701 y5bc4 w8b2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c8\">33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1702 y5bc4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1703 y5bc4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1704 y5bc4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1705 y5bc4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1706 y5bc4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bc5 w689 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls60 ws57\">CSM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1707 y5bc5 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1708 y5bc5 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1709 y5bc5 w8b3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 ws19a\">34<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x170a y5bc5 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x170b y5bc5 w8b3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 ws19a\">34<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x170c y5bc5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x170d y5bc5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x170e y5bc5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x170f y5bc5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x71f y5bc5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5bc6 w8ab h2db\"><div class=\"t m0 x1e6 he y5645 ff7 fs7 fc1 sc0 ls0 ws0\">Los<span class=\"_ _2\"></span>ses on on<span class=\"_ _2\"></span>erou<span class=\"_ _2\"></span>s contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls61 ws5f\">initial<span class=\"_ gs234\"> </span>reco<span class=\"_ _2\"></span>gnition<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16c9 y5bc6 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16ca y5bc6 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16cb y5bc6 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd0a y5bc6 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13a4 y5bc6 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16cc y5bc6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16cd y5bc6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1710 y5bc6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1711 y5bc6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13f0 y5bc6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c n x16d0 y5bc7 w402 h27e\" colspan=\"2\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x16d1 y5bc7 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c n x16d2 y5bc8 w892 h27e\" colspan=\"2\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls81 ws75\">Contracts issued</div></td><td class=\"c n x16d3 y5bc8 w893 h27e\" colspan=\"2\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lse3 wscd\">Co<span class=\"_ _2\"></span>ntracts acquired<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x16d4 y5bc8 w894 h27d\" colspan=\"2\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1dd ws1df\">Contracts<span class=\"_ _7\"></span> issued<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16d5 y5bc8 w895 h27d\" colspan=\"2\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">C<span class=\"_ _2\"></span>ontracts a<span class=\"_ _2\"></span>cquired<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x16d6 h3f y5bc9 ff7 fsf fc1 sc0 ls5b ws76\">Profitable<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x97c h3f y5bc9 ff7 fsf fc1 sc0 ls84 ws79\">Onerous<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1712 h3f y5bc9 ff7 fsf fc1 sc0 ls5b ws76\">Profitable<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16d8 h3f y5bc9 ff7 fsf fc1 sc0 ls84 ws79\">Onerous<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16d9 h3f y5bc9 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16da h16 y5bc9 ff3 fsf fc1 sc0 ls17 ws15\">Profitable<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1713 h16 y5bc9 ff3 fsf fc1 sc0 ls83 ws78\">Onerous<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x614 h16 y5bc9 ff3 fsf fc1 sc0 ls17 ws15\">Profitable<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x904 h16 y5bc9 ff3 fsf fc1 sc0 ls83 ws78\">Onerous<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5bc9 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 h16 y5bca ff3 fsf fc1 sc0 lse9 wsd4\">With-Profit<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x156f h3f y5bcb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16de h3f y5bcb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16df h3f y5bcb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16e0 h3f y5bcb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc9c h3f y5bcb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x558 h16 y5bcb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x97f h16 y5bcb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7e7 h16 y5bcb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1714 h16 y5bcb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5bcb ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y5bcc ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timate of pres<span class=\"_ _2\"></span>ent value of fut<span class=\"_ _2\"></span>ure </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5bcd ff3 fs7 fc1 sc0 ls14 ws12\">cash outfl<span class=\"_ _2\"></span>ows:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5bce ff3 fs7 fc1 sc0 ls0 ws0\">Claims a<span class=\"_ _2\"></span>nd other dire<span class=\"_ _2\"></span>ctly </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bcf w898 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble<span class=\"_ gs132\"> </span>expen<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1715 y5bcf w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1716 y5bcf w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013</div></td><td class=\"c n x1717 y5bcf w8b4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws35\">3<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1718 y5bcf w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013</div></td><td class=\"c n x1719 y5bcf w8b5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws35\">349<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x171a y5bcf w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x171b y5bcf w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16be y5bcf w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16bf y5bcf w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf8f y5bcf w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5bd0 ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timates of pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bd1 w89d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">cash outfl<span class=\"_ _2\"></span>ows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16ea y5bd1 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16eb y5bd1 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013</div></td><td class=\"c n x171c y5bd1 w83f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws35\">349<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x171d y5bd1 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013</div></td><td class=\"c n x171e y5bd1 w8b4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws35\">3<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x171f y5bd1 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1720 y5bd1 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16b5 y5bd1 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16b6 y5bd1 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1721 y5bd1 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5bd2 ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timates of pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bd3 w89f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ca<span class=\"_ _2\"></span>sh inflows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16f3 y5bd3 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16f4 y5bd3 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013</div></td><td class=\"c n x1722 y5bd3 w8b6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws35\">(3<span class=\"_ _2\"></span>49)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1700 y5bd3 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013</div></td><td class=\"c n x1723 y5bd3 w8b7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws35\">(3<span class=\"_ _2\"></span>49)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13e6 y5bd3 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1724 y5bd3 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16c7 y5bd3 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16c8 y5bd3 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x202 y5bd3 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bd4 w686 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Risk adjus<span class=\"_ _2\"></span>tment<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16fd y5bd4 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16fe y5bd4 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1725 y5bd4 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1726 y5bd4 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1727 y5bd4 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1728 y5bd4 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1729 y5bd4 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x172a y5bd4 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x172b y5bd4 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1670 y5bd4 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bd5 w689 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls60 ws57\">CSM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1707 y5bd5 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1708 y5bd5 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x172c y5bd5 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x172d y5bd5 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x172e y5bd5 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x172f y5bd5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1730 y5bd5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1731 y5bd5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1732 y5bd5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x46a y5bd5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5bd6 w8ab h2e5\"><div class=\"t m0 x1e6 he y5666 ff7 fs7 fc1 sc0 ls0 ws0\">Los<span class=\"_ _2\"></span>ses on on<span class=\"_ _2\"></span>erou<span class=\"_ _2\"></span>s contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">initia<span class=\"_ _2\"></span>l<span class=\"_ gs234\"> </span>reco<span class=\"_ _2\"></span>gniti<span class=\"_ _2\"></span>on<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1733 y5bd6 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1734 y5bd6 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1735 y5bd6 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1736 y5bd6 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1737 y5bd6 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1738 y5bd6 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1739 y5bd6 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x173a y5bd6 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x173b y5bd6 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x173c y5bd6 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c n x16d0 y5bab w402 h2b4\" colspan=\"2\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x16d1 y5bab w3a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"c n x16d2 y5bd7 w892 h2b4\" colspan=\"2\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls81 ws75\">Contracts issued</div></td><td class=\"c n x16d3 y5bd7 w893 h2b4\" colspan=\"2\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lse3 wscd\">Co<span class=\"_ _2\"></span>ntracts acquired<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x16d4 y5bd7 w894 h297\" colspan=\"2\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1dd ws1df\">Contracts<span class=\"_ _7\"></span> issued<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16d5 y5bd7 w895 h297\" colspan=\"2\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">C<span class=\"_ _2\"></span>ontracts a<span class=\"_ _2\"></span>cquired<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x173d y5bd8 w766 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls5b ws76\">Profitable</div></td><td class=\"c n xbfa y5bd8 w8b8 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls84 ws79\">Onerous</div></td><td class=\"c n x173e y5bd8 w766 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls5b ws76\">Profitable</div></td><td class=\"c n x173f y5bd8 w8b8 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls84 ws79\">Onerous</div></td><td class=\"c n x1740 y5bd8 w807 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l</div></td><td class=\"c n x1741 y5bd9 w8b9 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls17 ws15\">Profitable</div></td><td class=\"c n x1742 y5bd9 w8ba h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls83 ws78\">Onerous</div></td><td class=\"c n x1743 y5bd9 w8b9 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls17 ws15\">Profitable</div></td><td class=\"c n x988 y5bd9 w8ba h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls83 ws78\">Onerous</div></td><td class=\"c n x1744 y5bd9 w744 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5bdb w8bb h2f4\"><div class=\"t m0 x1e6 h16 y5bda ff3 fsf fc1 sc0 ls0 ws0\">Euro<span class=\"_ _2\"></span>pe &amp; Ot<span class=\"_ _2\"></span>her<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timate of pres<span class=\"_ _2\"></span>ent value of fut<span class=\"_ _2\"></span>ure<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8f8 y5bdc w44 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1745 y5bdc w44 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1746 y5bdc w44 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x911 y5bdc w44 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1747 y5bdc w44 h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc99 y5bdd w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1748 y5bdd w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1749 y5bdd w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x174a y5bdd w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x174b y5bdd w45 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5bde ff3 fs7 fc1 sc0 ls14 ws12\">cash outfl<span class=\"_ _2\"></span>ows:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bb1 w6e7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n cash fl<span class=\"_ _2\"></span>ows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1694 y5bb1 w8bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws0\">80<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x174c y5bb1 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x174d y5bb1 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x174e y5bb1 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x174f y5bb1 w8bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws0\">80<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1750 y5bb1 w8bd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws1b0\">86<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1751 y5bb1 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1752 y5bb1 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1753 y5bb1 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x783 y5bb1 w852 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws1b0\">86<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5bdf ff3 fs7 fc1 sc0 ls0 ws0\">Claims a<span class=\"_ _2\"></span>nd other dire<span class=\"_ _2\"></span>ctly </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5be0 w898 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble<span class=\"_ gs132\"> </span>expen<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1754 y5be0 w867 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a7\">17<span class=\"_ _2\"></span>2</div></td><td class=\"c n x1755 y5be0 w8be h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1b3\">27<span class=\"_ _2\"></span>0</div></td><td class=\"c n x1756 y5be0 w8bf h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 wsf4\">10<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1757 y5be0 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013</div></td><td class=\"c n x1758 y5be0 w1ab h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1ad\">551</div></td><td class=\"c n x1759 y5be0 w6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a9 ws1e9\">42<span class=\"_ _2\"></span>3</div></td><td class=\"c n x175a y5be0 w851 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1a3\">21<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x175b y5be0 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x175c y5be0 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013</div></td><td class=\"c n x175d y5be0 w8c0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws35\">638<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5be1 ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timates of pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bb5 w89d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">cash outfl<span class=\"_ _2\"></span>ows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x175e y5bb5 w1ab h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1ad\">252</div></td><td class=\"c n x175f y5bb5 w8be h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1b3\">27<span class=\"_ _2\"></span>0</div></td><td class=\"c n x1760 y5bb5 w8bf h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 wsf4\">10<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1761 y5bb5 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013</div></td><td class=\"c n x1762 y5bb5 w865 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1eb\">6<span class=\"_ _2\"></span>31</div></td><td class=\"c n x1763 y5bb5 w7d0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 wsc0\">50<span class=\"_ _2\"></span>9</div></td><td class=\"c n x1764 y5bb5 w83c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1a3\">215<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1765 y5bb5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1766 y5bb5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013</div></td><td class=\"c n x1767 y5bb5 w4a4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1c5\">7<span class=\"_ _2\"></span>24<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5be2 ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timates of pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5b28 w89f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ca<span class=\"_ _2\"></span>sh inflows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1768 y5b28 w8c1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws114\">(30<span class=\"_ _2\"></span>8)</div></td><td class=\"c n x1769 y5b28 w470 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">(26<span class=\"_ _2\"></span>8)</div></td><td class=\"c n x176a y5b28 w8c2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a4\">(11<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x176b y5b28 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013</div></td><td class=\"c n x176c y5b28 w8c3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws196\">(6<span class=\"_ _2\"></span>88)</div></td><td class=\"c n x176d y5b28 w362 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws8c\">(559)</div></td><td class=\"c n x176e y5b28 w20a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1a3\">(<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x175b y5b28 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x175c y5b28 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013</div></td><td class=\"c n x71b y5b28 w8c4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b4\">(<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>71<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a36 w686 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Risk adjus<span class=\"_ _2\"></span>tment<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x3eb y5a36 w8c5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1531 y5a36 w8c5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x176f y5a36 w8c5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1770 y5a36 w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1771 y5a36 w8c5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1699 y5a36 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1772 y5a36 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1773 y5a36 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1774 y5a36 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12fe y5a36 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a5b w689 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls60 ws57\">CSM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1775 y5a5b w8c6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1ad\">51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1776 y5a5b w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x39e y5a5b w8c7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1777 y5a5b w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1778 y5a5b w8c8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsdc ws1ac\">53<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1779 y5a5b w8c9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19a\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1724 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16c7 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16c8 y5a5b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x177a y5a5b w8ca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19a\">46<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55ef w8ab h2e5\"><div class=\"t m0 x1e6 he y5666 ff7 fs7 fc1 sc0 ls0 ws0\">Los<span class=\"_ _2\"></span>ses on on<span class=\"_ _2\"></span>erou<span class=\"_ _2\"></span>s contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s at<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">initia<span class=\"_ _2\"></span>l<span class=\"_ gs234\"> </span>reco<span class=\"_ _2\"></span>gniti<span class=\"_ _2\"></span>on<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1733 y55ef w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x177b y55ef w8c5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x177c y55ef w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x177d y55ef w84b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x177e y55ef w8c7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws5f\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x177f y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1780 y55ef w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1781 y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1782 y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1783 y55ef w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws16\">3<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls16 ws14 gs710\">F8.2 Reinsurance<span class=\"_ _5\"></span> contracts<span class=\"_ _3bc\"> </span></div><div class=\"gs355\"><table class=\"s w8cb h2f5\" id=\"_5a13965c-e0ca-4935-ad18-3b069186d862\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x1689 y5be3 w402 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x168a y5be3 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n xc69 y5be4 w8cc h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">Contra<span class=\"_ _2\"></span>cts originated<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1784 y5be4 w8cd h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lse3 wscd\">Contra<span class=\"_ _2\"></span>cts acquired<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1785 y5be4 w8ce h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1dd ws1df\">Cont<span class=\"_ _5\"></span>racts o<span class=\"_ _5\"></span>rigi<span class=\"_ _5\"></span>nat<span class=\"_ _5\"></span>ed<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x1786 y5be4 w895 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">C<span class=\"_ _2\"></span>ontract<span class=\"_ _2\"></span>s acquired<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x1787 h3f y5be5 ff7 fsf fc1 sc0 ls0 ws67\" colspan=\"2\">Without a </td><td class=\"t m0 x1788 h3f y5be5 ff7 fsf fc1 sc0 ls0 ws67\" colspan=\"2\">Without a </td><td></td><td class=\"t m0 xdc1 h16 y5be5 ff3 fsf fc1 sc0 ls0 ws67\">Without a </td><td></td><td class=\"t m0 x538 h16 y5be5 ff3 fsf fc1 sc0 ls0 ws67\" colspan=\"2\">Without a </td><td></td></tr><tr><td></td><td class=\"t m0 x1341 h3f y5be6 ff7 fsf fc1 sc0 ls0 ws0\">loss </td><td class=\"t m0 x1789 h3f y5be6 ff7 fsf fc1 sc0 lsb1 ws0\">Wit<span class=\"_ _2\"></span>h a los<span class=\"_ _2\"></span>s </td><td class=\"t m0 xdbf h3f y5be6 ff7 fsf fc1 sc0 ls0 ws0\">loss </td><td class=\"t m0 x178a h3f y5be6 ff7 fsf fc1 sc0 lsb1 ws0\">Wit<span class=\"_ _2\"></span>h a los<span class=\"_ _2\"></span>s </td><td></td><td class=\"t m0 x5ba h16 y5be6 ff3 fsf fc1 sc0 ls0 ws0\">loss </td><td class=\"t m0 x178b h16 y5be6 ff3 fsf fc1 sc0 ls0 ws67\">With a loss </td><td class=\"t m0 x1630 h16 y5be6 ff3 fsf fc1 sc0 ls0 ws0\">loss </td><td class=\"t m0 x54a h16 y5be6 ff3 fsf fc1 sc0 ls0 ws67\">With a loss </td><td></td></tr><tr><td></td><td class=\"t m0 x178c h3f y5be7 ff7 fsf fc1 sc0 ls1e7 ws28\">rec<span class=\"_ _2\"></span>overy </td><td class=\"t m0 x9fe h3f y5be7 ff7 fsf fc1 sc0 ls1e7 ws28\">rec<span class=\"_ _2\"></span>overy </td><td class=\"t m0 x9cf h3f y5be7 ff7 fsf fc1 sc0 ls1e7 ws28\">rec<span class=\"_ _2\"></span>overy </td><td class=\"t m0 xd2f h3f y5be7 ff7 fsf fc1 sc0 ls1e7 ws28\">rec<span class=\"_ _2\"></span>overy </td><td></td><td class=\"t m0 x178d h16 y5be7 ff3 fsf fc1 sc0 lscd ws63\">rec<span class=\"_ _2\"></span>overy </td><td class=\"t m0 xb22 h16 y5be7 ff3 fsf fc1 sc0 lscd ws63\">rec<span class=\"_ _2\"></span>overy </td><td class=\"t m0 x9dc h16 y5be7 ff3 fsf fc1 sc0 lscd ws63\">rec<span class=\"_ _2\"></span>overy </td><td class=\"t m0 x1693 h16 y5be7 ff3 fsf fc1 sc0 lscd ws63\">rec<span class=\"_ _2\"></span>overy </td><td></td></tr><tr><td></td><td class=\"t m0 x178e h3f y5be8 ff7 fsf fc1 sc0 lsa8 ws98\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x178f h3f y5be8 ff7 fsf fc1 sc0 lsa8 ws98\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d3 h3f y5be8 ff7 fsf fc1 sc0 lsa8 ws98\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1790 h3f y5be8 ff7 fsf fc1 sc0 lsa8 ws98\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1691 h3f y5be8 ff7 fsf fc1 sc0 ls1e6 ws1e7\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5b5 h16 y5be8 ff3 fsf fc1 sc0 lsb4 wsd1\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9db h16 y5be8 ff3 fsf fc1 sc0 lsb4 wsd1\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x798 h16 y5be8 ff3 fsf fc1 sc0 lsb4 wsd1\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y5be8 ff3 fsf fc1 sc0 lsb4 wsd1\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y5be8 ff3 fsf fc1 sc0 ls1e6 ws1e7\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xc0a h3f y5be9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0b h3f y5be9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0c h3f y5be9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0d h3f y5be9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0e h3f y5be9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0f h16 y5be9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9cc h16 y5be9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc10 h16 y5be9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc11 h16 y5be9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5be9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5bea ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timates of pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bb5 w89f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ca<span class=\"_ _2\"></span>sh inflows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1791 y5bb5 w21f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1c6\">8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>287<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1792 y5bb5 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1793 y5bb5 w8cf h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws1ab\">153<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x170a y5bb5 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1794 y5bb5 w8d0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls25 ws170\">8,440<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1795 y5bb5 w162 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws114\">3,<span class=\"_ _2\"></span>650<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1796 y5bb5 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1797 y5bb5 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1798 y5bb5 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1799 y5bb5 w237 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws114\">3,6<span class=\"_ _2\"></span>50<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5beb ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timates of pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bec w89d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls14 ws12\">cash outfl<span class=\"_ _2\"></span>ows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x179a y5bec w8d1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a5\">(<span class=\"_ _2\"></span>8,<span class=\"_ _2\"></span>58<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1792 y5bec w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x179b y5bec w8d2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1c6\">(2<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x179c y5bec w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x179d y5bec w8d3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws141\">(8<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>91<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x179e y5bec w8d4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1a6\">(<span class=\"_ _2\"></span>3,8<span class=\"_ _2\"></span>43)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1751 y5bec w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1752 y5bec w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1753 y5bec w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x179f y5bec w2d4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1a6\">(3,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>43)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a36 w8a5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment inc<span class=\"_ _2\"></span>urred<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a0 y5a36 w8d5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 wsf4\">1<span class=\"_ _2\"></span>95<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a1 y5a36 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a2 y5a36 w8b3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 ws19a\">34<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd13 y5a36 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a3 y5a36 w84d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws19f\">229<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5d6 y5a36 w4f7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws8c\">120<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a4 y5a36 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a5 y5a36 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a6 y5a36 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6a7 y5a36 w593 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws8c\">1<span class=\"_ _2\"></span>20<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a5b w689 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls60 ws57\">CSM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a7 y5a5b wd9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">102<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16eb y5a5b w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a8 y5a5b w8d6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 wsc7\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a9 y5a5b w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17aa y5a5b w8d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws19f\">122<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17ab y5a5b w138 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1a9\">73<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17ac y5a5b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1765 y5a5b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1766 y5a5b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf81 y5a5b w138 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1a9\">73<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55ef w8d8 h2e2\"><div class=\"t m0 x1e6 he y564f ff7 fs7 fc1 sc0 ls16 ws14\">Income r<span class=\"_ _5\"></span>ecognised o<span class=\"_ _5\"></span>n<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">initia<span class=\"_ _2\"></span>l<span class=\"_ gs234\"> </span>reco<span class=\"_ _2\"></span>gniti<span class=\"_ _2\"></span>on<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1733 y55ef w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1734 y55ef w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1735 y55ef w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1736 y55ef w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1737 y55ef w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1738 y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1739 y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x173a y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x173b y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x173c y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs711\">All contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s originate<span class=\"_ _2\"></span>d, and th<span class=\"_ _2\"></span>e majo<span class=\"_ _2\"></span>rity of c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts acq<span class=\"_ _2\"></span>uired, re<span class=\"_ _2\"></span>late to the Retirem<span class=\"_ _2\"></span>ent Solu<span class=\"_ _2\"></span>tions se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>.</div>",
   "dimensions": {
    "concept": "pheonixgroupholdings:DisclosureOfEffectOfContractsAndInitiallyRecognisedInTheYear",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-659": {
   "value": "F8.2 Reinsurance<span class=\"_ _5\"></span> contracts<span class=\"_ _3bc\"> </span><table class=\"s w8cb h2f5\" id=\"_5a13965c-e0ca-4935-ad18-3b069186d862\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x1689 y5be3 w402 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x168a y5be3 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n xc69 y5be4 w8cc h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">Contra<span class=\"_ _2\"></span>cts originated<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1784 y5be4 w8cd h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lse3 wscd\">Contra<span class=\"_ _2\"></span>cts acquired<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1785 y5be4 w8ce h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1dd ws1df\">Cont<span class=\"_ _5\"></span>racts o<span class=\"_ _5\"></span>rigi<span class=\"_ _5\"></span>nat<span class=\"_ _5\"></span>ed<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x1786 y5be4 w895 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">C<span class=\"_ _2\"></span>ontract<span class=\"_ _2\"></span>s acquired<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x1787 h3f y5be5 ff7 fsf fc1 sc0 ls0 ws67\" colspan=\"2\">Without a </td><td class=\"t m0 x1788 h3f y5be5 ff7 fsf fc1 sc0 ls0 ws67\" colspan=\"2\">Without a </td><td></td><td class=\"t m0 xdc1 h16 y5be5 ff3 fsf fc1 sc0 ls0 ws67\">Without a </td><td></td><td class=\"t m0 x538 h16 y5be5 ff3 fsf fc1 sc0 ls0 ws67\" colspan=\"2\">Without a </td><td></td></tr><tr><td></td><td class=\"t m0 x1341 h3f y5be6 ff7 fsf fc1 sc0 ls0 ws0\">loss </td><td class=\"t m0 x1789 h3f y5be6 ff7 fsf fc1 sc0 lsb1 ws0\">Wit<span class=\"_ _2\"></span>h a los<span class=\"_ _2\"></span>s </td><td class=\"t m0 xdbf h3f y5be6 ff7 fsf fc1 sc0 ls0 ws0\">loss </td><td class=\"t m0 x178a h3f y5be6 ff7 fsf fc1 sc0 lsb1 ws0\">Wit<span class=\"_ _2\"></span>h a los<span class=\"_ _2\"></span>s </td><td></td><td class=\"t m0 x5ba h16 y5be6 ff3 fsf fc1 sc0 ls0 ws0\">loss </td><td class=\"t m0 x178b h16 y5be6 ff3 fsf fc1 sc0 ls0 ws67\">With a loss </td><td class=\"t m0 x1630 h16 y5be6 ff3 fsf fc1 sc0 ls0 ws0\">loss </td><td class=\"t m0 x54a h16 y5be6 ff3 fsf fc1 sc0 ls0 ws67\">With a loss </td><td></td></tr><tr><td></td><td class=\"t m0 x178c h3f y5be7 ff7 fsf fc1 sc0 ls1e7 ws28\">rec<span class=\"_ _2\"></span>overy </td><td class=\"t m0 x9fe h3f y5be7 ff7 fsf fc1 sc0 ls1e7 ws28\">rec<span class=\"_ _2\"></span>overy </td><td class=\"t m0 x9cf h3f y5be7 ff7 fsf fc1 sc0 ls1e7 ws28\">rec<span class=\"_ _2\"></span>overy </td><td class=\"t m0 xd2f h3f y5be7 ff7 fsf fc1 sc0 ls1e7 ws28\">rec<span class=\"_ _2\"></span>overy </td><td></td><td class=\"t m0 x178d h16 y5be7 ff3 fsf fc1 sc0 lscd ws63\">rec<span class=\"_ _2\"></span>overy </td><td class=\"t m0 xb22 h16 y5be7 ff3 fsf fc1 sc0 lscd ws63\">rec<span class=\"_ _2\"></span>overy </td><td class=\"t m0 x9dc h16 y5be7 ff3 fsf fc1 sc0 lscd ws63\">rec<span class=\"_ _2\"></span>overy </td><td class=\"t m0 x1693 h16 y5be7 ff3 fsf fc1 sc0 lscd ws63\">rec<span class=\"_ _2\"></span>overy </td><td></td></tr><tr><td></td><td class=\"t m0 x178e h3f y5be8 ff7 fsf fc1 sc0 lsa8 ws98\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x178f h3f y5be8 ff7 fsf fc1 sc0 lsa8 ws98\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d3 h3f y5be8 ff7 fsf fc1 sc0 lsa8 ws98\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1790 h3f y5be8 ff7 fsf fc1 sc0 lsa8 ws98\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1691 h3f y5be8 ff7 fsf fc1 sc0 ls1e6 ws1e7\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5b5 h16 y5be8 ff3 fsf fc1 sc0 lsb4 wsd1\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9db h16 y5be8 ff3 fsf fc1 sc0 lsb4 wsd1\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x798 h16 y5be8 ff3 fsf fc1 sc0 lsb4 wsd1\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y5be8 ff3 fsf fc1 sc0 lsb4 wsd1\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y5be8 ff3 fsf fc1 sc0 ls1e6 ws1e7\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xc0a h3f y5be9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0b h3f y5be9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0c h3f y5be9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0d h3f y5be9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0e h3f y5be9 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0f h16 y5be9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9cc h16 y5be9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc10 h16 y5be9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc11 h16 y5be9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5be9 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5bea ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timates of pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bb5 w89f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ca<span class=\"_ _2\"></span>sh inflows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1791 y5bb5 w21f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1c6\">8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>287<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1792 y5bb5 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1793 y5bb5 w8cf h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws1ab\">153<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x170a y5bb5 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1794 y5bb5 w8d0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls25 ws170\">8,440<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1795 y5bb5 w162 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws114\">3,<span class=\"_ _2\"></span>650<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1796 y5bb5 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1797 y5bb5 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1798 y5bb5 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1799 y5bb5 w237 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws114\">3,6<span class=\"_ _2\"></span>50<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5beb ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timates of pres<span class=\"_ _2\"></span>ent value of fu<span class=\"_ _2\"></span>ture </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bec w89d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls14 ws12\">cash outfl<span class=\"_ _2\"></span>ows<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x179a y5bec w8d1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a5\">(<span class=\"_ _2\"></span>8,<span class=\"_ _2\"></span>58<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1792 y5bec w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x179b y5bec w8d2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1c6\">(2<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x179c y5bec w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x179d y5bec w8d3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws141\">(8<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>91<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x179e y5bec w8d4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1a6\">(<span class=\"_ _2\"></span>3,8<span class=\"_ _2\"></span>43)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1751 y5bec w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1752 y5bec w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1753 y5bec w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x179f y5bec w2d4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1a6\">(3,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>43)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a36 w8a5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment inc<span class=\"_ _2\"></span>urred<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a0 y5a36 w8d5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 wsf4\">1<span class=\"_ _2\"></span>95<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a1 y5a36 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a2 y5a36 w8b3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 ws19a\">34<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd13 y5a36 w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a3 y5a36 w84d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws19f\">229<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5d6 y5a36 w4f7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws8c\">120<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a4 y5a36 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a5 y5a36 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a6 y5a36 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6a7 y5a36 w593 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws8c\">1<span class=\"_ _2\"></span>20<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a5b w689 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls60 ws57\">CSM<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a7 y5a5b wd9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">102<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16eb y5a5b w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a8 y5a5b w8d6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 wsc7\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17a9 y5a5b w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17aa y5a5b w8d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws19f\">122<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17ab y5a5b w138 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1a9\">73<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17ac y5a5b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1765 y5a5b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1766 y5a5b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf81 y5a5b w138 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1a9\">73<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55ef w8d8 h2e2\"><div class=\"t m0 x1e6 he y564f ff7 fs7 fc1 sc0 ls16 ws14\">Income r<span class=\"_ _5\"></span>ecognised o<span class=\"_ _5\"></span>n<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">initia<span class=\"_ _2\"></span>l<span class=\"_ gs234\"> </span>reco<span class=\"_ _2\"></span>gniti<span class=\"_ _2\"></span>on<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1733 y55ef w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1734 y55ef w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1735 y55ef w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1736 y55ef w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1737 y55ef w84b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws5f\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1738 y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1739 y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x173a y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x173b y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x173c y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws16\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table>All contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s originate<span class=\"_ _2\"></span>d, and th<span class=\"_ _2\"></span>e majo<span class=\"_ _2\"></span>rity of c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts acq<span class=\"_ _2\"></span>uired, re<span class=\"_ _2\"></span>late to the Retirem<span class=\"_ _2\"></span>ent Solu<span class=\"_ _2\"></span>tions se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-619": {
   "value": "<div class=\"t m0 he ff2 fs7 fc1 sc0 ls13 ws11 gs713\">F9. Underlyi<span class=\"_ _5\"></span>ng items<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs714\">The follow<span class=\"_ _2\"></span>ing table s<span class=\"_ _2\"></span>ets ou<span class=\"_ _2\"></span>t the comp<span class=\"_ _2\"></span>osition an<span class=\"_ _2\"></span>d the fair val<span class=\"_ _2\"></span>ue of underlyin<span class=\"_ _2\"></span>g items of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _5\"></span>s par<span class=\"_ _2\"></span>ticipatin<span class=\"_ _2\"></span>g contra<span class=\"_ _2\"></span>cts wh<span class=\"_ _2\"></span>ich are mea<span class=\"_ _2\"></span>sured </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs715\">using th<span class=\"_ _2\"></span>e variable fe<span class=\"_ _2\"></span>e approa<span class=\"_ _2\"></span>ch.<span class=\"_ _3bc\"> </span></div><div class=\"gs716\"><table class=\"s w8d9 h2f6\" id=\"_8a951bc5-64b3-4d0c-b9c5-8e3a06f0ec4f\"><tr><td></td><td></td><td class=\"c n xb8a y5bed w402 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xffc y5bed w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x17ad h3f y5bee ff7 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; </td><td></td><td class=\"t m0 x17ae h3f y5bee ff7 fsf fc1 sc0 ls0 ws0\">Eur<span class=\"_ _2\"></span>ope &amp; </td><td></td><td class=\"t m0 xa91 h16 y5bee ff3 fsf fc1 sc0 ls0 ws0\">Pen<span class=\"_ _2\"></span>sion<span class=\"_ _2\"></span>s &amp; </td><td></td><td class=\"t m0 x552 h16 y5bee ff3 fsf fc1 sc0 ls0 ws0\">Euro<span class=\"_ _2\"></span>pe &amp; </td><td></td></tr><tr><td></td><td class=\"t m0 xd55 h3f y5bef ff7 fsf fc1 sc0 ls82 ws77\">Savin<span class=\"_ _2\"></span>gs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x17af h3f y5bef ff7 fsf fc1 sc0 lse2 wscc\">With-Pr<span class=\"_ _2\"></span>ofits<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd90 h3f y5bef ff7 fsf fc1 sc0 ls17 ws15\">Other<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1003 h3f y5bef ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d5 h16 y5bef ff3 fsf fc1 sc0 lse6 wsd0\">Savin<span class=\"_ _2\"></span>gs<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9cc h16 y5bef ff3 fsf fc1 sc0 lse9 wsd4\">With-Profit<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1693 h16 y5bef ff3 fsf fc1 sc0 ls83 ws78\">Other<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y5bef ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xa05 h3f y5bf0 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d8 h3f y5bf0 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9d9 h3f y5bf0 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9da h3f y5bf0 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa06 h16 y5bf0 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa07 h16 y5bf0 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa08 h16 y5bf0 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5bf0 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5bf1 wfc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17b0 y5bf1 w7a9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">1<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17b1 y5bf1 w7a9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">1<span class=\"_ _2\"></span>7,<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>2<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17b2 y5bf1 w8da h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">15,549<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17b3 y5bf1 w477 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">5<span class=\"_ _2\"></span>0,1<span class=\"_ _7\"></span>48<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17b4 y5bf1 w8db h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ec\">1<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>6<span class=\"_ _19\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17b5 y5bf1 w22a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ec\">1<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17b6 y5bf1 w8dc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1c4\">14<span class=\"_ _2\"></span>,26<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x20c y5bf1 w6f4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1d7\">4<span class=\"_ _2\"></span>8<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf2 wf8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17b7 y5bf2 w646 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,8<span class=\"_ _2\"></span>60<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17b8 y5bf2 w6d9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">8<span class=\"_ _2\"></span>,095<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17b9 y5bf2 w80e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b6 ws1b5\">3,<span class=\"_ _2\"></span>910<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17ba y5bf2 w46b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14,<span class=\"_ _2\"></span>865<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17bb y5bf2 w1ca h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1d7\">2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17bc y5bf2 w127 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ec\">7,<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17bd y5bf2 w162 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws114\">3,6<span class=\"_ _2\"></span>05<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17be y5bf2 w61e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc ws1be\">14<span class=\"_ _2\"></span>,27<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf3 wef h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17bf y5bf3 w1b8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">2,39<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17c0 y5bf3 w8dd h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">5,8<span class=\"_ _2\"></span>46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17c1 y5bf3 w382 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd6 ws195\">966<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17c2 y5bf3 w8de h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">9,202<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17c3 y5bf3 w526 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws19d\">1<span class=\"_ _2\"></span>,562<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17c4 y5bf3 w8df h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1c5\">5,<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>24<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17c5 y5bf3 w867 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1e9\">9<span class=\"_ _2\"></span>42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17c6 y5bf3 w8e0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1ad\">8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>328<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf4 we3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17c7 y5bf4 w538 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17c8 y5bf4 w6d7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">798<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xef7 y5bf4 w569 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17c9 y5bf4 w8e1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">1<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>35<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17ca y5bf4 w586 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17cb y5bf4 w348 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">87<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17cc y5bf4 w17a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">19<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc85 y5bf4 w141 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,168<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf5 w8e2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Derivative ass<span class=\"_ _2\"></span>ets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17cd y5bf5 w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa4a y5bf5 w59 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">26<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17ce y5bf5 wdc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">1,<span class=\"_ _2\"></span>019<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17cf y5bf5 w7f7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>285<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17d0 y5bf5 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17d1 y5bf5 w1ce h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">29<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17d2 y5bf5 w7d8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>287<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17d3 y5bf5 w96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>587<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf6 w120 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17d4 y5bf6 w539 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1cb ws1cc\">47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17d5 y5bf6 w1b4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">81<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17d6 y5bf6 w240 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">329<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17d7 y5bf6 w1b7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">457<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17d8 y5bf6 w8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsa9 ws1aa\">48<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17d9 y5bf6 w240 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">122<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17da y5bf6 w2a9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">365<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17db y5bf6 w239 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">535<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf7 we8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Loans and deposits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17dc y5bf7 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17dd y5bf7 w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17de y5bf7 w8e3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">199<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17df y5bf7 wce h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">20<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee2 y5bf7 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17e0 y5bf7 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17e1 y5bf7 w2a8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">238<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d3 y5bf7 w4a4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5997 w229 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x136c y5997 w1b4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">81<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17e2 y5997 w6d7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">633<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17e3 y5997 w8e4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws172\">1<span class=\"_ _2\"></span>74<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17e4 y5997 w3c9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">888<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17e5 y5997 wa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">67<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17e6 y5997 w165 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>26<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17e7 y5997 w240 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">382<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17e8 y5997 w8e5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>475<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5998 w8e6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Derivative liabilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17e9 y5998 w52d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17ea y5998 w8e7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(45<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17eb y5998 w8e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(43<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17ec y5998 w8e9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(8<span class=\"_ _2\"></span>90<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17ed y5998 w80 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17ee y5998 w1e9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>613)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17ef y5998 w24e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">(536<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12b4 y5998 w3e6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">(1<span class=\"_ _2\"></span>,155)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y561b w8ea h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ation for rep<span class=\"_ _2\"></span>ayment of<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">collate<span class=\"_ _2\"></span>ral<span class=\"_ gs132\"> </span>rec<span class=\"_ _2\"></span>eived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17f0 y561b w52d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17f1 y561b w72e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(1<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17f2 y561b w8eb h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>231<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17f3 y561b w1f9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(357)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17f4 y561b w54f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17f5 y561b w8ec h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">(1<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17f6 y561b w5da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c1 ws1c1\">(<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17f7 y561b w8ed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>384)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w151 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17f8 y561c w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17f9 y561c w72 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(2<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>34)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17fa y561c w70a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17fb y561c w39d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(2<span class=\"_ _2\"></span>,038)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1205 y561c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17fc y561c w77b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(2<span class=\"_ _2\"></span>,148<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17fd y561c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17fe y561c w66c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>2,14<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w479 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1207 y561d w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x17ff y561d w819 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">(6<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>28)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1800 y561d w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1801 y561d w7fa h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>6,<span class=\"_ _2\"></span>628<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1802 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1803 y561d w679 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(6<span class=\"_ _5\"></span>,90<span class=\"_ _7\"></span>7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xfb8 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1804 y561d w67a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(<span class=\"_ _7\"></span>6,90<span class=\"_ _7\"></span>7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w23e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er liabilitie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1805 y561e w73b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1806 y561e w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>703)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1807 y561e w8ee h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">(55<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1808 y561e w819 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>,28<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1809 y561e w135 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x180a y561e w8ef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>617<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x180b y561e wb3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(186<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x73f y561e w1e9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">(<span class=\"_ _2\"></span>815<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x180c y55ef w673 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">23,<span class=\"_ _2\"></span>239<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x180d y55ef w41f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x180e y55ef w6f8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">20<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x180f y55ef w8f0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">66,9<span class=\"_ _2\"></span>85<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1810 y55ef w8f1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1d7\">2<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>,717<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1811 y55ef w61e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc ws1be\">2<span class=\"_ _2\"></span>3,1<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1812 y55ef w8f2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws122\">20<span class=\"_ _2\"></span>,130<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1813 y55ef w8f3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1b9\">6<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>9<span class=\"_ _2\"></span>74</div></td></tr></table></div>",
   "dimensions": {
    "concept": "pheonixgroupholdings:DisclosureeOfUnderlyingItems",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-620": {
   "value": "F11<span class=\"_ _2\"></span>. Ri<span class=\"_ _2\"></span>sk man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>ment \u2013 in<span class=\"_ _2\"></span>sur<span class=\"_ _2\"></span>ance ri<span class=\"_ _2\"></span>sk<span class=\"_ _3bc\"> </span>This note for<span class=\"_ _2\"></span>ms one par<span class=\"_ _2\"></span>t of the ris<span class=\"_ _2\"></span>k manag<span class=\"_ _2\"></span>ement di<span class=\"_ _2\"></span>sclosure<span class=\"_ _2\"></span>s in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financi<span class=\"_ _2\"></span>al state<span class=\"_ _2\"></span>ments<span class=\"_ _2\"></span>. An over<span class=\"_ _2\"></span>view of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s ap<span class=\"_ _2\"></span>proach to risk ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment is ou<span class=\"_ _2\"></span>tlined in note I3 a<span class=\"_ _2\"></span>nd the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement of finan<span class=\"_ _2\"></span>cial and ot<span class=\"_ _2\"></span>her risks is de<span class=\"_ _2\"></span>tailed in n<span class=\"_ _2\"></span>ote E6.<span class=\"_ _3bc\"> </span>Insur<span class=\"_ _2\"></span>ance ri<span class=\"_ _2\"></span>sk refers to the ri<span class=\"_ _2\"></span>sk of reduc<span class=\"_ _2\"></span>tions in ear<span class=\"_ _2\"></span>nings an<span class=\"_ _2\"></span>d/<span class=\"_ _6\"></span>o<span class=\"_ _2\"></span>r value, thro<span class=\"_ _2\"></span>ugh finan<span class=\"_ _2\"></span>cial or rep<span class=\"_ _2\"></span>utation<span class=\"_ _2\"></span>al loss<span class=\"_ _2\"></span>, due to flu<span class=\"_ _2\"></span>ctuati<span class=\"_ _2\"></span>ons in the timin<span class=\"_ _2\"></span>g, frequ<span class=\"_ _2\"></span>ency a<span class=\"_ _2\"></span>nd severit<span class=\"_ _2\"></span>y of insure<span class=\"_ _2\"></span>d/<span class=\"_ _7\"></span>un<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>writte<span class=\"_ _2\"></span>n events an<span class=\"_ _2\"></span>d to fluctu<span class=\"_ _2\"></span>ations in the tim<span class=\"_ _2\"></span>ing and am<span class=\"_ _2\"></span>ount of claim se<span class=\"_ _2\"></span>ttle<span class=\"_ _2\"></span>ments<span class=\"_ _2\"></span>. This inc<span class=\"_ _2\"></span>ludes fluc<span class=\"_ _2\"></span>tuation<span class=\"_ _2\"></span>s in profits due to c<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r behavio<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>. Th<span class=\"_ _2\"></span>e Life busines<span class=\"_ _2\"></span>ses a<span class=\"_ _2\"></span>re expose<span class=\"_ _2\"></span>d to the followin<span class=\"_ _2\"></span>g eleme<span class=\"_ _2\"></span>nts of insura<span class=\"_ _2\"></span>nce risk<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>Mortalit<span class=\"_ _2\"></span>y<span class=\"_ _93\"> </span><span class=\"ff3 ls0 ws0\"> <span class=\"_ _12\"></span>highe<span class=\"_ _2\"></span>r than exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d death cl<span class=\"_ _2\"></span>aims on as<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e produc<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, lower than ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted improvem<span class=\"_ _2\"></span>ents in mo<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>lity or a<span class=\"_ _2\"></span>dvers<span class=\"_ _2\"></span>e </span>moveme<span class=\"_ _2\"></span>nt in mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y rates on Eq<span class=\"_ _2\"></span>uity Re<span class=\"_ _2\"></span>leas<span class=\"_ _2\"></span>e Mor<span class=\"_ _2\"></span>tgag<span class=\"_ _2\"></span>es;<span class=\"_ _3bc\"> </span>Longevit<span class=\"_ _2\"></span>y<span class=\"_ _cf\"> </span><span class=\"ff3 ls0 ws0\"> <span class=\"_ _8\"></span>lower th<span class=\"_ _2\"></span>an expe<span class=\"_ _2\"></span>cted num<span class=\"_ _2\"></span>ber of deat<span class=\"_ _2\"></span>hs experi<span class=\"_ _2\"></span>ence<span class=\"_ _2\"></span>d on annuit<span class=\"_ _2\"></span>y pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s or greater th<span class=\"_ _2\"></span>an expe<span class=\"_ _2\"></span>cted imp<span class=\"_ _2\"></span>rovements in </span>annuitant mort<span class=\"_ _2\"></span>ality;<span class=\"_ _3bc\"> </span>Morbidity/<span class=\"_ _5\"></span>Disability<span class=\"_ _e\"> </span><span class=\"ff3 ls0 ws0\"> <span class=\"_ _8\"></span>highe<span class=\"_ _2\"></span>r than exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d numbe<span class=\"_ _2\"></span>r of inception<span class=\"_ _2\"></span>s on critic<span class=\"_ _2\"></span>al illnes<span class=\"_ _2\"></span>s or incom<span class=\"_ _2\"></span>e protecti<span class=\"_ _2\"></span>on policie<span class=\"_ _2\"></span>s and lower th<span class=\"_ _2\"></span>an expe<span class=\"_ _2\"></span>cted </span>termin<span class=\"_ _2\"></span>ation rates on in<span class=\"_ _2\"></span>come prote<span class=\"_ _2\"></span>ction p<span class=\"_ _2\"></span>olicies or a<span class=\"_ _2\"></span>dvers<span class=\"_ _2\"></span>e movement<span class=\"_ _2\"></span>s in morbidit<span class=\"_ _2\"></span>y rate<span class=\"_ _2\"></span>s on Equit<span class=\"_ _2\"></span>y Relea<span class=\"_ _2\"></span>se Mor<span class=\"_ _2\"></span>tgag<span class=\"_ _2\"></span>es;<span class=\"_ _3bc\"> </span>Expens<span class=\"_ _2\"></span>es<span class=\"_ _fa\"> </span><span class=\"ff3 ls0 ws0\"> <span class=\"_ _12\"></span>un<span class=\"_ _2\"></span>expec<span class=\"_ _2\"></span>ted timin<span class=\"_ _2\"></span>g or value of expe<span class=\"_ _2\"></span>nses in<span class=\"_ _2\"></span>curred;<span class=\"_ _3bc\"> </span></span>Persistency<span class=\"_ _97\"> </span><span class=\"ff3 ls0 ws0\"> <span class=\"_ _12\"></span>ad<span class=\"_ _2\"></span>verse m<span class=\"_ _2\"></span>ovement in surre<span class=\"_ _2\"></span>nder rate<span class=\"_ _2\"></span>s, pre<span class=\"_ _2\"></span>mium paying ra<span class=\"_ _2\"></span>tes, pre<span class=\"_ _2\"></span>mium indexat<span class=\"_ _2\"></span>ion rates<span class=\"_ _2\"></span>, cas<span class=\"_ _2\"></span>h withdrawa<span class=\"_ _2\"></span>l/<span class=\"_ _6\"></span>dr<span class=\"_ _2\"></span>awdown </span>rates<span class=\"_ _2\"></span>, GA<span class=\"_ _5\"></span>O surren<span class=\"_ _2\"></span>der rates<span class=\"_ _2\"></span>, GA<span class=\"_ _5\"></span>O take-<span class=\"_ _2\"></span>up rates<span class=\"_ _2\"></span>, policyh<span class=\"_ _2\"></span>older ret<span class=\"_ _2\"></span>irement date<span class=\"_ _2\"></span>s, prop<span class=\"_ _2\"></span>ensit<span class=\"_ _2\"></span>y to com<span class=\"_ _2\"></span>mute ben<span class=\"_ _2\"></span>efits<span class=\"_ _2\"></span>, trans<span class=\"_ _2\"></span>fer out ra<span class=\"_ _2\"></span>tes or the oc<span class=\"_ _2\"></span>curren<span class=\"_ _2\"></span>ce of a mas<span class=\"_ _2\"></span>s lapse event or a<span class=\"_ _2\"></span>dvers<span class=\"_ _2\"></span>e chang<span class=\"_ _2\"></span>e in mor<span class=\"_ _2\"></span>tgag<span class=\"_ _2\"></span>e prepayme<span class=\"_ _2\"></span>nt rates le<span class=\"_ _2\"></span>ading to los<span class=\"_ _2\"></span>ses; New b<span class=\"_ _2\"></span>usine<span class=\"_ _2\"></span>ss pric<span class=\"_ _2\"></span>ing<span class=\"_ _18a\"> </span><span class=\"ff3\"> <span class=\"_ _12\"></span>ina<span class=\"_ _2\"></span>ppropriate pr<span class=\"_ _2\"></span>icing of new bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s that is not in line w<span class=\"_ _2\"></span>ith the unde<span class=\"_ _2\"></span>rlying ris<span class=\"_ _2\"></span>k factor<span class=\"_ _2\"></span>s for that bu<span class=\"_ _2\"></span>siness<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></span>Conc<span class=\"_ _2\"></span>entration of r<span class=\"_ _5\"></span>isk<span class=\"_ _18a\"> </span><span class=\"ff3 ls0 ws0\"> <span class=\"_ _12\"></span>c<span class=\"_ _2\"></span>oncent<span class=\"_ _2\"></span>ration of risk ari<span class=\"_ _2\"></span>sing from ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts might ex<span class=\"_ _2\"></span>ist whe<span class=\"_ _2\"></span>re the Group h<span class=\"_ _2\"></span>as signific<span class=\"_ _2\"></span>ant expo<span class=\"_ _2\"></span>sure to spe<span class=\"_ _2\"></span>cific </span>dem<span class=\"_ _2\"></span>ograph<span class=\"_ _2\"></span>ic factor<span class=\"_ _2\"></span>s such as a<span class=\"_ _2\"></span>ge, sm<span class=\"_ _2\"></span>oker stat<span class=\"_ _2\"></span>us, g<span class=\"_ _2\"></span>eogr<span class=\"_ _2\"></span>aphica<span class=\"_ _2\"></span>l locat<span class=\"_ _2\"></span>ion. The G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s exp<span class=\"_ _2\"></span>osure to insur<span class=\"_ _2\"></span>ance risk i<span class=\"_ _2\"></span>s spre<span class=\"_ _2\"></span>ad acros<span class=\"_ _2\"></span>s a diversifi<span class=\"_ _2\"></span>ed por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folio of produc<span class=\"_ _2\"></span>ts and ap<span class=\"_ _2\"></span>proximately 1<span class=\"_ _2\"></span>2 million polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs.<span class=\"_ gs132\"> </span>C<span class=\"_ _2\"></span>once<span class=\"_ _2\"></span>ntration ris<span class=\"_ _2\"></span>k might also a<span class=\"_ _2\"></span>rise from ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts that e<span class=\"_ _2\"></span>xpose th<span class=\"_ _2\"></span>e Group to finan<span class=\"_ _2\"></span>cial risk a<span class=\"_ _2\"></span>s a result of option<span class=\"_ _2\"></span>s and gu<span class=\"_ _2\"></span>arantee<span class=\"_ _2\"></span>s cont<span class=\"_ _2\"></span>ained wit<span class=\"_ _2\"></span>hin the produ<span class=\"_ _2\"></span>ct. D<span class=\"_ _2\"></span>etails of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s appro<span class=\"_ _2\"></span>ach to man<span class=\"_ _2\"></span>aging th<span class=\"_ _2\"></span>ese feat<span class=\"_ _2\"></span>ures are cont<span class=\"_ _2\"></span>ained in F1<span class=\"_ _2\"></span>1.<span class=\"_ _2\"></span>3 Man<span class=\"_ _2\"></span>aging Pro<span class=\"_ _2\"></span>duct Ris<span class=\"_ _2\"></span>k. The Gro<span class=\"_ _2\"></span>up sets in<span class=\"_ _2\"></span>dividual r<span class=\"_ _2\"></span>isk limits a<span class=\"_ _2\"></span>s a k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>y control within i<span class=\"_ _2\"></span>ts Risk Ap<span class=\"_ _2\"></span>petite Framewo<span class=\"_ _2\"></span>rk.<span class=\"_ gs132\"> </span> Risk limi<span class=\"_ _2\"></span>ts are reviewe<span class=\"_ _2\"></span>d as par<span class=\"_ _2\"></span>t of approving t<span class=\"_ _2\"></span>he Group\u2019s Annual O<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g Plan and p<span class=\"_ _2\"></span>ermit co<span class=\"_ _2\"></span>ncentr<span class=\"_ _2\"></span>ations of cer<span class=\"_ _2\"></span>tain r<span class=\"_ _2\"></span>isks only whe<span class=\"_ _2\"></span>re the str<span class=\"_ _2\"></span>ategy c<span class=\"_ _2\"></span>an be demon<span class=\"_ _2\"></span>strated as affordabl<span class=\"_ _2\"></span>e within<span class=\"_ _5\"></span> risk appetite.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up sets in<span class=\"_ _2\"></span>dividual r<span class=\"_ _2\"></span>isk limits a<span class=\"_ _2\"></span>s a k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>y control within i<span class=\"_ _2\"></span>ts Risk Ap<span class=\"_ _2\"></span>petite Framewo<span class=\"_ _2\"></span>rk. Risk limi<span class=\"_ _2\"></span>ts are reviewe<span class=\"_ _2\"></span>d as par<span class=\"_ _2\"></span>t of approving t<span class=\"_ _2\"></span>he Group\u2019s Annua<span class=\"_ _2\"></span>l Oper<span class=\"_ _2\"></span>ating Plan an<span class=\"_ _2\"></span>d permit c<span class=\"_ _2\"></span>once<span class=\"_ _2\"></span>ntrations of c<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>ain risks only w<span class=\"_ _2\"></span>here the s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y can b<span class=\"_ _2\"></span>e demons<span class=\"_ _2\"></span>trated a<span class=\"_ _2\"></span>s afforda<span class=\"_ _2\"></span>ble within ris<span class=\"_ _2\"></span>k appetite.<span class=\"_ _3bc\"> </span>Objectives and policies f<span class=\"_ _5\"></span>or mitigati<span class=\"_ _5\"></span>ng insurance risk<span class=\"_ _3bc\"> </span>Insur<span class=\"_ _2\"></span>ance ri<span class=\"_ _2\"></span>sks are mana<span class=\"_ _2\"></span>ged by m<span class=\"_ _2\"></span>onitoring ris<span class=\"_ _2\"></span>k exposure a<span class=\"_ _2\"></span>gains<span class=\"_ _2\"></span>t pre-<span class=\"_ _2\"></span>defined ap<span class=\"_ _2\"></span>petite limit<span class=\"_ _2\"></span>s. If a ris<span class=\"_ _2\"></span>k is moving ou<span class=\"_ _2\"></span>t of appetite, t<span class=\"_ _2\"></span>he Group c<span class=\"_ _2\"></span>an cho<span class=\"_ _2\"></span>ose to mitig<span class=\"_ _2\"></span>ate it via reins<span class=\"_ _2\"></span>urance in th<span class=\"_ _2\"></span>e cas<span class=\"_ _2\"></span>e of longevit<span class=\"_ _2\"></span>y, mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y and mo<span class=\"_ _2\"></span>rbidit<span class=\"_ _2\"></span>y risks<span class=\"_ _2\"></span>, or by taking oth<span class=\"_ _2\"></span>er risk re<span class=\"_ _2\"></span>ducing ac<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>This is s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>ted by addi<span class=\"_ _2\"></span>tional me<span class=\"_ _2\"></span>thods to as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>s and mo<span class=\"_ _2\"></span>nitor insura<span class=\"_ _2\"></span>nce risk ex<span class=\"_ _2\"></span>posure<span class=\"_ _2\"></span>s for both individ<span class=\"_ _2\"></span>ual t<span class=\"_ _2\"></span>ypes of risks in<span class=\"_ _2\"></span>sured an<span class=\"_ _2\"></span>d overall risks<span class=\"_ _2\"></span>. The<span class=\"_ _2\"></span>se metho<span class=\"_ _2\"></span>ds inclu<span class=\"_ _2\"></span>de internal ris<span class=\"_ _2\"></span>k meas<span class=\"_ _2\"></span>urement m<span class=\"_ _2\"></span>odels<span class=\"_ _2\"></span>, expe<span class=\"_ _2\"></span>rience a<span class=\"_ _2\"></span>nalyse<span class=\"_ _2\"></span>s, ex<span class=\"_ _2\"></span>terna<span class=\"_ _2\"></span>l data com<span class=\"_ _2\"></span>pariso<span class=\"_ _2\"></span>ns, s<span class=\"_ _2\"></span>ensitivi<span class=\"_ _2\"></span>ty an<span class=\"_ _2\"></span>alyse<span class=\"_ _2\"></span>s, sc<span class=\"_ _2\"></span>enario anal<span class=\"_ _2\"></span>yses an<span class=\"_ _2\"></span>d stres<span class=\"_ _2\"></span>s testin<span class=\"_ _2\"></span>g. As<span class=\"_ _2\"></span>sumptions t<span class=\"_ _2\"></span>hat are dee<span class=\"_ _2\"></span>med to b<span class=\"_ _2\"></span>e financia<span class=\"_ _2\"></span>lly signific<span class=\"_ _2\"></span>ant are reviewe<span class=\"_ _2\"></span>d at leas<span class=\"_ _2\"></span>t annuall<span class=\"_ _2\"></span>y for pricing an<span class=\"_ _2\"></span>d repo<span class=\"_ _2\"></span>rtin<span class=\"_ _2\"></span>g purpos<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span>The profi<span class=\"_ _2\"></span>tabilit<span class=\"_ _2\"></span>y of the run-<span class=\"_ _2\"></span>off of the clo<span class=\"_ _2\"></span>sed b<span class=\"_ _2\"></span>ook of busin<span class=\"_ _2\"></span>ess with<span class=\"_ _2\"></span>in the Group de<span class=\"_ _2\"></span>pends<span class=\"_ _2\"></span>, to a signifi<span class=\"_ _2\"></span>cant ex<span class=\"_ _2\"></span>tent, on t<span class=\"_ _2\"></span>he values of cl<span class=\"_ _2\"></span>aims paid in th<span class=\"_ _2\"></span>e future re<span class=\"_ _2\"></span>lative to the as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s accum<span class=\"_ _2\"></span>ulated to the da<span class=\"_ _2\"></span>te of claim. T<span class=\"_ _7\"></span>ypic<span class=\"_ _2\"></span>ally, over the lifetime of a cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>, premium<span class=\"_ _2\"></span>s and investm<span class=\"_ _2\"></span>ent return<span class=\"_ _2\"></span>s excee<span class=\"_ _2\"></span>d claim c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s in the early ye<span class=\"_ _2\"></span>ars and i<span class=\"_ _2\"></span>t is nece<span class=\"_ _2\"></span>ssa<span class=\"_ _2\"></span>ry to se<span class=\"_ _2\"></span>t aside the<span class=\"_ _2\"></span>se amo<span class=\"_ _2\"></span>unts to me<span class=\"_ _2\"></span>et future obli<span class=\"_ _2\"></span>gations<span class=\"_ _2\"></span>. The am<span class=\"_ _2\"></span>ount of such f<span class=\"_ _2\"></span>uture oblig<span class=\"_ _2\"></span>ations is as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ed on ac<span class=\"_ _2\"></span>tuari<span class=\"_ _2\"></span>al principl<span class=\"_ _2\"></span>es by referenc<span class=\"_ _2\"></span>e to assum<span class=\"_ _2\"></span>ptions abo<span class=\"_ _2\"></span>ut the develo<span class=\"_ _2\"></span>pment of finan<span class=\"_ _2\"></span>cial an<span class=\"_ _2\"></span>d insuran<span class=\"_ _2\"></span>ce risks<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>It is the<span class=\"_ _2\"></span>refore nec<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ary for t<span class=\"_ _2\"></span>he Direc<span class=\"_ _2\"></span>tors of eac<span class=\"_ _2\"></span>h life company to ma<span class=\"_ _2\"></span>k<span class=\"_ _5\"></span>e dec<span class=\"_ _2\"></span>isions<span class=\"_ _2\"></span>, base<span class=\"_ _2\"></span>d on ac<span class=\"_ _2\"></span>tuarial a<span class=\"_ _2\"></span>dvice, wh<span class=\"_ _2\"></span>ich ensure a<span class=\"_ _2\"></span>n appropri<span class=\"_ _2\"></span>ate acc<span class=\"_ _2\"></span>umulation of as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s relative to liabiliti<span class=\"_ _2\"></span>es. Th<span class=\"_ _2\"></span>ese de<span class=\"_ _2\"></span>cisions in<span class=\"_ _2\"></span>clude inves<span class=\"_ _2\"></span>tment p<span class=\"_ _2\"></span>olicy, bonus p<span class=\"_ _2\"></span>olicy and<span class=\"_ _2\"></span>, where dis<span class=\"_ _2\"></span>cretion exis<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, the level of payme<span class=\"_ _2\"></span>nts on ea<span class=\"_ _2\"></span>rly terminat<span class=\"_ _2\"></span>ion.<span class=\"_ _3bc\"> </span>In the Re<span class=\"_ _2\"></span>tirement S<span class=\"_ _2\"></span>olution<span class=\"_ _2\"></span>s operatin<span class=\"_ _2\"></span>g seg<span class=\"_ _2\"></span>ment, l<span class=\"_ _2\"></span>ongevit<span class=\"_ _2\"></span>y risk e<span class=\"_ _2\"></span>xposure<span class=\"_ _2\"></span>s continue to in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e as a result of the B<span class=\"_ _2\"></span>ulk Purchas<span class=\"_ _2\"></span>e Annuit<span class=\"_ _2\"></span>y dea<span class=\"_ _2\"></span>ls it has suc<span class=\"_ _2\"></span>cess<span class=\"_ _2\"></span>fully ac<span class=\"_ _2\"></span>quired, h<span class=\"_ _2\"></span>owever the vas<span class=\"_ _2\"></span>t maj<span class=\"_ _2\"></span>orit<span class=\"_ _2\"></span>y of these exp<span class=\"_ _2\"></span>osures a<span class=\"_ _2\"></span>re reinsure<span class=\"_ _2\"></span>d to third par<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. New busin<span class=\"_ _2\"></span>ess g<span class=\"_ _2\"></span>rowth drive<span class=\"_ _2\"></span>n by produc<span class=\"_ _2\"></span>t se<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span>s such as Workpl<span class=\"_ _2\"></span>ace unit-linked pe<span class=\"_ _2\"></span>nsions<span class=\"_ _2\"></span>, within th<span class=\"_ _2\"></span>e Pensions an<span class=\"_ _2\"></span>d Saving<span class=\"_ _2\"></span>s busine<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, expos<span class=\"_ _2\"></span>es the Gro<span class=\"_ _2\"></span>up to persi<span class=\"_ _2\"></span>stenc<span class=\"_ _2\"></span>y and expens<span class=\"_ _2\"></span>e risks<span class=\"_ _3bc\"> </span>F11<span class=\"_ _2\"></span>.1<span class=\"_ _5\"></span> Se<span class=\"_ _2\"></span>nsitivitie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>Insur<span class=\"_ _2\"></span>ance lia<span class=\"_ _2\"></span>bilities are s<span class=\"_ _2\"></span>ensitive to ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in risk variab<span class=\"_ _2\"></span>les, s<span class=\"_ _2\"></span>uch as preva<span class=\"_ _2\"></span>iling market interes<span class=\"_ _2\"></span>t rates<span class=\"_ _2\"></span>, curren<span class=\"_ _2\"></span>cy rates an<span class=\"_ _2\"></span>d equit<span class=\"_ _2\"></span>y pric<span class=\"_ _2\"></span>es, s<span class=\"_ _2\"></span>ince the<span class=\"_ _2\"></span>se variatio<span class=\"_ _2\"></span>ns alter the v<span class=\"_ _2\"></span>alue of the finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets h<span class=\"_ _2\"></span>eld to me<span class=\"_ _2\"></span>et obligati<span class=\"_ _2\"></span>ons arisin<span class=\"_ _2\"></span>g from insura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and cha<span class=\"_ _2\"></span>nges in inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ondition<span class=\"_ _2\"></span>s also h<span class=\"_ _2\"></span>ave an impac<span class=\"_ _2\"></span>t on the value of ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e liabilities th<span class=\"_ _2\"></span>emse<span class=\"_ _2\"></span>lves. Addi<span class=\"_ _2\"></span>tionally, insura<span class=\"_ _2\"></span>nce liabilit<span class=\"_ _2\"></span>ies are sen<span class=\"_ _2\"></span>sitive to the as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s which have be<span class=\"_ _2\"></span>en applie<span class=\"_ _2\"></span>d in their c<span class=\"_ _2\"></span>alculation<span class=\"_ _2\"></span>, such a<span class=\"_ _2\"></span>s mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y and lap<span class=\"_ _2\"></span>se rates<span class=\"_ _2\"></span>. Som<span class=\"_ _2\"></span>etimes all<span class=\"_ _2\"></span>owance m<span class=\"_ _2\"></span>ust als<span class=\"_ _2\"></span>o be mad<span class=\"_ _2\"></span>e for the effe<span class=\"_ _2\"></span>ct on fu<span class=\"_ _2\"></span>ture ass<span class=\"_ _2\"></span>umptions of mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt or polic<span class=\"_ _2\"></span>yholder a<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s in cer<span class=\"_ _2\"></span>tain ec<span class=\"_ _2\"></span>onomic s<span class=\"_ _2\"></span>cena<span class=\"_ _2\"></span>rios. Th<span class=\"_ _2\"></span>is could le<span class=\"_ _2\"></span>ad to chan<span class=\"_ _2\"></span>ges in a<span class=\"_ _2\"></span>ssume<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>et mix or fut<span class=\"_ _2\"></span>ure bonus r<span class=\"_ _2\"></span>ates. The m<span class=\"_ _2\"></span>ost sign<span class=\"_ _2\"></span>ificant no<span class=\"_ _2\"></span>n-ec<span class=\"_ _2\"></span>onomic s<span class=\"_ _2\"></span>ensitivit<span class=\"_ _2\"></span>ies arise f<span class=\"_ _2\"></span>rom mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y, longevit<span class=\"_ _2\"></span>y and l<span class=\"_ _2\"></span>apse risk<span class=\"_ _2\"></span>. The ta<span class=\"_ _2\"></span>ble belo<span class=\"_ _2\"></span>w analys<span class=\"_ _2\"></span>es how the C<span class=\"_ _2\"></span>SM<span class=\"_ _2\"></span>, profit af<span class=\"_ _2\"></span>ter tax a<span class=\"_ _2\"></span>nd equit<span class=\"_ _2\"></span>y woul<span class=\"_ _2\"></span>d have increa<span class=\"_ _2\"></span>sed or (de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>ed) if cha<span class=\"_ _2\"></span>nges in un<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>writing ris<span class=\"_ _2\"></span>k variable<span class=\"_ _2\"></span>s that were rea<span class=\"_ _2\"></span>sonab<span class=\"_ _2\"></span>ly pos<span class=\"_ _2\"></span>sible at the re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting date had o<span class=\"_ _2\"></span>ccurre<span class=\"_ _2\"></span>d. This an<span class=\"_ _2\"></span>alysis pre<span class=\"_ _2\"></span>sents t<span class=\"_ _2\"></span>he sens<span class=\"_ _2\"></span>itivities b<span class=\"_ _2\"></span>oth before and af<span class=\"_ _2\"></span>ter risk m<span class=\"_ _2\"></span>itigatio<span class=\"_ _2\"></span>n by reinsuran<span class=\"_ _2\"></span>ce and a<span class=\"_ _2\"></span>ssume<span class=\"_ _2\"></span>s that all othe<span class=\"_ _2\"></span>r variable<span class=\"_ _2\"></span>s remain c<span class=\"_ _2\"></span>onst<span class=\"_ _2\"></span>ant.<span class=\"_ _3bc\"> </span><table class=\"s w8f4 h2f8\" id=\"_07230206-6411-4418-b576-432405a85db1\"><tr><td></td><td></td><td></td><td class=\"c n x1816 y5bfb w8f5 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on pro<span class=\"_ _2\"></span>fit af<span class=\"_ _2\"></span>ter t<span class=\"_ _2\"></span>ax an<span class=\"_ _2\"></span>d equ<span class=\"_ _2\"></span>ity<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1817 y5bfb w8f6 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls83 ws78\">Impact on CSM<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x1818 y5bfc w8f7 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lse4 wsce\">Gross of reinsurance<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1819 y5bfc w8f8 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls0 ws0\">N<span class=\"_ _2\"></span>et of re<span class=\"_ _2\"></span>insu<span class=\"_ _2\"></span>ran<span class=\"_ _2\"></span>ce<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x181a y5bfc w8f9 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lse4 wsce\">Gross of reinsurance<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x181b y5bfc w8fa h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls0 ws0\">N<span class=\"_ _2\"></span>et of r<span class=\"_ _2\"></span>eins<span class=\"_ _2\"></span>ura<span class=\"_ _2\"></span>nce<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bfd w402 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x181c y5bfd w8fb h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls5b ws76\">Change in<span class=\"_ _5\"></span> risk var<span class=\"_ _5\"></span>iable<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x181d y5bfd w8fc h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x181e y5bfd w44 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x181f y5bfd w44 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1820 y5bfd w403 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5bfe ff3 fs7 fc1 sc0 ls0 ws0\">As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></td><td class=\"c n x1821 y5bff w8fd h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ad ws1a6\">+5%<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1822 y5bff w1fc h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">(33)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1823 y5bff w19c h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(49)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1824 y5bff w299 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>112)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1825 y5bff w3cb h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>54)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x1826 y5c00 w8fe h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ad ws1a6\">-5%<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1827 y5c00 w8ff h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b2 ws1af\">(<span class=\"_ _2\"></span>24)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1828 y5c00 w7f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1829 y5c00 w586 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x182a y5c00 w149 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">1<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c01 ff3 fs7 fc1 sc0 ls1c ws1a\">Annuitant long<span class=\"_ _2\"></span>evity<span class=\"_ _3bc\"> </span></td><td class=\"c n x1821 y5c02 w8fd h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ad ws1a6\">+5%<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x182b y5c02 w1b4 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b6 ws1b5\">91<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x182c y5c02 w900 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ac ws1a4\">(30<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x182d y5c02 w901 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls4b ws122\">(9<span class=\"_ _2\"></span>46)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x182e y5c02 w902 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls173 ws1a8\">(23<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x1826 y5c03 w8fe h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ad ws1a6\">-5%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x182f y5c03 w903 h282\" colspan=\"2\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">(101)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1830 y5c03 wd2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1831 y5c03 w5e1 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b0 ws1ac\">896<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1832 y5c03 we9 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls173 ws1a8\">236<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c04 ff3 fs7 fc1 sc0 lsd2 wsc0\">Lap<span class=\"_ _2\"></span>se rate<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"c n x1833 y5c05 w633 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1834 y5c05 w1bc h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1835 y5c05 w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1836 y5c05 w307 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1837 y5c05 w8d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsa9 ws1aa\">20<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x1838 y5c06 w2bd h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1839 y5c06 w79d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">(8<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x183a y5c06 w1ad h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x183b y5c06 w29d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x183c y5c06 wb5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c07 ff3 fs7 fc1 sc0 ls12 ws10\">Expenses<span class=\"_ _3bc\"> </span></td><td class=\"c n x1833 y5c08 w633 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1e1 ws1e3\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x183d y5c08 w31e h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls8b ws114\">(68)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x183e y5c08 w904 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls9d ws58\">(67<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x183f y5c08 w299 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ad ws1a6\">(3<span class=\"_ _2\"></span>02)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1840 y5c08 w299 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>302)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x1838 y5c09 w2bd h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1e2 ws1e4\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1841 y5c09 w905 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ad ws1a6\">32<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1842 y5c09 w31d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ad ws1a6\">32<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1843 y5c09 w906 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">349<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1844 y5c09 w149 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">3<span class=\"_ _2\"></span>49<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x1845 y5c0a w907 h27d\" colspan=\"2\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">Imp<span class=\"_ _2\"></span>act o<span class=\"_ _2\"></span>n profi<span class=\"_ _2\"></span>t afte<span class=\"_ _2\"></span>r tax a<span class=\"_ _2\"></span>nd eq<span class=\"_ _2\"></span>uit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1846 y5c0a w908 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">Im<span class=\"_ _2\"></span>pac<span class=\"_ _2\"></span>t on CS<span class=\"_ _2\"></span>M<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x1818 y5c0b w909 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 ws77\">Gross of reinsur<span class=\"_ _2\"></span>ance<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1847 y5c0b w90a h27d\" colspan=\"2\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 ws77\">Net of reinsuran<span class=\"_ _2\"></span>ce<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1848 y5c0b w90b h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 ws77\">Gross of reinsur<span class=\"_ _2\"></span>ance<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1849 y5c0b w90c h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 ws77\">Net of reinsuranc<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c0c w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x184a y5c0c w90d h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls83 ws15\">Change in risk variable<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x184b y5c0c w90e h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf3 wsdf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x184c y5c0c w90f h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf3 wsdf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x184d y5c0c w910 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf3 wsdf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x184e y5c0c w910 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lsf3 wsdf\">\u00a3m<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c0d ff3 fs7 fc1 sc0 ls0 ws0\">As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></td><td class=\"c n x1821 y58be w911 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">+5%<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x184f y58be w364 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1850 y58be w1da h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1851 y58be w50 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(18<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1852 y58be w50 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>18)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x1853 y5c0e w802 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">-5%<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1854 y5c0e w1c2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">(16)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1855 y5c0e wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1856 y5c0e wd0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1857 y5c0e w7fc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">1<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c0f ff3 fs7 fc1 sc0 ls1c ws1a\">Annuitant long<span class=\"_ _2\"></span>evity<span class=\"_ _3bc\"> </span></td><td class=\"c n x1821 y5c10 w911 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">+5%<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1858 y5c10 w28b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c3 ws1c3\">54<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1859 y5c10 w1dd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(62)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x185a y5c10 w62a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(835<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x185b y5c10 w912 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">(<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x1853 y58c1 w802 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">-5%<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x185c y58c1 w2cd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(10<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x185d y58c1 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x185e y58c1 w3be h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">8<span class=\"_ _2\"></span>45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x185f y58c1 w176 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls4b ws122\">30<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c11 ff3 fs7 fc1 sc0 lsd2 wsc0\">Lap<span class=\"_ _2\"></span>se rate<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"c n x1860 y5718 w913 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1e8 ws1ed\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1861 y5718 w1a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1862 y5718 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1863 y5718 wa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1864 y5718 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x1865 y56f9 w914 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c2 ws1c2\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1866 y56f9 w915 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(12)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1867 y56f9 w544 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(16<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1868 y56f9 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1869 y56f9 w372 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c12 ff3 fs7 fc1 sc0 ls12 ws10\">Expenses<span class=\"_ _3bc\"> </span></td><td class=\"c n x1860 y55ee w913 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1e8 ws1ed\">+1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x186a y55ee w544 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(57<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x186b y55ee w544 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(57<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x186c y55ee w916 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">(275<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x186d y55ee w375 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _3\"></span>274<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x1865 y55ef w914 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c2 ws1c2\">-1<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x186e y55ef w917 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x186f y55ef wbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1870 y55ef wf7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1871 y55ef wf7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr></table>F11<span class=\"_ _2\"></span>.2 Assumpt<span class=\"_ _2\"></span>ions<span class=\"_ _3bc\"> </span>The as<span class=\"_ _2\"></span>sumptio<span class=\"_ _2\"></span>ns use<span class=\"_ _2\"></span>d to determine th<span class=\"_ _2\"></span>e liabilities are up<span class=\"_ _2\"></span>dated at e<span class=\"_ _2\"></span>ach rep<span class=\"_ _2\"></span>ortin<span class=\"_ _2\"></span>g date to reflec<span class=\"_ _2\"></span>t rece<span class=\"_ _2\"></span>nt experie<span class=\"_ _2\"></span>nce, un<span class=\"_ _2\"></span>less I<span class=\"_ _2\"></span>FRS17 re<span class=\"_ _2\"></span>quires other<span class=\"_ _2\"></span>wise<span class=\"_ _2\"></span>. Materia<span class=\"_ _2\"></span>l judge<span class=\"_ _2\"></span>ment is re<span class=\"_ _2\"></span>quired in ca<span class=\"_ _2\"></span>lculating t<span class=\"_ _2\"></span>hese lia<span class=\"_ _2\"></span>bilities and<span class=\"_ _2\"></span>, in par<span class=\"_ _2\"></span>ticular, in the choi<span class=\"_ _2\"></span>ce of assum<span class=\"_ _2\"></span>ptions ab<span class=\"_ _2\"></span>out which th<span class=\"_ _2\"></span>ere is unce<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ainty over f<span class=\"_ _2\"></span>uture expe<span class=\"_ _2\"></span>rienc<span class=\"_ _2\"></span>e. The prin<span class=\"_ _2\"></span>cipal as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s are as follows:<span class=\"_ _3bc\"> </span>F11<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.<span class=\"_ _5\"></span>1 Dis<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nt rates<span class=\"_ _3bc\"> </span>All ca<span class=\"_ _2\"></span>sh flows are dis<span class=\"_ _2\"></span>counted u<span class=\"_ _2\"></span>sing risk-free yiel<span class=\"_ _2\"></span>d curve<span class=\"_ _2\"></span>s adjus<span class=\"_ _2\"></span>ted to refle<span class=\"_ _2\"></span>ct the tim<span class=\"_ _2\"></span>ing and liqu<span class=\"_ _2\"></span>idity c<span class=\"_ _2\"></span>harac<span class=\"_ _2\"></span>teris<span class=\"_ _2\"></span>tics of thos<span class=\"_ _2\"></span>e cash fl<span class=\"_ _2\"></span>ows. For th<span class=\"_ _2\"></span>e risk-free yiel<span class=\"_ _2\"></span>d curve th<span class=\"_ _2\"></span>e Group use<span class=\"_ _2\"></span>s those p<span class=\"_ _2\"></span>ublishe<span class=\"_ _2\"></span>d by the PR<span class=\"_ _2\"></span>A and EIO<span class=\"_ _2\"></span>P<span class=\"_ _7\"></span>A for re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y rep<span class=\"_ _2\"></span>ortin<span class=\"_ _2\"></span>g. Whe<span class=\"_ _2\"></span>re nece<span class=\"_ _2\"></span>ssa<span class=\"_ _2\"></span>ry, yield cur<span class=\"_ _2\"></span>ves are interpo<span class=\"_ _2\"></span>lated bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the las<span class=\"_ _2\"></span>t available ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et dat<span class=\"_ _2\"></span>a point and th<span class=\"_ _2\"></span>e ultimate for<span class=\"_ _2\"></span>ward rate.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up uses a top<span class=\"_ _2\"></span>-down ap<span class=\"_ _2\"></span>proach pr<span class=\"_ _2\"></span>imarily for ann<span class=\"_ _2\"></span>uities an<span class=\"_ _2\"></span>d a botto<span class=\"_ _2\"></span>m-up disc<span class=\"_ _2\"></span>ount rate for all othe<span class=\"_ _2\"></span>r busine<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>. Under th<span class=\"_ _2\"></span>e top-down appro<span class=\"_ _2\"></span>ach, th<span class=\"_ _2\"></span>e disco<span class=\"_ _2\"></span>unt rate is determin<span class=\"_ _2\"></span>ed from th<span class=\"_ _2\"></span>e yield implic<span class=\"_ _2\"></span>it in the fair valu<span class=\"_ _2\"></span>e of an appropri<span class=\"_ _2\"></span>ate reference p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio of as<span class=\"_ _2\"></span>sets th<span class=\"_ _2\"></span>at reflec<span class=\"_ _2\"></span>ts the char<span class=\"_ _2\"></span>acter<span class=\"_ _2\"></span>istic<span class=\"_ _2\"></span>s of the liabilitie<span class=\"_ _2\"></span>s. For ann<span class=\"_ _2\"></span>uity b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e Group deter<span class=\"_ _2\"></span>mines the refe<span class=\"_ _2\"></span>rence p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio bas<span class=\"_ _2\"></span>ed on the s<span class=\"_ _2\"></span>trate<span class=\"_ _2\"></span>gic ass<span class=\"_ _2\"></span>et alloc<span class=\"_ _2\"></span>ation (\u2018<span class=\"_ _2\"></span>SA<span class=\"_ _2\"></span>A<span class=\"_ _7\"></span>\u2019<span class=\"_ _2\"></span>) which ali<span class=\"_ _2\"></span>gns to the s<span class=\"_ _2\"></span>trategic inve<span class=\"_ _2\"></span>stment o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tives of the G<span class=\"_ _2\"></span>roup. The SA<span class=\"_ _2\"></span>A set<span class=\"_ _2\"></span>s out the t<span class=\"_ _2\"></span>arget level of inves<span class=\"_ _2\"></span>tment in a r<span class=\"_ _2\"></span>ange of as<span class=\"_ _2\"></span>set cla<span class=\"_ _2\"></span>sses a<span class=\"_ _2\"></span>nd the yie<span class=\"_ _2\"></span>ld for thes<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>t class<span class=\"_ _2\"></span>es is deter<span class=\"_ _2\"></span>mined ba<span class=\"_ _2\"></span>sed on t<span class=\"_ _2\"></span>he fair value of as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s in that cla<span class=\"_ _2\"></span>ss held a<span class=\"_ _2\"></span>t the valuatio<span class=\"_ _2\"></span>n date. Adju<span class=\"_ _2\"></span>stment<span class=\"_ _2\"></span>s are mad<span class=\"_ _2\"></span>e for differe<span class=\"_ _2\"></span>nces b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the refere<span class=\"_ _2\"></span>nce por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folio and the in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct liabilit<span class=\"_ _2\"></span>y c<span class=\"_ _2\"></span>ash flows<span class=\"_ _2\"></span>, inclu<span class=\"_ _2\"></span>ding an allowan<span class=\"_ _2\"></span>ce for credi<span class=\"_ _2\"></span>t default<span class=\"_ _2\"></span>s. The c<span class=\"_ _2\"></span>redit defa<span class=\"_ _2\"></span>ult deduc<span class=\"_ _2\"></span>tion com<span class=\"_ _2\"></span>prises an a<span class=\"_ _2\"></span>llowance fo<span class=\"_ _2\"></span>r both expe<span class=\"_ _2\"></span>cted a<span class=\"_ _2\"></span>nd unexpe<span class=\"_ _2\"></span>cte<span class=\"_ _2\"></span>d defaults a<span class=\"_ _2\"></span>nd takes into con<span class=\"_ _2\"></span>siderati<span class=\"_ _2\"></span>on long<span class=\"_ _2\"></span>-term histor<span class=\"_ _2\"></span>ical dat<span class=\"_ _2\"></span>a on act<span class=\"_ _2\"></span>ual default<span class=\"_ _2\"></span>s and an all<span class=\"_ _2\"></span>owance for va<span class=\"_ _2\"></span>riabilit<span class=\"_ _2\"></span>y around th<span class=\"_ _2\"></span>ese defa<span class=\"_ _2\"></span>ults<span class=\"_ _2\"></span>. The cre<span class=\"_ _2\"></span>dit default de<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>n is determin<span class=\"_ _2\"></span>ed bas<span class=\"_ _2\"></span>ed on the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s held at th<span class=\"_ _2\"></span>e valuation d<span class=\"_ _2\"></span>ate. The ap<span class=\"_ _2\"></span>proach to de<span class=\"_ _2\"></span>termining unex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted defaul<span class=\"_ _2\"></span>ts is bas<span class=\"_ _2\"></span>ed on a p<span class=\"_ _2\"></span>ercenta<span class=\"_ _2\"></span>ge of sprea<span class=\"_ _2\"></span>d les<span class=\"_ _2\"></span>s the expe<span class=\"_ _2\"></span>cted def<span class=\"_ _2\"></span>ault allowan<span class=\"_ _2\"></span>ce. The p<span class=\"_ _2\"></span>ercent<span class=\"_ _2\"></span>age of spre<span class=\"_ _2\"></span>ad was set u<span class=\"_ _2\"></span>sing a top-<span class=\"_ _2\"></span>down view that to<span class=\"_ _2\"></span>ok into consi<span class=\"_ _2\"></span>deration m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>\u2019s best e<span class=\"_ _2\"></span>stimate as to th<span class=\"_ _2\"></span>e alloc<span class=\"_ _2\"></span>ation of the spre<span class=\"_ _2\"></span>ad bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n illiquidit<span class=\"_ _2\"></span>y fac<span class=\"_ _2\"></span>tors an<span class=\"_ _2\"></span>d the risk of defa<span class=\"_ _2\"></span>ult. Given th<span class=\"_ _2\"></span>e widenin<span class=\"_ _2\"></span>g of spreads d<span class=\"_ _2\"></span>uring 2022 re<span class=\"_ _2\"></span>sulting from m<span class=\"_ _2\"></span>acro-<span class=\"_ _2\"></span>econ<span class=\"_ _2\"></span>omic con<span class=\"_ _2\"></span>ditions drive<span class=\"_ _2\"></span>n by the war in Ukrain<span class=\"_ _2\"></span>e and res<span class=\"_ _2\"></span>ulting food a<span class=\"_ _2\"></span>nd energ<span class=\"_ _2\"></span>y crise<span class=\"_ _2\"></span>s, surg<span class=\"_ _2\"></span>ing inflatio<span class=\"_ _2\"></span>n and the Mini B<span class=\"_ _2\"></span>udget<span class=\"_ _2\"></span>, this ju<span class=\"_ _2\"></span>dgeme<span class=\"_ _2\"></span>nt bec<span class=\"_ _2\"></span>ame more m<span class=\"_ _2\"></span>aterial. S<span class=\"_ _2\"></span>ince th<span class=\"_ _2\"></span>e be<span class=\"_ _2\"></span>ginning of 202<span class=\"_ _2\"></span>2, the Gro<span class=\"_ _2\"></span>up has be<span class=\"_ _2\"></span>en developin<span class=\"_ _2\"></span>g a credit m<span class=\"_ _2\"></span>odel for us<span class=\"_ _2\"></span>e in the Pho<span class=\"_ _2\"></span>enix So<span class=\"_ _2\"></span>lvency I<span class=\"_ _2\"></span>I Internal M<span class=\"_ _2\"></span>odel (sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to PRA ap<span class=\"_ _2\"></span>proval), which al<span class=\"_ _2\"></span>so provide<span class=\"_ _2\"></span>s a best e<span class=\"_ _2\"></span>stimate vi<span class=\"_ _2\"></span>ew of credit defa<span class=\"_ _2\"></span>ults<span class=\"_ _2\"></span>. The new m<span class=\"_ _2\"></span>odel app<span class=\"_ _2\"></span>lies a stre<span class=\"_ _2\"></span>ss to lon<span class=\"_ _2\"></span>g-term his<span class=\"_ _2\"></span>torical a<span class=\"_ _2\"></span>ctual d<span class=\"_ _2\"></span>efault data to determin<span class=\"_ _2\"></span>e the variab<span class=\"_ _2\"></span>ility of def<span class=\"_ _2\"></span>aults<span class=\"_ _2\"></span>. From 30 June 2<span class=\"_ _2\"></span>022, the n<span class=\"_ _2\"></span>ew mode<span class=\"_ _2\"></span>l has be<span class=\"_ _2\"></span>en use<span class=\"_ _2\"></span>d as an input in d<span class=\"_ _2\"></span>etermining th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>umption for unexp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d credit def<span class=\"_ _2\"></span>aults as i<span class=\"_ _2\"></span>t is consid<span class=\"_ _2\"></span>ered to provid<span class=\"_ _2\"></span>e a more refine<span class=\"_ _2\"></span>d view of the variab<span class=\"_ _2\"></span>ility of defa<span class=\"_ _2\"></span>ults<span class=\"_ _2\"></span>, par<span class=\"_ _2\"></span>ticularl<span class=\"_ _2\"></span>y in volatile market conditions<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs724\">The top<span class=\"_ _2\"></span>-down app<span class=\"_ _2\"></span>roach wa<span class=\"_ _2\"></span>s furth<span class=\"_ _2\"></span>er refine<span class=\"_ _2\"></span>d as at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>. This refine<span class=\"_ _2\"></span>ment relate<span class=\"_ _2\"></span>d to the determ<span class=\"_ _2\"></span>ination of the yie<span class=\"_ _2\"></span>ld use<span class=\"_ _2\"></span>d in relation to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs725\">the Equit<span class=\"_ _2\"></span>y Rele<span class=\"_ _2\"></span>ase M<span class=\"_ _2\"></span>ortg<span class=\"_ _2\"></span>ages a<span class=\"_ _2\"></span>sset c<span class=\"_ _2\"></span>lass<span class=\"_ _2\"></span>. The prev<span class=\"_ _2\"></span>ious appro<span class=\"_ _2\"></span>ach ca<span class=\"_ _2\"></span>lculated t<span class=\"_ _2\"></span>he yield by refere<span class=\"_ _2\"></span>nce to the inter<span class=\"_ _2\"></span>nal se<span class=\"_ _2\"></span>curitisa<span class=\"_ _2\"></span>tion stru<span class=\"_ _2\"></span>cture </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs726\">es<span class=\"_ _2\"></span>tablish<span class=\"_ _2\"></span>ed for this as<span class=\"_ _2\"></span>set cl<span class=\"_ _2\"></span>ass for S<span class=\"_ _2\"></span>olvency I<span class=\"_ _2\"></span>I purpo<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>. This was am<span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>d as at the rep<span class=\"_ _2\"></span>ortin<span class=\"_ _2\"></span>g date to determin<span class=\"_ _2\"></span>e the yield b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs727\">under<span class=\"_ _2\"></span>lying Equit<span class=\"_ _2\"></span>y Rele<span class=\"_ _2\"></span>ase Mo<span class=\"_ _2\"></span>rtg<span class=\"_ _2\"></span>age loa<span class=\"_ _2\"></span>ns thems<span class=\"_ _2\"></span>elves<span class=\"_ _2\"></span>. This refine<span class=\"_ _2\"></span>ment ha<span class=\"_ _2\"></span>d the impac<span class=\"_ _2\"></span>t of increa<span class=\"_ _2\"></span>sing the liqui<span class=\"_ _2\"></span>dity p<span class=\"_ _2\"></span>remium applie<span class=\"_ _2\"></span>d at </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs728\">31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023 for G<span class=\"_ _2\"></span>BP Annuiti<span class=\"_ _2\"></span>es by circa 1<span class=\"_ _2\"></span>9bp<span class=\"_ _2\"></span>s. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs729\">Unde<span class=\"_ _2\"></span>r the bot<span class=\"_ _2\"></span>tom-up ap<span class=\"_ _2\"></span>proach<span class=\"_ _2\"></span>, the disc<span class=\"_ _2\"></span>ount rate is dete<span class=\"_ _2\"></span>rmined a<span class=\"_ _2\"></span>s the risk-free yiel<span class=\"_ _2\"></span>d curve<span class=\"_ _2\"></span>, adjus<span class=\"_ _2\"></span>ted for dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es in liquidit<span class=\"_ _2\"></span>y ch<span class=\"_ _2\"></span>aracte<span class=\"_ _2\"></span>ristic<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs72a\">by addin<span class=\"_ _2\"></span>g an illiquidit<span class=\"_ _2\"></span>y premium<span class=\"_ _2\"></span>. For with-profi<span class=\"_ _2\"></span>ts busin<span class=\"_ _2\"></span>ess a sin<span class=\"_ _2\"></span>gle illiquidit<span class=\"_ _2\"></span>y prem<span class=\"_ _2\"></span>ium is determin<span class=\"_ _2\"></span>ed for ea<span class=\"_ _2\"></span>ch fund ba<span class=\"_ _2\"></span>sed on th<span class=\"_ _2\"></span>e cash fl<span class=\"_ _2\"></span>ow </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs72b\">char<span class=\"_ _2\"></span>acter<span class=\"_ _2\"></span>istic<span class=\"_ _2\"></span>s of the contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>thin the fun<span class=\"_ _2\"></span>d and applie<span class=\"_ _2\"></span>d to all contra<span class=\"_ _2\"></span>cts w<span class=\"_ _2\"></span>ithin the fun<span class=\"_ _2\"></span>d. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs72c\">The t<span class=\"_ _2\"></span>ables be<span class=\"_ _2\"></span>low set ou<span class=\"_ _2\"></span>t the yield c<span class=\"_ _2\"></span>urves u<span class=\"_ _2\"></span>sed to dis<span class=\"_ _2\"></span>count the c<span class=\"_ _2\"></span>ash flows of in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>ts for m<span class=\"_ _2\"></span>ajor cur<span class=\"_ _2\"></span>rencies<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"gs72d\"><table class=\"s w804 h2f9\" id=\"_359645af-a8c2-48f4-995d-311792bfc042\"><tr><td></td><td></td><td></td><td class=\"t m0 x8f0 h3f y5c13 ff7 fsf fc1 sc0 ls199 ws185\">Risk-free rate (bps)<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5c14 w402 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1872 y5c14 w918 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1873 y5c14 w919 h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls0 ws0\">5 ye<span class=\"_ _2\"></span>ars<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1874 y5c14 w91a h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>0 yea<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1875 y5c14 w91b h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls0 ws0\">20 yea<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1876 y5c14 w91a h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls0 ws0\">3<span class=\"_ _2\"></span>0 yea<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c15 w91c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">GB<span class=\"_ _2\"></span>P<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1877 y5c15 w571 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls18c ws172\">474<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1878 y5c15 wcf h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">336<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1879 y5c15 wf6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">328<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x187a y5c15 w118 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a8 ws19f\">343<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc5f y5c15 w4f7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">336<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c16 w91d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Euro<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x687 y5c16 w649 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">336<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x187b y5c16 w52e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">232<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x187c y5c16 we9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">239<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x187d y5c16 w91e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">24<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x187e y5c16 w1f7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x488 h16 y5c17 ff3 fsf fc1 sc0 lse4 wsce\">Risk-<span class=\"_ _5\"></span>free rate<span class=\"_ _5\"></span> (bps)<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5944 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x187f y5944 w91f h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1880 y5944 w920 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">5 ye<span class=\"_ _2\"></span>ars<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1881 y5944 w89a h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>0 year<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1882 y5944 w921 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">20 ye<span class=\"_ _2\"></span>ars<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1883 y5944 w922 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls0 ws0\">3<span class=\"_ _2\"></span>0 yea<span class=\"_ _2\"></span>rs<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee w91c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">GB<span class=\"_ _2\"></span>P<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1884 y55ee w724 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls47 ws19d\">446<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1885 y55ee w923 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">406<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1886 y55ee w85 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">371<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1887 y55ee w3b9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1888 y55ee w2a8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">335<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w91d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Euro<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1889 y55ef w849 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x188a y55ef w37f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x188b y55ef w924 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls4b ws122\">309<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x188c y55ef w3b7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lscc wsba\">276<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x188d y55ef w240 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">229<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"gs72e\"><table class=\"s w3a0 h2fa\" id=\"_839fc2f8-7bf4-4775-b26f-07564d7ec7e8\"><tr><td></td><td></td><td class=\"t m0 x630 h16 y5c18 ff3 fsf fc1 sc0 ls70 ws67\">Liquidity premium over risk<span class=\"_ _5\"></span>-free rate<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"c n x6f4 y5c19 w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f5 y5c19 w3a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x188e y5c1a w83b h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 lse4 wsce\">bps<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x188f y5c1a w925 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse4 wsce\">bps<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58c1 w926 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Annuities GB<span class=\"_ _2\"></span>P<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1890 y58c1 w6f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1891 y58c1 w7b1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">151<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5718 w927 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Annuit<span class=\"_ _2\"></span>ies Euro<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1892 y5718 w357 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1893 y5718 w31a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">44<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5719 w928 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">With-<span class=\"_ _2\"></span>Profits GB<span class=\"_ _2\"></span>P \u2013 liquid liabili<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1894 y5719 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1895 y5719 wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y571a w929 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">With-<span class=\"_ _2\"></span>Profits Euro \u2013 liquid li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x641 y571a w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1896 y571a wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w92a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">With-<span class=\"_ _2\"></span>Profits GB<span class=\"_ _2\"></span>P \u2013 illiquid liabili<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1897 y55ef w92b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws0\">1<span class=\"_ _5\"></span>0<span class=\"_ _7\"></span>7 \u2013 17<span class=\"_ _7\"></span>3</div></td><td class=\"c n x1898 y55ef w92c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws122\">10<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> \u2013 151<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls48 wsa4 gs72f\">F11.2<span class=\"_ _2\"></span>.2 Risk adjustmen<span class=\"_ _5\"></span>t<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs730\">The Gro<span class=\"_ _2\"></span>up has us<span class=\"_ _2\"></span>ed the co<span class=\"_ _2\"></span>nfidenc<span class=\"_ _2\"></span>e level tech<span class=\"_ _2\"></span>nique to derive th<span class=\"_ _2\"></span>e risk adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ent for non-<span class=\"_ _2\"></span>financia<span class=\"_ _2\"></span>l risk. Th<span class=\"_ _2\"></span>e risk adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ent perc<span class=\"_ _2\"></span>entile is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs731\">determin<span class=\"_ _2\"></span>ed ba<span class=\"_ _2\"></span>sed on th<span class=\"_ _2\"></span>e Group\u2019s view of the comp<span class=\"_ _2\"></span>ensat<span class=\"_ _2\"></span>ion require<span class=\"_ _2\"></span>d in respe<span class=\"_ _2\"></span>ct of non-<span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al risk. T<span class=\"_ _2\"></span>he diversifi<span class=\"_ _2\"></span>cation b<span class=\"_ _2\"></span>enefit inc<span class=\"_ _2\"></span>luded in th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs732\">risk a<span class=\"_ _2\"></span>djust<span class=\"_ _2\"></span>ment refle<span class=\"_ _2\"></span>cts dive<span class=\"_ _2\"></span>rsific<span class=\"_ _2\"></span>ation bet<span class=\"_ _2\"></span>ween c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts within t<span class=\"_ _2\"></span>he perim<span class=\"_ _2\"></span>eter of the Group\u2019s Interna<span class=\"_ _2\"></span>l Mode<span class=\"_ _2\"></span>l. There is n<span class=\"_ _2\"></span>o diversific<span class=\"_ _2\"></span>ation allowe<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs733\">for bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n contrac<span class=\"_ _2\"></span>ts me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d under st<span class=\"_ _2\"></span>andard fo<span class=\"_ _2\"></span>rmula and th<span class=\"_ _2\"></span>e internal mo<span class=\"_ _2\"></span>del. Th<span class=\"_ _2\"></span>e confide<span class=\"_ _2\"></span>nce level p<span class=\"_ _2\"></span>ercentil<span class=\"_ _2\"></span>e is calc<span class=\"_ _2\"></span>ulated on a one ye<span class=\"_ _2\"></span>ar </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs734\">basi<span class=\"_ _2\"></span>s. The ri<span class=\"_ _2\"></span>sk adju<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt calibrat<span class=\"_ _2\"></span>ion is set at le<span class=\"_ _2\"></span>ast an<span class=\"_ _2\"></span>nually, off-cycl<span class=\"_ _2\"></span>e, base<span class=\"_ _2\"></span>d on the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s c<span class=\"_ _2\"></span>urrent view of risk<span class=\"_ _2\"></span>. The ris<span class=\"_ _2\"></span>k adjus<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>alculat<span class=\"_ _2\"></span>ion is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs735\">reas<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sed at e<span class=\"_ _2\"></span>ach rep<span class=\"_ _2\"></span>ortin<span class=\"_ _2\"></span>g date, i.e. t<span class=\"_ _2\"></span>he risk ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ent is not lo<span class=\"_ _2\"></span>ck<span class=\"_ _5\"></span>ed-in a<span class=\"_ _2\"></span>t initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs736\">For with-p<span class=\"_ _2\"></span>rofit busine<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, the share<span class=\"_ _2\"></span>holder<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tion of non-fin<span class=\"_ _2\"></span>ancial ri<span class=\"_ _2\"></span>sks (includin<span class=\"_ _2\"></span>g an allowan<span class=\"_ _2\"></span>ce for burn-thro<span class=\"_ _2\"></span>ugh cos<span class=\"_ _2\"></span>ts to the s<span class=\"_ _2\"></span>hareho<span class=\"_ _2\"></span>lder) is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs737\">allowed fo<span class=\"_ _2\"></span>r in the derivat<span class=\"_ _2\"></span>ion of the risk ad<span class=\"_ _2\"></span>just<span class=\"_ _2\"></span>ment. For n<span class=\"_ _2\"></span>on-profit bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s held within a w<span class=\"_ _2\"></span>ith-profit fun<span class=\"_ _2\"></span>d, the ris<span class=\"_ _2\"></span>k adjus<span class=\"_ _2\"></span>tment t<span class=\"_ _2\"></span>ak<span class=\"_ _5\"></span>es into ac<span class=\"_ _2\"></span>count </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs738\">the co<span class=\"_ _2\"></span>mpens<span class=\"_ _2\"></span>ation req<span class=\"_ _2\"></span>uired by both th<span class=\"_ _2\"></span>e shareh<span class=\"_ _2\"></span>older an<span class=\"_ _2\"></span>d the par<span class=\"_ _2\"></span>ticipatin<span class=\"_ _2\"></span>g policy<span class=\"_ _2\"></span>holder<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs739\">Confi<span class=\"_ _2\"></span>dence l<span class=\"_ _2\"></span>evel techni<span class=\"_ _2\"></span>ques are us<span class=\"_ _2\"></span>ed to derive th<span class=\"_ _2\"></span>e overall risk a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for non<span class=\"_ _2\"></span>-financ<span class=\"_ _2\"></span>ial risk an<span class=\"_ _2\"></span>d this is alloc<span class=\"_ _2\"></span>ated down to e<span class=\"_ _2\"></span>ach gro<span class=\"_ _2\"></span>up of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs73a\">contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s in accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h their risk p<span class=\"_ _2\"></span>rofiles. T<span class=\"_ _2\"></span>he confide<span class=\"_ _2\"></span>nce level p<span class=\"_ _2\"></span>ercentil<span class=\"_ _2\"></span>e input use<span class=\"_ _2\"></span>d to determin<span class=\"_ _2\"></span>e the risk ad<span class=\"_ _2\"></span>just<span class=\"_ _2\"></span>ment is as follow<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span></div><div class=\"gs73b\"><table class=\"s w3a0 h2fb\" id=\"_52805f48-76f6-445c-af87-8145007538a5\"><tr><td></td><td class=\"c n x6f4 y577e w3a3 h2b4\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f5 y577e w3a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w92d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts (gros<span class=\"_ _2\"></span>s of reinsura<span class=\"_ _2\"></span>nce)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1899 y55ef w92e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws2f\">80th<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x189a y55ef w743 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">80<span class=\"_ _2\"></span>th<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs73c\">The on<span class=\"_ _2\"></span>e year confid<span class=\"_ _2\"></span>ence le<span class=\"_ _2\"></span>vel used to de<span class=\"_ _2\"></span>termine the r<span class=\"_ _2\"></span>isk adj<span class=\"_ _2\"></span>ustme<span class=\"_ _2\"></span>nt has be<span class=\"_ _2\"></span>en conver<span class=\"_ _2\"></span>ted to an ap<span class=\"_ _2\"></span>proximate lifetime c<span class=\"_ _2\"></span>onfiden<span class=\"_ _2\"></span>ce level usin<span class=\"_ _2\"></span>g an </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs73d\">appro<span class=\"_ _2\"></span>ach which involve<span class=\"_ _2\"></span>s dividing by the s<span class=\"_ _2\"></span>quare root of the lifet<span class=\"_ _2\"></span>ime duration of th<span class=\"_ _2\"></span>e insuran<span class=\"_ _2\"></span>ce busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"gs73e\"><table class=\"s w92f h2fb\" id=\"_225dc061-d7e6-4e50-9c2a-f77785c1a516\"><tr><td class=\"c n x1ea y577e w930 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls17 ws15\">Lifetime<span class=\"_ _5\"></span> confidence level<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x189b y577e w3a3 h2b4\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x189c y577e w3a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w92d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts (gros<span class=\"_ _2\"></span>s of reinsura<span class=\"_ _2\"></span>nce)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x189d y55ef w931 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">61<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x189e y55ef w932 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">61<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls17 ws15 gs73f\">F11.<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>3 Other assumptions<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs740\">Oth<span class=\"_ _2\"></span>er ass<span class=\"_ _2\"></span>umptions s<span class=\"_ _2\"></span>uch as poli<span class=\"_ _2\"></span>cyhold<span class=\"_ _2\"></span>er beh<span class=\"_ _2\"></span>aviours (la<span class=\"_ _2\"></span>pses an<span class=\"_ _2\"></span>d surrende<span class=\"_ _2\"></span>r rates), expe<span class=\"_ _2\"></span>nse inflat<span class=\"_ _2\"></span>ion and dem<span class=\"_ _2\"></span>ogra<span class=\"_ _2\"></span>phic ass<span class=\"_ _2\"></span>umptions (i.e<span class=\"_ _2\"></span>. longev<span class=\"_ _2\"></span>ity, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs741\">mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y) are a key compo<span class=\"_ _2\"></span>nent of determinin<span class=\"_ _2\"></span>g the ca<span class=\"_ _2\"></span>sh flows rela<span class=\"_ _2\"></span>ted to the ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _2\"></span>. The un<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>writing risk v<span class=\"_ _2\"></span>ariables a<span class=\"_ _2\"></span>nd </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs742\">as<span class=\"_ _2\"></span>sumptions are s<span class=\"_ _2\"></span>et bas<span class=\"_ _2\"></span>ed on pas<span class=\"_ _2\"></span>t expe<span class=\"_ _2\"></span>rience a<span class=\"_ _2\"></span>nd/<span class=\"_ _7\"></span>or relev<span class=\"_ _2\"></span>ant indus<span class=\"_ _2\"></span>try d<span class=\"_ _2\"></span>ata, m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et pra<span class=\"_ _2\"></span>ctice<span class=\"_ _2\"></span>, regul<span class=\"_ _2\"></span>ations and e<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>tation<span class=\"_ _2\"></span>s about f<span class=\"_ _2\"></span>uture trend<span class=\"_ _2\"></span>s. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs743\">Econo<span class=\"_ _2\"></span>mic ass<span class=\"_ _2\"></span>umptions us<span class=\"_ _2\"></span>ed in the m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment of fulfilme<span class=\"_ _2\"></span>nt cash fl<span class=\"_ _2\"></span>ows are market con<span class=\"_ _2\"></span>sistent<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs744\">Expens<span class=\"_ _2\"></span>es<span class=\"_ _5\"></span> and expense inflation<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs745\">Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities in<span class=\"_ _2\"></span>clude an all<span class=\"_ _2\"></span>owance for th<span class=\"_ _2\"></span>e bes<span class=\"_ _2\"></span>t estim<span class=\"_ _2\"></span>ate of future exp<span class=\"_ _2\"></span>enses a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated wit<span class=\"_ _2\"></span>h the adminis<span class=\"_ _2\"></span>tration of in-force p<span class=\"_ _2\"></span>olicies<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs746\">This re<span class=\"_ _2\"></span>quires the all<span class=\"_ _2\"></span>ocatio<span class=\"_ _2\"></span>n of the Group\u2019s future exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s bet<span class=\"_ _2\"></span>ween tho<span class=\"_ _2\"></span>se that rel<span class=\"_ _2\"></span>ate to the adminis<span class=\"_ _2\"></span>tration of in-forc<span class=\"_ _2\"></span>e policies<span class=\"_ _2\"></span>, tho<span class=\"_ _2\"></span>se att<span class=\"_ _2\"></span>ributab<span class=\"_ _2\"></span>le </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs747\">to the ac<span class=\"_ _2\"></span>quisition of ne<span class=\"_ _2\"></span>w busine<span class=\"_ _2\"></span>ss and oth<span class=\"_ _2\"></span>er cos<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, such as c<span class=\"_ _2\"></span>orporate c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>re is a level of judg<span class=\"_ _2\"></span>ement a<span class=\"_ _2\"></span>pplied in th<span class=\"_ _2\"></span>e analysi<span class=\"_ _2\"></span>s that supp<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>s this </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs748\">alloc<span class=\"_ _2\"></span>ation. A<span class=\"_ _2\"></span>dditionall<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, j<span class=\"_ _2\"></span>udgem<span class=\"_ _2\"></span>ent is appli<span class=\"_ _2\"></span>ed in the dete<span class=\"_ _2\"></span>rmination of th<span class=\"_ _2\"></span>e proje<span class=\"_ _2\"></span>cted co<span class=\"_ _2\"></span>sts of th<span class=\"_ _2\"></span>e Group, in par<span class=\"_ _2\"></span>ticul<span class=\"_ _2\"></span>ar where tho<span class=\"_ _2\"></span>se proj<span class=\"_ _2\"></span>ectio<span class=\"_ _2\"></span>ns </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs749\">inclu<span class=\"_ _2\"></span>de the impa<span class=\"_ _2\"></span>ct of trans<span class=\"_ _2\"></span>ition and inte<span class=\"_ _2\"></span>gration a<span class=\"_ _2\"></span>ctivit<span class=\"_ _2\"></span>y.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs74b\">E<span class=\"_ _2\"></span>xpens<span class=\"_ _2\"></span>es are as<span class=\"_ _2\"></span>sumed to in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e at either t<span class=\"_ _2\"></span>he rate of incre<span class=\"_ _2\"></span>ase in the Ret<span class=\"_ _2\"></span>ail Price In<span class=\"_ _2\"></span>dex (\u2018<span class=\"_ _2\"></span>RPI<span class=\"_ _2\"></span>\u2019), o<span class=\"_ _2\"></span>r a rate derive<span class=\"_ _2\"></span>d from the UK infl<span class=\"_ _2\"></span>ation swa<span class=\"_ _2\"></span>ps cur<span class=\"_ _2\"></span>ve, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs74c\">plus fixe<span class=\"_ _2\"></span>d margin<span class=\"_ _2\"></span>s in accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h the variou<span class=\"_ _2\"></span>s manag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>MSAs\u2019<span class=\"_ _2\"></span>) the Gro<span class=\"_ _2\"></span>up has in plac<span class=\"_ _2\"></span>e with out<span class=\"_ _2\"></span>sourc<span class=\"_ _2\"></span>e par<span class=\"_ _2\"></span>tners<span class=\"_ _2\"></span>. For </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs74d\">with-p<span class=\"_ _2\"></span>rofit busine<span class=\"_ _2\"></span>ss the ra<span class=\"_ _2\"></span>te of RPI inflation is d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d within ea<span class=\"_ _2\"></span>ch stoc<span class=\"_ _2\"></span>hastic s<span class=\"_ _2\"></span>cena<span class=\"_ _2\"></span>rio. For other b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s it is bas<span class=\"_ _2\"></span>ed on the B<span class=\"_ _2\"></span>ank of Englan<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs74e\">inflation s<span class=\"_ _2\"></span>pot cur<span class=\"_ _2\"></span>ve. For MSA<span class=\"_ _2\"></span>s with contra<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l increas<span class=\"_ _2\"></span>es set by refere<span class=\"_ _2\"></span>nce to nat<span class=\"_ _2\"></span>ional avera<span class=\"_ _2\"></span>ge earnin<span class=\"_ _2\"></span>gs inflatio<span class=\"_ _2\"></span>n, this is ap<span class=\"_ _2\"></span>proximated a<span class=\"_ _2\"></span>s RPI </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs74f\">inflation o<span class=\"_ _2\"></span>r RPI inflati<span class=\"_ _2\"></span>on plus 1%<span class=\"_ _2\"></span>. In ins<span class=\"_ _2\"></span>tanc<span class=\"_ _2\"></span>es in which infla<span class=\"_ _2\"></span>tion risk is not m<span class=\"_ _2\"></span>itigated<span class=\"_ _2\"></span>, appropr<span class=\"_ _2\"></span>iate margins a<span class=\"_ _2\"></span>re applied to refl<span class=\"_ _2\"></span>ect c<span class=\"_ _2\"></span>entral </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs750\">expe<span class=\"_ _2\"></span>ctat<span class=\"_ _2\"></span>ions of earnin<span class=\"_ _2\"></span>gs inflatio<span class=\"_ _2\"></span>n in excess of R<span class=\"_ _2\"></span>PI.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs751\">Mortalit<span class=\"_ _2\"></span>y and longevi<span class=\"_ _5\"></span>ty rates<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs752\">Mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y rate<span class=\"_ _2\"></span>s are base<span class=\"_ _2\"></span>d on com<span class=\"_ _2\"></span>pany exper<span class=\"_ _2\"></span>ience an<span class=\"_ _2\"></span>d publish<span class=\"_ _2\"></span>ed tab<span class=\"_ _2\"></span>les, a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted appro<span class=\"_ _2\"></span>priately to t<span class=\"_ _2\"></span>ak<span class=\"_ _5\"></span>e acc<span class=\"_ _2\"></span>ount of chan<span class=\"_ _2\"></span>ges in the un<span class=\"_ _2\"></span>derlyin<span class=\"_ _2\"></span>g </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs753\">pop<span class=\"_ _2\"></span>ulation mor<span class=\"_ _2\"></span>tali<span class=\"_ _2\"></span>ty sin<span class=\"_ _2\"></span>ce the ta<span class=\"_ _2\"></span>ble was pub<span class=\"_ _2\"></span>lished<span class=\"_ _2\"></span>, compa<span class=\"_ _2\"></span>ny experie<span class=\"_ _2\"></span>nce and fore<span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>t chan<span class=\"_ _2\"></span>ges in fu<span class=\"_ _2\"></span>ture mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y. Where appro<span class=\"_ _2\"></span>priate, a ma<span class=\"_ _2\"></span>rgin </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs754\">is add<span class=\"_ _2\"></span>ed to ass<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y rates to allow for a<span class=\"_ _2\"></span>dvers<span class=\"_ _2\"></span>e future devia<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>. Annuitant m<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y rates are a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted to make allowanc<span class=\"_ _2\"></span>e for future </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs755\">improvem<span class=\"_ _2\"></span>ents in pe<span class=\"_ _2\"></span>nsione<span class=\"_ _2\"></span>r longevi<span class=\"_ _2\"></span>ty.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls16 ws14 gs756\">Lapse a<span class=\"_ _5\"></span>nd sur<span class=\"_ _5\"></span>render<span class=\"_ _5\"></span> rates<span class=\"_ _5\"></span> (persiste<span class=\"_ _5\"></span>ncy<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs757\">The as<span class=\"_ _2\"></span>sume<span class=\"_ _2\"></span>d rates for sur<span class=\"_ _2\"></span>render an<span class=\"_ _2\"></span>d voluntar<span class=\"_ _2\"></span>y premi<span class=\"_ _2\"></span>um discontin<span class=\"_ _2\"></span>uance de<span class=\"_ _2\"></span>pend o<span class=\"_ _2\"></span>n the leng<span class=\"_ _2\"></span>th of time a polic<span class=\"_ _2\"></span>y has be<span class=\"_ _2\"></span>en in force an<span class=\"_ _2\"></span>d the relevant </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs758\">comp<span class=\"_ _2\"></span>any experi<span class=\"_ _2\"></span>ence. S<span class=\"_ _2\"></span>urrende<span class=\"_ _2\"></span>r or voluntar<span class=\"_ _2\"></span>y prem<span class=\"_ _2\"></span>ium discont<span class=\"_ _2\"></span>inuanc<span class=\"_ _2\"></span>es are only a<span class=\"_ _2\"></span>ssume<span class=\"_ _2\"></span>d for realis<span class=\"_ _2\"></span>tic basi<span class=\"_ _2\"></span>s funds<span class=\"_ _2\"></span>. Withdraw<span class=\"_ _2\"></span>al rates us<span class=\"_ _2\"></span>ed in the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs759\">valuati<span class=\"_ _2\"></span>on of with-profit p<span class=\"_ _2\"></span>olicies are b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n obser<span class=\"_ _2\"></span>ved exp<span class=\"_ _2\"></span>erien<span class=\"_ _2\"></span>ce and ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d when it is c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>red that f<span class=\"_ _2\"></span>uture polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r behavio<span class=\"_ _2\"></span>ur will be </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs75a\">influen<span class=\"_ _2\"></span>ced by dif<span class=\"_ _2\"></span>ferent co<span class=\"_ _2\"></span>nsider<span class=\"_ _2\"></span>ations tha<span class=\"_ _2\"></span>n in the pas<span class=\"_ _2\"></span>t. In par<span class=\"_ _2\"></span>tic<span class=\"_ _2\"></span>ular<span class=\"_ _7\"></span>, i<span class=\"_ _2\"></span>t is assum<span class=\"_ _2\"></span>ed that w<span class=\"_ _2\"></span>ithdrawal r<span class=\"_ _2\"></span>ates for unitis<span class=\"_ _2\"></span>ed with-p<span class=\"_ _2\"></span>rofit contra<span class=\"_ _2\"></span>cts will b<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls18 ws16 gs75b\">higher on policy anniversaries on which Mark<span class=\"_ _5\"></span>et V<span class=\"_ _7\"></span>alue Adjustm<span class=\"_ _2\"></span>ents do not apply<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls61 ws5f gs75c\">Discr<span class=\"_ _2\"></span>etionar<span class=\"_ _2\"></span>y particip<span class=\"_ _2\"></span>ating bonus rate<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs75d\">The re<span class=\"_ _2\"></span>gular b<span class=\"_ _2\"></span>onus rates a<span class=\"_ _2\"></span>ssum<span class=\"_ _2\"></span>ed in eac<span class=\"_ _2\"></span>h scen<span class=\"_ _2\"></span>ario are determ<span class=\"_ _2\"></span>ined in ac<span class=\"_ _2\"></span>cordan<span class=\"_ _2\"></span>ce with e<span class=\"_ _2\"></span>ach comp<span class=\"_ _2\"></span>any\u2019<span class=\"_ _5\"></span>s Princ<span class=\"_ _2\"></span>iples and Pr<span class=\"_ _2\"></span>actic<span class=\"_ _2\"></span>es of Finan<span class=\"_ _2\"></span>cial </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs75e\">Man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent (\u2018<span class=\"_ _2\"></span>PPFM<span class=\"_ _2\"></span>\u2019). Fin<span class=\"_ _2\"></span>al bonus<span class=\"_ _2\"></span>es are as<span class=\"_ _2\"></span>sumed a<span class=\"_ _2\"></span>t a level such th<span class=\"_ _2\"></span>at maturit<span class=\"_ _2\"></span>y paym<span class=\"_ _2\"></span>ents will e<span class=\"_ _2\"></span>qual as<span class=\"_ _2\"></span>set sha<span class=\"_ _2\"></span>res subj<span class=\"_ _2\"></span>ect to sm<span class=\"_ _2\"></span>oothing r<span class=\"_ _2\"></span>ules set o<span class=\"_ _2\"></span>ut </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs75f\">in the PPFM a<span class=\"_ _2\"></span>nd the value of g<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>ed ben<span class=\"_ _2\"></span>efits<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs760\">Policy<span class=\"_ _5\"></span>holder options and guarantees<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs761\">Som<span class=\"_ _2\"></span>e of the Group\u2019s produc<span class=\"_ _2\"></span>ts give p<span class=\"_ _2\"></span>otentially valu<span class=\"_ _2\"></span>able gua<span class=\"_ _2\"></span>rantees<span class=\"_ _2\"></span>, or give o<span class=\"_ _2\"></span>ptions to chan<span class=\"_ _2\"></span>ge poli<span class=\"_ _2\"></span>cy ben<span class=\"_ _2\"></span>efits whic<span class=\"_ _2\"></span>h can be exerc<span class=\"_ _2\"></span>ised at t<span class=\"_ _2\"></span>he </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs762\">polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs\u2019 discret<span class=\"_ _2\"></span>ion. The<span class=\"_ _2\"></span>se prod<span class=\"_ _2\"></span>ucts a<span class=\"_ _2\"></span>re describ<span class=\"_ _2\"></span>ed be<span class=\"_ _2\"></span>low:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs763\">Mos<span class=\"_ _2\"></span>t with-profit c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts give a g<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>ed minimum p<span class=\"_ _2\"></span>ayment on a sp<span class=\"_ _2\"></span>ecifie<span class=\"_ _2\"></span>d date or ran<span class=\"_ _2\"></span>ge of dates or on de<span class=\"_ _2\"></span>ath if before th<span class=\"_ _2\"></span>at date or dates<span class=\"_ _2\"></span>. For </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs764\">pen<span class=\"_ _2\"></span>sions co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e spec<span class=\"_ _2\"></span>ified date is th<span class=\"_ _2\"></span>e policy<span class=\"_ _2\"></span>holder<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>s c<span class=\"_ _2\"></span>hosen re<span class=\"_ _2\"></span>tirement da<span class=\"_ _2\"></span>te or a range of da<span class=\"_ _2\"></span>tes around th<span class=\"_ _2\"></span>at date. For en<span class=\"_ _2\"></span>dowment </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs765\">contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s, it is th<span class=\"_ _2\"></span>e maturit<span class=\"_ _2\"></span>y date of the c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t. For with-p<span class=\"_ _2\"></span>rofit bonds i<span class=\"_ _2\"></span>t is often a sp<span class=\"_ _2\"></span>ecifie<span class=\"_ _2\"></span>d anniver<span class=\"_ _2\"></span>sar<span class=\"_ _2\"></span>y of comme<span class=\"_ _2\"></span>ncem<span class=\"_ _2\"></span>ent, in so<span class=\"_ _2\"></span>me cas<span class=\"_ _2\"></span>es with </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs766\">fur<span class=\"_ _2\"></span>ther da<span class=\"_ _2\"></span>tes thereaf<span class=\"_ _2\"></span>ter. Annual bo<span class=\"_ _2\"></span>nuses wh<span class=\"_ _2\"></span>en adde<span class=\"_ _2\"></span>d to with-profit c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts usu<span class=\"_ _2\"></span>ally incre<span class=\"_ _2\"></span>ase the g<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>ed amo<span class=\"_ _2\"></span>unt.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs767\">There a<span class=\"_ _2\"></span>re guara<span class=\"_ _2\"></span>nteed sur<span class=\"_ _2\"></span>render va<span class=\"_ _2\"></span>lues on a sm<span class=\"_ _2\"></span>all numbe<span class=\"_ _2\"></span>r of older contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs768\">Som<span class=\"_ _2\"></span>e pens<span class=\"_ _2\"></span>ions contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s include g<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>ed annu<span class=\"_ _2\"></span>ity opt<span class=\"_ _2\"></span>ions. T<span class=\"_ _2\"></span>he total amo<span class=\"_ _2\"></span>unts provide<span class=\"_ _2\"></span>d in the with<span class=\"_ _2\"></span>-profit and no<span class=\"_ _2\"></span>n-profit fun<span class=\"_ _2\"></span>ds in respe<span class=\"_ _2\"></span>ct of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs769\">the fu<span class=\"_ _2\"></span>ture cos<span class=\"_ _2\"></span>ts of guar<span class=\"_ _2\"></span>anteed a<span class=\"_ _2\"></span>nnuit<span class=\"_ _2\"></span>y options are \u00a3<span class=\"_ _2\"></span>86<span class=\"_ _2\"></span>0 million (2022<span class=\"_ _2\"></span>: \u00a3922 m<span class=\"_ _2\"></span>illion) and \u00a36<span class=\"_ _2\"></span>1 million (2022: \u00a3<span class=\"_ _2\"></span>61 million) res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tively.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs76a\">In com<span class=\"_ _2\"></span>mon with othe<span class=\"_ _2\"></span>r life compan<span class=\"_ _2\"></span>ies in the U<span class=\"_ _2\"></span>K which have writ<span class=\"_ _2\"></span>ten pe<span class=\"_ _2\"></span>nsion tra<span class=\"_ _2\"></span>nsfer an<span class=\"_ _2\"></span>d opt-out bus<span class=\"_ _2\"></span>iness<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up has se<span class=\"_ _2\"></span>t up provisions for th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs76b\">review an<span class=\"_ _2\"></span>d poss<span class=\"_ _2\"></span>ible redres<span class=\"_ _2\"></span>s relatin<span class=\"_ _2\"></span>g to pers<span class=\"_ _2\"></span>onal pe<span class=\"_ _2\"></span>nsion po<span class=\"_ _2\"></span>licies<span class=\"_ _2\"></span>. These p<span class=\"_ _2\"></span>rovisions<span class=\"_ _2\"></span>, which have b<span class=\"_ _2\"></span>een c<span class=\"_ _2\"></span>alculate<span class=\"_ _2\"></span>d from data de<span class=\"_ _2\"></span>rived from det<span class=\"_ _2\"></span>ailed </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs76c\">file review<span class=\"_ _2\"></span>s of specific c<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>s and using a c<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>taint<span class=\"_ _2\"></span>y equival<span class=\"_ _2\"></span>ent approa<span class=\"_ _2\"></span>ch, whi<span class=\"_ _2\"></span>ch give a result ve<span class=\"_ _2\"></span>ry sim<span class=\"_ _2\"></span>ilar to a market cons<span class=\"_ _2\"></span>istent valu<span class=\"_ _2\"></span>ation, are </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs76d\">inclu<span class=\"_ _2\"></span>ded in liabili<span class=\"_ _2\"></span>ties arisin<span class=\"_ _2\"></span>g under ins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>. The total am<span class=\"_ _2\"></span>ount provide<span class=\"_ _2\"></span>d in the with-p<span class=\"_ _2\"></span>rofit funds an<span class=\"_ _2\"></span>d non-profit f<span class=\"_ _2\"></span>unds in resp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>t of the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs76e\">review an<span class=\"_ _2\"></span>d poss<span class=\"_ _2\"></span>ible redres<span class=\"_ _2\"></span>s relatin<span class=\"_ _2\"></span>g to pensio<span class=\"_ _2\"></span>n policie<span class=\"_ _2\"></span>s, inc<span class=\"_ _2\"></span>luding as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>ted cos<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, are \u00a31<span class=\"_ _2\"></span>91 million (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>95 millio<span class=\"_ _2\"></span>n) and \u00a32 million (2<span class=\"_ _2\"></span>022: </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs76f\">\u00a32 millio<span class=\"_ _2\"></span>n) respec<span class=\"_ _2\"></span>tively.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs770\">With-p<span class=\"_ _2\"></span>rofit deferred a<span class=\"_ _2\"></span>nnuities p<span class=\"_ _2\"></span>artic<span class=\"_ _2\"></span>ipate in profits o<span class=\"_ _2\"></span>nly up to the date of retire<span class=\"_ _2\"></span>ment. At retire<span class=\"_ _2\"></span>ment, a g<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>ed ca<span class=\"_ _2\"></span>sh option allow<span class=\"_ _2\"></span>s the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs771\">polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r to commute th<span class=\"_ _2\"></span>e annuit<span class=\"_ _2\"></span>y ben<span class=\"_ _2\"></span>efit into cas<span class=\"_ _2\"></span>h on guar<span class=\"_ _2\"></span>anteed ter<span class=\"_ _2\"></span>ms.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs772\">Assumption changes<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs773\">Durin<span class=\"_ _2\"></span>g the year a num<span class=\"_ _2\"></span>ber of cha<span class=\"_ _2\"></span>nges we<span class=\"_ _2\"></span>re made to as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s to reflec<span class=\"_ _2\"></span>t chang<span class=\"_ _2\"></span>es in expe<span class=\"_ _2\"></span>cted ex<span class=\"_ _2\"></span>perien<span class=\"_ _2\"></span>ce. Th<span class=\"_ _2\"></span>e impac<span class=\"_ _2\"></span>t of material ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs774\">during th<span class=\"_ _2\"></span>e year was as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _3bc\"> </span></div><div class=\"gs775\"><table class=\"s w933 h2fc\" id=\"_64f9c13c-16cd-4596-af1b-2e86434d4f72\"><tr><td></td><td></td><td class=\"t m0 x537 h3f y5c1b ff7 fsf fc1 sc0 lsd4 wsc2\">(D<span class=\"_ _2\"></span>ecr<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e)/<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x189f h16 y5c1b ff3 fsf fc1 sc0 lsb4 wsd1\">(D<span class=\"_ _2\"></span>ecre<span class=\"_ _2\"></span>ase)/<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xc55 h3f y5c1c ff7 fsf fc1 sc0 ls84 ws79\">Increase/<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xc0f h3f y5c1c ff7 fsf fc1 sc0 ls0 ws0\">inc<span class=\"_ _2\"></span>rea<span class=\"_ _2\"></span>se in l<span class=\"_ _2\"></span>oss </td><td class=\"t m0 x1630 h16 y5c1c ff3 fsf fc1 sc0 ls82 ws77\">Incre<span class=\"_ _2\"></span>ase/<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c3 h16 y5c1c ff3 fsf fc1 sc0 ls0 ws0\">inc<span class=\"_ _2\"></span>reas<span class=\"_ _2\"></span>e in los<span class=\"_ _2\"></span>s </td></tr><tr><td></td><td class=\"t m0 x536 h3f y5c1d ff7 fsf fc1 sc0 ls0 ws0\">(de<span class=\"_ _2\"></span>crea<span class=\"_ _2\"></span>se) in C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x537 h3f y5c1d ff7 fsf fc1 sc0 ls81 ws75\">component<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7cf h16 y5c1d ff3 fsf fc1 sc0 ls0 ws0\">(de<span class=\"_ _2\"></span>crea<span class=\"_ _2\"></span>se) in C<span class=\"_ _2\"></span>SM<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9c9 h16 y5c1d ff3 fsf fc1 sc0 ls17 ws15\">component<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5c1e ff3 fs7 fc1 sc0 ls0 ws0\">For insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5c1f w934 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in long<span class=\"_ _2\"></span>evit<span class=\"_ _2\"></span>y assum<span class=\"_ _2\"></span>ptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18a0 y5c1f w11a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">91<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18a1 y5c1f w5c9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18a2 y5c1f w239 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">239<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18a3 y5c1f w935 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y58be w936 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in per<span class=\"_ _2\"></span>sisten<span class=\"_ _2\"></span>cy as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18a4 y58be w7f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18a5 y58be w2f6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18a6 y58be w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18a7 y58be wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5c0e w937 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18a8 y5c0e w3e2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(102)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18a9 y5c0e w60 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18aa y5c0e w1f7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">1<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18ab y5c0e w5d9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5c10 w938 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in expe<span class=\"_ _2\"></span>nses a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18ac y5c10 w34b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18ad y5c10 w19b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(35<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18ae y5c10 w5dc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(172)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18af y5c10 w319 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">59<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c20 ff3 fs7 fc1 sc0 ls0 ws0\">For reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5718 w939 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in long<span class=\"_ _2\"></span>evit<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18b0 y5718 w5e2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">(5<span class=\"_ _2\"></span>98)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18b1 y5718 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18b2 y5718 w53 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18b3 y5718 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y56f9 w936 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in per<span class=\"_ _2\"></span>sisten<span class=\"_ _2\"></span>cy as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18b4 y56f9 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18b5 y56f9 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18b6 y56f9 w1d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(10)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18b7 y56f9 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y55ee w937 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18b8 y55ee w13f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">15<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18b9 y55ee w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18ba y55ee w1c5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls38 ws35\">(4<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18bb y55ee w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y55ef w938 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in expe<span class=\"_ _2\"></span>nses a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18bc y55ef w1fc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(13)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18bd y55ef w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18be y55ef w1da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>33)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18bf y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table></div>2023:<span class=\"_ _3bc\"> </span>The \u00a3<span class=\"_ _2\"></span>320 million net of rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e increa<span class=\"_ _2\"></span>se in CS<span class=\"_ _2\"></span>M due to chan<span class=\"_ _2\"></span>ges in lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumptions re<span class=\"_ _2\"></span>flect<span class=\"_ _2\"></span>s update<span class=\"_ _2\"></span>s to base an<span class=\"_ _2\"></span>d improvement as<span class=\"_ _2\"></span>sumptions to refl<span class=\"_ _2\"></span>ect late<span class=\"_ _2\"></span>st exp<span class=\"_ _2\"></span>erienc<span class=\"_ _2\"></span>e analys<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, including m<span class=\"_ _2\"></span>oving to the late<span class=\"_ _2\"></span>st CM<span class=\"_ _2\"></span>I mode<span class=\"_ _2\"></span>l.<span class=\"_ _3bc\"> </span>As well a<span class=\"_ _2\"></span>s annual p<span class=\"_ _2\"></span>ersis<span class=\"_ _2\"></span>tency up<span class=\"_ _2\"></span>dates to refle<span class=\"_ _2\"></span>ct lates<span class=\"_ _2\"></span>t expe<span class=\"_ _2\"></span>rience<span class=\"_ _2\"></span>, assum<span class=\"_ _2\"></span>ption chan<span class=\"_ _2\"></span>ges were m<span class=\"_ _2\"></span>ade for late retire<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s and GA<span class=\"_ _7\"></span>O t<span class=\"_ _2\"></span>ake-up rate<span class=\"_ _2\"></span>s during th<span class=\"_ _2\"></span>e year<span class=\"_ _7\"></span>. The \u00a3(87<span class=\"_ _2\"></span>) million n<span class=\"_ _2\"></span>et of reinsuran<span class=\"_ _2\"></span>ce dec<span class=\"_ _2\"></span>rease in C<span class=\"_ _2\"></span>SM due to c<span class=\"_ _2\"></span>hange in m<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y assum<span class=\"_ _2\"></span>ptions is driven by c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in Europe &amp; O<span class=\"_ _2\"></span>ther ba<span class=\"_ _2\"></span>se mor<span class=\"_ _2\"></span>tality valuation assumptions.<span class=\"_ _3bc\"> </span>The \u00a3(1<span class=\"_ _2\"></span>83) millio<span class=\"_ _2\"></span>n net of reinsur<span class=\"_ _2\"></span>ance de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in CSM an<span class=\"_ _2\"></span>d \u00a3(35) m<span class=\"_ _2\"></span>illion net of reinsur<span class=\"_ _2\"></span>ance de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in loss c<span class=\"_ _2\"></span>ompon<span class=\"_ _2\"></span>ent are due to ch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>s in expe<span class=\"_ _2\"></span>nse as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s is driven by an incre<span class=\"_ _2\"></span>ase in res<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ves princip<span class=\"_ _2\"></span>ally in resp<span class=\"_ _2\"></span>ect of deli<span class=\"_ _2\"></span>very of th<span class=\"_ _2\"></span>e Group T<span class=\"_ _7\"></span>arg<span class=\"_ _2\"></span>et Oper<span class=\"_ _2\"></span>ating Mo<span class=\"_ _2\"></span>del for IT an<span class=\"_ _2\"></span>d Ope<span class=\"_ _2\"></span>rations in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d the migr<span class=\"_ _2\"></span>ation of policy<span class=\"_ _2\"></span>holder a<span class=\"_ _2\"></span>dministr<span class=\"_ _2\"></span>ation onto the T<span class=\"_ _7\"></span>a<span class=\"_ _2\"></span>ta Con<span class=\"_ _2\"></span>sultanc<span class=\"_ _2\"></span>y Ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>T<span class=\"_ _5\"></span>CS<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>) platfo<span class=\"_ _2\"></span>rm togeth<span class=\"_ _2\"></span>er with Group expe<span class=\"_ _2\"></span>nse provisi<span class=\"_ _2\"></span>ons and an in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in modell<span class=\"_ _2\"></span>ed mainten<span class=\"_ _2\"></span>ance exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s ass<span class=\"_ _2\"></span>umptions<span class=\"_ _2\"></span>. This is par<span class=\"_ _2\"></span>tly of<span class=\"_ _2\"></span>fset du<span class=\"_ _2\"></span>e to chang<span class=\"_ _2\"></span>es in mod<span class=\"_ _2\"></span>elled inves<span class=\"_ _2\"></span>tment expe<span class=\"_ _2\"></span>nses an<span class=\"_ _2\"></span>d relea<span class=\"_ _2\"></span>se of an investm<span class=\"_ _2\"></span>ent manu<span class=\"_ _2\"></span>al.<span class=\"_ _3bc\"> </span>2022:<span class=\"_ _3bc\"> </span>The \u00a3<span class=\"_ _2\"></span>117 million net of rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e increa<span class=\"_ _2\"></span>se in CS<span class=\"_ _2\"></span>M due to chan<span class=\"_ _2\"></span>ges in lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumptions refl<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>s updates to b<span class=\"_ _2\"></span>ase and im<span class=\"_ _2\"></span>provement as<span class=\"_ _2\"></span>sumptions to refl<span class=\"_ _2\"></span>ect late<span class=\"_ _2\"></span>st exp<span class=\"_ _2\"></span>erienc<span class=\"_ _2\"></span>e analys<span class=\"_ _2\"></span>es. T<span class=\"_ _2\"></span>he \u00a317 million g<span class=\"_ _2\"></span>ross inc<span class=\"_ _2\"></span>rease in l<span class=\"_ _2\"></span>oss com<span class=\"_ _2\"></span>ponent i<span class=\"_ _2\"></span>s driven by long<span class=\"_ _2\"></span>evit<span class=\"_ _2\"></span>y assumpt<span class=\"_ _2\"></span>ion chan<span class=\"_ _2\"></span>ges on Phoe<span class=\"_ _2\"></span>nix BPA busines<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Persis<span class=\"_ _2\"></span>tency a<span class=\"_ _2\"></span>ssumpt<span class=\"_ _2\"></span>ions have be<span class=\"_ _2\"></span>en update<span class=\"_ _2\"></span>d to reflec<span class=\"_ _2\"></span>t latest ex<span class=\"_ _2\"></span>perien<span class=\"_ _2\"></span>ce ana<span class=\"_ _2\"></span>lyses<span class=\"_ _2\"></span>, lea<span class=\"_ _2\"></span>ding to a \u00a317 million im<span class=\"_ _2\"></span>pact on l<span class=\"_ _2\"></span>oss co<span class=\"_ _2\"></span>mpone<span class=\"_ _2\"></span>nt.<span class=\"_ _3bc\"> </span>The \u00a387 m<span class=\"_ _2\"></span>illion net of reins<span class=\"_ _2\"></span>urance in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in CSM du<span class=\"_ _2\"></span>e to chang<span class=\"_ _2\"></span>es in mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s is driven by chan<span class=\"_ _2\"></span>ges in m<span class=\"_ _2\"></span>orbidit<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>umption for German m<span class=\"_ _2\"></span>orbidity rider<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The \u00a3(20<span class=\"_ _2\"></span>5) million n<span class=\"_ _2\"></span>et of reinsura<span class=\"_ _2\"></span>nce de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in CSM an<span class=\"_ _2\"></span>d \u00a359 million n<span class=\"_ _2\"></span>et of reinsuran<span class=\"_ _2\"></span>ce incre<span class=\"_ _2\"></span>ase in los<span class=\"_ _2\"></span>s comp<span class=\"_ _2\"></span>onent due to c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in expen<span class=\"_ _2\"></span>se as<span class=\"_ _2\"></span>sumptions p<span class=\"_ _2\"></span>rimarily refle<span class=\"_ _2\"></span>ct<span class=\"_ _2\"></span>s an increa<span class=\"_ _2\"></span>se in the antic<span class=\"_ _2\"></span>ipated co<span class=\"_ _2\"></span>sts a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated with th<span class=\"_ _2\"></span>e implem<span class=\"_ _2\"></span>entation of I<span class=\"_ _2\"></span>FRS 17 and th<span class=\"_ _2\"></span>e deliver<span class=\"_ _2\"></span>y of the Group T<span class=\"_ _7\"></span>arge<span class=\"_ _2\"></span>t Oper<span class=\"_ _2\"></span>ating Mo<span class=\"_ _2\"></span>del for IT and O<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tions.<span class=\"_ _3bc\"> </span>F11<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>3 Man<span class=\"_ _2\"></span>agin<span class=\"_ _2\"></span>g prod<span class=\"_ _2\"></span>uct ri<span class=\"_ _2\"></span>sk<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing sec<span class=\"_ _2\"></span>tions gi<span class=\"_ _2\"></span>ve an asse<span class=\"_ _2\"></span>ssm<span class=\"_ _2\"></span>ent of the risks as<span class=\"_ _2\"></span>soc<span class=\"_ _2\"></span>iated with th<span class=\"_ _2\"></span>e Group\u2019s main life ass<span class=\"_ _2\"></span>urance p<span class=\"_ _2\"></span>roduct<span class=\"_ _2\"></span>s and the w<span class=\"_ _2\"></span>ays in which the G<span class=\"_ _2\"></span>roup manages those<span class=\"_ _5\"></span> risk<span class=\"_ _5\"></span>s.<span class=\"_ _3bc\"> </span><table class=\"s w93a h2fd\" id=\"_cfc86988-e235-4c70-9e9f-516062b05c64\"><tr><td class=\"c n x1ea y5c21 w93b h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse9 wsd4\">Product<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18c0 y5c21 w93c h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">Primar<span class=\"_ _2\"></span>y segment<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18c1 y5c21 w93d h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">M<span class=\"_ _2\"></span>ain insurance risks<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5c22 ff3 fs7 fc1 sc0 ls1c ws1a\">With-Profit:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58bc w93e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unitised &amp; T<span class=\"_ _7\"></span>ra<span class=\"_ _2\"></span>ditional \u2013 without guarante<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18c2 y58bc w28a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">With-Profits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18c3 y58bc w93f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">L<span class=\"_ _5\"></span>ong<span class=\"_ _2\"></span>evit<span class=\"_ _2\"></span>y &amp; Lapse<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c1f w940 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unitised &amp; T<span class=\"_ _7\"></span>ra<span class=\"_ _2\"></span>ditional \u2013 with guarantees<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18c4 y5c1f w28a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">With-Profits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18c5 y5c1f w941 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">L<span class=\"_ _2\"></span>apse<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n xe7d y5c23 w669 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Annuities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18c6 y5c23 w942 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">With-<span class=\"_ _2\"></span>Profits<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18c7 y5c23 w943 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Longevit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x16dc hd y5c24 ff3 fs7 fc1 sc0 ls18 ws16\">Non-profit:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5c10 w944 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d annuiti<span class=\"_ _2\"></span>es \u2013 with gu<span class=\"_ _2\"></span>arantee<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18c8 y5c10 w945 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>tirement S<span class=\"_ _2\"></span>olution<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18c9 y5c10 w943 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Longevit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58c1 w946 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d annuiti<span class=\"_ _2\"></span>es \u2013 witho<span class=\"_ _2\"></span>ut guara<span class=\"_ _2\"></span>ntees<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18ca y58c1 w947 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Retire<span class=\"_ _2\"></span>ment S<span class=\"_ _2\"></span>olutions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18c5 y58c1 w948 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">L<span class=\"_ _5\"></span>ongevit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59f1 w949 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8c ws6b\">Imme<span class=\"_ _2\"></span>diate annuitie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18cb y59f1 w94a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Retirem<span class=\"_ _2\"></span>ent Solu<span class=\"_ _2\"></span>tions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18cc y59f1 w943 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Longevit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 w672 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls72 ws68\">Pr<span class=\"_ _5\"></span>ot<span class=\"_ _7\"></span>ection<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18cd y56f9 w94b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Europ<span class=\"_ _2\"></span>e &amp; Othe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18ce y56f9 w94c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y, Morbidit<span class=\"_ _2\"></span>y &amp; La<span class=\"_ _2\"></span>pse<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee w94d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Unit-linked \u2013 with g<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18cf y55ee w288 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Pension<span class=\"_ _2\"></span>s &amp; Saving<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d0 y55ee w94e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y &amp; Laps<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w94f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Unit-linked \u2013 with<span class=\"_ _2\"></span>out gua<span class=\"_ _2\"></span>rantees<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d1 y55ef w950 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Pensio<span class=\"_ _2\"></span>ns &amp; Saving<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d2 y55ef w951 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">M<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, M<span class=\"_ _2\"></span>orbidit<span class=\"_ _2\"></span>y &amp; Laps<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td></tr></table>The ab<span class=\"_ _2\"></span>ove produc<span class=\"_ _2\"></span>ts will als<span class=\"_ _2\"></span>o be expo<span class=\"_ _2\"></span>sed to mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>t risk and f<span class=\"_ _2\"></span>urthe<span class=\"_ _2\"></span>r details a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d in note E6.<span class=\"_ _2\"></span>2.<span class=\"_ _3bc\"> </span>\u00a312<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>6 million (2022<span class=\"_ _2\"></span>: \u00a311<span class=\"_ _2\"></span>,753 million) of liabiliti<span class=\"_ _2\"></span>es are subj<span class=\"_ _2\"></span>ect to lo<span class=\"_ _2\"></span>ngevit<span class=\"_ _2\"></span>y swa<span class=\"_ _2\"></span>p arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>With<span class=\"_ _2\"></span>-profit f<span class=\"_ _2\"></span>und (unitis<span class=\"_ _2\"></span>ed an<span class=\"_ _2\"></span>d tradi<span class=\"_ _2\"></span>tional)<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up oper<span class=\"_ _2\"></span>ates a numbe<span class=\"_ _2\"></span>r of with-profit fun<span class=\"_ _2\"></span>ds in which th<span class=\"_ _2\"></span>e with-profit p<span class=\"_ _2\"></span>olicyho<span class=\"_ _2\"></span>lders b<span class=\"_ _2\"></span>enefit from a di<span class=\"_ _2\"></span>scretion<span class=\"_ _2\"></span>ary a<span class=\"_ _2\"></span>nnual bo<span class=\"_ _2\"></span>nus (gua<span class=\"_ _2\"></span>rantee<span class=\"_ _2\"></span>d onc<span class=\"_ _2\"></span>e added in m<span class=\"_ _2\"></span>ost c<span class=\"_ _2\"></span>ases) an<span class=\"_ _2\"></span>d a discretio<span class=\"_ _2\"></span>nar<span class=\"_ _2\"></span>y final bon<span class=\"_ _2\"></span>us. N<span class=\"_ _2\"></span>on-par<span class=\"_ _2\"></span>ticipatin<span class=\"_ _2\"></span>g busine<span class=\"_ _2\"></span>ss is als<span class=\"_ _2\"></span>o writ<span class=\"_ _2\"></span>ten in some of th<span class=\"_ _2\"></span>e with-profit fun<span class=\"_ _2\"></span>ds and s<span class=\"_ _2\"></span>ome of the fun<span class=\"_ _2\"></span>ds may incl<span class=\"_ _2\"></span>ude imme<span class=\"_ _2\"></span>diate annuitie<span class=\"_ _2\"></span>s and deferre<span class=\"_ _2\"></span>d annuiti<span class=\"_ _2\"></span>es with Gu<span class=\"_ _2\"></span>arantee<span class=\"_ _2\"></span>d Annuit<span class=\"_ _2\"></span>y Rates (<span class=\"_ _2\"></span>\u2018GAR\u2019<span class=\"_ _2\"></span>).<span class=\"_ _3bc\"> </span>The inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y of each fun<span class=\"_ _2\"></span>d differ<span class=\"_ _2\"></span>s, b<span class=\"_ _2\"></span>ut is broadl<span class=\"_ _2\"></span>y to invest in a mix<span class=\"_ _2\"></span>ture of fixed inte<span class=\"_ _2\"></span>rest inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s and equi<span class=\"_ _2\"></span>ties and/<span class=\"_ _7\"></span>o<span class=\"_ _2\"></span>r proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y and other a<span class=\"_ _2\"></span>sset c<span class=\"_ _2\"></span>lass<span class=\"_ _2\"></span>es in such pro<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tions as is a<span class=\"_ _2\"></span>ppropriate to th<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt risk expo<span class=\"_ _2\"></span>sure of the fund a<span class=\"_ _2\"></span>nd its c<span class=\"_ _2\"></span>apital re<span class=\"_ _2\"></span>source<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has sig<span class=\"_ _2\"></span>nificant dis<span class=\"_ _2\"></span>cretion re<span class=\"_ _2\"></span>garding inves<span class=\"_ _2\"></span>tment p<span class=\"_ _2\"></span>olicy, bonus p<span class=\"_ _2\"></span>olicy and e<span class=\"_ _2\"></span>arly term<span class=\"_ _2\"></span>ination valu<span class=\"_ _2\"></span>es. Th<span class=\"_ _2\"></span>e proce<span class=\"_ _2\"></span>ss for exercis<span class=\"_ _2\"></span>ing discre<span class=\"_ _2\"></span>tion in the ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment of the with-<span class=\"_ _2\"></span>profit funds i<span class=\"_ _2\"></span>s set out in th<span class=\"_ _2\"></span>e PPFM for each w<span class=\"_ _2\"></span>ith-profit fun<span class=\"_ _2\"></span>d and is over<span class=\"_ _2\"></span>seen by wit<span class=\"_ _2\"></span>h-profit com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>es. Advice i<span class=\"_ _2\"></span>s also taken from t<span class=\"_ _2\"></span>he with-profit a<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>ry of ea<span class=\"_ _2\"></span>ch with-profi<span class=\"_ _2\"></span>t fund. C<span class=\"_ _2\"></span>omplian<span class=\"_ _2\"></span>ce with the PP<span class=\"_ _2\"></span>FM is reviewed an<span class=\"_ _2\"></span>nually an<span class=\"_ _2\"></span>d<span class=\"_ gs132\"> </span>repor<span class=\"_ _2\"></span>ted to the PRA<span class=\"_ _2\"></span>, Financial Con<span class=\"_ _2\"></span>duct Authority (\u2018<span class=\"_ _2\"></span>FCA<span class=\"_ _7\"></span>\u2019) and policyh<span class=\"_ _2\"></span>olders.<span class=\"_ _3bc\"> </span>The b<span class=\"_ _2\"></span>onuse<span class=\"_ _2\"></span>s are design<span class=\"_ _2\"></span>ed to dist<span class=\"_ _2\"></span>ribute to polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs a fair sh<span class=\"_ _2\"></span>are of the return on th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets in the wi<span class=\"_ _2\"></span>th-profit fun<span class=\"_ _2\"></span>ds togeth<span class=\"_ _2\"></span>er with othe<span class=\"_ _2\"></span>r elem<span class=\"_ _2\"></span>ents of the ex<span class=\"_ _2\"></span>perien<span class=\"_ _2\"></span>ce of the fun<span class=\"_ _2\"></span>d. The sh<span class=\"_ _2\"></span>arehol<span class=\"_ _2\"></span>ders of the G<span class=\"_ _2\"></span>roup are entitle<span class=\"_ _2\"></span>d to rece<span class=\"_ _2\"></span>ive one-nint<span class=\"_ _2\"></span>h of the cost of b<span class=\"_ _2\"></span>onuse<span class=\"_ _2\"></span>s decla<span class=\"_ _2\"></span>red for som<span class=\"_ _2\"></span>e funds an<span class=\"_ _2\"></span>d \u00a3nil for others<span class=\"_ _2\"></span>. For the He<span class=\"_ _2\"></span>ritag<span class=\"_ _2\"></span>e With Profits Fun<span class=\"_ _2\"></span>d (\u2018H<span class=\"_ _2\"></span>WPF\u2019<span class=\"_ _2\"></span>), under th<span class=\"_ _2\"></span>e Sch<span class=\"_ _2\"></span>eme of Dem<span class=\"_ _2\"></span>utualis<span class=\"_ _2\"></span>ation, s<span class=\"_ _2\"></span>hareho<span class=\"_ _2\"></span>lders are e<span class=\"_ _2\"></span>ntitled to rec<span class=\"_ _2\"></span>eive cer<span class=\"_ _2\"></span>tain defin<span class=\"_ _2\"></span>ed ca<span class=\"_ _2\"></span>sh flows aris<span class=\"_ _2\"></span>ing on spe<span class=\"_ _2\"></span>cified b<span class=\"_ _2\"></span>locks of UK an<span class=\"_ _2\"></span>d Irish bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s. Unitis<span class=\"_ _2\"></span>ed and tr<span class=\"_ _2\"></span>adition<span class=\"_ _2\"></span>al with-profit p<span class=\"_ _2\"></span>olicies are e<span class=\"_ _2\"></span>xpose<span class=\"_ _2\"></span>d to equival<span class=\"_ _2\"></span>ent risks<span class=\"_ _2\"></span>, the main dif<span class=\"_ _2\"></span>feren<span class=\"_ _2\"></span>ce being t<span class=\"_ _2\"></span>hat unitise<span class=\"_ _2\"></span>d with-profi<span class=\"_ _2\"></span>t policies p<span class=\"_ _2\"></span>urchas<span class=\"_ _2\"></span>e notion<span class=\"_ _2\"></span>al units in a wit<span class=\"_ _2\"></span>h-profit fund w<span class=\"_ _2\"></span>hereas t<span class=\"_ _2\"></span>radition<span class=\"_ _2\"></span>al with-profit p<span class=\"_ _2\"></span>olicies d<span class=\"_ _2\"></span>o not. Be<span class=\"_ _2\"></span>nefit paym<span class=\"_ _2\"></span>ents for unitis<span class=\"_ _2\"></span>ed po<span class=\"_ _2\"></span>licies are the<span class=\"_ _2\"></span>n depe<span class=\"_ _2\"></span>ndent on unit pric<span class=\"_ _2\"></span>es at the tim<span class=\"_ _2\"></span>e of a claim, al<span class=\"_ _2\"></span>though c<span class=\"_ _2\"></span>harge<span class=\"_ _2\"></span>s may be appli<span class=\"_ _2\"></span>ed. A unitis<span class=\"_ _2\"></span>ed with-<span class=\"_ _2\"></span>profit fund pr<span class=\"_ _2\"></span>ice is t<span class=\"_ _2\"></span>ypicall<span class=\"_ _2\"></span>y guara<span class=\"_ _2\"></span>nteed not<span class=\"_ gs132\"> </span>to fa<span class=\"_ _2\"></span>ll and incre<span class=\"_ _2\"></span>ases in lin<span class=\"_ _2\"></span>e with any discret<span class=\"_ _2\"></span>ionar<span class=\"_ _2\"></span>y bonu<span class=\"_ _2\"></span>s payment<span class=\"_ _2\"></span>s over the co<span class=\"_ _2\"></span>urse of one yea<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs777\">Deferred annuit<span class=\"_ _5\"></span>ies<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs778\">Deferre<span class=\"_ _2\"></span>d annuit<span class=\"_ _2\"></span>y po<span class=\"_ _2\"></span>licies are writ<span class=\"_ _2\"></span>ten to provid<span class=\"_ _2\"></span>e either a c<span class=\"_ _2\"></span>ash be<span class=\"_ _2\"></span>nefit at retirem<span class=\"_ _2\"></span>ent, whi<span class=\"_ _2\"></span>ch the poli<span class=\"_ _2\"></span>cyhold<span class=\"_ _2\"></span>er can us<span class=\"_ _2\"></span>e to buy an ann<span class=\"_ _2\"></span>uity o<span class=\"_ _2\"></span>n the terms </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs779\">then a<span class=\"_ _2\"></span>pplicab<span class=\"_ _2\"></span>le, or an ann<span class=\"_ _2\"></span>uity p<span class=\"_ _2\"></span>ayable from retire<span class=\"_ _2\"></span>ment. T<span class=\"_ _2\"></span>he polic<span class=\"_ _2\"></span>ies conta<span class=\"_ _2\"></span>in an elem<span class=\"_ _2\"></span>ent of guara<span class=\"_ _2\"></span>ntee expres<span class=\"_ _2\"></span>sed in t<span class=\"_ _2\"></span>he form that th<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>t is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs77a\">writ<span class=\"_ _2\"></span>ten in, i<span class=\"_ _2\"></span>.e. to provide ca<span class=\"_ _2\"></span>sh or an ann<span class=\"_ _2\"></span>uity. Deferre<span class=\"_ _2\"></span>d annuit<span class=\"_ _2\"></span>y poli<span class=\"_ _2\"></span>cies writ<span class=\"_ _2\"></span>ten to provide a c<span class=\"_ _2\"></span>ash be<span class=\"_ _2\"></span>nefit may al<span class=\"_ _2\"></span>so conta<span class=\"_ _2\"></span>in an option to conver<span class=\"_ _2\"></span>t the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs77b\">ca<span class=\"_ _2\"></span>sh benefi<span class=\"_ _2\"></span>t to an annuit<span class=\"_ _2\"></span>y ben<span class=\"_ _2\"></span>efit on gua<span class=\"_ _2\"></span>rantee<span class=\"_ _2\"></span>d terms; th<span class=\"_ _2\"></span>ese are kno<span class=\"_ _2\"></span>wn as GAR policie<span class=\"_ _2\"></span>s. Defer<span class=\"_ _2\"></span>red annuit<span class=\"_ _2\"></span>y po<span class=\"_ _2\"></span>licies writ<span class=\"_ _2\"></span>ten to provid<span class=\"_ _2\"></span>e an annuit<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs77c\">ben<span class=\"_ _2\"></span>efit may als<span class=\"_ _2\"></span>o contain an o<span class=\"_ _2\"></span>ption to conver<span class=\"_ _2\"></span>t the ann<span class=\"_ _2\"></span>uity b<span class=\"_ _2\"></span>enefit into c<span class=\"_ _2\"></span>ash ben<span class=\"_ _2\"></span>efits on g<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>ed terms<span class=\"_ _2\"></span>; these a<span class=\"_ _2\"></span>re known as G<span class=\"_ _2\"></span>uarantee<span class=\"_ _2\"></span>d Cash </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs77d\">Option (<span class=\"_ _2\"></span>\u2018GCO<span class=\"_ _2\"></span>\u2019)<span class=\"_ gs132\"> </span>po<span class=\"_ _2\"></span>licies<span class=\"_ _2\"></span>. In additio<span class=\"_ _2\"></span>n, cer<span class=\"_ _2\"></span>tain un<span class=\"_ _2\"></span>it prices in t<span class=\"_ _2\"></span>he HWPF are g<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>ed not to de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs77e\">Long-te<span class=\"_ _2\"></span>rm interest r<span class=\"_ _2\"></span>ates remain re<span class=\"_ _2\"></span>latively low c<span class=\"_ _2\"></span>ompare<span class=\"_ _2\"></span>d to historic<span class=\"_ _2\"></span>al levels an<span class=\"_ _2\"></span>d life expec<span class=\"_ _2\"></span>tanc<span class=\"_ _2\"></span>y has inc<span class=\"_ _2\"></span>rease<span class=\"_ _2\"></span>d more rap<span class=\"_ _2\"></span>idly than or<span class=\"_ _2\"></span>iginally </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs77f\">anticip<span class=\"_ _2\"></span>ated. The g<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>ed term<span class=\"_ _2\"></span>s on GAR policies are m<span class=\"_ _2\"></span>ore favourab<span class=\"_ _2\"></span>le than the a<span class=\"_ _2\"></span>nnuit<span class=\"_ _2\"></span>y rates cur<span class=\"_ _2\"></span>rently availabl<span class=\"_ _2\"></span>e in the market availabl<span class=\"_ _2\"></span>e for cash </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs780\">ben<span class=\"_ _2\"></span>efits<span class=\"_ _2\"></span>. The gua<span class=\"_ _2\"></span>rantee<span class=\"_ _2\"></span>d terms on GC<span class=\"_ _2\"></span>O policie<span class=\"_ _2\"></span>s are currently n<span class=\"_ _2\"></span>ot valuabl<span class=\"_ _2\"></span>e. Deferre<span class=\"_ _2\"></span>d annuit<span class=\"_ _2\"></span>y polic<span class=\"_ _2\"></span>ies which are w<span class=\"_ _2\"></span>ritten to p<span class=\"_ _2\"></span>rovide annuit<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs781\">ben<span class=\"_ _2\"></span>efits are m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>d in a similar m<span class=\"_ _2\"></span>anner to imm<span class=\"_ _2\"></span>ediate ann<span class=\"_ _2\"></span>uities and a<span class=\"_ _2\"></span>re expos<span class=\"_ _2\"></span>ed to the sa<span class=\"_ _2\"></span>me risks<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs782\">The opti<span class=\"_ _2\"></span>on provisions o<span class=\"_ _2\"></span>n G<span class=\"_ _5\"></span>AR poli<span class=\"_ _2\"></span>cies are par<span class=\"_ _2\"></span>tic<span class=\"_ _2\"></span>ularly sen<span class=\"_ _2\"></span>sitive to downward m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in interest r<span class=\"_ _2\"></span>ates, in<span class=\"_ _2\"></span>creasin<span class=\"_ _2\"></span>g life expec<span class=\"_ _2\"></span>tanc<span class=\"_ _2\"></span>y and the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs783\">propo<span class=\"_ _2\"></span>rtio<span class=\"_ _2\"></span>n of custome<span class=\"_ _2\"></span>rs exercis<span class=\"_ _2\"></span>ing their opti<span class=\"_ _2\"></span>on. Adver<span class=\"_ _2\"></span>se moveme<span class=\"_ _2\"></span>nts in the<span class=\"_ _2\"></span>se fac<span class=\"_ _2\"></span>tors coul<span class=\"_ _2\"></span>d lead to a re<span class=\"_ _2\"></span>quirement to in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e reser<span class=\"_ _2\"></span>ves whic<span class=\"_ _2\"></span>h </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs784\">coul<span class=\"_ _2\"></span>d advers<span class=\"_ _2\"></span>ely impa<span class=\"_ _2\"></span>ct profit an<span class=\"_ _2\"></span>d potentially re<span class=\"_ _2\"></span>quire addit<span class=\"_ _2\"></span>ional c<span class=\"_ _2\"></span>apital. I<span class=\"_ _2\"></span>n order to addre<span class=\"_ _2\"></span>ss the inte<span class=\"_ _2\"></span>rest rate ri<span class=\"_ _2\"></span>sk (but not th<span class=\"_ _2\"></span>e risk of incre<span class=\"_ _2\"></span>asing life </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs785\">expe<span class=\"_ _2\"></span>cta<span class=\"_ _2\"></span>ncy or ch<span class=\"_ _2\"></span>anging c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>er beh<span class=\"_ _2\"></span>aviour with reg<span class=\"_ _2\"></span>ard to exercis<span class=\"_ _2\"></span>e of the option), insur<span class=\"_ _2\"></span>ance sub<span class=\"_ _2\"></span>sidiarie<span class=\"_ _2\"></span>s within the Gro<span class=\"_ _2\"></span>up have purcha<span class=\"_ _2\"></span>sed </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs786\">deriva<span class=\"_ _2\"></span>tives that provid<span class=\"_ _2\"></span>e protecti<span class=\"_ _2\"></span>on again<span class=\"_ _2\"></span>st an inc<span class=\"_ _2\"></span>rease in lia<span class=\"_ _2\"></span>bilities and h<span class=\"_ _2\"></span>ave thus redu<span class=\"_ _2\"></span>ced the s<span class=\"_ _2\"></span>ensiti<span class=\"_ _2\"></span>vity of profi<span class=\"_ _2\"></span>t to movement<span class=\"_ _2\"></span>s in interest r<span class=\"_ _2\"></span>ates </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls76 ws19a gs787\">(se<span class=\"_ _2\"></span>e n<span class=\"_ _2\"></span>ote E6<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs788\">The Gro<span class=\"_ _2\"></span>up see<span class=\"_ _2\"></span>ks to manag<span class=\"_ _2\"></span>e this risk in a<span class=\"_ _2\"></span>ccorda<span class=\"_ _2\"></span>nce with b<span class=\"_ _2\"></span>oth the terms of th<span class=\"_ _2\"></span>e issue<span class=\"_ _2\"></span>d policie<span class=\"_ _2\"></span>s and the intere<span class=\"_ _2\"></span>sts of c<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>rs<span class=\"_ _2\"></span>, and has o<span class=\"_ _2\"></span>btained </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs789\">ex<span class=\"_ _2\"></span>ternal ad<span class=\"_ _2\"></span>vice supp<span class=\"_ _2\"></span>ortin<span class=\"_ _2\"></span>g the man<span class=\"_ _2\"></span>ner in which it o<span class=\"_ _2\"></span>perate<span class=\"_ _2\"></span>s the long<span class=\"_ _2\"></span>-term funds in th<span class=\"_ _2\"></span>is respe<span class=\"_ _2\"></span>ct.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs78a\">Immediate annuities<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs78b\">This t<span class=\"_ _2\"></span>ype of ann<span class=\"_ _2\"></span>uity i<span class=\"_ _2\"></span>s purchas<span class=\"_ _2\"></span>ed with a sin<span class=\"_ _2\"></span>gle prem<span class=\"_ _2\"></span>ium at the out<span class=\"_ _2\"></span>set, a<span class=\"_ _2\"></span>nd is paid to th<span class=\"_ _2\"></span>e policyh<span class=\"_ _2\"></span>older for th<span class=\"_ _2\"></span>e remaind<span class=\"_ _2\"></span>er of their lifetime<span class=\"_ _2\"></span>. Payments </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs78c\">may als<span class=\"_ _2\"></span>o continue for t<span class=\"_ _2\"></span>he bene<span class=\"_ _2\"></span>fit of a survi<span class=\"_ _2\"></span>ving spo<span class=\"_ _2\"></span>use or par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>r after th<span class=\"_ _2\"></span>e annuit<span class=\"_ _2\"></span>ant\u2019s death<span class=\"_ _2\"></span>. Annuitie<span class=\"_ _2\"></span>s may be level<span class=\"_ _2\"></span>, or esc<span class=\"_ _2\"></span>alate at a fixed r<span class=\"_ _2\"></span>ate, or </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs78d\">may es<span class=\"_ _2\"></span>calate in lin<span class=\"_ _2\"></span>e with a price in<span class=\"_ _2\"></span>dex and may b<span class=\"_ _2\"></span>e payable for a minim<span class=\"_ _2\"></span>um perio<span class=\"_ _2\"></span>d irrespe<span class=\"_ _2\"></span>ctive of whe<span class=\"_ _2\"></span>ther the p<span class=\"_ _2\"></span>olicyho<span class=\"_ _2\"></span>lder rem<span class=\"_ _2\"></span>ains alive.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs78e\">The m<span class=\"_ _2\"></span>ain risks as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with this pro<span class=\"_ _2\"></span>duct are l<span class=\"_ _2\"></span>ongevit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt risks. Lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y risk ari<span class=\"_ _2\"></span>ses whe<span class=\"_ _2\"></span>re the annuit<span class=\"_ _2\"></span>ies are paid for th<span class=\"_ _2\"></span>e lifetime of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs78f\">the po<span class=\"_ _2\"></span>licyhol<span class=\"_ _2\"></span>der<span class=\"_ _5\"></span>, and is m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed throu<span class=\"_ _2\"></span>gh the initia<span class=\"_ _2\"></span>l pricing of the an<span class=\"_ _2\"></span>nuit<span class=\"_ _2\"></span>y and throu<span class=\"_ _2\"></span>gh reinsur<span class=\"_ _2\"></span>ance (app<span class=\"_ _2\"></span>ropriately c<span class=\"_ _2\"></span>ollaterali<span class=\"_ _2\"></span>sed) or<span class=\"_ gs132\"> </span>tr<span class=\"_ _2\"></span>ansfer of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs790\">exis<span class=\"_ _2\"></span>ting liabilitie<span class=\"_ _2\"></span>s. Ann<span class=\"_ _2\"></span>uities may al<span class=\"_ _2\"></span>so be a par<span class=\"_ _2\"></span>tial \u2018nat<span class=\"_ _2\"></span>ural hed<span class=\"_ _2\"></span>ge\u2019 ag<span class=\"_ _2\"></span>ainst lo<span class=\"_ _2\"></span>sses in<span class=\"_ _2\"></span>curred in p<span class=\"_ _2\"></span>rotection b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s in the event of inc<span class=\"_ _2\"></span>rease<span class=\"_ _2\"></span>d mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs791\">(and vice ve<span class=\"_ _2\"></span>rsa) alth<span class=\"_ _2\"></span>ough th<span class=\"_ _2\"></span>e extent to wh<span class=\"_ _2\"></span>ich this oc<span class=\"_ _2\"></span>curs will de<span class=\"_ _2\"></span>pend on t<span class=\"_ _2\"></span>he similarit<span class=\"_ _2\"></span>y of the de<span class=\"_ _2\"></span>mogr<span class=\"_ _2\"></span>aphic profile of ea<span class=\"_ _2\"></span>ch boo<span class=\"_ _2\"></span>k of busines<span class=\"_ _2\"></span>s. In </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs792\">addit<span class=\"_ _2\"></span>ion, the G<span class=\"_ _2\"></span>roup has in pl<span class=\"_ _2\"></span>ace lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y swaps t<span class=\"_ _2\"></span>hat provide dow<span class=\"_ _2\"></span>nside prote<span class=\"_ _2\"></span>ction over lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y risk<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs793\">The pr<span class=\"_ _2\"></span>icing as<span class=\"_ _2\"></span>sumption for m<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y risk is bas<span class=\"_ _2\"></span>ed on both h<span class=\"_ _2\"></span>istoric intern<span class=\"_ _2\"></span>al information a<span class=\"_ _2\"></span>nd ex<span class=\"_ _2\"></span>ternally-<span class=\"_ _2\"></span>gene<span class=\"_ _2\"></span>rated inform<span class=\"_ _2\"></span>ation on mor<span class=\"_ _2\"></span>tali<span class=\"_ _2\"></span>ty </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs794\">expe<span class=\"_ _2\"></span>rience<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g allowanc<span class=\"_ _2\"></span>es for fut<span class=\"_ _2\"></span>ure mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y improveme<span class=\"_ _2\"></span>nts. Pr<span class=\"_ _2\"></span>icing will als<span class=\"_ _2\"></span>o include a c<span class=\"_ _2\"></span>ontinge<span class=\"_ _2\"></span>ncy ma<span class=\"_ _2\"></span>rgin for adver<span class=\"_ _2\"></span>se deviati<span class=\"_ _2\"></span>ons </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs795\">in<span class=\"_ gs132\"> </span>as<span class=\"_ _2\"></span>sumptions<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs796\">Market and c<span class=\"_ _2\"></span>redit risk i<span class=\"_ _2\"></span>s influenc<span class=\"_ _2\"></span>ed by the ex<span class=\"_ _2\"></span>tent to which t<span class=\"_ _2\"></span>he cas<span class=\"_ _2\"></span>h flows under t<span class=\"_ _2\"></span>he contra<span class=\"_ _2\"></span>cts h<span class=\"_ _2\"></span>ave been m<span class=\"_ _2\"></span>atched by s<span class=\"_ _2\"></span>uitable a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s which<span class=\"_ gs132\"> </span>is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs797\">man<span class=\"_ _2\"></span>aged un<span class=\"_ _2\"></span>der the ALM fr<span class=\"_ _2\"></span>amework<span class=\"_ _2\"></span>. Ass<span class=\"_ _2\"></span>et/li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y modellin<span class=\"_ _2\"></span>g is use<span class=\"_ _2\"></span>d to monitor this p<span class=\"_ _2\"></span>osition on a re<span class=\"_ _2\"></span>gular b<span class=\"_ _2\"></span>asis.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls61 ws5f gs798\">Protectio<span class=\"_ _2\"></span>n<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs799\">The<span class=\"_ _2\"></span>se contra<span class=\"_ _2\"></span>cts a<span class=\"_ _2\"></span>re typi<span class=\"_ _2\"></span>cally se<span class=\"_ _2\"></span>cured by th<span class=\"_ _2\"></span>e payment of a re<span class=\"_ _2\"></span>gular pre<span class=\"_ _2\"></span>mium payable for a p<span class=\"_ _2\"></span>eriod of yea<span class=\"_ _2\"></span>rs providing b<span class=\"_ _2\"></span>enefit<span class=\"_ _2\"></span>s payable on c<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>tain </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs79a\">events o<span class=\"_ _2\"></span>ccurrin<span class=\"_ _2\"></span>g within the p<span class=\"_ _2\"></span>eriod. T<span class=\"_ _2\"></span>he ben<span class=\"_ _2\"></span>efits may b<span class=\"_ _2\"></span>e a single lum<span class=\"_ _2\"></span>p sum or a serie<span class=\"_ _2\"></span>s of payment<span class=\"_ _2\"></span>s and may b<span class=\"_ _2\"></span>e payable on de<span class=\"_ _2\"></span>ath, s<span class=\"_ _2\"></span>erious </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs79b\">illnes<span class=\"_ _2\"></span>s or sickn<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs79c\">The m<span class=\"_ _2\"></span>ain risk as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with this pro<span class=\"_ _2\"></span>duct is t<span class=\"_ _2\"></span>he claims ex<span class=\"_ _2\"></span>perien<span class=\"_ _2\"></span>ce and th<span class=\"_ _2\"></span>is risk is man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d through th<span class=\"_ _2\"></span>e initial pric<span class=\"_ _2\"></span>ing of the polic<span class=\"_ _2\"></span>y (bas<span class=\"_ _2\"></span>ed </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs79d\">on<span class=\"_ gs132\"> </span>ac<span class=\"_ _2\"></span>tuarial p<span class=\"_ _2\"></span>rinciple<span class=\"_ _2\"></span>s), the use of reins<span class=\"_ _2\"></span>urance a<span class=\"_ _2\"></span>nd a clea<span class=\"_ _2\"></span>r proces<span class=\"_ _2\"></span>s for admini<span class=\"_ _2\"></span>stering c<span class=\"_ _2\"></span>laims.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs79e\">Market and c<span class=\"_ _2\"></span>redit risk i<span class=\"_ _2\"></span>s influenc<span class=\"_ _2\"></span>ed by the ex<span class=\"_ _2\"></span>tent to which t<span class=\"_ _2\"></span>he cas<span class=\"_ _2\"></span>h flows under t<span class=\"_ _2\"></span>he contra<span class=\"_ _2\"></span>cts h<span class=\"_ _2\"></span>ave been m<span class=\"_ _2\"></span>atched by s<span class=\"_ _2\"></span>uitable a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s which<span class=\"_ gs132\"> </span>is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs79f\">man<span class=\"_ _2\"></span>aged un<span class=\"_ _2\"></span>der the ALM fr<span class=\"_ _2\"></span>amework<span class=\"_ _2\"></span>. Ass<span class=\"_ _2\"></span>et/li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y modellin<span class=\"_ _2\"></span>g is use<span class=\"_ _2\"></span>d to monitor this p<span class=\"_ _2\"></span>osition on a re<span class=\"_ _2\"></span>gular b<span class=\"_ _2\"></span>asis.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsuranceRiskExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-621": {
   "value": "<div class=\"t m0 he ff2 fs7 fc10 sc0 ls13 ws11 gs7a1\">G. Other statemen<span class=\"_ _5\"></span>t of<span class=\"_ _5\"></span> consolidated financial<span class=\"_ _5\"></span> position<span class=\"_ _5\"></span> notes<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls13 ws11 gs7a2\">G1. Pensi<span class=\"_ _5\"></span>on schemes<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs7a3\">Defined contribution<span class=\"_ _5\"></span> pension schemes<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7a4\">Oblig<span class=\"_ _2\"></span>ations for c<span class=\"_ _2\"></span>ontributio<span class=\"_ _2\"></span>ns to defined c<span class=\"_ _2\"></span>ontributi<span class=\"_ _2\"></span>on pensi<span class=\"_ _2\"></span>on sche<span class=\"_ _2\"></span>mes are re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed as an ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>e in the cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d income </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7a5\">st<span class=\"_ _2\"></span>atement as in<span class=\"_ _2\"></span>curred<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs7a6\">Defined benefit pension schemes<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7a7\">The n<span class=\"_ _2\"></span>et surplus or d<span class=\"_ _2\"></span>eficit (the ec<span class=\"_ _2\"></span>onomic s<span class=\"_ _2\"></span>urplus or defic<span class=\"_ _2\"></span>it) in resp<span class=\"_ _2\"></span>ect of the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s is calc<span class=\"_ _2\"></span>ulated by es<span class=\"_ _2\"></span>timating th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7a8\">amo<span class=\"_ _2\"></span>unt of future ben<span class=\"_ _2\"></span>efit that em<span class=\"_ _2\"></span>ployees h<span class=\"_ _2\"></span>ave earned in re<span class=\"_ _2\"></span>turn for their s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice in the cur<span class=\"_ _2\"></span>rent and prio<span class=\"_ _2\"></span>r years; t<span class=\"_ _2\"></span>hat ben<span class=\"_ _2\"></span>efit is disco<span class=\"_ _2\"></span>unted to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7a9\">determin<span class=\"_ _2\"></span>e its pre<span class=\"_ _2\"></span>sent value a<span class=\"_ _2\"></span>nd the fair va<span class=\"_ _2\"></span>lue of any sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>ets is de<span class=\"_ _2\"></span>ducte<span class=\"_ _2\"></span>d. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7aa\">The e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic surplus or d<span class=\"_ _2\"></span>eficit is subs<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>ntly adj<span class=\"_ _2\"></span>usted to e<span class=\"_ _2\"></span>liminate<span class=\"_ gs132\"> </span>on con<span class=\"_ _2\"></span>solidatio<span class=\"_ _2\"></span>n the carr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g value of insura<span class=\"_ _2\"></span>nce po<span class=\"_ _2\"></span>licies is<span class=\"_ _2\"></span>sued by </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7ab\">Group e<span class=\"_ _2\"></span>ntities to the de<span class=\"_ _2\"></span>fined be<span class=\"_ _2\"></span>nefit pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>hemes (the<span class=\"_ gs132\"> </span>re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted surpl<span class=\"_ _2\"></span>us or deficit<span class=\"_ _2\"></span>). A corresp<span class=\"_ _2\"></span>onding a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment is ma<span class=\"_ _2\"></span>de to the ca<span class=\"_ _2\"></span>rryin<span class=\"_ _2\"></span>g </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7ac\">value<span class=\"_ _2\"></span>s of insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct liabiliti<span class=\"_ _2\"></span>es and inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7ad\">As re<span class=\"_ _2\"></span>quired by IFR<span class=\"_ _2\"></span>IC 14<span class=\"_ _2\"></span>, IAS 19 \u2013\u2018<span class=\"_ _2\"></span>The limi<span class=\"_ _2\"></span>t on a Define<span class=\"_ _2\"></span>d Benefi<span class=\"_ _2\"></span>t Asse<span class=\"_ _2\"></span>t, Minimum Fun<span class=\"_ _2\"></span>ding Require<span class=\"_ _2\"></span>ments a<span class=\"_ _2\"></span>nd their Inte<span class=\"_ _2\"></span>racti<span class=\"_ _2\"></span>on\u2019<span class=\"_ _7\"></span>, to the ex<span class=\"_ _2\"></span>tent that </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7ae\">the e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c surplus (pr<span class=\"_ _2\"></span>ior to the elimin<span class=\"_ _2\"></span>ation of the ins<span class=\"_ _2\"></span>urance p<span class=\"_ _2\"></span>olicies is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d by Group entitie<span class=\"_ _2\"></span>s) will be available a<span class=\"_ _2\"></span>s a refund, t<span class=\"_ _2\"></span>he econ<span class=\"_ _2\"></span>omic </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7af\">surplu<span class=\"_ _2\"></span>s is state<span class=\"_ _2\"></span>d afte<span class=\"_ _2\"></span>r a provision for ta<span class=\"_ _2\"></span>x that woul<span class=\"_ _2\"></span>d be borne by t<span class=\"_ _2\"></span>he<span class=\"_ gs132\"> </span>sche<span class=\"_ _2\"></span>me adminis<span class=\"_ _2\"></span>trator<span class=\"_ _2\"></span>s when the ref<span class=\"_ _2\"></span>und is ma<span class=\"_ _2\"></span>de. The Gro<span class=\"_ _2\"></span>up reco<span class=\"_ _2\"></span>gnises a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7b0\">pen<span class=\"_ _2\"></span>sion surpl<span class=\"_ _2\"></span>us on the bas<span class=\"_ _2\"></span>is that it is ent<span class=\"_ _2\"></span>itled to the s<span class=\"_ _2\"></span>urplus of eac<span class=\"_ _2\"></span>h sche<span class=\"_ _2\"></span>me in the event of a gr<span class=\"_ _2\"></span>adual se<span class=\"_ _2\"></span>ttle<span class=\"_ _2\"></span>ment of the liab<span class=\"_ _2\"></span>ilities<span class=\"_ _2\"></span>, due to its </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7b1\">abilit<span class=\"_ _2\"></span>y to order a win<span class=\"_ _2\"></span>ding up of the T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>st.<span class=\"_ _3bc\"> </span></div>Addition<span class=\"_ _2\"></span>ally unde<span class=\"_ _2\"></span>r IFRI<span class=\"_ _2\"></span>C 14 pens<span class=\"_ _2\"></span>ion fundin<span class=\"_ _2\"></span>g contributi<span class=\"_ _2\"></span>ons are con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d to be a minimum fun<span class=\"_ _2\"></span>ding requ<span class=\"_ _2\"></span>irement an<span class=\"_ _2\"></span>d, to the ex<span class=\"_ _2\"></span>tent that th<span class=\"_ _2\"></span>e contrib<span class=\"_ _2\"></span>utions paya<span class=\"_ _2\"></span>ble will not be ava<span class=\"_ _2\"></span>ilable to the Gro<span class=\"_ _2\"></span>up after t<span class=\"_ _2\"></span>hey are paid into th<span class=\"_ _2\"></span>e Sche<span class=\"_ _2\"></span>me, a liab<span class=\"_ _2\"></span>ility is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised wh<span class=\"_ _2\"></span>en the oblig<span class=\"_ _2\"></span>ation aris<span class=\"_ _2\"></span>es. The n<span class=\"_ _2\"></span>et pensio<span class=\"_ _2\"></span>n sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>et/lia<span class=\"_ _2\"></span>bility re<span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nts the<span class=\"_ gs132\"> </span>e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c surplus ne<span class=\"_ _2\"></span>t of all adjus<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s noted ab<span class=\"_ _2\"></span>ove.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up determin<span class=\"_ _2\"></span>es the net inte<span class=\"_ _2\"></span>rest exp<span class=\"_ _2\"></span>ense or in<span class=\"_ _2\"></span>come o<span class=\"_ _2\"></span>n the<span class=\"_ gs132\"> </span>net<span class=\"_ gs132\"> </span>pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>/liabilit<span class=\"_ _2\"></span>y for the p<span class=\"_ _2\"></span>eriod by app<span class=\"_ _2\"></span>lying the di<span class=\"_ _2\"></span>scount rate us<span class=\"_ _2\"></span>ed to mea<span class=\"_ _2\"></span>sure the defin<span class=\"_ _2\"></span>ed ben<span class=\"_ _2\"></span>efit obliga<span class=\"_ _2\"></span>tion at the be<span class=\"_ _2\"></span>ginning of th<span class=\"_ _2\"></span>e annual p<span class=\"_ _2\"></span>eriod to th<span class=\"_ _2\"></span>e openin<span class=\"_ _2\"></span>g net pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>eme as<span class=\"_ _2\"></span>set/<span class=\"_ _2\"></span>liabilit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>. The dis<span class=\"_ _2\"></span>count rate is t<span class=\"_ _2\"></span>he yield at th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d end on A<span class=\"_ _2\"></span>A credit r<span class=\"_ _2\"></span>ated bon<span class=\"_ _2\"></span>ds that have ma<span class=\"_ _2\"></span>turit<span class=\"_ _2\"></span>y dates app<span class=\"_ _2\"></span>roximating to the te<span class=\"_ _2\"></span>rms of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s oblig<span class=\"_ _2\"></span>ations<span class=\"_ _2\"></span>. The ca<span class=\"_ _2\"></span>lculation is p<span class=\"_ _2\"></span>erfo<span class=\"_ _2\"></span>rmed by a qu<span class=\"_ _2\"></span>alified ac<span class=\"_ _2\"></span>tuar<span class=\"_ _2\"></span>y using t<span class=\"_ _2\"></span>he proje<span class=\"_ _2\"></span>cted un<span class=\"_ _2\"></span>it credit m<span class=\"_ _2\"></span>ethod.<span class=\"_ _3bc\"> </span>The m<span class=\"_ _2\"></span>ovement in the n<span class=\"_ _2\"></span>et pensi<span class=\"_ _2\"></span>on sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>et/lia<span class=\"_ _2\"></span>bility i<span class=\"_ _2\"></span>s analys<span class=\"_ _2\"></span>ed bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the ser<span class=\"_ _2\"></span>vice c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>, past s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice cos<span class=\"_ _2\"></span>t, cur<span class=\"_ _2\"></span>tailm<span class=\"_ _2\"></span>ents an<span class=\"_ _2\"></span>d set<span class=\"_ _2\"></span>tlement<span class=\"_ _2\"></span>s (all reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d within admin<span class=\"_ _2\"></span>istrati<span class=\"_ _2\"></span>ve expens<span class=\"_ _2\"></span>es in the co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment), th<span class=\"_ _2\"></span>e net interes<span class=\"_ _2\"></span>t cost o<span class=\"_ _2\"></span>n the net pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>/<span class=\"_ _3bc\"> </span>liabilit<span class=\"_ _2\"></span>y, including a<span class=\"_ _2\"></span>ny reimburs<span class=\"_ _2\"></span>ement as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s (recogn<span class=\"_ _2\"></span>ised wit<span class=\"_ _2\"></span>hin net investm<span class=\"_ _2\"></span>ent inco<span class=\"_ _2\"></span>me in the co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e<span class=\"_ gs132\"> </span>state<span class=\"_ _2\"></span>ment), reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ents of the ne<span class=\"_ _2\"></span>t pensio<span class=\"_ _2\"></span>n sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>et/lia<span class=\"_ _2\"></span>bility (re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in othe<span class=\"_ _2\"></span>r compreh<span class=\"_ _2\"></span>ensive inc<span class=\"_ _2\"></span>ome) and<span class=\"_ gs132\"> </span>em<span class=\"_ _2\"></span>ployer contrib<span class=\"_ _2\"></span>utions<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>This note d<span class=\"_ _2\"></span>escrib<span class=\"_ _2\"></span>es the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s five m<span class=\"_ _2\"></span>ain define<span class=\"_ _2\"></span>d benefit p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>es for its e<span class=\"_ _2\"></span>mployees<span class=\"_ _2\"></span>, the Pear<span class=\"_ _2\"></span>l Group Staf<span class=\"_ _2\"></span>f Pension S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e (\u2018<span class=\"_ _2\"></span>Pearl Sc<span class=\"_ _2\"></span>heme\u2019<span class=\"_ _2\"></span>), the PG<span class=\"_ _2\"></span>L Pension S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e, the Abb<span class=\"_ _2\"></span>ey Life Staff Pen<span class=\"_ _2\"></span>sion Sc<span class=\"_ _2\"></span>heme (<span class=\"_ _2\"></span>\u2018<span class=\"_ _7\"></span>Abb<span class=\"_ _2\"></span>ey Life Sche<span class=\"_ _2\"></span>me\u2019) th<span class=\"_ _2\"></span>e ReAs<span class=\"_ _2\"></span>sure Staf<span class=\"_ _2\"></span>f Pension S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e (\u2018R<span class=\"_ _2\"></span>eAss<span class=\"_ _2\"></span>ure Sc<span class=\"_ _2\"></span>heme\u2019<span class=\"_ _2\"></span>) and from 3 A<span class=\"_ _2\"></span>pril 2023<span class=\"_ _2\"></span>, the Sun Life A<span class=\"_ _2\"></span>ssura<span class=\"_ _2\"></span>nce Co<span class=\"_ _2\"></span>mpany of Cana<span class=\"_ _2\"></span>da 19<span class=\"_ _2\"></span>88 U<span class=\"_ _2\"></span>K and Iri<span class=\"_ _2\"></span>sh Employee B<span class=\"_ _2\"></span>enefit<span class=\"_ _2\"></span>s Sche<span class=\"_ _2\"></span>me (\u2018<span class=\"_ _2\"></span>Sun Life of Can<span class=\"_ _2\"></span>ada Sc<span class=\"_ _2\"></span>heme\u2019<span class=\"_ _2\"></span>), and exp<span class=\"_ _2\"></span>lains how th<span class=\"_ _2\"></span>e pensio<span class=\"_ _2\"></span>n schem<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>et/lia<span class=\"_ _2\"></span>bility is c<span class=\"_ _2\"></span>alcul<span class=\"_ _2\"></span>ated.<span class=\"_ _3bc\"> </span>An anal<span class=\"_ _2\"></span>ysis of the pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme (lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>)/<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span>set for ea<span class=\"_ _2\"></span>ch pens<span class=\"_ _2\"></span>ion sche<span class=\"_ _2\"></span>me is set o<span class=\"_ _2\"></span>ut in the tab<span class=\"_ _2\"></span>le below<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span><table class=\"s w952 h2fe\" id=\"_3a1d12cb-de15-4af8-ab52-a9d56a0c52ff\"><tr><td></td><td class=\"t m0 x44d h3f y5c25 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5c25 ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x6ed h3f y5c26 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x6ee h16 y5c26 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y5c27 ff7 fs7 fc1 sc0 ls0 ws0\">Pearl G<span class=\"_ _2\"></span>roup St<span class=\"_ _2\"></span>aff Pens<span class=\"_ _2\"></span>ion S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5c28 w953 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Economic surplus<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x22e y5c28 w31a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a ws2f\">50<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d3 y5c28 w1df h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls47 ws19d\">46<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c29 w954 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Adju<span class=\"_ _2\"></span>stment fo<span class=\"_ _2\"></span>r insuran<span class=\"_ _2\"></span>ce polici<span class=\"_ _2\"></span>es eliminate<span class=\"_ _2\"></span>d on cons<span class=\"_ _2\"></span>olidation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d4 y5c29 w955 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">(1<span class=\"_ _3\"></span>,5<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d5 y5c29 w233 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>01)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c2a w956 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Net p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>cheme li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, a<span class=\"_ _2\"></span>s repor<span class=\"_ _2\"></span>ted<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d6 y5c2a w427 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(1<span class=\"_ _2\"></span>,457<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x719 y5c2a w678 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b0 ws1ac\">(1,45<span class=\"_ _5\"></span>5)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c2b w957 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reimb<span class=\"_ _2\"></span>ursem<span class=\"_ _2\"></span>ent right in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of reinsuran<span class=\"_ _2\"></span>ce, as re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d7 y5c2b w32a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">202<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d5 y5c2b w4f7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">205<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5c2c w958 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Add: valu<span class=\"_ _2\"></span>e attrib<span class=\"_ _2\"></span>uted to as<span class=\"_ _2\"></span>sets h<span class=\"_ _2\"></span>eld by PLL within fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s</div><div class=\"t m0 x18d8 h13 y59db ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f6 y5c2c w7c4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">1,5<span class=\"_ _2\"></span>06<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d9 y5c2c w959 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b5 ws1b4\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>576<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55dd w95a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Adju<span class=\"_ _2\"></span>sted ne<span class=\"_ _2\"></span>t pensio<span class=\"_ _2\"></span>n schem<span class=\"_ _2\"></span>e liabilitie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18da y55dd w175 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">251<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x503 y55dd wf6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">326<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5c2d ff7 fs7 fc1 sc0 ls17 ws15\">PGL Pensi<span class=\"_ _5\"></span>on Scheme<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5c2e w953 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Economic surplus<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x22e y5c2e w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1399 y5c2e w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">23<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c2f w954 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Adju<span class=\"_ _2\"></span>stment fo<span class=\"_ _2\"></span>r insuran<span class=\"_ _2\"></span>ce polici<span class=\"_ _2\"></span>es eliminate<span class=\"_ _2\"></span>d on cons<span class=\"_ _2\"></span>olidation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d4 y5c2f w32d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>09<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18db y5c2f w95b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(1<span class=\"_ _2\"></span>,07<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c30 w95c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unts due from s<span class=\"_ _2\"></span>ubsidiar<span class=\"_ _2\"></span>y elimin<span class=\"_ _2\"></span>ated on con<span class=\"_ _2\"></span>solidatio<span class=\"_ _2\"></span>n<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18dc y5c30 w1a7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1379 y5c30 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c31 w956 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Net p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>cheme li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, a<span class=\"_ _2\"></span>s repor<span class=\"_ _2\"></span>ted<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d6 y5c31 w95d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">(1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>91<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18dd y5c31 w70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">(1,056)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5c32 ff3 fs7 fc1 sc0 ls0 ws0\">Add: as<span class=\"_ _2\"></span>sets h<span class=\"_ _2\"></span>eld by PLL within fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"c n x6f6 y5c33 w161 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">1<span class=\"_ _2\"></span>,206<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18de y5c33 w2e1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>24<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c34 w95e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Adjusted net<span class=\"_ _5\"></span> pension scheme<span class=\"_ _5\"></span> asset<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18df y5c34 w387 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">115<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e0 y5c34 w642 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">19<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5c35 ff7 fs7 fc1 sc0 ls0 ws0\">Abb<span class=\"_ _2\"></span>ey Life Staf<span class=\"_ _2\"></span>f Pension S<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5c36 w95f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Economic deficit<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e1 y5c36 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e2 y5c36 w5db h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a6 ws196\">(5)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c37 w960 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Minimum f<span class=\"_ _2\"></span>unding re<span class=\"_ _2\"></span>quirement o<span class=\"_ _2\"></span>bligation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e3 y5c37 w2dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e4 y5c37 w54f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fb w961 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Net p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>cheme li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e5 y55fb w316 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e6 y55fb w207 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5c38 ff7 fs7 fc1 sc0 ls17 ws15\">ReAssure Sta<span class=\"_ _5\"></span>ff Pension<span class=\"_ _5\"></span> Scheme<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5781 w953 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Economic surplus<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x22e y5781 w962 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e7 y5781 w51a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">22<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5782 w963 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Provision for t<span class=\"_ _2\"></span>ax on that p<span class=\"_ _2\"></span>art of th<span class=\"_ _2\"></span>e econ<span class=\"_ _2\"></span>omic surplu<span class=\"_ _2\"></span>s available as a ref<span class=\"_ _2\"></span>und on a windin<span class=\"_ _2\"></span>g-up of the S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e8 y5782 w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e9 y5782 w361 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b8 w964 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Net pension<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>cheme<span class=\"_ _5\"></span> asset<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18ea y56b8 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18eb y56b8 w965 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">14<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5c39 ff7 fs7 fc1 sc0 ls0 ws0\">Sun Life of C<span class=\"_ _2\"></span>anad<span class=\"_ _2\"></span>a Sch<span class=\"_ _2\"></span>eme<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561e w964 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Net pension<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>cheme<span class=\"_ _5\"></span> asset<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18ec y561e w422 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1721 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w966 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Reimb<span class=\"_ _2\"></span>ursem<span class=\"_ _2\"></span>ent right<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x73c y55ef wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1567 y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Th<span class=\"_ _2\"></span>e Pear<span class=\"_ _2\"></span>l Sch<span class=\"_ _2\"></span>eme a<span class=\"_ _2\"></span>nd the P<span class=\"_ _2\"></span>GL Pen<span class=\"_ _2\"></span>sion S<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me ha<span class=\"_ _2\"></span>ve both e<span class=\"_ _2\"></span>xecu<span class=\"_ _2\"></span>ted bu<span class=\"_ _2\"></span>y-in t<span class=\"_ _2\"></span>rans<span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s with a Gr<span class=\"_ _2\"></span>oup lif<span class=\"_ _2\"></span>e comp<span class=\"_ _2\"></span>any an<span class=\"_ _2\"></span>d subs<span class=\"_ _2\"></span>equ<span class=\"_ _2\"></span>entl<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>ets s<span class=\"_ _2\"></span>uppo<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng the G<span class=\"_ _2\"></span>roup<span class=\"_ _2\"></span>\u2019s actu<span class=\"_ _2\"></span>aria<span class=\"_ _2\"></span>l liabi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s are re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d on a lin<span class=\"_ _2\"></span>e-b<span class=\"_ _2\"></span>y-lin<span class=\"_ _2\"></span>e bas<span class=\"_ _2\"></span>is with<span class=\"_ _2\"></span>in fina<span class=\"_ _2\"></span>ncia<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>ets i<span class=\"_ _2\"></span>n the s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent of c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>olida<span class=\"_ _2\"></span>ted fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial po<span class=\"_ _2\"></span>siti<span class=\"_ _2\"></span>on. Fur<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>er det<span class=\"_ _2\"></span>ails a<span class=\"_ _2\"></span>re incl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>d in note<span class=\"_ _2\"></span>s G1.1 a<span class=\"_ _2\"></span>nd G1<span class=\"_ _2\"></span>.2 b<span class=\"_ _2\"></span>elow.  <span class=\"_ _6d\"> </span>In th<span class=\"_ _2\"></span>e curre<span class=\"_ _2\"></span>nt an<span class=\"_ _2\"></span>d prior p<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>ods an a<span class=\"_ _2\"></span>dju<span class=\"_ _2\"></span>ste<span class=\"_ _2\"></span>d net pe<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>on sch<span class=\"_ _2\"></span>eme a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>t has b<span class=\"_ _2\"></span>een p<span class=\"_ _2\"></span>rese<span class=\"_ _2\"></span>nted i<span class=\"_ _2\"></span>n rela<span class=\"_ _2\"></span>tion to b<span class=\"_ _2\"></span>oth th<span class=\"_ _2\"></span>ese p<span class=\"_ _2\"></span>ensi<span class=\"_ _2\"></span>on sch<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>s. T<span class=\"_ _2\"></span>he val<span class=\"_ _2\"></span>ue of the a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts he<span class=\"_ _2\"></span>ld by PLL w<span class=\"_ _2\"></span>ithin fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cial a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of the P<span class=\"_ _2\"></span>GL Pen<span class=\"_ _2\"></span>sion S<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>eme b<span class=\"_ _2\"></span>uy-in<span class=\"_ _2\"></span>s is eq<span class=\"_ _2\"></span>ual to th<span class=\"_ _2\"></span>e as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s pos<span class=\"_ _2\"></span>ted to a ri<span class=\"_ _2\"></span>ng-fe<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>d col<span class=\"_ _2\"></span>later<span class=\"_ _2\"></span>al ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nt. For t<span class=\"_ _2\"></span>he Pea<span class=\"_ _2\"></span>rl Sc<span class=\"_ _2\"></span>heme t<span class=\"_ _2\"></span>he as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s hel<span class=\"_ _2\"></span>d by PLL su<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g the b<span class=\"_ _2\"></span>uy-i<span class=\"_ _2\"></span>ns are n<span class=\"_ _2\"></span>ot ring<span class=\"_ _2\"></span>-fen<span class=\"_ _2\"></span>ced and t<span class=\"_ _2\"></span>he val<span class=\"_ _2\"></span>ue ha<span class=\"_ _2\"></span>s bee<span class=\"_ _2\"></span>n dete<span class=\"_ _2\"></span>rmine<span class=\"_ _2\"></span>d as th<span class=\"_ _2\"></span>e valu<span class=\"_ _2\"></span>e of the in<span class=\"_ _2\"></span>sura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontr<span class=\"_ _2\"></span>act l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity w<span class=\"_ _2\"></span>ithin t<span class=\"_ _2\"></span>he PLL fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s les<span class=\"_ _2\"></span>s the va<span class=\"_ _2\"></span>lue of t<span class=\"_ _2\"></span>he as<span class=\"_ _2\"></span>soc<span class=\"_ _2\"></span>iated r<span class=\"_ _2\"></span>eins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>. <span class=\"_ _6d\"> </span>Move<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts in th<span class=\"_ _2\"></span>ese fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s are re<span class=\"_ _2\"></span>flec<span class=\"_ _2\"></span>ted in t<span class=\"_ _2\"></span>he co<span class=\"_ _2\"></span>nsol<span class=\"_ _2\"></span>idate<span class=\"_ _2\"></span>d inc<span class=\"_ _2\"></span>ome s<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>ment w<span class=\"_ _2\"></span>ithin n<span class=\"_ _2\"></span>et inve<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ent in<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e, how<span class=\"_ _2\"></span>ever as n<span class=\"_ _2\"></span>oted i<span class=\"_ _2\"></span>n the ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nting p<span class=\"_ _2\"></span>olic<span class=\"_ _2\"></span>y, the mo<span class=\"_ _2\"></span>veme<span class=\"_ _2\"></span>nt in the n<span class=\"_ _2\"></span>et pe<span class=\"_ _2\"></span>nsio<span class=\"_ _2\"></span>n sc<span class=\"_ _2\"></span>heme l<span class=\"_ _2\"></span>iabi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y (as sho<span class=\"_ _2\"></span>wn in not<span class=\"_ _2\"></span>es G1<span class=\"_ _2\"></span>.1 and G1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2) is pri<span class=\"_ _2\"></span>mari<span class=\"_ _2\"></span>ly refle<span class=\"_ _2\"></span>cte<span class=\"_ _2\"></span>d in oth<span class=\"_ _2\"></span>er co<span class=\"_ _2\"></span>mpre<span class=\"_ _2\"></span>hens<span class=\"_ _2\"></span>ive inc<span class=\"_ _2\"></span>ome<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Risks<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s typi<span class=\"_ _2\"></span>cally exp<span class=\"_ _2\"></span>ose the G<span class=\"_ _2\"></span>roup to a numbe<span class=\"_ _2\"></span>r of risks, t<span class=\"_ _2\"></span>he mos<span class=\"_ _2\"></span>t signific<span class=\"_ _2\"></span>ant of which are:<span class=\"_ _3bc\"> </span>As<span class=\"_ _2\"></span>set volatilit<span class=\"_ _2\"></span>y \u2013 the val<span class=\"_ _2\"></span>ue of the sch<span class=\"_ _2\"></span>emes\u2019 as<span class=\"_ _2\"></span>sets w<span class=\"_ _2\"></span>ill vary a<span class=\"_ _2\"></span>s market condit<span class=\"_ _2\"></span>ions cha<span class=\"_ _2\"></span>nge and a<span class=\"_ _2\"></span>s such is s<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to consi<span class=\"_ _2\"></span>derable vol<span class=\"_ _2\"></span>atilit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>. T<span class=\"_ _2\"></span>he liabilitie<span class=\"_ _2\"></span>s are calc<span class=\"_ _2\"></span>ulated usin<span class=\"_ _2\"></span>g a disco<span class=\"_ _2\"></span>unt rate set with refe<span class=\"_ _2\"></span>rence to c<span class=\"_ _2\"></span>orporate b<span class=\"_ _2\"></span>ond yiel<span class=\"_ _2\"></span>ds; if ass<span class=\"_ _2\"></span>ets und<span class=\"_ _2\"></span>erper<span class=\"_ _2\"></span>form this yie<span class=\"_ _2\"></span>ld, this will c<span class=\"_ _2\"></span>reate a deficit<span class=\"_ _2\"></span>. The ma<span class=\"_ _2\"></span>jorit<span class=\"_ _2\"></span>y of the as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>re held with<span class=\"_ _2\"></span>in a liabilit<span class=\"_ _2\"></span>y driven investm<span class=\"_ _2\"></span>ent str<span class=\"_ _2\"></span>ategy whi<span class=\"_ _2\"></span>ch is linked to the fun<span class=\"_ _2\"></span>ding basi<span class=\"_ _2\"></span>s of the sche<span class=\"_ _2\"></span>mes (set wit<span class=\"_ _2\"></span>h referen<span class=\"_ _2\"></span>ce to governm<span class=\"_ _2\"></span>ent bond y<span class=\"_ _2\"></span>ields). As such<span class=\"_ _2\"></span>, to the ex<span class=\"_ _2\"></span>tent that m<span class=\"_ _2\"></span>ovements in c<span class=\"_ _2\"></span>orpor<span class=\"_ _2\"></span>ate bond yie<span class=\"_ _2\"></span>lds are out of line w<span class=\"_ _2\"></span>ith movement<span class=\"_ _2\"></span>s in governm<span class=\"_ _2\"></span>ent bon<span class=\"_ _2\"></span>d yields<span class=\"_ _2\"></span>, volatilit<span class=\"_ _2\"></span>y will aris<span class=\"_ _2\"></span>e.<span class=\"_ _3bc\"> </span>Inflatio<span class=\"_ _2\"></span>n risk \u2013 a signifi<span class=\"_ _2\"></span>cant prop<span class=\"_ _2\"></span>orti<span class=\"_ _2\"></span>on of the sche<span class=\"_ _2\"></span>mes\u2019 be<span class=\"_ _2\"></span>nefit oblig<span class=\"_ _2\"></span>ations are linked to infl<span class=\"_ _2\"></span>ation, an<span class=\"_ _2\"></span>d higher infl<span class=\"_ _2\"></span>ation will lea<span class=\"_ _2\"></span>d to higher li<span class=\"_ _2\"></span>abilities (althou<span class=\"_ _2\"></span>gh in mos<span class=\"_ _2\"></span>t cas<span class=\"_ _2\"></span>es, c<span class=\"_ _2\"></span>aps on the l<span class=\"_ _2\"></span>evel of inflationa<span class=\"_ _2\"></span>ry in<span class=\"_ _2\"></span>crease<span class=\"_ _2\"></span>s are in plac<span class=\"_ _2\"></span>e to protect a<span class=\"_ _2\"></span>gains<span class=\"_ _2\"></span>t extre<span class=\"_ _2\"></span>me inflation). The m<span class=\"_ _2\"></span>ajori<span class=\"_ _2\"></span>ty of the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s are held w<span class=\"_ _2\"></span>ithin a liabilit<span class=\"_ _2\"></span>y driven inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y which allows fo<span class=\"_ _2\"></span>r movement<span class=\"_ _2\"></span>s in inflation<span class=\"_ _2\"></span>, meanin<span class=\"_ _2\"></span>g that cha<span class=\"_ _2\"></span>nges in infl<span class=\"_ _2\"></span>ation sho<span class=\"_ _2\"></span>uld not mater<span class=\"_ _2\"></span>ially affe<span class=\"_ _2\"></span>ct the s<span class=\"_ _2\"></span>urplus<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Life expe<span class=\"_ _2\"></span>ctan<span class=\"_ _2\"></span>cy \u2013 the ma<span class=\"_ _2\"></span>jorit<span class=\"_ _2\"></span>y of the sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s\u2019 obligation<span class=\"_ _2\"></span>s are to provide be<span class=\"_ _2\"></span>nefits for t<span class=\"_ _2\"></span>he life of the memb<span class=\"_ _2\"></span>er therefore in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>es in life expe<span class=\"_ _2\"></span>cta<span class=\"_ _2\"></span>ncy will res<span class=\"_ _2\"></span>ult in an incre<span class=\"_ _2\"></span>ase in the lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>. For the Pearl an<span class=\"_ _2\"></span>d PGL sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s, this is l<span class=\"_ _2\"></span>argely of<span class=\"_ _2\"></span>fset by t<span class=\"_ _2\"></span>he buy-in p<span class=\"_ _2\"></span>olicies th<span class=\"_ _2\"></span>at move in line with the li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e buy-in p<span class=\"_ _2\"></span>olicies are e<span class=\"_ _2\"></span>liminated on c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dation (see n<span class=\"_ _2\"></span>otes G1<span class=\"_ _2\"></span>.<span class=\"_ _5\"></span>1 and G1<span class=\"_ _2\"></span>.2 fo<span class=\"_ _2\"></span>r furth<span class=\"_ _2\"></span>er deta<span class=\"_ _2\"></span>ils)<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>A High C<span class=\"_ _2\"></span>our<span class=\"_ _2\"></span>t lega<span class=\"_ _2\"></span>l ruling in Jun<span class=\"_ _2\"></span>e 2023 (<span class=\"_ _2\"></span>Virgin Medi<span class=\"_ _2\"></span>a Limited v NTL Pen<span class=\"_ _2\"></span>sion T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>tees I<span class=\"_ _2\"></span>I Limited) de<span class=\"_ _2\"></span>cided t<span class=\"_ _2\"></span>hat cer<span class=\"_ _2\"></span>tain r<span class=\"_ _2\"></span>ule amen<span class=\"_ _2\"></span>dments we<span class=\"_ _2\"></span>re invalid if they we<span class=\"_ _2\"></span>re not acc<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>d by the corre<span class=\"_ _2\"></span>ct ac<span class=\"_ _2\"></span>tuari<span class=\"_ _2\"></span>al confirmat<span class=\"_ _2\"></span>ion. While t<span class=\"_ _2\"></span>he ruling onl<span class=\"_ _2\"></span>y applie<span class=\"_ _2\"></span>d to the spe<span class=\"_ _2\"></span>cific pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>eme in ques<span class=\"_ _2\"></span>tion, if i<span class=\"_ _2\"></span>t stan<span class=\"_ _2\"></span>ds it will form par<span class=\"_ _2\"></span>t of cas<span class=\"_ _2\"></span>e law and c<span class=\"_ _2\"></span>an therefore b<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>cted to app<span class=\"_ _2\"></span>ly acros<span class=\"_ _2\"></span>s other p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s. The r<span class=\"_ _2\"></span>uling is sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to appe<span class=\"_ _2\"></span>al and it m<span class=\"_ _2\"></span>ay take some time fo<span class=\"_ _2\"></span>r the outco<span class=\"_ _2\"></span>me of the app<span class=\"_ _2\"></span>eal to be kn<span class=\"_ _2\"></span>own. The G<span class=\"_ _2\"></span>roup has n<span class=\"_ _2\"></span>ot asse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d the ex<span class=\"_ _2\"></span>tent of any lik<span class=\"_ _5\"></span>ely imp<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s from this rulin<span class=\"_ _2\"></span>g and con<span class=\"_ _2\"></span>siders t<span class=\"_ _2\"></span>hat there is s<span class=\"_ _2\"></span>uffic<span class=\"_ _2\"></span>ient unce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>inty n<span class=\"_ _2\"></span>ot to warrant rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n of any potential obli<span class=\"_ _2\"></span>gation in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of this in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d statem<span class=\"_ _2\"></span>ent of financ<span class=\"_ _2\"></span>ial positi<span class=\"_ _2\"></span>on at 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023<span class=\"_ _2\"></span>. Any subse<span class=\"_ _2\"></span>quent develo<span class=\"_ _2\"></span>pment<span class=\"_ _2\"></span>s following this r<span class=\"_ _2\"></span>uling will be mo<span class=\"_ _2\"></span>nitored by the Gro<span class=\"_ _2\"></span>up.<span class=\"_ _3bc\"> </span>Informati<span class=\"_ _2\"></span>on on eac<span class=\"_ _2\"></span>h of the Group\u2019s pensio<span class=\"_ _2\"></span>n schem<span class=\"_ _2\"></span>es is set o<span class=\"_ _2\"></span>ut below.<span class=\"_ _3bc\"> </span>G1<span class=\"_ _2\"></span>.<span class=\"_ _5\"></span>1 Pearl G<span class=\"_ _2\"></span>roup S<span class=\"_ _2\"></span>taf<span class=\"_ _2\"></span>f Pensio<span class=\"_ _2\"></span>n Sc<span class=\"_ _2\"></span>heme<span class=\"_ _3bc\"> </span>Scheme details<span class=\"_ _3bc\"> </span>The Pear<span class=\"_ _2\"></span>l Sche<span class=\"_ _2\"></span>me comp<span class=\"_ _2\"></span>rises a fin<span class=\"_ _2\"></span>al salar<span class=\"_ _2\"></span>y se<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>, a money p<span class=\"_ _2\"></span>urchas<span class=\"_ _2\"></span>e sec<span class=\"_ _2\"></span>tion and a hybri<span class=\"_ _2\"></span>d sec<span class=\"_ _2\"></span>tion (a mix of final sa<span class=\"_ _2\"></span>lar<span class=\"_ _2\"></span>y and mon<span class=\"_ _2\"></span>ey purcha<span class=\"_ _2\"></span>se). The Pearl S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e is close<span class=\"_ _2\"></span>d to new mem<span class=\"_ _2\"></span>bers a<span class=\"_ _2\"></span>nd has no a<span class=\"_ _2\"></span>ctive me<span class=\"_ _2\"></span>mber<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Defined be<span class=\"_ _5\"></span>nefit sch<span class=\"_ _5\"></span>eme<span class=\"_ _3bc\"> </span>The Pear<span class=\"_ _2\"></span>l Sche<span class=\"_ _2\"></span>me is es<span class=\"_ _2\"></span>tablish<span class=\"_ _2\"></span>ed unde<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>, an<span class=\"_ _2\"></span>d governe<span class=\"_ _2\"></span>d by<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e trus<span class=\"_ _2\"></span>t deed<span class=\"_ _2\"></span>s and rule<span class=\"_ _2\"></span>s and has b<span class=\"_ _2\"></span>een fun<span class=\"_ _2\"></span>ded by paym<span class=\"_ _2\"></span>ent of contrib<span class=\"_ _2\"></span>utions to a sep<span class=\"_ _2\"></span>arately a<span class=\"_ _2\"></span>dministere<span class=\"_ _2\"></span>d trus<span class=\"_ _2\"></span>t fund. A G<span class=\"_ _2\"></span>roup comp<span class=\"_ _2\"></span>any<span class=\"_ _7\"></span>, Pea<span class=\"_ _2\"></span>rl Life Holding<span class=\"_ _2\"></span>s Limited (\u2018<span class=\"_ _2\"></span>PeLH<span class=\"_ _2\"></span>L<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>), is from 1 Oc<span class=\"_ _2\"></span>tober 20<span class=\"_ _2\"></span>23 the princ<span class=\"_ _2\"></span>ipal empl<span class=\"_ _2\"></span>oyer of the Pearl S<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me (previo<span class=\"_ _2\"></span>usly Pearl Gro<span class=\"_ _2\"></span>up Holdin<span class=\"_ _2\"></span>gs No.<span class=\"_ _2\"></span>2 Limited (<span class=\"_ _2\"></span>\u2018P<span class=\"_ _2\"></span>GH2<span class=\"_ _2\"></span>\u2019)). PeLHL a<span class=\"_ _2\"></span>ssum<span class=\"_ _2\"></span>ed the S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e covenant tog<span class=\"_ _2\"></span>ether wi<span class=\"_ _2\"></span>th all obligat<span class=\"_ _2\"></span>ions of the S<span class=\"_ _2\"></span>cheme foll<span class=\"_ _2\"></span>owing the tra<span class=\"_ _2\"></span>nsfer.<span class=\"_ _3bc\"> </span>The pr<span class=\"_ _2\"></span>incipal em<span class=\"_ _2\"></span>ployer me<span class=\"_ _2\"></span>ets the a<span class=\"_ _2\"></span>dministr<span class=\"_ _2\"></span>ation expe<span class=\"_ _2\"></span>nses of the Pe<span class=\"_ _2\"></span>arl Sch<span class=\"_ _2\"></span>eme. Th<span class=\"_ _2\"></span>e Pearl Sc<span class=\"_ _2\"></span>heme is a<span class=\"_ _2\"></span>dministere<span class=\"_ _2\"></span>d by a sepa<span class=\"_ _2\"></span>rate trus<span class=\"_ _2\"></span>tee comp<span class=\"_ _2\"></span>any<span class=\"_ _7\"></span>, P<span class=\"_ _7\"></span>.<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>.<span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>. (<span class=\"_ _2\"></span>Pensions) Limite<span class=\"_ _2\"></span>d, which is s<span class=\"_ _2\"></span>eparate f<span class=\"_ _2\"></span>rom PeLHL. T<span class=\"_ _2\"></span>he trus<span class=\"_ _2\"></span>tee com<span class=\"_ _2\"></span>pany is compr<span class=\"_ _2\"></span>ised of thre<span class=\"_ _2\"></span>e repres<span class=\"_ _2\"></span>entatives f<span class=\"_ _2\"></span>rom the Group, three m<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r nominate<span class=\"_ _2\"></span>d repres<span class=\"_ _2\"></span>entatives a<span class=\"_ _2\"></span>nd one ind<span class=\"_ _2\"></span>epen<span class=\"_ _2\"></span>dent trus<span class=\"_ _2\"></span>tee in ac<span class=\"_ _2\"></span>cordanc<span class=\"_ _2\"></span>e with the tr<span class=\"_ _2\"></span>ustee c<span class=\"_ _2\"></span>ompany\u2019s ar<span class=\"_ _2\"></span>ticles of as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ation. Th<span class=\"_ _2\"></span>e trus<span class=\"_ _2\"></span>tee is re<span class=\"_ _2\"></span>quired by law to ac<span class=\"_ _2\"></span>t in the interes<span class=\"_ _2\"></span>t of all relevant b<span class=\"_ _2\"></span>eneficia<span class=\"_ _2\"></span>ries and is re<span class=\"_ _2\"></span>spons<span class=\"_ _2\"></span>ible for the inves<span class=\"_ _2\"></span>tment po<span class=\"_ _2\"></span>licy with re<span class=\"_ _2\"></span>gard to the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The val<span class=\"_ _2\"></span>uation has b<span class=\"_ _2\"></span>een b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n an ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent of the liabiliti<span class=\"_ _2\"></span>es of the Pearl S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e as at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>, under<span class=\"_ _2\"></span>taken by ind<span class=\"_ _2\"></span>epend<span class=\"_ _2\"></span>ent qualifie<span class=\"_ _2\"></span>d act<span class=\"_ _2\"></span>uaries<span class=\"_ _2\"></span>. The pre<span class=\"_ _2\"></span>sent value<span class=\"_ _2\"></span>s of the define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t obligatio<span class=\"_ _2\"></span>n and the rel<span class=\"_ _2\"></span>ated interes<span class=\"_ _2\"></span>t cos<span class=\"_ _2\"></span>ts have be<span class=\"_ _2\"></span>en mea<span class=\"_ _2\"></span>sured usin<span class=\"_ _2\"></span>g the proj<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d unit cre<span class=\"_ _2\"></span>dit metho<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span>A trienn<span class=\"_ _2\"></span>ial fundin<span class=\"_ _2\"></span>g valuation of the Pe<span class=\"_ _2\"></span>arl Sch<span class=\"_ _2\"></span>eme as at 3<span class=\"_ _2\"></span>0 June 20<span class=\"_ _2\"></span>21 was com<span class=\"_ _2\"></span>pleted in 20<span class=\"_ _2\"></span>22 by a qualifie<span class=\"_ _2\"></span>d act<span class=\"_ _2\"></span>uary. This sh<span class=\"_ _2\"></span>owed a surp<span class=\"_ _2\"></span>lus as at 30 J<span class=\"_ _2\"></span>une 2021 of \u00a36<span class=\"_ _2\"></span>7 million, on th<span class=\"_ _2\"></span>e agree<span class=\"_ _2\"></span>d techn<span class=\"_ _2\"></span>ical provis<span class=\"_ _2\"></span>ions basi<span class=\"_ _2\"></span>s. The f<span class=\"_ _2\"></span>unding an<span class=\"_ _2\"></span>d IFRS ac<span class=\"_ _2\"></span>countin<span class=\"_ _2\"></span>g bases of va<span class=\"_ _2\"></span>luation c<span class=\"_ _2\"></span>an give rise to diffe<span class=\"_ _2\"></span>rent result<span class=\"_ _2\"></span>s for a numbe<span class=\"_ _2\"></span>r of reason<span class=\"_ _2\"></span>s. The f<span class=\"_ _2\"></span>unding ba<span class=\"_ _2\"></span>sis of valuatio<span class=\"_ _2\"></span>n is base<span class=\"_ _2\"></span>d on gen<span class=\"_ _2\"></span>eral prin<span class=\"_ _2\"></span>ciples of pr<span class=\"_ _2\"></span>udenc<span class=\"_ _2\"></span>e wherea<span class=\"_ _2\"></span>s the acc<span class=\"_ _2\"></span>ounting valuati<span class=\"_ _2\"></span>on is base<span class=\"_ _2\"></span>d on be<span class=\"_ _2\"></span>st es<span class=\"_ _2\"></span>timates<span class=\"_ _2\"></span>. Disco<span class=\"_ _2\"></span>unt rates are gil<span class=\"_ _2\"></span>t-base<span class=\"_ _2\"></span>d for the fundin<span class=\"_ _2\"></span>g valuation wh<span class=\"_ _2\"></span>ereas th<span class=\"_ _2\"></span>e rate use<span class=\"_ _2\"></span>d for IFRS val<span class=\"_ _2\"></span>uation purp<span class=\"_ _2\"></span>oses is bas<span class=\"_ _2\"></span>ed on a yiel<span class=\"_ _2\"></span>d cur<span class=\"_ _2\"></span>ve for high qualit<span class=\"_ _2\"></span>y A<span class=\"_ _2\"></span>A-rated cor<span class=\"_ _2\"></span>porate bo<span class=\"_ _2\"></span>nds. I<span class=\"_ _2\"></span>n addition th<span class=\"_ _2\"></span>e values are p<span class=\"_ _2\"></span>repare<span class=\"_ _2\"></span>d at different d<span class=\"_ _2\"></span>ates which will re<span class=\"_ _2\"></span>sult in diffe<span class=\"_ _2\"></span>rence<span class=\"_ _2\"></span>s arising from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in market con<span class=\"_ _2\"></span>ditions an<span class=\"_ _2\"></span>d employer co<span class=\"_ _2\"></span>ntribution<span class=\"_ _2\"></span>s made in th<span class=\"_ _2\"></span>e subse<span class=\"_ _2\"></span>quent per<span class=\"_ _2\"></span>iod.<span class=\"_ _3bc\"> </span>Pension Scheme Commitment Agreement and<span class=\"_ _5\"></span> buy-in transactions<span class=\"_ _3bc\"> </span>On 17 Nove<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>0, the Pearl S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e entered into a C<span class=\"_ _2\"></span>ommitm<span class=\"_ _2\"></span>ent Agree<span class=\"_ _2\"></span>ment with P<span class=\"_ _2\"></span>GH2 to com<span class=\"_ _2\"></span>plete a serie<span class=\"_ _2\"></span>s of buy-ins<span class=\"_ _2\"></span>. At the sam<span class=\"_ _2\"></span>e time, the Pearl S<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me compl<span class=\"_ _2\"></span>eted the fir<span class=\"_ _2\"></span>st buy<span class=\"_ _2\"></span>-in with Phoe<span class=\"_ _2\"></span>nix Life Limited (<span class=\"_ _2\"></span>\u2018PLL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>) covering 2<span class=\"_ _2\"></span>5% of the Sch<span class=\"_ _2\"></span>eme\u2019s pensio<span class=\"_ _2\"></span>ner and defe<span class=\"_ _2\"></span>rred me<span class=\"_ _2\"></span>mber liabilitie<span class=\"_ _2\"></span>s, tr<span class=\"_ _2\"></span>ansferrin<span class=\"_ _2\"></span>g the as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>ted risks<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g long<span class=\"_ _2\"></span>evity im<span class=\"_ _2\"></span>provement ris<span class=\"_ _2\"></span>k, to PLL ef<span class=\"_ _2\"></span>fective fro<span class=\"_ _2\"></span>m 30 Se<span class=\"_ _2\"></span>ptember 2<span class=\"_ _2\"></span>020.<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>wo fur<span class=\"_ _2\"></span>ther b<span class=\"_ _2\"></span>uy-in tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tions were co<span class=\"_ _2\"></span>mpleted in J<span class=\"_ _2\"></span>uly 2021 an<span class=\"_ _2\"></span>d Octob<span class=\"_ _2\"></span>er 2021 c<span class=\"_ _2\"></span>overing 3<span class=\"_ _2\"></span>5% and 15% res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tively of the S<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>ension<span class=\"_ _2\"></span>er and defe<span class=\"_ _2\"></span>rred mem<span class=\"_ _2\"></span>ber liabili<span class=\"_ _2\"></span>ties and th<span class=\"_ _2\"></span>e final buy<span class=\"_ _2\"></span>-in trans<span class=\"_ _2\"></span>action w<span class=\"_ _2\"></span>as compl<span class=\"_ _2\"></span>eted in Novemb<span class=\"_ _2\"></span>er 2022<span class=\"_ _2\"></span>. Risks<span class=\"_ _2\"></span>, including l<span class=\"_ _2\"></span>ongevi<span class=\"_ _2\"></span>ty imp<span class=\"_ _2\"></span>rovement risk<span class=\"_ _2\"></span>, were tra<span class=\"_ _2\"></span>nsferre<span class=\"_ _2\"></span>d to PLL effec<span class=\"_ _2\"></span>tive from 28 M<span class=\"_ _2\"></span>ay 2021 and 3<span class=\"_ _2\"></span>1 Augus<span class=\"_ _2\"></span>t 2021 and 3<span class=\"_ _2\"></span>0 Se<span class=\"_ _2\"></span>ptember 2<span class=\"_ _2\"></span>022 resp<span class=\"_ _2\"></span>ective<span class=\"_ _2\"></span>ly<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7bf\">Upon c<span class=\"_ _2\"></span>ompleti<span class=\"_ _2\"></span>on of each bu<span class=\"_ _2\"></span>y-in trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on the Sc<span class=\"_ _2\"></span>heme tr<span class=\"_ _2\"></span>ansferre<span class=\"_ _2\"></span>d the followin<span class=\"_ _2\"></span>g plan as<span class=\"_ _2\"></span>sets to PLL<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7c0\">\u2022 <span class=\"_ _9\"> </span>I<span class=\"_ _2\"></span>n Novembe<span class=\"_ _2\"></span>r 2020, \u00a3731 m<span class=\"_ _2\"></span>illion of plan as<span class=\"_ _2\"></span>sets we<span class=\"_ _2\"></span>re transfe<span class=\"_ _2\"></span>rred to PLL in sat<span class=\"_ _2\"></span>isfac<span class=\"_ _2\"></span>tion of the prem<span class=\"_ _2\"></span>ium of \u00a3735 million a<span class=\"_ _2\"></span>nd was net of a \u00a34 million </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7c1\">payme<span class=\"_ _2\"></span>nt by PLL to the Sc<span class=\"_ _2\"></span>heme in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of membe<span class=\"_ _2\"></span>rs\u2019 bene<span class=\"_ _2\"></span>fits for Oc<span class=\"_ _2\"></span>tober an<span class=\"_ _2\"></span>d Novembe<span class=\"_ _2\"></span>r 2020.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7c2\">\u2022 <span class=\"_ _9\"> </span>I<span class=\"_ _2\"></span>n July 2021<span class=\"_ _2\"></span>, \u00a31<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>49 million of pla<span class=\"_ _2\"></span>n asse<span class=\"_ _2\"></span>ts were tra<span class=\"_ _2\"></span>nsferre<span class=\"_ _2\"></span>d to PLL in satisf<span class=\"_ _2\"></span>action of th<span class=\"_ _2\"></span>e premium an<span class=\"_ _2\"></span>d a furt<span class=\"_ _2\"></span>her \u00a312 m<span class=\"_ _2\"></span>illion cash p<span class=\"_ _2\"></span>ayment was </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7c3\">paid by th<span class=\"_ _2\"></span>e Sche<span class=\"_ _2\"></span>me in Augu<span class=\"_ _2\"></span>st 2021<span class=\"_ _2\"></span>. PLL paid \u00a3<span class=\"_ _2\"></span>5 million to the S<span class=\"_ _2\"></span>cheme in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of memb<span class=\"_ _2\"></span>ers\u2019 ben<span class=\"_ _2\"></span>efits for J<span class=\"_ _2\"></span>une and Jul<span class=\"_ _2\"></span>y 2021; a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7c4\">\u2022 <span class=\"_ _9\"> </span>I<span class=\"_ _2\"></span>n Octob<span class=\"_ _2\"></span>er 2021<span class=\"_ _2\"></span>, \u00a3<span class=\"_ _5\"></span>43<span class=\"_ _2\"></span>3 million of plan a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s were tran<span class=\"_ _2\"></span>sferred to PLL in s<span class=\"_ _2\"></span>atisfa<span class=\"_ _2\"></span>ction of the p<span class=\"_ _2\"></span>remium of \u00a3<span class=\"_ _5\"></span>43<span class=\"_ _2\"></span>5 million an<span class=\"_ _2\"></span>d was net of a \u00a32 m<span class=\"_ _2\"></span>illion </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws6b gs7c5\">payme<span class=\"_ _2\"></span>nt by PLL to the Sc<span class=\"_ _2\"></span>heme in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of membe<span class=\"_ _2\"></span>rs\u2019 bene<span class=\"_ _2\"></span>fits for Se<span class=\"_ _2\"></span>ptembe<span class=\"_ _2\"></span>r and Oc<span class=\"_ _2\"></span>tober 202<span class=\"_ _2\"></span>1. A fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r \u00a31 million c<span class=\"_ _2\"></span>ash payme<span class=\"_ _2\"></span>nt in respe<span class=\"_ _2\"></span>ct </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7c6\">of the prem<span class=\"_ _2\"></span>ium was paid by th<span class=\"_ _2\"></span>e Sche<span class=\"_ _2\"></span>me in De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2021<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7c7\">\u2022 <span class=\"_ _9\"> </span>I<span class=\"_ _2\"></span>n Novembe<span class=\"_ _2\"></span>r 2022, \u00a35<span class=\"_ _2\"></span>56 million of pla<span class=\"_ _2\"></span>n asset<span class=\"_ _2\"></span>s were tran<span class=\"_ _2\"></span>sferre<span class=\"_ _2\"></span>d to PLL in satisf<span class=\"_ _2\"></span>action of th<span class=\"_ _2\"></span>e premium of \u00a356<span class=\"_ _2\"></span>0 million an<span class=\"_ _2\"></span>d was net of a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7c8\">\u00a34 million payment by PLL to th<span class=\"_ _2\"></span>e Sche<span class=\"_ _2\"></span>me in resp<span class=\"_ _2\"></span>ect of me<span class=\"_ _2\"></span>mber<span class=\"_ _2\"></span>s\u2019 benefit<span class=\"_ _2\"></span>s for Octo<span class=\"_ _2\"></span>ber and N<span class=\"_ _2\"></span>ovember 2<span class=\"_ _2\"></span>022.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7c9\">The as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s trans<span class=\"_ _2\"></span>ferred to PLL are re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the re<span class=\"_ _2\"></span>levant line with<span class=\"_ _2\"></span>in financia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts in the co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted st<span class=\"_ _2\"></span>atement of finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition. T<span class=\"_ _2\"></span>he </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7ca\">ec<span class=\"_ _2\"></span>onomic ef<span class=\"_ _2\"></span>fect of th<span class=\"_ _2\"></span>e buy-in tr<span class=\"_ _2\"></span>ansac<span class=\"_ _2\"></span>tions in th<span class=\"_ _2\"></span>e Sche<span class=\"_ _2\"></span>me is to repla<span class=\"_ _2\"></span>ce the pla<span class=\"_ _2\"></span>n asse<span class=\"_ _2\"></span>ts tran<span class=\"_ _2\"></span>sferred w<span class=\"_ _2\"></span>ith a single lin<span class=\"_ _2\"></span>e insuran<span class=\"_ _2\"></span>ce polic<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7cb\">reimbur<span class=\"_ _2\"></span>sem<span class=\"_ _2\"></span>ent right as<span class=\"_ _2\"></span>set which i<span class=\"_ _2\"></span>s subse<span class=\"_ _2\"></span>quently elim<span class=\"_ _2\"></span>inated on c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ation. Th<span class=\"_ _2\"></span>e value of this ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e policy at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23 was </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7cc\">\u00a31<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>07 million (2022: \u00a3<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>501 million) wh<span class=\"_ _2\"></span>ich includ<span class=\"_ _2\"></span>es an amo<span class=\"_ _2\"></span>unt owed by PLL of \u00a3nil million (202<span class=\"_ _2\"></span>2: \u00a32 million).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7cd\">The C<span class=\"_ _2\"></span>ommitme<span class=\"_ _2\"></span>nt agree<span class=\"_ _2\"></span>ment co<span class=\"_ _2\"></span>ntaine<span class=\"_ _2\"></span>d provisions un<span class=\"_ _2\"></span>der which p<span class=\"_ _2\"></span>ayments by P<span class=\"_ _2\"></span>GH2 to the S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e were require<span class=\"_ _2\"></span>d in the event th<span class=\"_ _2\"></span>at the Group </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7ce\">did not me<span class=\"_ _2\"></span>et the minim<span class=\"_ _2\"></span>um buy-in c<span class=\"_ _2\"></span>ompletio<span class=\"_ _2\"></span>n sche<span class=\"_ _2\"></span>dule. Following c<span class=\"_ _2\"></span>ompleti<span class=\"_ _2\"></span>on of the las<span class=\"_ _2\"></span>t buy-in tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion in 2022 t<span class=\"_ _2\"></span>he Group no l<span class=\"_ _2\"></span>onger h<span class=\"_ _2\"></span>as an </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7cf\">oblig<span class=\"_ _2\"></span>ation to pay gilt<span class=\"_ _2\"></span>s deficit re<span class=\"_ _2\"></span>cover<span class=\"_ _2\"></span>y contribu<span class=\"_ _2\"></span>tions.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7d0\">The n<span class=\"_ _2\"></span>ew agree<span class=\"_ _2\"></span>ment als<span class=\"_ _2\"></span>o introduce<span class=\"_ _2\"></span>d a new form of se<span class=\"_ _2\"></span>curit<span class=\"_ _2\"></span>y provide<span class=\"_ _2\"></span>d by PGH2 to th<span class=\"_ _2\"></span>e truste<span class=\"_ _2\"></span>e. The s<span class=\"_ _2\"></span>hare charg<span class=\"_ _2\"></span>es over ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in Group entitie<span class=\"_ _2\"></span>s were </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7d1\">repla<span class=\"_ _2\"></span>ced by a ne<span class=\"_ _2\"></span>w suret<span class=\"_ _2\"></span>y bond arr<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>ment, w<span class=\"_ _2\"></span>hereby t<span class=\"_ _2\"></span>wo exte<span class=\"_ _2\"></span>rnal third-p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y ins<span class=\"_ _2\"></span>urers<span class=\"_ _2\"></span>, each p<span class=\"_ _2\"></span>rovided \u00a3<span class=\"_ _2\"></span>100 m<span class=\"_ _2\"></span>illion of cover payabl<span class=\"_ _2\"></span>e to the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7d2\">Sc<span class=\"_ _2\"></span>heme follow<span class=\"_ _2\"></span>ing cer<span class=\"_ _2\"></span>tain trig<span class=\"_ _2\"></span>ger eve<span class=\"_ _2\"></span>nts. T<span class=\"_ _2\"></span>his cover provide<span class=\"_ _2\"></span>d by the suret<span class=\"_ _2\"></span>y bon<span class=\"_ _2\"></span>d guar<span class=\"_ _2\"></span>antee was f<span class=\"_ _2\"></span>ully releas<span class=\"_ _2\"></span>ed upo<span class=\"_ _2\"></span>n completi<span class=\"_ _2\"></span>on of the final </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7d3\">buy<span class=\"_ _2\"></span>-in transa<span class=\"_ _2\"></span>ction in N<span class=\"_ _2\"></span>ovember 2<span class=\"_ _2\"></span>022.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7d4\">No co<span class=\"_ _2\"></span>ntribution<span class=\"_ _2\"></span>s were paid to the Pea<span class=\"_ _2\"></span>rl Sch<span class=\"_ _2\"></span>eme in eith<span class=\"_ _2\"></span>er the curre<span class=\"_ _2\"></span>nt or prior pe<span class=\"_ _2\"></span>riod. PeLH<span class=\"_ _2\"></span>L mee<span class=\"_ _2\"></span>ts the adm<span class=\"_ _2\"></span>inistra<span class=\"_ _2\"></span>tive and non-inves<span class=\"_ _2\"></span>tment </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7d5\">runnin<span class=\"_ _2\"></span>g expen<span class=\"_ _2\"></span>ses of the S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e as set out in t<span class=\"_ _2\"></span>he sche<span class=\"_ _2\"></span>dule of contrib<span class=\"_ _2\"></span>utions (P<span class=\"_ _2\"></span>GH2 prio<span class=\"_ _2\"></span>r to 1 Octob<span class=\"_ _2\"></span>er 2023).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7d6\">Durin<span class=\"_ _2\"></span>g 2022, th<span class=\"_ _2\"></span>e Compa<span class=\"_ _2\"></span>ny reache<span class=\"_ _2\"></span>d an agre<span class=\"_ _2\"></span>ement for th<span class=\"_ _2\"></span>e removal of a tru<span class=\"_ _2\"></span>stee dis<span class=\"_ _2\"></span>cretion to pay s<span class=\"_ _2\"></span>ome pen<span class=\"_ _2\"></span>sion incre<span class=\"_ _2\"></span>ases in exc<span class=\"_ _2\"></span>ess of th<span class=\"_ _2\"></span>e 5% cap. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7d7\">The tr<span class=\"_ _2\"></span>ustee a<span class=\"_ _2\"></span>gree<span class=\"_ _2\"></span>d to give up this disc<span class=\"_ _2\"></span>retion in exchan<span class=\"_ _2\"></span>ge for a sing<span class=\"_ _2\"></span>le 1.<span class=\"_ _2\"></span>6% uplif<span class=\"_ _2\"></span>t for current p<span class=\"_ _2\"></span>ension<span class=\"_ _2\"></span>s in payment ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive from 1 April 202<span class=\"_ _2\"></span>2 and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7d8\">a 1.<span class=\"_ _2\"></span>3% inc<span class=\"_ _2\"></span>rease to eli<span class=\"_ _2\"></span>gible be<span class=\"_ _2\"></span>nefits of both p<span class=\"_ _2\"></span>ension a<span class=\"_ _2\"></span>nd deferre<span class=\"_ _2\"></span>d membe<span class=\"_ _2\"></span>rs ef<span class=\"_ _2\"></span>fective from 1 A<span class=\"_ _2\"></span>pril 2023<span class=\"_ _2\"></span>. In the cur<span class=\"_ _2\"></span>rent perio<span class=\"_ _2\"></span>d, the fina<span class=\"_ _2\"></span>ncial imp<span class=\"_ _2\"></span>act </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7d9\">of the 1<span class=\"_ _2\"></span>.3% uplif<span class=\"_ _2\"></span>t ha<span class=\"_ _2\"></span>s been to re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ise an incre<span class=\"_ _2\"></span>ase in the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit obli<span class=\"_ _2\"></span>gation of \u00a31<span class=\"_ _2\"></span>2 million and a pa<span class=\"_ _2\"></span>st ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>e cost in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidated </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7da\">inco<span class=\"_ _2\"></span>me sta<span class=\"_ _2\"></span>tement (at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2022<span class=\"_ _2\"></span>, the finan<span class=\"_ _2\"></span>cial impa<span class=\"_ _2\"></span>ct of the 1<span class=\"_ _2\"></span>.6% uplif<span class=\"_ _2\"></span>t was \u00a3<span class=\"_ _2\"></span>15 million).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls16 ws14 gs7db\">Reimbu<span class=\"_ _5\"></span>rsement<span class=\"_ _5\"></span> righ<span class=\"_ _5\"></span>t asset<span class=\"_ _5\"></span> in r<span class=\"_ _5\"></span>espect of<span class=\"_ _7\"></span> Reinsurance<span class=\"_ _5\"></span> arrangemen<span class=\"_ _5\"></span>t<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7dc\">In Ma<span class=\"_ _2\"></span>rch 2022, PLL e<span class=\"_ _2\"></span>ntered into a quot<span class=\"_ _2\"></span>a share rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e arrang<span class=\"_ _2\"></span>ement wi<span class=\"_ _2\"></span>th an exte<span class=\"_ _2\"></span>rnal insure<span class=\"_ _2\"></span>r to reinsure a fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r 27% of the risks tr<span class=\"_ _2\"></span>ansferre<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7dd\">to PLL as par<span class=\"_ _2\"></span>t of the third b<span class=\"_ _2\"></span>uy-in tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion with the Pea<span class=\"_ _2\"></span>rl Sch<span class=\"_ _2\"></span>eme. A tota<span class=\"_ _2\"></span>l of approximatel<span class=\"_ _2\"></span>y 91% of thes<span class=\"_ _2\"></span>e liabilities h<span class=\"_ _2\"></span>ave now bee<span class=\"_ _2\"></span>n reinsure<span class=\"_ _2\"></span>d. A </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7de\">premium of \u00a3<span class=\"_ _2\"></span>104 m<span class=\"_ _2\"></span>illion was paid by P<span class=\"_ _2\"></span>LL to the reinsure<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>. As PLL ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ts to use th<span class=\"_ _2\"></span>e claims re<span class=\"_ _2\"></span>ceived to p<span class=\"_ _2\"></span>ay for its oblig<span class=\"_ _2\"></span>ations und<span class=\"_ _2\"></span>er the ins<span class=\"_ _2\"></span>urance </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7df\">contr<span class=\"_ _2\"></span>act be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en it and the Pe<span class=\"_ _2\"></span>arl Sch<span class=\"_ _2\"></span>eme (i.e. to s<span class=\"_ _2\"></span>ettl<span class=\"_ _2\"></span>e the define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t obligatio<span class=\"_ _2\"></span>n) the reinsur<span class=\"_ _2\"></span>ance arr<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>ment is con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d to be a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7e0\">non-<span class=\"_ _2\"></span>qualif<span class=\"_ _2\"></span>ying ins<span class=\"_ _2\"></span>urance p<span class=\"_ _2\"></span>olicy an<span class=\"_ _2\"></span>d is clas<span class=\"_ _2\"></span>sified as a re<span class=\"_ _2\"></span>imburs<span class=\"_ _2\"></span>ement rig<span class=\"_ _2\"></span>ht. The rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt is expec<span class=\"_ _2\"></span>ted to matc<span class=\"_ _2\"></span>h a propor<span class=\"_ _2\"></span>tion of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7e1\">the defin<span class=\"_ _2\"></span>ed ben<span class=\"_ _2\"></span>efit oblig<span class=\"_ _2\"></span>ation of the Pearl S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e therefore th<span class=\"_ _2\"></span>e valuation of the re<span class=\"_ _2\"></span>imburs<span class=\"_ _2\"></span>ement rig<span class=\"_ _2\"></span>ht is consis<span class=\"_ _2\"></span>tent with th<span class=\"_ _2\"></span>e valuation of the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7e2\">as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d define<span class=\"_ _2\"></span>d benefit o<span class=\"_ _2\"></span>bligation<span class=\"_ _2\"></span>. The valu<span class=\"_ _2\"></span>e of the reimbur<span class=\"_ _2\"></span>seme<span class=\"_ _2\"></span>nt right ass<span class=\"_ _2\"></span>et amo<span class=\"_ _2\"></span>unted to \u00a3202 millio<span class=\"_ _2\"></span>n (31 Dec<span class=\"_ _2\"></span>ember 2<span class=\"_ _2\"></span>022: \u00a32<span class=\"_ _2\"></span>05 million).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs7e3\">Sum<span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span>y of amo<span class=\"_ _2\"></span>unts r<span class=\"_ _2\"></span>ecog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>ateme<span class=\"_ _2\"></span>nts<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7e4\">The am<span class=\"_ _2\"></span>ounts re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated fina<span class=\"_ _2\"></span>ncial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts are as follow<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span></div><div class=\"gs7e5\"><table class=\"s w967 h2ff\" id=\"_7b91caba-6e63-4fe0-9eb4-aef9ddfb16ae\"><tr><td></td><td class=\"t m0 x5e9 h3f y5c3a ff7 fsf fc1 sc0 ls0 ws0\">Fair v<span class=\"_ _2\"></span>alue o<span class=\"_ _2\"></span>f </td><td class=\"t m0 x18ed h3f y5c3a ff7 fsf fc1 sc0 ls0 ws0\">De<span class=\"_ _2\"></span>fine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efit </td><td class=\"t m0 x18ee h3f y5c3a ff7 fsf fc1 sc0 ls84 ws79\">Pension<span class=\"_ _5\"></span> Scheme </td><td class=\"t m0 x16e1 h3f y5c3a ff7 fsf fc1 sc0 lse3 wscd\">Reimburse<span class=\"_ _2\"></span>-ment </td></tr><tr><td></td><td class=\"t m0 x18ef h3f y5c3b ff7 fsf fc1 sc0 ls0 ws0\">sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets </td><td class=\"t m0 xf4e h3f y5c3b ff7 fsf fc1 sc0 ls199 ws185\">obligation </td><td class=\"t m0 x18f0 h3f y5c3b ff7 fsf fc1 sc0 lse3 wscd\">Liability<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h3f y5c3b ff7 fsf fc1 sc0 lse2 wscc\">right<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 h3f y5c3c ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x582 h3f y5c3c ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h3f y5c3c ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y5c3c ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y5c3c ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55e3 w968 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">At 1<span class=\"_ _5\"></span> January<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f1 y55e3 w53a h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls25 ws23\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2b4 y55e3 w969 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">(1,<span class=\"_ _2\"></span>501<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f2 y55e3 w5f7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>455<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f3 y55e3 w32a h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsa9 ws1aa\">205<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c3d w96a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa59 y5c3d wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f4 y5c3d w1b0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>72)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f5 y5c3d w83f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(<span class=\"_ _2\"></span>70)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba1 y5c3d wd2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c3e w96b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls13 ws11\">Past service<span class=\"_ _7\"></span> cost<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7b y5c3e w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f6 y5c3e w2c3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(12)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f7 y5c3e w1ab h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f8 y5c3e w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c3f w96c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f9 y5c3f wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18fa y5c3f w1ad h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(8<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x70c y5c3f w175 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>82)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18fb y5c3f wd2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5c40 ff3 fs7 fc1 sc0 ls12 ws10\">Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5816 w96d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in intere<span class=\"_ _2\"></span>st inco<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18fc y5816 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18fd y5816 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18fe y5816 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18ff y5816 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5817 w96e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in demo<span class=\"_ _2\"></span>graphi<span class=\"_ _2\"></span>c assum<span class=\"_ _2\"></span>ptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1900 y5817 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1901 y5817 w60 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1902 y5817 w60 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1903 y5817 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5818 w96f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Loss fro<span class=\"_ _2\"></span>m chang<span class=\"_ _2\"></span>es in finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1904 y5818 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1905 y5818 w3e0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1906 y5818 w970 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1907 y5818 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5828 w971 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xperie<span class=\"_ _2\"></span>nce gain<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1908 y5828 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1909 y5828 w179 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">15<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x190a y5828 w13f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">15<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x190b y5828 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a07 w972 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in othe<span class=\"_ _2\"></span>r compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa59 y5a07 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f6 y5a07 w6e9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b2 ws1af\">(<span class=\"_ _2\"></span>24)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x190c y5a07 w1b0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49c y5a07 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c41 w973 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>ome rec<span class=\"_ _2\"></span>eived from in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e policie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x190d y5c41 w18f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x190e y5c41 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x190f y5c41 wd9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">102<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1910 y5c41 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y581c w974 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1911 y581c w708 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(10<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1912 y581c w3e5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">102<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1913 y581c w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1914 y581c w1ad h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3fe h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1915 y55ef w31a h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a ws2f\">50<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1916 y55ef w975 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1917 y55ef w426 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(1<span class=\"_ _2\"></span>,457<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1918 y55ef w32a h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsa9 ws1aa\">202<span class=\"_ _3bc\"> </span></div></td></tr></table></div><table class=\"s w976 h300\" id=\"_34469e54-7b42-4d4a-9c5a-bf64519eec79\"><tr><td></td><td></td><td></td><td class=\"t m0 x1919 h16 y5c42 ff3 fsf fc1 sc0 ls0 ws0\">Prov<span class=\"_ _2\"></span>ision f<span class=\"_ _2\"></span>or ta<span class=\"_ _2\"></span>x on </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x191a h16 y5c43 ff3 fsf fc1 sc0 ls0 ws0\">the e<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>omic </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1788 h16 y5c44 ff3 fsf fc1 sc0 ls0 ws0\">Fair v<span class=\"_ _2\"></span>alue of s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me </td><td class=\"t m0 xa93 h16 y5c44 ff3 fsf fc1 sc0 ls83 ws78\">Defined benefit<span class=\"_ _7\"></span> </td><td class=\"t m0 x5b6 h16 y5c44 ff3 fsf fc1 sc0 ls17 ws15\">surplus available<span class=\"_ _5\"></span> as a </td><td class=\"t m0 x7ce h16 y5c44 ff3 fsf fc1 sc0 ls83 ws78\">Pension<span class=\"_ _7\"></span> S<span class=\"_ _2\"></span>cheme<span class=\"_ _5\"></span> </td><td class=\"t m0 xb8f h16 y5c44 ff3 fsf fc1 sc0 ls82 ws77\">Reimbur<span class=\"_ _2\"></span>sement </td></tr><tr><td></td><td class=\"t m0 x178a h16 y5c45 ff3 fsf fc1 sc0 ls0 ws0\">as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s </td><td class=\"t m0 xc55 h16 y5c45 ff3 fsf fc1 sc0 lse2 wscc\">obligation </td><td class=\"t m0 xb22 h16 y5c45 ff3 fsf fc1 sc0 ls82 ws77\">refund </td><td class=\"t m0 x9d1 h16 y5c45 ff3 fsf fc1 sc0 ls82 ws77\">Liabilit<span class=\"_ _2\"></span>y </td><td class=\"t m0 x79b h16 y5c45 ff3 fsf fc1 sc0 ls0 ws0\">rig<span class=\"_ _2\"></span>ht as<span class=\"_ _2\"></span>set </td></tr><tr><td class=\"t m0 x240 h16 y5c46 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x522 h16 y5c46 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x523 h16 y5c46 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h16 y5c46 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y5c46 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5c46 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5c47 w968 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">At 1<span class=\"_ _5\"></span> January<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x191b y5c47 w305 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">807<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x191c y5c47 w80b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>224<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x835 y5c47 w135 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(9<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a4 y5c47 w70f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>,50<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x191d y5c47 w329 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">212<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c48 w96a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x191e y5c48 w1d7 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x191f y5c48 w514 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>52)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1920 y5c48 w524 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1921 y5c48 w1dd h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(38)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1922 y5c48 wb5 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c49 w96b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls13 ws11\">Past service<span class=\"_ _7\"></span> cost<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1923 y5c49 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1924 y5c49 w1cd h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(15<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1925 y5c49 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1926 y5c49 w1cd h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(15<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1927 y5c49 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c4a w96c h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1928 y5c4a w541 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1929 y5c4a w2c7 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(67<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x192a y5c4a w2dd h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x192b y5c4a w1c3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>53)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x192c y5c4a w158 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c4b ff3 fs7 fc1 sc0 ls12 ws10\">Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x249 y5c4c w977 h28a\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x192d y5c4c w750 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(<span class=\"_ _2\"></span>208)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x192e y5c4c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x192f y5c4c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1930 y5c4c w7e9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(208)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1931 y5c4c w24b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">(101<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5c4d w96e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in demo<span class=\"_ _2\"></span>graphi<span class=\"_ _2\"></span>c assum<span class=\"_ _2\"></span>ptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1932 y5c4d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1933 y5c4d w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1934 y5c4d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1935 y5c4d wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1936 y5c4d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5c4e w978 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1937 y5c4e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1938 y5c4e w4fd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsdc wsc7\">805<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1939 y5c4e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x193a y5c4e w4fd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsdc wsc7\">805<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x193b y5c4e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5c4f w979 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls14 ws12\">Expe<span class=\"_ _2\"></span>rience loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x193c y5c4f w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x193d y5c4f w97a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">(116)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x193e y5c4f w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18b2 y5c4f w97a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">(116)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x193f y5c4f w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y5c50 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in provision fo<span class=\"_ _2\"></span>r tax on e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic surplus availa<span class=\"_ _2\"></span>ble </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5743 w97b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">as a refun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1940 y5743 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1941 y5743 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1942 y5743 w71b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12c ws170\">94<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1943 y5743 w71b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12c ws170\">94<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1944 y5743 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b7 w97c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in oth<span class=\"_ _2\"></span>er compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1945 y56b7 w35f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(20<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1946 y56b7 w1eb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">692<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1947 y56b7 w71b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12c ws170\">94<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1948 y56b7 w1e1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">578<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x741 y56b7 w24b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>01)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y572a w973 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>ome rec<span class=\"_ _2\"></span>eived from in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e policie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1949 y572a w442 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c8 ws1c8\">89<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11a4 y572a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x194a y572a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x626 y572a w442 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c8 ws1c8\">89<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x194b y572a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w974 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x194c y561b w97d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">(98)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x194d y561b w8d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">98<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6b5 y561b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x194e y561b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x194f y561b w88b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>14)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w97e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">As<span class=\"_ _2\"></span>sets tr<span class=\"_ _2\"></span>ansferre<span class=\"_ _2\"></span>d as premi<span class=\"_ _2\"></span>um for Sche<span class=\"_ _2\"></span>me buy<span class=\"_ _2\"></span>-in<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1950 y561c w97f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a6 ws196\">(56<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1951 y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1952 y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1953 y561c w980 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a6 ws196\">(560)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1954 y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 w981 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">As<span class=\"_ _2\"></span>sets tr<span class=\"_ _2\"></span>ansferre<span class=\"_ _2\"></span>d as premi<span class=\"_ _2\"></span>um for reinsura<span class=\"_ _2\"></span>nce arra<span class=\"_ _2\"></span>ngem<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1923 y5600 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe0a y5600 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1955 y5600 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1429 y5600 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e0 y5600 w61 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w982 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1474 y55ef w83a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls47 ws19d\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1956 y55ef w233 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>01)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1957 y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16ac y55ef w983 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b0 ws1ac\">(1,455)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1958 y55ef wcf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">205<span class=\"_ _3bc\"> </span></div></td></tr></table>Scheme assets<span class=\"_ _3bc\"> </span>The dis<span class=\"_ _2\"></span>tributio<span class=\"_ _2\"></span>n of the sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>ets at th<span class=\"_ _2\"></span>e end of the year w<span class=\"_ _2\"></span>as as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span><table class=\"s w984 h301\" id=\"_5c2174ca-e664-4fe2-b892-28187ee68668\"><tr><td></td><td></td><td class=\"c n xdd2 y5c51 w3a3 h2b4\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1959 y5c51 w985 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2<span class=\"_ _2\"></span>022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x9d5 h3f y5c52 ff7 fsf fc1 sc0 ls0 ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot </td><td></td><td class=\"t m0 x195a h16 y5c52 ff3 fsf fc1 sc0 ls0 ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot </td></tr><tr><td></td><td></td><td class=\"t m0 x1343 h3f y5c53 ff7 fsf fc1 sc0 ls0 ws0\">quo<span class=\"_ _2\"></span>ted i<span class=\"_ _2\"></span>n an ac<span class=\"_ _2\"></span>tive </td><td></td><td class=\"t m0 xc01 h16 y5c53 ff3 fsf fc1 sc0 ls0 ws0\">quo<span class=\"_ _2\"></span>ted in an a<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ve </td></tr><tr><td></td><td class=\"t m0 x1003 h3f y5c54 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x770 h3f y5c54 ff7 fsf fc1 sc0 ls5b ws76\">market<span class=\"_ _5\"></span> </td><td class=\"t m0 xdc3 h16 y5c54 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x9d6 h16 y5c54 ff3 fsf fc1 sc0 lsee ws128\">ma<span class=\"_ _2\"></span>rke<span class=\"_ _2\"></span>t </td></tr><tr><td></td><td class=\"t m0 x9da h3f y5c55 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y5c55 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y5c55 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5c55 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5774 w2b2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x195b y5774 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x195c y5774 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x195d y5774 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd24 y5774 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fd w986 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Private equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa59 y55fd wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5a y55fd wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5b y55fd w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5c y55fd w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5775 w987 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">He<span class=\"_ _2\"></span>dge fun<span class=\"_ _2\"></span>ds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x195e y5775 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x860 y5775 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x195f y5775 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12fe y5775 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57ab w988 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and other<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1960 y57ab w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1955 y57ab w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x68a y57ab w13f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">34<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1961 y57ab w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5746 w989 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of s<span class=\"_ _2\"></span>tock len<span class=\"_ _2\"></span>ding collate<span class=\"_ _2\"></span>ral rece<span class=\"_ _2\"></span>ived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1962 y5746 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1963 y5746 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1964 y5746 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1965 y5746 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w98a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Reported scheme assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12f5 y561c w31a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws2f\">50<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1966 y561c w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1967 y561c w13e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1968 y561c w3fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c56 ff3 fs7 fc1 sc0 ls17 ws15\">Add back:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y561e w98b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance p<span class=\"_ _2\"></span>olicies elim<span class=\"_ _2\"></span>inated on c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1969 y561e w98c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x196a y561e w582 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x196b y561e w232 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">1<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x196c y561e w232 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">1<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w98d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Economic value of<span class=\"_ _5\"></span> asset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x196d y55ef w11d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,557<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x196e y55ef w5f5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>515<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x926 y55ef w13b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x196f y55ef wde h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>513<span class=\"_ _3bc\"> </span></div></td></tr></table>Defined b<span class=\"_ _2\"></span>enefit obligation<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>alculati<span class=\"_ _2\"></span>on of the define<span class=\"_ _2\"></span>d benefit o<span class=\"_ _2\"></span>bligatio<span class=\"_ _2\"></span>n can be all<span class=\"_ _2\"></span>ocate<span class=\"_ _2\"></span>d to the sche<span class=\"_ _2\"></span>me\u2019s membe<span class=\"_ _2\"></span>rs as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>eferred s<span class=\"_ _2\"></span>cheme m<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>rs: 33<span class=\"_ _2\"></span>% (2022: 4<span class=\"_ _2\"></span>0%); and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">Pensioners: 67%<span class=\"_ _5\"></span> (2022:<span class=\"_ _5\"></span> 60%)<span class=\"_ _3bc\"> </span></span>The wei<span class=\"_ _2\"></span>ghted averag<span class=\"_ _2\"></span>e duration of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23 is 13.<span class=\"_ _2\"></span>5 year<span class=\"_ _2\"></span>s (2022: 13<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>5 years).<span class=\"_ _3bc\"> </span>Principal as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span>The pr<span class=\"_ _2\"></span>incipal fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>sumptio<span class=\"_ _2\"></span>ns of the Pearl S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e are set out in th<span class=\"_ _2\"></span>e table b<span class=\"_ _2\"></span>elow:<span class=\"_ _3bc\"> </span><table class=\"s w2af h302\" id=\"_4fa27468-8175-41b8-9c9f-8b5a02024807\"><tr><td></td><td class=\"t m0 x916 h3f y5c57 ff7 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>3 </td><td class=\"t m0 x23e h16 y5c57 ff3 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>2 </td></tr><tr><td></td><td class=\"t m0 x54a h3f y5c58 ff7 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x54b h16 y5c58 ff3 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y58c1 w98e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for pe<span class=\"_ _2\"></span>nsions in p<span class=\"_ _2\"></span>ayment (5% pe<span class=\"_ _2\"></span>r annum or R<span class=\"_ _2\"></span>PI if lower)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1970 y58c1 w3ab h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">2.90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1971 y58c1 w98f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c9 ws1c9\">3.05<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5718 w990 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for defer<span class=\"_ _2\"></span>red pen<span class=\"_ _2\"></span>sions ('<span class=\"_ _2\"></span>CPI<span class=\"_ _2\"></span>')<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1972 y5718 w991 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls38 ws35\">2.60<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1973 y5718 w992 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d7 ws1d7\">2<span class=\"_ _2\"></span>.7<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5719 w993 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Disc<span class=\"_ _2\"></span>ount rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1974 y5719 w2e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">4.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1975 y5719 w994 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">4.<span class=\"_ _2\"></span>95<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee w995 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 RPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1976 y55ee w996 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c7 ws1c7\">3.10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1977 y55ee w997 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c9 ws1c9\">3.30<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w998 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 CPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1978 y55ef w999 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls38 ws35\">2.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1979 y55ef w99a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d7 ws1d7\">2<span class=\"_ _2\"></span>.70<span class=\"_ _3bc\"> </span></div></td></tr></table>The dis<span class=\"_ _2\"></span>count rate a<span class=\"_ _2\"></span>nd inflation r<span class=\"_ _2\"></span>ate assum<span class=\"_ _2\"></span>ptions have be<span class=\"_ _2\"></span>en determ<span class=\"_ _2\"></span>ined by con<span class=\"_ _2\"></span>siderin<span class=\"_ _2\"></span>g the shap<span class=\"_ _2\"></span>e of the approp<span class=\"_ _2\"></span>riate yield c<span class=\"_ _2\"></span>urves an<span class=\"_ _2\"></span>d the duratio<span class=\"_ _2\"></span>n of the Pearl Sc<span class=\"_ _2\"></span>heme\u2019s liabilitie<span class=\"_ _2\"></span>s. This m<span class=\"_ _2\"></span>ethod d<span class=\"_ _2\"></span>etermines a<span class=\"_ _2\"></span>n equivale<span class=\"_ _2\"></span>nt single r<span class=\"_ _2\"></span>ate for each of the di<span class=\"_ _2\"></span>scount an<span class=\"_ _2\"></span>d inflation r<span class=\"_ _2\"></span>ates, wh<span class=\"_ _2\"></span>ich is derive<span class=\"_ _2\"></span>d from the profile of pro<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>ted be<span class=\"_ _2\"></span>nefit payme<span class=\"_ _2\"></span>nts<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs7f6\">Sum<span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span>y of amo<span class=\"_ _2\"></span>unts r<span class=\"_ _2\"></span>ecog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>ateme<span class=\"_ _2\"></span>nts<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7f7\">The am<span class=\"_ _2\"></span>ounts re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated fina<span class=\"_ _2\"></span>ncial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts are as follow<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls70 ws67 gs7f8\">2023<span class=\"_ _3bc\"> </span></div><div class=\"gs7f9\"><table class=\"s w9a8 h304\" id=\"_c0776cea-2929-4ca3-998e-3840d336de29\"><tr><td></td><td class=\"t m0 x1997 h3f y5c66 ff7 fsf fc1 sc0 ls0 ws0\">Fair v<span class=\"_ _2\"></span>alue o<span class=\"_ _2\"></span>f </td><td class=\"t m0 x521 h3f y5c66 ff7 fsf fc1 sc0 ls0 ws0\">De<span class=\"_ _2\"></span>fine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efit </td><td></td></tr><tr><td></td><td class=\"t m0 xaba h3f y5c67 ff7 fsf fc1 sc0 ls0 ws0\">sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets </td><td class=\"t m0 xd52 h3f y5c67 ff7 fsf fc1 sc0 ls199 ws185\">obligation </td><td class=\"t m0 x23e h3f y5c67 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td></td><td class=\"t m0 x524 h3f y5c68 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y5c68 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5c68 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5c69 w9a9 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls0 ws0\">At 1 Janu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1998 y5c69 w413 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1999 y5c69 w32d h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>08<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x199a y5c69 w657 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1af ws1ab\">(1,056)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c6a w96a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x199b y5c6a w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6c8 y5c6a w389 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>52)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x199c y5c6a w611 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c6b w81 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Administrative expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x199d y5c6b w5c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x199e y5c6b w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x199f y5c6b w206 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c6c w96c h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a0 y5c6c w574 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a1 y5c6c w214 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">(52)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a2 y5c6c w1ae h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>54)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c6d ff3 fs7 fc1 sc0 ls12 ws10\">Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5c6e w96d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in intere<span class=\"_ _2\"></span>st inco<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a3 y5c6e w523 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a4 y5c6e w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a5 y5c6e w523 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5c6f w96e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in demo<span class=\"_ _2\"></span>graphi<span class=\"_ _2\"></span>c assum<span class=\"_ _2\"></span>ptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a6 y5c6f w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a7 y5c6f w372 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a8 y5c6f w372 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5c70 w96f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Loss fro<span class=\"_ _2\"></span>m chang<span class=\"_ _2\"></span>es in finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x192f y5c70 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a9 y5c70 w550 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19aa y5c70 w550 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5c71 w979 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls14 ws12\">Expe<span class=\"_ _2\"></span>rience loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ab y5c71 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ac y5c71 w74d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(17<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ad y5c71 w72a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c72 w97c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in oth<span class=\"_ _2\"></span>er compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x69b y5c72 w418 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ae y5c72 w9aa h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19af y5c72 w2c3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(32)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c73 w973 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>ome rec<span class=\"_ _2\"></span>eived from in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e policie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2d8 y5c73 w17e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls76 ws19a\">69<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b0 y5c73 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1893 y5c73 w17e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls76 ws19a\">69<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c74 w974 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b1 y5c74 w9ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">(69)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x72b y5c74 w64f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls76 ws19a\">69<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b2 y5c74 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c75 w9ac h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">As<span class=\"_ _2\"></span>sets tr<span class=\"_ _2\"></span>ansferre<span class=\"_ _2\"></span>d as premi<span class=\"_ _2\"></span>um for sche<span class=\"_ _2\"></span>me buy-<span class=\"_ _2\"></span>out<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b3 y5c75 w1a7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b4 y5c75 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b5 y5c75 w55 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(18)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c76 w3fe h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b6 y5c76 wb5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b7 y5c76 w1d0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b4 ws1b3\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>97<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b8 y5c76 w95d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b6 ws1b5\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>91)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x5b6 h16 y5c77 ff3 fsf fc1 sc0 ls0 ws0\">Fair v<span class=\"_ _2\"></span>alue of s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me </td><td class=\"t m0 x538 h16 y5c77 ff3 fsf fc1 sc0 ls83 ws78\">Defined benefit<span class=\"_ _7\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 x5b7 h16 y5c78 ff3 fsf fc1 sc0 ls0 ws0\">as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s </td><td class=\"t m0 xd5a h16 y5c78 ff3 fsf fc1 sc0 lse2 wscc\">obligation </td><td class=\"t m0 x487 h16 y5c78 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h16 y5c79 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h16 y5c79 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y5c79 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5c79 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55f6 w9a9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">At 1 Janu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1998 y55f6 w9ad h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x412 y55f6 w61d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>23)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ec y55f6 wc4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>592)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5614 w96a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x199b y5614 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b9 y5614 w1da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>32)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1126 y5614 w223 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55e5 w81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Administrative expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ba y55e5 w576 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14be y55e5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19bb y55e5 w576 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5771 w96c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19bc y5771 w54f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19bd y5771 w1da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(32<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x103c y5771 w9ae h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(35)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c7a ff3 fs7 fc1 sc0 ls12 ws10\">Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5774 w96d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in intere<span class=\"_ _2\"></span>st inco<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19be y5774 w361 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19bf y5774 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c0 y5774 w5d9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y55fd w96e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in demo<span class=\"_ _2\"></span>graphi<span class=\"_ _2\"></span>c assum<span class=\"_ _2\"></span>ptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a6 y55fd w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c1 y55fd w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c2 y55fd w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57fa w978 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c3 y57fa w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c4 y57fa w37f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">5<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c5 y57fa wf7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">5<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57ab w979 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">Expe<span class=\"_ _2\"></span>rience loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c6 y57ab w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c7 y57ab w9af h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">(36)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c8 y57ab w9af h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">(36)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b8 w97c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in oth<span class=\"_ _2\"></span>er compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x69b y56b8 w74b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c9 y56b8 w114 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">500<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b0 y56b8 w59 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">49<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 w973 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>ome rec<span class=\"_ _2\"></span>eived from in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e policie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x67b y5600 w51a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">72<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ca y5600 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19cb y5600 w51a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">72<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w974 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19cc y561e w1dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(72)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19cd y561e w31d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">72<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ce y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w982 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1529 y55ef wbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19cf y55ef w9b0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>08<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d0 y55ef w70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">(1,056)<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls12 ws10 gs7fa\">Scheme assets<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7fb\">The dis<span class=\"_ _2\"></span>tributio<span class=\"_ _2\"></span>n of the sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>ets at th<span class=\"_ _2\"></span>e end of the year w<span class=\"_ _2\"></span>as as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"gs7fc\"><table class=\"s w9b1 h305\" id=\"_d1d390f3-20a1-45ac-a36f-301896e24bd0\"><tr><td></td><td></td><td class=\"c n x19d1 y5c7b w3a3 h2b4\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x19d2 y5c7b w985 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2<span class=\"_ _2\"></span>022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x9d5 h3f y5c7c ff7 fsf fc1 sc0 ls0 ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot </td><td></td><td class=\"t m0 x195a h16 y5c7c ff3 fsf fc1 sc0 ls0 ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot </td></tr><tr><td></td><td></td><td class=\"t m0 x1343 h3f y5c7d ff7 fsf fc1 sc0 ls0 ws0\">quo<span class=\"_ _2\"></span>ted i<span class=\"_ _2\"></span>n an ac<span class=\"_ _2\"></span>tive </td><td></td><td class=\"t m0 xc01 h16 y5c7d ff3 fsf fc1 sc0 ls0 ws0\">quo<span class=\"_ _2\"></span>ted in an a<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ve </td></tr><tr><td></td><td class=\"t m0 x1003 h3f y5c7e ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x770 h3f y5c7e ff7 fsf fc1 sc0 ls5b ws76\">market<span class=\"_ _5\"></span> </td><td class=\"t m0 xdc3 h16 y5c7e ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x9d6 h16 y5c7e ff3 fsf fc1 sc0 lsee ws128\">ma<span class=\"_ _2\"></span>rke<span class=\"_ _2\"></span>t </td></tr><tr><td></td><td class=\"t m0 x9da h3f y5c7f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y5c7f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y5c7f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5c7f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y561a w988 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and other<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa59 y561a wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d3 y561a w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaec y561a wbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d4 y561a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w98a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Reported scheme assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d5 y561b wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d6 y561b w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d7 y561b wbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee5 y561b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c80 ff3 fs7 fc1 sc0 ls17 ws15\">Add back:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y561d w98b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance p<span class=\"_ _2\"></span>olicies elim<span class=\"_ _2\"></span>inated on c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d8 y561d w5e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">1<span class=\"_ _2\"></span>,093<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d9 y561d w5e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">1<span class=\"_ _2\"></span>,093<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19da y561d w369 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>079<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19db y561d w128 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>079<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y561e w95c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unts due from s<span class=\"_ _2\"></span>ubsidiar<span class=\"_ _2\"></span>y elimin<span class=\"_ _2\"></span>ated on con<span class=\"_ _2\"></span>solidatio<span class=\"_ _2\"></span>n<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19dc y561e w17a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19dd y561e w17a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19de y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19df y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w98d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Economic value of<span class=\"_ _5\"></span> asset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e0 y55ef w7c5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e1 y55ef w1b8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">1<span class=\"_ _2\"></span>,111<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e2 y55ef w48b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">1<span class=\"_ _2\"></span>,106<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e3 y55ef w103 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,079<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls69 ws5e gs7fd\">Defined b<span class=\"_ _2\"></span>enefit obligation<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7fe\">The c<span class=\"_ _2\"></span>alculati<span class=\"_ _2\"></span>on of the define<span class=\"_ _2\"></span>d benefit o<span class=\"_ _2\"></span>bligatio<span class=\"_ _2\"></span>n can be all<span class=\"_ _2\"></span>ocate<span class=\"_ _2\"></span>d to the sche<span class=\"_ _2\"></span>me\u2019s membe<span class=\"_ _2\"></span>rs as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7ff\">\u2022 <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>eferred s<span class=\"_ _2\"></span>cheme m<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>rs: 3<span class=\"_ _2\"></span>6% (202<span class=\"_ _2\"></span>2: 36<span class=\"_ _2\"></span>%); and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs800\">\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">Pensioners: 64%<span class=\"_ _5\"></span> (2022:<span class=\"_ _5\"></span> 64%)<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs801\">The wei<span class=\"_ _2\"></span>ghted averag<span class=\"_ _2\"></span>e duration of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23 is 13.<span class=\"_ _2\"></span>5 year<span class=\"_ _2\"></span>s (2022: 13<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>5 years).<span class=\"_ _3bc\"> </span></div>Principal as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span>The pr<span class=\"_ _2\"></span>incipal fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>sumptio<span class=\"_ _2\"></span>ns of the PGL Pen<span class=\"_ _2\"></span>sion Sc<span class=\"_ _2\"></span>heme are s<span class=\"_ _2\"></span>et out in the t<span class=\"_ _2\"></span>able be<span class=\"_ _2\"></span>low:<span class=\"_ _3bc\"> </span><table class=\"s w9b2 h306\" id=\"_7514a124-5101-4dd4-ae08-12c61276329a\"><tr><td></td><td class=\"t m0 x44d h3f y5c81 ff7 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>3 </td><td class=\"t m0 x1e4 h16 y5c81 ff3 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>2 </td></tr><tr><td></td><td class=\"t m0 x8d9 h3f y5c82 ff7 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ad h16 y5c82 ff3 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y58c1 w9b3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for pe<span class=\"_ _2\"></span>nsions in p<span class=\"_ _2\"></span>ayment (<span class=\"_ _2\"></span>7<span class=\"_ _7\"></span>.5% p<span class=\"_ _2\"></span>er annum or R<span class=\"_ _2\"></span>PI if lower)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e4 y58c1 w996 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">3.10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e5 y58c1 w98f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c9 ws1c9\">3.30<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5718 w990 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for defer<span class=\"_ _2\"></span>red pen<span class=\"_ _2\"></span>sions ('<span class=\"_ _2\"></span>CPI<span class=\"_ _2\"></span>')<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1972 y5718 w991 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls38 ws35\">2.60<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1973 y5718 w992 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d7 ws1d7\">2<span class=\"_ _2\"></span>.7<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 w993 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Disc<span class=\"_ _2\"></span>ount rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1974 y56f9 w2e8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">4.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1975 y56f9 w994 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">4.<span class=\"_ _2\"></span>95<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee w995 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 RPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1976 y55ee w996 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">3.10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1977 y55ee w997 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c9 ws1c9\">3.30<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w998 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 CPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1978 y55ef w999 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls38 ws35\">2.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1979 y55ef w99a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d7 ws1d7\">2<span class=\"_ _2\"></span>.70<span class=\"_ _3bc\"> </span></div></td></tr></table>The dis<span class=\"_ _2\"></span>count rate a<span class=\"_ _2\"></span>nd inflation a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns have bee<span class=\"_ _2\"></span>n determin<span class=\"_ _2\"></span>ed by cons<span class=\"_ _2\"></span>idering th<span class=\"_ _2\"></span>e shape of th<span class=\"_ _2\"></span>e appropri<span class=\"_ _2\"></span>ate yield cur<span class=\"_ _2\"></span>ves and t<span class=\"_ _2\"></span>he duration of the PG<span class=\"_ _2\"></span>L Pension S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e liabilities<span class=\"_ _2\"></span>. This m<span class=\"_ _2\"></span>ethod dete<span class=\"_ _2\"></span>rmines an e<span class=\"_ _2\"></span>quivale<span class=\"_ _2\"></span>nt single rate for e<span class=\"_ _2\"></span>ach of the dis<span class=\"_ _2\"></span>count an<span class=\"_ _2\"></span>d inflation rate<span class=\"_ _2\"></span>s, whic<span class=\"_ _2\"></span>h<span class=\"_ gs132\"> </span>is<span class=\"_ gs132\"> </span>derived from the p<span class=\"_ _2\"></span>rofile of proje<span class=\"_ _2\"></span>cted b<span class=\"_ _2\"></span>enefit paym<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The p<span class=\"_ _2\"></span>ost-retirem<span class=\"_ _2\"></span>ent mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s are in line with 8<span class=\"_ _2\"></span>6%/94% of S<span class=\"_ _2\"></span>1P Light ba<span class=\"_ _2\"></span>se table<span class=\"_ _2\"></span>s for male<span class=\"_ _2\"></span>s and femal<span class=\"_ _2\"></span>es. Future l<span class=\"_ _2\"></span>ongevit<span class=\"_ _2\"></span>y improvem<span class=\"_ _2\"></span>ents from 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y 2021 are b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on amen<span class=\"_ _2\"></span>ded CM<span class=\"_ _2\"></span>I 2022 C<span class=\"_ _2\"></span>ore Proje<span class=\"_ _2\"></span>ctions (2<span class=\"_ _2\"></span>022: From 1 Janu<span class=\"_ _2\"></span>ary 2<span class=\"_ _2\"></span>021 bas<span class=\"_ _2\"></span>ed on ame<span class=\"_ _2\"></span>nded C<span class=\"_ _2\"></span>MI 2021 C<span class=\"_ _2\"></span>ore Proje<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s) with a long-te<span class=\"_ _2\"></span>rm rate of improveme<span class=\"_ _2\"></span>nt of 1.5% (20<span class=\"_ _2\"></span>22: 1<span class=\"_ _2\"></span>.5%) per ann<span class=\"_ _2\"></span>um for males a<span class=\"_ _2\"></span>nd 1.<span class=\"_ _2\"></span>2% (202<span class=\"_ _2\"></span>2: 1.<span class=\"_ _2\"></span>2%) per a<span class=\"_ _2\"></span>nnum for femal<span class=\"_ _2\"></span>es. Un<span class=\"_ _2\"></span>der the<span class=\"_ _2\"></span>se ass<span class=\"_ _2\"></span>umptions<span class=\"_ _2\"></span>, the avera<span class=\"_ _2\"></span>ge life expe<span class=\"_ _2\"></span>ctan<span class=\"_ _2\"></span>cy from retire<span class=\"_ _2\"></span>ment for a me<span class=\"_ _2\"></span>mber c<span class=\"_ _2\"></span>urrently ag<span class=\"_ _2\"></span>ed 40 re<span class=\"_ _2\"></span>tiring at ag<span class=\"_ _2\"></span>e 62 is 27<span class=\"_ _7\"></span>.4 ye<span class=\"_ _2\"></span>ars (2022<span class=\"_ _2\"></span>: 27<span class=\"_ _6\"></span>.7 ye<span class=\"_ _2\"></span>ars) and 28<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>8 years (202<span class=\"_ _2\"></span>2: 29.1 year<span class=\"_ _2\"></span>s) f<span class=\"_ _5\"></span>or ma<span class=\"_ _2\"></span>le and fema<span class=\"_ _2\"></span>le memb<span class=\"_ _2\"></span>ers resp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>tively.<span class=\"_ _3bc\"> </span>A quantitative sensitivit<span class=\"_ _2\"></span>y analysis for significant ac<span class=\"_ _2\"></span>tuarial ass<span class=\"_ _2\"></span>umptions is shown below:<span class=\"_ _3bc\"> </span><table class=\"s w9b4 h307\" id=\"_38a6ff4e-0231-42e4-b348-77d99b00bd72\"><tr><td class=\"t m0 x232 h3f y5c83 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"c n x197a y5c84 w99c h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls83 ws78\">Base<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x197b y5c84 w99d h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">Discount rate<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x197c y5c84 w99e h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls17 ws15\">RPI<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x197d y5c84 w99f h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls51 ws4b\">Life<span class=\"_ _7\"></span> expectancy<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5c85 ff3 fsf fc1 sc0 ls82 ws77\">Ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x197e h3f y5c86 ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x197f h3f y5c86 ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x48c h3f y5c86 ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td></td><td class=\"t m0 x15a1 h3f y5c86 ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x5ea h3f y5c86 ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td><td class=\"t m0 x1980 h3f y5c86 ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5c87 ff3 fsf fc1 sc0 ls70 ws67\">Sensitivit<span class=\"_ _2\"></span>y level<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x581 h3f y5c88 ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1981 h3f y5c88 ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1982 h3f y5c88 ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x1983 h3f y5c88 ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y5c88 ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d8 h3f y5c88 ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5c89 w9a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>ct on the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit oblig<span class=\"_ _2\"></span>ation (\u00a3m)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1984 y5c89 w165 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e6 y5c89 w715 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(32)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e7 y5c89 w659 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e8 y5c89 w138 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">22<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x19e9 y5c89 w544 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>21)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ea y5c89 w34a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19eb y5c89 w9b5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>31)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 h16 y5c8a ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"c n x197a y5c8b w9a2 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls5b ws76\">Base<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x198b y5c8b w9a3 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse1 wscb\">Discount<span class=\"_ _5\"></span> rate<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x198c y5c8b w9a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls70 ws67\">R<span class=\"_ _2\"></span>PI<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x198d y5c8b w9a5 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1dd ws1df\">Life<span class=\"_ _5\"></span> expecta<span class=\"_ _5\"></span>ncy<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5c8c ff3 fsf fc1 sc0 ls82 ws77\">Ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x197e h16 y5c8d ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x197f h16 y5c8d ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x62f h16 y5c8d ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td></td><td class=\"t m0 x15a1 h16 y5c8d ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x5ea h16 y5c8d ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td><td class=\"t m0 x1980 h16 y5c8d ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5c8e ff3 fsf fc1 sc0 ls70 ws67\">Sensitivit<span class=\"_ _2\"></span>y level<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x198e h16 y5c8f ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1981 h16 y5c8f ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x97a h16 y5c8f ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x198f h16 y5c8f ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x11da h16 y5c8f ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7e8 h16 y5c8f ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ef w9a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>ct on the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit oblig<span class=\"_ _2\"></span>ation (\u00a3m)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1984 y55ef w1b6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">1<span class=\"_ _2\"></span>,083<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ec y55ef w223 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ed y55ef w794 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ee y55ef w137 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">23<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x19ef y55ef w1dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19f0 y55ef w7d1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls4b ws122\">30<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19f1 y55ef w9b6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">(3<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td></tr></table>The ab<span class=\"_ _2\"></span>ove sensiti<span class=\"_ _2\"></span>vity a<span class=\"_ _2\"></span>nalyse<span class=\"_ _2\"></span>s are bas<span class=\"_ _2\"></span>ed on a cha<span class=\"_ _2\"></span>nge in an a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>n while holdin<span class=\"_ _2\"></span>g all other as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s cons<span class=\"_ _2\"></span>tant. I<span class=\"_ _2\"></span>n prac<span class=\"_ _2\"></span>tice, this i<span class=\"_ _2\"></span>s unlik<span class=\"_ _5\"></span>ely to occ<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>, an<span class=\"_ _2\"></span>d chan<span class=\"_ _2\"></span>ges in so<span class=\"_ _2\"></span>me of the as<span class=\"_ _2\"></span>sumptions m<span class=\"_ _2\"></span>ay be corre<span class=\"_ _2\"></span>lated. Wh<span class=\"_ _2\"></span>en calc<span class=\"_ _2\"></span>ulating th<span class=\"_ _2\"></span>e sensit<span class=\"_ _2\"></span>ivity of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation to signifi<span class=\"_ _2\"></span>cant ac<span class=\"_ _2\"></span>tuarial a<span class=\"_ _2\"></span>ssumpt<span class=\"_ _2\"></span>ions the s<span class=\"_ _2\"></span>ame meth<span class=\"_ _2\"></span>od has b<span class=\"_ _2\"></span>een app<span class=\"_ _2\"></span>lied as wh<span class=\"_ _2\"></span>en calc<span class=\"_ _2\"></span>ulating the p<span class=\"_ _2\"></span>ensio<span class=\"_ _2\"></span>n liabilit<span class=\"_ _2\"></span>y reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d within the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consolidated financial position.<span class=\"_ _3bc\"> </span>G1<span class=\"_ _2\"></span>.3 Ab<span class=\"_ _2\"></span>bey Life St<span class=\"_ _2\"></span>aff Pen<span class=\"_ _2\"></span>sion S<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span>Scheme details<span class=\"_ _3bc\"> </span>On 3<span class=\"_ _2\"></span>0 June 2017, the Abbey Life S<span class=\"_ _2\"></span>cheme w<span class=\"_ _2\"></span>as trans<span class=\"_ _2\"></span>ferred from A<span class=\"_ _2\"></span>bbey Life to PeLHL<span class=\"_ _2\"></span>, a fellow subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>. Pe<span class=\"_ _2\"></span>LHL ass<span class=\"_ _2\"></span>umed th<span class=\"_ _2\"></span>e schem<span class=\"_ _2\"></span>e covenant toge<span class=\"_ _2\"></span>ther with all o<span class=\"_ _2\"></span>bligation<span class=\"_ _2\"></span>s of the sche<span class=\"_ _2\"></span>me following im<span class=\"_ _2\"></span>pleme<span class=\"_ _2\"></span>ntation of the tr<span class=\"_ _2\"></span>ansfer. The Abbey Life S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e is a regis<span class=\"_ _2\"></span>tered o<span class=\"_ _2\"></span>ccupat<span class=\"_ _2\"></span>ional pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>eme, s<span class=\"_ _2\"></span>et up under tr<span class=\"_ _2\"></span>ust, a<span class=\"_ _2\"></span>nd leg<span class=\"_ _2\"></span>ally sep<span class=\"_ _2\"></span>arate from the e<span class=\"_ _2\"></span>mployer PeLH<span class=\"_ _2\"></span>L. The s<span class=\"_ _2\"></span>cheme i<span class=\"_ _2\"></span>s adminis<span class=\"_ _2\"></span>tered by Abb<span class=\"_ _2\"></span>ey Life T<span class=\"_ _6\"></span>ru<span class=\"_ _2\"></span>st Se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s Limited (the tr<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>e)<span class=\"_ _5\"></span>, a cor<span class=\"_ _2\"></span>porate tru<span class=\"_ _2\"></span>stee. T<span class=\"_ _2\"></span>here are thre<span class=\"_ _2\"></span>e trus<span class=\"_ _2\"></span>tee direc<span class=\"_ _2\"></span>tors<span class=\"_ _2\"></span>, one of whom is n<span class=\"_ _2\"></span>ominated by t<span class=\"_ _2\"></span>he Abbey Life S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e membe<span class=\"_ _2\"></span>rs and t<span class=\"_ _2\"></span>wo of whom are app<span class=\"_ _2\"></span>ointed by PeLHL<span class=\"_ _2\"></span>. The tru<span class=\"_ _2\"></span>stee is re<span class=\"_ _2\"></span>spons<span class=\"_ _2\"></span>ible for adminis<span class=\"_ _2\"></span>tering th<span class=\"_ _2\"></span>e schem<span class=\"_ _2\"></span>e in acc<span class=\"_ _2\"></span>ordance w<span class=\"_ _2\"></span>ith the trus<span class=\"_ _2\"></span>t dee<span class=\"_ _2\"></span>d and rule<span class=\"_ _2\"></span>s and pen<span class=\"_ _2\"></span>sions laws a<span class=\"_ _2\"></span>nd reg<span class=\"_ _2\"></span>ulations<span class=\"_ _2\"></span>. The Abb<span class=\"_ _2\"></span>ey Life Sche<span class=\"_ _2\"></span>me is clos<span class=\"_ _2\"></span>ed to new e<span class=\"_ _2\"></span>ntrants an<span class=\"_ _2\"></span>d has no a<span class=\"_ _2\"></span>ctive me<span class=\"_ _2\"></span>mber<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The val<span class=\"_ _2\"></span>uation has b<span class=\"_ _2\"></span>een b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n an ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent of the liabiliti<span class=\"_ _2\"></span>es of the Abbe<span class=\"_ _2\"></span>y Life Sche<span class=\"_ _2\"></span>me as at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023 un<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>taken by indep<span class=\"_ _2\"></span>endent qualifie<span class=\"_ _2\"></span>d act<span class=\"_ _2\"></span>uaries<span class=\"_ _2\"></span>. The pre<span class=\"_ _2\"></span>sent value<span class=\"_ _2\"></span>s of the define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t obligatio<span class=\"_ _2\"></span>n and the rel<span class=\"_ _2\"></span>ated interes<span class=\"_ _2\"></span>t cos<span class=\"_ _2\"></span>ts have be<span class=\"_ _2\"></span>en mea<span class=\"_ _2\"></span>sured usin<span class=\"_ _2\"></span>g the proj<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d unit cre<span class=\"_ _2\"></span>dit metho<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span>Funding<span class=\"_ _3bc\"> </span>The la<span class=\"_ _2\"></span>st fund<span class=\"_ _2\"></span>ing valuatio<span class=\"_ _2\"></span>n of the Abbey Life S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e was carri<span class=\"_ _2\"></span>ed out by a qu<span class=\"_ _2\"></span>alified ac<span class=\"_ _2\"></span>tuar<span class=\"_ _2\"></span>y as at 31 M<span class=\"_ _2\"></span>arch 202<span class=\"_ _2\"></span>1 and showe<span class=\"_ _2\"></span>d a deficit of \u00a38<span class=\"_ _2\"></span>6 million. Follow<span class=\"_ _2\"></span>ing comp<span class=\"_ _2\"></span>letion of the fun<span class=\"_ _2\"></span>ding valuat<span class=\"_ _2\"></span>ion a recover<span class=\"_ _2\"></span>y pla<span class=\"_ _2\"></span>n was agre<span class=\"_ _2\"></span>ed bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the Group an<span class=\"_ _2\"></span>d the trus<span class=\"_ _2\"></span>tee of the Ab<span class=\"_ _2\"></span>bey Life Sc<span class=\"_ _2\"></span>heme for PeLH<span class=\"_ _2\"></span>L to pay monthl<span class=\"_ _2\"></span>y contribu<span class=\"_ _2\"></span>tions of \u00a3<span class=\"_ _5\"></span>40<span class=\"_ _2\"></span>0,0<span class=\"_ _2\"></span>00 into th<span class=\"_ _2\"></span>e Sch<span class=\"_ _2\"></span>eme until 31 Jul<span class=\"_ _2\"></span>y 2025 to elimin<span class=\"_ _2\"></span>ate the fundin<span class=\"_ _2\"></span>g shor<span class=\"_ _2\"></span>tf<span class=\"_ _2\"></span>all. In addi<span class=\"_ _2\"></span>tion, the entire b<span class=\"_ _2\"></span>alanc<span class=\"_ _2\"></span>e of the 2013 Ch<span class=\"_ _2\"></span>arged Ac<span class=\"_ _2\"></span>count of \u00a342 million was paid to t<span class=\"_ _2\"></span>he Sch<span class=\"_ _2\"></span>eme in De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2021<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A new s<span class=\"_ _2\"></span>chedul<span class=\"_ _2\"></span>e of contributio<span class=\"_ _2\"></span>ns was agre<span class=\"_ _2\"></span>ed ef<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>ive from Novembe<span class=\"_ _2\"></span>r 2021<span class=\"_ _2\"></span>, for PeLHL to pay t<span class=\"_ _2\"></span>he following am<span class=\"_ _2\"></span>ounts in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of deficit contrib<span class=\"_ _2\"></span>utions in a<span class=\"_ _2\"></span>ddition to the am<span class=\"_ _2\"></span>ounts p<span class=\"_ _2\"></span>ayable under t<span class=\"_ _2\"></span>he recover<span class=\"_ _2\"></span>y pla<span class=\"_ _2\"></span>n:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>fi<span class=\"_ _2\"></span>xed monthl<span class=\"_ _2\"></span>y contribut<span class=\"_ _2\"></span>ions of \u00a3<span class=\"_ _5\"></span>40<span class=\"_ _2\"></span>0,0<span class=\"_ _2\"></span>00 p<span class=\"_ _2\"></span>ayable from 1 Aug<span class=\"_ _2\"></span>ust 20<span class=\"_ _2\"></span>25 to 30 Jun<span class=\"_ _2\"></span>e 2026<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>m<span class=\"_ _2\"></span>onthly co<span class=\"_ _2\"></span>ntribution<span class=\"_ _2\"></span>s in respe<span class=\"_ _2\"></span>ct of adminis<span class=\"_ _2\"></span>tration ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es of \u00a310<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>,29<span class=\"_ _2\"></span>5 payab<span class=\"_ _2\"></span>le up to 31 March 2<span class=\"_ _2\"></span>022, the<span class=\"_ _2\"></span>n increas<span class=\"_ _2\"></span>ing annua<span class=\"_ _2\"></span>lly in line with the Ret<span class=\"_ _2\"></span>ail Prices I<span class=\"_ _2\"></span>ndex as<span class=\"_ _2\"></span>sumption to 3<span class=\"_ _2\"></span>0 June 202<span class=\"_ _2\"></span>8; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>nnual paym<span class=\"_ _2\"></span>ents of \u00a34 million into the New 2<span class=\"_ _2\"></span>016 Ch<span class=\"_ _2\"></span>arged A<span class=\"_ _2\"></span>ccount by 31 J<span class=\"_ _2\"></span>uly eac<span class=\"_ _2\"></span>h year<span class=\"_ _7\"></span>, w<span class=\"_ _2\"></span>ith the nex<span class=\"_ _2\"></span>t payme<span class=\"_ _2\"></span>nt being m<span class=\"_ _2\"></span>ade on 31 J<span class=\"_ _2\"></span>uly 2022, and th<span class=\"_ _2\"></span>e last pay<span class=\"_ _2\"></span>ment due by 31 J<span class=\"_ _2\"></span>uly 2025<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The ch<span class=\"_ _2\"></span>arge<span class=\"_ _2\"></span>d acco<span class=\"_ _2\"></span>unt is an Esc<span class=\"_ _2\"></span>row acco<span class=\"_ _2\"></span>unt which was c<span class=\"_ _2\"></span>reated to provid<span class=\"_ _2\"></span>e the trus<span class=\"_ _2\"></span>tees with a<span class=\"_ _2\"></span>ddition<span class=\"_ _2\"></span>al sec<span class=\"_ _2\"></span>urity in lig<span class=\"_ _2\"></span>ht of the fundin<span class=\"_ _2\"></span>g deficit. The<span class=\"_ gs132\"> </span>am<span class=\"_ _2\"></span>ounts h<span class=\"_ _2\"></span>eld in the ch<span class=\"_ _2\"></span>arged a<span class=\"_ _2\"></span>ccount d<span class=\"_ _2\"></span>oes not form p<span class=\"_ _2\"></span>art of Abb<span class=\"_ _2\"></span>ey Life Sch<span class=\"_ _2\"></span>eme as<span class=\"_ _2\"></span>sets<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs803\">Unde<span class=\"_ _2\"></span>r the terms of th<span class=\"_ _2\"></span>e New 201<span class=\"_ _2\"></span>6 Funding Agre<span class=\"_ _2\"></span>ement t<span class=\"_ _2\"></span>he fundin<span class=\"_ _2\"></span>g position of th<span class=\"_ _2\"></span>e Abbey Life S<span class=\"_ _2\"></span>cheme will b<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ed as at 31 M<span class=\"_ _2\"></span>arch 2027<span class=\"_ _7\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs804\">A<span class=\"_ gs132\"> </span>payme<span class=\"_ _2\"></span>nt will be ma<span class=\"_ _2\"></span>de from the Ne<span class=\"_ _2\"></span>w 2016 Ch<span class=\"_ _2\"></span>arge<span class=\"_ _2\"></span>d Account to th<span class=\"_ _2\"></span>e Sche<span class=\"_ _2\"></span>me if the res<span class=\"_ _2\"></span>ults of the a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>sment re<span class=\"_ _2\"></span>veal a shor<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>fall calc<span class=\"_ _2\"></span>ulated in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs805\">acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with the term<span class=\"_ _2\"></span>s of the New 20<span class=\"_ _2\"></span>16 Funding Ag<span class=\"_ _2\"></span>reem<span class=\"_ _2\"></span>ent. The a<span class=\"_ _2\"></span>mount of the paym<span class=\"_ _2\"></span>ent will be th<span class=\"_ _2\"></span>e lower of the amo<span class=\"_ _2\"></span>unt of the shor<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>fall and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs806\">the am<span class=\"_ _2\"></span>ount held in th<span class=\"_ _2\"></span>e New 201<span class=\"_ _2\"></span>6 Charg<span class=\"_ _2\"></span>ed Acc<span class=\"_ _2\"></span>ount.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs807\">An addi<span class=\"_ _2\"></span>tional liabili<span class=\"_ _2\"></span>ty of \u00a32 m<span class=\"_ _2\"></span>illion (2022: \u00a3<span class=\"_ _2\"></span>3 million) has b<span class=\"_ _2\"></span>een rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed refle<span class=\"_ _2\"></span>cting a c<span class=\"_ _2\"></span>harge on any ref<span class=\"_ _2\"></span>und of the resul<span class=\"_ _2\"></span>tant IAS 1<span class=\"_ _2\"></span>9 surplus th<span class=\"_ _2\"></span>at </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs808\">arise<span class=\"_ _2\"></span>s after a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for dis<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d future cont<span class=\"_ _2\"></span>ributions of \u00a3<span class=\"_ _2\"></span>11 million (2022<span class=\"_ _2\"></span>: \u00a315 m<span class=\"_ _2\"></span>illion) in acco<span class=\"_ _2\"></span>rdance wi<span class=\"_ _2\"></span>th the minimum f<span class=\"_ _2\"></span>unding req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs809\">A deferre<span class=\"_ _2\"></span>d tax as<span class=\"_ _2\"></span>set of \u00a33 millio<span class=\"_ _2\"></span>n (2022: \u00a33 m<span class=\"_ _2\"></span>illion) has als<span class=\"_ _2\"></span>o been re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised to refl<span class=\"_ _2\"></span>ect t<span class=\"_ _2\"></span>ax relief at a rate of 25% th<span class=\"_ _2\"></span>at is expe<span class=\"_ _2\"></span>cted to b<span class=\"_ _2\"></span>e available </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs80a\">on the c<span class=\"_ _2\"></span>ontribution<span class=\"_ _2\"></span>s once p<span class=\"_ _2\"></span>aid into the Sc<span class=\"_ _2\"></span>heme.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs80b\">Sum<span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span>y of amo<span class=\"_ _2\"></span>unts r<span class=\"_ _2\"></span>ecog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>ateme<span class=\"_ _2\"></span>nts<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs80c\">The am<span class=\"_ _2\"></span>ounts re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated fina<span class=\"_ _2\"></span>ncial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts are as follow<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span></div><div class=\"gs80d\"><table class=\"s w9b7 h308\" id=\"_fe1cba31-7d99-48d9-b585-3abf0b1b3d8a\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x7cf h3f y5c90 ff7 fsf fc1 sc0 lse3 wscd\">Minimum funding </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x5b9 h3f y5c91 ff7 fsf fc1 sc0 ls0 ws0\">Fair v<span class=\"_ _2\"></span>alue o<span class=\"_ _2\"></span>f </td><td class=\"t m0 xa91 h3f y5c91 ff7 fsf fc1 sc0 ls0 ws0\">De<span class=\"_ _2\"></span>fine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efit </td><td class=\"t m0 x19f2 h3f y5c91 ff7 fsf fc1 sc0 ls5b ws76\">requirement </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xd57 h3f y5c92 ff7 fsf fc1 sc0 ls0 ws0\">sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets </td><td class=\"t m0 x9cb h3f y5c92 ff7 fsf fc1 sc0 ls199 ws185\">obligation </td><td class=\"t m0 xd52 h3f y5c92 ff7 fsf fc1 sc0 ls199 ws185\">obligation </td><td class=\"t m0 x23e h3f y5c92 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h3f y5c93 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x9da h3f y5c93 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y5c93 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y5c93 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5c93 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5c94 w9a9 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">At 1 Janu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x19f3 y5c94 wce h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsa9 ws1aa\">20<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15bb y5c94 w7cf h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>211<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19f4 y5c94 w5c7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19f5 y5c94 w3ce h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c95 w96a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1508 y5c95 w341 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19f6 y5c95 w55 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(10)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19f7 y5c95 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19f8 y5c95 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c96 ff3 fs7 fc1 sc0 ls1c ws1a\">Administration expe<span class=\"_ _2\"></span>nses<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x523 he y5c97 ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></td><td class=\"c n x19f9 y5c99 w9b8 h309\"><div class=\"t m0 x1e6 h11 y5c98 ff2 fs9 fc12 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19fa y5c99 w19d h280\"><div class=\"t m0 x1e6 h11 y5c98 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19fb y5c99 w2dc h280\"><div class=\"t m0 x1e6 h11 y5c98 ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c9a w96c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x18f9 y5c9a wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18fa y5c9a w29d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(10<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19fc y5c9a w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19fd y5c9a w2dc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c9b ff3 fs7 fc1 sc0 ls12 ws10\">Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5c9c w96d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in intere<span class=\"_ _2\"></span>st inco<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x19fe y5c9c w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ff y5c9c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a00 y5c9c w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c2 y5c9c w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5c9d w979 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls14 ws12\">Expe<span class=\"_ _2\"></span>rience loss<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1a01 y5c9d w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a02 y5c9d w5c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a03 y5c9d w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a04 y5c9d w206 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5c9e w96e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in demo<span class=\"_ _2\"></span>graphi<span class=\"_ _2\"></span>c assum<span class=\"_ _2\"></span>ptions<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1a05 y5c9e w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a06 y5c9e w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a07 y5c9e w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a08 y5c9e wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5c9f w96f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Loss fro<span class=\"_ _2\"></span>m chang<span class=\"_ _2\"></span>es in finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1a09 y5c9f w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a0a y5c9f w7f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a0b y5c9f w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a0c y5c9f w7f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y5ca0 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in minimum f<span class=\"_ _2\"></span>unding re<span class=\"_ _2\"></span>quirement ob<span class=\"_ _2\"></span>ligation<span class=\"_ _3bc\"> </span></td><td></td><td class=\"c n x1a0d y5ca1 w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a0e y5ca1 w19d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a0f y5ca1 wb5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a10 y5ca1 wb5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ca2 w97c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in oth<span class=\"_ _2\"></span>er compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x195e y5ca2 w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a11 y5ca2 w706 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a12 y5ca2 w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a13 y5ca2 w1bc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ca3 w9b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Employer's contributions<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1a14 y5ca3 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a15 y5ca3 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a16 y5ca3 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a17 y5ca3 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ca4 w974 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1a18 y5ca4 w1a7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(11<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a19 y5ca4 w307 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a1a y5ca4 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a1b y5ca4 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ca5 w3fe h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1a1c y5ca5 w55e h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">211<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a1d y5ca5 w9ba h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lscc wsba\">(21<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a1e y5ca5 w2dc h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a1f y5ca5 w9bb h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">(9)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x1919 h16 y5ca6 ff3 fsf fc1 sc0 ls0 ws0\">Prov<span class=\"_ _2\"></span>ision f<span class=\"_ _2\"></span>or ta<span class=\"_ _2\"></span>x on </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x191a h16 y5ca7 ff3 fsf fc1 sc0 ls0 ws0\">the e<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>omic </td><td class=\"t m0 x798 h16 y5ca7 ff3 fsf fc1 sc0 ls82 ws77\">Minimum fundin<span class=\"_ _2\"></span>g </td><td></td></tr><tr><td></td><td class=\"t m0 x1788 h16 y5ca8 ff3 fsf fc1 sc0 ls0 ws0\">Fair v<span class=\"_ _2\"></span>alue of s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me </td><td class=\"t m0 xa93 h16 y5ca8 ff3 fsf fc1 sc0 ls83 ws78\">Defined benefit<span class=\"_ _7\"></span> </td><td class=\"t m0 x5b6 h16 y5ca8 ff3 fsf fc1 sc0 ls17 ws15\">surplus available<span class=\"_ _5\"></span> as a </td><td class=\"t m0 x1a20 h16 y5ca8 ff3 fsf fc1 sc0 ls82 ws77\">requirem<span class=\"_ _2\"></span>ent </td><td></td></tr><tr><td></td><td class=\"t m0 x178a h16 y5ca9 ff3 fsf fc1 sc0 ls0 ws0\">as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s </td><td class=\"t m0 xc55 h16 y5ca9 ff3 fsf fc1 sc0 lse2 wscc\">obligation </td><td class=\"t m0 xb22 h16 y5ca9 ff3 fsf fc1 sc0 ls82 ws77\">refund </td><td class=\"t m0 xd5a h16 y5ca9 ff3 fsf fc1 sc0 lse2 wscc\">obligation </td><td class=\"t m0 x487 h16 y5ca9 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h16 y5caa ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x522 h16 y5caa ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x523 h16 y5caa ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h16 y5caa ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y5caa ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5caa ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5cab w968 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls68 ws5c\">At 1<span class=\"_ _5\"></span> January<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x191b y5cab w9bc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">330<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a21 y5cab w9bd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x571 y5cab w9be h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a22 y5cab w3d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a23 y5cab w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cac w96a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a24 y5cac w1a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a25 y5cac w364 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a26 y5cac w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14be y5cac w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a7 y5cac wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y575d w81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Administrative expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1519 y575d w524 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a27 y575d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a28 y575d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a29 y575d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a2a y575d w524 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cad w96c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a2b y5cad wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a2c y5cad w252 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a2d y5cad w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x152a y5cad w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a2e y5cad w74b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5cae ff3 fs7 fc1 sc0 ls12 ws10\">Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x249 y5caf w977 h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 ls0 ws0\">Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a2f y5caf w1e9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>123)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a30 y5caf w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a31 y5caf w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a32 y5caf w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a33 y5caf w378 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>23)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5cb0 w979 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">Expe<span class=\"_ _2\"></span>rience loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x193c y5cb0 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a34 y5cb0 w80 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a35 y5cb0 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a36 y5cb0 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a37 y5cb0 w80 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(9)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5cb1 w978 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1937 y5cb1 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1938 y5cb1 w112 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">110<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a38 y5cb1 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a39 y5cb1 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a3a y5cb1 w112 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">110<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5cb2 w9bf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in minimum f<span class=\"_ _2\"></span>unding re<span class=\"_ _2\"></span>quirement ob<span class=\"_ _2\"></span>ligation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x52a y5cb2 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a3b y5cb2 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a3c y5cb2 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a3d y5cb2 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa48 y5cb2 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y5cb3 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in provision fo<span class=\"_ _2\"></span>r tax on e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic surplus availa<span class=\"_ _2\"></span>ble </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y57ab w97b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">as a refun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1940 y57ab w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1941 y57ab w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a3e y57ab w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a3f y57ab w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a40 y57ab w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b8 w972 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in othe<span class=\"_ _2\"></span>r compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a41 y56b8 w9c0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>23)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a42 y56b8 w69b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">101<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a43 y56b8 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a44 y56b8 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a45 y56b8 w1fd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(14)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w9b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Employer's contributions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a46 y561d w1a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a47 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a48 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a49 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a4a y561d wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w974 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a4b y561e w1dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(12)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a4c y561e w372 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x190e y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a4d y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a4e y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3fe h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a4f y55ef wcf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">206<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a50 y55ef w9c1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">(<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a51 y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a52 y55ef w54f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a53 y55ef w207 h283\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\"><span class=\"ff3\"><span class=\"ls16f ws1ad\"><span class=\"ls1ac ws1a4\">(8</span></span></span><span class=\"ff3\"><span class=\"ls16f ws1ad\"><span class=\"ls1ac ws1a4\">)<span class=\"_ _3bc\"> </span></span></span></span></div></td></tr></table></div>Scheme assets<span class=\"_ _3bc\"> </span>The dis<span class=\"_ _2\"></span>tributio<span class=\"_ _2\"></span>n of the sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>ets at th<span class=\"_ _2\"></span>e end of the year w<span class=\"_ _2\"></span>as as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span><table class=\"s w9c2 h30a\" id=\"_1026d401-82e6-4601-886b-d8ecf7cdf486\"><tr><td></td><td class=\"c n x1a54 y5c7b w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x1a55 y5c7b w985 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2<span class=\"_ _2\"></span>022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x4c0 h3f y5cb4 ff7 fsf fc1 sc0 ls0 ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot </td><td></td><td class=\"t m0 x1a56 h16 y5cb4 ff3 fsf fc1 sc0 ls0 ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot </td></tr><tr><td></td><td></td><td class=\"t m0 x579 h3f y5cb5 ff7 fsf fc1 sc0 ls0 ws0\">quo<span class=\"_ _2\"></span>ted i<span class=\"_ _2\"></span>n an ac<span class=\"_ _2\"></span>tive </td><td></td><td class=\"t m0 x1a57 h16 y5cb5 ff3 fsf fc1 sc0 ls0 ws0\">quo<span class=\"_ _2\"></span>ted in an a<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ve </td></tr><tr><td></td><td class=\"t m0 xf4d h3f y5cb6 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x1a58 h3f y5cb6 ff7 fsf fc1 sc0 ls5b ws76\">market<span class=\"_ _5\"></span> </td><td class=\"t m0 x90b h16 y5cb6 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x967 h16 y5cb6 ff3 fsf fc1 sc0 lsee ws128\">ma<span class=\"_ _2\"></span>rke<span class=\"_ _2\"></span>t </td></tr><tr><td></td><td class=\"t m0 x582 h3f y5cb7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h3f y5cb7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h16 y5cb7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5cb7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y561a w9c3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Diver<span class=\"_ _2\"></span>sified in<span class=\"_ _2\"></span>come fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a59 y561a w357 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a5a y561a w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a5b y561a w31a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">44<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a5c y561a w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w9c4 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Fixe<span class=\"_ _2\"></span>d interest g<span class=\"_ _2\"></span>overnment b<span class=\"_ _2\"></span>onds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a5d y561b w2ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">148<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a5e y561b w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x220 y561b w13f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">86<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1520 y561b w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w9c5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Corporate bonds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a5f y561c w1bc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a60 y561c w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a61 y561c wa4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a62 y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a63 y5600 w8b5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(85<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a64 y5600 w83f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(85<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1548 y5600 w1d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(15)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1549 y5600 w1d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(15)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w120 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a65 y561e w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a66 y561e w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a67 y561e wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ae y561e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w9c6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Pensi<span class=\"_ _5\"></span>on scheme assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a68 y55ef w55e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">211<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a69 y55ef w83f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(85<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1506 y55ef w4f7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">206<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6a y55ef w1d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(15)<span class=\"_ _3bc\"> </span></div></td></tr></table>Defined b<span class=\"_ _2\"></span>enefit obligation<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>alculati<span class=\"_ _2\"></span>on of the define<span class=\"_ _2\"></span>d benefit o<span class=\"_ _2\"></span>bligatio<span class=\"_ _2\"></span>n can be all<span class=\"_ _2\"></span>ocate<span class=\"_ _2\"></span>d to the Abbey Life S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e\u2019<span class=\"_ _7\"></span>s m<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>rs as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>eferred s<span class=\"_ _2\"></span>cheme m<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>rs: 4<span class=\"_ _2\"></span>4% (2022: 4<span class=\"_ _2\"></span>4%); and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">Pensioners: 56% (<span class=\"_ _5\"></span>2022: 56%)<span class=\"_ _3bc\"> </span></span>The wei<span class=\"_ _2\"></span>ghted averag<span class=\"_ _2\"></span>e duration of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23 is 13.<span class=\"_ _2\"></span>5 year<span class=\"_ _2\"></span>s (2022: 13<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>5 years).<span class=\"_ _3bc\"> </span>Principal as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span>The pr<span class=\"_ _2\"></span>incipal fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>sumptio<span class=\"_ _2\"></span>ns of the Abbe<span class=\"_ _2\"></span>y Life Schem<span class=\"_ _2\"></span>e are set ou<span class=\"_ _2\"></span>t in the tabl<span class=\"_ _2\"></span>e below<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span><table class=\"s w9b2 h30b\" id=\"_0d0a1f74-cd3f-49df-ab0d-5b215fb77677\"><tr><td></td><td class=\"t m0 x44d h3f y5cb8 ff7 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>3 </td><td class=\"t m0 x1e4 h16 y5cb8 ff3 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>2 </td></tr><tr><td></td><td class=\"t m0 x8d9 h3f y5cb9 ff7 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ad h16 y5cb9 ff3 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y58c1 w98e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for pe<span class=\"_ _2\"></span>nsions in p<span class=\"_ _2\"></span>ayment (5% pe<span class=\"_ _2\"></span>r annum or R<span class=\"_ _2\"></span>PI if lower)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1970 y58c1 w3ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">2.90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1971 y58c1 w98f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c9 ws1c9\">3.05<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5718 w9c7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for defer<span class=\"_ _2\"></span>red pen<span class=\"_ _2\"></span>sions ('<span class=\"_ _2\"></span>CPI<span class=\"_ _2\"></span>' subj<span class=\"_ _2\"></span>ect to c<span class=\"_ _2\"></span>aps)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6b y5718 w991 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls38 ws35\">2.60<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6c y5718 w99a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d7 ws1d7\">2<span class=\"_ _2\"></span>.70<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5719 w993 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Disc<span class=\"_ _2\"></span>ount rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1974 y5719 w2e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">4.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1975 y5719 w994 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">4.<span class=\"_ _2\"></span>95<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y571a w995 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 RPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1976 y571a w996 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c7 ws1c7\">3.10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1977 y571a w997 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c9 ws1c9\">3.30<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w998 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 CPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1978 y55ef w999 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls38 ws35\">2.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1979 y55ef w99a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d7 ws1d7\">2<span class=\"_ _2\"></span>.70<span class=\"_ _3bc\"> </span></div></td></tr></table>The dis<span class=\"_ _2\"></span>count rate a<span class=\"_ _2\"></span>nd inflation a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns have bee<span class=\"_ _2\"></span>n determin<span class=\"_ _2\"></span>ed by cons<span class=\"_ _2\"></span>idering th<span class=\"_ _2\"></span>e shape of th<span class=\"_ _2\"></span>e appropri<span class=\"_ _2\"></span>ate yield cur<span class=\"_ _2\"></span>ves and t<span class=\"_ _2\"></span>he duration of the Abb<span class=\"_ _2\"></span>ey Life Sch<span class=\"_ _2\"></span>eme liabiliti<span class=\"_ _2\"></span>es. Th<span class=\"_ _2\"></span>is metho<span class=\"_ _2\"></span>d determine<span class=\"_ _2\"></span>s an equiva<span class=\"_ _2\"></span>lent singl<span class=\"_ _2\"></span>e rate for eac<span class=\"_ _2\"></span>h of the disco<span class=\"_ _2\"></span>unt and inflation r<span class=\"_ _2\"></span>ates<span class=\"_ _2\"></span>, which<span class=\"_ gs132\"> </span>is<span class=\"_ gs132\"> </span>deri<span class=\"_ _2\"></span>ved from the p<span class=\"_ _2\"></span>rofile of proje<span class=\"_ _2\"></span>cted b<span class=\"_ _2\"></span>enefit paym<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The p<span class=\"_ _2\"></span>ost-retirem<span class=\"_ _2\"></span>ent mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s are in line with a sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>-spe<span class=\"_ _2\"></span>cific tab<span class=\"_ _2\"></span>le which was d<span class=\"_ _2\"></span>erived from th<span class=\"_ _2\"></span>e act<span class=\"_ _2\"></span>ual mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y exp<span class=\"_ _2\"></span>erienc<span class=\"_ _2\"></span>e in rec<span class=\"_ _2\"></span>ent years<span class=\"_ _2\"></span>, per<span class=\"_ _2\"></span>forme<span class=\"_ _2\"></span>d as par<span class=\"_ _2\"></span>t of the ac<span class=\"_ _2\"></span>tuaria<span class=\"_ _2\"></span>l funding val<span class=\"_ _2\"></span>uation as at 31 M<span class=\"_ _2\"></span>arch 202<span class=\"_ _2\"></span>1, usin<span class=\"_ _2\"></span>g the SAPS S<span class=\"_ _2\"></span>3 \u2018Lig<span class=\"_ _2\"></span>ht\u2019 ta<span class=\"_ _2\"></span>bles for mal<span class=\"_ _2\"></span>es and for fem<span class=\"_ _2\"></span>ales bas<span class=\"_ _2\"></span>ed on year of us<span class=\"_ _2\"></span>e. Future long<span class=\"_ _2\"></span>evit<span class=\"_ _2\"></span>y improveme<span class=\"_ _2\"></span>nts from 1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 2021 are b<span class=\"_ _2\"></span>ased on a<span class=\"_ _2\"></span>mende<span class=\"_ _2\"></span>d CM<span class=\"_ _2\"></span>I 2022 Co<span class=\"_ _2\"></span>re Projec<span class=\"_ _2\"></span>tions (202<span class=\"_ _2\"></span>2: From 1 Janu<span class=\"_ _2\"></span>ary 2<span class=\"_ _2\"></span>021 bas<span class=\"_ _2\"></span>ed on am<span class=\"_ _2\"></span>ended C<span class=\"_ _2\"></span>MI 202<span class=\"_ _2\"></span>1 Core Proj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ions) and a lon<span class=\"_ _2\"></span>g-term rate of improvem<span class=\"_ _2\"></span>ent of 1.<span class=\"_ _2\"></span>5% (2022: 1<span class=\"_ _2\"></span>.5%) pe<span class=\"_ _2\"></span>r annum for ma<span class=\"_ _2\"></span>les and 1<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>% (2022: 1<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>%) per annum for fem<span class=\"_ _2\"></span>ales<span class=\"_ _2\"></span>. Under t<span class=\"_ _2\"></span>hese as<span class=\"_ _2\"></span>sumptio<span class=\"_ _2\"></span>ns the averag<span class=\"_ _2\"></span>e life expe<span class=\"_ _2\"></span>ctan<span class=\"_ _2\"></span>cy from retirem<span class=\"_ _2\"></span>ent for a mem<span class=\"_ _2\"></span>ber curre<span class=\"_ _2\"></span>ntly age<span class=\"_ _2\"></span>d 45 retir<span class=\"_ _2\"></span>ing at age 6<span class=\"_ _2\"></span>5 is 24.<span class=\"_ _2\"></span>5 years an<span class=\"_ _2\"></span>d 25.6 ye<span class=\"_ _2\"></span>ars for ma<span class=\"_ _2\"></span>le and fema<span class=\"_ _2\"></span>le memb<span class=\"_ _2\"></span>ers resp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ively (2022<span class=\"_ _2\"></span>: 2<span class=\"_ _7\"></span>4<span class=\"_ _2\"></span>.8 ye<span class=\"_ _2\"></span>ars and 2<span class=\"_ _2\"></span>5.<span class=\"_ _2\"></span>9 years res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tively).<span class=\"_ _3bc\"> </span>A quantitative sensitivit<span class=\"_ _2\"></span>y analysis for significant ac<span class=\"_ _2\"></span>tuarial ass<span class=\"_ _2\"></span>umptions is shown below:<span class=\"_ _3bc\"> </span><table class=\"s w9c8 h30c\" id=\"_e19eb890-6c81-490c-9d73-ca1d4874850f\"><tr><td class=\"t m0 x232 h3f y5cba ff7 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>3 </td><td class=\"c n x197a y5cbb w99c h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls83 ws78\">Base<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x197b y5cbb w99d h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">Discount rate<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x197c y5cbb w99e h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls17 ws15\">RPI<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x197d y5cbb w99f h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls51 ws4b\">Life<span class=\"_ _7\"></span> expectancy<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5cbc ff3 fsf fc1 sc0 ls82 ws77\">Ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x197e h3f y5cbd ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x197f h3f y5cbd ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x48c h3f y5cbd ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td></td><td class=\"t m0 x15a1 h3f y5cbd ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x5ea h3f y5cbd ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td><td class=\"t m0 x1980 h3f y5cbd ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5cbe ff3 fsf fc1 sc0 ls70 ws67\">Sensitivit<span class=\"_ _2\"></span>y level<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x581 h3f y5cbf ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1981 h3f y5cbf ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1982 h3f y5cbf ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x1983 h3f y5cbf ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y5cbf ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d8 h3f y5cbf ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5cc0 w9a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>ct on the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit oblig<span class=\"_ _2\"></span>ation (\u00a3m)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6d y5cc0 w1f7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6e y5cc0 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6f y5cc0 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a70 y5cc0 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1a71 y5cc0 w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a72 y5cc0 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a73 y5cc0 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 h16 y5cc1 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"c n x197a y5cc2 w9a2 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls5b ws76\">Base<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x198b y5cc2 w9a3 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse1 wscb\">Discount<span class=\"_ _5\"></span> rate<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x198c y5cc2 w9a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls70 ws67\">R<span class=\"_ _2\"></span>PI<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x198d y5cc2 w9a5 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1dd ws1df\">Life<span class=\"_ _5\"></span> expecta<span class=\"_ _5\"></span>ncy<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5cc3 ff3 fsf fc1 sc0 ls82 ws77\">Ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x197e h16 y5cc4 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x197f h16 y5cc4 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x62f h16 y5cc4 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td></td><td class=\"t m0 x15a1 h16 y5cc4 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x5ea h16 y5cc4 ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td><td class=\"t m0 x1980 h16 y5cc4 ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5cc5 ff3 fsf fc1 sc0 ls70 ws67\">Sensitivit<span class=\"_ _2\"></span>y level<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x198e h16 y5cc6 ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1981 h16 y5cc6 ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x97a h16 y5cc6 ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x198f h16 y5cc6 ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x11da h16 y5cc6 ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7e8 h16 y5cc6 ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ef w9a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>ct on the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit oblig<span class=\"_ _2\"></span>ation (\u00a3m)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6d y55ef wd0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a74 y55ef w9c9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a75 y55ef wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a76 y55ef wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1a77 y55ef w576 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a78 y55ef w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a79 y55ef w419 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td></tr></table>The ab<span class=\"_ _2\"></span>ove sensiti<span class=\"_ _2\"></span>vity a<span class=\"_ _2\"></span>nalyse<span class=\"_ _2\"></span>s are bas<span class=\"_ _2\"></span>ed on a cha<span class=\"_ _2\"></span>nge in an a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>n while holdin<span class=\"_ _2\"></span>g all other as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s cons<span class=\"_ _2\"></span>tant. I<span class=\"_ _2\"></span>n<span class=\"_ gs132\"> </span>prac<span class=\"_ _2\"></span>tice, this i<span class=\"_ _2\"></span>s<span class=\"_ gs132\"> </span>unlik<span class=\"_ _5\"></span>ely to occ<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>, an<span class=\"_ _2\"></span>d chan<span class=\"_ _2\"></span>ges in so<span class=\"_ _2\"></span>me of the as<span class=\"_ _2\"></span>sumptions m<span class=\"_ _2\"></span>ay be corre<span class=\"_ _2\"></span>lated. Wh<span class=\"_ _2\"></span>en calc<span class=\"_ _2\"></span>ulating th<span class=\"_ _2\"></span>e sensit<span class=\"_ _2\"></span>ivity of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation to signifi<span class=\"_ _2\"></span>cant ac<span class=\"_ _2\"></span>tuarial a<span class=\"_ _2\"></span>ssumpt<span class=\"_ _2\"></span>ions the s<span class=\"_ _2\"></span>ame meth<span class=\"_ _2\"></span>od has b<span class=\"_ _2\"></span>een app<span class=\"_ _2\"></span>lied as wh<span class=\"_ _2\"></span>en<span class=\"_ gs132\"> </span>calc<span class=\"_ _2\"></span>ulating the p<span class=\"_ _2\"></span>ensio<span class=\"_ _2\"></span>n liabilit<span class=\"_ _2\"></span>y reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d within<span class=\"_ gs132\"> </span>the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consolidated financial position.<span class=\"_ _3bc\"> </span>G1<span class=\"_ _2\"></span>.4 ReA<span class=\"_ _2\"></span>ssur<span class=\"_ _2\"></span>e Life Staf<span class=\"_ _2\"></span>f Pens<span class=\"_ _2\"></span>ion S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span>Scheme details<span class=\"_ _3bc\"> </span>The ReA<span class=\"_ _2\"></span>ssure S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e is a regis<span class=\"_ _2\"></span>tered o<span class=\"_ _2\"></span>ccupat<span class=\"_ _2\"></span>ional pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>, set up under t<span class=\"_ _2\"></span>rust<span class=\"_ _2\"></span>, and le<span class=\"_ _2\"></span>gally se<span class=\"_ _2\"></span>parate from th<span class=\"_ _2\"></span>e employer Re<span class=\"_ _2\"></span>Assure M<span class=\"_ _2\"></span>idco Limited (<span class=\"_ _2\"></span>\u2018R<span class=\"_ _2\"></span>ML<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>). The sche<span class=\"_ _2\"></span>me is admin<span class=\"_ _2\"></span>istere<span class=\"_ _2\"></span>d by ReAss<span class=\"_ _2\"></span>ure Pension T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>stees Lim<span class=\"_ _2\"></span>ited, a c<span class=\"_ _2\"></span>orporate tr<span class=\"_ _2\"></span>ustee<span class=\"_ _2\"></span>. There are si<span class=\"_ _2\"></span>x truste<span class=\"_ _2\"></span>e direc<span class=\"_ _2\"></span>tors<span class=\"_ _2\"></span>, two of whom a<span class=\"_ _2\"></span>re nominate<span class=\"_ _2\"></span>d by the ReAs<span class=\"_ _2\"></span>sure Sc<span class=\"_ _2\"></span>heme m<span class=\"_ _2\"></span>ember<span class=\"_ _2\"></span>s and four of wh<span class=\"_ _2\"></span>om are appointe<span class=\"_ _2\"></span>d by RML<span class=\"_ _2\"></span>. The tru<span class=\"_ _2\"></span>stee is re<span class=\"_ _2\"></span>spons<span class=\"_ _2\"></span>ible for adminis<span class=\"_ _2\"></span>tering the sc<span class=\"_ _2\"></span>heme in a<span class=\"_ _2\"></span>ccorda<span class=\"_ _2\"></span>nce with th<span class=\"_ _2\"></span>e trust d<span class=\"_ _2\"></span>eed an<span class=\"_ _2\"></span>d rules an<span class=\"_ _2\"></span>d pens<span class=\"_ _2\"></span>ions laws an<span class=\"_ _2\"></span>d regula<span class=\"_ _2\"></span>tions. T<span class=\"_ _2\"></span>he ReAs<span class=\"_ _2\"></span>sure Sc<span class=\"_ _2\"></span>heme is c<span class=\"_ _2\"></span>losed to n<span class=\"_ _2\"></span>ew entrant<span class=\"_ _2\"></span>s and to future a<span class=\"_ _2\"></span>ccru<span class=\"_ _2\"></span>al for active m<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>rs.<span class=\"_ _3bc\"> </span>The val<span class=\"_ _2\"></span>uation has b<span class=\"_ _2\"></span>een b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n an ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent of the liabiliti<span class=\"_ _2\"></span>es of the ReAs<span class=\"_ _2\"></span>sure S<span class=\"_ _2\"></span>cheme a<span class=\"_ _2\"></span>s at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023 unde<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>n by indep<span class=\"_ _2\"></span>endent qualifie<span class=\"_ _2\"></span>d act<span class=\"_ _2\"></span>uaries<span class=\"_ _2\"></span>. The pre<span class=\"_ _2\"></span>sent value<span class=\"_ _2\"></span>s of the define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t obligatio<span class=\"_ _2\"></span>n and the rel<span class=\"_ _2\"></span>ated interes<span class=\"_ _2\"></span>t cos<span class=\"_ _2\"></span>ts have be<span class=\"_ _2\"></span>en mea<span class=\"_ _2\"></span>sured usin<span class=\"_ _2\"></span>g the proj<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d unit cre<span class=\"_ _2\"></span>dit metho<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff7 fs7 fc1 sc0 ls18 ws16 gs834\">Funding<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs835\">The la<span class=\"_ _2\"></span>st fund<span class=\"_ _2\"></span>ing valuatio<span class=\"_ _2\"></span>n of the ReAs<span class=\"_ _2\"></span>sure Sch<span class=\"_ _2\"></span>eme was c<span class=\"_ _2\"></span>arrie<span class=\"_ _2\"></span>d out by a qualifie<span class=\"_ _2\"></span>d act<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y as at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2020 an<span class=\"_ _2\"></span>d showed a d<span class=\"_ _2\"></span>eficit </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs836\">of \u00a377 milli<span class=\"_ _2\"></span>on.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs837\">Following th<span class=\"_ _2\"></span>e compl<span class=\"_ _2\"></span>etion of the 2020 va<span class=\"_ _2\"></span>luation a re<span class=\"_ _2\"></span>cover<span class=\"_ _2\"></span>y plan was a<span class=\"_ _2\"></span>greed in S<span class=\"_ _2\"></span>eptemb<span class=\"_ _2\"></span>er 2021 b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the tr<span class=\"_ _2\"></span>ustee a<span class=\"_ _2\"></span>nd RM<span class=\"_ _2\"></span>L in order to make </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs838\">go<span class=\"_ _2\"></span>od the defic<span class=\"_ _2\"></span>it. RM<span class=\"_ _2\"></span>L agre<span class=\"_ _2\"></span>ed to pay contr<span class=\"_ _2\"></span>ibutions of \u00a3<span class=\"_ _2\"></span>17<span class=\"_ _6\"></span>.7 m<span class=\"_ _2\"></span>illion into the exis<span class=\"_ _2\"></span>ting Cus<span class=\"_ _2\"></span>tody Acc<span class=\"_ _2\"></span>ount spre<span class=\"_ _2\"></span>ad over four ann<span class=\"_ _2\"></span>ual payme<span class=\"_ _2\"></span>nts of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs839\">\u00a34.425 million p<span class=\"_ _2\"></span>ayable on 1 Apr<span class=\"_ _2\"></span>il 2022, 1 Apr<span class=\"_ _2\"></span>il 2023<span class=\"_ _2\"></span>, 1 April 2024 and 1 April 20<span class=\"_ _2\"></span>25. It is a<span class=\"_ _2\"></span>nticipated th<span class=\"_ _2\"></span>at thes<span class=\"_ _2\"></span>e payment<span class=\"_ _2\"></span>s will be suf<span class=\"_ _2\"></span>ficient to c<span class=\"_ _2\"></span>over </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs83a\">the dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>e bet<span class=\"_ _2\"></span>ween the f<span class=\"_ _2\"></span>unding sh<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>fall an<span class=\"_ _2\"></span>d the bala<span class=\"_ _2\"></span>nce of the Cu<span class=\"_ _2\"></span>stody Ac<span class=\"_ _2\"></span>count at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>0 and to remove any rem<span class=\"_ _2\"></span>aining </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs83b\">deficit at 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 2<span class=\"_ _2\"></span>025. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs83c\">The am<span class=\"_ _2\"></span>ounts h<span class=\"_ _2\"></span>eld in this ac<span class=\"_ _2\"></span>count do n<span class=\"_ _2\"></span>ot form par<span class=\"_ _2\"></span>t of the Sch<span class=\"_ _2\"></span>eme\u2019s plan as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d are inste<span class=\"_ _2\"></span>ad held in t<span class=\"_ _2\"></span>he Custo<span class=\"_ _2\"></span>dy Acc<span class=\"_ _2\"></span>ount and are in<span class=\"_ _2\"></span>cluded </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs83d\">within fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s in the st<span class=\"_ _2\"></span>atement of co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial posit<span class=\"_ _2\"></span>ion. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs83e\">The Gro<span class=\"_ _2\"></span>up agre<span class=\"_ _2\"></span>es to cover tho<span class=\"_ _2\"></span>se expe<span class=\"_ _2\"></span>nses inc<span class=\"_ _2\"></span>urred by the R<span class=\"_ _2\"></span>eAss<span class=\"_ _2\"></span>ure Sche<span class=\"_ _2\"></span>me and th<span class=\"_ _2\"></span>e cost of th<span class=\"_ _2\"></span>e death-in-s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice ben<span class=\"_ _2\"></span>efits for th<span class=\"_ _2\"></span>ose me<span class=\"_ _2\"></span>mbers of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs83f\">the sc<span class=\"_ _2\"></span>heme e<span class=\"_ _2\"></span>ntitled to th<span class=\"_ _2\"></span>ose ben<span class=\"_ _2\"></span>efits<span class=\"_ _2\"></span>. Payment<span class=\"_ _2\"></span>s of \u00a32 million (2022<span class=\"_ _2\"></span>:\u00a32 m<span class=\"_ _2\"></span>illion) have been m<span class=\"_ _2\"></span>ade durin<span class=\"_ _2\"></span>g the year to cover t<span class=\"_ _2\"></span>hese c<span class=\"_ _2\"></span>osts<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs840\">Sum<span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span>y of amo<span class=\"_ _2\"></span>unts r<span class=\"_ _2\"></span>ecog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>ateme<span class=\"_ _2\"></span>nts<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs841\">The am<span class=\"_ _2\"></span>ounts re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated fina<span class=\"_ _2\"></span>ncial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts are as follow<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span></div><div class=\"gs842\"><table class=\"s w9ca h30d\" id=\"_69064903-5637-4aa5-9b96-6154ebe81e67\"><tr><td></td><td></td><td></td><td class=\"t m0 x1a7a h3f y5cc7 ff7 fsf fc1 sc0 ls0 ws0\">Prov<span class=\"_ _2\"></span>isi<span class=\"_ _2\"></span>on for t<span class=\"_ _2\"></span>ax on </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x1a7b h3f y5cc8 ff7 fsf fc1 sc0 ls0 ws0\">the e<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>omi<span class=\"_ _2\"></span>c </td><td></td></tr><tr><td></td><td class=\"t m0 x5b9 h3f y5cc9 ff7 fsf fc1 sc0 ls0 ws0\">Fair v<span class=\"_ _2\"></span>alue o<span class=\"_ _2\"></span>f </td><td class=\"t m0 xa91 h3f y5cc9 ff7 fsf fc1 sc0 ls0 ws0\">De<span class=\"_ _2\"></span>fine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efit </td><td class=\"t m0 x1a7a h3f y5cc9 ff7 fsf fc1 sc0 ls81 ws75\">surplus avai<span class=\"_ _5\"></span>lable as </td><td></td></tr><tr><td></td><td class=\"t m0 xd57 h3f y5cca ff7 fsf fc1 sc0 ls0 ws0\">sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets </td><td class=\"t m0 x9cb h3f y5cca ff7 fsf fc1 sc0 ls199 ws185\">obligation </td><td class=\"t m0 x2c4 h3f y5cca ff7 fsf fc1 sc0 ls0 ws0\">a ref<span class=\"_ _2\"></span>und </td><td class=\"t m0 x23e h3f y5cca ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h3f y5ccb ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9da h3f y5ccb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y5ccb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y5ccb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5ccb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5ccc w9a9 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">At 1 Janu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a7c y5ccc wf6 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">288<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde6 y5ccc w470 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls9d ws58\">(266<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a7d y5ccc w706 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a7e y5ccc w132 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x1a7f he y5ccd ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5cce w96a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1508 y5cce w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a80 y5cce w1ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a81 y5cce w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa82 y5cce wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ccf w81 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Administrative expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a82 y5ccf w418 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a83 y5ccf w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a84 y5ccf w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a85 y5ccf w523 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cd0 w96c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a86 y5cd0 w372 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a87 y5cd0 w1ae h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>13)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x728 y5cd0 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a5 y5cd0 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5cd1 ff3 fs7 fc1 sc0 ls12 ws10\">Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5cd2 w96d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in intere<span class=\"_ _2\"></span>st inco<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a88 y5cd2 w8d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a89 y5cd2 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18a6 y5cd2 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a8a y5cd2 w3d2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls101 wsa1\">(7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5cd3 w96e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in demo<span class=\"_ _2\"></span>graphi<span class=\"_ _2\"></span>c assum<span class=\"_ _2\"></span>ptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a05 y5cd3 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a8b y5cd3 w372 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a8c y5cd3 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a8d y5cd3 w372 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5cd4 w96f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Loss fro<span class=\"_ _2\"></span>m chang<span class=\"_ _2\"></span>es in finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a09 y5cd4 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a8e y5cd4 w55 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(10)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a8f y5cd4 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a90 y5cd4 w1a7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(10<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5cd5 w979 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">Expe<span class=\"_ _2\"></span>rience loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a01 y5cd5 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a91 y5cd5 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a92 y5cd5 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a93 y5cd5 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5cd6 w9cb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in provision fo<span class=\"_ _2\"></span>r tax on e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic surplus availa<span class=\"_ _2\"></span>ble as a refun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a94 y5cd6 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a95 y5cd6 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a96 y5cd6 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a97 y5cd6 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cd7 w97c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in oth<span class=\"_ _2\"></span>er compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a98 y5cd7 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a99 y5cd7 w5c7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a9a y5cd7 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a9b y5cd7 w3ce h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cd8 w9b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Employer's contributions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a14 y5cd8 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a15 y5cd8 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a16 y5cd8 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a17 y5cd8 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cd9 w974 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a18 y5cd9 w1a7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(10<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a19 y5cd9 w341 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a9c y5cd9 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ae y5cd9 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cda w3fe h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a1c y5cda w78 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">287<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a9d y5cda w33e h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>273<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a9e y5cda w1bc h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a9f y5cda wb5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x2c2 h16 y5cdb ff3 fsf fc1 sc0 ls0 ws0\">Prov<span class=\"_ _2\"></span>ision f<span class=\"_ _2\"></span>or ta<span class=\"_ _2\"></span>x on </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x1aa0 h16 y5cdc ff3 fsf fc1 sc0 ls0 ws0\">the e<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>omic </td><td></td></tr><tr><td></td><td class=\"t m0 x9d9 h16 y5cdd ff3 fsf fc1 sc0 ls0 ws0\">Fair v<span class=\"_ _2\"></span>alue of s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me </td><td class=\"t m0 x5ba h16 y5cdd ff3 fsf fc1 sc0 ls83 ws78\">Defined benefit<span class=\"_ _7\"></span> </td><td class=\"t m0 xdd5 h16 y5cdd ff3 fsf fc1 sc0 ls17 ws15\">surplus available<span class=\"_ _5\"></span> as a </td><td></td></tr><tr><td></td><td class=\"t m0 xa38 h16 y5cde ff3 fsf fc1 sc0 ls0 ws0\">as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s </td><td class=\"t m0 x1aa1 h16 y5cde ff3 fsf fc1 sc0 lse2 wscc\">obligation </td><td class=\"t m0 x1aa2 h16 y5cde ff3 fsf fc1 sc0 ls82 ws77\">refund </td><td class=\"t m0 x487 h16 y5cde ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h16 y5cdf ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x523 h16 y5cdf ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h16 y5cdf ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y5cdf ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5cdf ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5ce0 w9a9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">At 1 Janu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a7c y5ce0 w91 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">492<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aa3 y5ce0 w7e9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls38 ws35\">(438)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aa4 y5ce0 w3e0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aa5 y5ce0 w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5614 w96a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa59 y5614 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x192a y5614 w80 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aa6 y5614 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aa7 y5614 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55e5 w81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Administrative expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a82 y55e5 w74b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aa8 y55e5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x76c y55e5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aa9 y55e5 w74b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ce1 w96c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f9 y5ce1 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aaa y5ce1 w80 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19fc y5ce1 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aab y5ce1 w5d9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5ce2 ff3 fs7 fc1 sc0 ls12 ws10\">Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5774 w96d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in intere<span class=\"_ _2\"></span>st inco<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aac y5774 w378 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(20<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a31 y5774 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a32 y5774 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aad y5774 w629 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5898 w978 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aae y5898 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aaf y5898 wdb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">188<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab0 y5898 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab1 y5898 wdb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">188<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5775 w979 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">Expe<span class=\"_ _2\"></span>rience loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab2 y5775 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab3 y5775 w1cd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(19<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab4 y5775 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab5 y5775 w3e0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57ab w9cb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in provision fo<span class=\"_ _2\"></span>r tax on e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic surplus availa<span class=\"_ _2\"></span>ble as a refun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab6 y57ab w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab7 y57ab w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab8 y57ab w2f2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab9 y57ab w307 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b8 w97c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in oth<span class=\"_ _2\"></span>er compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aba y56b8 w378 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(2<span class=\"_ _2\"></span>03)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1abb y56b8 w2fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">169<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1abc y56b8 w307 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1abd y56b8 w134 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(23)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w9b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Employer's contributions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a14 y561d wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1566 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13d1 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x73d y561d wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w974 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1abe y561e w9cc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(12)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1abf y561e w3fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7d y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac0 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3fe h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a1c y55ef w78 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">288<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac1 y55ef w9cd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>266<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac2 y55ef w5d9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac3 y55ef wca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">14<span class=\"_ _3bc\"> </span></div></td></tr></table></div>Scheme assets<span class=\"_ _3bc\"> </span>The dis<span class=\"_ _2\"></span>tributio<span class=\"_ _2\"></span>n of the sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>ets at th<span class=\"_ _2\"></span>e end of the year w<span class=\"_ _2\"></span>as as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span><table class=\"s w9ce h30e\" id=\"_e7225ac1-c91e-4ca7-8180-a70d6dc7f964\"><tr><td></td><td></td><td class=\"c n x1a54 y5ce3 w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1a55 y5ce3 w985 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2<span class=\"_ _2\"></span>022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x556 h3f y5ce4 ff7 fsf fc1 sc0 lsdb ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot qu<span class=\"_ _2\"></span>oted<span class=\"_ _2\"></span> </td><td></td><td class=\"t m0 x980 h16 y5ce4 ff3 fsf fc1 sc0 lsdb ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot quote<span class=\"_ _2\"></span>d </td></tr><tr><td></td><td class=\"t m0 x1572 h3f y5ce5 ff7 fsf fc1 sc0 ls1e9 ws1ee\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> </td><td class=\"t m0 x488 h3f y5ce5 ff7 fsf fc1 sc0 lsdb ws0\">in an a<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ve mar<span class=\"_ _2\"></span>ket </td><td class=\"t m0 x1ac4 h16 y5ce5 ff3 fsf fc1 sc0 ls1e9 ws1ee\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> </td><td class=\"t m0 x1714 h16 y5ce5 ff3 fsf fc1 sc0 lsdb ws0\">in an a<span class=\"_ _2\"></span>ctiv<span class=\"_ _2\"></span>e market<span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 x582 h3f y5ce6 ff7 fsf fc1 sc0 lsb1 ws2a\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h3f y5ce6 ff7 fsf fc1 sc0 lsb1 ws2a\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x11da h16 y5ce6 ff3 fsf fc1 sc0 ls9 ws7a\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5ce6 ff3 fsf fc1 sc0 ls9 ws7a\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5619 wef h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac5 y5619 w51a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">32<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac6 y5619 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac7 y5619 w520 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac8 y5619 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561a w9cf h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Government bonds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac9 y561a w6d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">118<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc8 y561a w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aca y561a wd0 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">1<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1acb y561a w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w9c5 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Corporate bonds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1acc y561b w74e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsdc wsc7\">92<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe0b y561b w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1acd y561b w60 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1af ws1ab\">83<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ace y561b w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w9d0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Managed funds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7b y561c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d3 y561c w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1acf y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad0 y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w9d1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Othe<span class=\"_ _2\"></span>r quoted securities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad1 y561d w178 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x662 y561d w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad2 y561d w31d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad3 y561d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w120 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a65 y561e w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a66 y561e w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a67 y561e wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ae y561e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w9c6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Pensi<span class=\"_ _5\"></span>on scheme assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a68 y55ef w78 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">287<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc22 y55ef w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad4 y55ef w4f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad5 y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table>Defined b<span class=\"_ _2\"></span>enefit obligation<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>alculati<span class=\"_ _2\"></span>on of the define<span class=\"_ _2\"></span>d benefit o<span class=\"_ _2\"></span>bligatio<span class=\"_ _2\"></span>n can be all<span class=\"_ _2\"></span>ocate<span class=\"_ _2\"></span>d to the ReAs<span class=\"_ _2\"></span>sure Sc<span class=\"_ _2\"></span>heme\u2019s memb<span class=\"_ _2\"></span>ers as follo<span class=\"_ _2\"></span>ws:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>eferred s<span class=\"_ _2\"></span>cheme m<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>rs: 6<span class=\"_ _2\"></span>6% (202<span class=\"_ _2\"></span>2: 66<span class=\"_ _2\"></span>%); and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">Pensioners: 34%<span class=\"_ _7\"></span> (2022: 34%<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></span>The wei<span class=\"_ _2\"></span>ghted averag<span class=\"_ _2\"></span>e duration of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23 is 17 years (2<span class=\"_ _2\"></span>022: 17 year<span class=\"_ _2\"></span>s)<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>Principal as<span class=\"_ _2\"></span>sumptions The pr<span class=\"_ _2\"></span>incipal as<span class=\"_ _2\"></span>sumptio<span class=\"_ _2\"></span>ns of the ReAs<span class=\"_ _2\"></span>sure Sc<span class=\"_ _2\"></span>heme are s<span class=\"_ _2\"></span>et out in the t<span class=\"_ _2\"></span>able be<span class=\"_ _2\"></span>low:<span class=\"_ _3bc\"> </span><table class=\"s w286 h30f\" id=\"_6bd2c032-b9aa-44c9-9fbe-f8067f5e9afe\"><tr><td></td><td class=\"t m0 x44d h3f y5ce7 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5ce7 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8d9 h3f y5ce8 ff7 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ad h16 y5ce8 ff3 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5c10 w98e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for pe<span class=\"_ _2\"></span>nsions in p<span class=\"_ _2\"></span>ayment (5% pe<span class=\"_ _2\"></span>r annum or R<span class=\"_ _2\"></span>PI if lower)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1970 y5c10 w3ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">2.90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1971 y5c10 w98f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c9 ws1c9\">3.05<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58c1 w9d2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for defer<span class=\"_ _2\"></span>red pen<span class=\"_ _2\"></span>sions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad6 y58c1 w999 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls38 ws35\">2<span class=\"_ _2\"></span>.60<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad7 y58c1 w3ac h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d7 ws1d7\">2<span class=\"_ _2\"></span>.7<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5718 w9d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase in sa<span class=\"_ _2\"></span>laries<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad8 y5718 w991 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls38 ws35\">3.60<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1469 y5718 w99a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d7 ws1d7\">3.7<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 w993 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Disc<span class=\"_ _2\"></span>ount rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1974 y56f9 w2e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">4.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1975 y56f9 w994 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">4.<span class=\"_ _2\"></span>95<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee w995 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 RPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1976 y55ee w996 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c7 ws1c7\">3.10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1977 y55ee w997 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c9 ws1c9\">3.30<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w998 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 CPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1978 y55ef w999 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls38 ws35\">2.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1979 y55ef w99a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d7 ws1d7\">2<span class=\"_ _2\"></span>.70<span class=\"_ _3bc\"> </span></div></td></tr></table>The dis<span class=\"_ _2\"></span>count rate a<span class=\"_ _2\"></span>nd inflation a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns have bee<span class=\"_ _2\"></span>n determin<span class=\"_ _2\"></span>ed by cons<span class=\"_ _2\"></span>idering th<span class=\"_ _2\"></span>e shape of th<span class=\"_ _2\"></span>e appropri<span class=\"_ _2\"></span>ate yield cur<span class=\"_ _2\"></span>ves and t<span class=\"_ _2\"></span>he duration of the ReA<span class=\"_ _2\"></span>ssure S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e liabilities<span class=\"_ _2\"></span>. This me<span class=\"_ _2\"></span>thod dete<span class=\"_ _2\"></span>rmines an e<span class=\"_ _2\"></span>quivalent s<span class=\"_ _2\"></span>ingle rate for e<span class=\"_ _2\"></span>ach of the dis<span class=\"_ _2\"></span>count an<span class=\"_ _2\"></span>d inflation rate<span class=\"_ _2\"></span>s, whic<span class=\"_ _2\"></span>h<span class=\"_ gs132\"> </span>is<span class=\"_ gs132\"> </span>derived from the p<span class=\"_ _2\"></span>rofile of proje<span class=\"_ _2\"></span>cted b<span class=\"_ _2\"></span>enefit paym<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. The p<span class=\"_ _2\"></span>ost-retirem<span class=\"_ _2\"></span>ent mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s are in line with SAPS S<span class=\"_ _2\"></span>erie<span class=\"_ _2\"></span>s 3 light base t<span class=\"_ _2\"></span>ables wi<span class=\"_ _2\"></span>th a 102% (2<span class=\"_ _2\"></span>022: 10<span class=\"_ _2\"></span>2%) multiplier for m<span class=\"_ _2\"></span>ales an<span class=\"_ _2\"></span>d a 95% (20<span class=\"_ _2\"></span>22: 9<span class=\"_ _2\"></span>5%<span class=\"_ _5\"></span>) multiplie<span class=\"_ _2\"></span>r for female<span class=\"_ _2\"></span>s, with C<span class=\"_ _2\"></span>MI 20<span class=\"_ _2\"></span>19 proj<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ons in line with a 1<span class=\"_ _2\"></span>.5% p<span class=\"_ _2\"></span>a long-term t<span class=\"_ _2\"></span>rend up to and in<span class=\"_ _2\"></span>cluding 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>0. Future lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y improveme<span class=\"_ _2\"></span>nts from 1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 2021 onwa<span class=\"_ _2\"></span>rds are in line with am<span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>d CMI 2<span class=\"_ _2\"></span>022 Core Pro<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>tions (202<span class=\"_ _2\"></span>2: from 1 Janu<span class=\"_ _2\"></span>ary 2<span class=\"_ _2\"></span>021 in line with a<span class=\"_ _2\"></span>mende<span class=\"_ _2\"></span>d CMI 2<span class=\"_ _2\"></span>021 Core Pro<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>tions) with a lon<span class=\"_ _2\"></span>g-term tren<span class=\"_ _2\"></span>d of 1.<span class=\"_ _2\"></span>5% pa (2022: 1<span class=\"_ _2\"></span>.5%) for ma<span class=\"_ _2\"></span>les and 1<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>% (2022: 1<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>%<span class=\"_ _5\"></span>) for fema<span class=\"_ _2\"></span>les.<span class=\"_ _3bc\"> </span>Unde<span class=\"_ _2\"></span>r these a<span class=\"_ _2\"></span>ssumpt<span class=\"_ _2\"></span>ions the avera<span class=\"_ _2\"></span>ge life expe<span class=\"_ _2\"></span>cta<span class=\"_ _2\"></span>ncy from retire<span class=\"_ _2\"></span>ment for a me<span class=\"_ _2\"></span>mber c<span class=\"_ _2\"></span>urrently ag<span class=\"_ _2\"></span>ed 45 re<span class=\"_ _2\"></span>tiring at ag<span class=\"_ _2\"></span>e 60 is 2<span class=\"_ _2\"></span>9.7 years an<span class=\"_ _2\"></span>d 31.<span class=\"_ _2\"></span>3 year<span class=\"_ _2\"></span>s for male and fe<span class=\"_ _2\"></span>male me<span class=\"_ _2\"></span>mbers re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ctively (20<span class=\"_ _2\"></span>22: 30<span class=\"_ _2\"></span>.0 years an<span class=\"_ _2\"></span>d 31.<span class=\"_ _2\"></span>6 years for m<span class=\"_ _2\"></span>ale and fem<span class=\"_ _2\"></span>ale memb<span class=\"_ _2\"></span>ers re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>tively). A quantitative sensitivit<span class=\"_ _2\"></span>y analysis for significant ac<span class=\"_ _2\"></span>tuarial ass<span class=\"_ _2\"></span>umptions is shown below:<span class=\"_ _3bc\"> </span><table class=\"s w9d4 h310\" id=\"_88e8b7c9-f907-42cd-8c0a-b370d9d8c916\"><tr><td class=\"t m0 x232 h3f y5ce9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5cea ff3 fsf fc1 sc0 ls82 ws77\">Ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></td><td class=\"c n x197a y5ceb w99c h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls83 ws78\">Base<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x197b y5ceb w99d h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">Discount rate<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x197c y5ceb w99e h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls17 ws15\">RPI<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x197d y5ceb w99f h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls51 ws4b\">Life<span class=\"_ _7\"></span> expectancy<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x197e h3f y5cec ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x197f h3f y5cec ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x48c h3f y5cec ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td></td><td class=\"t m0 x15a1 h3f y5cec ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x5ea h3f y5cec ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td><td class=\"t m0 x1980 h3f y5cec ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5ced ff3 fsf fc1 sc0 ls70 ws67\">Sensitivit<span class=\"_ _2\"></span>y level<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x581 h3f y5ced ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1981 h3f y5ced ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1982 h3f y5ced ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x1983 h3f y5ced ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y5ced ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d8 h3f y5ced ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5cee w9a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>ct on the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit oblig<span class=\"_ _2\"></span>ation (\u00a3m)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad9 y5cee w1b3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ada y5cee w1b3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1adb y5cee w2f2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1adc y5cee w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1add y5cee w316 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ade y5cee wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1adf y5cee w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 h16 y5cef ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"c n x197a y5cc2 w9a2 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls5b ws76\">Base<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x198b y5cc2 w9a3 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse1 wscb\">Discount<span class=\"_ _5\"></span> rate<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x198c y5cc2 w9a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls70 ws67\">R<span class=\"_ _2\"></span>PI<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x198d y5cc2 w9a5 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1dd ws1df\">Life<span class=\"_ _5\"></span> expecta<span class=\"_ _5\"></span>ncy<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5cf0 ff3 fsf fc1 sc0 ls82 ws77\">Ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x197e h16 y5cf1 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x197f h16 y5cf1 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x62f h16 y5cf1 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td></td><td class=\"t m0 x15a1 h16 y5cf1 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x5ea h16 y5cf1 ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td><td class=\"t m0 x1980 h16 y5cf1 ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5cf2 ff3 fsf fc1 sc0 ls70 ws67\">Sensitivit<span class=\"_ _2\"></span>y level<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x198e h16 y5cf2 ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1981 h16 y5cf2 ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x97a h16 y5cf2 ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x198f h16 y5cf2 ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x11da h16 y5cf2 ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7e8 h16 y5cf2 ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ef w9a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>ct on the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit oblig<span class=\"_ _2\"></span>ation (\u00a3m)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6d y55ef we9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">266<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae0 y55ef w1d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(10)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae1 y55ef w659 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae2 y55ef wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ae3 y55ef w361 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae4 y55ef w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae5 y55ef w419 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td></tr></table>The ab<span class=\"_ _2\"></span>ove sensiti<span class=\"_ _2\"></span>vity a<span class=\"_ _2\"></span>nalyse<span class=\"_ _2\"></span>s are bas<span class=\"_ _2\"></span>ed on a cha<span class=\"_ _2\"></span>nge in an a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>n while holdin<span class=\"_ _2\"></span>g all other as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s cons<span class=\"_ _2\"></span>tant. I<span class=\"_ _2\"></span>n<span class=\"_ gs132\"> </span>prac<span class=\"_ _2\"></span>tice, this i<span class=\"_ _2\"></span>s<span class=\"_ gs132\"> </span>unlik<span class=\"_ _5\"></span>ely to occ<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>, an<span class=\"_ _2\"></span>d chan<span class=\"_ _2\"></span>ges in so<span class=\"_ _2\"></span>me of the as<span class=\"_ _2\"></span>sumptions m<span class=\"_ _2\"></span>ay be corre<span class=\"_ _2\"></span>lated. Wh<span class=\"_ _2\"></span>en calc<span class=\"_ _2\"></span>ulating th<span class=\"_ _2\"></span>e sensit<span class=\"_ _2\"></span>ivity of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation to signifi<span class=\"_ _2\"></span>cant ac<span class=\"_ _2\"></span>tuarial a<span class=\"_ _2\"></span>ssumpt<span class=\"_ _2\"></span>ions the s<span class=\"_ _2\"></span>ame meth<span class=\"_ _2\"></span>od has b<span class=\"_ _2\"></span>een app<span class=\"_ _2\"></span>lied as wh<span class=\"_ _2\"></span>en<span class=\"_ gs132\"> </span>calc<span class=\"_ _2\"></span>ulating the p<span class=\"_ _2\"></span>ension li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d within<span class=\"_ gs132\"> </span>the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consolidated financial position.<span class=\"_ _3bc\"> </span>G1<span class=\"_ _2\"></span>.5 S<span class=\"_ _2\"></span>un Life As<span class=\"_ _2\"></span>sura<span class=\"_ _2\"></span>nce C<span class=\"_ _2\"></span>ompa<span class=\"_ _2\"></span>ny of Cana<span class=\"_ _2\"></span>da 1<span class=\"_ _2\"></span>98<span class=\"_ _2\"></span>8 UK an<span class=\"_ _2\"></span>d Irish E<span class=\"_ _2\"></span>mpl<span class=\"_ _2\"></span>oyee Bene<span class=\"_ _2\"></span>fits s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span>Scheme details<span class=\"_ _3bc\"> </span>The S<span class=\"_ _2\"></span>un Life Assur<span class=\"_ _2\"></span>ance C<span class=\"_ _2\"></span>ompany of Can<span class=\"_ _2\"></span>ada 1<span class=\"_ _2\"></span>98<span class=\"_ _2\"></span>8 UK and I<span class=\"_ _2\"></span>rish Employe<span class=\"_ _2\"></span>e Benefit<span class=\"_ _2\"></span>s sche<span class=\"_ _2\"></span>me (\u2018<span class=\"_ _2\"></span>Sun Life of Can<span class=\"_ _2\"></span>ada Sc<span class=\"_ _2\"></span>heme\u2019<span class=\"_ _2\"></span>) was c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated within th<span class=\"_ _2\"></span>e Group finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s following th<span class=\"_ _2\"></span>e acquisi<span class=\"_ _2\"></span>tion of the Sun Life bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>ses on 3 Ap<span class=\"_ _2\"></span>ril 2023<span class=\"_ _2\"></span>. The Sun Life of Can<span class=\"_ _2\"></span>ada S<span class=\"_ _2\"></span>cheme i<span class=\"_ _2\"></span>s a regi<span class=\"_ _2\"></span>stered o<span class=\"_ _2\"></span>ccup<span class=\"_ _2\"></span>ational pe<span class=\"_ _2\"></span>nsion s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>, set up unde<span class=\"_ _2\"></span>r trust<span class=\"_ _2\"></span>, and le<span class=\"_ _2\"></span>gally s<span class=\"_ _2\"></span>eparate from t<span class=\"_ _2\"></span>he princip<span class=\"_ _2\"></span>al employer S<span class=\"_ _2\"></span>un Life Ass<span class=\"_ _2\"></span>urance C<span class=\"_ _2\"></span>ompany of Can<span class=\"_ _2\"></span>ada (U.<span class=\"_ _2\"></span>K.) Limite<span class=\"_ _2\"></span>d. The S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e is adminis<span class=\"_ _2\"></span>tered by a sp<span class=\"_ _2\"></span>ecialis<span class=\"_ _2\"></span>t third par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y adminis<span class=\"_ _2\"></span>trator, Hymans Rob<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>tson LLP<span class=\"_ _7\"></span>. A T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>tee Bo<span class=\"_ _2\"></span>ard is resp<span class=\"_ _2\"></span>onsible for e<span class=\"_ _2\"></span>nsuring th<span class=\"_ _2\"></span>e Sch<span class=\"_ _2\"></span>eme is run in a<span class=\"_ _2\"></span>ccorda<span class=\"_ _2\"></span>nce with th<span class=\"_ _2\"></span>e T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust De<span class=\"_ _2\"></span>ed an<span class=\"_ _2\"></span>d Rules and fo<span class=\"_ _2\"></span>r ensuring c<span class=\"_ _2\"></span>omplian<span class=\"_ _2\"></span>ce with le<span class=\"_ _2\"></span>gislatio<span class=\"_ _2\"></span>n althou<span class=\"_ _2\"></span>gh cer<span class=\"_ _2\"></span>tain t<span class=\"_ _2\"></span>asks are de<span class=\"_ _2\"></span>legate<span class=\"_ _2\"></span>d to third par<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. The T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>stee Bo<span class=\"_ _2\"></span>ard is mad<span class=\"_ _2\"></span>e up of three T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>tees<span class=\"_ _2\"></span>; an Inde<span class=\"_ _2\"></span>pende<span class=\"_ _2\"></span>nt T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ustee w<span class=\"_ _2\"></span>ho is also th<span class=\"_ _2\"></span>e Chair, a Princip<span class=\"_ _2\"></span>al Employer app<span class=\"_ _2\"></span>ointed T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>stee an<span class=\"_ _2\"></span>d a Memb<span class=\"_ _2\"></span>er-No<span class=\"_ _2\"></span>minated T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ustee<span class=\"_ _2\"></span>. The Ind<span class=\"_ _2\"></span>epen<span class=\"_ _2\"></span>dent T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>tee is Cap<span class=\"_ _2\"></span>ital Cranfi<span class=\"_ _2\"></span>eld Pension T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>es Limited<span class=\"_ _2\"></span>. The Sun Life of Ca<span class=\"_ _2\"></span>nada S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e is close<span class=\"_ _2\"></span>d to new entra<span class=\"_ _2\"></span>nts and to f<span class=\"_ _2\"></span>uture acc<span class=\"_ _2\"></span>rual for ac<span class=\"_ _2\"></span>tive memb<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The val<span class=\"_ _2\"></span>uation has b<span class=\"_ _2\"></span>een b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n an ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent of the liabiliti<span class=\"_ _2\"></span>es of the Sun Life of Can<span class=\"_ _2\"></span>ada S<span class=\"_ _2\"></span>cheme a<span class=\"_ _2\"></span>s at 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023 unde<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ak<span class=\"_ _5\"></span>en by indep<span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>nt qualified a<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>ries. T<span class=\"_ _2\"></span>he pres<span class=\"_ _2\"></span>ent values of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation an<span class=\"_ _2\"></span>d the relate<span class=\"_ _2\"></span>d interest c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s have bee<span class=\"_ _2\"></span>n meas<span class=\"_ _2\"></span>ured using the pro<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>ted unit cre<span class=\"_ _2\"></span>dit metho<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span>The e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic surplus of the S<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me is anticip<span class=\"_ _2\"></span>ated to be us<span class=\"_ _2\"></span>ed to cover fut<span class=\"_ _2\"></span>ure cos<span class=\"_ _2\"></span>ts of the S<span class=\"_ _2\"></span>cheme a<span class=\"_ _2\"></span>nd will be full<span class=\"_ _2\"></span>y utilised p<span class=\"_ _2\"></span>rior to any winding<span class=\"_ _2\"></span>-<span class=\"_ _3bc\"> </span>up of the S<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>. As a result<span class=\"_ _2\"></span>, no provisio<span class=\"_ _2\"></span>n for tax is de<span class=\"_ _2\"></span>ducte<span class=\"_ _2\"></span>d from the sur<span class=\"_ _2\"></span>plus.<span class=\"_ _3bc\"> </span>Funding<span class=\"_ _3bc\"> </span>The la<span class=\"_ _2\"></span>st fund<span class=\"_ _2\"></span>ing valuatio<span class=\"_ _2\"></span>n of the Sun Life of Cana<span class=\"_ _2\"></span>da Sc<span class=\"_ _2\"></span>heme wa<span class=\"_ _2\"></span>s carrie<span class=\"_ _2\"></span>d out by a qualifi<span class=\"_ _2\"></span>ed act<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y as at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2022 a<span class=\"_ _2\"></span>nd showe<span class=\"_ _2\"></span>d a surplu<span class=\"_ _2\"></span>s of \u00a36 million. N<span class=\"_ _2\"></span>o contribut<span class=\"_ _2\"></span>ions are req<span class=\"_ _2\"></span>uired to be pa<span class=\"_ _2\"></span>id by the empl<span class=\"_ _2\"></span>oyer into the Sch<span class=\"_ _2\"></span>eme.<span class=\"_ _3bc\"> </span>Sum<span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span>y of amo<span class=\"_ _2\"></span>unts r<span class=\"_ _2\"></span>ecog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>ateme<span class=\"_ _2\"></span>nts<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>ounts re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated fina<span class=\"_ _2\"></span>ncial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts are as follow<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span><table class=\"s w92f h311\" id=\"_4baf27de-ccfa-44d5-ae1e-a6e3dda373d1\"><tr><td></td><td class=\"t m0 x5b9 h3f y5cf3 ff7 fsf fc1 sc0 ls0 ws0\">Fair v<span class=\"_ _2\"></span>alue o<span class=\"_ _2\"></span>f </td><td class=\"t m0 xa91 h3f y5cf3 ff7 fsf fc1 sc0 ls0 ws0\">De<span class=\"_ _2\"></span>fine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efit </td><td></td><td class=\"t m0 xb25 h3f y5cf3 ff7 fsf fc1 sc0 lse3 wscd\">Reimburse<span class=\"_ _2\"></span>ment </td></tr><tr><td></td><td class=\"t m0 xd57 h3f y5cf4 ff7 fsf fc1 sc0 ls0 ws0\">sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets </td><td class=\"t m0 x9cb h3f y5cf4 ff7 fsf fc1 sc0 ls199 ws185\">obligation </td><td class=\"t m0 x549 h3f y5cf4 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x487 h3f y5cf4 ff7 fsf fc1 sc0 ls0 ws0\">rig<span class=\"_ _2\"></span>ht </td></tr><tr><td></td><td class=\"t m0 x9da h3f y5cf5 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y5cf5 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y5cf5 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5cf5 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5638 w9d5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">On a<span class=\"_ _2\"></span>cquis<span class=\"_ _2\"></span>ition of S<span class=\"_ _2\"></span>LF of Cana<span class=\"_ _2\"></span>da UK Lim<span class=\"_ _2\"></span>ited (note H2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae6 y5638 w1bf h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls47 ws19d\">302<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae7 y5638 w9d6 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>286<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae8 y5638 w132 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae9 y5638 w158 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cf6 w96a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1508 y5cf6 w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a80 y5cf6 w1ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aea y5cf6 w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a62 y5cf6 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cf7 w96c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aeb y5cf7 w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aec y5cf7 w1ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aed y5cf7 w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aee y5cf7 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5cf8 ff3 fs7 fc1 sc0 ls12 ws10\">Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5817 w96d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in intere<span class=\"_ _2\"></span>st inco<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aef y5817 w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af0 y5817 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af1 y5817 w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af2 y5817 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5818 w96e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in demo<span class=\"_ _2\"></span>graphi<span class=\"_ _2\"></span>c assum<span class=\"_ _2\"></span>ptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a05 y5818 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a06 y5818 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af3 y5818 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af4 y5818 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5cf9 w96f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Loss fro<span class=\"_ _2\"></span>m chang<span class=\"_ _2\"></span>es in finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a09 y5cf9 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af5 y5cf9 w206 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af6 y5cf9 w5c7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af7 y5cf9 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5cfa w971 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xperie<span class=\"_ _2\"></span>nce gain<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af8 y5cfa w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af9 y5cfa wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1afa y5cfa wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1afb y5cfa w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cfb w972 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in othe<span class=\"_ _2\"></span>r compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1afc y5cfb w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1afd y5cfb w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1afe y5cfb w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aff y5cfb w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5657 w974 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1abe y5657 w506 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(14)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b00 y5657 w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b01 y5657 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b02 y5657 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3fe h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a1c y55ef w2ac h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b4 ws1b3\">2<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b03 y55ef w9d7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">(28<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b04 y55ef w2f6 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b05 y55ef wb5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr></table>Scheme assets<span class=\"_ _3bc\"> </span>The dis<span class=\"_ _2\"></span>tributio<span class=\"_ _2\"></span>n of the sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>ets at th<span class=\"_ _2\"></span>e end of the year w<span class=\"_ _2\"></span>as as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span><table class=\"s w2ec h312\" id=\"_46203c89-7f31-4c07-bb54-9d455e482a91\"><tr><td></td><td></td><td class=\"t m0 x1693 h3f y5cfc ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x9f8 h3f y5cfd ff7 fsf fc1 sc0 ls0 ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot </td></tr><tr><td></td><td></td><td class=\"t m0 x9cd h3f y5cfe ff7 fsf fc1 sc0 ls0 ws0\">quo<span class=\"_ _2\"></span>ted i<span class=\"_ _2\"></span>n an ac<span class=\"_ _2\"></span>tive </td></tr><tr><td></td><td class=\"t m0 x549 h3f y5cff ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 xd2e h3f y5cff ff7 fsf fc1 sc0 ls5b ws76\">market<span class=\"_ _5\"></span> </td></tr><tr><td></td><td class=\"t m0 x2c5 h3f y5d00 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5d00 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y572b wf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaec y572b wa5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">36<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b06 y572b w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e9 w120 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x73c y56e9 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1567 y56e9 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d01 ff3 fs7 fc1 sc0 ls0 ws0\">Qua<span class=\"_ _2\"></span>lifyin<span class=\"_ _2\"></span>g insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"c n x1b07 y5d02 w175 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b5 ws1b4\">257<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b08 y5d02 w175 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b5 ws1b4\">257<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w9c6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Pensi<span class=\"_ _5\"></span>on scheme assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b09 y55ef w595 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">297<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b0a y55ef w2ff h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>In 2<span class=\"_ _2\"></span>018 a<span class=\"_ _2\"></span>nd 202<span class=\"_ _2\"></span>1 the S<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me co<span class=\"_ _2\"></span>mple<span class=\"_ _2\"></span>ted t<span class=\"_ _2\"></span>wo bu<span class=\"_ _2\"></span>y-in tr<span class=\"_ _2\"></span>ans<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>ions w<span class=\"_ _2\"></span>ith ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al pa<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>es whi<span class=\"_ _2\"></span>ch cove<span class=\"_ _2\"></span>r appr<span class=\"_ _2\"></span>oxima<span class=\"_ _2\"></span>tely 9<span class=\"_ _2\"></span>0% of t<span class=\"_ _2\"></span>he Sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>e\u2019s liabi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Defined b<span class=\"_ _2\"></span>enefit obligation<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>alculati<span class=\"_ _2\"></span>on of the define<span class=\"_ _2\"></span>d benefit o<span class=\"_ _2\"></span>bligatio<span class=\"_ _2\"></span>n can be all<span class=\"_ _2\"></span>ocate<span class=\"_ _2\"></span>d to the Sun Life of Can<span class=\"_ _2\"></span>ada Sc<span class=\"_ _2\"></span>heme\u2019s memb<span class=\"_ _2\"></span>ers as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">D<span class=\"_ _2\"></span>e<span class=\"_ _5\"></span>ferred<span class=\"_ _5\"></span> scheme members: 40%; and<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">Pensioners: 60%.<span class=\"_ _3bc\"> </span></span>The wei<span class=\"_ _2\"></span>ghted averag<span class=\"_ _2\"></span>e duration of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23 is 12.<span class=\"_ _2\"></span>8 years<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Principal as<span class=\"_ _2\"></span>sumptions The pr<span class=\"_ _2\"></span>incipal as<span class=\"_ _2\"></span>sumptio<span class=\"_ _2\"></span>ns of the Sun Life of Can<span class=\"_ _2\"></span>ada S<span class=\"_ _2\"></span>cheme a<span class=\"_ _2\"></span>re set out in th<span class=\"_ _2\"></span>e table be<span class=\"_ _2\"></span>low:<span class=\"_ _3bc\"> </span><table class=\"s w9d8 h313\" id=\"_ea888140-ab18-476b-8929-7b7da22eeba7\"><tr><td></td><td class=\"t m0 x1e4 h3f y5c81 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x6ad h3f y5c82 ff7 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y58c1 w9d9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for pe<span class=\"_ _2\"></span>nsions in p<span class=\"_ _2\"></span>ayment<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b0b y58c1 w996 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">3.05<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5718 w9d2 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for defer<span class=\"_ _2\"></span>red pen<span class=\"_ _2\"></span>sions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b0c y5718 w9da h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">2.15<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 w993 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Disc<span class=\"_ _2\"></span>ount rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b0d y56f9 w2e8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">4.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee w995 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 RPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b0e y55ee w996 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">3.10<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w998 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 CPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b0f y55ef w9db h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls47 ws19d\">2.30<span class=\"_ _3bc\"> </span></div></td></tr></table>The dis<span class=\"_ _2\"></span>count rate a<span class=\"_ _2\"></span>nd inflation a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns have bee<span class=\"_ _2\"></span>n determin<span class=\"_ _2\"></span>ed by cons<span class=\"_ _2\"></span>idering th<span class=\"_ _2\"></span>e shape of th<span class=\"_ _2\"></span>e appropri<span class=\"_ _2\"></span>ate yield cur<span class=\"_ _2\"></span>ves and t<span class=\"_ _2\"></span>he duration of the S<span class=\"_ _2\"></span>un Life of Canada S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e liabilitie<span class=\"_ _2\"></span>s. This m<span class=\"_ _2\"></span>ethod de<span class=\"_ _2\"></span>termines a<span class=\"_ _2\"></span>n equivale<span class=\"_ _2\"></span>nt single ra<span class=\"_ _2\"></span>te for each of the dis<span class=\"_ _2\"></span>count an<span class=\"_ _2\"></span>d inflation rate<span class=\"_ _2\"></span>s, which<span class=\"_ gs132\"> </span>is<span class=\"_ gs132\"> </span>d<span class=\"_ _2\"></span>erived from th<span class=\"_ _2\"></span>e profile of proje<span class=\"_ _2\"></span>cte<span class=\"_ _2\"></span>d benefit p<span class=\"_ _2\"></span>ayment<span class=\"_ _2\"></span>s. The p<span class=\"_ _2\"></span>ost-retirem<span class=\"_ _2\"></span>ent mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s are in line with 202<span class=\"_ _2\"></span>2 VIT<span class=\"_ _6\"></span>A Li<span class=\"_ _2\"></span>te tables<span class=\"_ _2\"></span>. Future lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y improveme<span class=\"_ _2\"></span>nts are in line wit<span class=\"_ _2\"></span>h the 2022 C<span class=\"_ _2\"></span>MI mod<span class=\"_ _2\"></span>el with no wei<span class=\"_ _2\"></span>ght on 2020 an<span class=\"_ _2\"></span>d 2021 exp<span class=\"_ _2\"></span>erienc<span class=\"_ _2\"></span>e and 25% weig<span class=\"_ _2\"></span>hting on 2022 e<span class=\"_ _2\"></span>xperie<span class=\"_ _2\"></span>nce, wit<span class=\"_ _2\"></span>h a long-term t<span class=\"_ _2\"></span>rend of 1.<span class=\"_ _2\"></span>5% p.a<span class=\"_ _2\"></span>. for males a<span class=\"_ _2\"></span>nd 1.<span class=\"_ _2\"></span>5% p.a<span class=\"_ _2\"></span>. for female<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Unde<span class=\"_ _2\"></span>r these a<span class=\"_ _2\"></span>ssumpt<span class=\"_ _2\"></span>ions the avera<span class=\"_ _2\"></span>ge life expe<span class=\"_ _2\"></span>cta<span class=\"_ _2\"></span>ncy from retire<span class=\"_ _2\"></span>ment for a me<span class=\"_ _2\"></span>mber c<span class=\"_ _2\"></span>urrently ag<span class=\"_ _2\"></span>ed 45 re<span class=\"_ _2\"></span>tiring at ag<span class=\"_ _2\"></span>e 65 is 23<span class=\"_ _2\"></span>.1 years an<span class=\"_ _2\"></span>d 26.1 year<span class=\"_ _2\"></span>s for male and fe<span class=\"_ _2\"></span>male me<span class=\"_ _2\"></span>mbers re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ctively. A quantitative sensitivit<span class=\"_ _2\"></span>y analysis for significant ac<span class=\"_ _2\"></span>tuarial ass<span class=\"_ _2\"></span>umptions is shown below:<span class=\"_ _3bc\"> </span><table class=\"s w9dc h314\" id=\"_9820c748-6102-4042-ada6-f25769133777\"><tr><td class=\"t m0 x232 h3f y5d03 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"c n x197a y5d04 w99c h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls83 ws78\">Base<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x197b y5d04 w99d h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">Discount rate<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x197c y5d04 w99e h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls17 ws15\">RPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x197d y5d04 w99f h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls51 ws4b\">Life<span class=\"_ _7\"></span> expectancy<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5d05 ff3 fsf fc1 sc0 ls82 ws77\">Ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x197e h3f y5d06 ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x197f h3f y5d06 ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x48c h3f y5d06 ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x15a1 h3f y5d06 ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x5ea h3f y5d06 ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td><td class=\"t m0 x1980 h3f y5d06 ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5d07 ff3 fsf fc1 sc0 ls70 ws67\">Sensitivit<span class=\"_ _2\"></span>y level<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x581 h3f y5d08 ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1981 h3f y5d08 ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1982 h3f y5d08 ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1983 h3f y5d08 ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y5d08 ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d8 h3f y5d08 ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ef w9a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>ct on the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit oblig<span class=\"_ _2\"></span>ation (\u00a3m)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6d y55ef w728 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b10 y55ef w6c4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b11 y55ef wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b12 y55ef wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b13 y55ef w3ce h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b14 y55ef w307 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b15 y55ef w1a7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>1)<span class=\"_ _3bc\"> </span></div></td></tr></table>The ab<span class=\"_ _2\"></span>ove sensiti<span class=\"_ _2\"></span>vity a<span class=\"_ _2\"></span>nalyse<span class=\"_ _2\"></span>s are bas<span class=\"_ _2\"></span>ed on a cha<span class=\"_ _2\"></span>nge in an a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>n while holdin<span class=\"_ _2\"></span>g all other as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s cons<span class=\"_ _2\"></span>tant. I<span class=\"_ _2\"></span>n<span class=\"_ gs132\"> </span>prac<span class=\"_ _2\"></span>tice, this i<span class=\"_ _2\"></span>s<span class=\"_ gs132\"> </span>unlik<span class=\"_ _5\"></span>ely to occ<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>, an<span class=\"_ _2\"></span>d chan<span class=\"_ _2\"></span>ges in so<span class=\"_ _2\"></span>me of the as<span class=\"_ _2\"></span>sumptions m<span class=\"_ _2\"></span>ay be corre<span class=\"_ _2\"></span>lated. Wh<span class=\"_ _2\"></span>en calc<span class=\"_ _2\"></span>ulating th<span class=\"_ _2\"></span>e sensit<span class=\"_ _2\"></span>ivity of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation to signifi<span class=\"_ _2\"></span>cant ac<span class=\"_ _2\"></span>tuarial a<span class=\"_ _2\"></span>ssumpt<span class=\"_ _2\"></span>ions the s<span class=\"_ _2\"></span>ame meth<span class=\"_ _2\"></span>od has b<span class=\"_ _2\"></span>een app<span class=\"_ _2\"></span>lied as wh<span class=\"_ _2\"></span>en<span class=\"_ gs132\"> </span>calc<span class=\"_ _2\"></span>ulating the p<span class=\"_ _2\"></span>ensio<span class=\"_ _2\"></span>n liabilit<span class=\"_ _2\"></span>y reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d within<span class=\"_ gs132\"> </span>the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consolidated financial position",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-660": {
   "value": "Defined contribution<span class=\"_ _5\"></span> pension schemes<span class=\"_ _3bc\"> </span>Oblig<span class=\"_ _2\"></span>ations for c<span class=\"_ _2\"></span>ontributio<span class=\"_ _2\"></span>ns to defined c<span class=\"_ _2\"></span>ontributi<span class=\"_ _2\"></span>on pensi<span class=\"_ _2\"></span>on sche<span class=\"_ _2\"></span>mes are re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed as an ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>e in the cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d income st<span class=\"_ _2\"></span>atement as in<span class=\"_ _2\"></span>curred<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Defined benefit pension schemes<span class=\"_ _3bc\"> </span>The n<span class=\"_ _2\"></span>et surplus or d<span class=\"_ _2\"></span>eficit (the ec<span class=\"_ _2\"></span>onomic s<span class=\"_ _2\"></span>urplus or defic<span class=\"_ _2\"></span>it) in resp<span class=\"_ _2\"></span>ect of the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s is calc<span class=\"_ _2\"></span>ulated by es<span class=\"_ _2\"></span>timating th<span class=\"_ _2\"></span>e amo<span class=\"_ _2\"></span>unt of future ben<span class=\"_ _2\"></span>efit that em<span class=\"_ _2\"></span>ployees h<span class=\"_ _2\"></span>ave earned in re<span class=\"_ _2\"></span>turn for their s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice in the cur<span class=\"_ _2\"></span>rent and prio<span class=\"_ _2\"></span>r years; t<span class=\"_ _2\"></span>hat ben<span class=\"_ _2\"></span>efit is disco<span class=\"_ _2\"></span>unted to determin<span class=\"_ _2\"></span>e its pre<span class=\"_ _2\"></span>sent value a<span class=\"_ _2\"></span>nd the fair va<span class=\"_ _2\"></span>lue of any sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>ets is de<span class=\"_ _2\"></span>ducte<span class=\"_ _2\"></span>d. The e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic surplus or d<span class=\"_ _2\"></span>eficit is subs<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>ntly adj<span class=\"_ _2\"></span>usted to e<span class=\"_ _2\"></span>liminate<span class=\"_ gs132\"> </span>on con<span class=\"_ _2\"></span>solidatio<span class=\"_ _2\"></span>n the carr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g value of insura<span class=\"_ _2\"></span>nce po<span class=\"_ _2\"></span>licies is<span class=\"_ _2\"></span>sued by Group e<span class=\"_ _2\"></span>ntities to the de<span class=\"_ _2\"></span>fined be<span class=\"_ _2\"></span>nefit pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>hemes (the<span class=\"_ gs132\"> </span>re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted surpl<span class=\"_ _2\"></span>us or deficit<span class=\"_ _2\"></span>). A corresp<span class=\"_ _2\"></span>onding a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment is ma<span class=\"_ _2\"></span>de to the ca<span class=\"_ _2\"></span>rryin<span class=\"_ _2\"></span>g value<span class=\"_ _2\"></span>s of insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct liabiliti<span class=\"_ _2\"></span>es and inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>As re<span class=\"_ _2\"></span>quired by IFR<span class=\"_ _2\"></span>IC 14<span class=\"_ _2\"></span>, IAS 19 \u2013\u2018<span class=\"_ _2\"></span>The limi<span class=\"_ _2\"></span>t on a Define<span class=\"_ _2\"></span>d Benefi<span class=\"_ _2\"></span>t Asse<span class=\"_ _2\"></span>t, Minimum Fun<span class=\"_ _2\"></span>ding Require<span class=\"_ _2\"></span>ments a<span class=\"_ _2\"></span>nd their Inte<span class=\"_ _2\"></span>racti<span class=\"_ _2\"></span>on\u2019<span class=\"_ _7\"></span>, to the ex<span class=\"_ _2\"></span>tent that the e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c surplus (pr<span class=\"_ _2\"></span>ior to the elimin<span class=\"_ _2\"></span>ation of the ins<span class=\"_ _2\"></span>urance p<span class=\"_ _2\"></span>olicies is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d by Group entitie<span class=\"_ _2\"></span>s) will be available a<span class=\"_ _2\"></span>s a refund, t<span class=\"_ _2\"></span>he econ<span class=\"_ _2\"></span>omic surplu<span class=\"_ _2\"></span>s is state<span class=\"_ _2\"></span>d afte<span class=\"_ _2\"></span>r a provision for ta<span class=\"_ _2\"></span>x that woul<span class=\"_ _2\"></span>d be borne by t<span class=\"_ _2\"></span>he<span class=\"_ gs132\"> </span>sche<span class=\"_ _2\"></span>me adminis<span class=\"_ _2\"></span>trator<span class=\"_ _2\"></span>s when the ref<span class=\"_ _2\"></span>und is ma<span class=\"_ _2\"></span>de. The Gro<span class=\"_ _2\"></span>up reco<span class=\"_ _2\"></span>gnises a pen<span class=\"_ _2\"></span>sion surpl<span class=\"_ _2\"></span>us on the bas<span class=\"_ _2\"></span>is that it is ent<span class=\"_ _2\"></span>itled to the s<span class=\"_ _2\"></span>urplus of eac<span class=\"_ _2\"></span>h sche<span class=\"_ _2\"></span>me in the event of a gr<span class=\"_ _2\"></span>adual se<span class=\"_ _2\"></span>ttle<span class=\"_ _2\"></span>ment of the liab<span class=\"_ _2\"></span>ilities<span class=\"_ _2\"></span>, due to its abilit<span class=\"_ _2\"></span>y to order a win<span class=\"_ _2\"></span>ding up of the T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>st.<span class=\"_ _3bc\"> </span>Addition<span class=\"_ _2\"></span>ally unde<span class=\"_ _2\"></span>r IFRI<span class=\"_ _2\"></span>C 14 pens<span class=\"_ _2\"></span>ion fundin<span class=\"_ _2\"></span>g contributi<span class=\"_ _2\"></span>ons are con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d to be a minimum fun<span class=\"_ _2\"></span>ding requ<span class=\"_ _2\"></span>irement an<span class=\"_ _2\"></span>d, to the ex<span class=\"_ _2\"></span>tent that th<span class=\"_ _2\"></span>e contrib<span class=\"_ _2\"></span>utions paya<span class=\"_ _2\"></span>ble will not be ava<span class=\"_ _2\"></span>ilable to the Gro<span class=\"_ _2\"></span>up after t<span class=\"_ _2\"></span>hey are paid into th<span class=\"_ _2\"></span>e Sche<span class=\"_ _2\"></span>me, a liab<span class=\"_ _2\"></span>ility is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised wh<span class=\"_ _2\"></span>en the oblig<span class=\"_ _2\"></span>ation aris<span class=\"_ _2\"></span>es. The n<span class=\"_ _2\"></span>et pensio<span class=\"_ _2\"></span>n sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>et/lia<span class=\"_ _2\"></span>bility re<span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nts the<span class=\"_ gs132\"> </span>e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c surplus ne<span class=\"_ _2\"></span>t of all adjus<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s noted ab<span class=\"_ _2\"></span>ove.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up determin<span class=\"_ _2\"></span>es the net inte<span class=\"_ _2\"></span>rest exp<span class=\"_ _2\"></span>ense or in<span class=\"_ _2\"></span>come o<span class=\"_ _2\"></span>n the<span class=\"_ gs132\"> </span>net<span class=\"_ gs132\"> </span>pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>/liabilit<span class=\"_ _2\"></span>y for the p<span class=\"_ _2\"></span>eriod by app<span class=\"_ _2\"></span>lying the di<span class=\"_ _2\"></span>scount rate us<span class=\"_ _2\"></span>ed to mea<span class=\"_ _2\"></span>sure the defin<span class=\"_ _2\"></span>ed ben<span class=\"_ _2\"></span>efit obliga<span class=\"_ _2\"></span>tion at the be<span class=\"_ _2\"></span>ginning of th<span class=\"_ _2\"></span>e annual p<span class=\"_ _2\"></span>eriod to th<span class=\"_ _2\"></span>e openin<span class=\"_ _2\"></span>g net pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>eme as<span class=\"_ _2\"></span>set/<span class=\"_ _2\"></span>liabilit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>. The dis<span class=\"_ _2\"></span>count rate is t<span class=\"_ _2\"></span>he yield at th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d end on A<span class=\"_ _2\"></span>A credit r<span class=\"_ _2\"></span>ated bon<span class=\"_ _2\"></span>ds that have ma<span class=\"_ _2\"></span>turit<span class=\"_ _2\"></span>y dates app<span class=\"_ _2\"></span>roximating to the te<span class=\"_ _2\"></span>rms of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s oblig<span class=\"_ _2\"></span>ations<span class=\"_ _2\"></span>. The ca<span class=\"_ _2\"></span>lculation is p<span class=\"_ _2\"></span>erfo<span class=\"_ _2\"></span>rmed by a qu<span class=\"_ _2\"></span>alified ac<span class=\"_ _2\"></span>tuar<span class=\"_ _2\"></span>y using t<span class=\"_ _2\"></span>he proje<span class=\"_ _2\"></span>cted un<span class=\"_ _2\"></span>it credit m<span class=\"_ _2\"></span>ethod.<span class=\"_ _3bc\"> </span>The m<span class=\"_ _2\"></span>ovement in the n<span class=\"_ _2\"></span>et pensi<span class=\"_ _2\"></span>on sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>et/lia<span class=\"_ _2\"></span>bility i<span class=\"_ _2\"></span>s analys<span class=\"_ _2\"></span>ed bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the ser<span class=\"_ _2\"></span>vice c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>, past s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice cos<span class=\"_ _2\"></span>t, cur<span class=\"_ _2\"></span>tailm<span class=\"_ _2\"></span>ents an<span class=\"_ _2\"></span>d set<span class=\"_ _2\"></span>tlement<span class=\"_ _2\"></span>s (all reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d within admin<span class=\"_ _2\"></span>istrati<span class=\"_ _2\"></span>ve expens<span class=\"_ _2\"></span>es in the co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment), th<span class=\"_ _2\"></span>e net interes<span class=\"_ _2\"></span>t cost o<span class=\"_ _2\"></span>n the net pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>/<span class=\"_ _3bc\"> </span>liabilit<span class=\"_ _2\"></span>y, including a<span class=\"_ _2\"></span>ny reimburs<span class=\"_ _2\"></span>ement as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s (recogn<span class=\"_ _2\"></span>ised wit<span class=\"_ _2\"></span>hin net investm<span class=\"_ _2\"></span>ent inco<span class=\"_ _2\"></span>me in the co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e<span class=\"_ gs132\"> </span>state<span class=\"_ _2\"></span>ment), reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ents of the ne<span class=\"_ _2\"></span>t pensio<span class=\"_ _2\"></span>n sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>et/lia<span class=\"_ _2\"></span>bility (re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in othe<span class=\"_ _2\"></span>r compreh<span class=\"_ _2\"></span>ensive inc<span class=\"_ _2\"></span>ome) and<span class=\"_ gs132\"> </span>em<span class=\"_ _2\"></span>ployer contrib<span class=\"_ _2\"></span>utions<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>This note d<span class=\"_ _2\"></span>escrib<span class=\"_ _2\"></span>es the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s five m<span class=\"_ _2\"></span>ain define<span class=\"_ _2\"></span>d benefit p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>es for its e<span class=\"_ _2\"></span>mployees<span class=\"_ _2\"></span>, the Pear<span class=\"_ _2\"></span>l Group Staf<span class=\"_ _2\"></span>f Pension S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e (\u2018<span class=\"_ _2\"></span>Pearl Sc<span class=\"_ _2\"></span>heme\u2019<span class=\"_ _2\"></span>), the PG<span class=\"_ _2\"></span>L Pension S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e, the Abb<span class=\"_ _2\"></span>ey Life Staff Pen<span class=\"_ _2\"></span>sion Sc<span class=\"_ _2\"></span>heme (<span class=\"_ _2\"></span>\u2018<span class=\"_ _7\"></span>Abb<span class=\"_ _2\"></span>ey Life Sche<span class=\"_ _2\"></span>me\u2019) th<span class=\"_ _2\"></span>e ReAs<span class=\"_ _2\"></span>sure Staf<span class=\"_ _2\"></span>f Pension S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e (\u2018R<span class=\"_ _2\"></span>eAss<span class=\"_ _2\"></span>ure Sc<span class=\"_ _2\"></span>heme\u2019<span class=\"_ _2\"></span>) and from 3 A<span class=\"_ _2\"></span>pril 2023<span class=\"_ _2\"></span>, the Sun Life A<span class=\"_ _2\"></span>ssura<span class=\"_ _2\"></span>nce Co<span class=\"_ _2\"></span>mpany of Cana<span class=\"_ _2\"></span>da 19<span class=\"_ _2\"></span>88 U<span class=\"_ _2\"></span>K and Iri<span class=\"_ _2\"></span>sh Employee B<span class=\"_ _2\"></span>enefit<span class=\"_ _2\"></span>s Sche<span class=\"_ _2\"></span>me (\u2018<span class=\"_ _2\"></span>Sun Life of Can<span class=\"_ _2\"></span>ada Sc<span class=\"_ _2\"></span>heme\u2019<span class=\"_ _2\"></span>), and exp<span class=\"_ _2\"></span>lains how th<span class=\"_ _2\"></span>e pensio<span class=\"_ _2\"></span>n schem<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>et/lia<span class=\"_ _2\"></span>bility is c<span class=\"_ _2\"></span>alcul<span class=\"_ _2\"></span>ated.<span class=\"_ _3bc\"> </span>An anal<span class=\"_ _2\"></span>ysis of the pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme (lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>)/<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span>set for ea<span class=\"_ _2\"></span>ch pens<span class=\"_ _2\"></span>ion sche<span class=\"_ _2\"></span>me is set o<span class=\"_ _2\"></span>ut in the tab<span class=\"_ _2\"></span>le below<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span><table class=\"s w952 h2fe\" id=\"_3a1d12cb-de15-4af8-ab52-a9d56a0c52ff\"><tr><td></td><td class=\"t m0 x44d h3f y5c25 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5c25 ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x6ed h3f y5c26 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x6ee h16 y5c26 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y5c27 ff7 fs7 fc1 sc0 ls0 ws0\">Pearl G<span class=\"_ _2\"></span>roup St<span class=\"_ _2\"></span>aff Pens<span class=\"_ _2\"></span>ion S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5c28 w953 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Economic surplus<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x22e y5c28 w31a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a ws2f\">50<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d3 y5c28 w1df h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls47 ws19d\">46<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c29 w954 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Adju<span class=\"_ _2\"></span>stment fo<span class=\"_ _2\"></span>r insuran<span class=\"_ _2\"></span>ce polici<span class=\"_ _2\"></span>es eliminate<span class=\"_ _2\"></span>d on cons<span class=\"_ _2\"></span>olidation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d4 y5c29 w955 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">(1<span class=\"_ _3\"></span>,5<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d5 y5c29 w233 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>01)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c2a w956 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Net p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>cheme li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, a<span class=\"_ _2\"></span>s repor<span class=\"_ _2\"></span>ted<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d6 y5c2a w427 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(1<span class=\"_ _2\"></span>,457<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x719 y5c2a w678 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b0 ws1ac\">(1,45<span class=\"_ _5\"></span>5)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c2b w957 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Reimb<span class=\"_ _2\"></span>ursem<span class=\"_ _2\"></span>ent right in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of reinsuran<span class=\"_ _2\"></span>ce, as re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d7 y5c2b w32a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">202<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d5 y5c2b w4f7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">205<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5c2c w958 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Add: valu<span class=\"_ _2\"></span>e attrib<span class=\"_ _2\"></span>uted to as<span class=\"_ _2\"></span>sets h<span class=\"_ _2\"></span>eld by PLL within fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s</div><div class=\"t m0 x18d8 h13 y59db ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f6 y5c2c w7c4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">1,5<span class=\"_ _2\"></span>06<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d9 y5c2c w959 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b5 ws1b4\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>576<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55dd w95a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Adju<span class=\"_ _2\"></span>sted ne<span class=\"_ _2\"></span>t pensio<span class=\"_ _2\"></span>n schem<span class=\"_ _2\"></span>e liabilitie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18da y55dd w175 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">251<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x503 y55dd wf6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">326<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5c2d ff7 fs7 fc1 sc0 ls17 ws15\">PGL Pensi<span class=\"_ _5\"></span>on Scheme<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5c2e w953 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Economic surplus<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x22e y5c2e w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1399 y5c2e w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">23<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c2f w954 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Adju<span class=\"_ _2\"></span>stment fo<span class=\"_ _2\"></span>r insuran<span class=\"_ _2\"></span>ce polici<span class=\"_ _2\"></span>es eliminate<span class=\"_ _2\"></span>d on cons<span class=\"_ _2\"></span>olidation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d4 y5c2f w32d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>09<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18db y5c2f w95b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(1<span class=\"_ _2\"></span>,07<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c30 w95c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unts due from s<span class=\"_ _2\"></span>ubsidiar<span class=\"_ _2\"></span>y elimin<span class=\"_ _2\"></span>ated on con<span class=\"_ _2\"></span>solidatio<span class=\"_ _2\"></span>n<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18dc y5c30 w1a7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1379 y5c30 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c31 w956 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Net p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>cheme li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, a<span class=\"_ _2\"></span>s repor<span class=\"_ _2\"></span>ted<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18d6 y5c31 w95d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">(1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>91<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18dd y5c31 w70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">(1,056)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5c32 ff3 fs7 fc1 sc0 ls0 ws0\">Add: as<span class=\"_ _2\"></span>sets h<span class=\"_ _2\"></span>eld by PLL within fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"c n x6f6 y5c33 w161 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">1<span class=\"_ _2\"></span>,206<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18de y5c33 w2e1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1aa ws1a2\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>24<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c34 w95e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Adjusted net<span class=\"_ _5\"></span> pension scheme<span class=\"_ _5\"></span> asset<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18df y5c34 w387 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">115<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e0 y5c34 w642 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb3 wsf4\">19<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5c35 ff7 fs7 fc1 sc0 ls0 ws0\">Abb<span class=\"_ _2\"></span>ey Life Staf<span class=\"_ _2\"></span>f Pension S<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5c36 w95f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Economic deficit<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e1 y5c36 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e2 y5c36 w5db h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a6 ws196\">(5)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c37 w960 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Minimum f<span class=\"_ _2\"></span>unding re<span class=\"_ _2\"></span>quirement o<span class=\"_ _2\"></span>bligation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e3 y5c37 w2dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e4 y5c37 w54f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fb w961 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Net p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>cheme li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e5 y55fb w316 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e6 y55fb w207 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5c38 ff7 fs7 fc1 sc0 ls17 ws15\">ReAssure Sta<span class=\"_ _5\"></span>ff Pension<span class=\"_ _5\"></span> Scheme<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5781 w953 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Economic surplus<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x22e y5781 w962 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e7 y5781 w51a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">22<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5782 w963 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Provision for t<span class=\"_ _2\"></span>ax on that p<span class=\"_ _2\"></span>art of th<span class=\"_ _2\"></span>e econ<span class=\"_ _2\"></span>omic surplu<span class=\"_ _2\"></span>s available as a ref<span class=\"_ _2\"></span>und on a windin<span class=\"_ _2\"></span>g-up of the S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e8 y5782 w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e9 y5782 w361 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b8 w964 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Net pension<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>cheme<span class=\"_ _5\"></span> asset<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18ea y56b8 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18eb y56b8 w965 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">14<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5c39 ff7 fs7 fc1 sc0 ls0 ws0\">Sun Life of C<span class=\"_ _2\"></span>anad<span class=\"_ _2\"></span>a Sch<span class=\"_ _2\"></span>eme<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561e w964 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Net pension<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>cheme<span class=\"_ _5\"></span> asset<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18ec y561e w422 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1721 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w966 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Reimb<span class=\"_ _2\"></span>ursem<span class=\"_ _2\"></span>ent right<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x73c y55ef wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1567 y55ef w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Th<span class=\"_ _2\"></span>e Pear<span class=\"_ _2\"></span>l Sch<span class=\"_ _2\"></span>eme a<span class=\"_ _2\"></span>nd the P<span class=\"_ _2\"></span>GL Pen<span class=\"_ _2\"></span>sion S<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me ha<span class=\"_ _2\"></span>ve both e<span class=\"_ _2\"></span>xecu<span class=\"_ _2\"></span>ted bu<span class=\"_ _2\"></span>y-in t<span class=\"_ _2\"></span>rans<span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s with a Gr<span class=\"_ _2\"></span>oup lif<span class=\"_ _2\"></span>e comp<span class=\"_ _2\"></span>any an<span class=\"_ _2\"></span>d subs<span class=\"_ _2\"></span>equ<span class=\"_ _2\"></span>entl<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>ets s<span class=\"_ _2\"></span>uppo<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng the G<span class=\"_ _2\"></span>roup<span class=\"_ _2\"></span>\u2019s actu<span class=\"_ _2\"></span>aria<span class=\"_ _2\"></span>l liabi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s are re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d on a lin<span class=\"_ _2\"></span>e-b<span class=\"_ _2\"></span>y-lin<span class=\"_ _2\"></span>e bas<span class=\"_ _2\"></span>is with<span class=\"_ _2\"></span>in fina<span class=\"_ _2\"></span>ncia<span class=\"_ _2\"></span>l ass<span class=\"_ _2\"></span>ets i<span class=\"_ _2\"></span>n the s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent of c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>olida<span class=\"_ _2\"></span>ted fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial po<span class=\"_ _2\"></span>siti<span class=\"_ _2\"></span>on. Fur<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>er det<span class=\"_ _2\"></span>ails a<span class=\"_ _2\"></span>re incl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>d in note<span class=\"_ _2\"></span>s G1.1 a<span class=\"_ _2\"></span>nd G1<span class=\"_ _2\"></span>.2 b<span class=\"_ _2\"></span>elow.  <span class=\"_ _6d\"> </span>In th<span class=\"_ _2\"></span>e curre<span class=\"_ _2\"></span>nt an<span class=\"_ _2\"></span>d prior p<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>ods an a<span class=\"_ _2\"></span>dju<span class=\"_ _2\"></span>ste<span class=\"_ _2\"></span>d net pe<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>on sch<span class=\"_ _2\"></span>eme a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>t has b<span class=\"_ _2\"></span>een p<span class=\"_ _2\"></span>rese<span class=\"_ _2\"></span>nted i<span class=\"_ _2\"></span>n rela<span class=\"_ _2\"></span>tion to b<span class=\"_ _2\"></span>oth th<span class=\"_ _2\"></span>ese p<span class=\"_ _2\"></span>ensi<span class=\"_ _2\"></span>on sch<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>s. T<span class=\"_ _2\"></span>he val<span class=\"_ _2\"></span>ue of the a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts he<span class=\"_ _2\"></span>ld by PLL w<span class=\"_ _2\"></span>ithin fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cial a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of the P<span class=\"_ _2\"></span>GL Pen<span class=\"_ _2\"></span>sion S<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>eme b<span class=\"_ _2\"></span>uy-in<span class=\"_ _2\"></span>s is eq<span class=\"_ _2\"></span>ual to th<span class=\"_ _2\"></span>e as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s pos<span class=\"_ _2\"></span>ted to a ri<span class=\"_ _2\"></span>ng-fe<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>d col<span class=\"_ _2\"></span>later<span class=\"_ _2\"></span>al ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nt. For t<span class=\"_ _2\"></span>he Pea<span class=\"_ _2\"></span>rl Sc<span class=\"_ _2\"></span>heme t<span class=\"_ _2\"></span>he as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s hel<span class=\"_ _2\"></span>d by PLL su<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g the b<span class=\"_ _2\"></span>uy-i<span class=\"_ _2\"></span>ns are n<span class=\"_ _2\"></span>ot ring<span class=\"_ _2\"></span>-fen<span class=\"_ _2\"></span>ced and t<span class=\"_ _2\"></span>he val<span class=\"_ _2\"></span>ue ha<span class=\"_ _2\"></span>s bee<span class=\"_ _2\"></span>n dete<span class=\"_ _2\"></span>rmine<span class=\"_ _2\"></span>d as th<span class=\"_ _2\"></span>e valu<span class=\"_ _2\"></span>e of the in<span class=\"_ _2\"></span>sura<span class=\"_ _2\"></span>nce c<span class=\"_ _2\"></span>ontr<span class=\"_ _2\"></span>act l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity w<span class=\"_ _2\"></span>ithin t<span class=\"_ _2\"></span>he PLL fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s les<span class=\"_ _2\"></span>s the va<span class=\"_ _2\"></span>lue of t<span class=\"_ _2\"></span>he as<span class=\"_ _2\"></span>soc<span class=\"_ _2\"></span>iated r<span class=\"_ _2\"></span>eins<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>. <span class=\"_ _6d\"> </span>Move<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>ts in th<span class=\"_ _2\"></span>ese fin<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s are re<span class=\"_ _2\"></span>flec<span class=\"_ _2\"></span>ted in t<span class=\"_ _2\"></span>he co<span class=\"_ _2\"></span>nsol<span class=\"_ _2\"></span>idate<span class=\"_ _2\"></span>d inc<span class=\"_ _2\"></span>ome s<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>ment w<span class=\"_ _2\"></span>ithin n<span class=\"_ _2\"></span>et inve<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ent in<span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>e, how<span class=\"_ _2\"></span>ever as n<span class=\"_ _2\"></span>oted i<span class=\"_ _2\"></span>n the ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nting p<span class=\"_ _2\"></span>olic<span class=\"_ _2\"></span>y, the mo<span class=\"_ _2\"></span>veme<span class=\"_ _2\"></span>nt in the n<span class=\"_ _2\"></span>et pe<span class=\"_ _2\"></span>nsio<span class=\"_ _2\"></span>n sc<span class=\"_ _2\"></span>heme l<span class=\"_ _2\"></span>iabi<span class=\"_ _2\"></span>lit<span class=\"_ _2\"></span>y (as sho<span class=\"_ _2\"></span>wn in not<span class=\"_ _2\"></span>es G1<span class=\"_ _2\"></span>.1 and G1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>2) is pri<span class=\"_ _2\"></span>mari<span class=\"_ _2\"></span>ly refle<span class=\"_ _2\"></span>cte<span class=\"_ _2\"></span>d in oth<span class=\"_ _2\"></span>er co<span class=\"_ _2\"></span>mpre<span class=\"_ _2\"></span>hens<span class=\"_ _2\"></span>ive inc<span class=\"_ _2\"></span>ome<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span> Risks<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s typi<span class=\"_ _2\"></span>cally exp<span class=\"_ _2\"></span>ose the G<span class=\"_ _2\"></span>roup to a numbe<span class=\"_ _2\"></span>r of risks, t<span class=\"_ _2\"></span>he mos<span class=\"_ _2\"></span>t signific<span class=\"_ _2\"></span>ant of which are:<span class=\"_ _3bc\"> </span>As<span class=\"_ _2\"></span>set volatilit<span class=\"_ _2\"></span>y \u2013 the val<span class=\"_ _2\"></span>ue of the sch<span class=\"_ _2\"></span>emes\u2019 as<span class=\"_ _2\"></span>sets w<span class=\"_ _2\"></span>ill vary a<span class=\"_ _2\"></span>s market condit<span class=\"_ _2\"></span>ions cha<span class=\"_ _2\"></span>nge and a<span class=\"_ _2\"></span>s such is s<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to consi<span class=\"_ _2\"></span>derable vol<span class=\"_ _2\"></span>atilit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>. T<span class=\"_ _2\"></span>he liabilitie<span class=\"_ _2\"></span>s are calc<span class=\"_ _2\"></span>ulated usin<span class=\"_ _2\"></span>g a disco<span class=\"_ _2\"></span>unt rate set with refe<span class=\"_ _2\"></span>rence to c<span class=\"_ _2\"></span>orporate b<span class=\"_ _2\"></span>ond yiel<span class=\"_ _2\"></span>ds; if ass<span class=\"_ _2\"></span>ets und<span class=\"_ _2\"></span>erper<span class=\"_ _2\"></span>form this yie<span class=\"_ _2\"></span>ld, this will c<span class=\"_ _2\"></span>reate a deficit<span class=\"_ _2\"></span>. The ma<span class=\"_ _2\"></span>jorit<span class=\"_ _2\"></span>y of the as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>re held with<span class=\"_ _2\"></span>in a liabilit<span class=\"_ _2\"></span>y driven investm<span class=\"_ _2\"></span>ent str<span class=\"_ _2\"></span>ategy whi<span class=\"_ _2\"></span>ch is linked to the fun<span class=\"_ _2\"></span>ding basi<span class=\"_ _2\"></span>s of the sche<span class=\"_ _2\"></span>mes (set wit<span class=\"_ _2\"></span>h referen<span class=\"_ _2\"></span>ce to governm<span class=\"_ _2\"></span>ent bond y<span class=\"_ _2\"></span>ields). As such<span class=\"_ _2\"></span>, to the ex<span class=\"_ _2\"></span>tent that m<span class=\"_ _2\"></span>ovements in c<span class=\"_ _2\"></span>orpor<span class=\"_ _2\"></span>ate bond yie<span class=\"_ _2\"></span>lds are out of line w<span class=\"_ _2\"></span>ith movement<span class=\"_ _2\"></span>s in governm<span class=\"_ _2\"></span>ent bon<span class=\"_ _2\"></span>d yields<span class=\"_ _2\"></span>, volatilit<span class=\"_ _2\"></span>y will aris<span class=\"_ _2\"></span>e.<span class=\"_ _3bc\"> </span>Inflatio<span class=\"_ _2\"></span>n risk \u2013 a signifi<span class=\"_ _2\"></span>cant prop<span class=\"_ _2\"></span>orti<span class=\"_ _2\"></span>on of the sche<span class=\"_ _2\"></span>mes\u2019 be<span class=\"_ _2\"></span>nefit oblig<span class=\"_ _2\"></span>ations are linked to infl<span class=\"_ _2\"></span>ation, an<span class=\"_ _2\"></span>d higher infl<span class=\"_ _2\"></span>ation will lea<span class=\"_ _2\"></span>d to higher li<span class=\"_ _2\"></span>abilities (althou<span class=\"_ _2\"></span>gh in mos<span class=\"_ _2\"></span>t cas<span class=\"_ _2\"></span>es, c<span class=\"_ _2\"></span>aps on the l<span class=\"_ _2\"></span>evel of inflationa<span class=\"_ _2\"></span>ry in<span class=\"_ _2\"></span>crease<span class=\"_ _2\"></span>s are in plac<span class=\"_ _2\"></span>e to protect a<span class=\"_ _2\"></span>gains<span class=\"_ _2\"></span>t extre<span class=\"_ _2\"></span>me inflation). The m<span class=\"_ _2\"></span>ajori<span class=\"_ _2\"></span>ty of the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s are held w<span class=\"_ _2\"></span>ithin a liabilit<span class=\"_ _2\"></span>y driven inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y which allows fo<span class=\"_ _2\"></span>r movement<span class=\"_ _2\"></span>s in inflation<span class=\"_ _2\"></span>, meanin<span class=\"_ _2\"></span>g that cha<span class=\"_ _2\"></span>nges in infl<span class=\"_ _2\"></span>ation sho<span class=\"_ _2\"></span>uld not mater<span class=\"_ _2\"></span>ially affe<span class=\"_ _2\"></span>ct the s<span class=\"_ _2\"></span>urplus<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Life expe<span class=\"_ _2\"></span>ctan<span class=\"_ _2\"></span>cy \u2013 the ma<span class=\"_ _2\"></span>jorit<span class=\"_ _2\"></span>y of the sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s\u2019 obligation<span class=\"_ _2\"></span>s are to provide be<span class=\"_ _2\"></span>nefits for t<span class=\"_ _2\"></span>he life of the memb<span class=\"_ _2\"></span>er therefore in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>es in life expe<span class=\"_ _2\"></span>cta<span class=\"_ _2\"></span>ncy will res<span class=\"_ _2\"></span>ult in an incre<span class=\"_ _2\"></span>ase in the lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>. For the Pearl an<span class=\"_ _2\"></span>d PGL sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s, this is l<span class=\"_ _2\"></span>argely of<span class=\"_ _2\"></span>fset by t<span class=\"_ _2\"></span>he buy-in p<span class=\"_ _2\"></span>olicies th<span class=\"_ _2\"></span>at move in line with the li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e buy-in p<span class=\"_ _2\"></span>olicies are e<span class=\"_ _2\"></span>liminated on c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dation (see n<span class=\"_ _2\"></span>otes G1<span class=\"_ _2\"></span>.<span class=\"_ _5\"></span>1 and G1<span class=\"_ _2\"></span>.2 fo<span class=\"_ _2\"></span>r furth<span class=\"_ _2\"></span>er deta<span class=\"_ _2\"></span>ils)<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span>A High C<span class=\"_ _2\"></span>our<span class=\"_ _2\"></span>t lega<span class=\"_ _2\"></span>l ruling in Jun<span class=\"_ _2\"></span>e 2023 (<span class=\"_ _2\"></span>Virgin Medi<span class=\"_ _2\"></span>a Limited v NTL Pen<span class=\"_ _2\"></span>sion T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>tees I<span class=\"_ _2\"></span>I Limited) de<span class=\"_ _2\"></span>cided t<span class=\"_ _2\"></span>hat cer<span class=\"_ _2\"></span>tain r<span class=\"_ _2\"></span>ule amen<span class=\"_ _2\"></span>dments we<span class=\"_ _2\"></span>re invalid if they we<span class=\"_ _2\"></span>re not acc<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>d by the corre<span class=\"_ _2\"></span>ct ac<span class=\"_ _2\"></span>tuari<span class=\"_ _2\"></span>al confirmat<span class=\"_ _2\"></span>ion. While t<span class=\"_ _2\"></span>he ruling onl<span class=\"_ _2\"></span>y applie<span class=\"_ _2\"></span>d to the spe<span class=\"_ _2\"></span>cific pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>eme in ques<span class=\"_ _2\"></span>tion, if i<span class=\"_ _2\"></span>t stan<span class=\"_ _2\"></span>ds it will form par<span class=\"_ _2\"></span>t of cas<span class=\"_ _2\"></span>e law and c<span class=\"_ _2\"></span>an therefore b<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>cted to app<span class=\"_ _2\"></span>ly acros<span class=\"_ _2\"></span>s other p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s. The r<span class=\"_ _2\"></span>uling is sub<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>t to appe<span class=\"_ _2\"></span>al and it m<span class=\"_ _2\"></span>ay take some time fo<span class=\"_ _2\"></span>r the outco<span class=\"_ _2\"></span>me of the app<span class=\"_ _2\"></span>eal to be kn<span class=\"_ _2\"></span>own. The G<span class=\"_ _2\"></span>roup has n<span class=\"_ _2\"></span>ot asse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d the ex<span class=\"_ _2\"></span>tent of any lik<span class=\"_ _5\"></span>ely imp<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s from this rulin<span class=\"_ _2\"></span>g and con<span class=\"_ _2\"></span>siders t<span class=\"_ _2\"></span>hat there is s<span class=\"_ _2\"></span>uffic<span class=\"_ _2\"></span>ient unce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>inty n<span class=\"_ _2\"></span>ot to warrant rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n of any potential obli<span class=\"_ _2\"></span>gation in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of this in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d statem<span class=\"_ _2\"></span>ent of financ<span class=\"_ _2\"></span>ial positi<span class=\"_ _2\"></span>on at 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023<span class=\"_ _2\"></span>. Any subse<span class=\"_ _2\"></span>quent develo<span class=\"_ _2\"></span>pment<span class=\"_ _2\"></span>s following this r<span class=\"_ _2\"></span>uling will be mo<span class=\"_ _2\"></span>nitored by the Gro<span class=\"_ _2\"></span>up.<span class=\"_ _3bc\"> </span>Informati<span class=\"_ _2\"></span>on on eac<span class=\"_ _2\"></span>h of the Group\u2019s pensio<span class=\"_ _2\"></span>n schem<span class=\"_ _2\"></span>es is set o<span class=\"_ _2\"></span>ut below.<span class=\"_ _3bc\"> </span>G1<span class=\"_ _2\"></span>.<span class=\"_ _5\"></span>1 Pearl G<span class=\"_ _2\"></span>roup S<span class=\"_ _2\"></span>taf<span class=\"_ _2\"></span>f Pensio<span class=\"_ _2\"></span>n Sc<span class=\"_ _2\"></span>heme<span class=\"_ _3bc\"> </span>Scheme details<span class=\"_ _3bc\"> </span>The Pear<span class=\"_ _2\"></span>l Sche<span class=\"_ _2\"></span>me comp<span class=\"_ _2\"></span>rises a fin<span class=\"_ _2\"></span>al salar<span class=\"_ _2\"></span>y se<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>, a money p<span class=\"_ _2\"></span>urchas<span class=\"_ _2\"></span>e sec<span class=\"_ _2\"></span>tion and a hybri<span class=\"_ _2\"></span>d sec<span class=\"_ _2\"></span>tion (a mix of final sa<span class=\"_ _2\"></span>lar<span class=\"_ _2\"></span>y and mon<span class=\"_ _2\"></span>ey purcha<span class=\"_ _2\"></span>se). The Pearl S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e is close<span class=\"_ _2\"></span>d to new mem<span class=\"_ _2\"></span>bers a<span class=\"_ _2\"></span>nd has no a<span class=\"_ _2\"></span>ctive me<span class=\"_ _2\"></span>mber<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Defined be<span class=\"_ _5\"></span>nefit sch<span class=\"_ _5\"></span>eme<span class=\"_ _3bc\"> </span>The Pear<span class=\"_ _2\"></span>l Sche<span class=\"_ _2\"></span>me is es<span class=\"_ _2\"></span>tablish<span class=\"_ _2\"></span>ed unde<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>, an<span class=\"_ _2\"></span>d governe<span class=\"_ _2\"></span>d by<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e trus<span class=\"_ _2\"></span>t deed<span class=\"_ _2\"></span>s and rule<span class=\"_ _2\"></span>s and has b<span class=\"_ _2\"></span>een fun<span class=\"_ _2\"></span>ded by paym<span class=\"_ _2\"></span>ent of contrib<span class=\"_ _2\"></span>utions to a sep<span class=\"_ _2\"></span>arately a<span class=\"_ _2\"></span>dministere<span class=\"_ _2\"></span>d trus<span class=\"_ _2\"></span>t fund. A G<span class=\"_ _2\"></span>roup comp<span class=\"_ _2\"></span>any<span class=\"_ _7\"></span>, Pea<span class=\"_ _2\"></span>rl Life Holding<span class=\"_ _2\"></span>s Limited (\u2018<span class=\"_ _2\"></span>PeLH<span class=\"_ _2\"></span>L<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>), is from 1 Oc<span class=\"_ _2\"></span>tober 20<span class=\"_ _2\"></span>23 the princ<span class=\"_ _2\"></span>ipal empl<span class=\"_ _2\"></span>oyer of the Pearl S<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me (previo<span class=\"_ _2\"></span>usly Pearl Gro<span class=\"_ _2\"></span>up Holdin<span class=\"_ _2\"></span>gs No.<span class=\"_ _2\"></span>2 Limited (<span class=\"_ _2\"></span>\u2018P<span class=\"_ _2\"></span>GH2<span class=\"_ _2\"></span>\u2019)). PeLHL a<span class=\"_ _2\"></span>ssum<span class=\"_ _2\"></span>ed the S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e covenant tog<span class=\"_ _2\"></span>ether wi<span class=\"_ _2\"></span>th all obligat<span class=\"_ _2\"></span>ions of the S<span class=\"_ _2\"></span>cheme foll<span class=\"_ _2\"></span>owing the tra<span class=\"_ _2\"></span>nsfer.<span class=\"_ _3bc\"> </span>The pr<span class=\"_ _2\"></span>incipal em<span class=\"_ _2\"></span>ployer me<span class=\"_ _2\"></span>ets the a<span class=\"_ _2\"></span>dministr<span class=\"_ _2\"></span>ation expe<span class=\"_ _2\"></span>nses of the Pe<span class=\"_ _2\"></span>arl Sch<span class=\"_ _2\"></span>eme. Th<span class=\"_ _2\"></span>e Pearl Sc<span class=\"_ _2\"></span>heme is a<span class=\"_ _2\"></span>dministere<span class=\"_ _2\"></span>d by a sepa<span class=\"_ _2\"></span>rate trus<span class=\"_ _2\"></span>tee comp<span class=\"_ _2\"></span>any<span class=\"_ _7\"></span>, P<span class=\"_ _7\"></span>.<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>.<span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>. (<span class=\"_ _2\"></span>Pensions) Limite<span class=\"_ _2\"></span>d, which is s<span class=\"_ _2\"></span>eparate f<span class=\"_ _2\"></span>rom PeLHL. T<span class=\"_ _2\"></span>he trus<span class=\"_ _2\"></span>tee com<span class=\"_ _2\"></span>pany is compr<span class=\"_ _2\"></span>ised of thre<span class=\"_ _2\"></span>e repres<span class=\"_ _2\"></span>entatives f<span class=\"_ _2\"></span>rom the Group, three m<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r nominate<span class=\"_ _2\"></span>d repres<span class=\"_ _2\"></span>entatives a<span class=\"_ _2\"></span>nd one ind<span class=\"_ _2\"></span>epen<span class=\"_ _2\"></span>dent trus<span class=\"_ _2\"></span>tee in ac<span class=\"_ _2\"></span>cordanc<span class=\"_ _2\"></span>e with the tr<span class=\"_ _2\"></span>ustee c<span class=\"_ _2\"></span>ompany\u2019s ar<span class=\"_ _2\"></span>ticles of as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ation. Th<span class=\"_ _2\"></span>e trus<span class=\"_ _2\"></span>tee is re<span class=\"_ _2\"></span>quired by law to ac<span class=\"_ _2\"></span>t in the interes<span class=\"_ _2\"></span>t of all relevant b<span class=\"_ _2\"></span>eneficia<span class=\"_ _2\"></span>ries and is re<span class=\"_ _2\"></span>spons<span class=\"_ _2\"></span>ible for the inves<span class=\"_ _2\"></span>tment po<span class=\"_ _2\"></span>licy with re<span class=\"_ _2\"></span>gard to the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The val<span class=\"_ _2\"></span>uation has b<span class=\"_ _2\"></span>een b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n an ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent of the liabiliti<span class=\"_ _2\"></span>es of the Pearl S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e as at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>, under<span class=\"_ _2\"></span>taken by ind<span class=\"_ _2\"></span>epend<span class=\"_ _2\"></span>ent qualifie<span class=\"_ _2\"></span>d act<span class=\"_ _2\"></span>uaries<span class=\"_ _2\"></span>. The pre<span class=\"_ _2\"></span>sent value<span class=\"_ _2\"></span>s of the define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t obligatio<span class=\"_ _2\"></span>n and the rel<span class=\"_ _2\"></span>ated interes<span class=\"_ _2\"></span>t cos<span class=\"_ _2\"></span>ts have be<span class=\"_ _2\"></span>en mea<span class=\"_ _2\"></span>sured usin<span class=\"_ _2\"></span>g the proj<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d unit cre<span class=\"_ _2\"></span>dit metho<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span>A trienn<span class=\"_ _2\"></span>ial fundin<span class=\"_ _2\"></span>g valuation of the Pe<span class=\"_ _2\"></span>arl Sch<span class=\"_ _2\"></span>eme as at 3<span class=\"_ _2\"></span>0 June 20<span class=\"_ _2\"></span>21 was com<span class=\"_ _2\"></span>pleted in 20<span class=\"_ _2\"></span>22 by a qualifie<span class=\"_ _2\"></span>d act<span class=\"_ _2\"></span>uary. This sh<span class=\"_ _2\"></span>owed a surp<span class=\"_ _2\"></span>lus as at 30 J<span class=\"_ _2\"></span>une 2021 of \u00a36<span class=\"_ _2\"></span>7 million, on th<span class=\"_ _2\"></span>e agree<span class=\"_ _2\"></span>d techn<span class=\"_ _2\"></span>ical provis<span class=\"_ _2\"></span>ions basi<span class=\"_ _2\"></span>s. The f<span class=\"_ _2\"></span>unding an<span class=\"_ _2\"></span>d IFRS ac<span class=\"_ _2\"></span>countin<span class=\"_ _2\"></span>g bases of va<span class=\"_ _2\"></span>luation c<span class=\"_ _2\"></span>an give rise to diffe<span class=\"_ _2\"></span>rent result<span class=\"_ _2\"></span>s for a numbe<span class=\"_ _2\"></span>r of reason<span class=\"_ _2\"></span>s. The f<span class=\"_ _2\"></span>unding ba<span class=\"_ _2\"></span>sis of valuatio<span class=\"_ _2\"></span>n is base<span class=\"_ _2\"></span>d on gen<span class=\"_ _2\"></span>eral prin<span class=\"_ _2\"></span>ciples of pr<span class=\"_ _2\"></span>udenc<span class=\"_ _2\"></span>e wherea<span class=\"_ _2\"></span>s the acc<span class=\"_ _2\"></span>ounting valuati<span class=\"_ _2\"></span>on is base<span class=\"_ _2\"></span>d on be<span class=\"_ _2\"></span>st es<span class=\"_ _2\"></span>timates<span class=\"_ _2\"></span>. Disco<span class=\"_ _2\"></span>unt rates are gil<span class=\"_ _2\"></span>t-base<span class=\"_ _2\"></span>d for the fundin<span class=\"_ _2\"></span>g valuation wh<span class=\"_ _2\"></span>ereas th<span class=\"_ _2\"></span>e rate use<span class=\"_ _2\"></span>d for IFRS val<span class=\"_ _2\"></span>uation purp<span class=\"_ _2\"></span>oses is bas<span class=\"_ _2\"></span>ed on a yiel<span class=\"_ _2\"></span>d cur<span class=\"_ _2\"></span>ve for high qualit<span class=\"_ _2\"></span>y A<span class=\"_ _2\"></span>A-rated cor<span class=\"_ _2\"></span>porate bo<span class=\"_ _2\"></span>nds. I<span class=\"_ _2\"></span>n addition th<span class=\"_ _2\"></span>e values are p<span class=\"_ _2\"></span>repare<span class=\"_ _2\"></span>d at different d<span class=\"_ _2\"></span>ates which will re<span class=\"_ _2\"></span>sult in diffe<span class=\"_ _2\"></span>rence<span class=\"_ _2\"></span>s arising from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in market con<span class=\"_ _2\"></span>ditions an<span class=\"_ _2\"></span>d employer co<span class=\"_ _2\"></span>ntribution<span class=\"_ _2\"></span>s made in th<span class=\"_ _2\"></span>e subse<span class=\"_ _2\"></span>quent per<span class=\"_ _2\"></span>iod.<span class=\"_ _3bc\"> </span>Pension Scheme Commitment Agreement and<span class=\"_ _5\"></span> buy-in transactions<span class=\"_ _3bc\"> </span>On 17 Nove<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>0, the Pearl S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e entered into a C<span class=\"_ _2\"></span>ommitm<span class=\"_ _2\"></span>ent Agree<span class=\"_ _2\"></span>ment with P<span class=\"_ _2\"></span>GH2 to com<span class=\"_ _2\"></span>plete a serie<span class=\"_ _2\"></span>s of buy-ins<span class=\"_ _2\"></span>. At the sam<span class=\"_ _2\"></span>e time, the Pearl S<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me compl<span class=\"_ _2\"></span>eted the fir<span class=\"_ _2\"></span>st buy<span class=\"_ _2\"></span>-in with Phoe<span class=\"_ _2\"></span>nix Life Limited (<span class=\"_ _2\"></span>\u2018PLL<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>) covering 2<span class=\"_ _2\"></span>5% of the Sch<span class=\"_ _2\"></span>eme\u2019s pensio<span class=\"_ _2\"></span>ner and defe<span class=\"_ _2\"></span>rred me<span class=\"_ _2\"></span>mber liabilitie<span class=\"_ _2\"></span>s, tr<span class=\"_ _2\"></span>ansferrin<span class=\"_ _2\"></span>g the as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>ted risks<span class=\"_ _2\"></span>, includin<span class=\"_ _2\"></span>g long<span class=\"_ _2\"></span>evity im<span class=\"_ _2\"></span>provement ris<span class=\"_ _2\"></span>k, to PLL ef<span class=\"_ _2\"></span>fective fro<span class=\"_ _2\"></span>m 30 Se<span class=\"_ _2\"></span>ptember 2<span class=\"_ _2\"></span>020.<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>wo fur<span class=\"_ _2\"></span>ther b<span class=\"_ _2\"></span>uy-in tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tions were co<span class=\"_ _2\"></span>mpleted in J<span class=\"_ _2\"></span>uly 2021 an<span class=\"_ _2\"></span>d Octob<span class=\"_ _2\"></span>er 2021 c<span class=\"_ _2\"></span>overing 3<span class=\"_ _2\"></span>5% and 15% res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tively of the S<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>s p<span class=\"_ _2\"></span>ension<span class=\"_ _2\"></span>er and defe<span class=\"_ _2\"></span>rred mem<span class=\"_ _2\"></span>ber liabili<span class=\"_ _2\"></span>ties and th<span class=\"_ _2\"></span>e final buy<span class=\"_ _2\"></span>-in trans<span class=\"_ _2\"></span>action w<span class=\"_ _2\"></span>as compl<span class=\"_ _2\"></span>eted in Novemb<span class=\"_ _2\"></span>er 2022<span class=\"_ _2\"></span>. Risks<span class=\"_ _2\"></span>, including l<span class=\"_ _2\"></span>ongevi<span class=\"_ _2\"></span>ty imp<span class=\"_ _2\"></span>rovement risk<span class=\"_ _2\"></span>, were tra<span class=\"_ _2\"></span>nsferre<span class=\"_ _2\"></span>d to PLL effec<span class=\"_ _2\"></span>tive from 28 M<span class=\"_ _2\"></span>ay 2021 and 3<span class=\"_ _2\"></span>1 Augus<span class=\"_ _2\"></span>t 2021 and 3<span class=\"_ _2\"></span>0 Se<span class=\"_ _2\"></span>ptember 2<span class=\"_ _2\"></span>022 resp<span class=\"_ _2\"></span>ective<span class=\"_ _2\"></span>ly<span class=\"_ _3bc\"> </span><span class=\"_ _5\"></span>. Upon c<span class=\"_ _2\"></span>ompleti<span class=\"_ _2\"></span>on of each bu<span class=\"_ _2\"></span>y-in trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on the Sc<span class=\"_ _2\"></span>heme tr<span class=\"_ _2\"></span>ansferre<span class=\"_ _2\"></span>d the followin<span class=\"_ _2\"></span>g plan as<span class=\"_ _2\"></span>sets to PLL<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>I<span class=\"_ _2\"></span>n Novembe<span class=\"_ _2\"></span>r 2020, \u00a3731 m<span class=\"_ _2\"></span>illion of plan as<span class=\"_ _2\"></span>sets we<span class=\"_ _2\"></span>re transfe<span class=\"_ _2\"></span>rred to PLL in sat<span class=\"_ _2\"></span>isfac<span class=\"_ _2\"></span>tion of the prem<span class=\"_ _2\"></span>ium of \u00a3735 million a<span class=\"_ _2\"></span>nd was net of a \u00a34 million payme<span class=\"_ _2\"></span>nt by PLL to the Sc<span class=\"_ _2\"></span>heme in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of membe<span class=\"_ _2\"></span>rs\u2019 bene<span class=\"_ _2\"></span>fits for Oc<span class=\"_ _2\"></span>tober an<span class=\"_ _2\"></span>d Novembe<span class=\"_ _2\"></span>r 2020.<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>I<span class=\"_ _2\"></span>n July 2021<span class=\"_ _2\"></span>, \u00a31<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>49 million of pla<span class=\"_ _2\"></span>n asse<span class=\"_ _2\"></span>ts were tra<span class=\"_ _2\"></span>nsferre<span class=\"_ _2\"></span>d to PLL in satisf<span class=\"_ _2\"></span>action of th<span class=\"_ _2\"></span>e premium an<span class=\"_ _2\"></span>d a furt<span class=\"_ _2\"></span>her \u00a312 m<span class=\"_ _2\"></span>illion cash p<span class=\"_ _2\"></span>ayment was paid by th<span class=\"_ _2\"></span>e Sche<span class=\"_ _2\"></span>me in Augu<span class=\"_ _2\"></span>st 2021<span class=\"_ _2\"></span>. PLL paid \u00a3<span class=\"_ _2\"></span>5 million to the S<span class=\"_ _2\"></span>cheme in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of memb<span class=\"_ _2\"></span>ers\u2019 ben<span class=\"_ _2\"></span>efits for J<span class=\"_ _2\"></span>une and Jul<span class=\"_ _2\"></span>y 2021; a<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>I<span class=\"_ _2\"></span>n Octob<span class=\"_ _2\"></span>er 2021<span class=\"_ _2\"></span>, \u00a3<span class=\"_ _5\"></span>43<span class=\"_ _2\"></span>3 million of plan a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s were tran<span class=\"_ _2\"></span>sferred to PLL in s<span class=\"_ _2\"></span>atisfa<span class=\"_ _2\"></span>ction of the p<span class=\"_ _2\"></span>remium of \u00a3<span class=\"_ _5\"></span>43<span class=\"_ _2\"></span>5 million an<span class=\"_ _2\"></span>d was net of a \u00a32 m<span class=\"_ _2\"></span>illion payme<span class=\"_ _2\"></span>nt by PLL to the Sc<span class=\"_ _2\"></span>heme in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of membe<span class=\"_ _2\"></span>rs\u2019 bene<span class=\"_ _2\"></span>fits for Se<span class=\"_ _2\"></span>ptembe<span class=\"_ _2\"></span>r and Oc<span class=\"_ _2\"></span>tober 202<span class=\"_ _2\"></span>1. A fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r \u00a31 million c<span class=\"_ _2\"></span>ash payme<span class=\"_ _2\"></span>nt in respe<span class=\"_ _2\"></span>ct of the prem<span class=\"_ _2\"></span>ium was paid by th<span class=\"_ _2\"></span>e Sche<span class=\"_ _2\"></span>me in De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2021<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>I<span class=\"_ _2\"></span>n Novembe<span class=\"_ _2\"></span>r 2022, \u00a35<span class=\"_ _2\"></span>56 million of pla<span class=\"_ _2\"></span>n asset<span class=\"_ _2\"></span>s were tran<span class=\"_ _2\"></span>sferre<span class=\"_ _2\"></span>d to PLL in satisf<span class=\"_ _2\"></span>action of th<span class=\"_ _2\"></span>e premium of \u00a356<span class=\"_ _2\"></span>0 million an<span class=\"_ _2\"></span>d was net of a \u00a34 million payment by PLL to th<span class=\"_ _2\"></span>e Sche<span class=\"_ _2\"></span>me in resp<span class=\"_ _2\"></span>ect of me<span class=\"_ _2\"></span>mber<span class=\"_ _2\"></span>s\u2019 benefit<span class=\"_ _2\"></span>s for Octo<span class=\"_ _2\"></span>ber and N<span class=\"_ _2\"></span>ovember 2<span class=\"_ _2\"></span>022.<span class=\"_ _3bc\"> </span>The as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s trans<span class=\"_ _2\"></span>ferred to PLL are re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the re<span class=\"_ _2\"></span>levant line with<span class=\"_ _2\"></span>in financia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts in the co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted st<span class=\"_ _2\"></span>atement of finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition. T<span class=\"_ _2\"></span>he ec<span class=\"_ _2\"></span>onomic ef<span class=\"_ _2\"></span>fect of th<span class=\"_ _2\"></span>e buy-in tr<span class=\"_ _2\"></span>ansac<span class=\"_ _2\"></span>tions in th<span class=\"_ _2\"></span>e Sche<span class=\"_ _2\"></span>me is to repla<span class=\"_ _2\"></span>ce the pla<span class=\"_ _2\"></span>n asse<span class=\"_ _2\"></span>ts tran<span class=\"_ _2\"></span>sferred w<span class=\"_ _2\"></span>ith a single lin<span class=\"_ _2\"></span>e insuran<span class=\"_ _2\"></span>ce polic<span class=\"_ _2\"></span>y reimbur<span class=\"_ _2\"></span>sem<span class=\"_ _2\"></span>ent right as<span class=\"_ _2\"></span>set which i<span class=\"_ _2\"></span>s subse<span class=\"_ _2\"></span>quently elim<span class=\"_ _2\"></span>inated on c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ation. Th<span class=\"_ _2\"></span>e value of this ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e policy at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23 was \u00a31<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>07 million (2022: \u00a3<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>501 million) wh<span class=\"_ _2\"></span>ich includ<span class=\"_ _2\"></span>es an amo<span class=\"_ _2\"></span>unt owed by PLL of \u00a3nil million (202<span class=\"_ _2\"></span>2: \u00a32 million).<span class=\"_ _3bc\"> </span>The C<span class=\"_ _2\"></span>ommitme<span class=\"_ _2\"></span>nt agree<span class=\"_ _2\"></span>ment co<span class=\"_ _2\"></span>ntaine<span class=\"_ _2\"></span>d provisions un<span class=\"_ _2\"></span>der which p<span class=\"_ _2\"></span>ayments by P<span class=\"_ _2\"></span>GH2 to the S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e were require<span class=\"_ _2\"></span>d in the event th<span class=\"_ _2\"></span>at the Group did not me<span class=\"_ _2\"></span>et the minim<span class=\"_ _2\"></span>um buy-in c<span class=\"_ _2\"></span>ompletio<span class=\"_ _2\"></span>n sche<span class=\"_ _2\"></span>dule. Following c<span class=\"_ _2\"></span>ompleti<span class=\"_ _2\"></span>on of the las<span class=\"_ _2\"></span>t buy-in tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion in 2022 t<span class=\"_ _2\"></span>he Group no l<span class=\"_ _2\"></span>onger h<span class=\"_ _2\"></span>as an oblig<span class=\"_ _2\"></span>ation to pay gilt<span class=\"_ _2\"></span>s deficit re<span class=\"_ _2\"></span>cover<span class=\"_ _2\"></span>y contribu<span class=\"_ _2\"></span>tions.<span class=\"_ _3bc\"> </span>The n<span class=\"_ _2\"></span>ew agree<span class=\"_ _2\"></span>ment als<span class=\"_ _2\"></span>o introduce<span class=\"_ _2\"></span>d a new form of se<span class=\"_ _2\"></span>curit<span class=\"_ _2\"></span>y provide<span class=\"_ _2\"></span>d by PGH2 to th<span class=\"_ _2\"></span>e truste<span class=\"_ _2\"></span>e. The s<span class=\"_ _2\"></span>hare charg<span class=\"_ _2\"></span>es over ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in Group entitie<span class=\"_ _2\"></span>s were repla<span class=\"_ _2\"></span>ced by a ne<span class=\"_ _2\"></span>w suret<span class=\"_ _2\"></span>y bond arr<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>ment, w<span class=\"_ _2\"></span>hereby t<span class=\"_ _2\"></span>wo exte<span class=\"_ _2\"></span>rnal third-p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y ins<span class=\"_ _2\"></span>urers<span class=\"_ _2\"></span>, each p<span class=\"_ _2\"></span>rovided \u00a3<span class=\"_ _2\"></span>100 m<span class=\"_ _2\"></span>illion of cover payabl<span class=\"_ _2\"></span>e to the Sc<span class=\"_ _2\"></span>heme follow<span class=\"_ _2\"></span>ing cer<span class=\"_ _2\"></span>tain trig<span class=\"_ _2\"></span>ger eve<span class=\"_ _2\"></span>nts. T<span class=\"_ _2\"></span>his cover provide<span class=\"_ _2\"></span>d by the suret<span class=\"_ _2\"></span>y bon<span class=\"_ _2\"></span>d guar<span class=\"_ _2\"></span>antee was f<span class=\"_ _2\"></span>ully releas<span class=\"_ _2\"></span>ed upo<span class=\"_ _2\"></span>n completi<span class=\"_ _2\"></span>on of the final buy<span class=\"_ _2\"></span>-in transa<span class=\"_ _2\"></span>ction in N<span class=\"_ _2\"></span>ovember 2<span class=\"_ _2\"></span>022.<span class=\"_ _3bc\"> </span>No co<span class=\"_ _2\"></span>ntribution<span class=\"_ _2\"></span>s were paid to the Pea<span class=\"_ _2\"></span>rl Sch<span class=\"_ _2\"></span>eme in eith<span class=\"_ _2\"></span>er the curre<span class=\"_ _2\"></span>nt or prior pe<span class=\"_ _2\"></span>riod. PeLH<span class=\"_ _2\"></span>L mee<span class=\"_ _2\"></span>ts the adm<span class=\"_ _2\"></span>inistra<span class=\"_ _2\"></span>tive and non-inves<span class=\"_ _2\"></span>tment runnin<span class=\"_ _2\"></span>g expen<span class=\"_ _2\"></span>ses of the S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e as set out in t<span class=\"_ _2\"></span>he sche<span class=\"_ _2\"></span>dule of contrib<span class=\"_ _2\"></span>utions (P<span class=\"_ _2\"></span>GH2 prio<span class=\"_ _2\"></span>r to 1 Octob<span class=\"_ _2\"></span>er 2023).<span class=\"_ _3bc\"> </span>Durin<span class=\"_ _2\"></span>g 2022, th<span class=\"_ _2\"></span>e Compa<span class=\"_ _2\"></span>ny reache<span class=\"_ _2\"></span>d an agre<span class=\"_ _2\"></span>ement for th<span class=\"_ _2\"></span>e removal of a tru<span class=\"_ _2\"></span>stee dis<span class=\"_ _2\"></span>cretion to pay s<span class=\"_ _2\"></span>ome pen<span class=\"_ _2\"></span>sion incre<span class=\"_ _2\"></span>ases in exc<span class=\"_ _2\"></span>ess of th<span class=\"_ _2\"></span>e 5% cap. The tr<span class=\"_ _2\"></span>ustee a<span class=\"_ _2\"></span>gree<span class=\"_ _2\"></span>d to give up this disc<span class=\"_ _2\"></span>retion in exchan<span class=\"_ _2\"></span>ge for a sing<span class=\"_ _2\"></span>le 1.<span class=\"_ _2\"></span>6% uplif<span class=\"_ _2\"></span>t for current p<span class=\"_ _2\"></span>ension<span class=\"_ _2\"></span>s in payment ef<span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>tive from 1 April 202<span class=\"_ _2\"></span>2 and a 1.<span class=\"_ _2\"></span>3% inc<span class=\"_ _2\"></span>rease to eli<span class=\"_ _2\"></span>gible be<span class=\"_ _2\"></span>nefits of both p<span class=\"_ _2\"></span>ension a<span class=\"_ _2\"></span>nd deferre<span class=\"_ _2\"></span>d membe<span class=\"_ _2\"></span>rs ef<span class=\"_ _2\"></span>fective from 1 A<span class=\"_ _2\"></span>pril 2023<span class=\"_ _2\"></span>. In the cur<span class=\"_ _2\"></span>rent perio<span class=\"_ _2\"></span>d, the fina<span class=\"_ _2\"></span>ncial imp<span class=\"_ _2\"></span>act of the 1<span class=\"_ _2\"></span>.3% uplif<span class=\"_ _2\"></span>t ha<span class=\"_ _2\"></span>s been to re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ise an incre<span class=\"_ _2\"></span>ase in the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit obli<span class=\"_ _2\"></span>gation of \u00a31<span class=\"_ _2\"></span>2 million and a pa<span class=\"_ _2\"></span>st ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>e cost in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidated inco<span class=\"_ _2\"></span>me sta<span class=\"_ _2\"></span>tement (at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2022<span class=\"_ _2\"></span>, the finan<span class=\"_ _2\"></span>cial impa<span class=\"_ _2\"></span>ct of the 1<span class=\"_ _2\"></span>.6% uplif<span class=\"_ _2\"></span>t was \u00a3<span class=\"_ _2\"></span>15 million).<span class=\"_ _3bc\"> </span>Reimbu<span class=\"_ _5\"></span>rsement<span class=\"_ _5\"></span> righ<span class=\"_ _5\"></span>t asset<span class=\"_ _5\"></span> in r<span class=\"_ _5\"></span>espect of<span class=\"_ _7\"></span> Reinsurance<span class=\"_ _5\"></span> arrangemen<span class=\"_ _5\"></span>t<span class=\"_ _3bc\"> </span>In Ma<span class=\"_ _2\"></span>rch 2022, PLL e<span class=\"_ _2\"></span>ntered into a quot<span class=\"_ _2\"></span>a share rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e arrang<span class=\"_ _2\"></span>ement wi<span class=\"_ _2\"></span>th an exte<span class=\"_ _2\"></span>rnal insure<span class=\"_ _2\"></span>r to reinsure a fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r 27% of the risks tr<span class=\"_ _2\"></span>ansferre<span class=\"_ _2\"></span>d to PLL as par<span class=\"_ _2\"></span>t of the third b<span class=\"_ _2\"></span>uy-in tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion with the Pea<span class=\"_ _2\"></span>rl Sch<span class=\"_ _2\"></span>eme. A tota<span class=\"_ _2\"></span>l of approximatel<span class=\"_ _2\"></span>y 91% of thes<span class=\"_ _2\"></span>e liabilities h<span class=\"_ _2\"></span>ave now bee<span class=\"_ _2\"></span>n reinsure<span class=\"_ _2\"></span>d. A premium of \u00a3<span class=\"_ _2\"></span>104 m<span class=\"_ _2\"></span>illion was paid by P<span class=\"_ _2\"></span>LL to the reinsure<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>. As PLL ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ts to use th<span class=\"_ _2\"></span>e claims re<span class=\"_ _2\"></span>ceived to p<span class=\"_ _2\"></span>ay for its oblig<span class=\"_ _2\"></span>ations und<span class=\"_ _2\"></span>er the ins<span class=\"_ _2\"></span>urance contr<span class=\"_ _2\"></span>act be<span class=\"_ _2\"></span>twe<span class=\"_ _2\"></span>en it and the Pe<span class=\"_ _2\"></span>arl Sch<span class=\"_ _2\"></span>eme (i.e. to s<span class=\"_ _2\"></span>ettl<span class=\"_ _2\"></span>e the define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t obligatio<span class=\"_ _2\"></span>n) the reinsur<span class=\"_ _2\"></span>ance arr<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>ment is con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d to be a non-<span class=\"_ _2\"></span>qualif<span class=\"_ _2\"></span>ying ins<span class=\"_ _2\"></span>urance p<span class=\"_ _2\"></span>olicy an<span class=\"_ _2\"></span>d is clas<span class=\"_ _2\"></span>sified as a re<span class=\"_ _2\"></span>imburs<span class=\"_ _2\"></span>ement rig<span class=\"_ _2\"></span>ht. The rein<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt is expec<span class=\"_ _2\"></span>ted to matc<span class=\"_ _2\"></span>h a propor<span class=\"_ _2\"></span>tion of the defin<span class=\"_ _2\"></span>ed ben<span class=\"_ _2\"></span>efit oblig<span class=\"_ _2\"></span>ation of the Pearl S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e therefore th<span class=\"_ _2\"></span>e valuation of the re<span class=\"_ _2\"></span>imburs<span class=\"_ _2\"></span>ement rig<span class=\"_ _2\"></span>ht is consis<span class=\"_ _2\"></span>tent with th<span class=\"_ _2\"></span>e valuation of the as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d define<span class=\"_ _2\"></span>d benefit o<span class=\"_ _2\"></span>bligation<span class=\"_ _2\"></span>. The valu<span class=\"_ _2\"></span>e of the reimbur<span class=\"_ _2\"></span>seme<span class=\"_ _2\"></span>nt right ass<span class=\"_ _2\"></span>et amo<span class=\"_ _2\"></span>unted to \u00a3202 millio<span class=\"_ _2\"></span>n (31 Dec<span class=\"_ _2\"></span>ember 2<span class=\"_ _2\"></span>022: \u00a32<span class=\"_ _2\"></span>05 million).<span class=\"_ _3bc\"> </span>Sum<span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span>y of amo<span class=\"_ _2\"></span>unts r<span class=\"_ _2\"></span>ecog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>ateme<span class=\"_ _2\"></span>nts<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>ounts re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated fina<span class=\"_ _2\"></span>ncial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts are as follow<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span><table class=\"s w967 h2ff\" id=\"_7b91caba-6e63-4fe0-9eb4-aef9ddfb16ae\"><tr><td></td><td class=\"t m0 x5e9 h3f y5c3a ff7 fsf fc1 sc0 ls0 ws0\">Fair v<span class=\"_ _2\"></span>alue o<span class=\"_ _2\"></span>f </td><td class=\"t m0 x18ed h3f y5c3a ff7 fsf fc1 sc0 ls0 ws0\">De<span class=\"_ _2\"></span>fine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efit </td><td class=\"t m0 x18ee h3f y5c3a ff7 fsf fc1 sc0 ls84 ws79\">Pension<span class=\"_ _5\"></span> Scheme </td><td class=\"t m0 x16e1 h3f y5c3a ff7 fsf fc1 sc0 lse3 wscd\">Reimburse<span class=\"_ _2\"></span>-ment </td></tr><tr><td></td><td class=\"t m0 x18ef h3f y5c3b ff7 fsf fc1 sc0 ls0 ws0\">sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets </td><td class=\"t m0 xf4e h3f y5c3b ff7 fsf fc1 sc0 ls199 ws185\">obligation </td><td class=\"t m0 x18f0 h3f y5c3b ff7 fsf fc1 sc0 lse3 wscd\">Liability<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h3f y5c3b ff7 fsf fc1 sc0 lse2 wscc\">right<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 h3f y5c3c ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x582 h3f y5c3c ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h3f y5c3c ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y5c3c ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y5c3c ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55e3 w968 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls68 ws5c\">At 1<span class=\"_ _5\"></span> January<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f1 y55e3 w53a h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls25 ws23\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2b4 y55e3 w969 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls67 ws1a5\">(1,<span class=\"_ _2\"></span>501<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f2 y55e3 w5f7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>455<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f3 y55e3 w32a h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsa9 ws1aa\">205<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c3d w96a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa59 y5c3d wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f4 y5c3d w1b0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>72)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f5 y5c3d w83f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(<span class=\"_ _2\"></span>70)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xba1 y5c3d wd2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c3e w96b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls13 ws11\">Past service<span class=\"_ _7\"></span> cost<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7b y5c3e w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f6 y5c3e w2c3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(12)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f7 y5c3e w1ab h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f8 y5c3e w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c3f w96c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f9 y5c3f wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18fa y5c3f w1ad h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(8<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x70c y5c3f w175 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>82)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18fb y5c3f wd2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5c40 ff3 fs7 fc1 sc0 ls12 ws10\">Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x26c y5816 w96d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in intere<span class=\"_ _2\"></span>st inco<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18fc y5816 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18fd y5816 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18fe y5816 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18ff y5816 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5817 w96e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in demo<span class=\"_ _2\"></span>graphi<span class=\"_ _2\"></span>c assum<span class=\"_ _2\"></span>ptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1900 y5817 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1901 y5817 w60 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1902 y5817 w60 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1903 y5817 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5818 w96f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Loss fro<span class=\"_ _2\"></span>m chang<span class=\"_ _2\"></span>es in finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1904 y5818 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1905 y5818 w3e0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1906 y5818 w970 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1907 y5818 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x26c y5828 w971 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xperie<span class=\"_ _2\"></span>nce gain<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1908 y5828 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1909 y5828 w179 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">15<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x190a y5828 w13f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">15<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x190b y5828 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a07 w972 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in othe<span class=\"_ _2\"></span>r compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa59 y5a07 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f6 y5a07 w6e9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b2 ws1af\">(<span class=\"_ _2\"></span>24)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x190c y5a07 w1b0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x49c y5a07 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c41 w973 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>ome rec<span class=\"_ _2\"></span>eived from in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e policie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x190d y5c41 w18f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x190e y5c41 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x190f y5c41 wd9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">102<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1910 y5c41 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y581c w974 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1911 y581c w708 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(10<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1912 y581c w3e5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">102<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1913 y581c w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1914 y581c w1ad h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3fe h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1915 y55ef w31a h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a ws2f\">50<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1916 y55ef w975 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1917 y55ef w426 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c4 ws1c4\">(1<span class=\"_ _2\"></span>,457<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1918 y55ef w32a h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsa9 ws1aa\">202<span class=\"_ _3bc\"> </span></div></td></tr></table><div class=\"gs2ed\"><table class=\"s w976 h300\" id=\"_34469e54-7b42-4d4a-9c5a-bf64519eec79\"><tr><td></td><td></td><td></td><td class=\"t m0 x1919 h16 y5c42 ff3 fsf fc1 sc0 ls0 ws0\">Prov<span class=\"_ _2\"></span>ision f<span class=\"_ _2\"></span>or ta<span class=\"_ _2\"></span>x on </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x191a h16 y5c43 ff3 fsf fc1 sc0 ls0 ws0\">the e<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>omic </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1788 h16 y5c44 ff3 fsf fc1 sc0 ls0 ws0\">Fair v<span class=\"_ _2\"></span>alue of s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me </td><td class=\"t m0 xa93 h16 y5c44 ff3 fsf fc1 sc0 ls83 ws78\">Defined benefit<span class=\"_ _7\"></span> </td><td class=\"t m0 x5b6 h16 y5c44 ff3 fsf fc1 sc0 ls17 ws15\">surplus available<span class=\"_ _5\"></span> as a </td><td class=\"t m0 x7ce h16 y5c44 ff3 fsf fc1 sc0 ls83 ws78\">Pension<span class=\"_ _7\"></span> S<span class=\"_ _2\"></span>cheme<span class=\"_ _5\"></span> </td><td class=\"t m0 xb8f h16 y5c44 ff3 fsf fc1 sc0 ls82 ws77\">Reimbur<span class=\"_ _2\"></span>sement </td></tr><tr><td></td><td class=\"t m0 x178a h16 y5c45 ff3 fsf fc1 sc0 ls0 ws0\">as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s </td><td class=\"t m0 xc55 h16 y5c45 ff3 fsf fc1 sc0 lse2 wscc\">obligation </td><td class=\"t m0 xb22 h16 y5c45 ff3 fsf fc1 sc0 ls82 ws77\">refund </td><td class=\"t m0 x9d1 h16 y5c45 ff3 fsf fc1 sc0 ls82 ws77\">Liabilit<span class=\"_ _2\"></span>y </td><td class=\"t m0 x79b h16 y5c45 ff3 fsf fc1 sc0 ls0 ws0\">rig<span class=\"_ _2\"></span>ht as<span class=\"_ _2\"></span>set </td></tr><tr><td class=\"t m0 x240 h16 y5c46 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x522 h16 y5c46 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x523 h16 y5c46 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h16 y5c46 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y5c46 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5c46 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5c47 w968 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">At 1<span class=\"_ _5\"></span> January<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x191b y5c47 w305 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">807<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x191c y5c47 w80b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">(<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>224<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x835 y5c47 w135 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(9<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4a4 y5c47 w70f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>,50<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x191d y5c47 w329 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">212<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c48 w96a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x191e y5c48 w1d7 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x191f y5c48 w514 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>52)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1920 y5c48 w524 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1921 y5c48 w1dd h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(38)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1922 y5c48 wb5 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c49 w96b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls13 ws11\">Past service<span class=\"_ _7\"></span> cost<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1923 y5c49 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1924 y5c49 w1cd h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(15<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1925 y5c49 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1926 y5c49 w1cd h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(15<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1927 y5c49 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c4a w96c h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1928 y5c4a w541 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1929 y5c4a w2c7 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(67<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x192a y5c4a w2dd h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x192b y5c4a w1c3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>53)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x192c y5c4a w158 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c4b ff3 fs7 fc1 sc0 ls12 ws10\">Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x249 y5c4c w977 h28a\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x192d y5c4c w750 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(<span class=\"_ _2\"></span>208)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x192e y5c4c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x192f y5c4c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1930 y5c4c w7e9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(208)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1931 y5c4c w24b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">(101<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5c4d w96e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in demo<span class=\"_ _2\"></span>graphi<span class=\"_ _2\"></span>c assum<span class=\"_ _2\"></span>ptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1932 y5c4d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1933 y5c4d w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1934 y5c4d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1935 y5c4d wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1936 y5c4d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5c4e w978 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1937 y5c4e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1938 y5c4e w4fd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsdc wsc7\">805<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1939 y5c4e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x193a y5c4e w4fd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsdc wsc7\">805<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x193b y5c4e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5c4f w979 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls14 ws12\">Expe<span class=\"_ _2\"></span>rience loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x193c y5c4f w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x193d y5c4f w97a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">(116)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x193e y5c4f w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18b2 y5c4f w97a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">(116)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x193f y5c4f w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y5c50 ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in provision fo<span class=\"_ _2\"></span>r tax on e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic surplus availa<span class=\"_ _2\"></span>ble </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5743 w97b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">as a refun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1940 y5743 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1941 y5743 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1942 y5743 w71b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12c ws170\">94<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1943 y5743 w71b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12c ws170\">94<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1944 y5743 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b7 w97c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in oth<span class=\"_ _2\"></span>er compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1945 y56b7 w35f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(20<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1946 y56b7 w1eb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">692<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1947 y56b7 w71b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12c ws170\">94<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1948 y56b7 w1e1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">578<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x741 y56b7 w24b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>01)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y572a w973 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>ome rec<span class=\"_ _2\"></span>eived from in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e policie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1949 y572a w442 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c8 ws1c8\">89<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x11a4 y572a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x194a y572a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x626 y572a w442 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c8 ws1c8\">89<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x194b y572a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w974 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x194c y561b w97d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">(98)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x194d y561b w8d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">98<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6b5 y561b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x194e y561b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x194f y561b w88b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>14)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w97e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">As<span class=\"_ _2\"></span>sets tr<span class=\"_ _2\"></span>ansferre<span class=\"_ _2\"></span>d as premi<span class=\"_ _2\"></span>um for Sche<span class=\"_ _2\"></span>me buy<span class=\"_ _2\"></span>-in<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1950 y561c w97f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a6 ws196\">(56<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1951 y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1952 y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1953 y561c w980 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a6 ws196\">(560)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1954 y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 w981 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">As<span class=\"_ _2\"></span>sets tr<span class=\"_ _2\"></span>ansferre<span class=\"_ _2\"></span>d as premi<span class=\"_ _2\"></span>um for reinsura<span class=\"_ _2\"></span>nce arra<span class=\"_ _2\"></span>ngem<span class=\"_ _2\"></span>ent<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1923 y5600 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe0a y5600 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1955 y5600 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1429 y5600 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18e0 y5600 w61 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w982 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1474 y55ef w83a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls47 ws19d\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1956 y55ef w233 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>01)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1957 y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x16ac y55ef w983 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b0 ws1ac\">(1,455)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1958 y55ef wcf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">205<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls12 ws10 gs7e7\">Scheme assets<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7e8\">The dis<span class=\"_ _2\"></span>tributio<span class=\"_ _2\"></span>n of the sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>ets at th<span class=\"_ _2\"></span>e end of the year w<span class=\"_ _2\"></span>as as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"gs7e9\"><table class=\"s w984 h301\" id=\"_5c2174ca-e664-4fe2-b892-28187ee68668\"><tr><td></td><td></td><td class=\"c n xdd2 y5c51 w3a3 h2b4\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1959 y5c51 w985 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2<span class=\"_ _2\"></span>022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x9d5 h3f y5c52 ff7 fsf fc1 sc0 ls0 ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot </td><td></td><td class=\"t m0 x195a h16 y5c52 ff3 fsf fc1 sc0 ls0 ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot </td></tr><tr><td></td><td></td><td class=\"t m0 x1343 h3f y5c53 ff7 fsf fc1 sc0 ls0 ws0\">quo<span class=\"_ _2\"></span>ted i<span class=\"_ _2\"></span>n an ac<span class=\"_ _2\"></span>tive </td><td></td><td class=\"t m0 xc01 h16 y5c53 ff3 fsf fc1 sc0 ls0 ws0\">quo<span class=\"_ _2\"></span>ted in an a<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ve </td></tr><tr><td></td><td class=\"t m0 x1003 h3f y5c54 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x770 h3f y5c54 ff7 fsf fc1 sc0 ls5b ws76\">market<span class=\"_ _5\"></span> </td><td class=\"t m0 xdc3 h16 y5c54 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x9d6 h16 y5c54 ff3 fsf fc1 sc0 lsee ws128\">ma<span class=\"_ _2\"></span>rke<span class=\"_ _2\"></span>t </td></tr><tr><td></td><td class=\"t m0 x9da h3f y5c55 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y5c55 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y5c55 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5c55 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5774 w2b2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x195b y5774 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x195c y5774 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x195d y5774 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xd24 y5774 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fd w986 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Private equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa59 y55fd wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5a y55fd wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5b y55fd w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5c y55fd w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5775 w987 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">He<span class=\"_ _2\"></span>dge fun<span class=\"_ _2\"></span>ds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x195e y5775 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x860 y5775 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x195f y5775 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12fe y5775 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57ab w988 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and other<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1960 y57ab w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1955 y57ab w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x68a y57ab w13f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">34<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1961 y57ab w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5746 w989 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Oblig<span class=\"_ _2\"></span>ations for re<span class=\"_ _2\"></span>payment of s<span class=\"_ _2\"></span>tock len<span class=\"_ _2\"></span>ding collate<span class=\"_ _2\"></span>ral rece<span class=\"_ _2\"></span>ived<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1962 y5746 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1963 y5746 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1964 y5746 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1965 y5746 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w98a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Reported scheme assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x12f5 y561c w31a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws2f\">50<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1966 y561c w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1967 y561c w13e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">46<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1968 y561c w3fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c56 ff3 fs7 fc1 sc0 ls17 ws15\">Add back:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y561e w98b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance p<span class=\"_ _2\"></span>olicies elim<span class=\"_ _2\"></span>inated on c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1969 y561e w98c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x196a y561e w582 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x196b y561e w232 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">1<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x196c y561e w232 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">1<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w98d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Economic value of<span class=\"_ _5\"></span> asset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x196d y55ef w11d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>,557<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x196e y55ef w5f5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>515<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x926 y55ef w13b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x196f y55ef wde h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b7 ws1b6\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>513<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls69 ws5e gs7ea\">Defined b<span class=\"_ _2\"></span>enefit obligation<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7eb\">The c<span class=\"_ _2\"></span>alculati<span class=\"_ _2\"></span>on of the define<span class=\"_ _2\"></span>d benefit o<span class=\"_ _2\"></span>bligatio<span class=\"_ _2\"></span>n can be all<span class=\"_ _2\"></span>ocate<span class=\"_ _2\"></span>d to the sche<span class=\"_ _2\"></span>me\u2019s membe<span class=\"_ _2\"></span>rs as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7ec\">\u2022 <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>eferred s<span class=\"_ _2\"></span>cheme m<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>rs: 33<span class=\"_ _2\"></span>% (2022: 4<span class=\"_ _2\"></span>0%); and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7ed\">\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">Pensioners: 67%<span class=\"_ _5\"></span> (2022:<span class=\"_ _5\"></span> 60%)<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7ee\">The wei<span class=\"_ _2\"></span>ghted averag<span class=\"_ _2\"></span>e duration of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23 is 13.<span class=\"_ _2\"></span>5 year<span class=\"_ _2\"></span>s (2022: 13<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>5 years).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls61 ws5f gs7ef\">Principal as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7f0\">The pr<span class=\"_ _2\"></span>incipal fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>sumptio<span class=\"_ _2\"></span>ns of the Pearl S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e are set out in th<span class=\"_ _2\"></span>e table b<span class=\"_ _2\"></span>elow:<span class=\"_ _3bc\"> </span></div><div class=\"gs7f1\"><table class=\"s w2af h302\" id=\"_4fa27468-8175-41b8-9c9f-8b5a02024807\"><tr><td></td><td class=\"t m0 x916 h3f y5c57 ff7 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>3 </td><td class=\"t m0 x23e h16 y5c57 ff3 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>2 </td></tr><tr><td></td><td class=\"t m0 x54a h3f y5c58 ff7 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x54b h16 y5c58 ff3 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y58c1 w98e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for pe<span class=\"_ _2\"></span>nsions in p<span class=\"_ _2\"></span>ayment (5% pe<span class=\"_ _2\"></span>r annum or R<span class=\"_ _2\"></span>PI if lower)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1970 y58c1 w3ab h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">2.90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1971 y58c1 w98f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c9 ws1c9\">3.05<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5718 w990 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for defer<span class=\"_ _2\"></span>red pen<span class=\"_ _2\"></span>sions ('<span class=\"_ _2\"></span>CPI<span class=\"_ _2\"></span>')<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1972 y5718 w991 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls38 ws35\">2.60<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1973 y5718 w992 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d7 ws1d7\">2<span class=\"_ _2\"></span>.7<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5719 w993 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Disc<span class=\"_ _2\"></span>ount rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1974 y5719 w2e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">4.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1975 y5719 w994 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">4.<span class=\"_ _2\"></span>95<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee w995 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 RPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1976 y55ee w996 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c7 ws1c7\">3.10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1977 y55ee w997 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c9 ws1c9\">3.30<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w998 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 CPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1978 y55ef w999 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls38 ws35\">2.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1979 y55ef w99a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d7 ws1d7\">2<span class=\"_ _2\"></span>.70<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7f2\">The dis<span class=\"_ _2\"></span>count rate a<span class=\"_ _2\"></span>nd inflation r<span class=\"_ _2\"></span>ate assum<span class=\"_ _2\"></span>ptions have be<span class=\"_ _2\"></span>en determ<span class=\"_ _2\"></span>ined by con<span class=\"_ _2\"></span>siderin<span class=\"_ _2\"></span>g the shap<span class=\"_ _2\"></span>e of the approp<span class=\"_ _2\"></span>riate yield c<span class=\"_ _2\"></span>urves an<span class=\"_ _2\"></span>d the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7f3\">duratio<span class=\"_ _2\"></span>n of the Pearl Sc<span class=\"_ _2\"></span>heme\u2019s liabilitie<span class=\"_ _2\"></span>s. This m<span class=\"_ _2\"></span>ethod d<span class=\"_ _2\"></span>etermines a<span class=\"_ _2\"></span>n equivale<span class=\"_ _2\"></span>nt single r<span class=\"_ _2\"></span>ate for each of the di<span class=\"_ _2\"></span>scount an<span class=\"_ _2\"></span>d inflation r<span class=\"_ _2\"></span>ates, wh<span class=\"_ _2\"></span>ich is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs7f4\">derive<span class=\"_ _2\"></span>d from the profile of pro<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>ted be<span class=\"_ _2\"></span>nefit payme<span class=\"_ _2\"></span>nts<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div>The p<span class=\"_ _2\"></span>ost-retirem<span class=\"_ _2\"></span>ent mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s are in line with a sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>-spe<span class=\"_ _2\"></span>cific tab<span class=\"_ _2\"></span>le which was d<span class=\"_ _2\"></span>erived from th<span class=\"_ _2\"></span>e act<span class=\"_ _2\"></span>ual mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y exp<span class=\"_ _2\"></span>erienc<span class=\"_ _2\"></span>e in rec<span class=\"_ _2\"></span>ent years b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n the SAPS s<span class=\"_ _2\"></span>tanda<span class=\"_ _2\"></span>rd table<span class=\"_ _2\"></span>s for males an<span class=\"_ _2\"></span>d for female<span class=\"_ _2\"></span>s base<span class=\"_ _2\"></span>d on year of use<span class=\"_ _2\"></span>. Future longe<span class=\"_ _2\"></span>vity im<span class=\"_ _2\"></span>provement<span class=\"_ _2\"></span>s from 1 Janua<span class=\"_ _2\"></span>ry 2021 a<span class=\"_ _2\"></span>re base<span class=\"_ _2\"></span>d on amen<span class=\"_ _2\"></span>ded CM<span class=\"_ _2\"></span>I 2022 C<span class=\"_ _2\"></span>ore Proje<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s (2022: From 1 Janu<span class=\"_ _2\"></span>ary 2<span class=\"_ _2\"></span>021 bas<span class=\"_ _2\"></span>ed on am<span class=\"_ _2\"></span>ended C<span class=\"_ _2\"></span>MI 202<span class=\"_ _2\"></span>1 Core Proj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ions) and a long<span class=\"_ _2\"></span>-term rate of improvem<span class=\"_ _2\"></span>ent of 1.<span class=\"_ _2\"></span>5% (2022: 1<span class=\"_ _2\"></span>.5%) per a<span class=\"_ _2\"></span>nnum for male<span class=\"_ _2\"></span>s and 1<span class=\"_ _2\"></span>.2% (2<span class=\"_ _2\"></span>022: 1<span class=\"_ _2\"></span>.2%) pe<span class=\"_ _2\"></span>r annum for fem<span class=\"_ _2\"></span>ales. U<span class=\"_ _2\"></span>nder th<span class=\"_ _2\"></span>ese as<span class=\"_ _2\"></span>sumptions<span class=\"_ _2\"></span>, the avera<span class=\"_ _2\"></span>ge life expe<span class=\"_ _2\"></span>cta<span class=\"_ _2\"></span>ncy from retire<span class=\"_ _2\"></span>ment for a me<span class=\"_ _2\"></span>mber c<span class=\"_ _2\"></span>urrently ag<span class=\"_ _2\"></span>ed 40 re<span class=\"_ _2\"></span>tiring at ag<span class=\"_ _2\"></span>e 60 is 2<span class=\"_ _2\"></span>9.0 years a<span class=\"_ _2\"></span>nd 30.<span class=\"_ _2\"></span>3 year<span class=\"_ _2\"></span>s for male an<span class=\"_ _2\"></span>d female mem<span class=\"_ _2\"></span>bers re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>tively (202<span class=\"_ _2\"></span>2: 29.<span class=\"_ _2\"></span>2 years a<span class=\"_ _2\"></span>nd 30.<span class=\"_ _2\"></span>5 year<span class=\"_ _2\"></span>s respe<span class=\"_ _2\"></span>ctivel<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>).<span class=\"_ _3bc\"> </span>A quantitative sensitivit<span class=\"_ _2\"></span>y analysis for significant ac<span class=\"_ _2\"></span>tuarial ass<span class=\"_ _2\"></span>umptions is shown below:<span class=\"_ _3bc\"> </span><table class=\"s w99b h303\" id=\"_0d5a105f-3a84-408d-bff7-2e67f38c4d69\"><tr><td class=\"t m0 x232 h3f y5c59 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"c n x197a y5c5a w99c h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls83 ws78\">Base<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x197b y5c5a w99d h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">Discount rate<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x197c y5c5a w99e h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls17 ws15\">RPI<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x197d y5c5a w99f h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls51 ws4b\">Life<span class=\"_ _7\"></span> expectancy<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5c5b ff3 fsf fc1 sc0 ls82 ws77\">Ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x197e h3f y5c5c ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x197f h3f y5c5c ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x48c h3f y5c5c ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td></td><td class=\"t m0 x15a1 h3f y5c5c ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x5ea h3f y5c5c ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td><td class=\"t m0 x1980 h3f y5c5c ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5c5d ff3 fsf fc1 sc0 ls70 ws67\">Sensitivit<span class=\"_ _2\"></span>y level<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x581 h3f y5c5e ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1981 h3f y5c5e ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1982 h3f y5c5e ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x1983 h3f y5c5e ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y5c5e ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d8 h3f y5c5e ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5c5f w9a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>ct on the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit oblig<span class=\"_ _2\"></span>ation (\u00a3m)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1984 y5c5f w582 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>07<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1985 y5c5f w9a1 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">(<span class=\"_ _2\"></span>41<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1986 y5c5f wd3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a8 ws19f\">43<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1987 y5c5f w2a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">23<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1988 y5c5f w2c3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1989 y5c5f w323 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x198a y5c5f w550 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 h16 y5c60 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"c n x197a y5c61 w9a2 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls5b ws76\">Base<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x198b y5c61 w9a3 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse1 wscb\">Discount<span class=\"_ _5\"></span> rate<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x198c y5c61 w9a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls70 ws67\">R<span class=\"_ _2\"></span>PI<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x198d y5c61 w9a5 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1dd ws1df\">Life<span class=\"_ _5\"></span> expecta<span class=\"_ _5\"></span>ncy<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5c62 ff3 fsf fc1 sc0 ls82 ws77\">Ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x197e h16 y5c63 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x197f h16 y5c63 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x62f h16 y5c63 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td></td><td class=\"t m0 x15a1 h16 y5c63 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x5ea h16 y5c63 ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td><td class=\"t m0 x1980 h16 y5c63 ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5c64 ff3 fsf fc1 sc0 ls70 ws67\">Sensitivit<span class=\"_ _2\"></span>y level<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x198e h16 y5c65 ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1981 h16 y5c65 ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x97a h16 y5c65 ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x198f h16 y5c65 ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x11da h16 y5c65 ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7e8 h16 y5c65 ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ef w9a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>ct on the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit oblig<span class=\"_ _2\"></span>ation (\u00a3m)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1990 y55ef w9a6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd0 ws1a0\">1<span class=\"_ _2\"></span>,5<span class=\"_ _2\"></span>01<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1991 y55ef w1c5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(4<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1992 y55ef w2f6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a9 ws1a1\">42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1993 y55ef w2a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls173 ws1a8\">26<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1994 y55ef w9a7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">(<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1995 y55ef w1bc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">37<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1996 y55ef w65c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table>The ab<span class=\"_ _2\"></span>ove sensiti<span class=\"_ _2\"></span>vity a<span class=\"_ _2\"></span>nalyse<span class=\"_ _2\"></span>s are bas<span class=\"_ _2\"></span>ed on a cha<span class=\"_ _2\"></span>nge in an a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>n while holdin<span class=\"_ _2\"></span>g all other as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s cons<span class=\"_ _2\"></span>tant. I<span class=\"_ _2\"></span>n<span class=\"_ gs132\"> </span>prac<span class=\"_ _2\"></span>tice, this i<span class=\"_ _2\"></span>s<span class=\"_ gs132\"> </span>unlik<span class=\"_ _5\"></span>ely to occ<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>, an<span class=\"_ _2\"></span>d chan<span class=\"_ _2\"></span>ges in so<span class=\"_ _2\"></span>me of the as<span class=\"_ _2\"></span>sumptions m<span class=\"_ _2\"></span>ay be corre<span class=\"_ _2\"></span>lated. Wh<span class=\"_ _2\"></span>en calc<span class=\"_ _2\"></span>ulating th<span class=\"_ _2\"></span>e sensit<span class=\"_ _2\"></span>ivity of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation to signifi<span class=\"_ _2\"></span>cant ac<span class=\"_ _2\"></span>tuarial a<span class=\"_ _2\"></span>ssumpt<span class=\"_ _2\"></span>ions the s<span class=\"_ _2\"></span>ame meth<span class=\"_ _2\"></span>od has b<span class=\"_ _2\"></span>een app<span class=\"_ _2\"></span>lied as wh<span class=\"_ _2\"></span>en calc<span class=\"_ _2\"></span>ulating the p<span class=\"_ _2\"></span>ensio<span class=\"_ _2\"></span>n asset re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised w<span class=\"_ _2\"></span>ithin the st<span class=\"_ _2\"></span>atement of consolidated financial position.<span class=\"_ _3bc\"> </span>G1.2 PGL P<span class=\"_ _5\"></span>ension<span class=\"_ _5\"></span> Scheme<span class=\"_ _3bc\"> </span>The P<span class=\"_ _2\"></span>GL Pension S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e compr<span class=\"_ _2\"></span>ises a final s<span class=\"_ _2\"></span>alar<span class=\"_ _2\"></span>y se<span class=\"_ _2\"></span>ction an<span class=\"_ _2\"></span>d a defined c<span class=\"_ _2\"></span>ontributio<span class=\"_ _2\"></span>n sec<span class=\"_ _2\"></span>tion.<span class=\"_ _3bc\"> </span>Scheme details<span class=\"_ _3bc\"> </span>Defin<span class=\"_ _2\"></span>ed contrib<span class=\"_ _2\"></span>ution sc<span class=\"_ _2\"></span>heme<span class=\"_ _3bc\"> </span>On 1 Jul<span class=\"_ _2\"></span>y 2020 the G<span class=\"_ _2\"></span>roup close<span class=\"_ _2\"></span>d the defin<span class=\"_ _2\"></span>ed contrib<span class=\"_ _2\"></span>ution se<span class=\"_ _2\"></span>ction of th<span class=\"_ _2\"></span>e PGL S<span class=\"_ _2\"></span>cheme a<span class=\"_ _2\"></span>nd cea<span class=\"_ _2\"></span>sed ma<span class=\"_ _2\"></span>king contrib<span class=\"_ _2\"></span>utions fro<span class=\"_ _2\"></span>m this date. Defined benefit<span class=\"_ _5\"></span> scheme<span class=\"_ _3bc\"> </span>The defin<span class=\"_ _2\"></span>ed be<span class=\"_ _2\"></span>nefit se<span class=\"_ _2\"></span>ction of the P<span class=\"_ _2\"></span>GL Pension S<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me is a final s<span class=\"_ _2\"></span>alar<span class=\"_ _2\"></span>y arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt which is clos<span class=\"_ _2\"></span>ed to new e<span class=\"_ _2\"></span>ntrants a<span class=\"_ _2\"></span>nd has no a<span class=\"_ _2\"></span>ctive me<span class=\"_ _2\"></span>mber<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The P<span class=\"_ _2\"></span>GL Sc<span class=\"_ _2\"></span>heme is a<span class=\"_ _2\"></span>dministere<span class=\"_ _2\"></span>d by a sepa<span class=\"_ _2\"></span>rate trus<span class=\"_ _2\"></span>tee comp<span class=\"_ _2\"></span>any<span class=\"_ _7\"></span>, P<span class=\"_ _2\"></span>GL Pensio<span class=\"_ _2\"></span>n T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ustee Ltd. Th<span class=\"_ _2\"></span>e truste<span class=\"_ _2\"></span>e comp<span class=\"_ _2\"></span>any is compri<span class=\"_ _2\"></span>sed of t<span class=\"_ _2\"></span>wo repre<span class=\"_ _2\"></span>sentative<span class=\"_ _2\"></span>s from the Gro<span class=\"_ _2\"></span>up, three me<span class=\"_ _2\"></span>mber n<span class=\"_ _2\"></span>ominated re<span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>ntatives an<span class=\"_ _2\"></span>d one indep<span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>nt truste<span class=\"_ _2\"></span>e in acco<span class=\"_ _2\"></span>rdance w<span class=\"_ _2\"></span>ith the trus<span class=\"_ _2\"></span>tee comp<span class=\"_ _2\"></span>any\u2019<span class=\"_ _5\"></span>s ar<span class=\"_ _2\"></span>ticles of a<span class=\"_ _2\"></span>ssoc<span class=\"_ _2\"></span>iation. T<span class=\"_ _2\"></span>he trus<span class=\"_ _2\"></span>tee is req<span class=\"_ _2\"></span>uired by law to ac<span class=\"_ _2\"></span>t in the interes<span class=\"_ _2\"></span>t of all relevant b<span class=\"_ _2\"></span>eneficia<span class=\"_ _2\"></span>ries and is re<span class=\"_ _2\"></span>spons<span class=\"_ _2\"></span>ible for the day to day admin<span class=\"_ _2\"></span>istratio<span class=\"_ _2\"></span>n of the bene<span class=\"_ _2\"></span>fits. The val<span class=\"_ _2\"></span>uation has b<span class=\"_ _2\"></span>een b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n an ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent of the liabiliti<span class=\"_ _2\"></span>es of the PG<span class=\"_ _2\"></span>L Pension S<span class=\"_ _2\"></span>cheme a<span class=\"_ _2\"></span>s at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023<span class=\"_ _2\"></span>, under<span class=\"_ _2\"></span>taken by independen<span class=\"_ _7\"></span>t qualified<span class=\"_ _5\"></span> actuaries.<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>o the ex<span class=\"_ _2\"></span>tent tha<span class=\"_ _2\"></span>t an econ<span class=\"_ _2\"></span>omic surpl<span class=\"_ _2\"></span>us will be availab<span class=\"_ _2\"></span>le as a refund<span class=\"_ _2\"></span>, the ec<span class=\"_ _2\"></span>onomic s<span class=\"_ _2\"></span>urplus is st<span class=\"_ _2\"></span>ated af<span class=\"_ _2\"></span>ter a provision fo<span class=\"_ _2\"></span>r tax that wo<span class=\"_ _2\"></span>uld be bo<span class=\"_ _2\"></span>rne by the sc<span class=\"_ _2\"></span>heme a<span class=\"_ _2\"></span>dministr<span class=\"_ _2\"></span>ators whe<span class=\"_ _2\"></span>n the refund is m<span class=\"_ _2\"></span>ade. A trienn<span class=\"_ _2\"></span>ial fundin<span class=\"_ _2\"></span>g valuation of the P<span class=\"_ _2\"></span>GL Pensio<span class=\"_ _2\"></span>n Sche<span class=\"_ _2\"></span>me as at 3<span class=\"_ _2\"></span>0 June 202<span class=\"_ _2\"></span>1 was comp<span class=\"_ _2\"></span>leted in 202<span class=\"_ _2\"></span>2 by a qualified a<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>ry. This sh<span class=\"_ _2\"></span>owed a surplu<span class=\"_ _2\"></span>s as at 30 J<span class=\"_ _2\"></span>une 2021 of \u00a32 m<span class=\"_ _2\"></span>illion. Th<span class=\"_ _2\"></span>e IFRS valu<span class=\"_ _2\"></span>ation ca<span class=\"_ _2\"></span>sh flows refle<span class=\"_ _2\"></span>ct the la<span class=\"_ _2\"></span>test availab<span class=\"_ _2\"></span>le data an<span class=\"_ _2\"></span>d are not limited to b<span class=\"_ _2\"></span>eing upd<span class=\"_ _2\"></span>ated following th<span class=\"_ _2\"></span>e compl<span class=\"_ _2\"></span>etion of each f<span class=\"_ _2\"></span>unding val<span class=\"_ _2\"></span>uation.<span class=\"_ _3bc\"> </span>There a<span class=\"_ _2\"></span>re no fur<span class=\"_ _2\"></span>ther c<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>ted contrib<span class=\"_ _2\"></span>utions to pay in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of the define<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efit sec<span class=\"_ _2\"></span>tion of the S<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>. Insuran<span class=\"_ _2\"></span>ce policies with Group entities<span class=\"_ _3bc\"> </span>In Ma<span class=\"_ _2\"></span>rch 201<span class=\"_ _2\"></span>9, the PG<span class=\"_ _2\"></span>L Pension S<span class=\"_ _2\"></span>cheme e<span class=\"_ _2\"></span>ntered into a bu<span class=\"_ _2\"></span>y-in agre<span class=\"_ _2\"></span>ement wit<span class=\"_ _2\"></span>h PLL which covere<span class=\"_ _2\"></span>d the rema<span class=\"_ _2\"></span>ining pen<span class=\"_ _2\"></span>sioner an<span class=\"_ _2\"></span>d deferred mem<span class=\"_ _2\"></span>bers of the S<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me not covere<span class=\"_ _2\"></span>d by the firs<span class=\"_ _2\"></span>t such ag<span class=\"_ _2\"></span>reeme<span class=\"_ _2\"></span>nt conc<span class=\"_ _2\"></span>luded in D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 201<span class=\"_ _2\"></span>6. T<span class=\"_ _2\"></span>he plan as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s trans<span class=\"_ _2\"></span>ferred to PLL as pre<span class=\"_ _2\"></span>mium are hel<span class=\"_ _2\"></span>d in a collater<span class=\"_ _2\"></span>al acco<span class=\"_ _2\"></span>unt and are re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in the re<span class=\"_ _2\"></span>levant line within fi<span class=\"_ _2\"></span>nancia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consolid<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial pos<span class=\"_ _2\"></span>ition. The e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic effec<span class=\"_ _2\"></span>t of these t<span class=\"_ _2\"></span>ransa<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s in the Sch<span class=\"_ _2\"></span>eme is to rep<span class=\"_ _2\"></span>lace the p<span class=\"_ _2\"></span>lan ass<span class=\"_ _2\"></span>ets tra<span class=\"_ _2\"></span>nsferre<span class=\"_ _2\"></span>d with a sing<span class=\"_ _2\"></span>le line insura<span class=\"_ _2\"></span>nce po<span class=\"_ _2\"></span>licy reimbur<span class=\"_ _2\"></span>sem<span class=\"_ _2\"></span>ent ass<span class=\"_ _2\"></span>et which is elim<span class=\"_ _2\"></span>inated on c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ation alon<span class=\"_ _2\"></span>g with the releva<span class=\"_ _2\"></span>nt insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act liabili<span class=\"_ _2\"></span>ties in PLL.<span class=\"_ _3bc\"> </span>The val<span class=\"_ _2\"></span>ue of the insura<span class=\"_ _2\"></span>nce po<span class=\"_ _2\"></span>licies with G<span class=\"_ _2\"></span>roup entitie<span class=\"_ _2\"></span>s at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023 is \u00a31<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>93 million (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>,079 million).<span class=\"_ _3bc\"> </span>Durin<span class=\"_ _2\"></span>g the year, \u00a318 millio<span class=\"_ _2\"></span>n of schem<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts were tra<span class=\"_ _2\"></span>nsferre<span class=\"_ _2\"></span>d to PLL as premium for t<span class=\"_ _2\"></span>he buy-<span class=\"_ _2\"></span>out tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion which c<span class=\"_ _2\"></span>ompleted in J<span class=\"_ _2\"></span>anuar<span class=\"_ _2\"></span>y 2024. A debtor of \u00a3<span class=\"_ _2\"></span>18 million<span class=\"_ _2\"></span>, to reflec<span class=\"_ _2\"></span>t the prepay<span class=\"_ _2\"></span>ment of this prem<span class=\"_ _2\"></span>ium at 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023 (2022<span class=\"_ _2\"></span>: \u00a3nil), has be<span class=\"_ _2\"></span>en eliminate<span class=\"_ _2\"></span>d on con<span class=\"_ _2\"></span>solidatio<span class=\"_ _2\"></span>n. Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s of this trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n are include<span class=\"_ _2\"></span>d in note I7<span class=\"_ _3bc\"> </span>Sum<span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span>y of amo<span class=\"_ _2\"></span>unts r<span class=\"_ _2\"></span>ecog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>ateme<span class=\"_ _2\"></span>nts<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>ounts re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated fina<span class=\"_ _2\"></span>ncial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts are as follow<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span><table class=\"s w9a8 h304\" id=\"_c0776cea-2929-4ca3-998e-3840d336de29\"><tr><td></td><td class=\"t m0 x1997 h3f y5c66 ff7 fsf fc1 sc0 ls0 ws0\">Fair v<span class=\"_ _2\"></span>alue o<span class=\"_ _2\"></span>f </td><td class=\"t m0 x521 h3f y5c66 ff7 fsf fc1 sc0 ls0 ws0\">De<span class=\"_ _2\"></span>fine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efit </td><td></td></tr><tr><td></td><td class=\"t m0 xaba h3f y5c67 ff7 fsf fc1 sc0 ls0 ws0\">sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets </td><td class=\"t m0 xd52 h3f y5c67 ff7 fsf fc1 sc0 ls199 ws185\">obligation </td><td class=\"t m0 x23e h3f y5c67 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td></td><td class=\"t m0 x524 h3f y5c68 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y5c68 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5c68 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5c69 w9a9 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls0 ws0\">At 1 Janu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1998 y5c69 w413 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1999 y5c69 w32d h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>08<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x199a y5c69 w657 h280\"><div class=\"t m0 x1e6 he y5641 ff7 fs7 fc1 sc0 ls1af ws1ab\">(1,056)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c6a w96a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x199b y5c6a w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6c8 y5c6a w389 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>52)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x199c y5c6a w611 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c6b w81 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Administrative expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x199d y5c6b w5c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x199e y5c6b w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x199f y5c6b w206 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c6c w96c h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a0 y5c6c w574 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a1 y5c6c w214 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">(52)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a2 y5c6c w1ae h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>54)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c6d ff3 fs7 fc1 sc0 ls12 ws10\">Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5c6e w96d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in intere<span class=\"_ _2\"></span>st inco<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a3 y5c6e w523 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a4 y5c6e w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a5 y5c6e w523 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5c6f w96e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in demo<span class=\"_ _2\"></span>graphi<span class=\"_ _2\"></span>c assum<span class=\"_ _2\"></span>ptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a6 y5c6f w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a7 y5c6f w372 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a8 y5c6f w372 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5c70 w96f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Loss fro<span class=\"_ _2\"></span>m chang<span class=\"_ _2\"></span>es in finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x192f y5c70 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a9 y5c70 w550 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19aa y5c70 w550 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5c71 w979 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls14 ws12\">Expe<span class=\"_ _2\"></span>rience loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ab y5c71 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ac y5c71 w74d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(17<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ad y5c71 w72a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a9 ws1a1\">(<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c72 w97c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in oth<span class=\"_ _2\"></span>er compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x69b y5c72 w418 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ae y5c72 w9aa h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19af y5c72 w2c3 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(32)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c73 w973 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>ome rec<span class=\"_ _2\"></span>eived from in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e policie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2d8 y5c73 w17e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls76 ws19a\">69<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b0 y5c73 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1893 y5c73 w17e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls76 ws19a\">69<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c74 w974 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b1 y5c74 w9ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">(69)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x72b y5c74 w64f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls76 ws19a\">69<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b2 y5c74 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c75 w9ac h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">As<span class=\"_ _2\"></span>sets tr<span class=\"_ _2\"></span>ansferre<span class=\"_ _2\"></span>d as premi<span class=\"_ _2\"></span>um for sche<span class=\"_ _2\"></span>me buy-<span class=\"_ _2\"></span>out<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b3 y5c75 w1a7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b4 y5c75 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b5 y5c75 w55 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(18)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c76 w3fe h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b6 y5c76 wb5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b7 y5c76 w1d0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b4 ws1b3\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>97<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b8 y5c76 w95d h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b6 ws1b5\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>91)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x5b6 h16 y5c77 ff3 fsf fc1 sc0 ls0 ws0\">Fair v<span class=\"_ _2\"></span>alue of s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me </td><td class=\"t m0 x538 h16 y5c77 ff3 fsf fc1 sc0 ls83 ws78\">Defined benefit<span class=\"_ _7\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 x5b7 h16 y5c78 ff3 fsf fc1 sc0 ls0 ws0\">as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s </td><td class=\"t m0 xd5a h16 y5c78 ff3 fsf fc1 sc0 lse2 wscc\">obligation </td><td class=\"t m0 x487 h16 y5c78 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h16 y5c79 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h16 y5c79 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y5c79 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5c79 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55f6 w9a9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">At 1 Janu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1998 y55f6 w9ad h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x412 y55f6 w61d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>23)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ec y55f6 wc4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>592)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5614 w96a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x199b y5614 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19b9 y5614 w1da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>32)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1126 y5614 w223 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55e5 w81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Administrative expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ba y55e5 w576 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x14be y55e5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19bb y55e5 w576 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5771 w96c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19bc y5771 w54f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19bd y5771 w1da h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(32<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x103c y5771 w9ae h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(35)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c7a ff3 fs7 fc1 sc0 ls12 ws10\">Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5774 w96d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in intere<span class=\"_ _2\"></span>st inco<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19be y5774 w361 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19bf y5774 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c0 y5774 w5d9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y55fd w96e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in demo<span class=\"_ _2\"></span>graphi<span class=\"_ _2\"></span>c assum<span class=\"_ _2\"></span>ptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19a6 y55fd w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c1 y55fd w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c2 y55fd w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57fa w978 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c3 y57fa w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c4 y57fa w37f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">5<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c5 y57fa wf7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">5<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57ab w979 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">Expe<span class=\"_ _2\"></span>rience loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c6 y57ab w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c7 y57ab w9af h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">(36)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c8 y57ab w9af h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">(36)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b8 w97c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in oth<span class=\"_ _2\"></span>er compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x69b y56b8 w74b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19c9 y56b8 w114 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">500<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4b0 y56b8 w59 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">49<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 w973 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inc<span class=\"_ _2\"></span>ome rec<span class=\"_ _2\"></span>eived from in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e policie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x67b y5600 w51a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">72<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ca y5600 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19cb y5600 w51a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">72<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w974 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19cc y561e w1dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(72)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19cd y561e w31d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">72<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ce y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w982 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1529 y55ef wbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19cf y55ef w9b0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>08<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d0 y55ef w70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">(1,056)<span class=\"_ _3bc\"> </span></div></td></tr></table>Scheme assets<span class=\"_ _3bc\"> </span>The dis<span class=\"_ _2\"></span>tributio<span class=\"_ _2\"></span>n of the sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>ets at th<span class=\"_ _2\"></span>e end of the year w<span class=\"_ _2\"></span>as as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span><table class=\"s w9b1 h305\" id=\"_d1d390f3-20a1-45ac-a36f-301896e24bd0\"><tr><td></td><td></td><td class=\"c n x19d1 y5c7b w3a3 h2b4\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x19d2 y5c7b w985 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2<span class=\"_ _2\"></span>022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x9d5 h3f y5c7c ff7 fsf fc1 sc0 ls0 ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot </td><td></td><td class=\"t m0 x195a h16 y5c7c ff3 fsf fc1 sc0 ls0 ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot </td></tr><tr><td></td><td></td><td class=\"t m0 x1343 h3f y5c7d ff7 fsf fc1 sc0 ls0 ws0\">quo<span class=\"_ _2\"></span>ted i<span class=\"_ _2\"></span>n an ac<span class=\"_ _2\"></span>tive </td><td></td><td class=\"t m0 xc01 h16 y5c7d ff3 fsf fc1 sc0 ls0 ws0\">quo<span class=\"_ _2\"></span>ted in an a<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ve </td></tr><tr><td></td><td class=\"t m0 x1003 h3f y5c7e ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x770 h3f y5c7e ff7 fsf fc1 sc0 ls5b ws76\">market<span class=\"_ _5\"></span> </td><td class=\"t m0 xdc3 h16 y5c7e ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x9d6 h16 y5c7e ff3 fsf fc1 sc0 lsee ws128\">ma<span class=\"_ _2\"></span>rke<span class=\"_ _2\"></span>t </td></tr><tr><td></td><td class=\"t m0 x9da h3f y5c7f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y5c7f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y5c7f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5c7f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y561a w988 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and other<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa59 y561a wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d3 y561a w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaec y561a wbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d4 y561a w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w98a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Reported scheme assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d5 y561b wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d6 y561b w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d7 y561b wbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xee5 y561b w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5c80 ff3 fs7 fc1 sc0 ls17 ws15\">Add back:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y561d w98b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Insur<span class=\"_ _2\"></span>ance p<span class=\"_ _2\"></span>olicies elim<span class=\"_ _2\"></span>inated on c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d8 y561d w5e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">1<span class=\"_ _2\"></span>,093<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d9 y561d w5e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">1<span class=\"_ _2\"></span>,093<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19da y561d w369 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>079<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19db y561d w128 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>079<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y561e w95c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unts due from s<span class=\"_ _2\"></span>ubsidiar<span class=\"_ _2\"></span>y elimin<span class=\"_ _2\"></span>ated on con<span class=\"_ _2\"></span>solidatio<span class=\"_ _2\"></span>n<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19dc y561e w17a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19dd y561e w17a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">18<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19de y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19df y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w98d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Economic value of<span class=\"_ _5\"></span> asset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e0 y55ef w7c5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e1 y55ef w1b8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">1<span class=\"_ _2\"></span>,111<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e2 y55ef w48b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">1<span class=\"_ _2\"></span>,106<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e3 y55ef w103 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,079<span class=\"_ _3bc\"> </span></div></td></tr></table>Defined b<span class=\"_ _2\"></span>enefit obligation<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>alculati<span class=\"_ _2\"></span>on of the define<span class=\"_ _2\"></span>d benefit o<span class=\"_ _2\"></span>bligatio<span class=\"_ _2\"></span>n can be all<span class=\"_ _2\"></span>ocate<span class=\"_ _2\"></span>d to the sche<span class=\"_ _2\"></span>me\u2019s membe<span class=\"_ _2\"></span>rs as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>eferred s<span class=\"_ _2\"></span>cheme m<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>rs: 3<span class=\"_ _2\"></span>6% (202<span class=\"_ _2\"></span>2: 36<span class=\"_ _2\"></span>%); and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">Pensioners: 64%<span class=\"_ _5\"></span> (2022:<span class=\"_ _5\"></span> 64%)<span class=\"_ _3bc\"> </span></span>The wei<span class=\"_ _2\"></span>ghted averag<span class=\"_ _2\"></span>e duration of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23 is 13.<span class=\"_ _2\"></span>5 year<span class=\"_ _2\"></span>s (2022: 13<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>5 years).<span class=\"_ _3bc\"> </span>Principal as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span>The pr<span class=\"_ _2\"></span>incipal fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>sumptio<span class=\"_ _2\"></span>ns of the PGL Pen<span class=\"_ _2\"></span>sion Sc<span class=\"_ _2\"></span>heme are s<span class=\"_ _2\"></span>et out in the t<span class=\"_ _2\"></span>able be<span class=\"_ _2\"></span>low:<span class=\"_ _3bc\"> </span><table class=\"s w9b2 h306\" id=\"_7514a124-5101-4dd4-ae08-12c61276329a\"><tr><td></td><td class=\"t m0 x44d h3f y5c81 ff7 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>3 </td><td class=\"t m0 x1e4 h16 y5c81 ff3 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>2 </td></tr><tr><td></td><td class=\"t m0 x8d9 h3f y5c82 ff7 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ad h16 y5c82 ff3 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y58c1 w9b3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for pe<span class=\"_ _2\"></span>nsions in p<span class=\"_ _2\"></span>ayment (<span class=\"_ _2\"></span>7<span class=\"_ _7\"></span>.5% p<span class=\"_ _2\"></span>er annum or R<span class=\"_ _2\"></span>PI if lower)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e4 y58c1 w996 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">3.10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e5 y58c1 w98f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c9 ws1c9\">3.30<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5718 w990 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for defer<span class=\"_ _2\"></span>red pen<span class=\"_ _2\"></span>sions ('<span class=\"_ _2\"></span>CPI<span class=\"_ _2\"></span>')<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1972 y5718 w991 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls38 ws35\">2.60<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1973 y5718 w992 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d7 ws1d7\">2<span class=\"_ _2\"></span>.7<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 w993 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Disc<span class=\"_ _2\"></span>ount rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1974 y56f9 w2e8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">4.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1975 y56f9 w994 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">4.<span class=\"_ _2\"></span>95<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee w995 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 RPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1976 y55ee w996 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">3.10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1977 y55ee w997 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c9 ws1c9\">3.30<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w998 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 CPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1978 y55ef w999 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls38 ws35\">2.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1979 y55ef w99a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d7 ws1d7\">2<span class=\"_ _2\"></span>.70<span class=\"_ _3bc\"> </span></div></td></tr></table>The dis<span class=\"_ _2\"></span>count rate a<span class=\"_ _2\"></span>nd inflation a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns have bee<span class=\"_ _2\"></span>n determin<span class=\"_ _2\"></span>ed by cons<span class=\"_ _2\"></span>idering th<span class=\"_ _2\"></span>e shape of th<span class=\"_ _2\"></span>e appropri<span class=\"_ _2\"></span>ate yield cur<span class=\"_ _2\"></span>ves and t<span class=\"_ _2\"></span>he duration of the PG<span class=\"_ _2\"></span>L Pension S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e liabilities<span class=\"_ _2\"></span>. This m<span class=\"_ _2\"></span>ethod dete<span class=\"_ _2\"></span>rmines an e<span class=\"_ _2\"></span>quivale<span class=\"_ _2\"></span>nt single rate for e<span class=\"_ _2\"></span>ach of the dis<span class=\"_ _2\"></span>count an<span class=\"_ _2\"></span>d inflation rate<span class=\"_ _2\"></span>s, whic<span class=\"_ _2\"></span>h<span class=\"_ gs132\"> </span>is<span class=\"_ gs132\"> </span>derived from the p<span class=\"_ _2\"></span>rofile of proje<span class=\"_ _2\"></span>cted b<span class=\"_ _2\"></span>enefit paym<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The p<span class=\"_ _2\"></span>ost-retirem<span class=\"_ _2\"></span>ent mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s are in line with 8<span class=\"_ _2\"></span>6%/94% of S<span class=\"_ _2\"></span>1P Light ba<span class=\"_ _2\"></span>se table<span class=\"_ _2\"></span>s for male<span class=\"_ _2\"></span>s and femal<span class=\"_ _2\"></span>es. Future l<span class=\"_ _2\"></span>ongevit<span class=\"_ _2\"></span>y improvem<span class=\"_ _2\"></span>ents from 1 Ja<span class=\"_ _2\"></span>nuar<span class=\"_ _2\"></span>y 2021 are b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on amen<span class=\"_ _2\"></span>ded CM<span class=\"_ _2\"></span>I 2022 C<span class=\"_ _2\"></span>ore Proje<span class=\"_ _2\"></span>ctions (2<span class=\"_ _2\"></span>022: From 1 Janu<span class=\"_ _2\"></span>ary 2<span class=\"_ _2\"></span>021 bas<span class=\"_ _2\"></span>ed on ame<span class=\"_ _2\"></span>nded C<span class=\"_ _2\"></span>MI 2021 C<span class=\"_ _2\"></span>ore Proje<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s) with a long-te<span class=\"_ _2\"></span>rm rate of improveme<span class=\"_ _2\"></span>nt of 1.5% (20<span class=\"_ _2\"></span>22: 1<span class=\"_ _2\"></span>.5%) per ann<span class=\"_ _2\"></span>um for males a<span class=\"_ _2\"></span>nd 1.<span class=\"_ _2\"></span>2% (202<span class=\"_ _2\"></span>2: 1.<span class=\"_ _2\"></span>2%) per a<span class=\"_ _2\"></span>nnum for femal<span class=\"_ _2\"></span>es. Un<span class=\"_ _2\"></span>der the<span class=\"_ _2\"></span>se ass<span class=\"_ _2\"></span>umptions<span class=\"_ _2\"></span>, the avera<span class=\"_ _2\"></span>ge life expe<span class=\"_ _2\"></span>ctan<span class=\"_ _2\"></span>cy from retire<span class=\"_ _2\"></span>ment for a me<span class=\"_ _2\"></span>mber c<span class=\"_ _2\"></span>urrently ag<span class=\"_ _2\"></span>ed 40 re<span class=\"_ _2\"></span>tiring at ag<span class=\"_ _2\"></span>e 62 is 27<span class=\"_ _7\"></span>.4 ye<span class=\"_ _2\"></span>ars (2022<span class=\"_ _2\"></span>: 27<span class=\"_ _6\"></span>.7 ye<span class=\"_ _2\"></span>ars) and 28<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>8 years (202<span class=\"_ _2\"></span>2: 29.1 year<span class=\"_ _2\"></span>s) f<span class=\"_ _5\"></span>or ma<span class=\"_ _2\"></span>le and fema<span class=\"_ _2\"></span>le memb<span class=\"_ _2\"></span>ers resp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>tively.<span class=\"_ _3bc\"> </span>A quantitative sensitivit<span class=\"_ _2\"></span>y analysis for significant ac<span class=\"_ _2\"></span>tuarial ass<span class=\"_ _2\"></span>umptions is shown below:<span class=\"_ _3bc\"> </span><table class=\"s w9b4 h307\" id=\"_38a6ff4e-0231-42e4-b348-77d99b00bd72\"><tr><td class=\"t m0 x232 h3f y5c83 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"c n x197a y5c84 w99c h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls83 ws78\">Base<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x197b y5c84 w99d h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">Discount rate<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x197c y5c84 w99e h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls17 ws15\">RPI<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x197d y5c84 w99f h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls51 ws4b\">Life<span class=\"_ _7\"></span> expectancy<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5c85 ff3 fsf fc1 sc0 ls82 ws77\">Ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x197e h3f y5c86 ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x197f h3f y5c86 ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x48c h3f y5c86 ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td></td><td class=\"t m0 x15a1 h3f y5c86 ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x5ea h3f y5c86 ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td><td class=\"t m0 x1980 h3f y5c86 ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5c87 ff3 fsf fc1 sc0 ls70 ws67\">Sensitivit<span class=\"_ _2\"></span>y level<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x581 h3f y5c88 ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1981 h3f y5c88 ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1982 h3f y5c88 ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x1983 h3f y5c88 ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y5c88 ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d8 h3f y5c88 ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5c89 w9a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>ct on the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit oblig<span class=\"_ _2\"></span>ation (\u00a3m)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1984 y5c89 w165 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e6 y5c89 w715 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(32)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e7 y5c89 w659 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19e8 y5c89 w138 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">22<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x19e9 y5c89 w544 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">(<span class=\"_ _2\"></span>21)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ea y5c89 w34a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19eb y5c89 w9b5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">(<span class=\"_ _2\"></span>31)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 h16 y5c8a ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"c n x197a y5c8b w9a2 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls5b ws76\">Base<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x198b y5c8b w9a3 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse1 wscb\">Discount<span class=\"_ _5\"></span> rate<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x198c y5c8b w9a4 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls70 ws67\">R<span class=\"_ _2\"></span>PI<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x198d y5c8b w9a5 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1dd ws1df\">Life<span class=\"_ _5\"></span> expecta<span class=\"_ _5\"></span>ncy<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5c8c ff3 fsf fc1 sc0 ls82 ws77\">Ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x197e h16 y5c8d ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x197f h16 y5c8d ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x62f h16 y5c8d ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td></td><td class=\"t m0 x15a1 h16 y5c8d ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x5ea h16 y5c8d ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td><td class=\"t m0 x1980 h16 y5c8d ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5c8e ff3 fsf fc1 sc0 ls70 ws67\">Sensitivit<span class=\"_ _2\"></span>y level<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x198e h16 y5c8f ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1981 h16 y5c8f ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x97a h16 y5c8f ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x198f h16 y5c8f ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x11da h16 y5c8f ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7e8 h16 y5c8f ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ef w9a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>ct on the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit oblig<span class=\"_ _2\"></span>ation (\u00a3m)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1984 y55ef w1b6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">1<span class=\"_ _2\"></span>,083<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ec y55ef w223 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ed y55ef w794 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">33<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19ee y55ef w137 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">23<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x19ef y55ef w1dd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19f0 y55ef w7d1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls4b ws122\">30<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19f1 y55ef w9b6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">(3<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td></tr></table>The ab<span class=\"_ _2\"></span>ove sensiti<span class=\"_ _2\"></span>vity a<span class=\"_ _2\"></span>nalyse<span class=\"_ _2\"></span>s are bas<span class=\"_ _2\"></span>ed on a cha<span class=\"_ _2\"></span>nge in an a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>n while holdin<span class=\"_ _2\"></span>g all other as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s cons<span class=\"_ _2\"></span>tant. I<span class=\"_ _2\"></span>n prac<span class=\"_ _2\"></span>tice, this i<span class=\"_ _2\"></span>s unlik<span class=\"_ _5\"></span>ely to occ<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>, an<span class=\"_ _2\"></span>d chan<span class=\"_ _2\"></span>ges in so<span class=\"_ _2\"></span>me of the as<span class=\"_ _2\"></span>sumptions m<span class=\"_ _2\"></span>ay be corre<span class=\"_ _2\"></span>lated. Wh<span class=\"_ _2\"></span>en calc<span class=\"_ _2\"></span>ulating th<span class=\"_ _2\"></span>e sensit<span class=\"_ _2\"></span>ivity of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation to signifi<span class=\"_ _2\"></span>cant ac<span class=\"_ _2\"></span>tuarial a<span class=\"_ _2\"></span>ssumpt<span class=\"_ _2\"></span>ions the s<span class=\"_ _2\"></span>ame meth<span class=\"_ _2\"></span>od has b<span class=\"_ _2\"></span>een app<span class=\"_ _2\"></span>lied as wh<span class=\"_ _2\"></span>en calc<span class=\"_ _2\"></span>ulating the p<span class=\"_ _2\"></span>ensio<span class=\"_ _2\"></span>n liabilit<span class=\"_ _2\"></span>y reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d within the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consolidated financial position.<span class=\"_ _3bc\"> </span>G1<span class=\"_ _2\"></span>.3 Ab<span class=\"_ _2\"></span>bey Life St<span class=\"_ _2\"></span>aff Pen<span class=\"_ _2\"></span>sion S<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span>Scheme details<span class=\"_ _3bc\"> </span>On 3<span class=\"_ _2\"></span>0 June 2017, the Abbey Life S<span class=\"_ _2\"></span>cheme w<span class=\"_ _2\"></span>as trans<span class=\"_ _2\"></span>ferred from A<span class=\"_ _2\"></span>bbey Life to PeLHL<span class=\"_ _2\"></span>, a fellow subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>. Pe<span class=\"_ _2\"></span>LHL ass<span class=\"_ _2\"></span>umed th<span class=\"_ _2\"></span>e schem<span class=\"_ _2\"></span>e covenant toge<span class=\"_ _2\"></span>ther with all o<span class=\"_ _2\"></span>bligation<span class=\"_ _2\"></span>s of the sche<span class=\"_ _2\"></span>me following im<span class=\"_ _2\"></span>pleme<span class=\"_ _2\"></span>ntation of the tr<span class=\"_ _2\"></span>ansfer. The Abbey Life S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e is a regis<span class=\"_ _2\"></span>tered o<span class=\"_ _2\"></span>ccupat<span class=\"_ _2\"></span>ional pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>eme, s<span class=\"_ _2\"></span>et up under tr<span class=\"_ _2\"></span>ust, a<span class=\"_ _2\"></span>nd leg<span class=\"_ _2\"></span>ally sep<span class=\"_ _2\"></span>arate from the e<span class=\"_ _2\"></span>mployer PeLH<span class=\"_ _2\"></span>L. The s<span class=\"_ _2\"></span>cheme i<span class=\"_ _2\"></span>s adminis<span class=\"_ _2\"></span>tered by Abb<span class=\"_ _2\"></span>ey Life T<span class=\"_ _6\"></span>ru<span class=\"_ _2\"></span>st Se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s Limited (the tr<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>e)<span class=\"_ _5\"></span>, a cor<span class=\"_ _2\"></span>porate tru<span class=\"_ _2\"></span>stee. T<span class=\"_ _2\"></span>here are thre<span class=\"_ _2\"></span>e trus<span class=\"_ _2\"></span>tee direc<span class=\"_ _2\"></span>tors<span class=\"_ _2\"></span>, one of whom is n<span class=\"_ _2\"></span>ominated by t<span class=\"_ _2\"></span>he Abbey Life S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e membe<span class=\"_ _2\"></span>rs and t<span class=\"_ _2\"></span>wo of whom are app<span class=\"_ _2\"></span>ointed by PeLHL<span class=\"_ _2\"></span>. The tru<span class=\"_ _2\"></span>stee is re<span class=\"_ _2\"></span>spons<span class=\"_ _2\"></span>ible for adminis<span class=\"_ _2\"></span>tering th<span class=\"_ _2\"></span>e schem<span class=\"_ _2\"></span>e in acc<span class=\"_ _2\"></span>ordance w<span class=\"_ _2\"></span>ith the trus<span class=\"_ _2\"></span>t dee<span class=\"_ _2\"></span>d and rule<span class=\"_ _2\"></span>s and pen<span class=\"_ _2\"></span>sions laws a<span class=\"_ _2\"></span>nd reg<span class=\"_ _2\"></span>ulations<span class=\"_ _2\"></span>. The Abb<span class=\"_ _2\"></span>ey Life Sche<span class=\"_ _2\"></span>me is clos<span class=\"_ _2\"></span>ed to new e<span class=\"_ _2\"></span>ntrants an<span class=\"_ _2\"></span>d has no a<span class=\"_ _2\"></span>ctive me<span class=\"_ _2\"></span>mber<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The val<span class=\"_ _2\"></span>uation has b<span class=\"_ _2\"></span>een b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n an ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent of the liabiliti<span class=\"_ _2\"></span>es of the Abbe<span class=\"_ _2\"></span>y Life Sche<span class=\"_ _2\"></span>me as at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023 un<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>taken by indep<span class=\"_ _2\"></span>endent qualifie<span class=\"_ _2\"></span>d act<span class=\"_ _2\"></span>uaries<span class=\"_ _2\"></span>. The pre<span class=\"_ _2\"></span>sent value<span class=\"_ _2\"></span>s of the define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t obligatio<span class=\"_ _2\"></span>n and the rel<span class=\"_ _2\"></span>ated interes<span class=\"_ _2\"></span>t cos<span class=\"_ _2\"></span>ts have be<span class=\"_ _2\"></span>en mea<span class=\"_ _2\"></span>sured usin<span class=\"_ _2\"></span>g the proj<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d unit cre<span class=\"_ _2\"></span>dit metho<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span>Funding<span class=\"_ _3bc\"> </span>The la<span class=\"_ _2\"></span>st fund<span class=\"_ _2\"></span>ing valuatio<span class=\"_ _2\"></span>n of the Abbey Life S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e was carri<span class=\"_ _2\"></span>ed out by a qu<span class=\"_ _2\"></span>alified ac<span class=\"_ _2\"></span>tuar<span class=\"_ _2\"></span>y as at 31 M<span class=\"_ _2\"></span>arch 202<span class=\"_ _2\"></span>1 and showe<span class=\"_ _2\"></span>d a deficit of \u00a38<span class=\"_ _2\"></span>6 million. Follow<span class=\"_ _2\"></span>ing comp<span class=\"_ _2\"></span>letion of the fun<span class=\"_ _2\"></span>ding valuat<span class=\"_ _2\"></span>ion a recover<span class=\"_ _2\"></span>y pla<span class=\"_ _2\"></span>n was agre<span class=\"_ _2\"></span>ed bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the Group an<span class=\"_ _2\"></span>d the trus<span class=\"_ _2\"></span>tee of the Ab<span class=\"_ _2\"></span>bey Life Sc<span class=\"_ _2\"></span>heme for PeLH<span class=\"_ _2\"></span>L to pay monthl<span class=\"_ _2\"></span>y contribu<span class=\"_ _2\"></span>tions of \u00a3<span class=\"_ _5\"></span>40<span class=\"_ _2\"></span>0,0<span class=\"_ _2\"></span>00 into th<span class=\"_ _2\"></span>e Sch<span class=\"_ _2\"></span>eme until 31 Jul<span class=\"_ _2\"></span>y 2025 to elimin<span class=\"_ _2\"></span>ate the fundin<span class=\"_ _2\"></span>g shor<span class=\"_ _2\"></span>tf<span class=\"_ _2\"></span>all. In addi<span class=\"_ _2\"></span>tion, the entire b<span class=\"_ _2\"></span>alanc<span class=\"_ _2\"></span>e of the 2013 Ch<span class=\"_ _2\"></span>arged Ac<span class=\"_ _2\"></span>count of \u00a342 million was paid to t<span class=\"_ _2\"></span>he Sch<span class=\"_ _2\"></span>eme in De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2021<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A new s<span class=\"_ _2\"></span>chedul<span class=\"_ _2\"></span>e of contributio<span class=\"_ _2\"></span>ns was agre<span class=\"_ _2\"></span>ed ef<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>ive from Novembe<span class=\"_ _2\"></span>r 2021<span class=\"_ _2\"></span>, for PeLHL to pay t<span class=\"_ _2\"></span>he following am<span class=\"_ _2\"></span>ounts in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of deficit contrib<span class=\"_ _2\"></span>utions in a<span class=\"_ _2\"></span>ddition to the am<span class=\"_ _2\"></span>ounts p<span class=\"_ _2\"></span>ayable under t<span class=\"_ _2\"></span>he recover<span class=\"_ _2\"></span>y pla<span class=\"_ _2\"></span>n:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>fi<span class=\"_ _2\"></span>xed monthl<span class=\"_ _2\"></span>y contribut<span class=\"_ _2\"></span>ions of \u00a3<span class=\"_ _5\"></span>40<span class=\"_ _2\"></span>0,0<span class=\"_ _2\"></span>00 p<span class=\"_ _2\"></span>ayable from 1 Aug<span class=\"_ _2\"></span>ust 20<span class=\"_ _2\"></span>25 to 30 Jun<span class=\"_ _2\"></span>e 2026<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>m<span class=\"_ _2\"></span>onthly co<span class=\"_ _2\"></span>ntribution<span class=\"_ _2\"></span>s in respe<span class=\"_ _2\"></span>ct of adminis<span class=\"_ _2\"></span>tration ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es of \u00a310<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>,29<span class=\"_ _2\"></span>5 payab<span class=\"_ _2\"></span>le up to 31 March 2<span class=\"_ _2\"></span>022, the<span class=\"_ _2\"></span>n increas<span class=\"_ _2\"></span>ing annua<span class=\"_ _2\"></span>lly in line with the Ret<span class=\"_ _2\"></span>ail Prices I<span class=\"_ _2\"></span>ndex as<span class=\"_ _2\"></span>sumption to 3<span class=\"_ _2\"></span>0 June 202<span class=\"_ _2\"></span>8; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>nnual paym<span class=\"_ _2\"></span>ents of \u00a34 million into the New 2<span class=\"_ _2\"></span>016 Ch<span class=\"_ _2\"></span>arged A<span class=\"_ _2\"></span>ccount by 31 J<span class=\"_ _2\"></span>uly eac<span class=\"_ _2\"></span>h year<span class=\"_ _7\"></span>, w<span class=\"_ _2\"></span>ith the nex<span class=\"_ _2\"></span>t payme<span class=\"_ _2\"></span>nt being m<span class=\"_ _2\"></span>ade on 31 J<span class=\"_ _2\"></span>uly 2022, and th<span class=\"_ _2\"></span>e last pay<span class=\"_ _2\"></span>ment due by 31 J<span class=\"_ _2\"></span>uly 2025<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The ch<span class=\"_ _2\"></span>arge<span class=\"_ _2\"></span>d acco<span class=\"_ _2\"></span>unt is an Esc<span class=\"_ _2\"></span>row acco<span class=\"_ _2\"></span>unt which was c<span class=\"_ _2\"></span>reated to provid<span class=\"_ _2\"></span>e the trus<span class=\"_ _2\"></span>tees with a<span class=\"_ _2\"></span>ddition<span class=\"_ _2\"></span>al sec<span class=\"_ _2\"></span>urity in lig<span class=\"_ _2\"></span>ht of the fundin<span class=\"_ _2\"></span>g deficit. The<span class=\"_ gs132\"> </span>am<span class=\"_ _2\"></span>ounts h<span class=\"_ _2\"></span>eld in the ch<span class=\"_ _2\"></span>arged a<span class=\"_ _2\"></span>ccount d<span class=\"_ _2\"></span>oes not form p<span class=\"_ _2\"></span>art of Abb<span class=\"_ _2\"></span>ey Life Sch<span class=\"_ _2\"></span>eme as<span class=\"_ _2\"></span>sets<span class=\"_ _3bc\"> </span>Unde<span class=\"_ _2\"></span>r the terms of th<span class=\"_ _2\"></span>e New 201<span class=\"_ _2\"></span>6 Funding Agre<span class=\"_ _2\"></span>ement t<span class=\"_ _2\"></span>he fundin<span class=\"_ _2\"></span>g position of th<span class=\"_ _2\"></span>e Abbey Life S<span class=\"_ _2\"></span>cheme will b<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>ed as at 31 M<span class=\"_ _2\"></span>arch 2027<span class=\"_ _7\"></span>. A<span class=\"_ gs132\"> </span>payme<span class=\"_ _2\"></span>nt will be ma<span class=\"_ _2\"></span>de from the Ne<span class=\"_ _2\"></span>w 2016 Ch<span class=\"_ _2\"></span>arge<span class=\"_ _2\"></span>d Account to th<span class=\"_ _2\"></span>e Sche<span class=\"_ _2\"></span>me if the res<span class=\"_ _2\"></span>ults of the a<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>sment re<span class=\"_ _2\"></span>veal a shor<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>fall calc<span class=\"_ _2\"></span>ulated in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with the term<span class=\"_ _2\"></span>s of the New 20<span class=\"_ _2\"></span>16 Funding Ag<span class=\"_ _2\"></span>reem<span class=\"_ _2\"></span>ent. The a<span class=\"_ _2\"></span>mount of the paym<span class=\"_ _2\"></span>ent will be th<span class=\"_ _2\"></span>e lower of the amo<span class=\"_ _2\"></span>unt of the shor<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>fall and the am<span class=\"_ _2\"></span>ount held in th<span class=\"_ _2\"></span>e New 201<span class=\"_ _2\"></span>6 Charg<span class=\"_ _2\"></span>ed Acc<span class=\"_ _2\"></span>ount.<span class=\"_ _3bc\"> </span>An addi<span class=\"_ _2\"></span>tional liabili<span class=\"_ _2\"></span>ty of \u00a32 m<span class=\"_ _2\"></span>illion (2022: \u00a3<span class=\"_ _2\"></span>3 million) has b<span class=\"_ _2\"></span>een rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed refle<span class=\"_ _2\"></span>cting a c<span class=\"_ _2\"></span>harge on any ref<span class=\"_ _2\"></span>und of the resul<span class=\"_ _2\"></span>tant IAS 1<span class=\"_ _2\"></span>9 surplus th<span class=\"_ _2\"></span>at arise<span class=\"_ _2\"></span>s after a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment for dis<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d future cont<span class=\"_ _2\"></span>ributions of \u00a3<span class=\"_ _2\"></span>11 million (2022<span class=\"_ _2\"></span>: \u00a315 m<span class=\"_ _2\"></span>illion) in acco<span class=\"_ _2\"></span>rdance wi<span class=\"_ _2\"></span>th the minimum f<span class=\"_ _2\"></span>unding req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>. A deferre<span class=\"_ _2\"></span>d tax as<span class=\"_ _2\"></span>set of \u00a33 millio<span class=\"_ _2\"></span>n (2022: \u00a33 m<span class=\"_ _2\"></span>illion) has als<span class=\"_ _2\"></span>o been re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised to refl<span class=\"_ _2\"></span>ect t<span class=\"_ _2\"></span>ax relief at a rate of 25% th<span class=\"_ _2\"></span>at is expe<span class=\"_ _2\"></span>cted to b<span class=\"_ _2\"></span>e available on the c<span class=\"_ _2\"></span>ontribution<span class=\"_ _2\"></span>s once p<span class=\"_ _2\"></span>aid into the Sc<span class=\"_ _2\"></span>heme.<span class=\"_ _3bc\"> </span>Sum<span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span>y of amo<span class=\"_ _2\"></span>unts r<span class=\"_ _2\"></span>ecog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>ateme<span class=\"_ _2\"></span>nts<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>ounts re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated fina<span class=\"_ _2\"></span>ncial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts are as follow<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span>Minimum funding Fair v<span class=\"_ _2\"></span>alue o<span class=\"_ _2\"></span>f De<span class=\"_ _2\"></span>fine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efit requirement sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets obligation obligation To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l 2023<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>At 1 Janu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>20<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>211<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(3)<span class=\"_ _3bc\"> </span>(8)<span class=\"_ _3bc\"> </span>Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span>10<span class=\"_ _3bc\"> </span>(10)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>Administration expe<span class=\"_ _2\"></span>nses<span class=\"_ _3bc\"> </span>(2)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(2)<span class=\"_ _3bc\"> </span>Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span>8<span class=\"_ _3bc\"> </span>(10<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(2)<span class=\"_ _3bc\"> </span>Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span>Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in intere<span class=\"_ _2\"></span>st inco<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>Expe<span class=\"_ _2\"></span>rience loss<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(4)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(4)<span class=\"_ _3bc\"> </span>Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in demo<span class=\"_ _2\"></span>graphi<span class=\"_ _2\"></span>c assum<span class=\"_ _2\"></span>ptions<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>Loss fro<span class=\"_ _2\"></span>m chang<span class=\"_ _2\"></span>es in finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(6)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(6)<span class=\"_ _3bc\"> </span>Chan<span class=\"_ _2\"></span>ge in minimum f<span class=\"_ _2\"></span>unding re<span class=\"_ _2\"></span>quirement ob<span class=\"_ _2\"></span>ligation<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>Incl<span class=\"_ _2\"></span>uded in oth<span class=\"_ _2\"></span>er compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>(8)<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>(5)<span class=\"_ _3bc\"> </span>Employer's contributions<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span>(11<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>11<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span>211<span class=\"_ _3bc\"> </span>(21<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span>(2)<span class=\"_ _3bc\"> </span>(9)<span class=\"_ _3bc\"> </span>Prov<span class=\"_ _2\"></span>ision f<span class=\"_ _2\"></span>or ta<span class=\"_ _2\"></span>x on the e<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>omic Minimum fundin<span class=\"_ _2\"></span>g Fair v<span class=\"_ _2\"></span>alue of s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me Defined benefit<span class=\"_ _7\"></span> surplus available<span class=\"_ _5\"></span> as a requirem<span class=\"_ _2\"></span>ent as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s obligation refund obligation To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l 2022<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>At 1<span class=\"_ _5\"></span> January<span class=\"_ _3bc\"> </span>330<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span>(4)<span class=\"_ _3bc\"> </span>(7)<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>(6<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>Administrative expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span>Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span>5<span class=\"_ _3bc\"> </span>(6)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span>Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in<span class=\"_ _3bc\"> </span>interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>123)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(1<span class=\"_ _2\"></span>23)<span class=\"_ _3bc\"> </span>Expe<span class=\"_ _2\"></span>rience loss<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(9)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(9)<span class=\"_ _3bc\"> </span>Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>110<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>110<span class=\"_ _3bc\"> </span>Chan<span class=\"_ _2\"></span>ge in minimum f<span class=\"_ _2\"></span>unding re<span class=\"_ _2\"></span>quirement ob<span class=\"_ _2\"></span>ligation<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>Chan<span class=\"_ _2\"></span>ge in provision fo<span class=\"_ _2\"></span>r tax on e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic surplus availa<span class=\"_ _2\"></span>ble as a refun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>Incl<span class=\"_ _2\"></span>uded in othe<span class=\"_ _2\"></span>r compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span>(1<span class=\"_ _2\"></span>23)<span class=\"_ _3bc\"> </span>101<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>(14)<span class=\"_ _3bc\"> </span>Employer's contributions<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span>(12)<span class=\"_ _3bc\"> </span>12<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span>206<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>1)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(3)<span class=\"_ _3bc\"> </span><span class=\"ff3\"><span class=\"ls16f ws1ad\"><span class=\"ls1ac ws1a4\">(8</span></span></span><div class=\"t m0 he ff7 fs7 fc1 sc0 ls12 ws10 gs80f\">Scheme assets<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs810\">The dis<span class=\"_ _2\"></span>tributio<span class=\"_ _2\"></span>n of the sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>ets at th<span class=\"_ _2\"></span>e end of the year w<span class=\"_ _2\"></span>as as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"gs811\"><table class=\"s w9c2 h30a\" id=\"_1026d401-82e6-4601-886b-d8ecf7cdf486\"><tr><td></td><td class=\"c n x1a54 y5c7b w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x1a55 y5c7b w985 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2<span class=\"_ _2\"></span>022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x4c0 h3f y5cb4 ff7 fsf fc1 sc0 ls0 ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot </td><td></td><td class=\"t m0 x1a56 h16 y5cb4 ff3 fsf fc1 sc0 ls0 ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot </td></tr><tr><td></td><td></td><td class=\"t m0 x579 h3f y5cb5 ff7 fsf fc1 sc0 ls0 ws0\">quo<span class=\"_ _2\"></span>ted i<span class=\"_ _2\"></span>n an ac<span class=\"_ _2\"></span>tive </td><td></td><td class=\"t m0 x1a57 h16 y5cb5 ff3 fsf fc1 sc0 ls0 ws0\">quo<span class=\"_ _2\"></span>ted in an a<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ve </td></tr><tr><td></td><td class=\"t m0 xf4d h3f y5cb6 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x1a58 h3f y5cb6 ff7 fsf fc1 sc0 ls5b ws76\">market<span class=\"_ _5\"></span> </td><td class=\"t m0 x90b h16 y5cb6 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x967 h16 y5cb6 ff3 fsf fc1 sc0 lsee ws128\">ma<span class=\"_ _2\"></span>rke<span class=\"_ _2\"></span>t </td></tr><tr><td></td><td class=\"t m0 x582 h3f y5cb7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h3f y5cb7 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h16 y5cb7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5cb7 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y561a w9c3 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Diver<span class=\"_ _2\"></span>sified in<span class=\"_ _2\"></span>come fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a59 y561a w357 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a5a y561a w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a5b y561a w31a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">44<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a5c y561a w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w9c4 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Fixe<span class=\"_ _2\"></span>d interest g<span class=\"_ _2\"></span>overnment b<span class=\"_ _2\"></span>onds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a5d y561b w2ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">148<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a5e y561b w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x220 y561b w13f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">86<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1520 y561b w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w9c5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Corporate bonds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a5f y561c w1bc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b4 ws1b3\">97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a60 y561c w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a61 y561c wa4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">87<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a62 y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5600 wea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Derivatives<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a63 y5600 w8b5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(85<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a64 y5600 w83f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(85<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1548 y5600 w1d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(15)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1549 y5600 w1d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(15)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w120 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a65 y561e w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a66 y561e w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a67 y561e wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ae y561e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w9c6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Pensi<span class=\"_ _5\"></span>on scheme assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a68 y55ef w55e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lscc wsba\">211<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a69 y55ef w83f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(85<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1506 y55ef w4f7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">206<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6a y55ef w1d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(15)<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls69 ws5e gs812\">Defined b<span class=\"_ _2\"></span>enefit obligation<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs813\">The c<span class=\"_ _2\"></span>alculati<span class=\"_ _2\"></span>on of the define<span class=\"_ _2\"></span>d benefit o<span class=\"_ _2\"></span>bligatio<span class=\"_ _2\"></span>n can be all<span class=\"_ _2\"></span>ocate<span class=\"_ _2\"></span>d to the Abbey Life S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e\u2019<span class=\"_ _7\"></span>s m<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>rs as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs814\">\u2022 <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>eferred s<span class=\"_ _2\"></span>cheme m<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>rs: 4<span class=\"_ _2\"></span>4% (2022: 4<span class=\"_ _2\"></span>4%); and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs815\">\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">Pensioners: 56% (<span class=\"_ _5\"></span>2022: 56%)<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs816\">The wei<span class=\"_ _2\"></span>ghted averag<span class=\"_ _2\"></span>e duration of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23 is 13.<span class=\"_ _2\"></span>5 year<span class=\"_ _2\"></span>s (2022: 13<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>5 years).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls61 ws5f gs817\">Principal as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs818\">The pr<span class=\"_ _2\"></span>incipal fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>sumptio<span class=\"_ _2\"></span>ns of the Abbe<span class=\"_ _2\"></span>y Life Schem<span class=\"_ _2\"></span>e are set ou<span class=\"_ _2\"></span>t in the tabl<span class=\"_ _2\"></span>e below<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"gs819\"><table class=\"s w9b2 h30b\" id=\"_0d0a1f74-cd3f-49df-ab0d-5b215fb77677\"><tr><td></td><td class=\"t m0 x44d h3f y5cb8 ff7 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>3 </td><td class=\"t m0 x1e4 h16 y5cb8 ff3 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>2 </td></tr><tr><td></td><td class=\"t m0 x8d9 h3f y5cb9 ff7 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ad h16 y5cb9 ff3 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y58c1 w98e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for pe<span class=\"_ _2\"></span>nsions in p<span class=\"_ _2\"></span>ayment (5% pe<span class=\"_ _2\"></span>r annum or R<span class=\"_ _2\"></span>PI if lower)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1970 y58c1 w3ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">2.90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1971 y58c1 w98f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c9 ws1c9\">3.05<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5718 w9c7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for defer<span class=\"_ _2\"></span>red pen<span class=\"_ _2\"></span>sions ('<span class=\"_ _2\"></span>CPI<span class=\"_ _2\"></span>' subj<span class=\"_ _2\"></span>ect to c<span class=\"_ _2\"></span>aps)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6b y5718 w991 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls38 ws35\">2.60<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6c y5718 w99a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d7 ws1d7\">2<span class=\"_ _2\"></span>.70<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5719 w993 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Disc<span class=\"_ _2\"></span>ount rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1974 y5719 w2e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">4.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1975 y5719 w994 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">4.<span class=\"_ _2\"></span>95<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y571a w995 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 RPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1976 y571a w996 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c7 ws1c7\">3.10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1977 y571a w997 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c9 ws1c9\">3.30<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w998 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 CPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1978 y55ef w999 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls38 ws35\">2.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1979 y55ef w99a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d7 ws1d7\">2<span class=\"_ _2\"></span>.70<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs81a\">The dis<span class=\"_ _2\"></span>count rate a<span class=\"_ _2\"></span>nd inflation a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns have bee<span class=\"_ _2\"></span>n determin<span class=\"_ _2\"></span>ed by cons<span class=\"_ _2\"></span>idering th<span class=\"_ _2\"></span>e shape of th<span class=\"_ _2\"></span>e appropri<span class=\"_ _2\"></span>ate yield cur<span class=\"_ _2\"></span>ves and t<span class=\"_ _2\"></span>he duration of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs81b\">the Abb<span class=\"_ _2\"></span>ey Life Sch<span class=\"_ _2\"></span>eme liabiliti<span class=\"_ _2\"></span>es. Th<span class=\"_ _2\"></span>is metho<span class=\"_ _2\"></span>d determine<span class=\"_ _2\"></span>s an equiva<span class=\"_ _2\"></span>lent singl<span class=\"_ _2\"></span>e rate for eac<span class=\"_ _2\"></span>h of the disco<span class=\"_ _2\"></span>unt and inflation r<span class=\"_ _2\"></span>ates<span class=\"_ _2\"></span>, which<span class=\"_ gs132\"> </span>is<span class=\"_ gs132\"> </span>deri<span class=\"_ _2\"></span>ved </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs81c\">from the p<span class=\"_ _2\"></span>rofile of proje<span class=\"_ _2\"></span>cted b<span class=\"_ _2\"></span>enefit paym<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs81d\">The p<span class=\"_ _2\"></span>ost-retirem<span class=\"_ _2\"></span>ent mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s are in line with a sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>-spe<span class=\"_ _2\"></span>cific tab<span class=\"_ _2\"></span>le which was d<span class=\"_ _2\"></span>erived from th<span class=\"_ _2\"></span>e act<span class=\"_ _2\"></span>ual mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y exp<span class=\"_ _2\"></span>erienc<span class=\"_ _2\"></span>e in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs81e\">rec<span class=\"_ _2\"></span>ent years<span class=\"_ _2\"></span>, per<span class=\"_ _2\"></span>forme<span class=\"_ _2\"></span>d as par<span class=\"_ _2\"></span>t of the ac<span class=\"_ _2\"></span>tuaria<span class=\"_ _2\"></span>l funding val<span class=\"_ _2\"></span>uation as at 31 M<span class=\"_ _2\"></span>arch 202<span class=\"_ _2\"></span>1, usin<span class=\"_ _2\"></span>g the SAPS S<span class=\"_ _2\"></span>3 \u2018Lig<span class=\"_ _2\"></span>ht\u2019 ta<span class=\"_ _2\"></span>bles for mal<span class=\"_ _2\"></span>es and for fem<span class=\"_ _2\"></span>ales </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs81f\">bas<span class=\"_ _2\"></span>ed on year of us<span class=\"_ _2\"></span>e. Future long<span class=\"_ _2\"></span>evit<span class=\"_ _2\"></span>y improveme<span class=\"_ _2\"></span>nts from 1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 2021 are b<span class=\"_ _2\"></span>ased on a<span class=\"_ _2\"></span>mende<span class=\"_ _2\"></span>d CM<span class=\"_ _2\"></span>I 2022 Co<span class=\"_ _2\"></span>re Projec<span class=\"_ _2\"></span>tions (202<span class=\"_ _2\"></span>2: From </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs820\">1 Janu<span class=\"_ _2\"></span>ary 2<span class=\"_ _2\"></span>021 bas<span class=\"_ _2\"></span>ed on am<span class=\"_ _2\"></span>ended C<span class=\"_ _2\"></span>MI 202<span class=\"_ _2\"></span>1 Core Proj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ions) and a lon<span class=\"_ _2\"></span>g-term rate of improvem<span class=\"_ _2\"></span>ent of 1.<span class=\"_ _2\"></span>5% (2022: 1<span class=\"_ _2\"></span>.5%) pe<span class=\"_ _2\"></span>r annum for ma<span class=\"_ _2\"></span>les </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs821\">and 1<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>% (2022: 1<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>%) per annum for fem<span class=\"_ _2\"></span>ales<span class=\"_ _2\"></span>. Under t<span class=\"_ _2\"></span>hese as<span class=\"_ _2\"></span>sumptio<span class=\"_ _2\"></span>ns the averag<span class=\"_ _2\"></span>e life expe<span class=\"_ _2\"></span>ctan<span class=\"_ _2\"></span>cy from retirem<span class=\"_ _2\"></span>ent for a mem<span class=\"_ _2\"></span>ber curre<span class=\"_ _2\"></span>ntly </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs822\">age<span class=\"_ _2\"></span>d 45 retir<span class=\"_ _2\"></span>ing at age 6<span class=\"_ _2\"></span>5 is 24.<span class=\"_ _2\"></span>5 years an<span class=\"_ _2\"></span>d 25.6 ye<span class=\"_ _2\"></span>ars for ma<span class=\"_ _2\"></span>le and fema<span class=\"_ _2\"></span>le memb<span class=\"_ _2\"></span>ers resp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ively (2022<span class=\"_ _2\"></span>: 2<span class=\"_ _7\"></span>4<span class=\"_ _2\"></span>.8 ye<span class=\"_ _2\"></span>ars and 2<span class=\"_ _2\"></span>5.<span class=\"_ _2\"></span>9 years res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>tively).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c ws1a gs823\">A quantitative sensitivit<span class=\"_ _2\"></span>y analysis for significant ac<span class=\"_ _2\"></span>tuarial ass<span class=\"_ _2\"></span>umptions is shown below:<span class=\"_ _3bc\"> </span></div><div class=\"gs824\"><table class=\"s w9c8 h30c\" id=\"_e19eb890-6c81-490c-9d73-ca1d4874850f\"><tr><td class=\"t m0 x232 h3f y5cba ff7 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>3 </td><td class=\"c n x197a y5cbb w99c h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls83 ws78\">Base<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x197b y5cbb w99d h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">Discount rate<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x197c y5cbb w99e h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls17 ws15\">RPI<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x197d y5cbb w99f h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls51 ws4b\">Life<span class=\"_ _7\"></span> expectancy<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5cbc ff3 fsf fc1 sc0 ls82 ws77\">Ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x197e h3f y5cbd ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x197f h3f y5cbd ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x48c h3f y5cbd ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td></td><td class=\"t m0 x15a1 h3f y5cbd ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x5ea h3f y5cbd ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td><td class=\"t m0 x1980 h3f y5cbd ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5cbe ff3 fsf fc1 sc0 ls70 ws67\">Sensitivit<span class=\"_ _2\"></span>y level<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x581 h3f y5cbf ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1981 h3f y5cbf ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1982 h3f y5cbf ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x1983 h3f y5cbf ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y5cbf ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d8 h3f y5cbf ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5cc0 w9a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>ct on the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit oblig<span class=\"_ _2\"></span>ation (\u00a3m)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6d y5cc0 w1f7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">21<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6e y5cc0 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6f y5cc0 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a70 y5cc0 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1a71 y5cc0 w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a72 y5cc0 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a73 y5cc0 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 h16 y5cc1 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"c n x197a y5cc2 w9a2 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls5b ws76\">Base<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x198b y5cc2 w9a3 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse1 wscb\">Discount<span class=\"_ _5\"></span> rate<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x198c y5cc2 w9a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls70 ws67\">R<span class=\"_ _2\"></span>PI<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x198d y5cc2 w9a5 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1dd ws1df\">Life<span class=\"_ _5\"></span> expecta<span class=\"_ _5\"></span>ncy<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5cc3 ff3 fsf fc1 sc0 ls82 ws77\">Ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x197e h16 y5cc4 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x197f h16 y5cc4 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x62f h16 y5cc4 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td></td><td class=\"t m0 x15a1 h16 y5cc4 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x5ea h16 y5cc4 ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td><td class=\"t m0 x1980 h16 y5cc4 ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5cc5 ff3 fsf fc1 sc0 ls70 ws67\">Sensitivit<span class=\"_ _2\"></span>y level<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x198e h16 y5cc6 ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1981 h16 y5cc6 ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x97a h16 y5cc6 ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x198f h16 y5cc6 ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x11da h16 y5cc6 ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7e8 h16 y5cc6 ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ef w9a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>ct on the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit oblig<span class=\"_ _2\"></span>ation (\u00a3m)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6d y55ef wd0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">21<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a74 y55ef w9c9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a75 y55ef wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a76 y55ef wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1a77 y55ef w576 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a78 y55ef w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a79 y55ef w419 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs825\">The ab<span class=\"_ _2\"></span>ove sensiti<span class=\"_ _2\"></span>vity a<span class=\"_ _2\"></span>nalyse<span class=\"_ _2\"></span>s are bas<span class=\"_ _2\"></span>ed on a cha<span class=\"_ _2\"></span>nge in an a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>n while holdin<span class=\"_ _2\"></span>g all other as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s cons<span class=\"_ _2\"></span>tant. I<span class=\"_ _2\"></span>n<span class=\"_ gs132\"> </span>prac<span class=\"_ _2\"></span>tice, this i<span class=\"_ _2\"></span>s<span class=\"_ gs132\"> </span>unlik<span class=\"_ _5\"></span>ely to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs826\">occ<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>, an<span class=\"_ _2\"></span>d chan<span class=\"_ _2\"></span>ges in so<span class=\"_ _2\"></span>me of the as<span class=\"_ _2\"></span>sumptions m<span class=\"_ _2\"></span>ay be corre<span class=\"_ _2\"></span>lated. Wh<span class=\"_ _2\"></span>en calc<span class=\"_ _2\"></span>ulating th<span class=\"_ _2\"></span>e sensit<span class=\"_ _2\"></span>ivity of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs827\">signifi<span class=\"_ _2\"></span>cant ac<span class=\"_ _2\"></span>tuarial a<span class=\"_ _2\"></span>ssumpt<span class=\"_ _2\"></span>ions the s<span class=\"_ _2\"></span>ame meth<span class=\"_ _2\"></span>od has b<span class=\"_ _2\"></span>een app<span class=\"_ _2\"></span>lied as wh<span class=\"_ _2\"></span>en<span class=\"_ gs132\"> </span>calc<span class=\"_ _2\"></span>ulating the p<span class=\"_ _2\"></span>ensio<span class=\"_ _2\"></span>n liabilit<span class=\"_ _2\"></span>y reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d within<span class=\"_ gs132\"> </span>the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls18 ws16 gs828\">consolidated financial position.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs829\">G1<span class=\"_ _2\"></span>.4 ReA<span class=\"_ _2\"></span>ssur<span class=\"_ _2\"></span>e Life Staf<span class=\"_ _2\"></span>f Pens<span class=\"_ _2\"></span>ion S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs82a\">Scheme details<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs82b\">The ReA<span class=\"_ _2\"></span>ssure S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e is a regis<span class=\"_ _2\"></span>tered o<span class=\"_ _2\"></span>ccupat<span class=\"_ _2\"></span>ional pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>, set up under t<span class=\"_ _2\"></span>rust<span class=\"_ _2\"></span>, and le<span class=\"_ _2\"></span>gally se<span class=\"_ _2\"></span>parate from th<span class=\"_ _2\"></span>e employer Re<span class=\"_ _2\"></span>Assure M<span class=\"_ _2\"></span>idco </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs82c\">Limited (<span class=\"_ _2\"></span>\u2018R<span class=\"_ _2\"></span>ML<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>). The sche<span class=\"_ _2\"></span>me is admin<span class=\"_ _2\"></span>istere<span class=\"_ _2\"></span>d by ReAss<span class=\"_ _2\"></span>ure Pension T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>stees Lim<span class=\"_ _2\"></span>ited, a c<span class=\"_ _2\"></span>orporate tr<span class=\"_ _2\"></span>ustee<span class=\"_ _2\"></span>. There are si<span class=\"_ _2\"></span>x truste<span class=\"_ _2\"></span>e direc<span class=\"_ _2\"></span>tors<span class=\"_ _2\"></span>, two of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs82d\">whom a<span class=\"_ _2\"></span>re nominate<span class=\"_ _2\"></span>d by the ReAs<span class=\"_ _2\"></span>sure Sc<span class=\"_ _2\"></span>heme m<span class=\"_ _2\"></span>ember<span class=\"_ _2\"></span>s and four of wh<span class=\"_ _2\"></span>om are appointe<span class=\"_ _2\"></span>d by RML<span class=\"_ _2\"></span>. The tru<span class=\"_ _2\"></span>stee is re<span class=\"_ _2\"></span>spons<span class=\"_ _2\"></span>ible for adminis<span class=\"_ _2\"></span>tering </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs82e\">the sc<span class=\"_ _2\"></span>heme in a<span class=\"_ _2\"></span>ccorda<span class=\"_ _2\"></span>nce with th<span class=\"_ _2\"></span>e trust d<span class=\"_ _2\"></span>eed an<span class=\"_ _2\"></span>d rules an<span class=\"_ _2\"></span>d pens<span class=\"_ _2\"></span>ions laws an<span class=\"_ _2\"></span>d regula<span class=\"_ _2\"></span>tions. T<span class=\"_ _2\"></span>he ReAs<span class=\"_ _2\"></span>sure Sc<span class=\"_ _2\"></span>heme is c<span class=\"_ _2\"></span>losed to n<span class=\"_ _2\"></span>ew entrant<span class=\"_ _2\"></span>s and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs82f\">to future a<span class=\"_ _2\"></span>ccru<span class=\"_ _2\"></span>al for active m<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>rs.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs830\">The val<span class=\"_ _2\"></span>uation has b<span class=\"_ _2\"></span>een b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n an ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent of the liabiliti<span class=\"_ _2\"></span>es of the ReAs<span class=\"_ _2\"></span>sure S<span class=\"_ _2\"></span>cheme a<span class=\"_ _2\"></span>s at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023 unde<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>n by indep<span class=\"_ _2\"></span>endent </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs831\">qualifie<span class=\"_ _2\"></span>d act<span class=\"_ _2\"></span>uaries<span class=\"_ _2\"></span>. The pre<span class=\"_ _2\"></span>sent value<span class=\"_ _2\"></span>s of the define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t obligatio<span class=\"_ _2\"></span>n and the rel<span class=\"_ _2\"></span>ated interes<span class=\"_ _2\"></span>t cos<span class=\"_ _2\"></span>ts have be<span class=\"_ _2\"></span>en mea<span class=\"_ _2\"></span>sured usin<span class=\"_ _2\"></span>g the proj<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs832\">unit cre<span class=\"_ _2\"></span>dit metho<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span></div>Funding<span class=\"_ _3bc\"> </span>The la<span class=\"_ _2\"></span>st fund<span class=\"_ _2\"></span>ing valuatio<span class=\"_ _2\"></span>n of the ReAs<span class=\"_ _2\"></span>sure Sch<span class=\"_ _2\"></span>eme was c<span class=\"_ _2\"></span>arrie<span class=\"_ _2\"></span>d out by a qualifie<span class=\"_ _2\"></span>d act<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y as at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2020 an<span class=\"_ _2\"></span>d showed a d<span class=\"_ _2\"></span>eficit of \u00a377 milli<span class=\"_ _2\"></span>on.<span class=\"_ _3bc\"> </span>Following th<span class=\"_ _2\"></span>e compl<span class=\"_ _2\"></span>etion of the 2020 va<span class=\"_ _2\"></span>luation a re<span class=\"_ _2\"></span>cover<span class=\"_ _2\"></span>y plan was a<span class=\"_ _2\"></span>greed in S<span class=\"_ _2\"></span>eptemb<span class=\"_ _2\"></span>er 2021 b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the tr<span class=\"_ _2\"></span>ustee a<span class=\"_ _2\"></span>nd RM<span class=\"_ _2\"></span>L in order to make go<span class=\"_ _2\"></span>od the defic<span class=\"_ _2\"></span>it. RM<span class=\"_ _2\"></span>L agre<span class=\"_ _2\"></span>ed to pay contr<span class=\"_ _2\"></span>ibutions of \u00a3<span class=\"_ _2\"></span>17<span class=\"_ _6\"></span>.7 m<span class=\"_ _2\"></span>illion into the exis<span class=\"_ _2\"></span>ting Cus<span class=\"_ _2\"></span>tody Acc<span class=\"_ _2\"></span>ount spre<span class=\"_ _2\"></span>ad over four ann<span class=\"_ _2\"></span>ual payme<span class=\"_ _2\"></span>nts of \u00a34.425 million p<span class=\"_ _2\"></span>ayable on 1 Apr<span class=\"_ _2\"></span>il 2022, 1 Apr<span class=\"_ _2\"></span>il 2023<span class=\"_ _2\"></span>, 1 April 2024 and 1 April 20<span class=\"_ _2\"></span>25. It is a<span class=\"_ _2\"></span>nticipated th<span class=\"_ _2\"></span>at thes<span class=\"_ _2\"></span>e payment<span class=\"_ _2\"></span>s will be suf<span class=\"_ _2\"></span>ficient to c<span class=\"_ _2\"></span>over the dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>e bet<span class=\"_ _2\"></span>ween the f<span class=\"_ _2\"></span>unding sh<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>fall an<span class=\"_ _2\"></span>d the bala<span class=\"_ _2\"></span>nce of the Cu<span class=\"_ _2\"></span>stody Ac<span class=\"_ _2\"></span>count at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>0 and to remove any rem<span class=\"_ _2\"></span>aining deficit at 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 2<span class=\"_ _2\"></span>025. The am<span class=\"_ _2\"></span>ounts h<span class=\"_ _2\"></span>eld in this ac<span class=\"_ _2\"></span>count do n<span class=\"_ _2\"></span>ot form par<span class=\"_ _2\"></span>t of the Sch<span class=\"_ _2\"></span>eme\u2019s plan as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d are inste<span class=\"_ _2\"></span>ad held in t<span class=\"_ _2\"></span>he Custo<span class=\"_ _2\"></span>dy Acc<span class=\"_ _2\"></span>ount and are in<span class=\"_ _2\"></span>cluded within fin<span class=\"_ _2\"></span>ancial as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s in the st<span class=\"_ _2\"></span>atement of co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial posit<span class=\"_ _2\"></span>ion. The Gro<span class=\"_ _2\"></span>up agre<span class=\"_ _2\"></span>es to cover tho<span class=\"_ _2\"></span>se expe<span class=\"_ _2\"></span>nses inc<span class=\"_ _2\"></span>urred by the R<span class=\"_ _2\"></span>eAss<span class=\"_ _2\"></span>ure Sche<span class=\"_ _2\"></span>me and th<span class=\"_ _2\"></span>e cost of th<span class=\"_ _2\"></span>e death-in-s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice ben<span class=\"_ _2\"></span>efits for th<span class=\"_ _2\"></span>ose me<span class=\"_ _2\"></span>mbers of the sc<span class=\"_ _2\"></span>heme e<span class=\"_ _2\"></span>ntitled to th<span class=\"_ _2\"></span>ose ben<span class=\"_ _2\"></span>efits<span class=\"_ _2\"></span>. Payment<span class=\"_ _2\"></span>s of \u00a32 million (2022<span class=\"_ _2\"></span>:\u00a32 m<span class=\"_ _2\"></span>illion) have been m<span class=\"_ _2\"></span>ade durin<span class=\"_ _2\"></span>g the year to cover t<span class=\"_ _2\"></span>hese c<span class=\"_ _2\"></span>osts<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Sum<span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span>y of amo<span class=\"_ _2\"></span>unts r<span class=\"_ _2\"></span>ecog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>ateme<span class=\"_ _2\"></span>nts<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>ounts re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated fina<span class=\"_ _2\"></span>ncial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts are as follow<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span><table class=\"s w9ca h30d\" id=\"_69064903-5637-4aa5-9b96-6154ebe81e67\"><tr><td></td><td></td><td></td><td class=\"t m0 x1a7a h3f y5cc7 ff7 fsf fc1 sc0 ls0 ws0\">Prov<span class=\"_ _2\"></span>isi<span class=\"_ _2\"></span>on for t<span class=\"_ _2\"></span>ax on </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x1a7b h3f y5cc8 ff7 fsf fc1 sc0 ls0 ws0\">the e<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>omi<span class=\"_ _2\"></span>c </td><td></td></tr><tr><td></td><td class=\"t m0 x5b9 h3f y5cc9 ff7 fsf fc1 sc0 ls0 ws0\">Fair v<span class=\"_ _2\"></span>alue o<span class=\"_ _2\"></span>f </td><td class=\"t m0 xa91 h3f y5cc9 ff7 fsf fc1 sc0 ls0 ws0\">De<span class=\"_ _2\"></span>fine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efit </td><td class=\"t m0 x1a7a h3f y5cc9 ff7 fsf fc1 sc0 ls81 ws75\">surplus avai<span class=\"_ _5\"></span>lable as </td><td></td></tr><tr><td></td><td class=\"t m0 xd57 h3f y5cca ff7 fsf fc1 sc0 ls0 ws0\">sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets </td><td class=\"t m0 x9cb h3f y5cca ff7 fsf fc1 sc0 ls199 ws185\">obligation </td><td class=\"t m0 x2c4 h3f y5cca ff7 fsf fc1 sc0 ls0 ws0\">a ref<span class=\"_ _2\"></span>und </td><td class=\"t m0 x23e h3f y5cca ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h3f y5ccb ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9da h3f y5ccb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y5ccb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y5ccb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5ccb ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5ccc w9a9 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">At 1 Janu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a7c y5ccc wf6 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">288<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xde6 y5ccc w470 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls9d ws58\">(266<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a7d y5ccc w706 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a7e y5ccc w132 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x1a7f he y5ccd ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5cce w96a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1508 y5cce w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a80 y5cce w1ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a81 y5cce w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa82 y5cce wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ccf w81 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Administrative expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a82 y5ccf w418 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a83 y5ccf w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a84 y5ccf w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a85 y5ccf w523 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cd0 w96c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a86 y5cd0 w372 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a87 y5cd0 w1ae h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>13)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x728 y5cd0 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a5 y5cd0 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5cd1 ff3 fs7 fc1 sc0 ls12 ws10\">Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5cd2 w96d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in intere<span class=\"_ _2\"></span>st inco<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a88 y5cd2 w8d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a89 y5cd2 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18a6 y5cd2 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a8a y5cd2 w3d2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls101 wsa1\">(7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5cd3 w96e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in demo<span class=\"_ _2\"></span>graphi<span class=\"_ _2\"></span>c assum<span class=\"_ _2\"></span>ptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a05 y5cd3 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a8b y5cd3 w372 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a8c y5cd3 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a8d y5cd3 w372 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5cd4 w96f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Loss fro<span class=\"_ _2\"></span>m chang<span class=\"_ _2\"></span>es in finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a09 y5cd4 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a8e y5cd4 w55 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(10)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a8f y5cd4 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a90 y5cd4 w1a7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(10<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5cd5 w979 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">Expe<span class=\"_ _2\"></span>rience loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a01 y5cd5 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a91 y5cd5 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a92 y5cd5 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a93 y5cd5 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5cd6 w9cb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in provision fo<span class=\"_ _2\"></span>r tax on e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic surplus availa<span class=\"_ _2\"></span>ble as a refun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a94 y5cd6 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a95 y5cd6 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a96 y5cd6 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a97 y5cd6 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cd7 w97c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in oth<span class=\"_ _2\"></span>er compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a98 y5cd7 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a99 y5cd7 w5c7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a9a y5cd7 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a9b y5cd7 w3ce h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cd8 w9b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Employer's contributions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a14 y5cd8 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a15 y5cd8 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a16 y5cd8 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a17 y5cd8 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cd9 w974 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a18 y5cd9 w1a7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(10<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a19 y5cd9 w341 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a9c y5cd9 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ae y5cd9 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cda w3fe h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a1c y5cda w78 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ab ws1a3\">287<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a9d y5cda w33e h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>273<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a9e y5cda w1bc h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a9f y5cda wb5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x2c2 h16 y5cdb ff3 fsf fc1 sc0 ls0 ws0\">Prov<span class=\"_ _2\"></span>ision f<span class=\"_ _2\"></span>or ta<span class=\"_ _2\"></span>x on </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x1aa0 h16 y5cdc ff3 fsf fc1 sc0 ls0 ws0\">the e<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>omic </td><td></td></tr><tr><td></td><td class=\"t m0 x9d9 h16 y5cdd ff3 fsf fc1 sc0 ls0 ws0\">Fair v<span class=\"_ _2\"></span>alue of s<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me </td><td class=\"t m0 x5ba h16 y5cdd ff3 fsf fc1 sc0 ls83 ws78\">Defined benefit<span class=\"_ _7\"></span> </td><td class=\"t m0 xdd5 h16 y5cdd ff3 fsf fc1 sc0 ls17 ws15\">surplus available<span class=\"_ _5\"></span> as a </td><td></td></tr><tr><td></td><td class=\"t m0 xa38 h16 y5cde ff3 fsf fc1 sc0 ls0 ws0\">as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s </td><td class=\"t m0 x1aa1 h16 y5cde ff3 fsf fc1 sc0 lse2 wscc\">obligation </td><td class=\"t m0 x1aa2 h16 y5cde ff3 fsf fc1 sc0 ls82 ws77\">refund </td><td class=\"t m0 x487 h16 y5cde ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h16 y5cdf ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x523 h16 y5cdf ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h16 y5cdf ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h16 y5cdf ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5cdf ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5ce0 w9a9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">At 1 Janu<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a7c y5ce0 w91 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">492<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aa3 y5ce0 w7e9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls38 ws35\">(438)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aa4 y5ce0 w3e0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aa5 y5ce0 w202 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5614 w96a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa59 y5614 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x192a y5614 w80 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aa6 y5614 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aa7 y5614 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55e5 w81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Administrative expens<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a82 y55e5 w74b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aa8 y55e5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x76c y55e5 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aa9 y55e5 w74b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ce1 w96c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f9 y5ce1 wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aaa y5ce1 w80 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19fc y5ce1 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aab y5ce1 w5d9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5ce2 ff3 fs7 fc1 sc0 ls12 ws10\">Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5774 w96d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in intere<span class=\"_ _2\"></span>st inco<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aac y5774 w378 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(20<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a31 y5774 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a32 y5774 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aad y5774 w629 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5898 w978 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aae y5898 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aaf y5898 wdb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">188<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab0 y5898 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab1 y5898 wdb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls15a ws1b2\">188<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5775 w979 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">Expe<span class=\"_ _2\"></span>rience loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab2 y5775 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab3 y5775 w1cd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(19<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab4 y5775 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab5 y5775 w3e0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y57ab w9cb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in provision fo<span class=\"_ _2\"></span>r tax on e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic surplus availa<span class=\"_ _2\"></span>ble as a refun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab6 y57ab w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab7 y57ab w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab8 y57ab w2f2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ab9 y57ab w307 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b8 w97c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in oth<span class=\"_ _2\"></span>er compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aba y56b8 w378 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(2<span class=\"_ _2\"></span>03)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1abb y56b8 w2fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">169<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1abc y56b8 w307 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1abd y56b8 w134 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(23)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w9b9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Employer's contributions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a14 y561d wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1566 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x13d1 y561d w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x73d y561d wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w974 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1abe y561e w9cc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(12)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1abf y561e w3fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7d y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac0 y561e w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3fe h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a1c y55ef w78 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">288<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac1 y55ef w9cd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>266<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac2 y55ef w5d9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac3 y55ef wca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">14<span class=\"_ _3bc\"> </span></div></td></tr></table><div class=\"t m0 he ff7 fs7 fc1 sc0 ls12 ws10 gs844\">Scheme assets<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs845\">The dis<span class=\"_ _2\"></span>tributio<span class=\"_ _2\"></span>n of the sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>ets at th<span class=\"_ _2\"></span>e end of the year w<span class=\"_ _2\"></span>as as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"gs811\"><table class=\"s w9ce h30e\" id=\"_e7225ac1-c91e-4ca7-8180-a70d6dc7f964\"><tr><td></td><td></td><td class=\"c n x1a54 y5ce3 w3a3 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1a55 y5ce3 w985 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2<span class=\"_ _2\"></span>022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x556 h3f y5ce4 ff7 fsf fc1 sc0 lsdb ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot qu<span class=\"_ _2\"></span>oted<span class=\"_ _2\"></span> </td><td></td><td class=\"t m0 x980 h16 y5ce4 ff3 fsf fc1 sc0 lsdb ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot quote<span class=\"_ _2\"></span>d </td></tr><tr><td></td><td class=\"t m0 x1572 h3f y5ce5 ff7 fsf fc1 sc0 ls1e9 ws1ee\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> </td><td class=\"t m0 x488 h3f y5ce5 ff7 fsf fc1 sc0 lsdb ws0\">in an a<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ve mar<span class=\"_ _2\"></span>ket </td><td class=\"t m0 x1ac4 h16 y5ce5 ff3 fsf fc1 sc0 ls1e9 ws1ee\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> </td><td class=\"t m0 x1714 h16 y5ce5 ff3 fsf fc1 sc0 lsdb ws0\">in an a<span class=\"_ _2\"></span>ctiv<span class=\"_ _2\"></span>e market<span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 x582 h3f y5ce6 ff7 fsf fc1 sc0 lsb1 ws2a\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h3f y5ce6 ff7 fsf fc1 sc0 lsb1 ws2a\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x11da h16 y5ce6 ff3 fsf fc1 sc0 ls9 ws7a\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5ce6 ff3 fsf fc1 sc0 ls9 ws7a\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5619 wef h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac5 y5619 w51a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">32<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac6 y5619 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac7 y5619 w520 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac8 y5619 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561a w9cf h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Government bonds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ac9 y561a w6d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">118<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc8 y561a w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aca y561a wd0 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b2 ws1af\">1<span class=\"_ _2\"></span>21<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1acb y561a w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w9c5 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Corporate bonds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1acc y561b w74e h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsdc wsc7\">92<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe0b y561b w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1acd y561b w60 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1af ws1ab\">83<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ace y561b w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w9d0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Managed funds<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa7b y561c w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x19d3 y561c w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1acf y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad0 y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d w9d1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Othe<span class=\"_ _2\"></span>r quoted securities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad1 y561d w178 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">41<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x662 y561d w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad2 y561d w31d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">45<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad3 y561d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w120 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a65 y561e w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a66 y561e w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a67 y561e wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ae y561e w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w9c6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Pensi<span class=\"_ _5\"></span>on scheme assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a68 y55ef w78 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ab ws1a3\">287<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc22 y55ef w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad4 y55ef w4f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad5 y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls69 ws5e gs846\">Defined b<span class=\"_ _2\"></span>enefit obligation<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs847\">The c<span class=\"_ _2\"></span>alculati<span class=\"_ _2\"></span>on of the define<span class=\"_ _2\"></span>d benefit o<span class=\"_ _2\"></span>bligatio<span class=\"_ _2\"></span>n can be all<span class=\"_ _2\"></span>ocate<span class=\"_ _2\"></span>d to the ReAs<span class=\"_ _2\"></span>sure Sc<span class=\"_ _2\"></span>heme\u2019s memb<span class=\"_ _2\"></span>ers as follo<span class=\"_ _2\"></span>ws:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs848\">\u2022 <span class=\"_ _9\"> </span>D<span class=\"_ _2\"></span>eferred s<span class=\"_ _2\"></span>cheme m<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>rs: 6<span class=\"_ _2\"></span>6% (202<span class=\"_ _2\"></span>2: 66<span class=\"_ _2\"></span>%); and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs849\">\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">Pensioners: 34%<span class=\"_ _7\"></span> (2022: 34%<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs84a\">The wei<span class=\"_ _2\"></span>ghted averag<span class=\"_ _2\"></span>e duration of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23 is 17 years (2<span class=\"_ _2\"></span>022: 17 year<span class=\"_ _2\"></span>s)<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls61 ws5f gs84b\">Principal as<span class=\"_ _2\"></span>sumptions </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs84c\">The pr<span class=\"_ _2\"></span>incipal as<span class=\"_ _2\"></span>sumptio<span class=\"_ _2\"></span>ns of the ReAs<span class=\"_ _2\"></span>sure Sc<span class=\"_ _2\"></span>heme are s<span class=\"_ _2\"></span>et out in the t<span class=\"_ _2\"></span>able be<span class=\"_ _2\"></span>low:<span class=\"_ _3bc\"> </span></div><div class=\"gs84d\"><table class=\"s w286 h30f\" id=\"_6bd2c032-b9aa-44c9-9fbe-f8067f5e9afe\"><tr><td></td><td class=\"t m0 x44d h3f y5ce7 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5ce7 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8d9 h3f y5ce8 ff7 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ad h16 y5ce8 ff3 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5c10 w98e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for pe<span class=\"_ _2\"></span>nsions in p<span class=\"_ _2\"></span>ayment (5% pe<span class=\"_ _2\"></span>r annum or R<span class=\"_ _2\"></span>PI if lower)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1970 y5c10 w3ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">2.90<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1971 y5c10 w98f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c9 ws1c9\">3.05<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58c1 w9d2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for defer<span class=\"_ _2\"></span>red pen<span class=\"_ _2\"></span>sions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad6 y58c1 w999 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls38 ws35\">2<span class=\"_ _2\"></span>.60<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad7 y58c1 w3ac h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d7 ws1d7\">2<span class=\"_ _2\"></span>.7<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5718 w9d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase in sa<span class=\"_ _2\"></span>laries<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad8 y5718 w991 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls38 ws35\">3.60<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1469 y5718 w99a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d7 ws1d7\">3.7<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 w993 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Disc<span class=\"_ _2\"></span>ount rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1974 y56f9 w2e8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">4.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1975 y56f9 w994 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">4.<span class=\"_ _2\"></span>95<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee w995 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 RPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1976 y55ee w996 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c7 ws1c7\">3.10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1977 y55ee w997 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c9 ws1c9\">3.30<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w998 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 CPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1978 y55ef w999 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls38 ws35\">2.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1979 y55ef w99a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d7 ws1d7\">2<span class=\"_ _2\"></span>.70<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs84e\">The dis<span class=\"_ _2\"></span>count rate a<span class=\"_ _2\"></span>nd inflation a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns have bee<span class=\"_ _2\"></span>n determin<span class=\"_ _2\"></span>ed by cons<span class=\"_ _2\"></span>idering th<span class=\"_ _2\"></span>e shape of th<span class=\"_ _2\"></span>e appropri<span class=\"_ _2\"></span>ate yield cur<span class=\"_ _2\"></span>ves and t<span class=\"_ _2\"></span>he duration of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs84f\">the ReA<span class=\"_ _2\"></span>ssure S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e liabilities<span class=\"_ _2\"></span>. This me<span class=\"_ _2\"></span>thod dete<span class=\"_ _2\"></span>rmines an e<span class=\"_ _2\"></span>quivalent s<span class=\"_ _2\"></span>ingle rate for e<span class=\"_ _2\"></span>ach of the dis<span class=\"_ _2\"></span>count an<span class=\"_ _2\"></span>d inflation rate<span class=\"_ _2\"></span>s, whic<span class=\"_ _2\"></span>h<span class=\"_ gs132\"> </span>is<span class=\"_ gs132\"> </span>derived </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs850\">from the p<span class=\"_ _2\"></span>rofile of proje<span class=\"_ _2\"></span>cted b<span class=\"_ _2\"></span>enefit paym<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs851\">The p<span class=\"_ _2\"></span>ost-retirem<span class=\"_ _2\"></span>ent mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s are in line with SAPS S<span class=\"_ _2\"></span>erie<span class=\"_ _2\"></span>s 3 light base t<span class=\"_ _2\"></span>ables wi<span class=\"_ _2\"></span>th a 102% (2<span class=\"_ _2\"></span>022: 10<span class=\"_ _2\"></span>2%) multiplier for m<span class=\"_ _2\"></span>ales an<span class=\"_ _2\"></span>d a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs852\">95% (20<span class=\"_ _2\"></span>22: 9<span class=\"_ _2\"></span>5%<span class=\"_ _5\"></span>) multiplie<span class=\"_ _2\"></span>r for female<span class=\"_ _2\"></span>s, with C<span class=\"_ _2\"></span>MI 20<span class=\"_ _2\"></span>19 proj<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ons in line with a 1<span class=\"_ _2\"></span>.5% p<span class=\"_ _2\"></span>a long-term t<span class=\"_ _2\"></span>rend up to and in<span class=\"_ _2\"></span>cluding 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>0. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs853\">Future lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y improveme<span class=\"_ _2\"></span>nts from 1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 2021 onwa<span class=\"_ _2\"></span>rds are in line with am<span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>d CMI 2<span class=\"_ _2\"></span>022 Core Pro<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>tions (202<span class=\"_ _2\"></span>2: from 1 Janu<span class=\"_ _2\"></span>ary 2<span class=\"_ _2\"></span>021 in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs854\">line with a<span class=\"_ _2\"></span>mende<span class=\"_ _2\"></span>d CMI 2<span class=\"_ _2\"></span>021 Core Pro<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>tions) with a lon<span class=\"_ _2\"></span>g-term tren<span class=\"_ _2\"></span>d of 1.<span class=\"_ _2\"></span>5% pa (2022: 1<span class=\"_ _2\"></span>.5%) for ma<span class=\"_ _2\"></span>les and 1<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>% (2022: 1<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>%<span class=\"_ _5\"></span>) for fema<span class=\"_ _2\"></span>les.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs855\">Unde<span class=\"_ _2\"></span>r these a<span class=\"_ _2\"></span>ssumpt<span class=\"_ _2\"></span>ions the avera<span class=\"_ _2\"></span>ge life expe<span class=\"_ _2\"></span>cta<span class=\"_ _2\"></span>ncy from retire<span class=\"_ _2\"></span>ment for a me<span class=\"_ _2\"></span>mber c<span class=\"_ _2\"></span>urrently ag<span class=\"_ _2\"></span>ed 45 re<span class=\"_ _2\"></span>tiring at ag<span class=\"_ _2\"></span>e 60 is 2<span class=\"_ _2\"></span>9.7 years an<span class=\"_ _2\"></span>d 31.<span class=\"_ _2\"></span>3 </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs856\">year<span class=\"_ _2\"></span>s for male and fe<span class=\"_ _2\"></span>male me<span class=\"_ _2\"></span>mbers re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ctively (20<span class=\"_ _2\"></span>22: 30<span class=\"_ _2\"></span>.0 years an<span class=\"_ _2\"></span>d 31.<span class=\"_ _2\"></span>6 years for m<span class=\"_ _2\"></span>ale and fem<span class=\"_ _2\"></span>ale memb<span class=\"_ _2\"></span>ers re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>tively). </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c ws1a gs857\">A quantitative sensitivit<span class=\"_ _2\"></span>y analysis for significant ac<span class=\"_ _2\"></span>tuarial ass<span class=\"_ _2\"></span>umptions is shown below:<span class=\"_ _3bc\"> </span></div><div class=\"gs858\"><table class=\"s w9d4 h310\" id=\"_88e8b7c9-f907-42cd-8c0a-b370d9d8c916\"><tr><td class=\"t m0 x232 h3f y5ce9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5cea ff3 fsf fc1 sc0 ls82 ws77\">Ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></td><td class=\"c n x197a y5ceb w99c h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls83 ws78\">Base<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x197b y5ceb w99d h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">Discount rate<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x197c y5ceb w99e h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls17 ws15\">RPI<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x197d y5ceb w99f h2b4\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls51 ws4b\">Life<span class=\"_ _7\"></span> expectancy<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x197e h3f y5cec ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x197f h3f y5cec ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x48c h3f y5cec ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td></td><td class=\"t m0 x15a1 h3f y5cec ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x5ea h3f y5cec ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td><td class=\"t m0 x1980 h3f y5cec ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5ced ff3 fsf fc1 sc0 ls70 ws67\">Sensitivit<span class=\"_ _2\"></span>y level<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x581 h3f y5ced ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1981 h3f y5ced ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1982 h3f y5ced ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x1983 h3f y5ced ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y5ced ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d8 h3f y5ced ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5cee w9a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>ct on the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit oblig<span class=\"_ _2\"></span>ation (\u00a3m)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ad9 y5cee w1b3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ada y5cee w1b3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1adb y5cee w2f2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1adc y5cee w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1add y5cee w316 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ade y5cee wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1adf y5cee w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 h16 y5cef ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td><td class=\"c n x197a y5cc2 w9a2 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls5b ws76\">Base<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x198b y5cc2 w9a3 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse1 wscb\">Discount<span class=\"_ _5\"></span> rate<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x198c y5cc2 w9a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls70 ws67\">R<span class=\"_ _2\"></span>PI<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x198d y5cc2 w9a5 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls1dd ws1df\">Life<span class=\"_ _5\"></span> expecta<span class=\"_ _5\"></span>ncy<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5cf0 ff3 fsf fc1 sc0 ls82 ws77\">Ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x197e h16 y5cf1 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x197f h16 y5cf1 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x62f h16 y5cf1 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td></td><td class=\"t m0 x15a1 h16 y5cf1 ff3 fsf fc1 sc0 lse4 wsce\">25bps </td><td class=\"t m0 x5ea h16 y5cf1 ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td><td class=\"t m0 x1980 h16 y5cf1 ff3 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5cf2 ff3 fsf fc1 sc0 ls70 ws67\">Sensitivit<span class=\"_ _2\"></span>y level<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x198e h16 y5cf2 ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1981 h16 y5cf2 ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x97a h16 y5cf2 ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x198f h16 y5cf2 ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x11da h16 y5cf2 ff3 fsf fc1 sc0 ls82 ws77\">increa<span class=\"_ _2\"></span>se<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x7e8 h16 y5cf2 ff3 fsf fc1 sc0 ls82 ws77\">decre<span class=\"_ _2\"></span>ase<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ef w9a0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>ct on the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit oblig<span class=\"_ _2\"></span>ation (\u00a3m)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6d y55ef we9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls173 ws1a8\">266<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae0 y55ef w1d3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(10)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae1 y55ef w659 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae2 y55ef wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ae3 y55ef w361 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae4 y55ef w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae5 y55ef w419 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs859\">The ab<span class=\"_ _2\"></span>ove sensiti<span class=\"_ _2\"></span>vity a<span class=\"_ _2\"></span>nalyse<span class=\"_ _2\"></span>s are bas<span class=\"_ _2\"></span>ed on a cha<span class=\"_ _2\"></span>nge in an a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>n while holdin<span class=\"_ _2\"></span>g all other as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s cons<span class=\"_ _2\"></span>tant. I<span class=\"_ _2\"></span>n<span class=\"_ gs132\"> </span>prac<span class=\"_ _2\"></span>tice, this i<span class=\"_ _2\"></span>s<span class=\"_ gs132\"> </span>unlik<span class=\"_ _5\"></span>ely to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs85a\">occ<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>, an<span class=\"_ _2\"></span>d chan<span class=\"_ _2\"></span>ges in so<span class=\"_ _2\"></span>me of the as<span class=\"_ _2\"></span>sumptions m<span class=\"_ _2\"></span>ay be corre<span class=\"_ _2\"></span>lated. Wh<span class=\"_ _2\"></span>en calc<span class=\"_ _2\"></span>ulating th<span class=\"_ _2\"></span>e sensit<span class=\"_ _2\"></span>ivity of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs85b\">signifi<span class=\"_ _2\"></span>cant ac<span class=\"_ _2\"></span>tuarial a<span class=\"_ _2\"></span>ssumpt<span class=\"_ _2\"></span>ions the s<span class=\"_ _2\"></span>ame meth<span class=\"_ _2\"></span>od has b<span class=\"_ _2\"></span>een app<span class=\"_ _2\"></span>lied as wh<span class=\"_ _2\"></span>en<span class=\"_ gs132\"> </span>calc<span class=\"_ _2\"></span>ulating the p<span class=\"_ _2\"></span>ension li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d within<span class=\"_ gs132\"> </span>the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls18 ws16 gs85c\">consolidated financial position.<span class=\"_ _3bc\"> </span></div>G1<span class=\"_ _2\"></span>.5 S<span class=\"_ _2\"></span>un Life As<span class=\"_ _2\"></span>sura<span class=\"_ _2\"></span>nce C<span class=\"_ _2\"></span>ompa<span class=\"_ _2\"></span>ny of Cana<span class=\"_ _2\"></span>da 1<span class=\"_ _2\"></span>98<span class=\"_ _2\"></span>8 UK an<span class=\"_ _2\"></span>d Irish E<span class=\"_ _2\"></span>mpl<span class=\"_ _2\"></span>oyee Bene<span class=\"_ _2\"></span>fits s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span>Scheme details<span class=\"_ _3bc\"> </span>The S<span class=\"_ _2\"></span>un Life Assur<span class=\"_ _2\"></span>ance C<span class=\"_ _2\"></span>ompany of Can<span class=\"_ _2\"></span>ada 1<span class=\"_ _2\"></span>98<span class=\"_ _2\"></span>8 UK and I<span class=\"_ _2\"></span>rish Employe<span class=\"_ _2\"></span>e Benefit<span class=\"_ _2\"></span>s sche<span class=\"_ _2\"></span>me (\u2018<span class=\"_ _2\"></span>Sun Life of Can<span class=\"_ _2\"></span>ada Sc<span class=\"_ _2\"></span>heme\u2019<span class=\"_ _2\"></span>) was c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated within th<span class=\"_ _2\"></span>e Group finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s following th<span class=\"_ _2\"></span>e acquisi<span class=\"_ _2\"></span>tion of the Sun Life bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>ses on 3 Ap<span class=\"_ _2\"></span>ril 2023<span class=\"_ _2\"></span>. The Sun Life of Can<span class=\"_ _2\"></span>ada S<span class=\"_ _2\"></span>cheme i<span class=\"_ _2\"></span>s a regi<span class=\"_ _2\"></span>stered o<span class=\"_ _2\"></span>ccup<span class=\"_ _2\"></span>ational pe<span class=\"_ _2\"></span>nsion s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>, set up unde<span class=\"_ _2\"></span>r trust<span class=\"_ _2\"></span>, and le<span class=\"_ _2\"></span>gally s<span class=\"_ _2\"></span>eparate from t<span class=\"_ _2\"></span>he princip<span class=\"_ _2\"></span>al employer S<span class=\"_ _2\"></span>un Life Ass<span class=\"_ _2\"></span>urance C<span class=\"_ _2\"></span>ompany of Can<span class=\"_ _2\"></span>ada (U.<span class=\"_ _2\"></span>K.) Limite<span class=\"_ _2\"></span>d. The S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e is adminis<span class=\"_ _2\"></span>tered by a sp<span class=\"_ _2\"></span>ecialis<span class=\"_ _2\"></span>t third par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y adminis<span class=\"_ _2\"></span>trator, Hymans Rob<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>tson LLP<span class=\"_ _7\"></span>. A T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>tee Bo<span class=\"_ _2\"></span>ard is resp<span class=\"_ _2\"></span>onsible for e<span class=\"_ _2\"></span>nsuring th<span class=\"_ _2\"></span>e Sch<span class=\"_ _2\"></span>eme is run in a<span class=\"_ _2\"></span>ccorda<span class=\"_ _2\"></span>nce with th<span class=\"_ _2\"></span>e T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust De<span class=\"_ _2\"></span>ed an<span class=\"_ _2\"></span>d Rules and fo<span class=\"_ _2\"></span>r ensuring c<span class=\"_ _2\"></span>omplian<span class=\"_ _2\"></span>ce with le<span class=\"_ _2\"></span>gislatio<span class=\"_ _2\"></span>n althou<span class=\"_ _2\"></span>gh cer<span class=\"_ _2\"></span>tain t<span class=\"_ _2\"></span>asks are de<span class=\"_ _2\"></span>legate<span class=\"_ _2\"></span>d to third par<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. The T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>stee Bo<span class=\"_ _2\"></span>ard is mad<span class=\"_ _2\"></span>e up of three T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>tees<span class=\"_ _2\"></span>; an Inde<span class=\"_ _2\"></span>pende<span class=\"_ _2\"></span>nt T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ustee w<span class=\"_ _2\"></span>ho is also th<span class=\"_ _2\"></span>e Chair, a Princip<span class=\"_ _2\"></span>al Employer app<span class=\"_ _2\"></span>ointed T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>stee an<span class=\"_ _2\"></span>d a Memb<span class=\"_ _2\"></span>er-No<span class=\"_ _2\"></span>minated T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ustee<span class=\"_ _2\"></span>. The Ind<span class=\"_ _2\"></span>epen<span class=\"_ _2\"></span>dent T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>tee is Cap<span class=\"_ _2\"></span>ital Cranfi<span class=\"_ _2\"></span>eld Pension T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>es Limited<span class=\"_ _2\"></span>. The Sun Life of Ca<span class=\"_ _2\"></span>nada S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e is close<span class=\"_ _2\"></span>d to new entra<span class=\"_ _2\"></span>nts and to f<span class=\"_ _2\"></span>uture acc<span class=\"_ _2\"></span>rual for ac<span class=\"_ _2\"></span>tive memb<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The val<span class=\"_ _2\"></span>uation has b<span class=\"_ _2\"></span>een b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n an ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent of the liabiliti<span class=\"_ _2\"></span>es of the Sun Life of Can<span class=\"_ _2\"></span>ada S<span class=\"_ _2\"></span>cheme a<span class=\"_ _2\"></span>s at 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023 unde<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ak<span class=\"_ _5\"></span>en by indep<span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>nt qualified a<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>ries. T<span class=\"_ _2\"></span>he pres<span class=\"_ _2\"></span>ent values of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation an<span class=\"_ _2\"></span>d the relate<span class=\"_ _2\"></span>d interest c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s have bee<span class=\"_ _2\"></span>n meas<span class=\"_ _2\"></span>ured using the pro<span class=\"_ _2\"></span>jec<span class=\"_ _2\"></span>ted unit cre<span class=\"_ _2\"></span>dit metho<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span>The e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic surplus of the S<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me is anticip<span class=\"_ _2\"></span>ated to be us<span class=\"_ _2\"></span>ed to cover fut<span class=\"_ _2\"></span>ure cos<span class=\"_ _2\"></span>ts of the S<span class=\"_ _2\"></span>cheme a<span class=\"_ _2\"></span>nd will be full<span class=\"_ _2\"></span>y utilised p<span class=\"_ _2\"></span>rior to any winding<span class=\"_ _2\"></span>-<span class=\"_ _3bc\"> </span>up of the S<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>. As a result<span class=\"_ _2\"></span>, no provisio<span class=\"_ _2\"></span>n for tax is de<span class=\"_ _2\"></span>ducte<span class=\"_ _2\"></span>d from the sur<span class=\"_ _2\"></span>plus.<span class=\"_ _3bc\"> </span>Funding<span class=\"_ _3bc\"> </span>The la<span class=\"_ _2\"></span>st fund<span class=\"_ _2\"></span>ing valuatio<span class=\"_ _2\"></span>n of the Sun Life of Cana<span class=\"_ _2\"></span>da Sc<span class=\"_ _2\"></span>heme wa<span class=\"_ _2\"></span>s carrie<span class=\"_ _2\"></span>d out by a qualifi<span class=\"_ _2\"></span>ed act<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y as at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2022 a<span class=\"_ _2\"></span>nd showe<span class=\"_ _2\"></span>d a surplu<span class=\"_ _2\"></span>s of \u00a36 million. N<span class=\"_ _2\"></span>o contribut<span class=\"_ _2\"></span>ions are req<span class=\"_ _2\"></span>uired to be pa<span class=\"_ _2\"></span>id by the empl<span class=\"_ _2\"></span>oyer into the Sch<span class=\"_ _2\"></span>eme.<span class=\"_ _3bc\"> </span>Sum<span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span>y of amo<span class=\"_ _2\"></span>unts r<span class=\"_ _2\"></span>ecog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>ateme<span class=\"_ _2\"></span>nts<span class=\"_ _3bc\"> </span>The am<span class=\"_ _2\"></span>ounts re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated fina<span class=\"_ _2\"></span>ncial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts are as follow<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span><table class=\"s w92f h311\" id=\"_4baf27de-ccfa-44d5-ae1e-a6e3dda373d1\"><tr><td></td><td class=\"t m0 x5b9 h3f y5cf3 ff7 fsf fc1 sc0 ls0 ws0\">Fair v<span class=\"_ _2\"></span>alue o<span class=\"_ _2\"></span>f </td><td class=\"t m0 xa91 h3f y5cf3 ff7 fsf fc1 sc0 ls0 ws0\">De<span class=\"_ _2\"></span>fine<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efit </td><td></td><td class=\"t m0 xb25 h3f y5cf3 ff7 fsf fc1 sc0 lse3 wscd\">Reimburse<span class=\"_ _2\"></span>ment </td></tr><tr><td></td><td class=\"t m0 xd57 h3f y5cf4 ff7 fsf fc1 sc0 ls0 ws0\">sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets </td><td class=\"t m0 x9cb h3f y5cf4 ff7 fsf fc1 sc0 ls199 ws185\">obligation </td><td class=\"t m0 x549 h3f y5cf4 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 x487 h3f y5cf4 ff7 fsf fc1 sc0 ls0 ws0\">rig<span class=\"_ _2\"></span>ht </td></tr><tr><td></td><td class=\"t m0 x9da h3f y5cf5 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x524 h3f y5cf5 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c5 h3f y5cf5 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5cf5 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5638 w9d5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">On a<span class=\"_ _2\"></span>cquis<span class=\"_ _2\"></span>ition of S<span class=\"_ _2\"></span>LF of Cana<span class=\"_ _2\"></span>da UK Lim<span class=\"_ _2\"></span>ited (note H2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae6 y5638 w1bf h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls47 ws19d\">302<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae7 y5638 w9d6 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>286<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae8 y5638 w132 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ae9 y5638 w158 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cf6 w96a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Interes<span class=\"_ _2\"></span>t incom<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(expen<span class=\"_ _2\"></span>se)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1508 y5cf6 w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a80 y5cf6 w1ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aea y5cf6 w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a62 y5cf6 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cf7 w96c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in profi<span class=\"_ _2\"></span>t or loss<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aeb y5cf7 w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aec y5cf7 w1ad h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aed y5cf7 w158 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aee y5cf7 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5cf8 ff3 fs7 fc1 sc0 ls12 ws10\">Remeasuremen<span class=\"_ _5\"></span>ts:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5817 w96d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Return o<span class=\"_ _2\"></span>n plan as<span class=\"_ _2\"></span>sets excl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts incl<span class=\"_ _2\"></span>uded in intere<span class=\"_ _2\"></span>st inco<span class=\"_ _2\"></span>me<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aef y5817 w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af0 y5817 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af1 y5817 w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af2 y5817 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5818 w96e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gain from c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>es in demo<span class=\"_ _2\"></span>graphi<span class=\"_ _2\"></span>c assum<span class=\"_ _2\"></span>ptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a05 y5818 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a06 y5818 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af3 y5818 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af4 y5818 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5cf9 w96f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Loss fro<span class=\"_ _2\"></span>m chang<span class=\"_ _2\"></span>es in finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sumptions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a09 y5cf9 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af5 y5cf9 w206 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af6 y5cf9 w5c7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af7 y5cf9 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5cfa w971 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xperie<span class=\"_ _2\"></span>nce gain<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af8 y5cfa w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1af9 y5cfa wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1afa y5cfa wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1afb y5cfa w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cfb w972 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incl<span class=\"_ _2\"></span>uded in othe<span class=\"_ _2\"></span>r compre<span class=\"_ _2\"></span>hensive in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1afc y5cfb w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1afd y5cfb w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1afe y5cfb w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1aff y5cfb w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5657 w974 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Benefit pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1abe y5657 w506 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(14)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b00 y5657 w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b01 y5657 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b02 y5657 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3fe h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a1c y55ef w2ac h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b4 ws1b3\">2<span class=\"_ _2\"></span>97<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b03 y55ef w9d7 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">(28<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b04 y55ef w2f6 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b05 y55ef wb5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr></table>Scheme assets<span class=\"_ _3bc\"> </span>The dis<span class=\"_ _2\"></span>tributio<span class=\"_ _2\"></span>n of the sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>ets at th<span class=\"_ _2\"></span>e end of the year w<span class=\"_ _2\"></span>as as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span><table class=\"s w2ec h312\" id=\"_46203c89-7f31-4c07-bb54-9d455e482a91\"><tr><td></td><td></td><td class=\"t m0 x1693 h3f y5cfc ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x9f8 h3f y5cfd ff7 fsf fc1 sc0 ls0 ws0\">Of w<span class=\"_ _2\"></span>hich n<span class=\"_ _2\"></span>ot </td></tr><tr><td></td><td></td><td class=\"t m0 x9cd h3f y5cfe ff7 fsf fc1 sc0 ls0 ws0\">quo<span class=\"_ _2\"></span>ted i<span class=\"_ _2\"></span>n an ac<span class=\"_ _2\"></span>tive </td></tr><tr><td></td><td class=\"t m0 x549 h3f y5cff ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td><td class=\"t m0 xd2e h3f y5cff ff7 fsf fc1 sc0 ls5b ws76\">market<span class=\"_ _5\"></span> </td></tr><tr><td></td><td class=\"t m0 x2c5 h3f y5d00 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5d00 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y572b wf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaec y572b wa5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">36<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b06 y572b w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e9 w120 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x73c y56e9 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1567 y56e9 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d01 ff3 fs7 fc1 sc0 ls0 ws0\">Qua<span class=\"_ _2\"></span>lifyin<span class=\"_ _2\"></span>g insuran<span class=\"_ _2\"></span>ce contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"c n x1b07 y5d02 w175 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b5 ws1b4\">257<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b08 y5d02 w175 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b5 ws1b4\">257<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w9c6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Pensi<span class=\"_ _5\"></span>on scheme assets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b09 y55ef w595 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">297<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b0a y55ef w2ff h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">25<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>In 2<span class=\"_ _2\"></span>018 a<span class=\"_ _2\"></span>nd 202<span class=\"_ _2\"></span>1 the S<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span>me co<span class=\"_ _2\"></span>mple<span class=\"_ _2\"></span>ted t<span class=\"_ _2\"></span>wo bu<span class=\"_ _2\"></span>y-in tr<span class=\"_ _2\"></span>ans<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>ions w<span class=\"_ _2\"></span>ith ex<span class=\"_ _2\"></span>tern<span class=\"_ _2\"></span>al pa<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>es whi<span class=\"_ _2\"></span>ch cove<span class=\"_ _2\"></span>r appr<span class=\"_ _2\"></span>oxima<span class=\"_ _2\"></span>tely 9<span class=\"_ _2\"></span>0% of t<span class=\"_ _2\"></span>he Sc<span class=\"_ _2\"></span>hem<span class=\"_ _2\"></span>e\u2019s liabi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Defined b<span class=\"_ _2\"></span>enefit obligation<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>alculati<span class=\"_ _2\"></span>on of the define<span class=\"_ _2\"></span>d benefit o<span class=\"_ _2\"></span>bligatio<span class=\"_ _2\"></span>n can be all<span class=\"_ _2\"></span>ocate<span class=\"_ _2\"></span>d to the Sun Life of Can<span class=\"_ _2\"></span>ada Sc<span class=\"_ _2\"></span>heme\u2019s memb<span class=\"_ _2\"></span>ers as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">D<span class=\"_ _2\"></span>e<span class=\"_ _5\"></span>ferred<span class=\"_ _5\"></span> scheme members: 40%; and<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls12 ws10\">Pensioners: 60%.<span class=\"_ _3bc\"> </span></span>The wei<span class=\"_ _2\"></span>ghted averag<span class=\"_ _2\"></span>e duration of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23 is 12.<span class=\"_ _2\"></span>8 years<span class=\"_ _3bc\"> </span>Principal as<span class=\"_ _2\"></span>sumptions The pr<span class=\"_ _2\"></span>incipal as<span class=\"_ _2\"></span>sumptio<span class=\"_ _2\"></span>ns of the Sun Life of Can<span class=\"_ _2\"></span>ada S<span class=\"_ _2\"></span>cheme a<span class=\"_ _2\"></span>re set out in th<span class=\"_ _2\"></span>e table be<span class=\"_ _2\"></span>low:<span class=\"_ _3bc\"> </span><table class=\"s w9d8 h313\" id=\"_ea888140-ab18-476b-8929-7b7da22eeba7\"><tr><td></td><td class=\"t m0 x1e4 h3f y5c81 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x6ad h3f y5c82 ff7 fsf fc1 sc0 ls0 ws0\">%<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y58c1 w9d9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for pe<span class=\"_ _2\"></span>nsions in p<span class=\"_ _2\"></span>ayment<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b0b y58c1 w996 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">3.05<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5718 w9d2 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Rate of incre<span class=\"_ _2\"></span>ase for defer<span class=\"_ _2\"></span>red pen<span class=\"_ _2\"></span>sions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b0c y5718 w9da h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">2.15<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 w993 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Disc<span class=\"_ _2\"></span>ount rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b0d y56f9 w2e8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">4.6<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee w995 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 RPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b0e y55ee w996 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">3.10<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w998 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inflatio<span class=\"_ _2\"></span>n \u2013 CPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b0f y55ef w9db h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls47 ws19d\">2.30<span class=\"_ _3bc\"> </span></div></td></tr></table>The dis<span class=\"_ _2\"></span>count rate a<span class=\"_ _2\"></span>nd inflation a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns have bee<span class=\"_ _2\"></span>n determin<span class=\"_ _2\"></span>ed by cons<span class=\"_ _2\"></span>idering th<span class=\"_ _2\"></span>e shape of th<span class=\"_ _2\"></span>e appropri<span class=\"_ _2\"></span>ate yield cur<span class=\"_ _2\"></span>ves and t<span class=\"_ _2\"></span>he duration of the S<span class=\"_ _2\"></span>un Life of Canada S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e liabilitie<span class=\"_ _2\"></span>s. This m<span class=\"_ _2\"></span>ethod de<span class=\"_ _2\"></span>termines a<span class=\"_ _2\"></span>n equivale<span class=\"_ _2\"></span>nt single ra<span class=\"_ _2\"></span>te for each of the dis<span class=\"_ _2\"></span>count an<span class=\"_ _2\"></span>d inflation rate<span class=\"_ _2\"></span>s, which<span class=\"_ gs132\"> </span>is<span class=\"_ gs132\"> </span>d<span class=\"_ _2\"></span>erived from th<span class=\"_ _2\"></span>e profile of proje<span class=\"_ _2\"></span>cte<span class=\"_ _2\"></span>d benefit p<span class=\"_ _2\"></span>ayment<span class=\"_ _2\"></span>s. The p<span class=\"_ _2\"></span>ost-retirem<span class=\"_ _2\"></span>ent mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s are in line with 202<span class=\"_ _2\"></span>2 VIT<span class=\"_ _6\"></span>A Li<span class=\"_ _2\"></span>te tables<span class=\"_ _2\"></span>. Future lon<span class=\"_ _2\"></span>gevit<span class=\"_ _2\"></span>y improveme<span class=\"_ _2\"></span>nts are in line wit<span class=\"_ _2\"></span>h the 2022 C<span class=\"_ _2\"></span>MI mod<span class=\"_ _2\"></span>el with no wei<span class=\"_ _2\"></span>ght on 2020 an<span class=\"_ _2\"></span>d 2021 exp<span class=\"_ _2\"></span>erienc<span class=\"_ _2\"></span>e and 25% weig<span class=\"_ _2\"></span>hting on 2022 e<span class=\"_ _2\"></span>xperie<span class=\"_ _2\"></span>nce, wit<span class=\"_ _2\"></span>h a long-term t<span class=\"_ _2\"></span>rend of 1.<span class=\"_ _2\"></span>5% p.a<span class=\"_ _2\"></span>. for males a<span class=\"_ _2\"></span>nd 1.<span class=\"_ _2\"></span>5% p.a<span class=\"_ _2\"></span>. for female<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Unde<span class=\"_ _2\"></span>r these a<span class=\"_ _2\"></span>ssumpt<span class=\"_ _2\"></span>ions the avera<span class=\"_ _2\"></span>ge life expe<span class=\"_ _2\"></span>cta<span class=\"_ _2\"></span>ncy from retire<span class=\"_ _2\"></span>ment for a me<span class=\"_ _2\"></span>mber c<span class=\"_ _2\"></span>urrently ag<span class=\"_ _2\"></span>ed 45 re<span class=\"_ _2\"></span>tiring at ag<span class=\"_ _2\"></span>e 65 is 23<span class=\"_ _2\"></span>.1 years an<span class=\"_ _2\"></span>d 26.1 year<span class=\"_ _2\"></span>s for male and fe<span class=\"_ _2\"></span>male me<span class=\"_ _2\"></span>mbers re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ctively. A quantitative sensitivit<span class=\"_ _2\"></span>y analysis for significant ac<span class=\"_ _2\"></span>tuarial ass<span class=\"_ _2\"></span>umptions is shown below:<span class=\"_ _3bc\"> </span><table class=\"s w9dc h314\" id=\"_9820c748-6102-4042-ada6-f25769133777\"><tr><td class=\"t m0 x232 h3f y5d03 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"c n x197a y5d04 w99c h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls83 ws78\">Base<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x197b y5d04 w99d h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls70 ws67\">Discount rate<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td class=\"c n x197c y5d04 w99e h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls17 ws15\">RPI<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x197d y5d04 w99f h27e\"><div class=\"t m0 x1e6 h3f y57b8 ff7 fsf fc1 sc0 ls51 ws4b\">Life<span class=\"_ _7\"></span> expectancy<span class=\"_ _3bc\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x232 h16 y5d05 ff3 fsf fc1 sc0 ls82 ws77\">Ass<span class=\"_ _2\"></span>umptions<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x197e h3f y5d06 ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x197f h3f y5d06 ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x48c h3f y5d06 ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x15a1 h3f y5d06 ff7 fsf fc1 sc0 ls0 ws0\">25<span class=\"_ _2\"></span>bps </td><td class=\"t m0 x5ea h3f y5d06 ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td><td class=\"t m0 x1980 h3f y5d06 ff7 fsf fc1 sc0 ls0 ws0\">1 yea<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5d07 ff3 fsf fc1 sc0 ls70 ws67\">Sensitivit<span class=\"_ _2\"></span>y level<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x581 h3f y5d08 ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1981 h3f y5d08 ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1982 h3f y5d08 ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1983 h3f y5d08 ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y5d08 ff7 fsf fc1 sc0 ls84 ws79\">increase<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8d8 h3f y5d08 ff7 fsf fc1 sc0 ls84 ws79\">decrease<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ef w9a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>ct on the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit oblig<span class=\"_ _2\"></span>ation (\u00a3m)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a6d y55ef w728 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b10 y55ef w6c4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b11 y55ef wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b12 y55ef wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b13 y55ef w3ce h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b14 y55ef w307 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b15 y55ef w1a7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>1)<span class=\"_ _3bc\"> </span></div></td></tr></table>The ab<span class=\"_ _2\"></span>ove sensiti<span class=\"_ _2\"></span>vity a<span class=\"_ _2\"></span>nalyse<span class=\"_ _2\"></span>s are bas<span class=\"_ _2\"></span>ed on a cha<span class=\"_ _2\"></span>nge in an a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>n while holdin<span class=\"_ _2\"></span>g all other as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s cons<span class=\"_ _2\"></span>tant. I<span class=\"_ _2\"></span>n<span class=\"_ gs132\"> </span>prac<span class=\"_ _2\"></span>tice, this i<span class=\"_ _2\"></span>s<span class=\"_ gs132\"> </span>unlik<span class=\"_ _5\"></span>ely to occ<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>, an<span class=\"_ _2\"></span>d chan<span class=\"_ _2\"></span>ges in so<span class=\"_ _2\"></span>me of the as<span class=\"_ _2\"></span>sumptions m<span class=\"_ _2\"></span>ay be corre<span class=\"_ _2\"></span>lated. Wh<span class=\"_ _2\"></span>en calc<span class=\"_ _2\"></span>ulating th<span class=\"_ _2\"></span>e sensit<span class=\"_ _2\"></span>ivity of th<span class=\"_ _2\"></span>e defined b<span class=\"_ _2\"></span>enefit ob<span class=\"_ _2\"></span>ligation to signifi<span class=\"_ _2\"></span>cant ac<span class=\"_ _2\"></span>tuarial a<span class=\"_ _2\"></span>ssumpt<span class=\"_ _2\"></span>ions the s<span class=\"_ _2\"></span>ame meth<span class=\"_ _2\"></span>od has b<span class=\"_ _2\"></span>een app<span class=\"_ _2\"></span>lied as wh<span class=\"_ _2\"></span>en<span class=\"_ gs132\"> </span>calc<span class=\"_ _2\"></span>ulating the p<span class=\"_ _2\"></span>ensio<span class=\"_ _2\"></span>n liabilit<span class=\"_ _2\"></span>y reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d within<span class=\"_ gs132\"> </span>the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consolidated financial position",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-704": {
   "value": "Defined contribution<span class=\"_ _5\"></span> pension schemes<span class=\"_ _3bc\"> </span>Oblig<span class=\"_ _2\"></span>ations for c<span class=\"_ _2\"></span>ontributio<span class=\"_ _2\"></span>ns to defined c<span class=\"_ _2\"></span>ontributi<span class=\"_ _2\"></span>on pensi<span class=\"_ _2\"></span>on sche<span class=\"_ _2\"></span>mes are re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed as an ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>e in the cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d income st<span class=\"_ _2\"></span>atement as in<span class=\"_ _2\"></span>curred<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Defined benefit pension schemes<span class=\"_ _3bc\"> </span>The n<span class=\"_ _2\"></span>et surplus or d<span class=\"_ _2\"></span>eficit (the ec<span class=\"_ _2\"></span>onomic s<span class=\"_ _2\"></span>urplus or defic<span class=\"_ _2\"></span>it) in resp<span class=\"_ _2\"></span>ect of the d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s is calc<span class=\"_ _2\"></span>ulated by es<span class=\"_ _2\"></span>timating th<span class=\"_ _2\"></span>e amo<span class=\"_ _2\"></span>unt of future ben<span class=\"_ _2\"></span>efit that em<span class=\"_ _2\"></span>ployees h<span class=\"_ _2\"></span>ave earned in re<span class=\"_ _2\"></span>turn for their s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice in the cur<span class=\"_ _2\"></span>rent and prio<span class=\"_ _2\"></span>r years; t<span class=\"_ _2\"></span>hat ben<span class=\"_ _2\"></span>efit is disco<span class=\"_ _2\"></span>unted to determin<span class=\"_ _2\"></span>e its pre<span class=\"_ _2\"></span>sent value a<span class=\"_ _2\"></span>nd the fair va<span class=\"_ _2\"></span>lue of any sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>ets is de<span class=\"_ _2\"></span>ducte<span class=\"_ _2\"></span>d. The e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic surplus or d<span class=\"_ _2\"></span>eficit is subs<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>ntly adj<span class=\"_ _2\"></span>usted to e<span class=\"_ _2\"></span>liminate<span class=\"_ gs132\"> </span>on con<span class=\"_ _2\"></span>solidatio<span class=\"_ _2\"></span>n the carr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g value of insura<span class=\"_ _2\"></span>nce po<span class=\"_ _2\"></span>licies is<span class=\"_ _2\"></span>sued by Group e<span class=\"_ _2\"></span>ntities to the de<span class=\"_ _2\"></span>fined be<span class=\"_ _2\"></span>nefit pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>hemes (the<span class=\"_ gs132\"> </span>re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ted surpl<span class=\"_ _2\"></span>us or deficit<span class=\"_ _2\"></span>). A corresp<span class=\"_ _2\"></span>onding a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment is ma<span class=\"_ _2\"></span>de to the ca<span class=\"_ _2\"></span>rryin<span class=\"_ _2\"></span>g value<span class=\"_ _2\"></span>s of insuranc<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>ct liabiliti<span class=\"_ _2\"></span>es and inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>As re<span class=\"_ _2\"></span>quired by IFR<span class=\"_ _2\"></span>IC 14<span class=\"_ _2\"></span>, IAS 19 \u2013\u2018<span class=\"_ _2\"></span>The limi<span class=\"_ _2\"></span>t on a Define<span class=\"_ _2\"></span>d Benefi<span class=\"_ _2\"></span>t Asse<span class=\"_ _2\"></span>t, Minimum Fun<span class=\"_ _2\"></span>ding Require<span class=\"_ _2\"></span>ments a<span class=\"_ _2\"></span>nd their Inte<span class=\"_ _2\"></span>racti<span class=\"_ _2\"></span>on\u2019<span class=\"_ _7\"></span>, to the ex<span class=\"_ _2\"></span>tent that the e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c surplus (pr<span class=\"_ _2\"></span>ior to the elimin<span class=\"_ _2\"></span>ation of the ins<span class=\"_ _2\"></span>urance p<span class=\"_ _2\"></span>olicies is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d by Group entitie<span class=\"_ _2\"></span>s) will be available a<span class=\"_ _2\"></span>s a refund, t<span class=\"_ _2\"></span>he econ<span class=\"_ _2\"></span>omic surplu<span class=\"_ _2\"></span>s is state<span class=\"_ _2\"></span>d afte<span class=\"_ _2\"></span>r a provision for ta<span class=\"_ _2\"></span>x that woul<span class=\"_ _2\"></span>d be borne by t<span class=\"_ _2\"></span>he<span class=\"_ gs132\"> </span>sche<span class=\"_ _2\"></span>me adminis<span class=\"_ _2\"></span>trator<span class=\"_ _2\"></span>s when the ref<span class=\"_ _2\"></span>und is ma<span class=\"_ _2\"></span>de. The Gro<span class=\"_ _2\"></span>up reco<span class=\"_ _2\"></span>gnises a pen<span class=\"_ _2\"></span>sion surpl<span class=\"_ _2\"></span>us on the bas<span class=\"_ _2\"></span>is that it is ent<span class=\"_ _2\"></span>itled to the s<span class=\"_ _2\"></span>urplus of eac<span class=\"_ _2\"></span>h sche<span class=\"_ _2\"></span>me in the event of a gr<span class=\"_ _2\"></span>adual se<span class=\"_ _2\"></span>ttle<span class=\"_ _2\"></span>ment of the liab<span class=\"_ _2\"></span>ilities<span class=\"_ _2\"></span>, due to its abilit<span class=\"_ _2\"></span>y to order a win<span class=\"_ _2\"></span>ding up of the T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>st.<span class=\"_ _3bc\"> </span>Addition<span class=\"_ _2\"></span>ally unde<span class=\"_ _2\"></span>r IFRI<span class=\"_ _2\"></span>C 14 pens<span class=\"_ _2\"></span>ion fundin<span class=\"_ _2\"></span>g contributi<span class=\"_ _2\"></span>ons are con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d to be a minimum fun<span class=\"_ _2\"></span>ding requ<span class=\"_ _2\"></span>irement an<span class=\"_ _2\"></span>d, to the ex<span class=\"_ _2\"></span>tent that th<span class=\"_ _2\"></span>e contrib<span class=\"_ _2\"></span>utions paya<span class=\"_ _2\"></span>ble will not be ava<span class=\"_ _2\"></span>ilable to the Gro<span class=\"_ _2\"></span>up after t<span class=\"_ _2\"></span>hey are paid into th<span class=\"_ _2\"></span>e Sche<span class=\"_ _2\"></span>me, a liab<span class=\"_ _2\"></span>ility is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised wh<span class=\"_ _2\"></span>en the oblig<span class=\"_ _2\"></span>ation aris<span class=\"_ _2\"></span>es. The n<span class=\"_ _2\"></span>et pensio<span class=\"_ _2\"></span>n sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>et/lia<span class=\"_ _2\"></span>bility re<span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nts the<span class=\"_ gs132\"> </span>e<span class=\"_ _2\"></span>conomi<span class=\"_ _2\"></span>c surplus ne<span class=\"_ _2\"></span>t of all adjus<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s noted ab<span class=\"_ _2\"></span>ove.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up determin<span class=\"_ _2\"></span>es the net inte<span class=\"_ _2\"></span>rest exp<span class=\"_ _2\"></span>ense or in<span class=\"_ _2\"></span>come o<span class=\"_ _2\"></span>n the<span class=\"_ gs132\"> </span>net<span class=\"_ gs132\"> </span>pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>/liabilit<span class=\"_ _2\"></span>y for the p<span class=\"_ _2\"></span>eriod by app<span class=\"_ _2\"></span>lying the di<span class=\"_ _2\"></span>scount rate us<span class=\"_ _2\"></span>ed to mea<span class=\"_ _2\"></span>sure the defin<span class=\"_ _2\"></span>ed ben<span class=\"_ _2\"></span>efit obliga<span class=\"_ _2\"></span>tion at the be<span class=\"_ _2\"></span>ginning of th<span class=\"_ _2\"></span>e annual p<span class=\"_ _2\"></span>eriod to th<span class=\"_ _2\"></span>e openin<span class=\"_ _2\"></span>g net pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>eme as<span class=\"_ _2\"></span>set/<span class=\"_ _2\"></span>liabilit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>. The dis<span class=\"_ _2\"></span>count rate is t<span class=\"_ _2\"></span>he yield at th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d end on A<span class=\"_ _2\"></span>A credit r<span class=\"_ _2\"></span>ated bon<span class=\"_ _2\"></span>ds that have ma<span class=\"_ _2\"></span>turit<span class=\"_ _2\"></span>y dates app<span class=\"_ _2\"></span>roximating to the te<span class=\"_ _2\"></span>rms of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s oblig<span class=\"_ _2\"></span>ations<span class=\"_ _2\"></span>. The ca<span class=\"_ _2\"></span>lculation is p<span class=\"_ _2\"></span>erfo<span class=\"_ _2\"></span>rmed by a qu<span class=\"_ _2\"></span>alified ac<span class=\"_ _2\"></span>tuar<span class=\"_ _2\"></span>y using t<span class=\"_ _2\"></span>he proje<span class=\"_ _2\"></span>cted un<span class=\"_ _2\"></span>it credit m<span class=\"_ _2\"></span>ethod.<span class=\"_ _3bc\"> </span>The m<span class=\"_ _2\"></span>ovement in the n<span class=\"_ _2\"></span>et pensi<span class=\"_ _2\"></span>on sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>et/lia<span class=\"_ _2\"></span>bility i<span class=\"_ _2\"></span>s analys<span class=\"_ _2\"></span>ed bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the ser<span class=\"_ _2\"></span>vice c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>, past s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ice cos<span class=\"_ _2\"></span>t, cur<span class=\"_ _2\"></span>tailm<span class=\"_ _2\"></span>ents an<span class=\"_ _2\"></span>d set<span class=\"_ _2\"></span>tlement<span class=\"_ _2\"></span>s (all reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d within admin<span class=\"_ _2\"></span>istrati<span class=\"_ _2\"></span>ve expens<span class=\"_ _2\"></span>es in the co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e state<span class=\"_ _2\"></span>ment), th<span class=\"_ _2\"></span>e net interes<span class=\"_ _2\"></span>t cost o<span class=\"_ _2\"></span>n the net pe<span class=\"_ _2\"></span>nsion sc<span class=\"_ _2\"></span>heme a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>/<span class=\"_ _3bc\"> </span>liabilit<span class=\"_ _2\"></span>y, including a<span class=\"_ _2\"></span>ny reimburs<span class=\"_ _2\"></span>ement as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s (recogn<span class=\"_ _2\"></span>ised wit<span class=\"_ _2\"></span>hin net investm<span class=\"_ _2\"></span>ent inco<span class=\"_ _2\"></span>me in the co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e<span class=\"_ gs132\"> </span>state<span class=\"_ _2\"></span>ment), reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ents of the ne<span class=\"_ _2\"></span>t pensio<span class=\"_ _2\"></span>n sche<span class=\"_ _2\"></span>me ass<span class=\"_ _2\"></span>et/lia<span class=\"_ _2\"></span>bility (re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in othe<span class=\"_ _2\"></span>r compreh<span class=\"_ _2\"></span>ensive inc<span class=\"_ _2\"></span>ome) and<span class=\"_ gs132\"> </span>em<span class=\"_ _2\"></span>ployer contrib<span class=\"_ _2\"></span>utions<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-622": {
   "value": "<div class=\"t m0 he ff2 fs7 fc1 sc0 ls16 ws14 gs85e\">G2. Intangibl<span class=\"_ _5\"></span>e assets<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls61 ws5f gs85f\">Good<span class=\"_ _2\"></span>will<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs860\">Busin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>ns are acc<span class=\"_ _2\"></span>ounted for by app<span class=\"_ _2\"></span>lying the a<span class=\"_ _2\"></span>cquisiti<span class=\"_ _2\"></span>on metho<span class=\"_ _2\"></span>d. Goo<span class=\"_ _2\"></span>dwill repres<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>e differe<span class=\"_ _2\"></span>nce bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the cos<span class=\"_ _2\"></span>t of the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs861\">acq<span class=\"_ _2\"></span>uisition an<span class=\"_ _2\"></span>d the fair value of th<span class=\"_ _2\"></span>e net identifi<span class=\"_ _2\"></span>able as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>cquired<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs862\">Goo<span class=\"_ _2\"></span>dwill is me<span class=\"_ _2\"></span>asured on in<span class=\"_ _2\"></span>itial rec<span class=\"_ _2\"></span>ognition a<span class=\"_ _2\"></span>t cost<span class=\"_ _2\"></span>. Following initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, goo<span class=\"_ _2\"></span>dwill is st<span class=\"_ _2\"></span>ated at cos<span class=\"_ _2\"></span>t les<span class=\"_ _2\"></span>s any accum<span class=\"_ _2\"></span>ulated impa<span class=\"_ _2\"></span>irment </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs863\">los<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>. Good<span class=\"_ _2\"></span>will is not amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d but is tes<span class=\"_ _2\"></span>ted for imp<span class=\"_ _2\"></span>airment ann<span class=\"_ _2\"></span>ually or wh<span class=\"_ _2\"></span>en there is ev<span class=\"_ _2\"></span>idence of p<span class=\"_ _2\"></span>ossibl<span class=\"_ _2\"></span>e impairme<span class=\"_ _2\"></span>nt. For impair<span class=\"_ _2\"></span>ment </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs864\">test<span class=\"_ _2\"></span>ing, g<span class=\"_ _2\"></span>oodwill i<span class=\"_ _2\"></span>s allocate<span class=\"_ _2\"></span>d to relevant c<span class=\"_ _2\"></span>ash ge<span class=\"_ _2\"></span>neratin<span class=\"_ _2\"></span>g units<span class=\"_ _2\"></span>. Good<span class=\"_ _2\"></span>will is impaire<span class=\"_ _2\"></span>d when the re<span class=\"_ _2\"></span>coverab<span class=\"_ _2\"></span>le amount is le<span class=\"_ _2\"></span>ss tha<span class=\"_ _2\"></span>n the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls18 ws16 gs865\">carr<span class=\"_ _2\"></span>ying value.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs866\">In ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in acquisi<span class=\"_ _2\"></span>tions an exce<span class=\"_ _2\"></span>ss of the ac<span class=\"_ _2\"></span>quirer\u2019s interes<span class=\"_ _2\"></span>t in the net fair va<span class=\"_ _2\"></span>lue of the acq<span class=\"_ _2\"></span>uiree\u2019s identifiabl<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts, li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>, contin<span class=\"_ _2\"></span>gent </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs867\">liabilitie<span class=\"_ _2\"></span>s and non<span class=\"_ _2\"></span>-controllin<span class=\"_ _2\"></span>g interest<span class=\"_ _2\"></span>s over cos<span class=\"_ _2\"></span>t may arise<span class=\"_ _2\"></span>. Where this o<span class=\"_ _2\"></span>ccur<span class=\"_ _2\"></span>s, the s<span class=\"_ _2\"></span>urplus of the fa<span class=\"_ _2\"></span>ir value of net as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>cquire<span class=\"_ _2\"></span>d over the fair </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs868\">value of the c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>ration is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls61 ws5f gs869\">Acquire<span class=\"_ _2\"></span>d in-force busin<span class=\"_ _2\"></span>ess<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs86a\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s withou<span class=\"_ _2\"></span>t DPF ac<span class=\"_ _2\"></span>quired in bus<span class=\"_ _2\"></span>iness c<span class=\"_ _2\"></span>ombinati<span class=\"_ _2\"></span>ons and p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio tran<span class=\"_ _2\"></span>sfers are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair valu<span class=\"_ _2\"></span>e at the time of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs86b\">acq<span class=\"_ _2\"></span>uisition<span class=\"_ _2\"></span>. The diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the fair va<span class=\"_ _2\"></span>lue of the contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al rights a<span class=\"_ _2\"></span>cquire<span class=\"_ _2\"></span>d and oblig<span class=\"_ _2\"></span>ations as<span class=\"_ _2\"></span>sume<span class=\"_ _2\"></span>d and the liab<span class=\"_ _2\"></span>ility m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs86c\">value wh<span class=\"_ _2\"></span>ich is determin<span class=\"_ _2\"></span>ed usin<span class=\"_ _2\"></span>g a valuation te<span class=\"_ _2\"></span>chnique to provi<span class=\"_ _2\"></span>de a reliable e<span class=\"_ _2\"></span>stimate of th<span class=\"_ _2\"></span>e amount for whi<span class=\"_ _2\"></span>ch the liabilit<span class=\"_ _2\"></span>y co<span class=\"_ _2\"></span>uld be tran<span class=\"_ _2\"></span>sferre<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs86d\">in an orde<span class=\"_ _2\"></span>rly trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n bet<span class=\"_ _2\"></span>ween ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>nts at the m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent date, s<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to a minimum e<span class=\"_ _2\"></span>qual to the sur<span class=\"_ _2\"></span>render va<span class=\"_ _2\"></span>lue. This </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs86e\">acq<span class=\"_ _2\"></span>uired in-force bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s is amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d on a diminishin<span class=\"_ _2\"></span>g balanc<span class=\"_ _2\"></span>e basis<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs86f\">An impair<span class=\"_ _2\"></span>ment review is p<span class=\"_ _2\"></span>erfo<span class=\"_ _2\"></span>rmed wh<span class=\"_ _2\"></span>enever the<span class=\"_ _2\"></span>re is an indic<span class=\"_ _2\"></span>ation of impairm<span class=\"_ _2\"></span>ent. Wh<span class=\"_ _2\"></span>en the rec<span class=\"_ _2\"></span>overable am<span class=\"_ _2\"></span>ount is les<span class=\"_ _2\"></span>s than th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>ying </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs870\">value<span class=\"_ _2\"></span>, an impairme<span class=\"_ _2\"></span>nt loss is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs871\">The a<span class=\"_ _2\"></span>cquired in-forc<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss is allo<span class=\"_ _2\"></span>cated to rel<span class=\"_ _2\"></span>evant cas<span class=\"_ _2\"></span>h gene<span class=\"_ _2\"></span>rating unit<span class=\"_ _2\"></span>s for the purp<span class=\"_ _2\"></span>oses of imp<span class=\"_ _2\"></span>airment tes<span class=\"_ _2\"></span>ting.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs872\">Bra<span class=\"_ _2\"></span>nds </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs873\">Bran<span class=\"_ _2\"></span>ds are mea<span class=\"_ _2\"></span>sured on ini<span class=\"_ _2\"></span>tial rec<span class=\"_ _2\"></span>ognition at c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. The cos<span class=\"_ _2\"></span>t of an intang<span class=\"_ _2\"></span>ible as<span class=\"_ _2\"></span>set acq<span class=\"_ _2\"></span>uired in a busin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>n is the fair valu<span class=\"_ _2\"></span>e as at the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs874\">date of the ac<span class=\"_ _2\"></span>quisition<span class=\"_ _2\"></span>. The co<span class=\"_ _2\"></span>st of an intan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>set ac<span class=\"_ _2\"></span>quired in exch<span class=\"_ _2\"></span>ange for a n<span class=\"_ _2\"></span>on-mone<span class=\"_ _2\"></span>tar<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>et is mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue as at the d<span class=\"_ _2\"></span>ate of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs875\">the tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion. Follo<span class=\"_ _2\"></span>wing initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition, th<span class=\"_ _2\"></span>e brand an<span class=\"_ _2\"></span>d other co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ual arran<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent intang<span class=\"_ _2\"></span>ible ass<span class=\"_ _2\"></span>ets are c<span class=\"_ _2\"></span>arried a<span class=\"_ _2\"></span>t cost le<span class=\"_ _2\"></span>ss </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs876\">acc<span class=\"_ _2\"></span>umulated a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tisation a<span class=\"_ _2\"></span>nd any acc<span class=\"_ _2\"></span>umulated imp<span class=\"_ _2\"></span>airment lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs877\">Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation is cal<span class=\"_ _2\"></span>culated us<span class=\"_ _2\"></span>ing the st<span class=\"_ _2\"></span>raight-line me<span class=\"_ _2\"></span>thod to allo<span class=\"_ _2\"></span>cate the c<span class=\"_ _2\"></span>ost of bran<span class=\"_ _2\"></span>ds over their e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>d useful live<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>y are teste<span class=\"_ _2\"></span>d for </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs878\">impairm<span class=\"_ _2\"></span>ent when<span class=\"_ _2\"></span>ever there is ev<span class=\"_ _2\"></span>idenc<span class=\"_ _2\"></span>e of possib<span class=\"_ _2\"></span>le impairme<span class=\"_ _2\"></span>nt. For impair<span class=\"_ _2\"></span>ment tes<span class=\"_ _2\"></span>ting, t<span class=\"_ _2\"></span>hey are alloc<span class=\"_ _2\"></span>ated to the re<span class=\"_ _2\"></span>levant ca<span class=\"_ _2\"></span>sh gene<span class=\"_ _2\"></span>rating unit<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs879\">Bran<span class=\"_ _2\"></span>ds are impaire<span class=\"_ _2\"></span>d when th<span class=\"_ _2\"></span>e recovera<span class=\"_ _2\"></span>ble amo<span class=\"_ _2\"></span>unt is less th<span class=\"_ _2\"></span>an the ca<span class=\"_ _2\"></span>rry<span class=\"_ _2\"></span>ing value<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div><div class=\"gs2ed\"><table class=\"s w9dd h315\" id=\"_ae82b165-0734-4baa-a184-03b8976f7909\"><tr><td></td><td></td><td class=\"t m0 xc07 h3f y5d09 ff7 fsf fc1 sc0 lse3 wscd\">Acquired in-force </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xa8f h3f y5d0a ff7 fsf fc1 sc0 ls17 ws15\">Goodwill </td><td class=\"t m0 x9d5 h3f y5d0a ff7 fsf fc1 sc0 ls81 ws75\">business </td><td class=\"t m0 x1630 h3f y5d0a ff7 fsf fc1 sc0 ls81 ws75\">Brands<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h3f y5d0a ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h3f y5d0b ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1b16 h3f y5d0b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1b17 h3f y5d0b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x916 h3f y5d0b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5d0b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y5d0c ff7 fs7 fc1 sc0 ls68 ws5c\">Cost or valuation<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y56e3 w3fa h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b18 y56e3 w1d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b19 y56e3 w467 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">4,18<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1a y56e3 w2a4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1b y56e3 w4f5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">4,36<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5771 w9de h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Acquis<span class=\"_ _2\"></span>ition of SLF of Ca<span class=\"_ _2\"></span>nada U<span class=\"_ _2\"></span>K Limited<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1c y5771 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1d y5771 w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1e y5771 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f1 y5771 w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57a5 w982 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1f y57a5 wc9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b20 y57a5 w4f5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">4,1<span class=\"_ _2\"></span>96<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b21 y57a5 w2a4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b22 y57a5 w9df h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">4,384<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5d0d ff7 fs7 fc1 sc0 ls61 ws5f\">Amor<span class=\"_ _2\"></span>tisation and imp<span class=\"_ _2\"></span>airment<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y56b7 w3fa h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b23 y56b7 w544 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">(47<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b24 y56b7 w9e0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls49 ws1ca\">(1,966)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b25 y56b7 w1a7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(19<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ec y56b7 w6b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>32)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e7 w9e1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Amor<span class=\"_ _2\"></span>tisation charge f<span class=\"_ _5\"></span>or the year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b26 y56e7 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b27 y56e7 w33d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">(29<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b28 y56e7 w7f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b29 y56e7 w9e2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">(296)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fe w9e3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>irment cha<span class=\"_ _2\"></span>rge for the yea<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2a y55fe w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2b y55fe w2c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">(28<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2c y55fe w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2d y55fe w2c6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">(28<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w982 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2e y561b w5b9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">(47<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2f y561b w7fa h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>284<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b30 y561b w3e0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>25)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b31 y561b w673 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">(2,356)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d0e w9e4 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">Carr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g amoun<span class=\"_ _2\"></span>t at 31 Dec<span class=\"_ _2\"></span>emb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b32 y5d0e w341 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b33 y5d0e wd5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>912<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc9 y5d0e w130 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b34 y5d0e wdc h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">2<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>28<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w9e5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt recovera<span class=\"_ _2\"></span>ble afte<span class=\"_ _2\"></span>r 12 months<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b35 y55ef w341 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b36 y55ef w5e8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls4b ws122\">1,65<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b37 y55ef w130 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b38 y55ef w212 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _3\"></span>,76<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"gs87b\"><table class=\"s w9e6 h316\" id=\"_726c099d-7576-4acd-8626-06dcd66df7f1\"><tr><td></td><td></td><td class=\"t m0 x1692 h16 y5d0f ff3 fsf fc1 sc0 ls82 ws77\">Acquire<span class=\"_ _2\"></span>d in-f<span class=\"_ _5\"></span>orce </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xa8f h16 y5d10 ff3 fsf fc1 sc0 ls82 ws77\">Good<span class=\"_ _2\"></span>will </td><td class=\"t m0 x9d5 h16 y5d10 ff3 fsf fc1 sc0 ls0 ws0\">bus<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>ss </td><td class=\"t m0 xc10 h16 y5d10 ff3 fsf fc1 sc0 ls17 ws15\">Brands<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y5d10 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"c x1ea y5d11 w2a6 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y56f3 ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x1b16 h16 y5d12 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1b17 h16 y5d12 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x549 h16 y5d12 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5d12 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5616 w9e7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">Cos<span class=\"_ _2\"></span>t or val<span class=\"_ _2\"></span>uation a<span class=\"_ _2\"></span>t 1 Janua<span class=\"_ _2\"></span>ry an<span class=\"_ _2\"></span>d 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b39 y5616 w1d7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3a y5616 w168 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">4,180<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3b y5616 w37f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">1<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3c y5616 w162 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">4,36<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5d13 ff7 fs7 fc1 sc0 ls61 ws5f\">Amor<span class=\"_ _2\"></span>tisation and imp<span class=\"_ _2\"></span>airment<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55e8 w3fa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3d y55e8 w9e8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">(47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3e y55e8 w9e9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf0 y55e8 w1da h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3f y55e8 w79 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>,677<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5774 w9e1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Amor<span class=\"_ _2\"></span>tisation charge f<span class=\"_ _5\"></span>or the year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b26 y5774 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b40 y5774 w9ea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(332)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b41 y5774 w252 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b0f y5774 w53 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(3<span class=\"_ _2\"></span>38)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fd w9e3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>irment cha<span class=\"_ _2\"></span>rge for the yea<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b42 y55fd w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b43 y55fd w886 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>17<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b44 y55fd w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b45 y55fd w9eb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(17<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e7 w982 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b46 y56e7 w9ec h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">(<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b47 y56e7 w890 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>,96<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b48 y56e7 w611 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b49 y56e7 w2d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>2,0<span class=\"_ _2\"></span>32)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w9ed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mount<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4a y561b wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4b y561b w145 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">2,<span class=\"_ _2\"></span>214<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4c y561b w387 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">112<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4d y561b w44f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">2,336<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w9ee h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale (se<span class=\"_ _2\"></span>e note H3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4e y561c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4f y561c w9ef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">(37<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b50 y561c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b51 y561c w65c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e9 w9e4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">Carr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g amoun<span class=\"_ _2\"></span>t at 31 Dec<span class=\"_ _2\"></span>emb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b32 y56e9 wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b52 y56e9 w9f0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b53 y56e9 w387 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">112<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b54 y56e9 w212 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">2<span class=\"_ _2\"></span>,299<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w9e5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt recovera<span class=\"_ _2\"></span>ble afte<span class=\"_ _2\"></span>r 12 months<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b35 y55ef wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b55 y55ef w9f1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d9 ws1d9\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>91<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b56 y55ef w5a2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b57 y55ef w7d8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">2,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>28<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs87c\">1  <span class=\"_ _2f\"> </span>Pri<span class=\"_ _2\"></span>or pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arati<span class=\"_ _2\"></span>ves ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tra<span class=\"_ _2\"></span>nsit<span class=\"_ _2\"></span>ion to I<span class=\"_ _2\"></span>FRS 17 </div><div class=\"t m1e2 h200 ff3 fs173 fc1 sc0 ls1bc ws1bb gs87d\">Insurance Cont<span class=\"_ _5\"></span>racts</div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gs87e\"> (se<span class=\"_ _2\"></span>e note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls14 ws12 gs87f\">G2.1 Goodwill<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs880\">The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value of g<span class=\"_ _2\"></span>oodwill h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n teste<span class=\"_ _2\"></span>d for impairme<span class=\"_ _2\"></span>nt at the year en<span class=\"_ _2\"></span>d and the re<span class=\"_ _2\"></span>sults of this exe<span class=\"_ _2\"></span>rcise are det<span class=\"_ _2\"></span>ailed b<span class=\"_ _2\"></span>elow. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs881\">Goo<span class=\"_ _2\"></span>dwill with a c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value of \u00a31<span class=\"_ _2\"></span>0 million (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>0 million) was rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed on the a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n of AX<span class=\"_ _2\"></span>A Wealth durin<span class=\"_ _2\"></span>g 2016 a<span class=\"_ _2\"></span>nd has b<span class=\"_ _2\"></span>een </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs882\">alloc<span class=\"_ _2\"></span>ated to the Pen<span class=\"_ _2\"></span>sions &amp; S<span class=\"_ _2\"></span>avings an<span class=\"_ _2\"></span>d Europe &amp; Oth<span class=\"_ _2\"></span>er seg<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s. This re<span class=\"_ _2\"></span>present<span class=\"_ _2\"></span>s the value of th<span class=\"_ _2\"></span>e workforce a<span class=\"_ _2\"></span>ssum<span class=\"_ _2\"></span>ed and th<span class=\"_ _2\"></span>e potential for </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs883\">future v<span class=\"_ _2\"></span>alue creat<span class=\"_ _2\"></span>ion, whic<span class=\"_ _2\"></span>h relates to the a<span class=\"_ _2\"></span>bility to inves<span class=\"_ _2\"></span>t in and grow th<span class=\"_ _2\"></span>e SunLife br<span class=\"_ _2\"></span>and. Value in use ha<span class=\"_ _2\"></span>s been d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d as the pres<span class=\"_ _2\"></span>ent value </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs884\">of cer<span class=\"_ _2\"></span>tain f<span class=\"_ _2\"></span>uture cas<span class=\"_ _2\"></span>h flows as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with that b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e cash fl<span class=\"_ _2\"></span>ows use<span class=\"_ _2\"></span>d in the calc<span class=\"_ _2\"></span>ulation are c<span class=\"_ _2\"></span>onsis<span class=\"_ _2\"></span>tent with thos<span class=\"_ _2\"></span>e adopte<span class=\"_ _2\"></span>d by </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs885\">man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent in the Group\u2019s ope<span class=\"_ _2\"></span>rating pla<span class=\"_ _2\"></span>n, and for th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d 2028 and b<span class=\"_ _2\"></span>eyond, a<span class=\"_ _2\"></span>ssume a zero g<span class=\"_ _2\"></span>rowth r<span class=\"_ _2\"></span>ate. The unde<span class=\"_ _2\"></span>rlying as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs886\">thes<span class=\"_ _2\"></span>e proje<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s include m<span class=\"_ _2\"></span>arket share, c<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r numbe<span class=\"_ _2\"></span>rs, c<span class=\"_ _2\"></span>ommis<span class=\"_ _2\"></span>sion rates an<span class=\"_ _2\"></span>d expen<span class=\"_ _2\"></span>se inflation<span class=\"_ _2\"></span>. The c<span class=\"_ _2\"></span>ash flows h<span class=\"_ _2\"></span>ave been val<span class=\"_ _2\"></span>ued at a risk </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs887\">adj<span class=\"_ _2\"></span>usted di<span class=\"_ _2\"></span>scount r<span class=\"_ _2\"></span>ate of 14% (<span class=\"_ _5\"></span>202<span class=\"_ _2\"></span>2: 14%) that makes prud<span class=\"_ _2\"></span>ent allowanc<span class=\"_ _2\"></span>e for the risk t<span class=\"_ _2\"></span>hat future c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s may differ f<span class=\"_ _2\"></span>rom that as<span class=\"_ _2\"></span>sumed<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs888\">This tes<span class=\"_ _2\"></span>t demo<span class=\"_ _2\"></span>nstrate<span class=\"_ _2\"></span>d that valu<span class=\"_ _2\"></span>e in use was gre<span class=\"_ _2\"></span>ater than c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying valu<span class=\"_ _2\"></span>e. Given the m<span class=\"_ _2\"></span>agnitu<span class=\"_ _2\"></span>de of the exces<span class=\"_ _2\"></span>s of the value in us<span class=\"_ _2\"></span>e over carr<span class=\"_ _2\"></span>ying </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs889\">value<span class=\"_ _2\"></span>, manag<span class=\"_ _2\"></span>ement d<span class=\"_ _2\"></span>oes not b<span class=\"_ _2\"></span>elieve that a rea<span class=\"_ _2\"></span>sonab<span class=\"_ _2\"></span>ly forese<span class=\"_ _2\"></span>eable c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e in k<span class=\"_ _7\"></span>ey a<span class=\"_ _2\"></span>ssumpt<span class=\"_ _2\"></span>ions would c<span class=\"_ _2\"></span>ause th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>ying va<span class=\"_ _2\"></span>lue to excee<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs88a\">value in us<span class=\"_ _2\"></span>e.<span class=\"_ _3bc\"> </span></div>G2<span class=\"_ _2\"></span>.2 A<span class=\"_ _2\"></span>cquir<span class=\"_ _2\"></span>ed in-<span class=\"_ _2\"></span>forc<span class=\"_ _2\"></span>e busi<span class=\"_ _2\"></span>ness<span class=\"_ _3bc\"> </span>Acquire<span class=\"_ _2\"></span>d in-force bus<span class=\"_ _2\"></span>iness (<span class=\"_ _2\"></span>\u2018<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F\u2019<span class=\"_ _2\"></span>) on investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>thout D<span class=\"_ _2\"></span>PF repres<span class=\"_ _2\"></span>ents the dif<span class=\"_ _2\"></span>feren<span class=\"_ _2\"></span>ce bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e fair value of th<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>tual right<span class=\"_ _2\"></span>s under the<span class=\"_ _2\"></span>se contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and the lia<span class=\"_ _2\"></span>bility m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value w<span class=\"_ _2\"></span>hich is determ<span class=\"_ _2\"></span>ined usin<span class=\"_ _2\"></span>g a valuation te<span class=\"_ _2\"></span>chniqu<span class=\"_ _2\"></span>e to provide a reliabl<span class=\"_ _2\"></span>e estim<span class=\"_ _2\"></span>ate of the amo<span class=\"_ _2\"></span>unt for which the li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y could b<span class=\"_ _2\"></span>e transfe<span class=\"_ _2\"></span>rred in an orde<span class=\"_ _2\"></span>rly tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion bet<span class=\"_ _2\"></span>ween m<span class=\"_ _2\"></span>arket parti<span class=\"_ _2\"></span>cipants at t<span class=\"_ _2\"></span>he meas<span class=\"_ _2\"></span>urement d<span class=\"_ _2\"></span>ate, subje<span class=\"_ _2\"></span>ct to a minimum e<span class=\"_ _2\"></span>qual to the s<span class=\"_ _2\"></span>urrender va<span class=\"_ _2\"></span>lue. A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F on thes<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt contrac<span class=\"_ _2\"></span>ts is am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised in line w<span class=\"_ _2\"></span>ith emerg<span class=\"_ _2\"></span>ence of e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic benefi<span class=\"_ _2\"></span>ts over their ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted term<span class=\"_ _2\"></span>. A<span class=\"_ _6\"></span>V<span class=\"_ _2\"></span>IF balan<span class=\"_ _2\"></span>ces are a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d for impairme<span class=\"_ _2\"></span>nt where an in<span class=\"_ _2\"></span>dicator of impair<span class=\"_ _2\"></span>ment has b<span class=\"_ _2\"></span>een id<span class=\"_ _2\"></span>entified<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F of \u00a316 millio<span class=\"_ _2\"></span>n was rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d during th<span class=\"_ _2\"></span>e year upon a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n of SLF of Cana<span class=\"_ _2\"></span>da UK Limite<span class=\"_ _2\"></span>d. Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s are include<span class=\"_ _2\"></span>d in note H2.<span class=\"_ _3bc\"> </span>On 23 Feb<span class=\"_ _2\"></span>ruar<span class=\"_ _2\"></span>y 2021<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up entered into an a<span class=\"_ _2\"></span>greem<span class=\"_ _2\"></span>ent with abrdn p<span class=\"_ _2\"></span>lc to simplif<span class=\"_ _2\"></span>y the arr<span class=\"_ _2\"></span>angem<span class=\"_ _2\"></span>ents of the<span class=\"_ _2\"></span>ir Strateg<span class=\"_ _2\"></span>ic Partn<span class=\"_ _2\"></span>ership<span class=\"_ _2\"></span>. Under the term<span class=\"_ _2\"></span>s of the trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n, the G<span class=\"_ _2\"></span>roup will sell it<span class=\"_ _2\"></span>s UK inves<span class=\"_ _2\"></span>tment an<span class=\"_ _2\"></span>d platfor<span class=\"_ _2\"></span>m related pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s, c<span class=\"_ _2\"></span>omprisin<span class=\"_ _2\"></span>g W<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ap SI<span class=\"_ _2\"></span>PP<span class=\"_ _6\"></span>, O<span class=\"_ _2\"></span>nshore b<span class=\"_ _2\"></span>ond and U<span class=\"_ _2\"></span>K TIP to ab<span class=\"_ _2\"></span>rdn plc and thi<span class=\"_ _2\"></span>s will be effe<span class=\"_ _2\"></span>cted t<span class=\"_ _2\"></span>hrough a Par<span class=\"_ _2\"></span>t VII tr<span class=\"_ _2\"></span>ansfer. Since 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e balan<span class=\"_ _2\"></span>ces in the s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent of conso<span class=\"_ _2\"></span>lidated fina<span class=\"_ _2\"></span>ncial p<span class=\"_ _2\"></span>osition relatin<span class=\"_ _2\"></span>g to this busin<span class=\"_ _2\"></span>ess have b<span class=\"_ _2\"></span>een cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as a dispo<span class=\"_ _2\"></span>sal group h<span class=\"_ _2\"></span>eld for sa<span class=\"_ _2\"></span>le.<span class=\"_ _3bc\"> </span>The tota<span class=\"_ _2\"></span>l proce<span class=\"_ _2\"></span>eds of disp<span class=\"_ _2\"></span>osal for this b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s were not exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d to excee<span class=\"_ _2\"></span>d the ca<span class=\"_ _2\"></span>rryin<span class=\"_ _2\"></span>g value of the rel<span class=\"_ _2\"></span>ated net a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and ac<span class=\"_ _2\"></span>cordingl<span class=\"_ _2\"></span>y the dispo<span class=\"_ _2\"></span>sal gro<span class=\"_ _2\"></span>up was reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d at fair value l<span class=\"_ _2\"></span>ess co<span class=\"_ _2\"></span>sts to s<span class=\"_ _2\"></span>ell. The va<span class=\"_ _2\"></span>lue of the A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F at 23 Februa<span class=\"_ _2\"></span>ry 20<span class=\"_ _2\"></span>21, wh<span class=\"_ _2\"></span>ich relates to th<span class=\"_ _2\"></span>e SIP<span class=\"_ _2\"></span>P and Ons<span class=\"_ _2\"></span>hore busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>, was \u00a3<span class=\"_ _2\"></span>122 million an<span class=\"_ _2\"></span>d an impairme<span class=\"_ _2\"></span>nt charge of \u00a3<span class=\"_ _2\"></span>67 million was re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised in 202<span class=\"_ _2\"></span>1. A fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r impairme<span class=\"_ _2\"></span>nt of \u00a328 million h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d during th<span class=\"_ _2\"></span>e year (2022<span class=\"_ _2\"></span>: \u00a317 million). The A<span class=\"_ _7\"></span>V<span class=\"_ _2\"></span>IF balan<span class=\"_ _2\"></span>ce cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as held for s<span class=\"_ _2\"></span>ale has n<span class=\"_ _2\"></span>ot been a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised up to 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23.<span class=\"_ _3bc\"> </span>As at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>3, the in<span class=\"_ _2\"></span>sured f<span class=\"_ _2\"></span>unds elem<span class=\"_ _2\"></span>ent of the Wrap SI<span class=\"_ _2\"></span>PP and O<span class=\"_ _2\"></span>nshore B<span class=\"_ _2\"></span>ond busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es will no lon<span class=\"_ _2\"></span>ger tra<span class=\"_ _2\"></span>nsfer to abr<span class=\"_ _2\"></span>dn (see note H3 for fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r details). As a res<span class=\"_ _2\"></span>ult, this b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s no long<span class=\"_ _2\"></span>er me<span class=\"_ _2\"></span>ets the re<span class=\"_ _2\"></span>quireme<span class=\"_ _2\"></span>nts to be cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as held fo<span class=\"_ _2\"></span>r sale. C<span class=\"_ _2\"></span>onse<span class=\"_ _2\"></span>quently, the A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F<span class=\"_ _7\"></span>, which has a c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value of \u00a3<span class=\"_ _2\"></span>9 million at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>, will be c<span class=\"_ _2\"></span>lassifi<span class=\"_ _2\"></span>ed within th<span class=\"_ _2\"></span>e A<span class=\"_ _7\"></span>VIF line in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of financia<span class=\"_ _2\"></span>l position<span class=\"_ _2\"></span>. The A<span class=\"_ _5\"></span>VIF will b<span class=\"_ _2\"></span>e amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d in line with the tr<span class=\"_ _2\"></span>ansfer of th<span class=\"_ _2\"></span>e econ<span class=\"_ _2\"></span>omic risk an<span class=\"_ _2\"></span>d rewards for this b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s to abrdn plc vi<span class=\"_ _2\"></span>a the profit transfer<span class=\"_ _5\"></span> arrangement.<span class=\"_ _3bc\"> </span>G2.3 Brands<span class=\"_ _3bc\"> </span>An intan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>set was re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised at c<span class=\"_ _2\"></span>ost on a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n of AX<span class=\"_ _2\"></span>A Wealth and re<span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nts the val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to the SunLife b<span class=\"_ _2\"></span>rand as at 1 Novemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>6. Th<span class=\"_ _2\"></span>e intangib<span class=\"_ _2\"></span>le ass<span class=\"_ _2\"></span>et was value<span class=\"_ _2\"></span>d on a \u2018multi-pe<span class=\"_ _2\"></span>riod exces<span class=\"_ _2\"></span>s earnin<span class=\"_ _2\"></span>gs\u2019 basi<span class=\"_ _2\"></span>s and was re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed at a co<span class=\"_ _2\"></span>st of \u00a320 milli<span class=\"_ _2\"></span>on. Impa<span class=\"_ _2\"></span>irment tes<span class=\"_ _2\"></span>ting was p<span class=\"_ _2\"></span>erform<span class=\"_ _2\"></span>ed in a com<span class=\"_ _2\"></span>bined tes<span class=\"_ _2\"></span>t with the A<span class=\"_ _2\"></span>X<span class=\"_ _2\"></span>A goo<span class=\"_ _2\"></span>dwill (see s<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>on G2.1). The value in us<span class=\"_ _2\"></span>e continue<span class=\"_ _2\"></span>s to excee<span class=\"_ _2\"></span>d its c<span class=\"_ _2\"></span>arry<span class=\"_ _2\"></span>ing value. T<span class=\"_ _2\"></span>his bran<span class=\"_ _2\"></span>d intangib<span class=\"_ _2\"></span>le is being a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised over a 1<span class=\"_ _2\"></span>0 year pe<span class=\"_ _2\"></span>riod. T<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying va<span class=\"_ _2\"></span>lue of the A<span class=\"_ _2\"></span>XA Weal<span class=\"_ _2\"></span>th brand a<span class=\"_ _2\"></span>s at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023 is \u00a36 million (20<span class=\"_ _2\"></span>22: \u00a38 million).<span class=\"_ _3bc\"> </span>On 23 Feb<span class=\"_ _2\"></span>ruar<span class=\"_ _2\"></span>y 2021<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up entered into an a<span class=\"_ _2\"></span>greem<span class=\"_ _2\"></span>ent to acq<span class=\"_ _2\"></span>uire owners<span class=\"_ _2\"></span>hip of the Stan<span class=\"_ _2\"></span>dard Life brand a<span class=\"_ _2\"></span>s par<span class=\"_ _2\"></span>t of a larger tr<span class=\"_ _2\"></span>ansac<span class=\"_ _2\"></span>tion with abrdn pl<span class=\"_ _2\"></span>c, which t<span class=\"_ _2\"></span>ransfer<span class=\"_ _2\"></span>red to the Gro<span class=\"_ _2\"></span>up in May 2021<span class=\"_ _2\"></span>. The St<span class=\"_ _2\"></span>andard Life br<span class=\"_ _2\"></span>and was ini<span class=\"_ _2\"></span>tially rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed at a value of \u00a3<span class=\"_ _2\"></span>111 million which repre<span class=\"_ _2\"></span>sented th<span class=\"_ _2\"></span>e fair value at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to the b<span class=\"_ _2\"></span>rand as at th<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>action d<span class=\"_ _2\"></span>ate. The inta<span class=\"_ _2\"></span>ngible as<span class=\"_ _2\"></span>set wa<span class=\"_ _2\"></span>s valued on a \u2018multi-<span class=\"_ _2\"></span>period e<span class=\"_ _2\"></span>xcess e<span class=\"_ _2\"></span>arning<span class=\"_ _2\"></span>s\u2019 basi<span class=\"_ _2\"></span>s and is bein<span class=\"_ _2\"></span>g amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d over a perio<span class=\"_ _2\"></span>d of 30 year<span class=\"_ _2\"></span>s. The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying valu<span class=\"_ _2\"></span>e of the Stand<span class=\"_ _2\"></span>ard Life brand a<span class=\"_ _2\"></span>s at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023 is \u00a31<span class=\"_ _2\"></span>00 milli<span class=\"_ _2\"></span>on (2022<span class=\"_ _2\"></span>: \u00a310<span class=\"_ _2\"></span>4 million).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-661": {
   "value": "G2. Intangibl<span class=\"_ _5\"></span>e assets<span class=\"_ _3bc\"> </span>Good<span class=\"_ _2\"></span>will<span class=\"_ _3bc\"> </span>Busin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>ns are acc<span class=\"_ _2\"></span>ounted for by app<span class=\"_ _2\"></span>lying the a<span class=\"_ _2\"></span>cquisiti<span class=\"_ _2\"></span>on metho<span class=\"_ _2\"></span>d. Goo<span class=\"_ _2\"></span>dwill repres<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>e differe<span class=\"_ _2\"></span>nce bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the cos<span class=\"_ _2\"></span>t of the acq<span class=\"_ _2\"></span>uisition an<span class=\"_ _2\"></span>d the fair value of th<span class=\"_ _2\"></span>e net identifi<span class=\"_ _2\"></span>able as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>cquired<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Goo<span class=\"_ _2\"></span>dwill is me<span class=\"_ _2\"></span>asured on in<span class=\"_ _2\"></span>itial rec<span class=\"_ _2\"></span>ognition a<span class=\"_ _2\"></span>t cost<span class=\"_ _2\"></span>. Following initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, goo<span class=\"_ _2\"></span>dwill is st<span class=\"_ _2\"></span>ated at cos<span class=\"_ _2\"></span>t les<span class=\"_ _2\"></span>s any accum<span class=\"_ _2\"></span>ulated impa<span class=\"_ _2\"></span>irment los<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>. Good<span class=\"_ _2\"></span>will is not amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d but is tes<span class=\"_ _2\"></span>ted for imp<span class=\"_ _2\"></span>airment ann<span class=\"_ _2\"></span>ually or wh<span class=\"_ _2\"></span>en there is ev<span class=\"_ _2\"></span>idence of p<span class=\"_ _2\"></span>ossibl<span class=\"_ _2\"></span>e impairme<span class=\"_ _2\"></span>nt. For impair<span class=\"_ _2\"></span>ment test<span class=\"_ _2\"></span>ing, g<span class=\"_ _2\"></span>oodwill i<span class=\"_ _2\"></span>s allocate<span class=\"_ _2\"></span>d to relevant c<span class=\"_ _2\"></span>ash ge<span class=\"_ _2\"></span>neratin<span class=\"_ _2\"></span>g units<span class=\"_ _2\"></span>. Good<span class=\"_ _2\"></span>will is impaire<span class=\"_ _2\"></span>d when the re<span class=\"_ _2\"></span>coverab<span class=\"_ _2\"></span>le amount is le<span class=\"_ _2\"></span>ss tha<span class=\"_ _2\"></span>n the carr<span class=\"_ _2\"></span>ying value.<span class=\"_ _3bc\"> </span>In ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in acquisi<span class=\"_ _2\"></span>tions an exce<span class=\"_ _2\"></span>ss of the ac<span class=\"_ _2\"></span>quirer\u2019s interes<span class=\"_ _2\"></span>t in the net fair va<span class=\"_ _2\"></span>lue of the acq<span class=\"_ _2\"></span>uiree\u2019s identifiabl<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts, li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>, contin<span class=\"_ _2\"></span>gent liabilitie<span class=\"_ _2\"></span>s and non<span class=\"_ _2\"></span>-controllin<span class=\"_ _2\"></span>g interest<span class=\"_ _2\"></span>s over cos<span class=\"_ _2\"></span>t may arise<span class=\"_ _2\"></span>. Where this o<span class=\"_ _2\"></span>ccur<span class=\"_ _2\"></span>s, the s<span class=\"_ _2\"></span>urplus of the fa<span class=\"_ _2\"></span>ir value of net as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>cquire<span class=\"_ _2\"></span>d over the fair value of the c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>ration is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Acquire<span class=\"_ _2\"></span>d in-force busin<span class=\"_ _2\"></span>ess<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s withou<span class=\"_ _2\"></span>t DPF ac<span class=\"_ _2\"></span>quired in bus<span class=\"_ _2\"></span>iness c<span class=\"_ _2\"></span>ombinati<span class=\"_ _2\"></span>ons and p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio tran<span class=\"_ _2\"></span>sfers are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair valu<span class=\"_ _2\"></span>e at the time of acq<span class=\"_ _2\"></span>uisition<span class=\"_ _2\"></span>. The diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the fair va<span class=\"_ _2\"></span>lue of the contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al rights a<span class=\"_ _2\"></span>cquire<span class=\"_ _2\"></span>d and oblig<span class=\"_ _2\"></span>ations as<span class=\"_ _2\"></span>sume<span class=\"_ _2\"></span>d and the liab<span class=\"_ _2\"></span>ility m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value wh<span class=\"_ _2\"></span>ich is determin<span class=\"_ _2\"></span>ed usin<span class=\"_ _2\"></span>g a valuation te<span class=\"_ _2\"></span>chnique to provi<span class=\"_ _2\"></span>de a reliable e<span class=\"_ _2\"></span>stimate of th<span class=\"_ _2\"></span>e amount for whi<span class=\"_ _2\"></span>ch the liabilit<span class=\"_ _2\"></span>y co<span class=\"_ _2\"></span>uld be tran<span class=\"_ _2\"></span>sferre<span class=\"_ _2\"></span>d in an orde<span class=\"_ _2\"></span>rly trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n bet<span class=\"_ _2\"></span>ween ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>nts at the m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent date, s<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to a minimum e<span class=\"_ _2\"></span>qual to the sur<span class=\"_ _2\"></span>render va<span class=\"_ _2\"></span>lue. This acq<span class=\"_ _2\"></span>uired in-force bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s is amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d on a diminishin<span class=\"_ _2\"></span>g balanc<span class=\"_ _2\"></span>e basis<span class=\"_ _2\"></span>. An impair<span class=\"_ _2\"></span>ment review is p<span class=\"_ _2\"></span>erfo<span class=\"_ _2\"></span>rmed wh<span class=\"_ _2\"></span>enever the<span class=\"_ _2\"></span>re is an indic<span class=\"_ _2\"></span>ation of impairm<span class=\"_ _2\"></span>ent. Wh<span class=\"_ _2\"></span>en the rec<span class=\"_ _2\"></span>overable am<span class=\"_ _2\"></span>ount is les<span class=\"_ _2\"></span>s than th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>ying value<span class=\"_ _2\"></span>, an impairme<span class=\"_ _2\"></span>nt loss is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt. The a<span class=\"_ _2\"></span>cquired in-forc<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss is allo<span class=\"_ _2\"></span>cated to rel<span class=\"_ _2\"></span>evant cas<span class=\"_ _2\"></span>h gene<span class=\"_ _2\"></span>rating unit<span class=\"_ _2\"></span>s for the purp<span class=\"_ _2\"></span>oses of imp<span class=\"_ _2\"></span>airment tes<span class=\"_ _2\"></span>ting.<span class=\"_ _3bc\"> </span>Bra<span class=\"_ _2\"></span>nds Bran<span class=\"_ _2\"></span>ds are mea<span class=\"_ _2\"></span>sured on ini<span class=\"_ _2\"></span>tial rec<span class=\"_ _2\"></span>ognition at c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. The cos<span class=\"_ _2\"></span>t of an intang<span class=\"_ _2\"></span>ible as<span class=\"_ _2\"></span>set acq<span class=\"_ _2\"></span>uired in a busin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>n is the fair valu<span class=\"_ _2\"></span>e as at the date of the ac<span class=\"_ _2\"></span>quisition<span class=\"_ _2\"></span>. The co<span class=\"_ _2\"></span>st of an intan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>set ac<span class=\"_ _2\"></span>quired in exch<span class=\"_ _2\"></span>ange for a n<span class=\"_ _2\"></span>on-mone<span class=\"_ _2\"></span>tar<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>et is mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue as at the d<span class=\"_ _2\"></span>ate of the tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion. Follo<span class=\"_ _2\"></span>wing initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition, th<span class=\"_ _2\"></span>e brand an<span class=\"_ _2\"></span>d other co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ual arran<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent intang<span class=\"_ _2\"></span>ible ass<span class=\"_ _2\"></span>ets are c<span class=\"_ _2\"></span>arried a<span class=\"_ _2\"></span>t cost le<span class=\"_ _2\"></span>ss acc<span class=\"_ _2\"></span>umulated a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tisation a<span class=\"_ _2\"></span>nd any acc<span class=\"_ _2\"></span>umulated imp<span class=\"_ _2\"></span>airment lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation is cal<span class=\"_ _2\"></span>culated us<span class=\"_ _2\"></span>ing the st<span class=\"_ _2\"></span>raight-line me<span class=\"_ _2\"></span>thod to allo<span class=\"_ _2\"></span>cate the c<span class=\"_ _2\"></span>ost of bran<span class=\"_ _2\"></span>ds over their e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>d useful live<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>y are teste<span class=\"_ _2\"></span>d for impairm<span class=\"_ _2\"></span>ent when<span class=\"_ _2\"></span>ever there is ev<span class=\"_ _2\"></span>idenc<span class=\"_ _2\"></span>e of possib<span class=\"_ _2\"></span>le impairme<span class=\"_ _2\"></span>nt. For impair<span class=\"_ _2\"></span>ment tes<span class=\"_ _2\"></span>ting, t<span class=\"_ _2\"></span>hey are alloc<span class=\"_ _2\"></span>ated to the re<span class=\"_ _2\"></span>levant ca<span class=\"_ _2\"></span>sh gene<span class=\"_ _2\"></span>rating unit<span class=\"_ _2\"></span>. Bran<span class=\"_ _2\"></span>ds are impaire<span class=\"_ _2\"></span>d when th<span class=\"_ _2\"></span>e recovera<span class=\"_ _2\"></span>ble amo<span class=\"_ _2\"></span>unt is less th<span class=\"_ _2\"></span>an the ca<span class=\"_ _2\"></span>rry<span class=\"_ _2\"></span>ing value<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span><table class=\"s w9dd h315\" id=\"_ae82b165-0734-4baa-a184-03b8976f7909\"><tr><td></td><td></td><td class=\"t m0 xc07 h3f y5d09 ff7 fsf fc1 sc0 lse3 wscd\">Acquired in-force </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xa8f h3f y5d0a ff7 fsf fc1 sc0 ls17 ws15\">Goodwill </td><td class=\"t m0 x9d5 h3f y5d0a ff7 fsf fc1 sc0 ls81 ws75\">business </td><td class=\"t m0 x1630 h3f y5d0a ff7 fsf fc1 sc0 ls81 ws75\">Brands<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h3f y5d0a ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h3f y5d0b ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1b16 h3f y5d0b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1b17 h3f y5d0b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x916 h3f y5d0b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5d0b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y5d0c ff7 fs7 fc1 sc0 ls68 ws5c\">Cost or valuation<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y56e3 w3fa h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b18 y56e3 w1d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b19 y56e3 w467 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">4,18<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1a y56e3 w2a4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1b y56e3 w4f5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">4,36<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5771 w9de h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Acquis<span class=\"_ _2\"></span>ition of SLF of Ca<span class=\"_ _2\"></span>nada U<span class=\"_ _2\"></span>K Limited<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1c y5771 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1d y5771 w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1e y5771 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f1 y5771 w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57a5 w982 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1f y57a5 wc9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b20 y57a5 w4f5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">4,1<span class=\"_ _2\"></span>96<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b21 y57a5 w2a4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b22 y57a5 w9df h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">4,384<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5d0d ff7 fs7 fc1 sc0 ls61 ws5f\">Amor<span class=\"_ _2\"></span>tisation and imp<span class=\"_ _2\"></span>airment<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y56b7 w3fa h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b23 y56b7 w544 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">(47<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b24 y56b7 w9e0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls49 ws1ca\">(1,966)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b25 y56b7 w1a7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(19<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ec y56b7 w6b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>32)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e7 w9e1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Amor<span class=\"_ _2\"></span>tisation charge f<span class=\"_ _5\"></span>or the year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b26 y56e7 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b27 y56e7 w33d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">(29<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b28 y56e7 w7f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b29 y56e7 w9e2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">(296)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fe w9e3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>irment cha<span class=\"_ _2\"></span>rge for the yea<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2a y55fe w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2b y55fe w2c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">(28<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2c y55fe w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2d y55fe w2c6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">(28<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w982 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2e y561b w5b9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">(47<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2f y561b w7fa h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>284<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b30 y561b w3e0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>25)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b31 y561b w673 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">(2,356)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d0e w9e4 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">Carr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g amoun<span class=\"_ _2\"></span>t at 31 Dec<span class=\"_ _2\"></span>emb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b32 y5d0e w341 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b33 y5d0e wd5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>912<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc9 y5d0e w130 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b34 y5d0e wdc h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">2<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>28<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w9e5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt recovera<span class=\"_ _2\"></span>ble afte<span class=\"_ _2\"></span>r 12 months<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b35 y55ef w341 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b36 y55ef w5e8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls4b ws122\">1,65<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b37 y55ef w130 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b38 y55ef w212 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _3\"></span>,76<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr></table><table class=\"s w9e6 h316\" id=\"_726c099d-7576-4acd-8626-06dcd66df7f1\"><tr><td></td><td></td><td class=\"t m0 x1692 h16 y5d0f ff3 fsf fc1 sc0 ls82 ws77\">Acquire<span class=\"_ _2\"></span>d in-f<span class=\"_ _5\"></span>orce </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xa8f h16 y5d10 ff3 fsf fc1 sc0 ls82 ws77\">Good<span class=\"_ _2\"></span>will </td><td class=\"t m0 x9d5 h16 y5d10 ff3 fsf fc1 sc0 ls0 ws0\">bus<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>ss </td><td class=\"t m0 xc10 h16 y5d10 ff3 fsf fc1 sc0 ls17 ws15\">Brands<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y5d10 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"c x1ea y5d11 w2a6 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y56f3 ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x1b16 h16 y5d12 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1b17 h16 y5d12 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x549 h16 y5d12 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5d12 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5616 w9e7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">Cos<span class=\"_ _2\"></span>t or val<span class=\"_ _2\"></span>uation a<span class=\"_ _2\"></span>t 1 Janua<span class=\"_ _2\"></span>ry an<span class=\"_ _2\"></span>d 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b39 y5616 w1d7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3a y5616 w168 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">4,180<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3b y5616 w37f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">1<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3c y5616 w162 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">4,36<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5d13 ff7 fs7 fc1 sc0 ls61 ws5f\">Amor<span class=\"_ _2\"></span>tisation and imp<span class=\"_ _2\"></span>airment<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55e8 w3fa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3d y55e8 w9e8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">(47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3e y55e8 w9e9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf0 y55e8 w1da h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3f y55e8 w79 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>,677<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5774 w9e1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Amor<span class=\"_ _2\"></span>tisation charge f<span class=\"_ _5\"></span>or the year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b26 y5774 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b40 y5774 w9ea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(332)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b41 y5774 w252 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b0f y5774 w53 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(3<span class=\"_ _2\"></span>38)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fd w9e3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>irment cha<span class=\"_ _2\"></span>rge for the yea<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b42 y55fd w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b43 y55fd w886 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>17<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b44 y55fd w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b45 y55fd w9eb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(17<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e7 w982 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b46 y56e7 w9ec h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">(<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b47 y56e7 w890 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>,96<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b48 y56e7 w611 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b49 y56e7 w2d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>2,0<span class=\"_ _2\"></span>32)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w9ed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mount<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4a y561b wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4b y561b w145 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">2,<span class=\"_ _2\"></span>214<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4c y561b w387 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">112<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4d y561b w44f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">2,336<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w9ee h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale (se<span class=\"_ _2\"></span>e note H3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4e y561c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4f y561c w9ef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">(37<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b50 y561c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b51 y561c w65c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e9 w9e4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">Carr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g amoun<span class=\"_ _2\"></span>t at 31 Dec<span class=\"_ _2\"></span>emb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b32 y56e9 wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b52 y56e9 w9f0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b53 y56e9 w387 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">112<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b54 y56e9 w212 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">2<span class=\"_ _2\"></span>,299<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w9e5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt recovera<span class=\"_ _2\"></span>ble afte<span class=\"_ _2\"></span>r 12 months<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b35 y55ef wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b55 y55ef w9f1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d9 ws1d9\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>91<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b56 y55ef w5a2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b57 y55ef w7d8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">2,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>28<span class=\"_ _3bc\"> </span></div></td></tr></table>1  <span class=\"_ _2f\"> </span>Pri<span class=\"_ _2\"></span>or pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arati<span class=\"_ _2\"></span>ves ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tra<span class=\"_ _2\"></span>nsit<span class=\"_ _2\"></span>ion to I<span class=\"_ _2\"></span>FRS 17 Insurance Cont<span class=\"_ _5\"></span>racts (se<span class=\"_ _2\"></span>e note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s).<span class=\"_ _3bc\"> </span>G2.1 Goodwill<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value of g<span class=\"_ _2\"></span>oodwill h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n teste<span class=\"_ _2\"></span>d for impairme<span class=\"_ _2\"></span>nt at the year en<span class=\"_ _2\"></span>d and the re<span class=\"_ _2\"></span>sults of this exe<span class=\"_ _2\"></span>rcise are det<span class=\"_ _2\"></span>ailed b<span class=\"_ _2\"></span>elow. Goo<span class=\"_ _2\"></span>dwill with a c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value of \u00a31<span class=\"_ _2\"></span>0 million (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>0 million) was rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed on the a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n of AX<span class=\"_ _2\"></span>A Wealth durin<span class=\"_ _2\"></span>g 2016 a<span class=\"_ _2\"></span>nd has b<span class=\"_ _2\"></span>een alloc<span class=\"_ _2\"></span>ated to the Pen<span class=\"_ _2\"></span>sions &amp; S<span class=\"_ _2\"></span>avings an<span class=\"_ _2\"></span>d Europe &amp; Oth<span class=\"_ _2\"></span>er seg<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s. This re<span class=\"_ _2\"></span>present<span class=\"_ _2\"></span>s the value of th<span class=\"_ _2\"></span>e workforce a<span class=\"_ _2\"></span>ssum<span class=\"_ _2\"></span>ed and th<span class=\"_ _2\"></span>e potential for future v<span class=\"_ _2\"></span>alue creat<span class=\"_ _2\"></span>ion, whic<span class=\"_ _2\"></span>h relates to the a<span class=\"_ _2\"></span>bility to inves<span class=\"_ _2\"></span>t in and grow th<span class=\"_ _2\"></span>e SunLife br<span class=\"_ _2\"></span>and. Value in use ha<span class=\"_ _2\"></span>s been d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d as the pres<span class=\"_ _2\"></span>ent value of cer<span class=\"_ _2\"></span>tain f<span class=\"_ _2\"></span>uture cas<span class=\"_ _2\"></span>h flows as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with that b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e cash fl<span class=\"_ _2\"></span>ows use<span class=\"_ _2\"></span>d in the calc<span class=\"_ _2\"></span>ulation are c<span class=\"_ _2\"></span>onsis<span class=\"_ _2\"></span>tent with thos<span class=\"_ _2\"></span>e adopte<span class=\"_ _2\"></span>d by man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent in the Group\u2019s ope<span class=\"_ _2\"></span>rating pla<span class=\"_ _2\"></span>n, and for th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d 2028 and b<span class=\"_ _2\"></span>eyond, a<span class=\"_ _2\"></span>ssume a zero g<span class=\"_ _2\"></span>rowth r<span class=\"_ _2\"></span>ate. The unde<span class=\"_ _2\"></span>rlying as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s of thes<span class=\"_ _2\"></span>e proje<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s include m<span class=\"_ _2\"></span>arket share, c<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r numbe<span class=\"_ _2\"></span>rs, c<span class=\"_ _2\"></span>ommis<span class=\"_ _2\"></span>sion rates an<span class=\"_ _2\"></span>d expen<span class=\"_ _2\"></span>se inflation<span class=\"_ _2\"></span>. The c<span class=\"_ _2\"></span>ash flows h<span class=\"_ _2\"></span>ave been val<span class=\"_ _2\"></span>ued at a risk adj<span class=\"_ _2\"></span>usted di<span class=\"_ _2\"></span>scount r<span class=\"_ _2\"></span>ate of 14% (<span class=\"_ _5\"></span>202<span class=\"_ _2\"></span>2: 14%) that makes prud<span class=\"_ _2\"></span>ent allowanc<span class=\"_ _2\"></span>e for the risk t<span class=\"_ _2\"></span>hat future c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s may differ f<span class=\"_ _2\"></span>rom that as<span class=\"_ _2\"></span>sumed<span class=\"_ _2\"></span>. This tes<span class=\"_ _2\"></span>t demo<span class=\"_ _2\"></span>nstrate<span class=\"_ _2\"></span>d that valu<span class=\"_ _2\"></span>e in use was gre<span class=\"_ _2\"></span>ater than c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying valu<span class=\"_ _2\"></span>e. Given the m<span class=\"_ _2\"></span>agnitu<span class=\"_ _2\"></span>de of the exces<span class=\"_ _2\"></span>s of the value in us<span class=\"_ _2\"></span>e over carr<span class=\"_ _2\"></span>ying value<span class=\"_ _2\"></span>, manag<span class=\"_ _2\"></span>ement d<span class=\"_ _2\"></span>oes not b<span class=\"_ _2\"></span>elieve that a rea<span class=\"_ _2\"></span>sonab<span class=\"_ _2\"></span>ly forese<span class=\"_ _2\"></span>eable c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e in k<span class=\"_ _7\"></span>ey a<span class=\"_ _2\"></span>ssumpt<span class=\"_ _2\"></span>ions would c<span class=\"_ _2\"></span>ause th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>ying va<span class=\"_ _2\"></span>lue to excee<span class=\"_ _2\"></span>d value in us<span class=\"_ _2\"></span>e.<span class=\"_ _3bc\"> </span>G2<span class=\"_ _2\"></span>.2 A<span class=\"_ _2\"></span>cquir<span class=\"_ _2\"></span>ed in-<span class=\"_ _2\"></span>forc<span class=\"_ _2\"></span>e busi<span class=\"_ _2\"></span>ness<span class=\"_ _3bc\"> </span>Acquire<span class=\"_ _2\"></span>d in-force bus<span class=\"_ _2\"></span>iness (<span class=\"_ _2\"></span>\u2018<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F\u2019<span class=\"_ _2\"></span>) on investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>thout D<span class=\"_ _2\"></span>PF repres<span class=\"_ _2\"></span>ents the dif<span class=\"_ _2\"></span>feren<span class=\"_ _2\"></span>ce bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e fair value of th<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>tual right<span class=\"_ _2\"></span>s under the<span class=\"_ _2\"></span>se contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and the lia<span class=\"_ _2\"></span>bility m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value w<span class=\"_ _2\"></span>hich is determ<span class=\"_ _2\"></span>ined usin<span class=\"_ _2\"></span>g a valuation te<span class=\"_ _2\"></span>chniqu<span class=\"_ _2\"></span>e to provide a reliabl<span class=\"_ _2\"></span>e estim<span class=\"_ _2\"></span>ate of the amo<span class=\"_ _2\"></span>unt for which the li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y could b<span class=\"_ _2\"></span>e transfe<span class=\"_ _2\"></span>rred in an orde<span class=\"_ _2\"></span>rly tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion bet<span class=\"_ _2\"></span>ween m<span class=\"_ _2\"></span>arket parti<span class=\"_ _2\"></span>cipants at t<span class=\"_ _2\"></span>he meas<span class=\"_ _2\"></span>urement d<span class=\"_ _2\"></span>ate, subje<span class=\"_ _2\"></span>ct to a minimum e<span class=\"_ _2\"></span>qual to the s<span class=\"_ _2\"></span>urrender va<span class=\"_ _2\"></span>lue. A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F on thes<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt contrac<span class=\"_ _2\"></span>ts is am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised in line w<span class=\"_ _2\"></span>ith emerg<span class=\"_ _2\"></span>ence of e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic benefi<span class=\"_ _2\"></span>ts over their ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted term<span class=\"_ _2\"></span>. A<span class=\"_ _6\"></span>V<span class=\"_ _2\"></span>IF balan<span class=\"_ _2\"></span>ces are a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d for impairme<span class=\"_ _2\"></span>nt where an in<span class=\"_ _2\"></span>dicator of impair<span class=\"_ _2\"></span>ment has b<span class=\"_ _2\"></span>een id<span class=\"_ _2\"></span>entified<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F of \u00a316 millio<span class=\"_ _2\"></span>n was rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d during th<span class=\"_ _2\"></span>e year upon a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n of SLF of Cana<span class=\"_ _2\"></span>da UK Limite<span class=\"_ _2\"></span>d. Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s are include<span class=\"_ _2\"></span>d in note H2.<span class=\"_ _3bc\"> </span>On 23 Feb<span class=\"_ _2\"></span>ruar<span class=\"_ _2\"></span>y 2021<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up entered into an a<span class=\"_ _2\"></span>greem<span class=\"_ _2\"></span>ent with abrdn p<span class=\"_ _2\"></span>lc to simplif<span class=\"_ _2\"></span>y the arr<span class=\"_ _2\"></span>angem<span class=\"_ _2\"></span>ents of the<span class=\"_ _2\"></span>ir Strateg<span class=\"_ _2\"></span>ic Partn<span class=\"_ _2\"></span>ership<span class=\"_ _2\"></span>. Under the term<span class=\"_ _2\"></span>s of the trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n, the G<span class=\"_ _2\"></span>roup will sell it<span class=\"_ _2\"></span>s UK inves<span class=\"_ _2\"></span>tment an<span class=\"_ _2\"></span>d platfor<span class=\"_ _2\"></span>m related pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s, c<span class=\"_ _2\"></span>omprisin<span class=\"_ _2\"></span>g W<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ap SI<span class=\"_ _2\"></span>PP<span class=\"_ _6\"></span>, O<span class=\"_ _2\"></span>nshore b<span class=\"_ _2\"></span>ond and U<span class=\"_ _2\"></span>K TIP to ab<span class=\"_ _2\"></span>rdn plc and thi<span class=\"_ _2\"></span>s will be effe<span class=\"_ _2\"></span>cted t<span class=\"_ _2\"></span>hrough a Par<span class=\"_ _2\"></span>t VII tr<span class=\"_ _2\"></span>ansfer. Since 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e balan<span class=\"_ _2\"></span>ces in the s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent of conso<span class=\"_ _2\"></span>lidated fina<span class=\"_ _2\"></span>ncial p<span class=\"_ _2\"></span>osition relatin<span class=\"_ _2\"></span>g to this busin<span class=\"_ _2\"></span>ess have b<span class=\"_ _2\"></span>een cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as a dispo<span class=\"_ _2\"></span>sal group h<span class=\"_ _2\"></span>eld for sa<span class=\"_ _2\"></span>le.<span class=\"_ _3bc\"> </span>The tota<span class=\"_ _2\"></span>l proce<span class=\"_ _2\"></span>eds of disp<span class=\"_ _2\"></span>osal for this b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s were not exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d to excee<span class=\"_ _2\"></span>d the ca<span class=\"_ _2\"></span>rryin<span class=\"_ _2\"></span>g value of the rel<span class=\"_ _2\"></span>ated net a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and ac<span class=\"_ _2\"></span>cordingl<span class=\"_ _2\"></span>y the dispo<span class=\"_ _2\"></span>sal gro<span class=\"_ _2\"></span>up was reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d at fair value l<span class=\"_ _2\"></span>ess co<span class=\"_ _2\"></span>sts to s<span class=\"_ _2\"></span>ell. The va<span class=\"_ _2\"></span>lue of the A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F at 23 Februa<span class=\"_ _2\"></span>ry 20<span class=\"_ _2\"></span>21, wh<span class=\"_ _2\"></span>ich relates to th<span class=\"_ _2\"></span>e SIP<span class=\"_ _2\"></span>P and Ons<span class=\"_ _2\"></span>hore busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>, was \u00a3<span class=\"_ _2\"></span>122 million an<span class=\"_ _2\"></span>d an impairme<span class=\"_ _2\"></span>nt charge of \u00a3<span class=\"_ _2\"></span>67 million was re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised in 202<span class=\"_ _2\"></span>1. A fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r impairme<span class=\"_ _2\"></span>nt of \u00a328 million h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d during th<span class=\"_ _2\"></span>e year (2022<span class=\"_ _2\"></span>: \u00a317 million). The A<span class=\"_ _7\"></span>V<span class=\"_ _2\"></span>IF balan<span class=\"_ _2\"></span>ce cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as held for s<span class=\"_ _2\"></span>ale has n<span class=\"_ _2\"></span>ot been a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised up to 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23.<span class=\"_ _3bc\"> </span>As at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>3, the in<span class=\"_ _2\"></span>sured f<span class=\"_ _2\"></span>unds elem<span class=\"_ _2\"></span>ent of the Wrap SI<span class=\"_ _2\"></span>PP and O<span class=\"_ _2\"></span>nshore B<span class=\"_ _2\"></span>ond busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es will no lon<span class=\"_ _2\"></span>ger tra<span class=\"_ _2\"></span>nsfer to abr<span class=\"_ _2\"></span>dn (see note H3 for fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r details). As a res<span class=\"_ _2\"></span>ult, this b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s no long<span class=\"_ _2\"></span>er me<span class=\"_ _2\"></span>ets the re<span class=\"_ _2\"></span>quireme<span class=\"_ _2\"></span>nts to be cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as held fo<span class=\"_ _2\"></span>r sale. C<span class=\"_ _2\"></span>onse<span class=\"_ _2\"></span>quently, the A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F<span class=\"_ _7\"></span>, which has a c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value of \u00a3<span class=\"_ _2\"></span>9 million at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>, will be c<span class=\"_ _2\"></span>lassifi<span class=\"_ _2\"></span>ed within th<span class=\"_ _2\"></span>e A<span class=\"_ _7\"></span>VIF line in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of financia<span class=\"_ _2\"></span>l position<span class=\"_ _2\"></span>. The A<span class=\"_ _5\"></span>VIF will b<span class=\"_ _2\"></span>e amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d in line with the tr<span class=\"_ _2\"></span>ansfer of th<span class=\"_ _2\"></span>e econ<span class=\"_ _2\"></span>omic risk an<span class=\"_ _2\"></span>d rewards for this b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s to abrdn plc vi<span class=\"_ _2\"></span>a the profit transfer<span class=\"_ _5\"></span> arrangement.<span class=\"_ _3bc\"> </span>G2.3 Brands<span class=\"_ _3bc\"> </span>An intan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>set was re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised at c<span class=\"_ _2\"></span>ost on a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n of AX<span class=\"_ _2\"></span>A Wealth and re<span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nts the val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to the SunLife b<span class=\"_ _2\"></span>rand as at 1 Novemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>6. Th<span class=\"_ _2\"></span>e intangib<span class=\"_ _2\"></span>le ass<span class=\"_ _2\"></span>et was value<span class=\"_ _2\"></span>d on a \u2018multi-pe<span class=\"_ _2\"></span>riod exces<span class=\"_ _2\"></span>s earnin<span class=\"_ _2\"></span>gs\u2019 basi<span class=\"_ _2\"></span>s and was re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed at a co<span class=\"_ _2\"></span>st of \u00a320 milli<span class=\"_ _2\"></span>on. Impa<span class=\"_ _2\"></span>irment tes<span class=\"_ _2\"></span>ting was p<span class=\"_ _2\"></span>erform<span class=\"_ _2\"></span>ed in a com<span class=\"_ _2\"></span>bined tes<span class=\"_ _2\"></span>t with the A<span class=\"_ _2\"></span>X<span class=\"_ _2\"></span>A goo<span class=\"_ _2\"></span>dwill (see s<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>on G2.1). The value in us<span class=\"_ _2\"></span>e continue<span class=\"_ _2\"></span>s to excee<span class=\"_ _2\"></span>d its c<span class=\"_ _2\"></span>arry<span class=\"_ _2\"></span>ing value. T<span class=\"_ _2\"></span>his bran<span class=\"_ _2\"></span>d intangib<span class=\"_ _2\"></span>le is being a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised over a 1<span class=\"_ _2\"></span>0 year pe<span class=\"_ _2\"></span>riod. T<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying va<span class=\"_ _2\"></span>lue of the A<span class=\"_ _2\"></span>XA Weal<span class=\"_ _2\"></span>th brand a<span class=\"_ _2\"></span>s at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023 is \u00a36 million (20<span class=\"_ _2\"></span>22: \u00a38 million).<span class=\"_ _3bc\"> </span>On 23 Feb<span class=\"_ _2\"></span>ruar<span class=\"_ _2\"></span>y 2021<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up entered into an a<span class=\"_ _2\"></span>greem<span class=\"_ _2\"></span>ent to acq<span class=\"_ _2\"></span>uire owners<span class=\"_ _2\"></span>hip of the Stan<span class=\"_ _2\"></span>dard Life brand a<span class=\"_ _2\"></span>s par<span class=\"_ _2\"></span>t of a larger tr<span class=\"_ _2\"></span>ansac<span class=\"_ _2\"></span>tion with abrdn pl<span class=\"_ _2\"></span>c, which t<span class=\"_ _2\"></span>ransfer<span class=\"_ _2\"></span>red to the Gro<span class=\"_ _2\"></span>up in May 2021<span class=\"_ _2\"></span>. The St<span class=\"_ _2\"></span>andard Life br<span class=\"_ _2\"></span>and was ini<span class=\"_ _2\"></span>tially rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed at a value of \u00a3<span class=\"_ _2\"></span>111 million which repre<span class=\"_ _2\"></span>sented th<span class=\"_ _2\"></span>e fair value at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to the b<span class=\"_ _2\"></span>rand as at th<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>action d<span class=\"_ _2\"></span>ate. The inta<span class=\"_ _2\"></span>ngible as<span class=\"_ _2\"></span>set wa<span class=\"_ _2\"></span>s valued on a \u2018multi-<span class=\"_ _2\"></span>period e<span class=\"_ _2\"></span>xcess e<span class=\"_ _2\"></span>arning<span class=\"_ _2\"></span>s\u2019 basi<span class=\"_ _2\"></span>s and is bein<span class=\"_ _2\"></span>g amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d over a perio<span class=\"_ _2\"></span>d of 30 year<span class=\"_ _2\"></span>s. The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying valu<span class=\"_ _2\"></span>e of the Stand<span class=\"_ _2\"></span>ard Life brand a<span class=\"_ _2\"></span>s at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023 is \u00a31<span class=\"_ _2\"></span>00 milli<span class=\"_ _2\"></span>on (2022<span class=\"_ _2\"></span>: \u00a310<span class=\"_ _2\"></span>4 million).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-677": {
   "value": "G2. Intangibl<span class=\"_ _5\"></span>e assets<span class=\"_ _3bc\"> </span>Good<span class=\"_ _2\"></span>will<span class=\"_ _3bc\"> </span>Busin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>ns are acc<span class=\"_ _2\"></span>ounted for by app<span class=\"_ _2\"></span>lying the a<span class=\"_ _2\"></span>cquisiti<span class=\"_ _2\"></span>on metho<span class=\"_ _2\"></span>d. Goo<span class=\"_ _2\"></span>dwill repres<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>e differe<span class=\"_ _2\"></span>nce bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the cos<span class=\"_ _2\"></span>t of the acq<span class=\"_ _2\"></span>uisition an<span class=\"_ _2\"></span>d the fair value of th<span class=\"_ _2\"></span>e net identifi<span class=\"_ _2\"></span>able as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>cquired<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Goo<span class=\"_ _2\"></span>dwill is me<span class=\"_ _2\"></span>asured on in<span class=\"_ _2\"></span>itial rec<span class=\"_ _2\"></span>ognition a<span class=\"_ _2\"></span>t cost<span class=\"_ _2\"></span>. Following initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, goo<span class=\"_ _2\"></span>dwill is st<span class=\"_ _2\"></span>ated at cos<span class=\"_ _2\"></span>t les<span class=\"_ _2\"></span>s any accum<span class=\"_ _2\"></span>ulated impa<span class=\"_ _2\"></span>irment los<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>. Good<span class=\"_ _2\"></span>will is not amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d but is tes<span class=\"_ _2\"></span>ted for imp<span class=\"_ _2\"></span>airment ann<span class=\"_ _2\"></span>ually or wh<span class=\"_ _2\"></span>en there is ev<span class=\"_ _2\"></span>idence of p<span class=\"_ _2\"></span>ossibl<span class=\"_ _2\"></span>e impairme<span class=\"_ _2\"></span>nt. For impair<span class=\"_ _2\"></span>ment test<span class=\"_ _2\"></span>ing, g<span class=\"_ _2\"></span>oodwill i<span class=\"_ _2\"></span>s allocate<span class=\"_ _2\"></span>d to relevant c<span class=\"_ _2\"></span>ash ge<span class=\"_ _2\"></span>neratin<span class=\"_ _2\"></span>g units<span class=\"_ _2\"></span>. Good<span class=\"_ _2\"></span>will is impaire<span class=\"_ _2\"></span>d when the re<span class=\"_ _2\"></span>coverab<span class=\"_ _2\"></span>le amount is le<span class=\"_ _2\"></span>ss tha<span class=\"_ _2\"></span>n the carr<span class=\"_ _2\"></span>ying value.<span class=\"_ _3bc\"> </span>In ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in acquisi<span class=\"_ _2\"></span>tions an exce<span class=\"_ _2\"></span>ss of the ac<span class=\"_ _2\"></span>quirer\u2019s interes<span class=\"_ _2\"></span>t in the net fair va<span class=\"_ _2\"></span>lue of the acq<span class=\"_ _2\"></span>uiree\u2019s identifiabl<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts, li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>, contin<span class=\"_ _2\"></span>gent liabilitie<span class=\"_ _2\"></span>s and non<span class=\"_ _2\"></span>-controllin<span class=\"_ _2\"></span>g interest<span class=\"_ _2\"></span>s over cos<span class=\"_ _2\"></span>t may arise<span class=\"_ _2\"></span>. Where this o<span class=\"_ _2\"></span>ccur<span class=\"_ _2\"></span>s, the s<span class=\"_ _2\"></span>urplus of the fa<span class=\"_ _2\"></span>ir value of net as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>cquire<span class=\"_ _2\"></span>d over the fair value of the c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>ration is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Acquire<span class=\"_ _2\"></span>d in-force busin<span class=\"_ _2\"></span>ess<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s withou<span class=\"_ _2\"></span>t DPF ac<span class=\"_ _2\"></span>quired in bus<span class=\"_ _2\"></span>iness c<span class=\"_ _2\"></span>ombinati<span class=\"_ _2\"></span>ons and p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio tran<span class=\"_ _2\"></span>sfers are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair valu<span class=\"_ _2\"></span>e at the time of acq<span class=\"_ _2\"></span>uisition<span class=\"_ _2\"></span>. The diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the fair va<span class=\"_ _2\"></span>lue of the contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al rights a<span class=\"_ _2\"></span>cquire<span class=\"_ _2\"></span>d and oblig<span class=\"_ _2\"></span>ations as<span class=\"_ _2\"></span>sume<span class=\"_ _2\"></span>d and the liab<span class=\"_ _2\"></span>ility m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value wh<span class=\"_ _2\"></span>ich is determin<span class=\"_ _2\"></span>ed usin<span class=\"_ _2\"></span>g a valuation te<span class=\"_ _2\"></span>chnique to provi<span class=\"_ _2\"></span>de a reliable e<span class=\"_ _2\"></span>stimate of th<span class=\"_ _2\"></span>e amount for whi<span class=\"_ _2\"></span>ch the liabilit<span class=\"_ _2\"></span>y co<span class=\"_ _2\"></span>uld be tran<span class=\"_ _2\"></span>sferre<span class=\"_ _2\"></span>d in an orde<span class=\"_ _2\"></span>rly trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n bet<span class=\"_ _2\"></span>ween ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>nts at the m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent date, s<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to a minimum e<span class=\"_ _2\"></span>qual to the sur<span class=\"_ _2\"></span>render va<span class=\"_ _2\"></span>lue. This acq<span class=\"_ _2\"></span>uired in-force bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s is amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d on a diminishin<span class=\"_ _2\"></span>g balanc<span class=\"_ _2\"></span>e basis<span class=\"_ _2\"></span>. An impair<span class=\"_ _2\"></span>ment review is p<span class=\"_ _2\"></span>erfo<span class=\"_ _2\"></span>rmed wh<span class=\"_ _2\"></span>enever the<span class=\"_ _2\"></span>re is an indic<span class=\"_ _2\"></span>ation of impairm<span class=\"_ _2\"></span>ent. Wh<span class=\"_ _2\"></span>en the rec<span class=\"_ _2\"></span>overable am<span class=\"_ _2\"></span>ount is les<span class=\"_ _2\"></span>s than th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>ying value<span class=\"_ _2\"></span>, an impairme<span class=\"_ _2\"></span>nt loss is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt. The a<span class=\"_ _2\"></span>cquired in-forc<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss is allo<span class=\"_ _2\"></span>cated to rel<span class=\"_ _2\"></span>evant cas<span class=\"_ _2\"></span>h gene<span class=\"_ _2\"></span>rating unit<span class=\"_ _2\"></span>s for the purp<span class=\"_ _2\"></span>oses of imp<span class=\"_ _2\"></span>airment tes<span class=\"_ _2\"></span>ting.<span class=\"_ _3bc\"> </span>Bra<span class=\"_ _2\"></span>nds Bran<span class=\"_ _2\"></span>ds are mea<span class=\"_ _2\"></span>sured on ini<span class=\"_ _2\"></span>tial rec<span class=\"_ _2\"></span>ognition at c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. The cos<span class=\"_ _2\"></span>t of an intang<span class=\"_ _2\"></span>ible as<span class=\"_ _2\"></span>set acq<span class=\"_ _2\"></span>uired in a busin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>n is the fair valu<span class=\"_ _2\"></span>e as at the date of the ac<span class=\"_ _2\"></span>quisition<span class=\"_ _2\"></span>. The co<span class=\"_ _2\"></span>st of an intan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>set ac<span class=\"_ _2\"></span>quired in exch<span class=\"_ _2\"></span>ange for a n<span class=\"_ _2\"></span>on-mone<span class=\"_ _2\"></span>tar<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>et is mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue as at the d<span class=\"_ _2\"></span>ate of the tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion. Follo<span class=\"_ _2\"></span>wing initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition, th<span class=\"_ _2\"></span>e brand an<span class=\"_ _2\"></span>d other co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ual arran<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent intang<span class=\"_ _2\"></span>ible ass<span class=\"_ _2\"></span>ets are c<span class=\"_ _2\"></span>arried a<span class=\"_ _2\"></span>t cost le<span class=\"_ _2\"></span>ss acc<span class=\"_ _2\"></span>umulated a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tisation a<span class=\"_ _2\"></span>nd any acc<span class=\"_ _2\"></span>umulated imp<span class=\"_ _2\"></span>airment lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation is cal<span class=\"_ _2\"></span>culated us<span class=\"_ _2\"></span>ing the st<span class=\"_ _2\"></span>raight-line me<span class=\"_ _2\"></span>thod to allo<span class=\"_ _2\"></span>cate the c<span class=\"_ _2\"></span>ost of bran<span class=\"_ _2\"></span>ds over their e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>d useful live<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>y are teste<span class=\"_ _2\"></span>d for impairm<span class=\"_ _2\"></span>ent when<span class=\"_ _2\"></span>ever there is ev<span class=\"_ _2\"></span>idenc<span class=\"_ _2\"></span>e of possib<span class=\"_ _2\"></span>le impairme<span class=\"_ _2\"></span>nt. For impair<span class=\"_ _2\"></span>ment tes<span class=\"_ _2\"></span>ting, t<span class=\"_ _2\"></span>hey are alloc<span class=\"_ _2\"></span>ated to the re<span class=\"_ _2\"></span>levant ca<span class=\"_ _2\"></span>sh gene<span class=\"_ _2\"></span>rating unit<span class=\"_ _2\"></span>. Bran<span class=\"_ _2\"></span>ds are impaire<span class=\"_ _2\"></span>d when th<span class=\"_ _2\"></span>e recovera<span class=\"_ _2\"></span>ble amo<span class=\"_ _2\"></span>unt is less th<span class=\"_ _2\"></span>an the ca<span class=\"_ _2\"></span>rry<span class=\"_ _2\"></span>ing value<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span><table class=\"s w9dd h315\" id=\"_ae82b165-0734-4baa-a184-03b8976f7909\"><tr><td></td><td></td><td class=\"t m0 xc07 h3f y5d09 ff7 fsf fc1 sc0 lse3 wscd\">Acquired in-force </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xa8f h3f y5d0a ff7 fsf fc1 sc0 ls17 ws15\">Goodwill </td><td class=\"t m0 x9d5 h3f y5d0a ff7 fsf fc1 sc0 ls81 ws75\">business </td><td class=\"t m0 x1630 h3f y5d0a ff7 fsf fc1 sc0 ls81 ws75\">Brands<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h3f y5d0a ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x240 h3f y5d0b ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1b16 h3f y5d0b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1b17 h3f y5d0b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x916 h3f y5d0b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5d0b ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y5d0c ff7 fs7 fc1 sc0 ls68 ws5c\">Cost or valuation<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y56e3 w3fa h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b18 y56e3 w1d7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b19 y56e3 w467 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">4,18<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1a y56e3 w2a4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1b y56e3 w4f5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">4,36<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5771 w9de h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Acquis<span class=\"_ _2\"></span>ition of SLF of Ca<span class=\"_ _2\"></span>nada U<span class=\"_ _2\"></span>K Limited<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1c y5771 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1d y5771 w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1e y5771 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f1 y5771 w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57a5 w982 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b1f y57a5 wc9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b20 y57a5 w4f5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">4,1<span class=\"_ _2\"></span>96<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b21 y57a5 w2a4 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b3 ws1b1\">1<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b22 y57a5 w9df h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">4,384<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5d0d ff7 fs7 fc1 sc0 ls61 ws5f\">Amor<span class=\"_ _2\"></span>tisation and imp<span class=\"_ _2\"></span>airment<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y56b7 w3fa h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b23 y56b7 w544 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">(47<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b24 y56b7 w9e0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls49 ws1ca\">(1,966)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b25 y56b7 w1a7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls67 ws1a5\">(19<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ec y56b7 w6b h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>32)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e7 w9e1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Amor<span class=\"_ _2\"></span>tisation charge f<span class=\"_ _5\"></span>or the year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b26 y56e7 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b27 y56e7 w33d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">(29<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b28 y56e7 w7f h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b29 y56e7 w9e2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c7 ws1c7\">(296)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fe w9e3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>irment cha<span class=\"_ _2\"></span>rge for the yea<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2a y55fe w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2b y55fe w2c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">(28<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2c y55fe w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2d y55fe w2c6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">(28<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w982 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2e y561b w5b9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">(47<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b2f y561b w7fa h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>2,<span class=\"_ _2\"></span>284<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b30 y561b w3e0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>25)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b31 y561b w673 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">(2,356)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d0e w9e4 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">Carr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g amoun<span class=\"_ _2\"></span>t at 31 Dec<span class=\"_ _2\"></span>emb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b32 y5d0e w341 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b33 y5d0e wd5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b6 ws1b5\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>912<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xdc9 y5d0e w130 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b34 y5d0e wdc h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">2<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>28<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w9e5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt recovera<span class=\"_ _2\"></span>ble afte<span class=\"_ _2\"></span>r 12 months<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b35 y55ef w341 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b36 y55ef w5e8 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls4b ws122\">1,65<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b37 y55ef w130 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b38 y55ef w212 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _3\"></span>,76<span class=\"_ _3\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr></table><table class=\"s w9e6 h316\" id=\"_726c099d-7576-4acd-8626-06dcd66df7f1\"><tr><td></td><td></td><td class=\"t m0 x1692 h16 y5d0f ff3 fsf fc1 sc0 ls82 ws77\">Acquire<span class=\"_ _2\"></span>d in-f<span class=\"_ _5\"></span>orce </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xa8f h16 y5d10 ff3 fsf fc1 sc0 ls82 ws77\">Good<span class=\"_ _2\"></span>will </td><td class=\"t m0 x9d5 h16 y5d10 ff3 fsf fc1 sc0 ls0 ws0\">bus<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>ss </td><td class=\"t m0 xc10 h16 y5d10 ff3 fsf fc1 sc0 ls17 ws15\">Brands<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h16 y5d10 ff3 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"c x1ea y5d11 w2a6 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls84 ws79\">2022 r<span class=\"_ _5\"></span>estated</div><div class=\"t m0 x539 h1d6 y56f3 ff3 fs172 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x1b16 h16 y5d12 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1b17 h16 y5d12 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x549 h16 y5d12 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5d12 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5616 w9e7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">Cos<span class=\"_ _2\"></span>t or val<span class=\"_ _2\"></span>uation a<span class=\"_ _2\"></span>t 1 Janua<span class=\"_ _2\"></span>ry an<span class=\"_ _2\"></span>d 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b39 y5616 w1d7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3a y5616 w168 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">4,180<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3b y5616 w37f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">1<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3c y5616 w162 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">4,36<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5d13 ff7 fs7 fc1 sc0 ls61 ws5f\">Amor<span class=\"_ _2\"></span>tisation and imp<span class=\"_ _2\"></span>airment<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55e8 w3fa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3d y55e8 w9e8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">(47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3e y55e8 w9e9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xaf0 y55e8 w1da h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b3f y55e8 w79 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>,677<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5774 w9e1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Amor<span class=\"_ _2\"></span>tisation charge f<span class=\"_ _5\"></span>or the year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b26 y5774 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b40 y5774 w9ea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(332)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b41 y5774 w252 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b0f y5774 w53 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(3<span class=\"_ _2\"></span>38)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55fd w9e3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>irment cha<span class=\"_ _2\"></span>rge for the yea<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b42 y55fd w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b43 y55fd w886 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(<span class=\"_ _2\"></span>17<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b44 y55fd w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b45 y55fd w9eb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">(17<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e7 w982 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b46 y56e7 w9ec h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">(<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b47 y56e7 w890 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>,96<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b48 y56e7 w611 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">(1<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b49 y56e7 w2d4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>2,0<span class=\"_ _2\"></span>32)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b w9ed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mount<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4a y561b wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4b y561b w145 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b2 ws1af\">2,<span class=\"_ _2\"></span>214<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4c y561b w387 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">112<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4d y561b w44f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">2,336<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c w9ee h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale (se<span class=\"_ _2\"></span>e note H3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4e y561c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b4f y561c w9ef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">(37<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b50 y561c w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b51 y561c w65c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e9 w9e4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">Carr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g amoun<span class=\"_ _2\"></span>t at 31 Dec<span class=\"_ _2\"></span>emb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b32 y56e9 wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b52 y56e9 w9f0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c0 ws1bf\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b53 y56e9 w387 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">112<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b54 y56e9 w212 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">2<span class=\"_ _2\"></span>,299<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w9e5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt recovera<span class=\"_ _2\"></span>ble afte<span class=\"_ _2\"></span>r 12 months<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b35 y55ef wd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b55 y55ef w9f1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d9 ws1d9\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>91<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b56 y55ef w5a2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b57 y55ef w7d8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ab ws1a3\">2,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>28<span class=\"_ _3bc\"> </span></div></td></tr></table>1  <span class=\"_ _2f\"> </span>Pri<span class=\"_ _2\"></span>or pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arati<span class=\"_ _2\"></span>ves ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tra<span class=\"_ _2\"></span>nsit<span class=\"_ _2\"></span>ion to I<span class=\"_ _2\"></span>FRS 17 Insurance Cont<span class=\"_ _5\"></span>racts (se<span class=\"_ _2\"></span>e note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>her de<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>s).<span class=\"_ _3bc\"> </span>G2.1 Goodwill<span class=\"_ _3bc\"> </span>The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value of g<span class=\"_ _2\"></span>oodwill h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n teste<span class=\"_ _2\"></span>d for impairme<span class=\"_ _2\"></span>nt at the year en<span class=\"_ _2\"></span>d and the re<span class=\"_ _2\"></span>sults of this exe<span class=\"_ _2\"></span>rcise are det<span class=\"_ _2\"></span>ailed b<span class=\"_ _2\"></span>elow. Goo<span class=\"_ _2\"></span>dwill with a c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value of \u00a31<span class=\"_ _2\"></span>0 million (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>0 million) was rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed on the a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n of AX<span class=\"_ _2\"></span>A Wealth durin<span class=\"_ _2\"></span>g 2016 a<span class=\"_ _2\"></span>nd has b<span class=\"_ _2\"></span>een alloc<span class=\"_ _2\"></span>ated to the Pen<span class=\"_ _2\"></span>sions &amp; S<span class=\"_ _2\"></span>avings an<span class=\"_ _2\"></span>d Europe &amp; Oth<span class=\"_ _2\"></span>er seg<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s. This re<span class=\"_ _2\"></span>present<span class=\"_ _2\"></span>s the value of th<span class=\"_ _2\"></span>e workforce a<span class=\"_ _2\"></span>ssum<span class=\"_ _2\"></span>ed and th<span class=\"_ _2\"></span>e potential for future v<span class=\"_ _2\"></span>alue creat<span class=\"_ _2\"></span>ion, whic<span class=\"_ _2\"></span>h relates to the a<span class=\"_ _2\"></span>bility to inves<span class=\"_ _2\"></span>t in and grow th<span class=\"_ _2\"></span>e SunLife br<span class=\"_ _2\"></span>and. Value in use ha<span class=\"_ _2\"></span>s been d<span class=\"_ _2\"></span>etermine<span class=\"_ _2\"></span>d as the pres<span class=\"_ _2\"></span>ent value of cer<span class=\"_ _2\"></span>tain f<span class=\"_ _2\"></span>uture cas<span class=\"_ _2\"></span>h flows as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with that b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e cash fl<span class=\"_ _2\"></span>ows use<span class=\"_ _2\"></span>d in the calc<span class=\"_ _2\"></span>ulation are c<span class=\"_ _2\"></span>onsis<span class=\"_ _2\"></span>tent with thos<span class=\"_ _2\"></span>e adopte<span class=\"_ _2\"></span>d by man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent in the Group\u2019s ope<span class=\"_ _2\"></span>rating pla<span class=\"_ _2\"></span>n, and for th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d 2028 and b<span class=\"_ _2\"></span>eyond, a<span class=\"_ _2\"></span>ssume a zero g<span class=\"_ _2\"></span>rowth r<span class=\"_ _2\"></span>ate. The unde<span class=\"_ _2\"></span>rlying as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s of thes<span class=\"_ _2\"></span>e proje<span class=\"_ _2\"></span>ction<span class=\"_ _2\"></span>s include m<span class=\"_ _2\"></span>arket share, c<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r numbe<span class=\"_ _2\"></span>rs, c<span class=\"_ _2\"></span>ommis<span class=\"_ _2\"></span>sion rates an<span class=\"_ _2\"></span>d expen<span class=\"_ _2\"></span>se inflation<span class=\"_ _2\"></span>. The c<span class=\"_ _2\"></span>ash flows h<span class=\"_ _2\"></span>ave been val<span class=\"_ _2\"></span>ued at a risk adj<span class=\"_ _2\"></span>usted di<span class=\"_ _2\"></span>scount r<span class=\"_ _2\"></span>ate of 14% (<span class=\"_ _5\"></span>202<span class=\"_ _2\"></span>2: 14%) that makes prud<span class=\"_ _2\"></span>ent allowanc<span class=\"_ _2\"></span>e for the risk t<span class=\"_ _2\"></span>hat future c<span class=\"_ _2\"></span>ash flow<span class=\"_ _2\"></span>s may differ f<span class=\"_ _2\"></span>rom that as<span class=\"_ _2\"></span>sumed<span class=\"_ _2\"></span>. This tes<span class=\"_ _2\"></span>t demo<span class=\"_ _2\"></span>nstrate<span class=\"_ _2\"></span>d that valu<span class=\"_ _2\"></span>e in use was gre<span class=\"_ _2\"></span>ater than c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying valu<span class=\"_ _2\"></span>e. Given the m<span class=\"_ _2\"></span>agnitu<span class=\"_ _2\"></span>de of the exces<span class=\"_ _2\"></span>s of the value in us<span class=\"_ _2\"></span>e over carr<span class=\"_ _2\"></span>ying value<span class=\"_ _2\"></span>, manag<span class=\"_ _2\"></span>ement d<span class=\"_ _2\"></span>oes not b<span class=\"_ _2\"></span>elieve that a rea<span class=\"_ _2\"></span>sonab<span class=\"_ _2\"></span>ly forese<span class=\"_ _2\"></span>eable c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e in k<span class=\"_ _7\"></span>ey a<span class=\"_ _2\"></span>ssumpt<span class=\"_ _2\"></span>ions would c<span class=\"_ _2\"></span>ause th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>ying va<span class=\"_ _2\"></span>lue to excee<span class=\"_ _2\"></span>d value in us<span class=\"_ _2\"></span>e.<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs88c\">G2<span class=\"_ _2\"></span>.2 A<span class=\"_ _2\"></span>cquir<span class=\"_ _2\"></span>ed in-<span class=\"_ _2\"></span>forc<span class=\"_ _2\"></span>e busi<span class=\"_ _2\"></span>ness<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs88d\">Acquire<span class=\"_ _2\"></span>d in-force bus<span class=\"_ _2\"></span>iness (<span class=\"_ _2\"></span>\u2018<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F\u2019<span class=\"_ _2\"></span>) on investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>cts wi<span class=\"_ _2\"></span>thout D<span class=\"_ _2\"></span>PF repres<span class=\"_ _2\"></span>ents the dif<span class=\"_ _2\"></span>feren<span class=\"_ _2\"></span>ce bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e fair value of th<span class=\"_ _2\"></span>e contrac<span class=\"_ _2\"></span>tual </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs88e\">right<span class=\"_ _2\"></span>s under the<span class=\"_ _2\"></span>se contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s and the lia<span class=\"_ _2\"></span>bility m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value w<span class=\"_ _2\"></span>hich is determ<span class=\"_ _2\"></span>ined usin<span class=\"_ _2\"></span>g a valuation te<span class=\"_ _2\"></span>chniqu<span class=\"_ _2\"></span>e to provide a reliabl<span class=\"_ _2\"></span>e estim<span class=\"_ _2\"></span>ate </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs88f\">of the amo<span class=\"_ _2\"></span>unt for which the li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y could b<span class=\"_ _2\"></span>e transfe<span class=\"_ _2\"></span>rred in an orde<span class=\"_ _2\"></span>rly tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion bet<span class=\"_ _2\"></span>ween m<span class=\"_ _2\"></span>arket parti<span class=\"_ _2\"></span>cipants at t<span class=\"_ _2\"></span>he meas<span class=\"_ _2\"></span>urement d<span class=\"_ _2\"></span>ate, subje<span class=\"_ _2\"></span>ct </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs890\">to a minimum e<span class=\"_ _2\"></span>qual to the s<span class=\"_ _2\"></span>urrender va<span class=\"_ _2\"></span>lue. A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F on thes<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt contrac<span class=\"_ _2\"></span>ts is am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised in line w<span class=\"_ _2\"></span>ith emerg<span class=\"_ _2\"></span>ence of e<span class=\"_ _2\"></span>conom<span class=\"_ _2\"></span>ic benefi<span class=\"_ _2\"></span>ts over </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs891\">their ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted term<span class=\"_ _2\"></span>. A<span class=\"_ _6\"></span>V<span class=\"_ _2\"></span>IF balan<span class=\"_ _2\"></span>ces are a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d for impairme<span class=\"_ _2\"></span>nt where an in<span class=\"_ _2\"></span>dicator of impair<span class=\"_ _2\"></span>ment has b<span class=\"_ _2\"></span>een id<span class=\"_ _2\"></span>entified<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs892\">A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F of \u00a316 millio<span class=\"_ _2\"></span>n was rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d during th<span class=\"_ _2\"></span>e year upon a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n of SLF of Cana<span class=\"_ _2\"></span>da UK Limite<span class=\"_ _2\"></span>d. Furth<span class=\"_ _2\"></span>er detail<span class=\"_ _2\"></span>s are include<span class=\"_ _2\"></span>d in note H2.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs893\">On 23 Feb<span class=\"_ _2\"></span>ruar<span class=\"_ _2\"></span>y 2021<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up entered into an a<span class=\"_ _2\"></span>greem<span class=\"_ _2\"></span>ent with abrdn p<span class=\"_ _2\"></span>lc to simplif<span class=\"_ _2\"></span>y the arr<span class=\"_ _2\"></span>angem<span class=\"_ _2\"></span>ents of the<span class=\"_ _2\"></span>ir Strateg<span class=\"_ _2\"></span>ic Partn<span class=\"_ _2\"></span>ership<span class=\"_ _2\"></span>. Under </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs894\">the term<span class=\"_ _2\"></span>s of the trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n, the G<span class=\"_ _2\"></span>roup will sell it<span class=\"_ _2\"></span>s UK inves<span class=\"_ _2\"></span>tment an<span class=\"_ _2\"></span>d platfor<span class=\"_ _2\"></span>m related pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s, c<span class=\"_ _2\"></span>omprisin<span class=\"_ _2\"></span>g W<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ap SI<span class=\"_ _2\"></span>PP<span class=\"_ _6\"></span>, O<span class=\"_ _2\"></span>nshore b<span class=\"_ _2\"></span>ond and U<span class=\"_ _2\"></span>K </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs895\">TIP to ab<span class=\"_ _2\"></span>rdn plc and thi<span class=\"_ _2\"></span>s will be effe<span class=\"_ _2\"></span>cted t<span class=\"_ _2\"></span>hrough a Par<span class=\"_ _2\"></span>t VII tr<span class=\"_ _2\"></span>ansfer. Since 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e balan<span class=\"_ _2\"></span>ces in the s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent of conso<span class=\"_ _2\"></span>lidated fina<span class=\"_ _2\"></span>ncial p<span class=\"_ _2\"></span>osition </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs896\">relatin<span class=\"_ _2\"></span>g to this busin<span class=\"_ _2\"></span>ess have b<span class=\"_ _2\"></span>een cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as a dispo<span class=\"_ _2\"></span>sal group h<span class=\"_ _2\"></span>eld for sa<span class=\"_ _2\"></span>le.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs897\">The tota<span class=\"_ _2\"></span>l proce<span class=\"_ _2\"></span>eds of disp<span class=\"_ _2\"></span>osal for this b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s were not exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d to excee<span class=\"_ _2\"></span>d the ca<span class=\"_ _2\"></span>rryin<span class=\"_ _2\"></span>g value of the rel<span class=\"_ _2\"></span>ated net a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and ac<span class=\"_ _2\"></span>cordingl<span class=\"_ _2\"></span>y the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs898\">dispo<span class=\"_ _2\"></span>sal gro<span class=\"_ _2\"></span>up was reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d at fair value l<span class=\"_ _2\"></span>ess co<span class=\"_ _2\"></span>sts to s<span class=\"_ _2\"></span>ell. The va<span class=\"_ _2\"></span>lue of the A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F at 23 Februa<span class=\"_ _2\"></span>ry 20<span class=\"_ _2\"></span>21, wh<span class=\"_ _2\"></span>ich relates to th<span class=\"_ _2\"></span>e SIP<span class=\"_ _2\"></span>P and Ons<span class=\"_ _2\"></span>hore </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs899\">busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>, was \u00a3<span class=\"_ _2\"></span>122 million an<span class=\"_ _2\"></span>d an impairme<span class=\"_ _2\"></span>nt charge of \u00a3<span class=\"_ _2\"></span>67 million was re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised in 202<span class=\"_ _2\"></span>1. A fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r impairme<span class=\"_ _2\"></span>nt of \u00a328 million h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs89a\">rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d during th<span class=\"_ _2\"></span>e year (2022<span class=\"_ _2\"></span>: \u00a317 million). The A<span class=\"_ _7\"></span>V<span class=\"_ _2\"></span>IF balan<span class=\"_ _2\"></span>ce cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as held for s<span class=\"_ _2\"></span>ale has n<span class=\"_ _2\"></span>ot been a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised up to 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs89b\">As at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>3, the in<span class=\"_ _2\"></span>sured f<span class=\"_ _2\"></span>unds elem<span class=\"_ _2\"></span>ent of the Wrap SI<span class=\"_ _2\"></span>PP and O<span class=\"_ _2\"></span>nshore B<span class=\"_ _2\"></span>ond busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es will no lon<span class=\"_ _2\"></span>ger tra<span class=\"_ _2\"></span>nsfer to abr<span class=\"_ _2\"></span>dn (see note </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs89c\">H3 for fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r details). As a res<span class=\"_ _2\"></span>ult, this b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s no long<span class=\"_ _2\"></span>er me<span class=\"_ _2\"></span>ets the re<span class=\"_ _2\"></span>quireme<span class=\"_ _2\"></span>nts to be cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as held fo<span class=\"_ _2\"></span>r sale. C<span class=\"_ _2\"></span>onse<span class=\"_ _2\"></span>quently, the A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F<span class=\"_ _7\"></span>, which </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs89d\">has a c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying value of \u00a3<span class=\"_ _2\"></span>9 million at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>, will be c<span class=\"_ _2\"></span>lassifi<span class=\"_ _2\"></span>ed within th<span class=\"_ _2\"></span>e A<span class=\"_ _7\"></span>VIF line in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of financia<span class=\"_ _2\"></span>l position<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs89e\">The A<span class=\"_ _5\"></span>VIF will b<span class=\"_ _2\"></span>e amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d in line with the tr<span class=\"_ _2\"></span>ansfer of th<span class=\"_ _2\"></span>e econ<span class=\"_ _2\"></span>omic risk an<span class=\"_ _2\"></span>d rewards for this b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s to abrdn plc vi<span class=\"_ _2\"></span>a the profit </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls12 ws10 gs89f\">transfer<span class=\"_ _5\"></span> arrangement.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls60 ws57 gs8a0\">G2.3 Brands<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8a1\">An intan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>set was re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised at c<span class=\"_ _2\"></span>ost on a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n of AX<span class=\"_ _2\"></span>A Wealth and re<span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nts the val<span class=\"_ _2\"></span>ue attr<span class=\"_ _2\"></span>ibutabl<span class=\"_ _2\"></span>e to the SunLife b<span class=\"_ _2\"></span>rand as at </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8a2\">1 Novemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>6. Th<span class=\"_ _2\"></span>e intangib<span class=\"_ _2\"></span>le ass<span class=\"_ _2\"></span>et was value<span class=\"_ _2\"></span>d on a \u2018multi-pe<span class=\"_ _2\"></span>riod exces<span class=\"_ _2\"></span>s earnin<span class=\"_ _2\"></span>gs\u2019 basi<span class=\"_ _2\"></span>s and was re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed at a co<span class=\"_ _2\"></span>st of \u00a320 milli<span class=\"_ _2\"></span>on. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8a3\">Impa<span class=\"_ _2\"></span>irment tes<span class=\"_ _2\"></span>ting was p<span class=\"_ _2\"></span>erform<span class=\"_ _2\"></span>ed in a com<span class=\"_ _2\"></span>bined tes<span class=\"_ _2\"></span>t with the A<span class=\"_ _2\"></span>X<span class=\"_ _2\"></span>A goo<span class=\"_ _2\"></span>dwill (see s<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>on G2.1). The value in us<span class=\"_ _2\"></span>e continue<span class=\"_ _2\"></span>s to excee<span class=\"_ _2\"></span>d its c<span class=\"_ _2\"></span>arry<span class=\"_ _2\"></span>ing </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8a4\">value. T<span class=\"_ _2\"></span>his bran<span class=\"_ _2\"></span>d intangib<span class=\"_ _2\"></span>le is being a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tised over a 1<span class=\"_ _2\"></span>0 year pe<span class=\"_ _2\"></span>riod. T<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying va<span class=\"_ _2\"></span>lue of the A<span class=\"_ _2\"></span>XA Weal<span class=\"_ _2\"></span>th brand a<span class=\"_ _2\"></span>s at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023 is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8a5\">\u00a36 million (20<span class=\"_ _2\"></span>22: \u00a38 million).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8a6\">On 23 Feb<span class=\"_ _2\"></span>ruar<span class=\"_ _2\"></span>y 2021<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up entered into an a<span class=\"_ _2\"></span>greem<span class=\"_ _2\"></span>ent to acq<span class=\"_ _2\"></span>uire owners<span class=\"_ _2\"></span>hip of the Stan<span class=\"_ _2\"></span>dard Life brand a<span class=\"_ _2\"></span>s par<span class=\"_ _2\"></span>t of a larger tr<span class=\"_ _2\"></span>ansac<span class=\"_ _2\"></span>tion with </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8a7\">abrdn pl<span class=\"_ _2\"></span>c, which t<span class=\"_ _2\"></span>ransfer<span class=\"_ _2\"></span>red to the Gro<span class=\"_ _2\"></span>up in May 2021<span class=\"_ _2\"></span>. The St<span class=\"_ _2\"></span>andard Life br<span class=\"_ _2\"></span>and was ini<span class=\"_ _2\"></span>tially rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed at a value of \u00a3<span class=\"_ _2\"></span>111 million which </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8a8\">repre<span class=\"_ _2\"></span>sented th<span class=\"_ _2\"></span>e fair value at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to the b<span class=\"_ _2\"></span>rand as at th<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>action d<span class=\"_ _2\"></span>ate. The inta<span class=\"_ _2\"></span>ngible as<span class=\"_ _2\"></span>set wa<span class=\"_ _2\"></span>s valued on a \u2018multi-<span class=\"_ _2\"></span>period e<span class=\"_ _2\"></span>xcess e<span class=\"_ _2\"></span>arning<span class=\"_ _2\"></span>s\u2019 </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8a9\">basi<span class=\"_ _2\"></span>s and is bein<span class=\"_ _2\"></span>g amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d over a perio<span class=\"_ _2\"></span>d of 30 year<span class=\"_ _2\"></span>s. The c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying valu<span class=\"_ _2\"></span>e of the Stand<span class=\"_ _2\"></span>ard Life brand a<span class=\"_ _2\"></span>s at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2023 is \u00a31<span class=\"_ _2\"></span>00 milli<span class=\"_ _2\"></span>on </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8aa\">(2022<span class=\"_ _2\"></span>: \u00a310<span class=\"_ _2\"></span>4 million).</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-723": {
   "value": "Good<span class=\"_ _2\"></span>will<span class=\"_ _3bc\"> </span>Busin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>ns are acc<span class=\"_ _2\"></span>ounted for by app<span class=\"_ _2\"></span>lying the a<span class=\"_ _2\"></span>cquisiti<span class=\"_ _2\"></span>on metho<span class=\"_ _2\"></span>d. Goo<span class=\"_ _2\"></span>dwill repres<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>e differe<span class=\"_ _2\"></span>nce bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the cos<span class=\"_ _2\"></span>t of the acq<span class=\"_ _2\"></span>uisition an<span class=\"_ _2\"></span>d the fair value of th<span class=\"_ _2\"></span>e net identifi<span class=\"_ _2\"></span>able as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>cquired<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Goo<span class=\"_ _2\"></span>dwill is me<span class=\"_ _2\"></span>asured on in<span class=\"_ _2\"></span>itial rec<span class=\"_ _2\"></span>ognition a<span class=\"_ _2\"></span>t cost<span class=\"_ _2\"></span>. Following initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, goo<span class=\"_ _2\"></span>dwill is st<span class=\"_ _2\"></span>ated at cos<span class=\"_ _2\"></span>t les<span class=\"_ _2\"></span>s any accum<span class=\"_ _2\"></span>ulated impa<span class=\"_ _2\"></span>irment los<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>. Good<span class=\"_ _2\"></span>will is not amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d but is tes<span class=\"_ _2\"></span>ted for imp<span class=\"_ _2\"></span>airment ann<span class=\"_ _2\"></span>ually or wh<span class=\"_ _2\"></span>en there is ev<span class=\"_ _2\"></span>idence of p<span class=\"_ _2\"></span>ossibl<span class=\"_ _2\"></span>e impairme<span class=\"_ _2\"></span>nt. For impair<span class=\"_ _2\"></span>ment test<span class=\"_ _2\"></span>ing, g<span class=\"_ _2\"></span>oodwill i<span class=\"_ _2\"></span>s allocate<span class=\"_ _2\"></span>d to relevant c<span class=\"_ _2\"></span>ash ge<span class=\"_ _2\"></span>neratin<span class=\"_ _2\"></span>g units<span class=\"_ _2\"></span>. Good<span class=\"_ _2\"></span>will is impaire<span class=\"_ _2\"></span>d when the re<span class=\"_ _2\"></span>coverab<span class=\"_ _2\"></span>le amount is le<span class=\"_ _2\"></span>ss tha<span class=\"_ _2\"></span>n the carr<span class=\"_ _2\"></span>ying value.<span class=\"_ _3bc\"> </span>In ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in acquisi<span class=\"_ _2\"></span>tions an exce<span class=\"_ _2\"></span>ss of the ac<span class=\"_ _2\"></span>quirer\u2019s interes<span class=\"_ _2\"></span>t in the net fair va<span class=\"_ _2\"></span>lue of the acq<span class=\"_ _2\"></span>uiree\u2019s identifiabl<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts, li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>, contin<span class=\"_ _2\"></span>gent liabilitie<span class=\"_ _2\"></span>s and non<span class=\"_ _2\"></span>-controllin<span class=\"_ _2\"></span>g interest<span class=\"_ _2\"></span>s over cos<span class=\"_ _2\"></span>t may arise<span class=\"_ _2\"></span>. Where this o<span class=\"_ _2\"></span>ccur<span class=\"_ _2\"></span>s, the s<span class=\"_ _2\"></span>urplus of the fa<span class=\"_ _2\"></span>ir value of net as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>cquire<span class=\"_ _2\"></span>d over the fair value of the c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>ration is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-705": {
   "value": "Good<span class=\"_ _2\"></span>will<span class=\"_ _3bc\"> </span>Busin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>ns are acc<span class=\"_ _2\"></span>ounted for by app<span class=\"_ _2\"></span>lying the a<span class=\"_ _2\"></span>cquisiti<span class=\"_ _2\"></span>on metho<span class=\"_ _2\"></span>d. Goo<span class=\"_ _2\"></span>dwill repres<span class=\"_ _2\"></span>ents th<span class=\"_ _2\"></span>e differe<span class=\"_ _2\"></span>nce bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n the cos<span class=\"_ _2\"></span>t of the acq<span class=\"_ _2\"></span>uisition an<span class=\"_ _2\"></span>d the fair value of th<span class=\"_ _2\"></span>e net identifi<span class=\"_ _2\"></span>able as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>cquired<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Goo<span class=\"_ _2\"></span>dwill is me<span class=\"_ _2\"></span>asured on in<span class=\"_ _2\"></span>itial rec<span class=\"_ _2\"></span>ognition a<span class=\"_ _2\"></span>t cost<span class=\"_ _2\"></span>. Following initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition<span class=\"_ _2\"></span>, goo<span class=\"_ _2\"></span>dwill is st<span class=\"_ _2\"></span>ated at cos<span class=\"_ _2\"></span>t les<span class=\"_ _2\"></span>s any accum<span class=\"_ _2\"></span>ulated impa<span class=\"_ _2\"></span>irment los<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>. Good<span class=\"_ _2\"></span>will is not amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d but is tes<span class=\"_ _2\"></span>ted for imp<span class=\"_ _2\"></span>airment ann<span class=\"_ _2\"></span>ually or wh<span class=\"_ _2\"></span>en there is ev<span class=\"_ _2\"></span>idence of p<span class=\"_ _2\"></span>ossibl<span class=\"_ _2\"></span>e impairme<span class=\"_ _2\"></span>nt. For impair<span class=\"_ _2\"></span>ment test<span class=\"_ _2\"></span>ing, g<span class=\"_ _2\"></span>oodwill i<span class=\"_ _2\"></span>s allocate<span class=\"_ _2\"></span>d to relevant c<span class=\"_ _2\"></span>ash ge<span class=\"_ _2\"></span>neratin<span class=\"_ _2\"></span>g units<span class=\"_ _2\"></span>. Good<span class=\"_ _2\"></span>will is impaire<span class=\"_ _2\"></span>d when the re<span class=\"_ _2\"></span>coverab<span class=\"_ _2\"></span>le amount is le<span class=\"_ _2\"></span>ss tha<span class=\"_ _2\"></span>n the carr<span class=\"_ _2\"></span>ying value.<span class=\"_ _3bc\"> </span>In ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in acquisi<span class=\"_ _2\"></span>tions an exce<span class=\"_ _2\"></span>ss of the ac<span class=\"_ _2\"></span>quirer\u2019s interes<span class=\"_ _2\"></span>t in the net fair va<span class=\"_ _2\"></span>lue of the acq<span class=\"_ _2\"></span>uiree\u2019s identifiabl<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts, li<span class=\"_ _2\"></span>abilities<span class=\"_ _2\"></span>, contin<span class=\"_ _2\"></span>gent liabilitie<span class=\"_ _2\"></span>s and non<span class=\"_ _2\"></span>-controllin<span class=\"_ _2\"></span>g interest<span class=\"_ _2\"></span>s over cos<span class=\"_ _2\"></span>t may arise<span class=\"_ _2\"></span>. Where this o<span class=\"_ _2\"></span>ccur<span class=\"_ _2\"></span>s, the s<span class=\"_ _2\"></span>urplus of the fa<span class=\"_ _2\"></span>ir value of net as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>cquire<span class=\"_ _2\"></span>d over the fair value of the c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>ration is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Acquire<span class=\"_ _2\"></span>d in-force busin<span class=\"_ _2\"></span>ess<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s withou<span class=\"_ _2\"></span>t DPF ac<span class=\"_ _2\"></span>quired in bus<span class=\"_ _2\"></span>iness c<span class=\"_ _2\"></span>ombinati<span class=\"_ _2\"></span>ons and p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio tran<span class=\"_ _2\"></span>sfers are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair valu<span class=\"_ _2\"></span>e at the time of acq<span class=\"_ _2\"></span>uisition<span class=\"_ _2\"></span>. The diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the fair va<span class=\"_ _2\"></span>lue of the contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al rights a<span class=\"_ _2\"></span>cquire<span class=\"_ _2\"></span>d and oblig<span class=\"_ _2\"></span>ations as<span class=\"_ _2\"></span>sume<span class=\"_ _2\"></span>d and the liab<span class=\"_ _2\"></span>ility m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value wh<span class=\"_ _2\"></span>ich is determin<span class=\"_ _2\"></span>ed usin<span class=\"_ _2\"></span>g a valuation te<span class=\"_ _2\"></span>chnique to provi<span class=\"_ _2\"></span>de a reliable e<span class=\"_ _2\"></span>stimate of th<span class=\"_ _2\"></span>e amount for whi<span class=\"_ _2\"></span>ch the liabilit<span class=\"_ _2\"></span>y co<span class=\"_ _2\"></span>uld be tran<span class=\"_ _2\"></span>sferre<span class=\"_ _2\"></span>d in an orde<span class=\"_ _2\"></span>rly trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n bet<span class=\"_ _2\"></span>ween ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>nts at the m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent date, s<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to a minimum e<span class=\"_ _2\"></span>qual to the sur<span class=\"_ _2\"></span>render va<span class=\"_ _2\"></span>lue. This acq<span class=\"_ _2\"></span>uired in-force bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s is amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d on a diminishin<span class=\"_ _2\"></span>g balanc<span class=\"_ _2\"></span>e basis<span class=\"_ _2\"></span>. An impair<span class=\"_ _2\"></span>ment review is p<span class=\"_ _2\"></span>erfo<span class=\"_ _2\"></span>rmed wh<span class=\"_ _2\"></span>enever the<span class=\"_ _2\"></span>re is an indic<span class=\"_ _2\"></span>ation of impairm<span class=\"_ _2\"></span>ent. Wh<span class=\"_ _2\"></span>en the rec<span class=\"_ _2\"></span>overable am<span class=\"_ _2\"></span>ount is les<span class=\"_ _2\"></span>s than th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>ying value<span class=\"_ _2\"></span>, an impairme<span class=\"_ _2\"></span>nt loss is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt. The a<span class=\"_ _2\"></span>cquired in-forc<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss is allo<span class=\"_ _2\"></span>cated to rel<span class=\"_ _2\"></span>evant cas<span class=\"_ _2\"></span>h gene<span class=\"_ _2\"></span>rating unit<span class=\"_ _2\"></span>s for the purp<span class=\"_ _2\"></span>oses of imp<span class=\"_ _2\"></span>airment tes<span class=\"_ _2\"></span>ting.<span class=\"_ _3bc\"> </span>Bra<span class=\"_ _2\"></span>nds Bran<span class=\"_ _2\"></span>ds are mea<span class=\"_ _2\"></span>sured on ini<span class=\"_ _2\"></span>tial rec<span class=\"_ _2\"></span>ognition at c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. The cos<span class=\"_ _2\"></span>t of an intang<span class=\"_ _2\"></span>ible as<span class=\"_ _2\"></span>set acq<span class=\"_ _2\"></span>uired in a busin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>n is the fair valu<span class=\"_ _2\"></span>e as at the date of the ac<span class=\"_ _2\"></span>quisition<span class=\"_ _2\"></span>. The co<span class=\"_ _2\"></span>st of an intan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>set ac<span class=\"_ _2\"></span>quired in exch<span class=\"_ _2\"></span>ange for a n<span class=\"_ _2\"></span>on-mone<span class=\"_ _2\"></span>tar<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>et is mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue as at the d<span class=\"_ _2\"></span>ate of the tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion. Follo<span class=\"_ _2\"></span>wing initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition, th<span class=\"_ _2\"></span>e brand an<span class=\"_ _2\"></span>d other co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ual arran<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent intang<span class=\"_ _2\"></span>ible ass<span class=\"_ _2\"></span>ets are c<span class=\"_ _2\"></span>arried a<span class=\"_ _2\"></span>t cost le<span class=\"_ _2\"></span>ss acc<span class=\"_ _2\"></span>umulated a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tisation a<span class=\"_ _2\"></span>nd any acc<span class=\"_ _2\"></span>umulated imp<span class=\"_ _2\"></span>airment lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation is cal<span class=\"_ _2\"></span>culated us<span class=\"_ _2\"></span>ing the st<span class=\"_ _2\"></span>raight-line me<span class=\"_ _2\"></span>thod to allo<span class=\"_ _2\"></span>cate the c<span class=\"_ _2\"></span>ost of bran<span class=\"_ _2\"></span>ds over their e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>d useful live<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>y are teste<span class=\"_ _2\"></span>d for impairm<span class=\"_ _2\"></span>ent when<span class=\"_ _2\"></span>ever there is ev<span class=\"_ _2\"></span>idenc<span class=\"_ _2\"></span>e of possib<span class=\"_ _2\"></span>le impairme<span class=\"_ _2\"></span>nt. For impair<span class=\"_ _2\"></span>ment tes<span class=\"_ _2\"></span>ting, t<span class=\"_ _2\"></span>hey are alloc<span class=\"_ _2\"></span>ated to the re<span class=\"_ _2\"></span>levant ca<span class=\"_ _2\"></span>sh gene<span class=\"_ _2\"></span>rating unit<span class=\"_ _2\"></span>. Bran<span class=\"_ _2\"></span>ds are impaire<span class=\"_ _2\"></span>d when th<span class=\"_ _2\"></span>e recovera<span class=\"_ _2\"></span>ble amo<span class=\"_ _2\"></span>unt is less th<span class=\"_ _2\"></span>an the ca<span class=\"_ _2\"></span>rry<span class=\"_ _2\"></span>ing value<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-724": {
   "value": "Acquire<span class=\"_ _2\"></span>d in-force busin<span class=\"_ _2\"></span>ess<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s withou<span class=\"_ _2\"></span>t DPF ac<span class=\"_ _2\"></span>quired in bus<span class=\"_ _2\"></span>iness c<span class=\"_ _2\"></span>ombinati<span class=\"_ _2\"></span>ons and p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio tran<span class=\"_ _2\"></span>sfers are m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair valu<span class=\"_ _2\"></span>e at the time of acq<span class=\"_ _2\"></span>uisition<span class=\"_ _2\"></span>. The diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the fair va<span class=\"_ _2\"></span>lue of the contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al rights a<span class=\"_ _2\"></span>cquire<span class=\"_ _2\"></span>d and oblig<span class=\"_ _2\"></span>ations as<span class=\"_ _2\"></span>sume<span class=\"_ _2\"></span>d and the liab<span class=\"_ _2\"></span>ility m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d at fair value wh<span class=\"_ _2\"></span>ich is determin<span class=\"_ _2\"></span>ed usin<span class=\"_ _2\"></span>g a valuation te<span class=\"_ _2\"></span>chnique to provi<span class=\"_ _2\"></span>de a reliable e<span class=\"_ _2\"></span>stimate of th<span class=\"_ _2\"></span>e amount for whi<span class=\"_ _2\"></span>ch the liabilit<span class=\"_ _2\"></span>y co<span class=\"_ _2\"></span>uld be tran<span class=\"_ _2\"></span>sferre<span class=\"_ _2\"></span>d in an orde<span class=\"_ _2\"></span>rly trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n bet<span class=\"_ _2\"></span>ween ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>nts at the m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent date, s<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to a minimum e<span class=\"_ _2\"></span>qual to the sur<span class=\"_ _2\"></span>render va<span class=\"_ _2\"></span>lue. This acq<span class=\"_ _2\"></span>uired in-force bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s is amor<span class=\"_ _2\"></span>tise<span class=\"_ _2\"></span>d on a diminishin<span class=\"_ _2\"></span>g balanc<span class=\"_ _2\"></span>e basis<span class=\"_ _2\"></span>. An impair<span class=\"_ _2\"></span>ment review is p<span class=\"_ _2\"></span>erfo<span class=\"_ _2\"></span>rmed wh<span class=\"_ _2\"></span>enever the<span class=\"_ _2\"></span>re is an indic<span class=\"_ _2\"></span>ation of impairm<span class=\"_ _2\"></span>ent. Wh<span class=\"_ _2\"></span>en the rec<span class=\"_ _2\"></span>overable am<span class=\"_ _2\"></span>ount is les<span class=\"_ _2\"></span>s than th<span class=\"_ _2\"></span>e carr<span class=\"_ _2\"></span>ying value<span class=\"_ _2\"></span>, an impairme<span class=\"_ _2\"></span>nt loss is re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt. The a<span class=\"_ _2\"></span>cquired in-forc<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss is allo<span class=\"_ _2\"></span>cated to rel<span class=\"_ _2\"></span>evant cas<span class=\"_ _2\"></span>h gene<span class=\"_ _2\"></span>rating unit<span class=\"_ _2\"></span>s for the purp<span class=\"_ _2\"></span>oses of imp<span class=\"_ _2\"></span>airment tes<span class=\"_ _2\"></span>ting.<span class=\"_ _3bc\"> </span>Bra<span class=\"_ _2\"></span>nds Bran<span class=\"_ _2\"></span>ds are mea<span class=\"_ _2\"></span>sured on ini<span class=\"_ _2\"></span>tial rec<span class=\"_ _2\"></span>ognition at c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>. The cos<span class=\"_ _2\"></span>t of an intang<span class=\"_ _2\"></span>ible as<span class=\"_ _2\"></span>set acq<span class=\"_ _2\"></span>uired in a busin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>n is the fair valu<span class=\"_ _2\"></span>e as at the date of the ac<span class=\"_ _2\"></span>quisition<span class=\"_ _2\"></span>. The co<span class=\"_ _2\"></span>st of an intan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>set ac<span class=\"_ _2\"></span>quired in exch<span class=\"_ _2\"></span>ange for a n<span class=\"_ _2\"></span>on-mone<span class=\"_ _2\"></span>tar<span class=\"_ _2\"></span>y ass<span class=\"_ _2\"></span>et is mea<span class=\"_ _2\"></span>sured at fair va<span class=\"_ _2\"></span>lue as at the d<span class=\"_ _2\"></span>ate of the tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion. Follo<span class=\"_ _2\"></span>wing initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition, th<span class=\"_ _2\"></span>e brand an<span class=\"_ _2\"></span>d other co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ual arran<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent intang<span class=\"_ _2\"></span>ible ass<span class=\"_ _2\"></span>ets are c<span class=\"_ _2\"></span>arried a<span class=\"_ _2\"></span>t cost le<span class=\"_ _2\"></span>ss acc<span class=\"_ _2\"></span>umulated a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>tisation a<span class=\"_ _2\"></span>nd any acc<span class=\"_ _2\"></span>umulated imp<span class=\"_ _2\"></span>airment lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation is cal<span class=\"_ _2\"></span>culated us<span class=\"_ _2\"></span>ing the st<span class=\"_ _2\"></span>raight-line me<span class=\"_ _2\"></span>thod to allo<span class=\"_ _2\"></span>cate the c<span class=\"_ _2\"></span>ost of bran<span class=\"_ _2\"></span>ds over their e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>d useful live<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>y are teste<span class=\"_ _2\"></span>d for impairm<span class=\"_ _2\"></span>ent when<span class=\"_ _2\"></span>ever there is ev<span class=\"_ _2\"></span>idenc<span class=\"_ _2\"></span>e of possib<span class=\"_ _2\"></span>le impairme<span class=\"_ _2\"></span>nt. For impair<span class=\"_ _2\"></span>ment tes<span class=\"_ _2\"></span>ting, t<span class=\"_ _2\"></span>hey are alloc<span class=\"_ _2\"></span>ated to the re<span class=\"_ _2\"></span>levant ca<span class=\"_ _2\"></span>sh gene<span class=\"_ _2\"></span>rating unit<span class=\"_ _2\"></span>. Bran<span class=\"_ _2\"></span>ds are impaire<span class=\"_ _2\"></span>d when th<span class=\"_ _2\"></span>e recovera<span class=\"_ _2\"></span>ble amo<span class=\"_ _2\"></span>unt is less th<span class=\"_ _2\"></span>an the ca<span class=\"_ _2\"></span>rry<span class=\"_ _2\"></span>ing value<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-623": {
   "value": "G3. Property,<span class=\"_ _5\"></span> plant and<span class=\"_ _5\"></span> equipment<span class=\"_ _3bc\"> </span>Own<span class=\"_ _2\"></span>er-oc<span class=\"_ _2\"></span>cupied p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y is state<span class=\"_ _2\"></span>d at its reval<span class=\"_ _2\"></span>ued amo<span class=\"_ _2\"></span>unt, be<span class=\"_ _2\"></span>ing its fa<span class=\"_ _2\"></span>ir<span class=\"_ gs132\"> </span>value at the da<span class=\"_ _2\"></span>te of the revaluation l<span class=\"_ _2\"></span>ess any sub<span class=\"_ _2\"></span>seque<span class=\"_ _2\"></span>nt accum<span class=\"_ _2\"></span>ulated depre<span class=\"_ _2\"></span>ciation an<span class=\"_ _2\"></span>d impairm<span class=\"_ _2\"></span>ent. O<span class=\"_ _2\"></span>wner-o<span class=\"_ _2\"></span>ccupie<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y is depre<span class=\"_ _2\"></span>ciated over i<span class=\"_ _2\"></span>ts es<span class=\"_ _2\"></span>timated us<span class=\"_ _2\"></span>eful life, which i<span class=\"_ _2\"></span>s taken as 20 \u2013 50<span class=\"_ gs132\"> </span>yea<span class=\"_ _2\"></span>rs. L<span class=\"_ _2\"></span>and is not dep<span class=\"_ _2\"></span>reciate<span class=\"_ _2\"></span>d. Accum<span class=\"_ _2\"></span>ulated de<span class=\"_ _2\"></span>preciati<span class=\"_ _2\"></span>on as at the reval<span class=\"_ _2\"></span>uation date is elim<span class=\"_ _2\"></span>inated ag<span class=\"_ _2\"></span>ains<span class=\"_ _2\"></span>t the gros<span class=\"_ _2\"></span>s carr<span class=\"_ _2\"></span>ying am<span class=\"_ _2\"></span>ount of the owne<span class=\"_ _2\"></span>r-occ<span class=\"_ _2\"></span>upied prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y and th<span class=\"_ _2\"></span>e net amo<span class=\"_ _2\"></span>unt is rest<span class=\"_ _2\"></span>ated to the reval<span class=\"_ _2\"></span>ued amo<span class=\"_ _2\"></span>unt of the as<span class=\"_ _2\"></span>set. Ga<span class=\"_ _2\"></span>ins and los<span class=\"_ _2\"></span>ses on ow<span class=\"_ _2\"></span>ner-o<span class=\"_ _2\"></span>ccupie<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y are rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other<span class=\"_ _5\"></span> comprehensiv<span class=\"_ _7\"></span>e income. The rig<span class=\"_ _2\"></span>ht-of<span class=\"_ _5\"></span>-us<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets are initia<span class=\"_ _2\"></span>lly meas<span class=\"_ _2\"></span>ured at co<span class=\"_ _2\"></span>st, an<span class=\"_ _2\"></span>d subse<span class=\"_ _2\"></span>quently a<span class=\"_ _2\"></span>t cost le<span class=\"_ _2\"></span>ss any ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d deprec<span class=\"_ _2\"></span>iation and im<span class=\"_ _2\"></span>pairment<span class=\"_ _2\"></span>s, a<span class=\"_ _2\"></span>nd adj<span class=\"_ _2\"></span>usted fo<span class=\"_ _2\"></span>r cer<span class=\"_ _2\"></span>tain reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ents of the l<span class=\"_ _2\"></span>ease liab<span class=\"_ _2\"></span>ility. The rig<span class=\"_ _2\"></span>ht-of<span class=\"_ _5\"></span>-us<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts are dep<span class=\"_ _2\"></span>reciate<span class=\"_ _2\"></span>d over the remain<span class=\"_ _2\"></span>ing leas<span class=\"_ _2\"></span>e term which is bet<span class=\"_ _2\"></span>ween 1 a<span class=\"_ _2\"></span>nd 11 year<span class=\"_ _2\"></span>s (2022: 1 an<span class=\"_ _2\"></span>d 11 years).<span class=\"_ _3bc\"> </span>Equipme<span class=\"_ _2\"></span>nt consis<span class=\"_ _2\"></span>ts prim<span class=\"_ _2\"></span>arily of comp<span class=\"_ _2\"></span>uter equip<span class=\"_ _2\"></span>ment and fi<span class=\"_ _2\"></span>ttin<span class=\"_ _2\"></span>gs. Equip<span class=\"_ _2\"></span>ment is s<span class=\"_ _2\"></span>tated at his<span class=\"_ _2\"></span>torica<span class=\"_ _2\"></span>l cost l<span class=\"_ _2\"></span>ess de<span class=\"_ _2\"></span>precat<span class=\"_ _2\"></span>ion. Whe<span class=\"_ _2\"></span>re acquire<span class=\"_ _2\"></span>d in a busin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>ombination<span class=\"_ _2\"></span>, histo<span class=\"_ _2\"></span>rical co<span class=\"_ _2\"></span>st eq<span class=\"_ _2\"></span>uates to the fair va<span class=\"_ _2\"></span>lue at the ac<span class=\"_ _2\"></span>quisition d<span class=\"_ _2\"></span>ate. Depre<span class=\"_ _2\"></span>ciation o<span class=\"_ _2\"></span>n equipme<span class=\"_ _2\"></span>nt is charg<span class=\"_ _2\"></span>ed to the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d income s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent over its e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>d useful life of bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n 2 and 15 ye<span class=\"_ _2\"></span>ars<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>. <table class=\"s w9f2 h317\" id=\"_6838be8c-dd38-43a1-a15f-acd77836dab8\"><tr><td></td><td class=\"t m0 x1b58 h3f y5d14 ff7 fsf fc1 sc0 ls51 ws4b\">Owner-occupied<span class=\"_ _5\"></span> </td><td class=\"t m0 x1570 h3f y5d14 ff7 fsf fc1 sc0 ls51 ws4b\">Right-of-use<span class=\"_ _7\"></span> assets </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x910 h3f y5d15 ff7 fsf fc1 sc0 ls81 ws75\">properties<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x982 h3f y5d15 ff7 fsf fc1 sc0 ls5b ws76\">\u2013 property<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x15a2 h3f y5d15 ff7 fsf fc1 sc0 ls5b ws76\">Equipment<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h3f y5d15 ff7 fsf fc1 sc0 ls1cc ws1cd\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l </td></tr><tr><td class=\"t m0 x232 h3f y5d16 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x582 h3f y5d16 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c3 h3f y5d16 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x262 h3f y5d16 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h3f y5d16 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y5d17 ff7 fs7 fc1 sc0 ls68 ws5c\">Cost or valuation </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5814 w3fa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b59 y5814 w31d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">32<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b5a y5814 w9f3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls49 ws1ca\">96<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b5b y5814 wc9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">67<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f3 y5814 wd9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">195<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5815 w9f4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls77 ws6c\">Additions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b5c y5815 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b5d y5815 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5b y5815 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa5c y5815 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d18 w9f5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls77 ws6c\">Revaluation los<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b5e y5d18 w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b5f y5d18 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b60 y5d18 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b61 y5d18 w9f6 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57d7 w982 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b62 y57d7 wa4 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b63 y57d7 w9f7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls49 ws1ca\">96<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b64 y57d7 w9b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">75<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b65 y57d7 w382 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">199<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5d19 ff7 fs7 fc1 sc0 ls69 ws5e\">Deprec<span class=\"_ _2\"></span>iation<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5a07 w3fa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b66 y5a07 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b67 y5a07 w2c3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(32)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b68 y5a07 w19b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">(38<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b69 y5a07 w83f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(70<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5cfb w38e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls77 ws6c\">Depre<span class=\"_ _2\"></span>ciation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b6a y5cfb w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b6b y5cfb w29d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(10<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b6c y5cfb w1ad h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(1<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b6d y5cfb w214 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">(23)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5c41 w982 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b6e y5c41 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b6f y5c41 w9f8 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>42)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b70 y5c41 w611 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>51)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b71 y5c41 w28e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls4b ws122\">(93)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w9e4 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">Carr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g amoun<span class=\"_ _2\"></span>t at 31 Dec<span class=\"_ _2\"></span>emb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b72 y55ef wc5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b73 y55ef w64 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsd6 ws195\">54<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b74 y55ef w160 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b2 ws1af\">24<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b75 y55ef we0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr></table>Owner-oc<span class=\"_ _2\"></span>cupied Right<span class=\"_ _7\"></span>-of-use assets<span class=\"_ _7\"></span> proper<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span>\u2013 pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty<span class=\"_ _3bc\"> </span>Equipment<span class=\"_ _3bc\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l \u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>Cost or valuation At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span>29<span class=\"_ _3bc\"> </span>94<span class=\"_ _3bc\"> </span>61<span class=\"_ _3bc\"> </span>18<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span>Additions<span class=\"_ _3bc\"> </span>9<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>8<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>Revaluation los<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span>(6)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(6)<span class=\"_ _3bc\"> </span>Disposals<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span>At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span>32<span class=\"_ _3bc\"> </span>96<span class=\"_ _3bc\"> </span>67<span class=\"_ _3bc\"> </span>1<span class=\"_ _2\"></span>95<span class=\"_ _3bc\"> </span>Deprec<span class=\"_ _2\"></span>iation<span class=\"_ _3bc\"> </span>At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>24)<span class=\"_ _3bc\"> </span>(30)<span class=\"_ _3bc\"> </span>(5<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span>Depre<span class=\"_ _2\"></span>ciation<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(9)<span class=\"_ _3bc\"> </span>(10)<span class=\"_ _3bc\"> </span>(19)<span class=\"_ _3bc\"> </span>Disposals<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>At 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>32)<span class=\"_ _3bc\"> </span>(38)<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>70<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>Carr<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g amoun<span class=\"_ _2\"></span>t at 31 Dec<span class=\"_ _2\"></span>emb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span>32<span class=\"_ _3bc\"> </span>64<span class=\"_ _3bc\"> </span>29<span class=\"_ _3bc\"> </span>1<span class=\"_ _2\"></span>25<span class=\"_ _3bc\"> </span>Own<span class=\"_ _2\"></span>er-oc<span class=\"_ _2\"></span>cupied p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>ties h<span class=\"_ _2\"></span>ave been val<span class=\"_ _2\"></span>ued by acc<span class=\"_ _2\"></span>redited in<span class=\"_ _2\"></span>depe<span class=\"_ _2\"></span>ndent valu<span class=\"_ _2\"></span>ers at 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023 o<span class=\"_ _2\"></span>n an open m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et ba<span class=\"_ _2\"></span>sis in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with the R<span class=\"_ _2\"></span>oyal Insti<span class=\"_ _2\"></span>tution of Char<span class=\"_ _2\"></span>tere<span class=\"_ _2\"></span>d Sur<span class=\"_ _2\"></span>veyors\u2019 require<span class=\"_ _2\"></span>ments<span class=\"_ _2\"></span>, which i<span class=\"_ _2\"></span>s deeme<span class=\"_ _2\"></span>d to equa<span class=\"_ _2\"></span>te to fair value. Th<span class=\"_ _2\"></span>e fair value m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent for the prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s of \u00a328 million (2<span class=\"_ _2\"></span>022: \u00a332 milli<span class=\"_ _2\"></span>on) has be<span class=\"_ _2\"></span>en cate<span class=\"_ _2\"></span>gorise<span class=\"_ _2\"></span>d as Level 3 ba<span class=\"_ _2\"></span>sed on th<span class=\"_ _2\"></span>e non-ob<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>vable inp<span class=\"_ _2\"></span>uts to the val<span class=\"_ _2\"></span>uation tec<span class=\"_ _2\"></span>hnique use<span class=\"_ _2\"></span>d. Unrea<span class=\"_ _2\"></span>lised lo<span class=\"_ _2\"></span>ss for the c<span class=\"_ _2\"></span>urrent year is \u00a35 milli<span class=\"_ _2\"></span>on (2022: \u00a36 m<span class=\"_ _2\"></span>illion).<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir value of the owne<span class=\"_ _2\"></span>r-occ<span class=\"_ _2\"></span>upied pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ties was d<span class=\"_ _2\"></span>erived usin<span class=\"_ _2\"></span>g the invest<span class=\"_ _2\"></span>ment meth<span class=\"_ _2\"></span>od supp<span class=\"_ _2\"></span>orte<span class=\"_ _2\"></span>d by compa<span class=\"_ _2\"></span>rison with sim<span class=\"_ _2\"></span>ilar market tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ions for similar p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. The sig<span class=\"_ _2\"></span>nificant n<span class=\"_ _2\"></span>on-obs<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span>ble input<span class=\"_ _2\"></span>s used in t<span class=\"_ _2\"></span>he valuatio<span class=\"_ _2\"></span>ns are the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d rental val<span class=\"_ _2\"></span>ues per s<span class=\"_ _2\"></span>quare foot and th<span class=\"_ _2\"></span>e capit<span class=\"_ _2\"></span>alisation r<span class=\"_ _2\"></span>ates.<span class=\"_ _3bc\"> </span>The fa<span class=\"_ _2\"></span>ir value of the owne<span class=\"_ _2\"></span>r-occ<span class=\"_ _2\"></span>upied pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ties valu<span class=\"_ _2\"></span>ation would in<span class=\"_ _2\"></span>crease (de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e) if the expe<span class=\"_ _2\"></span>cted re<span class=\"_ _2\"></span>ntal value<span class=\"_ _2\"></span>s per squ<span class=\"_ _2\"></span>are foot were to be highe<span class=\"_ _2\"></span>r (lower) and the c<span class=\"_ _2\"></span>apita<span class=\"_ _2\"></span>lisation ra<span class=\"_ _2\"></span>tes were to be lower (<span class=\"_ _2\"></span>higher)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-706": {
   "value": "Own<span class=\"_ _2\"></span>er-oc<span class=\"_ _2\"></span>cupied p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y is state<span class=\"_ _2\"></span>d at its reval<span class=\"_ _2\"></span>ued amo<span class=\"_ _2\"></span>unt, be<span class=\"_ _2\"></span>ing its fa<span class=\"_ _2\"></span>ir<span class=\"_ gs132\"> </span>value at the da<span class=\"_ _2\"></span>te of the revaluation l<span class=\"_ _2\"></span>ess any sub<span class=\"_ _2\"></span>seque<span class=\"_ _2\"></span>nt accum<span class=\"_ _2\"></span>ulated depre<span class=\"_ _2\"></span>ciation an<span class=\"_ _2\"></span>d impairm<span class=\"_ _2\"></span>ent. O<span class=\"_ _2\"></span>wner-o<span class=\"_ _2\"></span>ccupie<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y is depre<span class=\"_ _2\"></span>ciated over i<span class=\"_ _2\"></span>ts es<span class=\"_ _2\"></span>timated us<span class=\"_ _2\"></span>eful life, which i<span class=\"_ _2\"></span>s taken as 20 \u2013 50<span class=\"_ gs132\"> </span>yea<span class=\"_ _2\"></span>rs. L<span class=\"_ _2\"></span>and is not dep<span class=\"_ _2\"></span>reciate<span class=\"_ _2\"></span>d. Accum<span class=\"_ _2\"></span>ulated de<span class=\"_ _2\"></span>preciati<span class=\"_ _2\"></span>on as at the reval<span class=\"_ _2\"></span>uation date is elim<span class=\"_ _2\"></span>inated ag<span class=\"_ _2\"></span>ains<span class=\"_ _2\"></span>t the gros<span class=\"_ _2\"></span>s carr<span class=\"_ _2\"></span>ying am<span class=\"_ _2\"></span>ount of the owne<span class=\"_ _2\"></span>r-occ<span class=\"_ _2\"></span>upied prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y and th<span class=\"_ _2\"></span>e net amo<span class=\"_ _2\"></span>unt is rest<span class=\"_ _2\"></span>ated to the reval<span class=\"_ _2\"></span>ued amo<span class=\"_ _2\"></span>unt of the as<span class=\"_ _2\"></span>set. Ga<span class=\"_ _2\"></span>ins and los<span class=\"_ _2\"></span>ses on ow<span class=\"_ _2\"></span>ner-o<span class=\"_ _2\"></span>ccupie<span class=\"_ _2\"></span>d proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y are rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in other<span class=\"_ _5\"></span> comprehensiv<span class=\"_ _7\"></span>e income. The rig<span class=\"_ _2\"></span>ht-of<span class=\"_ _5\"></span>-us<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets are initia<span class=\"_ _2\"></span>lly meas<span class=\"_ _2\"></span>ured at co<span class=\"_ _2\"></span>st, an<span class=\"_ _2\"></span>d subse<span class=\"_ _2\"></span>quently a<span class=\"_ _2\"></span>t cost le<span class=\"_ _2\"></span>ss any ac<span class=\"_ _2\"></span>cumulate<span class=\"_ _2\"></span>d deprec<span class=\"_ _2\"></span>iation and im<span class=\"_ _2\"></span>pairment<span class=\"_ _2\"></span>s, a<span class=\"_ _2\"></span>nd adj<span class=\"_ _2\"></span>usted fo<span class=\"_ _2\"></span>r cer<span class=\"_ _2\"></span>tain reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ents of the l<span class=\"_ _2\"></span>ease liab<span class=\"_ _2\"></span>ility. The rig<span class=\"_ _2\"></span>ht-of<span class=\"_ _5\"></span>-us<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts are dep<span class=\"_ _2\"></span>reciate<span class=\"_ _2\"></span>d over the remain<span class=\"_ _2\"></span>ing leas<span class=\"_ _2\"></span>e term which is bet<span class=\"_ _2\"></span>ween 1 a<span class=\"_ _2\"></span>nd 11 year<span class=\"_ _2\"></span>s (2022: 1 an<span class=\"_ _2\"></span>d 11 years).<span class=\"_ _3bc\"> </span>Equipme<span class=\"_ _2\"></span>nt consis<span class=\"_ _2\"></span>ts prim<span class=\"_ _2\"></span>arily of comp<span class=\"_ _2\"></span>uter equip<span class=\"_ _2\"></span>ment and fi<span class=\"_ _2\"></span>ttin<span class=\"_ _2\"></span>gs. Equip<span class=\"_ _2\"></span>ment is s<span class=\"_ _2\"></span>tated at his<span class=\"_ _2\"></span>torica<span class=\"_ _2\"></span>l cost l<span class=\"_ _2\"></span>ess de<span class=\"_ _2\"></span>precat<span class=\"_ _2\"></span>ion. Whe<span class=\"_ _2\"></span>re acquire<span class=\"_ _2\"></span>d in a busin<span class=\"_ _2\"></span>ess c<span class=\"_ _2\"></span>ombination<span class=\"_ _2\"></span>, histo<span class=\"_ _2\"></span>rical co<span class=\"_ _2\"></span>st eq<span class=\"_ _2\"></span>uates to the fair va<span class=\"_ _2\"></span>lue at the ac<span class=\"_ _2\"></span>quisition d<span class=\"_ _2\"></span>ate. Depre<span class=\"_ _2\"></span>ciation o<span class=\"_ _2\"></span>n equipme<span class=\"_ _2\"></span>nt is charg<span class=\"_ _2\"></span>ed to the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d income s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent over its e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>d useful life of bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n 2 and 15 ye<span class=\"_ _2\"></span>ars<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-624": {
   "value": "<div class=\"t m0 he ff2 fs7 fc1 sc0 ls17 ws15 gs8ac\">G4. Investment property<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8ad\">Inves<span class=\"_ _2\"></span>tment prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y, includin<span class=\"_ _2\"></span>g right of use as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s, is initi<span class=\"_ _2\"></span>ally reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d at cos<span class=\"_ _2\"></span>t, incl<span class=\"_ _2\"></span>uding any direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on cost<span class=\"_ _2\"></span>s. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8ae\">Subs<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>ntly investm<span class=\"_ _2\"></span>ent prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y is me<span class=\"_ _2\"></span>asured at f<span class=\"_ _2\"></span>air value. Fair va<span class=\"_ _2\"></span>lue is the pric<span class=\"_ _2\"></span>e that would b<span class=\"_ _2\"></span>e rece<span class=\"_ _2\"></span>ived to sell a p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>ty in a<span class=\"_ _2\"></span>n orderly </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8af\">tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion bet<span class=\"_ _2\"></span>ween m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et par<span class=\"_ _2\"></span>ticip<span class=\"_ _2\"></span>ants at the m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment date. Fair va<span class=\"_ _2\"></span>lue is determ<span class=\"_ _2\"></span>ined with<span class=\"_ _2\"></span>out any ded<span class=\"_ _2\"></span>uction for t<span class=\"_ _2\"></span>ransa<span class=\"_ _2\"></span>ction c<span class=\"_ _2\"></span>osts t<span class=\"_ _2\"></span>hat </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8b0\">may be in<span class=\"_ _2\"></span>curred on s<span class=\"_ _2\"></span>ale or disp<span class=\"_ _2\"></span>osal<span class=\"_ _2\"></span>.<span class=\"_ gs132\"> </span>Gains and l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s arising fro<span class=\"_ _2\"></span>m the chan<span class=\"_ _2\"></span>ge in fair valu<span class=\"_ _2\"></span>e are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as incom<span class=\"_ _2\"></span>e or an expe<span class=\"_ _2\"></span>nse in the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8b1\">st<span class=\"_ _2\"></span>atement of com<span class=\"_ _2\"></span>prehen<span class=\"_ _2\"></span>sive incom<span class=\"_ _2\"></span>e. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8b2\">Inves<span class=\"_ _2\"></span>tment prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y inc<span class=\"_ _2\"></span>ludes rig<span class=\"_ _2\"></span>ht-of<span class=\"_ _5\"></span>-us<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>, where the G<span class=\"_ _2\"></span>roup act<span class=\"_ _2\"></span>s as les<span class=\"_ _2\"></span>see<span class=\"_ _2\"></span>. Leases<span class=\"_ _2\"></span>, whe<span class=\"_ _2\"></span>re a signific<span class=\"_ _2\"></span>ant por<span class=\"_ _2\"></span>tion of the ris<span class=\"_ _2\"></span>ks and rewards </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8b3\">of owner<span class=\"_ _2\"></span>ship are retain<span class=\"_ _2\"></span>ed by the le<span class=\"_ _2\"></span>ssor, are clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s opera<span class=\"_ _2\"></span>ting leas<span class=\"_ _2\"></span>es. W<span class=\"_ _2\"></span>here invest<span class=\"_ _2\"></span>ment prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y is le<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>ut by the Gro<span class=\"_ _2\"></span>up, rental </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8b4\">inco<span class=\"_ _2\"></span>me from the<span class=\"_ _2\"></span>se oper<span class=\"_ _2\"></span>ating lea<span class=\"_ _2\"></span>ses is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed as in<span class=\"_ _2\"></span>come in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement o<span class=\"_ _2\"></span>n a straig<span class=\"_ _2\"></span>ht-line basis over th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8b5\">of the lea<span class=\"_ _2\"></span>se.<span class=\"_ _3bc\"> </span></div><div class=\"gs8b6\"><table class=\"s wa00 h319\" id=\"_49230e82-ce5c-41a4-9501-eb27311528e4\"><tr><td></td><td class=\"t m0 x916 h3f y5d1b ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h16 y5d1b ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x552 h3f y5d1c ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x553 h16 y5d1c ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5771 w3fa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b94 y5771 w863 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">6<span class=\"_ _2\"></span>,233<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b95 y5771 w6b4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">8,592<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a10 w9f4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls77 ws6c\">Additions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x626 y5a10 w357 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">49<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b96 y5a10 w61 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5773 wa01 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Acquis<span class=\"_ _2\"></span>ition of SLF of Ca<span class=\"_ _2\"></span>nada U<span class=\"_ _2\"></span>K Limited (note H2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b97 y5773 w348 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">28<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b98 y5773 w65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5743 wa02 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">Improv<span class=\"_ _5\"></span>ements<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2d2 y5743 w413 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x83b y5743 w31f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5786 w9fa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Disposals<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b99 y5786 w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(48<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b9a y5786 w748 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>41<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d1d wa03 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent of right-of-use a<span class=\"_ _2\"></span>sset<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a9e y5d1d w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x2cc y5d1d wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5782 wa04 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Movem<span class=\"_ _2\"></span>ent in foreign exch<span class=\"_ _2\"></span>ange<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b9b y5782 w206 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x31e y5782 w372 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls194 ws1b0\">12<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d1e wa05 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Loss<span class=\"_ _2\"></span>es on ad<span class=\"_ _2\"></span>justm<span class=\"_ _2\"></span>ents to fair va<span class=\"_ _2\"></span>lue (recog<span class=\"_ _2\"></span>nised in c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b9c y5d1e w299 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(36<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b9d y5d1e w61d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(1<span class=\"_ _2\"></span>,3<span class=\"_ _2\"></span>63)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xb93 y5899 wa06 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws172\">5<span class=\"_ _2\"></span>,742<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b9e y5899 w103 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">6,<span class=\"_ _2\"></span>233<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5767 w9ee h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale (se<span class=\"_ _2\"></span>e note H3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b9f y5767 w5f1 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(2<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ba0 y5767 w638 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(2,50<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w3fe h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ba1 y561e we5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,698<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ba2 y561e wa07 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ba ws1b9\">3<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wa08 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Unrea<span class=\"_ _2\"></span>lised lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s on proper<span class=\"_ _2\"></span>ties h<span class=\"_ _2\"></span>eld at en<span class=\"_ _2\"></span>d of year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ba3 y55ef wc2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(180<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8b6 y55ef w7c9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(1<span class=\"_ _2\"></span>,582)<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8b7\">As at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>3, a prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio incl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d held for sa<span class=\"_ _2\"></span>le of \u00a35,<span class=\"_ _2\"></span>621 million (2<span class=\"_ _2\"></span>022: \u00a36<span class=\"_ _2\"></span>,07<span class=\"_ _5\"></span>0 million) is he<span class=\"_ _2\"></span>ld by the life </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8b8\">comp<span class=\"_ _2\"></span>anies in a mix of c<span class=\"_ _2\"></span>ommerci<span class=\"_ _2\"></span>al sec<span class=\"_ _2\"></span>tors<span class=\"_ _2\"></span>, sprea<span class=\"_ _2\"></span>d geo<span class=\"_ _2\"></span>graphic<span class=\"_ _2\"></span>ally throu<span class=\"_ _2\"></span>ghout t<span class=\"_ _2\"></span>he UK an<span class=\"_ _2\"></span>d Europe.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8b9\">Inves<span class=\"_ _2\"></span>tment prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>ies also in<span class=\"_ _2\"></span>cludes \u00a342 million (202<span class=\"_ _2\"></span>2: \u00a362 millio<span class=\"_ _2\"></span>n) o<span class=\"_ _5\"></span>f prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y rever<span class=\"_ _2\"></span>sions arisin<span class=\"_ _2\"></span>g from sal<span class=\"_ _2\"></span>es of the NPI E<span class=\"_ _2\"></span>x<span class=\"_ _2\"></span>tra Inc<span class=\"_ _2\"></span>ome Plan (se<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8ba\">note E5 for fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r details) an<span class=\"_ _2\"></span>d \u00a364 million (2<span class=\"_ _2\"></span>022: \u00a38<span class=\"_ _2\"></span>0 million) from the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s interes<span class=\"_ _2\"></span>t in the resid<span class=\"_ _2\"></span>ential prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty of po<span class=\"_ _2\"></span>licyhol<span class=\"_ _2\"></span>ders wh<span class=\"_ _2\"></span>o have </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8bb\">previo<span class=\"_ _2\"></span>usly entere<span class=\"_ _2\"></span>d into an Equit<span class=\"_ _2\"></span>y Relea<span class=\"_ _2\"></span>se Inco<span class=\"_ _2\"></span>me Plan (\u2018<span class=\"_ _2\"></span>ERI<span class=\"_ _2\"></span>P<span class=\"_ _2\"></span>\u2019) p<span class=\"_ _2\"></span>olicy.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8bc\">Ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in investme<span class=\"_ _2\"></span>nt proper<span class=\"_ _2\"></span>ties h<span class=\"_ _2\"></span>eld by the life com<span class=\"_ _2\"></span>panies p<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>ss a gro<span class=\"_ _2\"></span>und rent oblig<span class=\"_ _2\"></span>ation which g<span class=\"_ _2\"></span>ives rise to b<span class=\"_ _2\"></span>oth a right-of-use as<span class=\"_ _2\"></span>set an<span class=\"_ _2\"></span>d a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8bd\">lea<span class=\"_ _2\"></span>se liabilit<span class=\"_ _2\"></span>y. The right-of-use a<span class=\"_ _2\"></span>sset a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciated with th<span class=\"_ _2\"></span>e ground re<span class=\"_ _2\"></span>nt obligatio<span class=\"_ _2\"></span>n is valued a<span class=\"_ _2\"></span>t fair value an<span class=\"_ _2\"></span>d is includ<span class=\"_ _2\"></span>ed within th<span class=\"_ _2\"></span>e total investm<span class=\"_ _2\"></span>ent </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8be\">prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y valua<span class=\"_ _2\"></span>tion. Th<span class=\"_ _2\"></span>e value of the gro<span class=\"_ _2\"></span>und rent right-of-us<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>et as at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023 wa<span class=\"_ _2\"></span>s \u00a315 millio<span class=\"_ _2\"></span>n (2022: \u00a3<span class=\"_ _2\"></span>21 million). The </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8bf\">reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent resulte<span class=\"_ _2\"></span>d in no chan<span class=\"_ _2\"></span>ge in value of th<span class=\"_ _2\"></span>e ground rent r<span class=\"_ _2\"></span>ight-of-use as<span class=\"_ _2\"></span>set (202<span class=\"_ _2\"></span>2: increa<span class=\"_ _2\"></span>se of \u00a32 million). The<span class=\"_ _2\"></span>re were no add<span class=\"_ _2\"></span>itions (202<span class=\"_ _2\"></span>2: </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8c0\">\u00a32 millio<span class=\"_ _2\"></span>n) and \u00a36 million disp<span class=\"_ _2\"></span>osals (2<span class=\"_ _2\"></span>022: \u00a34 million) of ground rent r<span class=\"_ _2\"></span>ight-of-use as<span class=\"_ _2\"></span>sets d<span class=\"_ _2\"></span>uring the pe<span class=\"_ _2\"></span>riod.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls12c ws0 gs8c2\">Com<span class=\"_ _2\"></span>mercial inves<span class=\"_ _2\"></span>tment p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y is meas<span class=\"_ _2\"></span>ured at fair val<span class=\"_ _2\"></span>ue by indep<span class=\"_ _2\"></span>endent pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty v<span class=\"_ _2\"></span>aluers h<span class=\"_ _2\"></span>aving approp<span class=\"_ _2\"></span>riate reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d professi<span class=\"_ _2\"></span>onal </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls12c ws0 gs8c3\">qualific<span class=\"_ _2\"></span>ations a<span class=\"_ _2\"></span>nd rece<span class=\"_ _2\"></span>nt experie<span class=\"_ _2\"></span>nces in t<span class=\"_ _2\"></span>he loc<span class=\"_ _2\"></span>ation and c<span class=\"_ _2\"></span>ategor<span class=\"_ _2\"></span>y of the pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty b<span class=\"_ _2\"></span>eing valu<span class=\"_ _2\"></span>ed. Th<span class=\"_ _2\"></span>e valuation<span class=\"_ _2\"></span>s are carrie<span class=\"_ _2\"></span>d out in ac<span class=\"_ _2\"></span>cordan<span class=\"_ _2\"></span>ce </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls12c ws0 gs8c4\">with the R<span class=\"_ _2\"></span>oyal Insti<span class=\"_ _2\"></span>tute of Char<span class=\"_ _2\"></span>tered S<span class=\"_ _2\"></span>urveyor<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>RIC<span class=\"_ _2\"></span>S\u2019<span class=\"_ _2\"></span>) gui<span class=\"_ _2\"></span>delines wit<span class=\"_ _2\"></span>h expec<span class=\"_ _2\"></span>ted inc<span class=\"_ _2\"></span>ome and c<span class=\"_ _2\"></span>apitali<span class=\"_ _2\"></span>sation rate a<span class=\"_ _2\"></span>s the key non-ob<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>vable<span class=\"_ gs132\"> </span>inpu<span class=\"_ _2\"></span>ts.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8c5\">The N<span class=\"_ _2\"></span>PI reside<span class=\"_ _2\"></span>ntial prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y revers<span class=\"_ _2\"></span>ions<span class=\"_ _2\"></span>, an interest in c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>ers\u2019 prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s which the G<span class=\"_ _2\"></span>roup will reali<span class=\"_ _2\"></span>se upon the<span class=\"_ _2\"></span>ir death<span class=\"_ _2\"></span>, are value<span class=\"_ _2\"></span>d using </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8c6\">a<span class=\"_ gs132\"> </span>disc<span class=\"_ _2\"></span>ounted ca<span class=\"_ _2\"></span>sh flow mo<span class=\"_ _2\"></span>del bas<span class=\"_ _2\"></span>ed on the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s prop<span class=\"_ _2\"></span>orti<span class=\"_ _2\"></span>on of the current op<span class=\"_ _2\"></span>en market value<span class=\"_ _2\"></span>, and disc<span class=\"_ _2\"></span>ounted for th<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>cted lifetim<span class=\"_ _2\"></span>e of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8c7\">the po<span class=\"_ _2\"></span>licyhol<span class=\"_ _2\"></span>der derive<span class=\"_ _2\"></span>d from publis<span class=\"_ _2\"></span>hed mo<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>lity t<span class=\"_ _2\"></span>ables<span class=\"_ _2\"></span>, the mo<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>lity r<span class=\"_ _2\"></span>ates are 13<span class=\"_ _2\"></span>0% for both ma<span class=\"_ _2\"></span>les and fem<span class=\"_ _2\"></span>ales ba<span class=\"_ _2\"></span>sed on th<span class=\"_ _2\"></span>e IFL92C<span class=\"_ _2\"></span>15 t<span class=\"_ _2\"></span>able </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8c8\">for male<span class=\"_ _2\"></span>s and the I<span class=\"_ _2\"></span>ML92<span class=\"_ _2\"></span>C15 t<span class=\"_ _2\"></span>able for fema<span class=\"_ _2\"></span>les. T<span class=\"_ _2\"></span>he open m<span class=\"_ _2\"></span>arket value is me<span class=\"_ _2\"></span>asured by in<span class=\"_ _2\"></span>depen<span class=\"_ _2\"></span>dent loc<span class=\"_ _2\"></span>al prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y sur<span class=\"_ _2\"></span>veyors havin<span class=\"_ _2\"></span>g appropr<span class=\"_ _2\"></span>iate </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8c9\">rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d profess<span class=\"_ _2\"></span>ional qua<span class=\"_ _2\"></span>lification<span class=\"_ _2\"></span>s with referenc<span class=\"_ _2\"></span>e to the as<span class=\"_ _2\"></span>sumed c<span class=\"_ _2\"></span>ondition of th<span class=\"_ _2\"></span>e proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y and loc<span class=\"_ _2\"></span>al market co<span class=\"_ _2\"></span>nditions<span class=\"_ _2\"></span>. The indi<span class=\"_ _2\"></span>vidual </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8ca\">prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s are value<span class=\"_ _2\"></span>d triennia<span class=\"_ _2\"></span>lly and indexe<span class=\"_ _2\"></span>d using re<span class=\"_ _2\"></span>gional h<span class=\"_ _2\"></span>ouse pr<span class=\"_ _2\"></span>ice indice<span class=\"_ _2\"></span>s to the year en<span class=\"_ _2\"></span>d date. The dis<span class=\"_ _2\"></span>count ra<span class=\"_ _2\"></span>te is a 3 year swap r<span class=\"_ _2\"></span>ate plus </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8cb\">1.7<span class=\"_ _2\"></span>% margin (202<span class=\"_ _2\"></span>2: 3 year swa<span class=\"_ _2\"></span>p rate plus 1<span class=\"_ _2\"></span>.7% marg<span class=\"_ _2\"></span>in), and adju<span class=\"_ _2\"></span>sted for th<span class=\"_ _2\"></span>e deferred p<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>ssion r<span class=\"_ _2\"></span>ate of 3.7% (202<span class=\"_ _2\"></span>2: 3.7<span class=\"_ _2\"></span>%)<span class=\"_ _5\"></span>. As<span class=\"_ _2\"></span>sumptions a<span class=\"_ _2\"></span>re also </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8cc\">mad<span class=\"_ _2\"></span>e in the valuatio<span class=\"_ _2\"></span>n for future m<span class=\"_ _2\"></span>ovements in p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y prices<span class=\"_ _2\"></span>, bas<span class=\"_ _2\"></span>ed on a risk f<span class=\"_ _2\"></span>ree rate. Th<span class=\"_ _2\"></span>e resident<span class=\"_ _2\"></span>ial prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y revers<span class=\"_ _2\"></span>ions have be<span class=\"_ _2\"></span>en </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8cd\">subs<span class=\"_ _2\"></span>tantiall<span class=\"_ _2\"></span>y refinance<span class=\"_ _2\"></span>d under t<span class=\"_ _2\"></span>he arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts with S<span class=\"_ _2\"></span>antande<span class=\"_ _2\"></span>r as des<span class=\"_ _2\"></span>cribed in n<span class=\"_ _2\"></span>ote E5. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8ce\">The ER<span class=\"_ _2\"></span>IP resid<span class=\"_ _2\"></span>ential prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty rever<span class=\"_ _2\"></span>sions<span class=\"_ _2\"></span>, an interes<span class=\"_ _2\"></span>t in the resid<span class=\"_ _2\"></span>ential prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty of po<span class=\"_ _2\"></span>licyhol<span class=\"_ _2\"></span>ders wh<span class=\"_ _2\"></span>o have previousl<span class=\"_ _2\"></span>y entered into an ER<span class=\"_ _2\"></span>IP po<span class=\"_ _2\"></span>licy </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8cf\">and b<span class=\"_ _2\"></span>een provid<span class=\"_ _2\"></span>ed with a lifetim<span class=\"_ _2\"></span>e annuit<span class=\"_ _2\"></span>y in return for th<span class=\"_ _2\"></span>e lega<span class=\"_ _2\"></span>l title to their pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty, are value<span class=\"_ _2\"></span>d using un<span class=\"_ _2\"></span>obser<span class=\"_ _2\"></span>vable inp<span class=\"_ _2\"></span>uts an<span class=\"_ _2\"></span>d manag<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>\u2019s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8d0\">bes<span class=\"_ _2\"></span>t est<span class=\"_ _2\"></span>imates<span class=\"_ _2\"></span>. As the inward c<span class=\"_ _2\"></span>ash flows o<span class=\"_ _2\"></span>n these p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>ties will n<span class=\"_ _2\"></span>ot be rece<span class=\"_ _2\"></span>ived until the lifetim<span class=\"_ _2\"></span>e leas<span class=\"_ _2\"></span>e is no long<span class=\"_ _2\"></span>er in force, w<span class=\"_ _2\"></span>hich is usua<span class=\"_ _2\"></span>lly upon </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8d1\">the de<span class=\"_ _2\"></span>ath of the polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>ese interes<span class=\"_ _2\"></span>ts are va<span class=\"_ _2\"></span>lued on a rever<span class=\"_ _2\"></span>sionar<span class=\"_ _2\"></span>y ba<span class=\"_ _2\"></span>sis which is a dis<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d current ope<span class=\"_ _2\"></span>n market value. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8d2\">The op<span class=\"_ _2\"></span>en market value<span class=\"_ _2\"></span>s of the prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s are indep<span class=\"_ _2\"></span>endent<span class=\"_ _2\"></span>ly revalue<span class=\"_ _2\"></span>d every t<span class=\"_ _2\"></span>wo year<span class=\"_ _2\"></span>s by memb<span class=\"_ _2\"></span>ers of the Royal I<span class=\"_ _2\"></span>nstit<span class=\"_ _2\"></span>ution of Char<span class=\"_ _2\"></span>tered </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8d3\">Sur<span class=\"_ _2\"></span>veyors an<span class=\"_ _2\"></span>d in the inter<span class=\"_ _2\"></span>vening pe<span class=\"_ _2\"></span>riod are a<span class=\"_ _2\"></span>djuste<span class=\"_ _2\"></span>d by referenc<span class=\"_ _2\"></span>e to the Natio<span class=\"_ _2\"></span>nwide Buildin<span class=\"_ _2\"></span>g Soci<span class=\"_ _2\"></span>ety re<span class=\"_ _2\"></span>gional in<span class=\"_ _2\"></span>dices of ho<span class=\"_ _2\"></span>use pric<span class=\"_ _2\"></span>es. T<span class=\"_ _2\"></span>he </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8d4\">disc<span class=\"_ _2\"></span>ount perio<span class=\"_ _2\"></span>d is bas<span class=\"_ _2\"></span>ed on the b<span class=\"_ _2\"></span>est es<span class=\"_ _2\"></span>timates of th<span class=\"_ _2\"></span>e lik<span class=\"_ _5\"></span>ely date th<span class=\"_ _2\"></span>e proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y will be<span class=\"_ _2\"></span>come availa<span class=\"_ _2\"></span>ble for sale a<span class=\"_ _2\"></span>nd the disc<span class=\"_ _2\"></span>ount rate app<span class=\"_ _2\"></span>lied is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8d5\">determin<span class=\"_ _2\"></span>ed by the g<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>al par<span class=\"_ _2\"></span>tner as it<span class=\"_ _2\"></span>s bes<span class=\"_ _2\"></span>t estim<span class=\"_ _2\"></span>ate of the approp<span class=\"_ _2\"></span>riate disco<span class=\"_ _2\"></span>unt rate. The m<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>alit<span class=\"_ _2\"></span>y assum<span class=\"_ _2\"></span>ption is bas<span class=\"_ _2\"></span>ed on the PM<span class=\"_ _2\"></span>L<span class=\"_ _7\"></span>O<span class=\"_ _2\"></span>8HAWP </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8d6\">tabl<span class=\"_ _2\"></span>e for males an<span class=\"_ _2\"></span>d the PFLO8HAWP tabl<span class=\"_ _2\"></span>e for female<span class=\"_ _2\"></span>s, ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d to reflec<span class=\"_ _2\"></span>t the histo<span class=\"_ _2\"></span>ric experi<span class=\"_ _2\"></span>ence of the b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s conc<span class=\"_ _2\"></span>erne<span class=\"_ _2\"></span>d. The mo<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>lity r<span class=\"_ _2\"></span>ates </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8d7\">are proj<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d using fu<span class=\"_ _2\"></span>ture mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y improvem<span class=\"_ _2\"></span>ents from th<span class=\"_ _2\"></span>e CMI M<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y Proje<span class=\"_ _2\"></span>ction M<span class=\"_ _2\"></span>odel. N<span class=\"_ _2\"></span>o explicit all<span class=\"_ _2\"></span>owance is m<span class=\"_ _2\"></span>ade for ho<span class=\"_ _2\"></span>use pric<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8d8\">inflation in t<span class=\"_ _2\"></span>he year thro<span class=\"_ _2\"></span>ugh to their re<span class=\"_ _2\"></span>alisation<span class=\"_ _2\"></span>. Therefore<span class=\"_ _2\"></span>, the key assum<span class=\"_ _2\"></span>ptions use<span class=\"_ _2\"></span>d in the valu<span class=\"_ _2\"></span>ation of the revers<span class=\"_ _2\"></span>ionar<span class=\"_ _2\"></span>y interes<span class=\"_ _2\"></span>ts are the inte<span class=\"_ _2\"></span>rest </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8d9\">disc<span class=\"_ _2\"></span>ount rate and th<span class=\"_ _2\"></span>e mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>. The disc<span class=\"_ _2\"></span>ount rate was 5% (202<span class=\"_ _2\"></span>2: 5%)<span class=\"_ _5\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8da\">The fa<span class=\"_ _2\"></span>ir value mea<span class=\"_ _2\"></span>sureme<span class=\"_ _2\"></span>nt of the investm<span class=\"_ _2\"></span>ent prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s has be<span class=\"_ _2\"></span>en cate<span class=\"_ _2\"></span>goris<span class=\"_ _2\"></span>ed as Level 3 ba<span class=\"_ _2\"></span>sed on th<span class=\"_ _2\"></span>e input<span class=\"_ _2\"></span>s to the valuatio<span class=\"_ _2\"></span>n techniqu<span class=\"_ _2\"></span>es use<span class=\"_ _2\"></span>d. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8db\">The follow<span class=\"_ _2\"></span>ing table s<span class=\"_ _2\"></span>hows the va<span class=\"_ _2\"></span>luation tec<span class=\"_ _2\"></span>hniques u<span class=\"_ _2\"></span>sed in me<span class=\"_ _2\"></span>asurin<span class=\"_ _2\"></span>g the fair value of th<span class=\"_ _2\"></span>e investme<span class=\"_ _2\"></span>nt proper<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>, the sig<span class=\"_ _2\"></span>nificant n<span class=\"_ _2\"></span>on-obs<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vable </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8dc\">input<span class=\"_ _2\"></span>s use<span class=\"_ _2\"></span>d, the inter-re<span class=\"_ _2\"></span>lationship b<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>ween the key non-<span class=\"_ _2\"></span>obser<span class=\"_ _2\"></span>vabl<span class=\"_ _2\"></span>e inputs a<span class=\"_ _2\"></span>nd the fair va<span class=\"_ _2\"></span>lue meas<span class=\"_ _2\"></span>urement of th<span class=\"_ _2\"></span>e<span class=\"_ gs132\"> </span>investme<span class=\"_ _2\"></span>nt proper<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"gs8dd\"><table class=\"s w286 h31a\" id=\"_c1607c34-db4f-4664-a71f-2160dbfa0720\"><tr><td></td><td></td><td></td><td class=\"t m0 x25f h3f y5d1f ff7 fsf fc1 sc0 ls11f ws106\">Wei<span class=\"_ _5\"></span>ghted<span class=\"_ _5\"></span> average<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1ba4 h16 y5d1f ff3 fsf fc1 sc0 lse6 wsd0\">Weighte<span class=\"_ _2\"></span>d average<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5d20 w26e h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls82 ws77\">Desc<span class=\"_ _2\"></span>ription<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ba5 y5d20 wa09 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls17 ws15\">Valuation techniques<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ba6 y5d20 wa0a h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls17 ws15\">Signific<span class=\"_ _2\"></span>ant<span class=\"_ _5\"></span> non-obser<span class=\"_ _2\"></span>vable i<span class=\"_ _5\"></span>nputs<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x44d h3f y5d21 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5d21 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y59d1 wa0b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>mercial I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y</div></td><td class=\"c n x1ba7 y59d1 wa0c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">RI<span class=\"_ _2\"></span>CS valuation<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ba8 y59d1 wa0d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xpe<span class=\"_ _2\"></span>cted inc<span class=\"_ _2\"></span>ome pe<span class=\"_ _2\"></span>r sq. f<span class=\"_ _2\"></span>t.<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x1ba9 he y5d22 ff7 fs7 fc1 sc0 ls142 ws125\">\u00a3<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>41<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8dc hd y5d22 ff3 fs7 fc1 sc0 ls1ca ws1cb\">\u00a3<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>41<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x985 hd y5d23 ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timated re<span class=\"_ _2\"></span>ntal value p<span class=\"_ _2\"></span>er hotel roo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1ba9 he y5d23 ff7 fs7 fc1 sc0 ls1c2 ws1c2\">\u00a3<span class=\"_ _2\"></span>7,<span class=\"_ _3\"></span>1<span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8dc hd y5d23 ff3 fs7 fc1 sc0 ls1b1 ws1ae\">\u00a3<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>0<span class=\"_ _19\"></span>4<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"c n x1baa y571a w20b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Es<span class=\"_ _2\"></span>timated re<span class=\"_ _2\"></span>ntal value p<span class=\"_ _2\"></span>er parkin<span class=\"_ _2\"></span>g space<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bab y571a w721 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">\u00a31<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>23<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bac y571a w6f4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">\u00a31<span class=\"_ _2\"></span>,115<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x1baa y55ef wa0e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls77 ws6c\">Capitalis<span class=\"_ _2\"></span>ation rate<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bad y55ef wa0f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">5.13%<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bae y55ef wa10 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">5<span class=\"_ _2\"></span>.0<span class=\"_ _2\"></span>1%<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8de\">The e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>d fair value of co<span class=\"_ _2\"></span>mmercia<span class=\"_ _2\"></span>l proper<span class=\"_ _2\"></span>ties wo<span class=\"_ _2\"></span>uld incre<span class=\"_ _2\"></span>ase (decre<span class=\"_ _2\"></span>ase) if:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8df\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e expe<span class=\"_ _2\"></span>cted inc<span class=\"_ _2\"></span>ome were to b<span class=\"_ _2\"></span>e higher (l<span class=\"_ _2\"></span>ower); or<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8e0\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e capit<span class=\"_ _2\"></span>alisatio<span class=\"_ _2\"></span>n rate were to be lower (<span class=\"_ _2\"></span>higher).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8e1\">The e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>d fair value of the N<span class=\"_ _2\"></span>PI reside<span class=\"_ _2\"></span>ntial prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y rever<span class=\"_ _2\"></span>sions woul<span class=\"_ _2\"></span>d increas<span class=\"_ _2\"></span>e (decrea<span class=\"_ _2\"></span>se) if:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8e2\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e deferred p<span class=\"_ _2\"></span>oss<span class=\"_ _2\"></span>essio<span class=\"_ _2\"></span>n rate were to be lower (<span class=\"_ _2\"></span>higher);<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8e3\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y rate were to b<span class=\"_ _2\"></span>e higher (l<span class=\"_ _2\"></span>ower)<span class=\"_ _5\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8e4\">The e<span class=\"_ _2\"></span>stimate<span class=\"_ _2\"></span>d fair value of the ER<span class=\"_ _2\"></span>IP res<span class=\"_ _2\"></span>idential pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty reve<span class=\"_ _2\"></span>rsions wo<span class=\"_ _2\"></span>uld incre<span class=\"_ _2\"></span>ase (decre<span class=\"_ _2\"></span>ase) if:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8e5\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e disco<span class=\"_ _2\"></span>unt rate were to be lowe<span class=\"_ _2\"></span>r (higher);<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8e6\">\u2022 <span class=\"_ _9\"> </span>th<span class=\"_ _2\"></span>e mor<span class=\"_ _2\"></span>talit<span class=\"_ _2\"></span>y rate were to b<span class=\"_ _2\"></span>e higher (l<span class=\"_ _2\"></span>ower)<span class=\"_ _5\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8e7\">Direc<span class=\"_ _2\"></span>t oper<span class=\"_ _2\"></span>ating exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s (<span class=\"_ _5\"></span>off<span class=\"_ _2\"></span>set ag<span class=\"_ _2\"></span>ainst re<span class=\"_ _2\"></span>ntal inco<span class=\"_ _2\"></span>me in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent) in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of inv<span class=\"_ _5\"></span>es<span class=\"_ _2\"></span>tment prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ties that </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8e8\">gen<span class=\"_ _2\"></span>erated re<span class=\"_ _2\"></span>ntal inc<span class=\"_ _2\"></span>ome during th<span class=\"_ _2\"></span>e year amo<span class=\"_ _2\"></span>unted to \u00a33<span class=\"_ _2\"></span>6 million (2022<span class=\"_ _2\"></span>: \u00a327 million). The dire<span class=\"_ _2\"></span>ct op<span class=\"_ _2\"></span>erating ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es arising f<span class=\"_ _2\"></span>rom investme<span class=\"_ _2\"></span>nt </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8e9\">prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y that di<span class=\"_ _2\"></span>d not gen<span class=\"_ _2\"></span>erate renta<span class=\"_ _2\"></span>l income d<span class=\"_ _2\"></span>uring the year a<span class=\"_ _2\"></span>mounted to \u00a35 m<span class=\"_ _2\"></span>illion (2022: \u00a35 m<span class=\"_ _2\"></span>illion).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8ea\">Future minim<span class=\"_ _2\"></span>um lease re<span class=\"_ _2\"></span>ntal rec<span class=\"_ _2\"></span>eivable<span class=\"_ _2\"></span>s in respe<span class=\"_ _2\"></span>ct of non-<span class=\"_ _2\"></span>canc<span class=\"_ _2\"></span>ellable op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g lease<span class=\"_ _2\"></span>s on investm<span class=\"_ _2\"></span>ent prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s were as follows<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"gs8eb\"><table class=\"s wa11 h31b\" id=\"_e3418d93-6492-4e5b-a76d-e975a1bd1bf5\"><tr><td></td><td class=\"t m0 x44d h3f y5d24 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5d24 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x262 h3f y5d25 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5d25 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y56f9 wa12 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Not late<span class=\"_ _2\"></span>r than 1 year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x598 y56f9 w55 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">278<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1baf y56f9 w239 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">356<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee wa13 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Later th<span class=\"_ _2\"></span>an 1 year and n<span class=\"_ _2\"></span>ot later than 5 ye<span class=\"_ _2\"></span>ars<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6c8 y55ee w3b9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">91<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bb0 y55ee w4a6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>31<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wa14 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Later th<span class=\"_ _2\"></span>an 5 years<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bb1 y55ef w646 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,9<span class=\"_ _2\"></span>03<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bb2 y55ef w54d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">3,<span class=\"_ _2\"></span>345</div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-707": {
   "value": "Inves<span class=\"_ _2\"></span>tment prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y, includin<span class=\"_ _2\"></span>g right of use as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s, is initi<span class=\"_ _2\"></span>ally reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d at cos<span class=\"_ _2\"></span>t, incl<span class=\"_ _2\"></span>uding any direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on cost<span class=\"_ _2\"></span>s. Subs<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>ntly investm<span class=\"_ _2\"></span>ent prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y is me<span class=\"_ _2\"></span>asured at f<span class=\"_ _2\"></span>air value. Fair va<span class=\"_ _2\"></span>lue is the pric<span class=\"_ _2\"></span>e that would b<span class=\"_ _2\"></span>e rece<span class=\"_ _2\"></span>ived to sell a p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>ty in a<span class=\"_ _2\"></span>n orderly tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion bet<span class=\"_ _2\"></span>ween m<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et par<span class=\"_ _2\"></span>ticip<span class=\"_ _2\"></span>ants at the m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>ment date. Fair va<span class=\"_ _2\"></span>lue is determ<span class=\"_ _2\"></span>ined with<span class=\"_ _2\"></span>out any ded<span class=\"_ _2\"></span>uction for t<span class=\"_ _2\"></span>ransa<span class=\"_ _2\"></span>ction c<span class=\"_ _2\"></span>osts t<span class=\"_ _2\"></span>hat may be in<span class=\"_ _2\"></span>curred on s<span class=\"_ _2\"></span>ale or disp<span class=\"_ _2\"></span>osal<span class=\"_ _2\"></span>.<span class=\"_ gs132\"> </span>Gains and l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s arising fro<span class=\"_ _2\"></span>m the chan<span class=\"_ _2\"></span>ge in fair valu<span class=\"_ _2\"></span>e are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as incom<span class=\"_ _2\"></span>e or an expe<span class=\"_ _2\"></span>nse in the st<span class=\"_ _2\"></span>atement of com<span class=\"_ _2\"></span>prehen<span class=\"_ _2\"></span>sive incom<span class=\"_ _2\"></span>e. Inves<span class=\"_ _2\"></span>tment prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y inc<span class=\"_ _2\"></span>ludes rig<span class=\"_ _2\"></span>ht-of<span class=\"_ _5\"></span>-us<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets<span class=\"_ _2\"></span>, where the G<span class=\"_ _2\"></span>roup act<span class=\"_ _2\"></span>s as les<span class=\"_ _2\"></span>see<span class=\"_ _2\"></span>. Leases<span class=\"_ _2\"></span>, whe<span class=\"_ _2\"></span>re a signific<span class=\"_ _2\"></span>ant por<span class=\"_ _2\"></span>tion of the ris<span class=\"_ _2\"></span>ks and rewards of owner<span class=\"_ _2\"></span>ship are retain<span class=\"_ _2\"></span>ed by the le<span class=\"_ _2\"></span>ssor, are clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s opera<span class=\"_ _2\"></span>ting leas<span class=\"_ _2\"></span>es. W<span class=\"_ _2\"></span>here invest<span class=\"_ _2\"></span>ment prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y is le<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>ut by the Gro<span class=\"_ _2\"></span>up, rental inco<span class=\"_ _2\"></span>me from the<span class=\"_ _2\"></span>se oper<span class=\"_ _2\"></span>ating lea<span class=\"_ _2\"></span>ses is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed as in<span class=\"_ _2\"></span>come in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement o<span class=\"_ _2\"></span>n a straig<span class=\"_ _2\"></span>ht-line basis over th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d of the lea<span class=\"_ _2\"></span>se.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-662": {
   "value": "G5. Other receivables<span class=\"_ _3bc\"> </span>Oth<span class=\"_ _2\"></span>er rec<span class=\"_ _2\"></span>eivables a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d when due an<span class=\"_ _2\"></span>d meas<span class=\"_ _2\"></span>ured on initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition at th<span class=\"_ _2\"></span>e fair value of the am<span class=\"_ _2\"></span>ount rec<span class=\"_ _2\"></span>eivable. S<span class=\"_ _2\"></span>ubse<span class=\"_ _2\"></span>quent to initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition, th<span class=\"_ _2\"></span>ese re<span class=\"_ _2\"></span>ceivable<span class=\"_ _2\"></span>s are mea<span class=\"_ _2\"></span>sured at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised co<span class=\"_ _2\"></span>st usin<span class=\"_ _2\"></span>g the effe<span class=\"_ _2\"></span>ctive interes<span class=\"_ _2\"></span>t rate met<span class=\"_ _2\"></span>hod.<span class=\"_ _3bc\"> </span><table class=\"s wa15 h31c\" id=\"_288988d2-00f9-41b1-8e84-0f34dcc096f5\"><tr><td></td><td></td><td class=\"t m0 x23e h16 y5d26 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x916 h3f y5d27 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23f h16 y5d27 ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated</td></tr><tr><td></td><td class=\"t m0 x552 h3f y5d28 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5d28 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5728 wa16 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Investment brok<span class=\"_ _5\"></span>er balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bb3 y5728 w172 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">115<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x256 y5728 wf7 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5619 wa17 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h collatera<span class=\"_ _2\"></span>l pledg<span class=\"_ _2\"></span>ed and in<span class=\"_ _2\"></span>itial margin<span class=\"_ _2\"></span>s pos<span class=\"_ _2\"></span>ted<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad7 y5619 w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bb4 y5619 w237 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,<span class=\"_ _2\"></span>698<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561a wa18 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y relate<span class=\"_ _2\"></span>d receiv<span class=\"_ _2\"></span>ables<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bb5 y561a w5a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">165<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bb6 y561a w65a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">14<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b wa19 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d acqui<span class=\"_ _2\"></span>sition cos<span class=\"_ _2\"></span>ts rel<span class=\"_ _2\"></span>ating to investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s without D<span class=\"_ _2\"></span>PF<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bb7 y561b wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bb8 y561b wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57b4 wa1a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other debt<span class=\"_ _5\"></span>ors<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bb9 y57b4 w5a5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">562<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1599 y57b4 w9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">293<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5738 w3fe h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ba1 y5738 w11d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">2<span class=\"_ _2\"></span>,578<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bba y5738 w54d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">4,<span class=\"_ _2\"></span>455<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w9e5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt recovera<span class=\"_ _2\"></span>ble afte<span class=\"_ _2\"></span>r 12 months<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x470 y55ef w3fb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bbb y55ef wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.1 fo<span class=\"_ _2\"></span>r fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>ils).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-625": {
   "value": "G5. Other receivables<span class=\"_ _3bc\"> </span>Oth<span class=\"_ _2\"></span>er rec<span class=\"_ _2\"></span>eivables a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d when due an<span class=\"_ _2\"></span>d meas<span class=\"_ _2\"></span>ured on initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition at th<span class=\"_ _2\"></span>e fair value of the am<span class=\"_ _2\"></span>ount rec<span class=\"_ _2\"></span>eivable. S<span class=\"_ _2\"></span>ubse<span class=\"_ _2\"></span>quent to initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition, th<span class=\"_ _2\"></span>ese re<span class=\"_ _2\"></span>ceivable<span class=\"_ _2\"></span>s are mea<span class=\"_ _2\"></span>sured at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised co<span class=\"_ _2\"></span>st usin<span class=\"_ _2\"></span>g the effe<span class=\"_ _2\"></span>ctive interes<span class=\"_ _2\"></span>t rate met<span class=\"_ _2\"></span>hod.<span class=\"_ _3bc\"> </span><table class=\"s wa15 h31c\" id=\"_288988d2-00f9-41b1-8e84-0f34dcc096f5\"><tr><td></td><td></td><td class=\"t m0 x23e h16 y5d26 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x916 h3f y5d27 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23f h16 y5d27 ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated</td></tr><tr><td></td><td class=\"t m0 x552 h3f y5d28 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5d28 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5728 wa16 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Investment brok<span class=\"_ _5\"></span>er balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bb3 y5728 w172 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls5d ws1c0\">115<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x256 y5728 wf7 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5619 wa17 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h collatera<span class=\"_ _2\"></span>l pledg<span class=\"_ _2\"></span>ed and in<span class=\"_ _2\"></span>itial margin<span class=\"_ _2\"></span>s pos<span class=\"_ _2\"></span>ted<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xad7 y5619 w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">1<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bb4 y5619 w237 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">3,<span class=\"_ _2\"></span>698<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561a wa18 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y relate<span class=\"_ _2\"></span>d receiv<span class=\"_ _2\"></span>ables<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bb5 y561a w5a h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">165<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bb6 y561a w65a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">14<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b wa19 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d acqui<span class=\"_ _2\"></span>sition cos<span class=\"_ _2\"></span>ts rel<span class=\"_ _2\"></span>ating to investm<span class=\"_ _2\"></span>ent contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>s without D<span class=\"_ _2\"></span>PF<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bb7 y561b wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bb8 y561b wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57b4 wa1a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other debt<span class=\"_ _5\"></span>ors<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bb9 y57b4 w5a5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">562<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1599 y57b4 w9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">293<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5738 w3fe h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ba1 y5738 w11d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls9d ws58\">2<span class=\"_ _2\"></span>,578<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bba y5738 w54d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">4,<span class=\"_ _2\"></span>455<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w9e5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt recovera<span class=\"_ _2\"></span>ble afte<span class=\"_ _2\"></span>r 12 months<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x470 y55ef w3fb h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bbb y55ef wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span>Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.1 fo<span class=\"_ _2\"></span>r fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>ils)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-708": {
   "value": "Oth<span class=\"_ _2\"></span>er rec<span class=\"_ _2\"></span>eivables a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d when due an<span class=\"_ _2\"></span>d meas<span class=\"_ _2\"></span>ured on initi<span class=\"_ _2\"></span>al reco<span class=\"_ _2\"></span>gnition at th<span class=\"_ _2\"></span>e fair value of the am<span class=\"_ _2\"></span>ount rec<span class=\"_ _2\"></span>eivable. S<span class=\"_ _2\"></span>ubse<span class=\"_ _2\"></span>quent to initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition, th<span class=\"_ _2\"></span>ese re<span class=\"_ _2\"></span>ceivable<span class=\"_ _2\"></span>s are mea<span class=\"_ _2\"></span>sured at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised co<span class=\"_ _2\"></span>st usin<span class=\"_ _2\"></span>g the effe<span class=\"_ _2\"></span>ctive interes<span class=\"_ _2\"></span>t rate met<span class=\"_ _2\"></span>hod.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-627": {
   "value": "<div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gs8f0\">G6<span class=\"_ _2\"></span>. Cas<span class=\"_ _2\"></span>h and c<span class=\"_ _2\"></span>ash e<span class=\"_ _2\"></span>quival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8f1\">Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents co<span class=\"_ _2\"></span>mprise c<span class=\"_ _2\"></span>ash bal<span class=\"_ _2\"></span>ances a<span class=\"_ _2\"></span>nd shor<span class=\"_ _2\"></span>t-term dep<span class=\"_ _2\"></span>osits wit<span class=\"_ _2\"></span>h an origina<span class=\"_ _2\"></span>l maturit<span class=\"_ _2\"></span>y term of thre<span class=\"_ _2\"></span>e months or le<span class=\"_ _2\"></span>ss at the d<span class=\"_ _2\"></span>ate of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8f2\">plac<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>. Bank overdr<span class=\"_ _2\"></span>aft<span class=\"_ _2\"></span>s that are repaya<span class=\"_ _2\"></span>ble on dem<span class=\"_ _2\"></span>and and form a<span class=\"_ _2\"></span>n integral p<span class=\"_ _2\"></span>art of th<span class=\"_ _2\"></span>e Group\u2019s cash man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>ment are de<span class=\"_ _2\"></span>ducte<span class=\"_ _2\"></span>d from cas<span class=\"_ _2\"></span>h </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8f3\">and c<span class=\"_ _2\"></span>ash eq<span class=\"_ _2\"></span>uivalent<span class=\"_ _2\"></span>s for the purpo<span class=\"_ _2\"></span>se of the st<span class=\"_ _2\"></span>atement of c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div><div class=\"gs8f4\"><table class=\"s wa11 h31d\" id=\"_1e252318-ba59-43ee-b25b-3ee0bc80ffb3\"><tr><td></td><td class=\"t m0 x916 h3f y5d29 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h16 y5d29 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x2c5 h3f y5d2a ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5d2a ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y56b8 wa1b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Bank and cash balanc<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bbc y56b8 w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,75<span class=\"_ _2\"></span>1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bbd y56b8 w487 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ba ws1b9\">2<span class=\"_ _2\"></span>,71<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b9 wa1c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Sho<span class=\"_ _2\"></span>rt-term de<span class=\"_ _2\"></span>posit<span class=\"_ _2\"></span>s (includin<span class=\"_ _2\"></span>g notice ac<span class=\"_ _2\"></span>count<span class=\"_ _2\"></span>s and term dep<span class=\"_ _2\"></span>osit<span class=\"_ _2\"></span>s)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e5 y56b9 we5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">4,469<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bbe y56b9 w10f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">6,156<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n xb93 y561d w10d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _3\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bbf y561d w224 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">8,<span class=\"_ _2\"></span>872<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e w46d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Less a<span class=\"_ _2\"></span>mounts c<span class=\"_ _2\"></span>lassi<span class=\"_ _2\"></span>fied as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x75a y561e w214 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">(52)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15a0 y561e w1c3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls16f ws1ad\">(3<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3fe h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bc0 y55ef w5e5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">7,<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bc1 y55ef w217 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">8,8<span class=\"_ _2\"></span>39<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8f5\">Dep<span class=\"_ _2\"></span>osits a<span class=\"_ _2\"></span>re subje<span class=\"_ _2\"></span>ct to a com<span class=\"_ _2\"></span>bination of fixe<span class=\"_ _2\"></span>d and variab<span class=\"_ _2\"></span>le interest r<span class=\"_ _2\"></span>ates. T<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mounts of b<span class=\"_ _2\"></span>alance<span class=\"_ _2\"></span>s held at am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>ised c<span class=\"_ _2\"></span>ost app<span class=\"_ _2\"></span>roximate </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8f6\">to fair valu<span class=\"_ _2\"></span>e at the peri<span class=\"_ _2\"></span>od end. C<span class=\"_ _2\"></span>ash<span class=\"_ gs132\"> </span>and<span class=\"_ gs132\"> </span>c<span class=\"_ _2\"></span>ash e<span class=\"_ _2\"></span>quivalent<span class=\"_ _2\"></span>s in long-te<span class=\"_ _2\"></span>rm busine<span class=\"_ _2\"></span>ss ope<span class=\"_ _2\"></span>rations a<span class=\"_ _2\"></span>nd cons<span class=\"_ _2\"></span>olidated c<span class=\"_ _2\"></span>ollec<span class=\"_ _2\"></span>tive investme<span class=\"_ _2\"></span>nt sche<span class=\"_ _2\"></span>mes of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs8f7\">\u00a36<span class=\"_ _2\"></span>,9<span class=\"_ _2\"></span>94 m<span class=\"_ _2\"></span>illion (2022:<span class=\"_ gs132\"> </span>\u00a3<span class=\"_ _2\"></span>8,<span class=\"_ _2\"></span>597<span class=\"_ gs132\"> </span>million) are prim<span class=\"_ _2\"></span>arily he<span class=\"_ _2\"></span>ld for the ben<span class=\"_ _2\"></span>efit of polic<span class=\"_ _2\"></span>yholder<span class=\"_ _2\"></span>s and so a<span class=\"_ _2\"></span>re not gen<span class=\"_ _2\"></span>erally availa<span class=\"_ _2\"></span>ble for use by th<span class=\"_ _2\"></span>e<span class=\"_ gs132\"> </span>owners<span class=\"_ _2\"></span>.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-709": {
   "value": "Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents co<span class=\"_ _2\"></span>mprise c<span class=\"_ _2\"></span>ash bal<span class=\"_ _2\"></span>ances a<span class=\"_ _2\"></span>nd shor<span class=\"_ _2\"></span>t-term dep<span class=\"_ _2\"></span>osits wit<span class=\"_ _2\"></span>h an origina<span class=\"_ _2\"></span>l maturit<span class=\"_ _2\"></span>y term of thre<span class=\"_ _2\"></span>e months or le<span class=\"_ _2\"></span>ss at the d<span class=\"_ _2\"></span>ate of plac<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>. Bank overdr<span class=\"_ _2\"></span>aft<span class=\"_ _2\"></span>s that are repaya<span class=\"_ _2\"></span>ble on dem<span class=\"_ _2\"></span>and and form a<span class=\"_ _2\"></span>n integral p<span class=\"_ _2\"></span>art of th<span class=\"_ _2\"></span>e Group\u2019s cash man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>ment are de<span class=\"_ _2\"></span>ducte<span class=\"_ _2\"></span>d from cas<span class=\"_ _2\"></span>h and c<span class=\"_ _2\"></span>ash eq<span class=\"_ _2\"></span>uivalent<span class=\"_ _2\"></span>s for the purpo<span class=\"_ _2\"></span>se of the st<span class=\"_ _2\"></span>atement of c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated cas<span class=\"_ _2\"></span>h flows<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-626": {
   "value": "G<span class=\"_ _5\"></span>7<span class=\"_ _7\"></span>. Prov<span class=\"_ _5\"></span>isions<span class=\"_ _3bc\"> </span>A provision i<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised w<span class=\"_ _2\"></span>hen the Gro<span class=\"_ _2\"></span>up has a pre<span class=\"_ _2\"></span>sent le<span class=\"_ _2\"></span>gal or co<span class=\"_ _2\"></span>nstru<span class=\"_ _2\"></span>ctive oblig<span class=\"_ _2\"></span>ation, a<span class=\"_ _2\"></span>s a result of a pas<span class=\"_ _2\"></span>t event, wh<span class=\"_ _2\"></span>ich is likely to result in an out<span class=\"_ _2\"></span>flow of reso<span class=\"_ _2\"></span>urces an<span class=\"_ _2\"></span>d where a relia<span class=\"_ _2\"></span>ble est<span class=\"_ _2\"></span>imate of the amo<span class=\"_ _2\"></span>unt of the obliga<span class=\"_ _2\"></span>tion can b<span class=\"_ _2\"></span>e made. If t<span class=\"_ _2\"></span>he effe<span class=\"_ _2\"></span>ct is mate<span class=\"_ _2\"></span>rial, the p<span class=\"_ _2\"></span>rovision is determin<span class=\"_ _2\"></span>ed by disc<span class=\"_ _2\"></span>ounting th<span class=\"_ _2\"></span>e expec<span class=\"_ _2\"></span>ted fut<span class=\"_ _2\"></span>ure cash fl<span class=\"_ _2\"></span>ows at a pre-t<span class=\"_ _2\"></span>ax rate that re<span class=\"_ _2\"></span>flect<span class=\"_ _2\"></span>s current m<span class=\"_ _2\"></span>arket asse<span class=\"_ _2\"></span>ssme<span class=\"_ _2\"></span>nts of the tim<span class=\"_ _2\"></span>e value of money and<span class=\"_ _2\"></span>, where app<span class=\"_ _2\"></span>ropriate, th<span class=\"_ _2\"></span>e risks spe<span class=\"_ _2\"></span>cific to the liab<span class=\"_ _2\"></span>ility. A provision i<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised fo<span class=\"_ _2\"></span>r onerous c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts whe<span class=\"_ _2\"></span>n the expe<span class=\"_ _2\"></span>cted b<span class=\"_ _2\"></span>enefit<span class=\"_ _2\"></span>s to be derive<span class=\"_ _2\"></span>d from the co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s are les<span class=\"_ _2\"></span>s than the re<span class=\"_ _2\"></span>lated unavoidab<span class=\"_ _2\"></span>le cos<span class=\"_ _2\"></span>ts. T<span class=\"_ _2\"></span>he unavoidabl<span class=\"_ _2\"></span>e cost<span class=\"_ _2\"></span>s reflec<span class=\"_ _2\"></span>t the net c<span class=\"_ _2\"></span>ost of exitin<span class=\"_ _2\"></span>g the contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>, which is the lo<span class=\"_ _2\"></span>wer of the cos<span class=\"_ _2\"></span>t of fulfilling it an<span class=\"_ _2\"></span>d any comp<span class=\"_ _2\"></span>ensa<span class=\"_ _2\"></span>tion or pen<span class=\"_ _2\"></span>alties ari<span class=\"_ _2\"></span>sing from fail<span class=\"_ _2\"></span>ure to fulfil it. C<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s that me<span class=\"_ _2\"></span>et the require<span class=\"_ _2\"></span>ments to b<span class=\"_ _2\"></span>e clas<span class=\"_ _2\"></span>sified as a p<span class=\"_ _2\"></span>rovision but a<span class=\"_ _2\"></span>re determine<span class=\"_ _2\"></span>d to be dire<span class=\"_ _2\"></span>ctly at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts and inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts with D<span class=\"_ _2\"></span>PF are clas<span class=\"_ _2\"></span>sified wit<span class=\"_ _2\"></span>hin the insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Where i<span class=\"_ _2\"></span>t is expe<span class=\"_ _2\"></span>cted th<span class=\"_ _2\"></span>at a par<span class=\"_ _2\"></span>t of the expen<span class=\"_ _2\"></span>diture requ<span class=\"_ _2\"></span>ired to set<span class=\"_ _2\"></span>tle a provisio<span class=\"_ _2\"></span>n will be reimb<span class=\"_ _2\"></span>ursed by a t<span class=\"_ _2\"></span>hird par<span class=\"_ _2\"></span>ty th<span class=\"_ _2\"></span>e reimbur<span class=\"_ _2\"></span>sement i<span class=\"_ _2\"></span>s rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d when<span class=\"_ _2\"></span>, and onl<span class=\"_ _2\"></span>y when<span class=\"_ _2\"></span>, it is virt<span class=\"_ _2\"></span>ually ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in that the reim<span class=\"_ _2\"></span>burse<span class=\"_ _2\"></span>ment will be re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d. This reimb<span class=\"_ _2\"></span>urse<span class=\"_ _2\"></span>ment is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed as a se<span class=\"_ _2\"></span>parate as<span class=\"_ _2\"></span>set within othe<span class=\"_ _2\"></span>r recei<span class=\"_ _2\"></span>vables an<span class=\"_ _2\"></span>d will not exce<span class=\"_ _2\"></span>ed the am<span class=\"_ _2\"></span>ount of the provisio<span class=\"_ _2\"></span>n.<span class=\"_ _3bc\"> </span><table class=\"s wa1d h31e\" id=\"_37d21717-1faf-499a-9cbc-433c53c68112\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc07 h3f y5d2b ff7 fsf fc1 sc0 ls81 ws75\">Restructuring provisions<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xd58 h3f y5d2c ff7 fsf fc1 sc0 ls6d ws67\">T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ansition and </td><td class=\"t m0 x1aa1 h3f y5d2c ff7 fsf fc1 sc0 ls0 ws1df\">T<span class=\"_ _7\"></span>rans<span class=\"_ _2\"></span>fer<span class=\"_ _5\"></span> of policy </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1bc2 h3f y5d2d ff7 fsf fc1 sc0 ls0 ws0\">Leasehold </td><td></td><td class=\"t m0 x1bc3 h3f y5d2d ff7 fsf fc1 sc0 ls1e7 ws28\">Known<span class=\"ls0 ws0\"> </span></td><td class=\"t m0 x9d9 h3f y5d2d ff7 fsf fc1 sc0 lsa8 ws4b\">Indirect<span class=\"_ _5\"></span> tax </td><td class=\"t m0 x1003 h3f y5d2d ff7 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>rans<span class=\"_ _2\"></span>formati<span class=\"_ _5\"></span>on </td><td class=\"t m0 x1b17 h3f y5d2d ff7 fsf fc1 sc0 ls1ea ws1ef\">administration </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1bc2 h3f y5d2e ff7 fsf fc1 sc0 ls0 ws0\">properties </td><td class=\"t m0 xb8c h3f y5d2e ff7 fsf fc1 sc0 ls6d ws67\">Staff relate<span class=\"_ _2\"></span>d </td><td class=\"t m0 xd56 h3f y5d2e ff7 fsf fc1 sc0 ls0 ws0\">incidents </td><td class=\"t m0 x1bc4 h3f y5d2e ff7 fsf fc1 sc0 ls1ea ws1ef\">provisions<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x15e4 h3f y5d2e ff7 fsf fc1 sc0 ls1ea ws1ef\">provision<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xdc2 h3f y5d2e ff7 fsf fc1 sc0 ls1ea ws1ef\">provision<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb24 h3f y5d2e ff7 fsf fc1 sc0 ls1e4 ws1e5\">Other<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x487 h3f y5d2e ff7 fsf fc1 sc0 ls1e9 ws1ee\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 h3f y5d2f ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x15e5 h3f y5d2f ff7 fsf fc1 sc0 lsb1 ws2a\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2c h3f y5d2f ff7 fsf fc1 sc0 lsb1 ws2a\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xb2d h3f y5d2f ff7 fsf fc1 sc0 lsb1 ws2a\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xd91 h3f y5d2f ff7 fsf fc1 sc0 lsb1 ws2a\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5ba h3f y5d2f ff7 fsf fc1 sc0 lsb1 ws2a\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c2 h3f y5d2f ff7 fsf fc1 sc0 lsb1 ws2a\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x86d h3f y5d2f ff7 fsf fc1 sc0 lsb1 ws2a\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5d2f ff7 fsf fc1 sc0 lsb1 ws2a\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c x1ea y598c wa1e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry re<span class=\"_ _2\"></span>state<span class=\"_ _2\"></span>d</div><div class=\"t m0 x1bc5 h13 y5d30 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bc6 y5997 w1a0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bc7 y5997 w1a0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bc8 y5997 w60 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1af ws1ab\">48<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bc9 y5997 wa1f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c7 ws1c7\">29<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bca y5997 w319 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls8b ws114\">72<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bcb y5997 wb5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bcc y5997 w307 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bcd y5997 w3c9 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 lsb3 wsf4\">184<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d31 wa20 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Addition<span class=\"_ _2\"></span>s in the year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bce y5d31 w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bcf y5d31 w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bd0 y5d31 w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bd1 y5d31 wd3 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a8 ws19f\">43<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bd2 y5d31 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbdb y5d31 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bd3 y5d31 wd2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18fb y5d31 w319 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls8b ws114\">72<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d32 ff3 fs7 fc1 sc0 ls0 ws0\">Acquis<span class=\"_ _2\"></span>ition of SLF of Ca<span class=\"_ _2\"></span>nada </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d33 wa21 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UK Limite<span class=\"_ _2\"></span>d (note H2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bd4 y5d33 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bd5 y5d33 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bd6 y5d33 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bd7 y5d33 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bd8 y5d33 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bd9 y5d33 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bda y5d33 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bdb y5d33 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y581a wa22 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Utilis<span class=\"_ _2\"></span>ed during th<span class=\"_ _2\"></span>e year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bdc y581a w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bdd y581a w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bde y581a w8ff h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b2 ws1af\">(<span class=\"_ _2\"></span>24)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bdf y581a w5c7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1be0 y581a w5c2 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">(20<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1be1 y581a wa23 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xbdc y581a w316 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1be2 y581a wba h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls15a ws1b2\">(60<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57dc wa24 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Rele<span class=\"_ _2\"></span>ased d<span class=\"_ _2\"></span>uring the year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1be3 y57dc w2dc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1be4 y57dc w5c9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1be5 y57dc w55 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(18)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1be6 y57dc w29d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(10<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1be7 y57dc w29d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(11<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1be8 y57dc w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1be9 y57dc w5c7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1be2 y57dc w797 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(4<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w3fe h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bea y55ef w1a0 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1beb y55ef w659 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bec y55ef w13f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls96 ws8c\">15<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bed y55ef w442 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1c8 ws1c8\">59<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bee y55ef w354 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1cb ws1cc\">47<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bef y55ef wb5 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bf0 y55ef w158 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bf1 y55ef wa25 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">1<span class=\"_ _2\"></span>55<span class=\"_ _3bc\"> </span></div></td></tr></table>1  <span class=\"_ _2f\"> </span>Pri<span class=\"_ _2\"></span>or pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arati<span class=\"_ _2\"></span>ves ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tra<span class=\"_ _2\"></span>nsit<span class=\"_ _2\"></span>ion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>etai<span class=\"_ _2\"></span>ls)<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs906\">Leasehold properties<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs907\">The le<span class=\"_ _2\"></span>aseh<span class=\"_ _2\"></span>old prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s provision in<span class=\"_ _2\"></span>cludes a \u00a3<span class=\"_ _2\"></span>9 million (2022<span class=\"_ _2\"></span>: \u00a37 million) dilapid<span class=\"_ _2\"></span>ations provisi<span class=\"_ _2\"></span>on in respe<span class=\"_ _2\"></span>ct of oblig<span class=\"_ _2\"></span>ations und<span class=\"_ _2\"></span>er oper<span class=\"_ _2\"></span>ating lea<span class=\"_ _2\"></span>ses </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs908\">and \u00a3nil (202<span class=\"_ _2\"></span>2: \u00a32 million) in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of the exces<span class=\"_ _2\"></span>s of leas<span class=\"_ _2\"></span>e rentals an<span class=\"_ _2\"></span>d other paym<span class=\"_ _2\"></span>ents on pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ties that a<span class=\"_ _2\"></span>re currently va<span class=\"_ _2\"></span>cant or are e<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs909\">be<span class=\"_ _2\"></span>come vac<span class=\"_ _2\"></span>ant, over t<span class=\"_ _2\"></span>he amount<span class=\"_ _2\"></span>s to be rec<span class=\"_ _2\"></span>overed from sub<span class=\"_ _2\"></span>lett<span class=\"_ _2\"></span>ing thes<span class=\"_ _2\"></span>e proper<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. </div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls69 ws5e gs90a\">Staff relate<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs90b\">Staf<span class=\"_ _2\"></span>f relate<span class=\"_ _2\"></span>d provisions in<span class=\"_ _2\"></span>clude provis<span class=\"_ _2\"></span>ions for unfunde<span class=\"_ _2\"></span>d pen<span class=\"_ _2\"></span>sions of \u00a38 million (2<span class=\"_ _2\"></span>022: \u00a34 million), and private m<span class=\"_ _2\"></span>edica<span class=\"_ _2\"></span>l and other in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e cos<span class=\"_ _2\"></span>ts </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs90c\">for forme<span class=\"_ _2\"></span>r employee<span class=\"_ _2\"></span>s of \u00a33 million (2022<span class=\"_ _2\"></span>: \u00a33 million).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls77 ws6c gs90d\">Known inc<span class=\"_ _2\"></span>idents<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs90e\">The kn<span class=\"_ _2\"></span>own incide<span class=\"_ _2\"></span>nts provisio<span class=\"_ _2\"></span>n was create<span class=\"_ _2\"></span>d for historic<span class=\"_ _2\"></span>al dat<span class=\"_ _2\"></span>a qualit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, adminis<span class=\"_ _2\"></span>tration s<span class=\"_ _2\"></span>ystem<span class=\"_ _2\"></span>s problem<span class=\"_ _2\"></span>s and proc<span class=\"_ _2\"></span>ess de<span class=\"_ _2\"></span>ficienci<span class=\"_ _2\"></span>es on the po<span class=\"_ _2\"></span>licy </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs90f\">adminis<span class=\"_ _2\"></span>tration<span class=\"_ _2\"></span>, finan<span class=\"_ _2\"></span>cial rec<span class=\"_ _2\"></span>onciliatio<span class=\"_ _2\"></span>ns and op<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span>al financ<span class=\"_ _2\"></span>e aspe<span class=\"_ _2\"></span>cts of bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s outs<span class=\"_ _2\"></span>ourced<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e balanc<span class=\"_ _2\"></span>es repre<span class=\"_ _2\"></span>sent the b<span class=\"_ _2\"></span>est e<span class=\"_ _2\"></span>stimates of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs910\">cos<span class=\"_ _2\"></span>ts payab<span class=\"_ _2\"></span>le to custom<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>. Addition<span class=\"_ _2\"></span>al information h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n given be<span class=\"_ _2\"></span>low in respe<span class=\"_ _2\"></span>ct of the m<span class=\"_ _2\"></span>ore signific<span class=\"_ _2\"></span>ant balan<span class=\"_ _2\"></span>ces within t<span class=\"_ _2\"></span>his provision<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs911\">Durin<span class=\"_ _2\"></span>g 2021<span class=\"_ _2\"></span>, a \u00a315 m<span class=\"_ _2\"></span>illion provision wa<span class=\"_ _2\"></span>s reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in relation to er<span class=\"_ _2\"></span>rors in final e<span class=\"_ _2\"></span>ncas<span class=\"_ _2\"></span>hment c<span class=\"_ _2\"></span>alculatio<span class=\"_ _2\"></span>ns for With Profit<span class=\"_ _2\"></span>s T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ustee I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Plans </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs912\">and in 20<span class=\"_ _2\"></span>22 it was inc<span class=\"_ _2\"></span>rease<span class=\"_ _2\"></span>d to \u00a329 millio<span class=\"_ _2\"></span>n. Durin<span class=\"_ _2\"></span>g 2023<span class=\"_ _2\"></span>, \u00a318 m<span class=\"_ _2\"></span>illion (2022: \u00a3nil) wa<span class=\"_ _2\"></span>s utilise<span class=\"_ _2\"></span>d and \u00a37 million wa<span class=\"_ _2\"></span>s releas<span class=\"_ _2\"></span>ed. Th<span class=\"_ _2\"></span>e remainin<span class=\"_ _2\"></span>g balanc<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs913\">at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023 is \u00a34 million (202<span class=\"_ _2\"></span>2: \u00a329 millio<span class=\"_ _2\"></span>n)<span class=\"_ _5\"></span>. An \u00a31<span class=\"_ _2\"></span>1 million provision wa<span class=\"_ _2\"></span>s also re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed in April 2<span class=\"_ _2\"></span>021 following i<span class=\"_ _2\"></span>dentifica<span class=\"_ _2\"></span>tion that </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs914\">cer<span class=\"_ _2\"></span>tain c<span class=\"_ _2\"></span>ustom<span class=\"_ _2\"></span>ers who h<span class=\"_ _2\"></span>ave a Protected Pen<span class=\"_ _2\"></span>sion Age or a Prote<span class=\"_ _2\"></span>cted T<span class=\"_ _7\"></span>a<span class=\"_ _2\"></span>x Free Lump Sum m<span class=\"_ _2\"></span>ay not have had th<span class=\"_ _2\"></span>eir bene<span class=\"_ _2\"></span>fits set<span class=\"_ _2\"></span>tle<span class=\"_ _2\"></span>d correc<span class=\"_ _2\"></span>tly. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs915\">Durin<span class=\"_ _2\"></span>g 2023<span class=\"_ _2\"></span>, \u00a3<span class=\"_ _7\"></span>4 m<span class=\"_ _2\"></span>illion (2022: \u00a34 million) was rel<span class=\"_ _2\"></span>ease<span class=\"_ _2\"></span>d and the re<span class=\"_ _2\"></span>maining b<span class=\"_ _2\"></span>alance at 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 2<span class=\"_ _2\"></span>023 is \u00a33 million (2<span class=\"_ _2\"></span>022: \u00a37 million). The<span class=\"_ _2\"></span>se </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs916\">provision<span class=\"_ _2\"></span>s will be utilis<span class=\"_ _2\"></span>ed within on<span class=\"_ _2\"></span>e to four years<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs917\">In 2020<span class=\"_ _2\"></span>, following co<span class=\"_ _2\"></span>mpletion of th<span class=\"_ _2\"></span>e Part VI<span class=\"_ _2\"></span>I trans<span class=\"_ _2\"></span>fer of the Lega<span class=\"_ _2\"></span>l &amp; Gener<span class=\"_ _2\"></span>al busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>, a \u00a312 millio<span class=\"_ _2\"></span>n provision was re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs918\">amo<span class=\"_ _2\"></span>unts owed to cu<span class=\"_ _2\"></span>stome<span class=\"_ _2\"></span>rs due to vario<span class=\"_ _2\"></span>us sys<span class=\"_ _2\"></span>tem and pro<span class=\"_ _2\"></span>cess<span class=\"_ _2\"></span>ing error<span class=\"_ _2\"></span>s resulting in in<span class=\"_ _2\"></span>corre<span class=\"_ _2\"></span>ct rules h<span class=\"_ _2\"></span>aving be<span class=\"_ _2\"></span>en applie<span class=\"_ _2\"></span>d to policie<span class=\"_ _2\"></span>s. Dur<span class=\"_ _2\"></span>ing the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs919\">year, the provision wa<span class=\"_ _2\"></span>s increa<span class=\"_ _2\"></span>sed by \u00a32 m<span class=\"_ _2\"></span>illion (2022: \u00a3nil) an<span class=\"_ _2\"></span>d a fur<span class=\"_ _2\"></span>ther \u00a31 m<span class=\"_ _2\"></span>illion (2022: \u00a34 million) was rel<span class=\"_ _2\"></span>ease<span class=\"_ _2\"></span>d. The rem<span class=\"_ _2\"></span>aining ba<span class=\"_ _2\"></span>lance at </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs91a\">31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023 is \u00a3<span class=\"_ _2\"></span>3 million (2022: \u00a3<span class=\"_ _2\"></span>2 million). A new provisio<span class=\"_ _2\"></span>n of \u00a35 million was cre<span class=\"_ _2\"></span>ated during 2<span class=\"_ _2\"></span>023 in relation to a p<span class=\"_ _2\"></span>ricing erro<span class=\"_ _2\"></span>r within the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs91b\">sam<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss tran<span class=\"_ _2\"></span>sfer ca<span class=\"_ _2\"></span>used by in<span class=\"_ _2\"></span>correc<span class=\"_ _2\"></span>t sta<span class=\"_ _2\"></span>tic data<span class=\"_ _2\"></span>. During th<span class=\"_ _2\"></span>e year<span class=\"_ _5\"></span>, \u00a3<span class=\"_ _5\"></span>4 million wa<span class=\"_ _2\"></span>s utilised a<span class=\"_ _2\"></span>nd the rem<span class=\"_ _2\"></span>aining bal<span class=\"_ _2\"></span>ance at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>3 </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs91c\">is<span class=\"_ gs132\"> </span>\u00a31 milli<span class=\"_ _2\"></span>on. The<span class=\"_ _2\"></span>se provision<span class=\"_ _2\"></span>s will be utilis<span class=\"_ _2\"></span>ed within on<span class=\"_ _2\"></span>e to two yea<span class=\"_ _2\"></span>rs.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs91d\">The rem<span class=\"_ _2\"></span>aining provis<span class=\"_ _2\"></span>ions of \u00a3<span class=\"_ _5\"></span>4 million as a<span class=\"_ _2\"></span>t 31 Dec<span class=\"_ _2\"></span>ember 2<span class=\"_ _2\"></span>023 (2022: \u00a3<span class=\"_ _2\"></span>10 millio<span class=\"_ _2\"></span>n) are expec<span class=\"_ _2\"></span>ted to be utili<span class=\"_ _2\"></span>sed with<span class=\"_ _2\"></span>in one to four year<span class=\"_ _2\"></span>s. As at </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs91e\">31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>, there are n<span class=\"_ _2\"></span>o signific<span class=\"_ _2\"></span>ant unce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>inties which c<span class=\"_ _2\"></span>ould give ris<span class=\"_ _2\"></span>e to a material c<span class=\"_ _2\"></span>hang<span class=\"_ _2\"></span>e to the value of the p<span class=\"_ _2\"></span>rovisions he<span class=\"_ _2\"></span>ld for current </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs91f\">known in<span class=\"_ _2\"></span>cident<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls16 ws14 gs920\">Indir<span class=\"_ _5\"></span>ect tax pr<span class=\"_ _5\"></span>ovi<span class=\"_ _5\"></span>sion<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs921\">The in<span class=\"_ _2\"></span>direct t<span class=\"_ _2\"></span>ax provision re<span class=\"_ _2\"></span>lates to vario<span class=\"_ _2\"></span>us indirec<span class=\"_ _2\"></span>t tax m<span class=\"_ _2\"></span>atter<span class=\"_ _2\"></span>s acros<span class=\"_ _2\"></span>s oper<span class=\"_ _2\"></span>ational t<span class=\"_ _2\"></span>axes<span class=\"_ _2\"></span>, employme<span class=\"_ _2\"></span>nt taxes a<span class=\"_ _2\"></span>nd V<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>. D<span class=\"_ _2\"></span>uring the ye<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs922\">provision w<span class=\"_ _2\"></span>as stren<span class=\"_ _2\"></span>gthen<span class=\"_ _2\"></span>ed by \u00a343 million (202<span class=\"_ _2\"></span>2: \u00a3nil). \u00a33 million (202<span class=\"_ _2\"></span>2: \u00a3nil) was utilise<span class=\"_ _2\"></span>d and a fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r \u00a310 millio<span class=\"_ _2\"></span>n (2022: \u00a3nil) was re<span class=\"_ _2\"></span>leas<span class=\"_ _2\"></span>ed. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs923\">The<span class=\"_ gs132\"> </span>rem<span class=\"_ _2\"></span>aining ba<span class=\"_ _2\"></span>lance at 3<span class=\"_ _2\"></span>1 Dece<span class=\"_ _2\"></span>mber 2<span class=\"_ _2\"></span>023, of \u00a35<span class=\"_ _2\"></span>9 million (2022: \u00a3<span class=\"_ _2\"></span>29 million) rep<span class=\"_ _2\"></span>resent<span class=\"_ _2\"></span>s the Group\u2019s es<span class=\"_ _2\"></span>timate of the ma<span class=\"_ _2\"></span>ximum expo<span class=\"_ _2\"></span>sure </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs924\">as<span class=\"_ gs132\"> </span>at<span class=\"_ gs132\"> </span>the re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting date an<span class=\"_ _2\"></span>d is expe<span class=\"_ _2\"></span>cted to be u<span class=\"_ _2\"></span>tilised in on<span class=\"_ _2\"></span>e to three yea<span class=\"_ _2\"></span>rs.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls69 ws5e gs925\">Restruc<span class=\"_ _2\"></span>turing provisions<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc10 sc0 ls18 ws16 gs926\">T<span class=\"_ _7\"></span>ransition and transformation provisi<span class=\"_ _5\"></span>on<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs927\">Following th<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition of the Sta<span class=\"_ _2\"></span>ndard Life As<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce busine<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s in Augus<span class=\"_ _2\"></span>t 2018<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup es<span class=\"_ _2\"></span>tablish<span class=\"_ _2\"></span>ed a tran<span class=\"_ _2\"></span>sition and tr<span class=\"_ _2\"></span>ansform<span class=\"_ _2\"></span>ation </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs928\">prog<span class=\"_ _2\"></span>ramme whi<span class=\"_ _2\"></span>ch aims to delive<span class=\"_ _2\"></span>r the integr<span class=\"_ _2\"></span>ation of the Group\u2019s oper<span class=\"_ _2\"></span>ating mo<span class=\"_ _2\"></span>dels via a s<span class=\"_ _2\"></span>eries of pha<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>. During 20<span class=\"_ _2\"></span>19, th<span class=\"_ _2\"></span>e Group ann<span class=\"_ _2\"></span>ounce<span class=\"_ _2\"></span>d its </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs929\">intention to ex<span class=\"_ _2\"></span>tend it<span class=\"_ _2\"></span>s stra<span class=\"_ _2\"></span>tegic par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship with TCS to provid<span class=\"_ _2\"></span>e custom<span class=\"_ _2\"></span>er ser<span class=\"_ _2\"></span>vicin<span class=\"_ _2\"></span>g, to develo<span class=\"_ _2\"></span>p a digital p<span class=\"_ _2\"></span>latform a<span class=\"_ _2\"></span>nd for migrat<span class=\"_ _2\"></span>ion of existin<span class=\"_ _2\"></span>g </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs92a\">Stan<span class=\"_ _2\"></span>dard Life polici<span class=\"_ _2\"></span>es to this plat<span class=\"_ _2\"></span>form which r<span class=\"_ _2\"></span>aise<span class=\"_ _2\"></span>d a valid expe<span class=\"_ _2\"></span>ctatio<span class=\"_ _2\"></span>n of the impac<span class=\"_ _2\"></span>ts in tho<span class=\"_ _2\"></span>se likely to be af<span class=\"_ _2\"></span>fected<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs92b\">The init<span class=\"_ _2\"></span>ial provision wa<span class=\"_ _2\"></span>s est<span class=\"_ _2\"></span>ablishe<span class=\"_ _2\"></span>d in 2019 a<span class=\"_ _2\"></span>nd inclu<span class=\"_ _2\"></span>ded migr<span class=\"_ _2\"></span>ation cos<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, severa<span class=\"_ _2\"></span>nce cos<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d other exp<span class=\"_ _2\"></span>enses<span class=\"_ _2\"></span>. Migr<span class=\"_ _2\"></span>ation cos<span class=\"_ _2\"></span>ts are c<span class=\"_ _2\"></span>onsidere<span class=\"_ _2\"></span>d a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs92c\">direc<span class=\"_ _2\"></span>t expen<span class=\"_ _2\"></span>diture ne<span class=\"_ _2\"></span>cess<span class=\"_ _2\"></span>arily ent<span class=\"_ _2\"></span>ailed by the re<span class=\"_ _2\"></span>stru<span class=\"_ _2\"></span>cturing a<span class=\"_ _2\"></span>nd repres<span class=\"_ _2\"></span>ent an oblig<span class=\"_ _2\"></span>ation arisin<span class=\"_ _2\"></span>g from arra<span class=\"_ _2\"></span>ngem<span class=\"_ _2\"></span>ents entere<span class=\"_ _2\"></span>d into with TCS during </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs92d\">201<span class=\"_ _2\"></span>9. No co<span class=\"_ _2\"></span>sts h<span class=\"_ _2\"></span>ave been provi<span class=\"_ _2\"></span>ded for tha<span class=\"_ _2\"></span>t relate to the ong<span class=\"_ _2\"></span>oing se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>ing of policie<span class=\"_ _2\"></span>s. Mig<span class=\"_ _2\"></span>ration co<span class=\"_ _2\"></span>sts paya<span class=\"_ _2\"></span>ble to TCS are subje<span class=\"_ _2\"></span>ct to limite<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs92e\">unce<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ainty a<span class=\"_ _2\"></span>s they are fixed un<span class=\"_ _2\"></span>der the te<span class=\"_ _2\"></span>rms of the agre<span class=\"_ _2\"></span>ement e<span class=\"_ _2\"></span>ntered into. Th<span class=\"_ _2\"></span>ere was an inc<span class=\"_ _2\"></span>rease in c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s during 202<span class=\"_ _2\"></span>2 following on from a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs92f\">str<span class=\"_ _2\"></span>ategic de<span class=\"_ _2\"></span>cision to re<span class=\"_ _2\"></span>-phas<span class=\"_ _2\"></span>e the progr<span class=\"_ _2\"></span>amme. T<span class=\"_ _2\"></span>he severa<span class=\"_ _2\"></span>nce cos<span class=\"_ _2\"></span>ts are s<span class=\"_ _2\"></span>ubjec<span class=\"_ _2\"></span>t to uncer<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>inty an<span class=\"_ _2\"></span>d will be impa<span class=\"_ _2\"></span>cted by the n<span class=\"_ _2\"></span>umber of s<span class=\"_ _2\"></span>taff th<span class=\"_ _2\"></span>at </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs930\">tran<span class=\"_ _2\"></span>sfer to TCS, a<span class=\"_ _2\"></span>nd the avera<span class=\"_ _2\"></span>ge sala<span class=\"_ _2\"></span>ries and n<span class=\"_ _2\"></span>umber of year<span class=\"_ _2\"></span>s\u2019 ser<span class=\"_ _2\"></span>vice of thos<span class=\"_ _2\"></span>e affec<span class=\"_ _2\"></span>ted. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs931\">Durin<span class=\"_ _2\"></span>g the year, the provision wa<span class=\"_ _2\"></span>s increa<span class=\"_ _2\"></span>sed by \u00a36 millio<span class=\"_ _2\"></span>n (2022: \u00a33<span class=\"_ _2\"></span>3 million), a fur<span class=\"_ _2\"></span>ther \u00a3<span class=\"_ _2\"></span>20 million (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>9 million) was utilis<span class=\"_ _2\"></span>ed and \u00a3<span class=\"_ _2\"></span>11 million </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs932\">(2022<span class=\"_ _2\"></span>: nil) was relea<span class=\"_ _2\"></span>sed<span class=\"_ _2\"></span>. The rema<span class=\"_ _2\"></span>ining \u00a3<span class=\"_ _5\"></span>47 million (202<span class=\"_ _2\"></span>2: \u00a372 million) is exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d to be utilise<span class=\"_ _2\"></span>d within one to th<span class=\"_ _2\"></span>ree year<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc10 sc0 ls0 ws0 gs933\">T<span class=\"_ _7\"></span>ran<span class=\"_ _2\"></span>sfer of polic<span class=\"_ _2\"></span>y adminis<span class=\"_ _2\"></span>tration<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs934\">A signifi<span class=\"_ _2\"></span>cant prop<span class=\"_ _2\"></span>ortio<span class=\"_ _2\"></span>n of the Group\u2019s policy a<span class=\"_ _2\"></span>dministr<span class=\"_ _2\"></span>ation is out<span class=\"_ _2\"></span>sourc<span class=\"_ _2\"></span>ed to Dilig<span class=\"_ _2\"></span>enta Limited (<span class=\"_ _2\"></span>\u2018D<span class=\"_ _2\"></span>iligent<span class=\"_ _2\"></span>a\u2019), a UK<span class=\"_ _7\"></span>-b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d subsidiar<span class=\"_ _2\"></span>y of T<span class=\"_ _7\"></span>ata </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs935\">Con<span class=\"_ _2\"></span>sultan<span class=\"_ _2\"></span>cy Se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es (\u2018<span class=\"_ _2\"></span>T<span class=\"_ _5\"></span>CS<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>). Diligent<span class=\"_ _2\"></span>a provide life and p<span class=\"_ _2\"></span>ension b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s proce<span class=\"_ _2\"></span>ss ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es to a large n<span class=\"_ _2\"></span>umber of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _5\"></span>s polic<span class=\"_ _2\"></span>yholde<span class=\"_ _2\"></span>rs. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs936\">Durin<span class=\"_ _2\"></span>g 2018<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup anno<span class=\"_ _2\"></span>unced i<span class=\"_ _2\"></span>ts intention to move to a sin<span class=\"_ _2\"></span>gle out<span class=\"_ _2\"></span>source<span class=\"_ _2\"></span>r plat<span class=\"_ _2\"></span>form and to tran<span class=\"_ _2\"></span>sfer a fur<span class=\"_ _2\"></span>ther 2 m<span class=\"_ _2\"></span>illion of the Group\u2019s leg<span class=\"_ _2\"></span>acy </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs937\">polic<span class=\"_ _2\"></span>ies to Dilige<span class=\"_ _2\"></span>nta.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs938\">An initial p<span class=\"_ _2\"></span>rovision was re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised in 20<span class=\"_ _2\"></span>18 for the ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted cos<span class=\"_ _2\"></span>t of the plat<span class=\"_ _2\"></span>form migra<span class=\"_ _2\"></span>tion and for s<span class=\"_ _2\"></span>everanc<span class=\"_ _2\"></span>e and other c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s asso<span class=\"_ _2\"></span>ciated wi<span class=\"_ _2\"></span>th </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs939\">exitin<span class=\"_ _2\"></span>g from the curre<span class=\"_ _2\"></span>nt arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s. Mig<span class=\"_ _2\"></span>ration co<span class=\"_ _2\"></span>sts a<span class=\"_ _2\"></span>re conside<span class=\"_ _2\"></span>red a direc<span class=\"_ _2\"></span>t expe<span class=\"_ _2\"></span>nditure ne<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span>sarily e<span class=\"_ _2\"></span>ntailed by th<span class=\"_ _2\"></span>e restr<span class=\"_ _2\"></span>ucturin<span class=\"_ _2\"></span>g and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs93a\">repre<span class=\"_ _2\"></span>sent an oblig<span class=\"_ _2\"></span>ation aris<span class=\"_ _2\"></span>ing from arra<span class=\"_ _2\"></span>ngem<span class=\"_ _2\"></span>ents ente<span class=\"_ _2\"></span>red into with TCS during 2<span class=\"_ _2\"></span>018<span class=\"_ _2\"></span>. No cos<span class=\"_ _2\"></span>ts have be<span class=\"_ _2\"></span>en provide<span class=\"_ _2\"></span>d for that rel<span class=\"_ _2\"></span>ate to the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs93b\">ong<span class=\"_ _2\"></span>oing ser<span class=\"_ _2\"></span>vicin<span class=\"_ _2\"></span>g of policies<span class=\"_ _2\"></span>. The mig<span class=\"_ _2\"></span>ration el<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s of the provision are s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to limited un<span class=\"_ _2\"></span>cer<span class=\"_ _2\"></span>taint<span class=\"_ _2\"></span>y as a con<span class=\"_ _2\"></span>sequ<span class=\"_ _2\"></span>ence of the s<span class=\"_ _2\"></span>igned </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs93c\">agre<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s that are in pl<span class=\"_ _2\"></span>ace. Th<span class=\"_ _2\"></span>e uncer<span class=\"_ _2\"></span>taint<span class=\"_ _2\"></span>y in relat<span class=\"_ _2\"></span>ion to the sever<span class=\"_ _2\"></span>ance an<span class=\"_ _2\"></span>d asso<span class=\"_ _2\"></span>ciated ex<span class=\"_ _2\"></span>it cos<span class=\"_ _2\"></span>ts is limite<span class=\"_ _2\"></span>d as the res<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>uring prog<span class=\"_ _2\"></span>ramme is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs93d\">nea<span class=\"_ _2\"></span>ring comp<span class=\"_ _2\"></span>letion. D<span class=\"_ _2\"></span>uring the ye<span class=\"_ _2\"></span>ar the provisio<span class=\"_ _2\"></span>n was incre<span class=\"_ _2\"></span>ased by \u00a3<span class=\"_ _2\"></span>1 million (202<span class=\"_ _2\"></span>2: \u00a3<span class=\"_ _7\"></span>4 m<span class=\"_ _2\"></span>illion) and a fur<span class=\"_ _2\"></span>ther \u00a34 million (202<span class=\"_ _2\"></span>2: \u00a3<span class=\"_ _5\"></span>4 million) was </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs93e\">utilise<span class=\"_ _2\"></span>d. The re<span class=\"_ _2\"></span>maining provi<span class=\"_ _2\"></span>sion of \u00a35 million (202<span class=\"_ _2\"></span>2: \u00a38 million) is exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d to be utilise<span class=\"_ _2\"></span>d within on<span class=\"_ _2\"></span>e year<span class=\"_ _7\"></span>. </div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls69 ws5e gs940\">Other provisions </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs941\">Oth<span class=\"_ _2\"></span>er provision<span class=\"_ _2\"></span>s includ<span class=\"_ _2\"></span>es \u00a33 million (20<span class=\"_ _2\"></span>22: \u00a34 million) of obligation<span class=\"_ _2\"></span>s arising und<span class=\"_ _2\"></span>er a gif<span class=\"_ _2\"></span>t vouche<span class=\"_ _2\"></span>r schem<span class=\"_ _2\"></span>e oper<span class=\"_ _2\"></span>ated by the S<span class=\"_ _2\"></span>unLife busine<span class=\"_ _2\"></span>ss an<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs942\">a<span class=\"_ gs132\"> </span>comm<span class=\"_ _2\"></span>ission c<span class=\"_ _2\"></span>lawbac<span class=\"_ _2\"></span>k provision whic<span class=\"_ _2\"></span>h represe<span class=\"_ _2\"></span>nts the exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d future c<span class=\"_ _2\"></span>lawbac<span class=\"_ _2\"></span>k of commis<span class=\"_ _2\"></span>sion incom<span class=\"_ _2\"></span>e earne<span class=\"_ _2\"></span>d by the Sun<span class=\"_ _2\"></span>Life busine<span class=\"_ _2\"></span>ss as a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs943\">result of a<span class=\"_ _2\"></span>ssume<span class=\"_ _2\"></span>d lapse<span class=\"_ _2\"></span>s of policie<span class=\"_ _2\"></span>s or ass<span class=\"_ _2\"></span>ociated b<span class=\"_ _2\"></span>enefit<span class=\"_ _2\"></span>s. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs944\">Anothe<span class=\"_ _2\"></span>r provision of \u00a31 m<span class=\"_ _2\"></span>illion was als<span class=\"_ _2\"></span>o reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d during the yea<span class=\"_ _2\"></span>r upon ac<span class=\"_ _2\"></span>quisition of S<span class=\"_ _2\"></span>LF of Canada U<span class=\"_ _2\"></span>K Limited in re<span class=\"_ _2\"></span>lation to res<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>uring </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls77 ws6c gs945\">and litigation<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs946\">The rem<span class=\"_ _2\"></span>aining othe<span class=\"_ _2\"></span>r provisions of \u00a35 m<span class=\"_ _2\"></span>illion (2022: \u00a37 m<span class=\"_ _2\"></span>illion) consis<span class=\"_ _2\"></span>t of a number of s<span class=\"_ _2\"></span>mall bala<span class=\"_ _2\"></span>nces<span class=\"_ _2\"></span>, all of which are le<span class=\"_ _2\"></span>ss tha<span class=\"_ _2\"></span>n \u00a33 million in valu<span class=\"_ _2\"></span>e. </div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls61 ws5f gs947\">Disc<span class=\"_ _2\"></span>ounting<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs948\">The imp<span class=\"_ _2\"></span>act of disc<span class=\"_ _2\"></span>ounting on a<span class=\"_ _2\"></span>ll provisions dur<span class=\"_ _2\"></span>ing the year fro<span class=\"_ _2\"></span>m either th<span class=\"_ _2\"></span>e pass<span class=\"_ _2\"></span>age of tim<span class=\"_ _2\"></span>e or from a chan<span class=\"_ _2\"></span>ge in the dis<span class=\"_ _2\"></span>count rate is n<span class=\"_ _2\"></span>ot material<span class=\"_ _2\"></span>.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-710": {
   "value": "A provision i<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised w<span class=\"_ _2\"></span>hen the Gro<span class=\"_ _2\"></span>up has a pre<span class=\"_ _2\"></span>sent le<span class=\"_ _2\"></span>gal or co<span class=\"_ _2\"></span>nstru<span class=\"_ _2\"></span>ctive oblig<span class=\"_ _2\"></span>ation, a<span class=\"_ _2\"></span>s a result of a pas<span class=\"_ _2\"></span>t event, wh<span class=\"_ _2\"></span>ich is likely to result in an out<span class=\"_ _2\"></span>flow of reso<span class=\"_ _2\"></span>urces an<span class=\"_ _2\"></span>d where a relia<span class=\"_ _2\"></span>ble est<span class=\"_ _2\"></span>imate of the amo<span class=\"_ _2\"></span>unt of the obliga<span class=\"_ _2\"></span>tion can b<span class=\"_ _2\"></span>e made. If t<span class=\"_ _2\"></span>he effe<span class=\"_ _2\"></span>ct is mate<span class=\"_ _2\"></span>rial, the p<span class=\"_ _2\"></span>rovision is determin<span class=\"_ _2\"></span>ed by disc<span class=\"_ _2\"></span>ounting th<span class=\"_ _2\"></span>e expec<span class=\"_ _2\"></span>ted fut<span class=\"_ _2\"></span>ure cash fl<span class=\"_ _2\"></span>ows at a pre-t<span class=\"_ _2\"></span>ax rate that re<span class=\"_ _2\"></span>flect<span class=\"_ _2\"></span>s current m<span class=\"_ _2\"></span>arket asse<span class=\"_ _2\"></span>ssme<span class=\"_ _2\"></span>nts of the tim<span class=\"_ _2\"></span>e value of money and<span class=\"_ _2\"></span>, where app<span class=\"_ _2\"></span>ropriate, th<span class=\"_ _2\"></span>e risks spe<span class=\"_ _2\"></span>cific to the liab<span class=\"_ _2\"></span>ility. A provision i<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised fo<span class=\"_ _2\"></span>r onerous c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts whe<span class=\"_ _2\"></span>n the expe<span class=\"_ _2\"></span>cted b<span class=\"_ _2\"></span>enefit<span class=\"_ _2\"></span>s to be derive<span class=\"_ _2\"></span>d from the co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s are les<span class=\"_ _2\"></span>s than the re<span class=\"_ _2\"></span>lated unavoidab<span class=\"_ _2\"></span>le cos<span class=\"_ _2\"></span>ts. T<span class=\"_ _2\"></span>he unavoidabl<span class=\"_ _2\"></span>e cost<span class=\"_ _2\"></span>s reflec<span class=\"_ _2\"></span>t the net c<span class=\"_ _2\"></span>ost of exitin<span class=\"_ _2\"></span>g the contr<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>, which is the lo<span class=\"_ _2\"></span>wer of the cos<span class=\"_ _2\"></span>t of fulfilling it an<span class=\"_ _2\"></span>d any comp<span class=\"_ _2\"></span>ensa<span class=\"_ _2\"></span>tion or pen<span class=\"_ _2\"></span>alties ari<span class=\"_ _2\"></span>sing from fail<span class=\"_ _2\"></span>ure to fulfil it. C<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s that me<span class=\"_ _2\"></span>et the require<span class=\"_ _2\"></span>ments to b<span class=\"_ _2\"></span>e clas<span class=\"_ _2\"></span>sified as a p<span class=\"_ _2\"></span>rovision but a<span class=\"_ _2\"></span>re determine<span class=\"_ _2\"></span>d to be dire<span class=\"_ _2\"></span>ctly at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able to insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts and inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>ts with D<span class=\"_ _2\"></span>PF are clas<span class=\"_ _2\"></span>sified wit<span class=\"_ _2\"></span>hin the insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Where i<span class=\"_ _2\"></span>t is expe<span class=\"_ _2\"></span>cted th<span class=\"_ _2\"></span>at a par<span class=\"_ _2\"></span>t of the expen<span class=\"_ _2\"></span>diture requ<span class=\"_ _2\"></span>ired to set<span class=\"_ _2\"></span>tle a provisio<span class=\"_ _2\"></span>n will be reimb<span class=\"_ _2\"></span>ursed by a t<span class=\"_ _2\"></span>hird par<span class=\"_ _2\"></span>ty th<span class=\"_ _2\"></span>e reimbur<span class=\"_ _2\"></span>sement i<span class=\"_ _2\"></span>s rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d when<span class=\"_ _2\"></span>, and onl<span class=\"_ _2\"></span>y when<span class=\"_ _2\"></span>, it is virt<span class=\"_ _2\"></span>ually ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in that the reim<span class=\"_ _2\"></span>burse<span class=\"_ _2\"></span>ment will be re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d. This reimb<span class=\"_ _2\"></span>urse<span class=\"_ _2\"></span>ment is rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed as a se<span class=\"_ _2\"></span>parate as<span class=\"_ _2\"></span>set within othe<span class=\"_ _2\"></span>r recei<span class=\"_ _2\"></span>vables an<span class=\"_ _2\"></span>d will not exce<span class=\"_ _2\"></span>ed the am<span class=\"_ _2\"></span>ount of the provisio<span class=\"_ _2\"></span>n.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-678": {
   "value": "G8<span class=\"_ _2\"></span>. T<span class=\"_ _7\"></span>ax a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>lities Deferre<span class=\"_ _2\"></span>d tax is p<span class=\"_ _2\"></span>rovided for on te<span class=\"_ _2\"></span>mporar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mounts of as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabiliti<span class=\"_ _2\"></span>es for finan<span class=\"_ _2\"></span>cial repo<span class=\"_ _2\"></span>rting p<span class=\"_ _2\"></span>urpos<span class=\"_ _2\"></span>es and th<span class=\"_ _2\"></span>e amount<span class=\"_ _2\"></span>s used for t<span class=\"_ _2\"></span>axation p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>s. Defe<span class=\"_ _2\"></span>rred ta<span class=\"_ _2\"></span>x is not provide<span class=\"_ _2\"></span>d in respe<span class=\"_ _2\"></span>ct of temp<span class=\"_ _2\"></span>orar<span class=\"_ _2\"></span>y differe<span class=\"_ _2\"></span>nces a<span class=\"_ _2\"></span>rising from th<span class=\"_ _2\"></span>e initial rec<span class=\"_ _2\"></span>ognition of g<span class=\"_ _2\"></span>oodwill a<span class=\"_ _2\"></span>nd the initia<span class=\"_ _2\"></span>l recog<span class=\"_ _2\"></span>nition of as<span class=\"_ _2\"></span>sets or li<span class=\"_ _2\"></span>abilities in a tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion that is n<span class=\"_ _2\"></span>ot a busine<span class=\"_ _2\"></span>ss com<span class=\"_ _2\"></span>bination an<span class=\"_ _2\"></span>d that, at t<span class=\"_ _2\"></span>he time of the tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion, af<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>s neith<span class=\"_ _2\"></span>er acc<span class=\"_ _2\"></span>ounting no<span class=\"_ _2\"></span>r taxabl<span class=\"_ _2\"></span>e profit. Th<span class=\"_ _2\"></span>e amount of deferre<span class=\"_ _2\"></span>d tax p<span class=\"_ _2\"></span>rovided is ba<span class=\"_ _2\"></span>sed on t<span class=\"_ _2\"></span>he expe<span class=\"_ _2\"></span>cted m<span class=\"_ _2\"></span>anner of realis<span class=\"_ _2\"></span>ation or se<span class=\"_ _2\"></span>ttle<span class=\"_ _2\"></span>ment of the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of asset<span class=\"_ _2\"></span>s and liabilit<span class=\"_ _2\"></span>ies, u<span class=\"_ _2\"></span>sing ta<span class=\"_ _2\"></span>x rates and l<span class=\"_ _2\"></span>aws enac<span class=\"_ _2\"></span>ted or sub<span class=\"_ _2\"></span>stanti<span class=\"_ _2\"></span>vely ena<span class=\"_ _2\"></span>cted at the peri<span class=\"_ _5\"></span>od end.<span class=\"_ _3bc\"> </span>A deferre<span class=\"_ _2\"></span>d tax as<span class=\"_ _2\"></span>set is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed onl<span class=\"_ _2\"></span>y to the ex<span class=\"_ _2\"></span>tent that it is prob<span class=\"_ _2\"></span>able tha<span class=\"_ _2\"></span>t future ta<span class=\"_ _2\"></span>xable profit<span class=\"_ _2\"></span>s will be availab<span class=\"_ _2\"></span>le again<span class=\"_ _2\"></span>st which t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>et can be utilis<span class=\"_ _2\"></span>ed. D<span class=\"_ _2\"></span>eferred ta<span class=\"_ _2\"></span>x ass<span class=\"_ _2\"></span>ets are re<span class=\"_ _2\"></span>duce<span class=\"_ _2\"></span>d to the exte<span class=\"_ _2\"></span>nt that it is no lo<span class=\"_ _2\"></span>nger p<span class=\"_ _2\"></span>robable th<span class=\"_ _2\"></span>at the relate<span class=\"_ _2\"></span>d tax b<span class=\"_ _2\"></span>enefit will b<span class=\"_ _2\"></span>e realise<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span><table class=\"s w2b6 h31f\" id=\"_6bac05f2-9cbc-4be4-8520-976a974f1b81\"><tr><td></td><td></td><td class=\"t m0 x23e h16 y5d34 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x916 h3f y5d35 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23f h16 y5d35 ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated</td></tr><tr><td></td><td class=\"t m0 x552 h3f y5d36 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5d37 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5d38 ff3 fs7 fc1 sc0 ls0 ws0\">Current t<span class=\"_ _2\"></span>ax:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d39 w113 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Current t<span class=\"_ _2\"></span>ax rec<span class=\"_ _2\"></span>eivable<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bf2 y5d39 w1b5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls76 ws19a\">502<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cc y5d39 w115 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">51<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58c1 w177 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Current t<span class=\"_ _2\"></span>ax payabl<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b89 y58c1 w601 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">(<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bf3 y58c1 w509 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(3<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d3a ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y571a wa26 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bf4 y571a w112 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a8 ws19f\">143<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x256 y571a w112 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">158<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w174 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bf5 y55ef wa27 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(25<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bf6 y55ef wa28 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">(30<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1  <span class=\"_ _2f\"> </span>Pri<span class=\"_ _2\"></span>or pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arati<span class=\"_ _2\"></span>ves ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tra<span class=\"_ _2\"></span>nsit<span class=\"_ _2\"></span>ion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>etai<span class=\"_ _2\"></span>ls).<span class=\"_ _3bc\"> </span>Movement in deferred ta<span class=\"_ _2\"></span>x liabilities<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span>1 January \u00a3m<span class=\"_ _3bc\"> </span><table class=\"s wa29 h320\" id=\"_b967ddcf-2724-431b-93f5-a779e8bc49ac\"><tr><td></td><td></td><td class=\"t m0 x9d8 h3f y5d3b ff7 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in </td><td class=\"t m0 xabb h3f y5d3b ff7 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in </td><td class=\"t m0 x1997 h3f y5d3b ff7 fsf fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>F of </td><td></td><td class=\"t m0 xdd6 h3f y5d3b ff7 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s amo<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xb27 h3f y5d3c ff7 fsf fc1 sc0 ls81 ws75\">consolidated </td><td class=\"t m0 x1bf7 h3f y5d3c ff7 fsf fc1 sc0 ls0 ws0\">oth<span class=\"_ _2\"></span>er </td><td class=\"t m0 x76e h3f y5d3c ff7 fsf fc1 sc0 ls5b ws76\">Canada UK </td><td></td><td class=\"t m0 x549 h3f y5d3c ff7 fsf fc1 sc0 ls81 ws75\">previously </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x1bf8 h3f y5d3d ff7 fsf fc1 sc0 ls0 ws0\">inc<span class=\"_ _2\"></span>ome </td><td class=\"t m0 x1bf9 h3f y5d3d ff7 fsf fc1 sc0 ls5b ws76\">comprehensive </td><td class=\"t m0 x191a h3f y5d3d ff7 fsf fc1 sc0 ls70 ws67\">Limited </td><td class=\"t m0 x798 h3f y5d3d ff7 fsf fc1 sc0 ls0 ws0\">Ot<span class=\"_ _2\"></span>her </td><td class=\"t m0 x1aa2 h3f y5d3d ff7 fsf fc1 sc0 ls0 ws0\">cl<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ified a<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xb21 h3f y5d3e ff7 fsf fc1 sc0 ls70 ws67\">statem<span class=\"_ _2\"></span>ent </td><td class=\"t m0 x1b16 h3f y5d3e ff7 fsf fc1 sc0 ls0 ws0\">inc<span class=\"_ _2\"></span>ome </td><td class=\"t m0 x76e h3f y5d3e ff7 fsf fc1 sc0 ls70 ws67\">acquisitio<span class=\"_ _2\"></span>n<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9cc h3f y5d3e ff7 fsf fc1 sc0 ls1b ws19\">movem<span class=\"_ _2\"></span>ents </td><td class=\"t m0 x1aa2 h3f y5d3e ff7 fsf fc1 sc0 ls5b ws76\">held for<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>ale<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9f8 h3f y5d3e ff7 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td></tr><tr><td></td><td></td><td class=\"t m0 x522 h3f y5d3f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9da h3f y5d3f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9db h3f y5d3f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xa07 h3f y5d3f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x9dd h3f y5d3f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h3f y5d3f ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5d40 wa2a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>radin<span class=\"_ _2\"></span>g loss<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bfa y5d40 w382 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">196<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bfb y5d40 w240 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">132<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bfc y5d40 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf7e y5d40 w323 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bfd y5d40 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bfe y5d40 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bff y5d40 w227 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">355<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d41 wa2b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">Capital los<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c00 y5d41 w160 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b2 ws1af\">24<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c01 y5d41 w175 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>22)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c02 y5d41 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c03 y5d41 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c04 y5d41 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c05 y5d41 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c06 y5d41 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d42 ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xpens<span class=\"_ _2\"></span>es and defe<span class=\"_ _2\"></span>rred ac<span class=\"_ _2\"></span>quisition  </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d43 wa2c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">cost<span class=\"_ _2\"></span>s carried forward<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c07 y5d43 w548 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">397<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c08 y5d43 w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c09 y5d43 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c0a y5d43 w64 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd6 ws195\">19<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c0b y5d43 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c0c y5d43 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c0d y5d43 w595 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">422<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d44 wa2d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Provision<span class=\"_ _2\"></span>s and other te<span class=\"_ _2\"></span>mporar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c0e y5d44 w905 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ad ws1a6\">32<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c0f y5d44 wa2e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">(28<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c10 y5d44 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c11 y5d44 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c12 y5d44 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc84 y5d44 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c13 y5d44 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d45 wa2f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Non-<span class=\"_ _2\"></span>refundabl<span class=\"_ _2\"></span>e pensio<span class=\"_ _2\"></span>n schem<span class=\"_ _2\"></span>e surplus<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c14 y5d45 w72e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(<span class=\"_ _2\"></span>151<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c15 y5d45 w17a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">34<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xafe y5d45 w60 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c16 y5d45 w5c7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c17 y5d45 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c18 y5d45 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c19 y5d45 w52 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(10<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d46 wa30 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>d future p<span class=\"_ _2\"></span>ension c<span class=\"_ _2\"></span>ontribution<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c1a y5d46 w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c1b y5d46 w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c1c y5d46 w5c9 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c11 y5d46 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c12 y5d46 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xc84 y5d46 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c13 y5d46 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d47 wa31 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ran<span class=\"_ _2\"></span>sitional a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment rela<span class=\"_ _2\"></span>ting to IFRS 17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c1d y5d47 w199 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c1e y5d47 w52d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c1f y5d47 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c20 y5d47 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c21 y5d47 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c22 y5d47 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c23 y5d47 w341 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a6 ws196\">10<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d48 wa32 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">Acceler<span class=\"_ _2\"></span>ated capital allowances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c24 y5d48 w74c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c25 y5d48 w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c26 y5d48 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c27 y5d48 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c28 y5d48 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c29 y5d48 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c2a y5d48 w2a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">23<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d49 wa33 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">Intangibles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c2b y5d49 w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c2c y5d49 w74c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a9 ws1a1\">17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x18f9 y5d49 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c2d y5d49 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c2e y5d49 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1109 y5d49 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c2f y5d49 w34a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">31<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d31 wd4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Acquire<span class=\"_ _2\"></span>d in-force bus<span class=\"_ _2\"></span>iness<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c30 y5d31 w209 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b9 ws1b8\">(4<span class=\"_ _2\"></span>05<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c31 y5d31 w659 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">55<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c32 y5d31 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c33 y5d31 w206 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c34 y5d31 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c35 y5d31 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c36 y5d31 w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(361<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d4a wa34 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Customer relationships<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c37 y5d4a w28f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls16f ws1ad\">(28)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c38 y5d4a w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b7e y5d4a w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c39 y5d4a w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c3a y5d4a w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c3b y5d4a w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c3c y5d4a w550 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ae ws1a7\">(<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5990 wa35 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Unrea<span class=\"_ _2\"></span>lised g<span class=\"_ _2\"></span>ains<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c3d y5990 w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>261)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c3e y5990 w728 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls96 ws8c\">(77<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c3f y5990 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c40 y5990 w389 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls173 ws1a8\">(<span class=\"_ _2\"></span>23)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xeeb y5990 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c41 y5990 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c42 y5990 w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(361<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x3b1 hd y5d4b ff3 fs7 fc1 sc0 ls0 ws0\">Act<span class=\"_ _2\"></span>uarial liabili<span class=\"_ _2\"></span>ty dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n local GA<span class=\"_ _2\"></span>AP </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x3b2 y57dc wa36 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">and I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c43 y57dc w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c44 y57dc w764 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>10)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c45 y57dc w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c46 y57dc w29d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(1<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c47 y57dc wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c48 y57dc w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c49 y57dc w79e h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls67 ws1a5\">(118)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y581c w393 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c4a y581c w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c4b y581c w1a0 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a27 y581c w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x1b17 he y5d4c ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></td><td class=\"c n x1c4c y561e w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c4d y561e w109 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c4e y561e w2f2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x1c4f y55ef w546 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(1<span class=\"_ _2\"></span>51)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c50 y55ef w1b2 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c51 y55ef w372 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls194 ws1b0\">13<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c52 y55ef w158 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c53 y55ef w158 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c54 y55ef w7f h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls15a ws1b2\">(6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c55 y55ef w90 h282\"><div class=\"t m0 x1e6 he y5649 ff7 fs7 fc1 sc0 ls1b5 ws1b4\"><span class=\"ls71 ws1a9\"><span class=\"ls194 ws1b0\"><span class=\"ls0 ws0\"><span class=\"ls15a ws1b2\"><span class=\"lsd0 ws1a0\">(11<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></span></span></span></span></span><span class=\"ls71 ws1a9\"><span class=\"ls194 ws1b0\"><span class=\"ls0 ws0\"><span class=\"ls15a ws1b2\"><span class=\"lsd0 ws1a0\">)<span class=\"_ _3bc\"> </span></span></span></span></span></span></div></td></tr></table><table class=\"s wa37 h321\" id=\"_b72f798d-c888-4f14-9e4b-a47761a8a59e\"><tr><td></td><td></td><td class=\"t m0 x97d h16 y5d4d ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in </td><td></td><td class=\"t m0 x613 h16 y5d4d ff3 fsf fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>F of </td><td></td><td class=\"t m0 x1c56 h16 y5d4d ff3 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x16df h16 y5d4e ff3 fsf fc1 sc0 ls17 ws15\">consolidated </td><td class=\"t m0 x1c57 h16 y5d4e ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in oth<span class=\"_ _2\"></span>er </td><td class=\"t m0 xf46 h16 y5d4e ff3 fsf fc1 sc0 ls0 ws0\">Can<span class=\"_ _2\"></span>ada U<span class=\"_ _2\"></span>K </td><td></td><td class=\"t m0 x262 h16 y5d4e ff3 fsf fc1 sc0 ls82 ws77\">amount<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x1c58 h16 y5d4f ff3 fsf fc1 sc0 lse1 wscb\">income<span class=\"_ _5\"></span> </td><td class=\"t m0 x57e h16 y5d4f ff3 fsf fc1 sc0 ls83 ws78\">comprehensiv<span class=\"_ _5\"></span>e </td><td class=\"t m0 xf4a h16 y5d4f ff3 fsf fc1 sc0 ls0 ws0\">Limi<span class=\"_ _2\"></span>ted </td><td class=\"t m0 x15a1 h16 y5d4f ff3 fsf fc1 sc0 ls83 ws78\">Other </td><td class=\"t m0 x557 h16 y5d4f ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ssi<span class=\"_ _2\"></span>fied a<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td class=\"t m0 x1c59 h16 y5d50 ff3 fsf fc1 sc0 ls0 ws0\">1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y </td><td class=\"t m0 x1c5a h16 y5d50 ff3 fsf fc1 sc0 ls83 ws78\">statement<span class=\"_ _5\"></span> </td><td class=\"t m0 x1c5b h16 y5d50 ff3 fsf fc1 sc0 lse1 wscb\">income<span class=\"_ _5\"></span> </td><td class=\"t m0 x1c5c h16 y5d50 ff3 fsf fc1 sc0 ls70 ws67\">acquisition<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8e5 h16 y5d50 ff3 fsf fc1 sc0 ls83 ws78\">movements<span class=\"_ _5\"></span> </td><td class=\"t m0 x5ac h16 y5d50 ff3 fsf fc1 sc0 ls17 ws15\">held for sale<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1c5d h16 y5d50 ff3 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5d51 ff3 fsf fc1 sc0 ls84 ws79\">2022 (<span class=\"_ _7\"></span>restated)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16d7 h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x581 h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1c5e h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1c5f h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x749 h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x98c h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ee h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5d52 wa2a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>radin<span class=\"_ _2\"></span>g loss<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bfa y5d52 w112 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">103<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c60 y5d52 w13f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">86<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c61 y5d52 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0d y5d52 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c62 y5d52 w158 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c63 y5d52 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c64 y5d52 w3c9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb3 wsf4\">196<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d53 wa2b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">Capital los<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c00 y5d53 wa4 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">32<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c65 y5d53 wa38 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c66 y5d53 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf8d y5d53 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3e y5d53 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a72 y5d53 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c67 y5d53 w418 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d54 ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xpens<span class=\"_ _2\"></span>es and defe<span class=\"_ _2\"></span>rred ac<span class=\"_ _2\"></span>quisition  </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bf2 wa2c h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">cost<span class=\"_ _2\"></span>s carried forward<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c68 y5bf2 w880 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">81<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c69 y5bf2 w849 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6a y5bf2 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6b y5bf2 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6c y5bf2 w524 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6d y5bf2 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6e y5bf2 w2fc h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bf ws1be\">397<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf3 wa2d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Provision<span class=\"_ _2\"></span>s and other te<span class=\"_ _2\"></span>mporar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c0e y5bf3 wa39 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6f y5bf3 w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c70 y5bf3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c71 y5bf3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c72 y5bf3 w524 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c73 y5bf3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c74 y5bf3 wa4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">32<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf4 wa2f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Non-<span class=\"_ _2\"></span>refundabl<span class=\"_ _2\"></span>e pensio<span class=\"_ _2\"></span>n schem<span class=\"_ _2\"></span>e surplus<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c75 y5bf4 w5da h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">(<span class=\"_ _2\"></span>255<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c76 y5bf4 w227 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">392<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c77 y5bf4 wbe h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">(<span class=\"_ _2\"></span>288)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c78 y5bf4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c79 y5bf4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7a y5bf4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7b y5bf4 w376 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(1<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf5 wa30 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>d future p<span class=\"_ _2\"></span>ension c<span class=\"_ _2\"></span>ontribution<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7c y5bf5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7d y5bf5 w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7e y5bf5 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7f y5bf5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c80 y5bf5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c81 y5bf5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcee y5bf5 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf6 wa32 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">Acceler<span class=\"_ _2\"></span>ated capital allowances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c82 y5bf6 w541 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c83 y5bf6 w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c84 y5bf6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c85 y5bf6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c86 y5bf6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c87 y5bf6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x507 y5bf6 w30c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf7 wa33 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls14 ws12\">Intangibles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c88 y5bf7 w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c89 y5bf7 w659 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8a y5bf7 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1301 y5bf7 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8b y5bf7 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8c y5bf7 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8d y5bf7 wca h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">14<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5997 wd4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Acquire<span class=\"_ _2\"></span>d in-force bus<span class=\"_ _2\"></span>iness<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8e y5997 w53 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(4<span class=\"_ _2\"></span>45)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8f y5997 w8d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">43<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c90 y5997 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c91 y5997 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf78 y5997 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c92 y5997 w54f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c93 y5997 w35f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(40<span class=\"_ _2\"></span>5)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d55 ff3 fs7 fc1 sc0 ls0 ws0\">Act<span class=\"_ _2\"></span>uarial liabili<span class=\"_ _2\"></span>ty dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n local GA<span class=\"_ _2\"></span>AP </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561a wa36 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">and I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c94 y561a w6d1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>41<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x66a y561a w55b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">3<span class=\"_ _2\"></span>39<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c95 y561a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c96 y561a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c97 y561a w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1256 y561a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c98 y561a wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b wa34 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Customer relationships<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c37 y561b wa3a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls71 ws1a9\">(30)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c99 y561b w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9a y561b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9b y561b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1397 y561b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9c y561b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9d y561b wa3b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">(<span class=\"_ _2\"></span>28)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c wa35 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Unrea<span class=\"_ _2\"></span>lised g<span class=\"_ _2\"></span>ains<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9e y561c wa3c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>593)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9f y561c w112 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">333<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca0 y561c wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca1 y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca2 y561c w2dd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca3 y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca4 y561c w6c6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(261<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d wa3d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">IFRS transitional adjus<span class=\"_ _2\"></span>tments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca5 y561d wa3e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a6 ws196\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca6 y561d wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca7 y561d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca8 y561d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca9 y561d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1caa y561d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cab y561d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d56 ff3 fs7 fc1 sc0 ls12 ws10\">Other </td><td class=\"c n x1cac y5739 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cad y5739 w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cae y5739 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x98b hd y5d57 ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></td><td class=\"c n x1caf y5739 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb0 y5739 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb1 y5739 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x1cb2 y55ef wa3f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(1<span class=\"_ _2\"></span>,4<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb3 y55ef w1b6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">1<span class=\"_ _2\"></span>,534<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb4 y55ef wa40 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">(<span class=\"_ _2\"></span>28<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb5 y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb6 y55ef w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb7 y55ef w9fb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb8 y55ef w376 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>151<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table>The s<span class=\"_ _2\"></span>tanda<span class=\"_ _2\"></span>rd rate of UK cor<span class=\"_ _2\"></span>poratio<span class=\"_ _2\"></span>n tax for the ye<span class=\"_ _2\"></span>ar ende<span class=\"_ _2\"></span>d 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023 is 23<span class=\"_ _2\"></span>.5% (202<span class=\"_ _2\"></span>2: 19<span class=\"_ _2\"></span>%)<span class=\"_ _5\"></span>. An incre<span class=\"_ _2\"></span>ase from th<span class=\"_ _2\"></span>e 19<span class=\"_ _2\"></span>% UK corp<span class=\"_ _2\"></span>oration t<span class=\"_ _2\"></span>ax rate to 25%<span class=\"_ _2\"></span>, ef<span class=\"_ _2\"></span>fective from 1 A<span class=\"_ _2\"></span>pril 2023<span class=\"_ _2\"></span>, was ann<span class=\"_ _2\"></span>ounce<span class=\"_ _2\"></span>d in the Bud<span class=\"_ _2\"></span>get on 3 M<span class=\"_ _2\"></span>arch 2021<span class=\"_ _2\"></span>, and subs<span class=\"_ _2\"></span>tantivel<span class=\"_ _2\"></span>y enac<span class=\"_ _2\"></span>ted on 24 May 2021<span class=\"_ _2\"></span>. Accor<span class=\"_ _2\"></span>dingly, shareh<span class=\"_ _2\"></span>older defer<span class=\"_ _2\"></span>red tax a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liab<span class=\"_ _2\"></span>ilities<span class=\"_ _2\"></span>, where provid<span class=\"_ _2\"></span>ed, are refl<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d at 25%. Deferre<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e tax as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for tax lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s carrie<span class=\"_ _2\"></span>d forwa<span class=\"_ _2\"></span>rd only to the ex<span class=\"_ _2\"></span>tent that re<span class=\"_ _2\"></span>alisati<span class=\"_ _2\"></span>on of the related t<span class=\"_ _2\"></span>ax be<span class=\"_ _2\"></span>nefit is prob<span class=\"_ _2\"></span>able.<span class=\"_ _3bc\"> </span><table class=\"s wa41 h322\" id=\"_f05ce9bf-05d1-4fb0-8ad1-4d803a47763f\"><tr><td></td><td class=\"t m0 x44d h3f y5d58 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5d58 ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x6ed h3f y5d59 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x6ee h16 y5d59 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y5d5a ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s have not be<span class=\"_ _2\"></span>en rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in respe<span class=\"_ _2\"></span>ct of<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58c1 wa42 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ax lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s carrie<span class=\"_ _2\"></span>d forwa<span class=\"_ _2\"></span>rd<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6a6 y58c1 w387 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">110<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb9 y58c1 w56c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">82<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59f1 wa43 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xcess ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es and defer<span class=\"_ _2\"></span>red acq<span class=\"_ _2\"></span>uisition co<span class=\"_ _2\"></span>sts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a12 y59f1 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cba y59f1 w91 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">116<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 wa44 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Act<span class=\"_ _2\"></span>uarial liabili<span class=\"_ _2\"></span>ty dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n local GA<span class=\"_ _2\"></span>AP and I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cbb y56f9 w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cbc y56f9 wbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee wa33 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">Intangibles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1fe y55ee w60 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cbd y55ee w138 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">29<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wa45 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s not rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d on ca<span class=\"_ _2\"></span>pital los<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cbe y55ef w461 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">312<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cbf y55ef w31a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">40<span class=\"_ _3bc\"> </span></div></td></tr></table>The Gro<span class=\"_ _2\"></span>up also ha<span class=\"_ _2\"></span>s \u00a363<span class=\"_ _2\"></span>5 million of BL<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>GAB tradin<span class=\"_ _2\"></span>g loss<span class=\"_ _2\"></span>es carri<span class=\"_ _2\"></span>ed for<span class=\"_ _2\"></span>ward as at 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023 in Ph<span class=\"_ _2\"></span>oenix Life Limi<span class=\"_ _2\"></span>ted, ReA<span class=\"_ _2\"></span>ssure Limite<span class=\"_ _2\"></span>d and S<span class=\"_ _2\"></span>un Life Assur<span class=\"_ _2\"></span>ance C<span class=\"_ _2\"></span>ompany of Can<span class=\"_ _2\"></span>ada (U<span class=\"_ _2\"></span>K) Limite<span class=\"_ _2\"></span>d (2022: \u00a3 4<span class=\"_ _2\"></span>56 million of los<span class=\"_ _2\"></span>ses a<span class=\"_ _2\"></span>cross Ph<span class=\"_ _2\"></span>oenix Life Limite<span class=\"_ _2\"></span>d, ReA<span class=\"_ _2\"></span>ssure Limite<span class=\"_ _2\"></span>d and Phoe<span class=\"_ _2\"></span>nix Life Ass<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e Limited). Of th<span class=\"_ _2\"></span>e \u00a363<span class=\"_ _2\"></span>5 million, a defe<span class=\"_ _2\"></span>rred ta<span class=\"_ _2\"></span>x asse<span class=\"_ _2\"></span>t was rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in resp<span class=\"_ _2\"></span>ect of \u00a36<span class=\"_ _2\"></span>23 million of loss<span class=\"_ _2\"></span>es (2022<span class=\"_ _2\"></span>:\u00a31<span class=\"_ _2\"></span>64 m<span class=\"_ _2\"></span>illion of loss<span class=\"_ _2\"></span>es). The rema<span class=\"_ _2\"></span>ining \u00a312 milli<span class=\"_ _2\"></span>on of gross lo<span class=\"_ _2\"></span>sses a<span class=\"_ _2\"></span>re proje<span class=\"_ _2\"></span>cted to b<span class=\"_ _2\"></span>e utilised<span class=\"_ _2\"></span>, however no va<span class=\"_ _2\"></span>lue has b<span class=\"_ _2\"></span>een at<span class=\"_ _2\"></span>tribute<span class=\"_ _2\"></span>d to these d<span class=\"_ _2\"></span>eferred ta<span class=\"_ _2\"></span>x ass<span class=\"_ _2\"></span>ets given th<span class=\"_ _2\"></span>e interac<span class=\"_ _2\"></span>tion with othe<span class=\"_ _2\"></span>r deduc<span class=\"_ _2\"></span>tible temp<span class=\"_ _2\"></span>orar<span class=\"_ _2\"></span>y differe<span class=\"_ _2\"></span>nces (2<span class=\"_ _2\"></span>022: \u00a31<span class=\"_ _2\"></span>58 million of lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s)<span class=\"_ _5\"></span>. In 202<span class=\"_ _2\"></span>2 deferred ta<span class=\"_ _2\"></span>x ass<span class=\"_ _2\"></span>ets were n<span class=\"_ _2\"></span>ot recog<span class=\"_ _2\"></span>nised in resp<span class=\"_ _2\"></span>ect of the re<span class=\"_ _2\"></span>maining \u00a3<span class=\"_ _2\"></span>134 milli<span class=\"_ _2\"></span>on of losse<span class=\"_ _2\"></span>s due to the unc<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>taint<span class=\"_ _2\"></span>y of future tra<span class=\"_ _2\"></span>ding profit<span class=\"_ _2\"></span>s agains<span class=\"_ _2\"></span>t which th<span class=\"_ _2\"></span>e loss<span class=\"_ _2\"></span>es could b<span class=\"_ _2\"></span>e offs<span class=\"_ _2\"></span>et.<span class=\"_ _3bc\"> </span>There i<span class=\"_ _2\"></span>s a technic<span class=\"_ _2\"></span>al mat<span class=\"_ _2\"></span>ter which i<span class=\"_ _2\"></span>s currently b<span class=\"_ _2\"></span>eing disc<span class=\"_ _2\"></span>usse<span class=\"_ _2\"></span>d with HM<span class=\"_ _2\"></span>RC in relat<span class=\"_ _2\"></span>ion to the L&amp;G in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss tra<span class=\"_ _2\"></span>nsfer to ReA<span class=\"_ _2\"></span>ssure Limite<span class=\"_ _2\"></span>d. The<span class=\"_ _2\"></span>se discu<span class=\"_ _2\"></span>ssion<span class=\"_ _2\"></span>s are not suf<span class=\"_ _2\"></span>ficiently p<span class=\"_ _2\"></span>rogres<span class=\"_ _2\"></span>sed at th<span class=\"_ _2\"></span>is sta<span class=\"_ _2\"></span>ge for rec<span class=\"_ _2\"></span>ognition of any p<span class=\"_ _2\"></span>otential ta<span class=\"_ _2\"></span>x benefi<span class=\"_ _2\"></span>t arising<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>A tax d<span class=\"_ _2\"></span>ispute with H<span class=\"_ _2\"></span>MRC in rel<span class=\"_ _2\"></span>ation to the ta<span class=\"_ _2\"></span>x treatm<span class=\"_ _2\"></span>ent of an ass<span class=\"_ _2\"></span>et formerl<span class=\"_ _2\"></span>y held by Gu<span class=\"_ _2\"></span>ardian As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e Limited (b<span class=\"_ _2\"></span>efore the busin<span class=\"_ _2\"></span>ess wa<span class=\"_ _2\"></span>s tran<span class=\"_ _2\"></span>sferred to Re<span class=\"_ _2\"></span>Assure Lim<span class=\"_ _2\"></span>ited) was re<span class=\"_ _2\"></span>solved in th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d in favour of the Group<span class=\"_ _2\"></span>. The 2021 c<span class=\"_ _2\"></span>urrent ta<span class=\"_ _2\"></span>x liabilit<span class=\"_ _2\"></span>y include<span class=\"_ _2\"></span>d an acc<span class=\"_ _2\"></span>rual for th<span class=\"_ _2\"></span>e total tax un<span class=\"_ _2\"></span>der disp<span class=\"_ _2\"></span>ute on the ba<span class=\"_ _2\"></span>sis that the<span class=\"_ _2\"></span>re was suf<span class=\"_ _2\"></span>ficient ris<span class=\"_ _2\"></span>k that the t<span class=\"_ _2\"></span>ax treatm<span class=\"_ _2\"></span>ent of the Group wo<span class=\"_ _2\"></span>uld not the<span class=\"_ _2\"></span>n be acc<span class=\"_ _2\"></span>epted. In 2<span class=\"_ _2\"></span>022 this ta<span class=\"_ _2\"></span>x liabilit<span class=\"_ _2\"></span>y was re<span class=\"_ _2\"></span>lease<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up in conj<span class=\"_ _2\"></span>unctio<span class=\"_ _2\"></span>n with a numbe<span class=\"_ _2\"></span>r of other com<span class=\"_ _2\"></span>panies h<span class=\"_ _2\"></span>as challe<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>d HMRC<span class=\"_ _2\"></span>\u2019s positio<span class=\"_ _2\"></span>n on the corp<span class=\"_ _2\"></span>oration t<span class=\"_ _2\"></span>ax treatm<span class=\"_ _2\"></span>ent of overse<span class=\"_ _2\"></span>as por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folio dividen<span class=\"_ _2\"></span>ds from comp<span class=\"_ _2\"></span>anies resi<span class=\"_ _2\"></span>dent in the EU (<span class=\"_ _2\"></span>\u2018EU divid<span class=\"_ _2\"></span>ends\u2019<span class=\"_ _2\"></span>) using a Group Li<span class=\"_ _2\"></span>tigation O<span class=\"_ _2\"></span>rder (\u2018G<span class=\"_ _2\"></span>L<span class=\"_ _7\"></span>O<span class=\"_ _2\"></span>\u2019). The is<span class=\"_ _2\"></span>sue rel<span class=\"_ _2\"></span>ates to whethe<span class=\"_ _2\"></span>r the UK t<span class=\"_ _2\"></span>ax rules<span class=\"_ _2\"></span>, which t<span class=\"_ _2\"></span>axed EU divi<span class=\"_ _2\"></span>dends re<span class=\"_ _2\"></span>ceived p<span class=\"_ _2\"></span>rior to 1 July 20<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9, was cont<span class=\"_ _2\"></span>rar<span class=\"_ _2\"></span>y to EU law given that di<span class=\"_ _2\"></span>vidends re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d from UK co<span class=\"_ _2\"></span>mpanie<span class=\"_ _2\"></span>s were exempt fro<span class=\"_ _2\"></span>m tax<span class=\"_ _2\"></span>. In 20<span class=\"_ _2\"></span>09 UK t<span class=\"_ _2\"></span>ax law wa<span class=\"_ _2\"></span>s chang<span class=\"_ _2\"></span>ed with b<span class=\"_ _2\"></span>oth oversea<span class=\"_ _2\"></span>s and UK di<span class=\"_ _2\"></span>vidends b<span class=\"_ _2\"></span>eing tre<span class=\"_ _2\"></span>ated as exempt fro<span class=\"_ _2\"></span>m corpor<span class=\"_ _2\"></span>ation ta<span class=\"_ _2\"></span>x.<span class=\"_ _3bc\"> </span>In July 2<span class=\"_ _2\"></span>018<span class=\"_ _2\"></span>, the S<span class=\"_ _2\"></span>upreme C<span class=\"_ _2\"></span>our<span class=\"_ _2\"></span>t conclu<span class=\"_ _2\"></span>ded in favour of the t<span class=\"_ _2\"></span>ax payer an<span class=\"_ _2\"></span>d a tax b<span class=\"_ _2\"></span>enefit of \u00a31<span class=\"_ _2\"></span>3 million was re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed at the e<span class=\"_ _2\"></span>nd of 2018 in relatio<span class=\"_ _2\"></span>n to enhanc<span class=\"_ _2\"></span>ed do<span class=\"_ _2\"></span>uble tax re<span class=\"_ _2\"></span>lief claims whi<span class=\"_ _2\"></span>ch the Group i<span class=\"_ _2\"></span>s entitled to in a<span class=\"_ _2\"></span>ccord<span class=\"_ _2\"></span>ance with th<span class=\"_ _2\"></span>e Cour<span class=\"_ _2\"></span>t jud<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt. As a res<span class=\"_ _2\"></span>ult of the insur<span class=\"_ _2\"></span>ance busin<span class=\"_ _2\"></span>ess tr<span class=\"_ _2\"></span>ansfer fro<span class=\"_ _2\"></span>m Legal an<span class=\"_ _2\"></span>d Gene<span class=\"_ _2\"></span>ral As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e Soci<span class=\"_ _2\"></span>ety dur<span class=\"_ _2\"></span>ing YE20<span class=\"_ _2\"></span>, the tax ref<span class=\"_ _2\"></span>und for the b<span class=\"_ _2\"></span>enefit of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s with-p<span class=\"_ _2\"></span>rofit and unit linked fund<span class=\"_ _2\"></span>s increas<span class=\"_ _2\"></span>ed to \u00a345 million an<span class=\"_ _2\"></span>d \u00a323 million re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>tively. In the ca<span class=\"_ _2\"></span>se of the with-<span class=\"_ _2\"></span>profit funds th<span class=\"_ _2\"></span>ere was an in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in unalloc<span class=\"_ _2\"></span>ated surpl<span class=\"_ _2\"></span>us and for th<span class=\"_ _2\"></span>e unit linked funds t<span class=\"_ _2\"></span>here was a c<span class=\"_ _2\"></span>orrespo<span class=\"_ _2\"></span>nding inc<span class=\"_ _2\"></span>rease in inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s a result of the re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>tion of the ta<span class=\"_ _2\"></span>x asset<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span> <div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs977\">In Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 2020, H<span class=\"_ _2\"></span>MRC is<span class=\"_ _2\"></span>sued a c<span class=\"_ _2\"></span>ommunic<span class=\"_ _2\"></span>ation to ta<span class=\"_ _2\"></span>xpayers wh<span class=\"_ _2\"></span>o are affe<span class=\"_ _2\"></span>cted by th<span class=\"_ _2\"></span>e dividend G<span class=\"_ _2\"></span>L<span class=\"_ _7\"></span>O b<span class=\"_ _2\"></span>ut are not direc<span class=\"_ _2\"></span>t par<span class=\"_ _2\"></span>ticipant<span class=\"_ _2\"></span>s of it, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs978\">set<span class=\"_ _2\"></span>ting<span class=\"_ gs132\"> </span>ou<span class=\"_ _2\"></span>t HMR<span class=\"_ _2\"></span>C\u2019s intende<span class=\"_ _2\"></span>d approac<span class=\"_ _2\"></span>h to set<span class=\"_ _2\"></span>tling enq<span class=\"_ _2\"></span>uiries into the am<span class=\"_ _2\"></span>ount of double t<span class=\"_ _2\"></span>ax relief availa<span class=\"_ _2\"></span>ble for sta<span class=\"_ _2\"></span>tutor<span class=\"_ _2\"></span>y protect<span class=\"_ _2\"></span>ive or other cla<span class=\"_ _2\"></span>ims. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs979\">The Gro<span class=\"_ _2\"></span>up has be<span class=\"_ _2\"></span>en disc<span class=\"_ _2\"></span>ussin<span class=\"_ _2\"></span>g the claim<span class=\"_ _2\"></span>s with HM<span class=\"_ _2\"></span>RC during th<span class=\"_ _2\"></span>e cours<span class=\"_ _2\"></span>e of 2022 and 20<span class=\"_ _2\"></span>23, b<span class=\"_ _2\"></span>ut due to the sig<span class=\"_ _2\"></span>nificant n<span class=\"_ _2\"></span>umber of ca<span class=\"_ _2\"></span>ses an<span class=\"_ _2\"></span>d years </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs97a\">affe<span class=\"_ _2\"></span>cted<span class=\"_ _2\"></span>, no amo<span class=\"_ _2\"></span>unts have as yet be<span class=\"_ _2\"></span>en repa<span class=\"_ _2\"></span>id. The leve<span class=\"_ _2\"></span>l of tax refund e<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted is curre<span class=\"_ _2\"></span>ntly unch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>d as at the en<span class=\"_ _2\"></span>d of 2023.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs97b\">Som<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>nies of the Gro<span class=\"_ _2\"></span>up were late joine<span class=\"_ _2\"></span>rs or not m<span class=\"_ _2\"></span>ember<span class=\"_ _2\"></span>s of the GLO but have mad<span class=\"_ _2\"></span>e statu<span class=\"_ _2\"></span>tory p<span class=\"_ _2\"></span>rotective ta<span class=\"_ _2\"></span>x claims tot<span class=\"_ _2\"></span>alling circ<span class=\"_ _2\"></span>a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs97c\">\u00a314 millio<span class=\"_ _2\"></span>n for the ben<span class=\"_ _2\"></span>efit of unit linked life funds b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on the Sup<span class=\"_ _2\"></span>reme Co<span class=\"_ _2\"></span>urt de<span class=\"_ _2\"></span>cision<span class=\"_ _2\"></span>. HMR<span class=\"_ _2\"></span>C has ch<span class=\"_ _2\"></span>alleng<span class=\"_ _2\"></span>ed the validi<span class=\"_ _2\"></span>ty of suc<span class=\"_ _2\"></span>h claims an<span class=\"_ _2\"></span>d is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs97d\">current<span class=\"_ _2\"></span>ly consi<span class=\"_ _2\"></span>dering fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r tax litig<span class=\"_ _2\"></span>ation in this are<span class=\"_ _2\"></span>a again<span class=\"_ _2\"></span>st other t<span class=\"_ _2\"></span>hird par<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. Some pro<span class=\"_ _2\"></span>gres<span class=\"_ _2\"></span>s through t<span class=\"_ _2\"></span>he cour<span class=\"_ _2\"></span>ts h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n made in th<span class=\"_ _2\"></span>e cours<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs97e\">of 2022 an<span class=\"_ _2\"></span>d 2023<span class=\"_ _2\"></span>, but it is exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d that the lit<span class=\"_ _2\"></span>igation will c<span class=\"_ _2\"></span>ontinue to run<span class=\"_ _2\"></span>. Due to the un<span class=\"_ _2\"></span>cer<span class=\"_ _2\"></span>taint<span class=\"_ _2\"></span>y aroun<span class=\"_ _2\"></span>d the potentia<span class=\"_ _2\"></span>l succe<span class=\"_ _2\"></span>ss of the cl<span class=\"_ _2\"></span>aims a tax </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs97f\">as<span class=\"_ _2\"></span>set has n<span class=\"_ _2\"></span>ot been re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of these c<span class=\"_ _2\"></span>laims<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs980\">The Gro<span class=\"_ _2\"></span>up is continu<span class=\"_ _2\"></span>ing to monitor de<span class=\"_ _2\"></span>velopme<span class=\"_ _2\"></span>nts in relatio<span class=\"_ _2\"></span>n to the G20<span class=\"_ _2\"></span>-O<span class=\"_ _2\"></span>ECD Incl<span class=\"_ _2\"></span>usive Framework \u201c<span class=\"_ _2\"></span>Pillar T<span class=\"_ _7\"></span>wo\u201d rul<span class=\"_ _2\"></span>es, a<span class=\"_ _2\"></span>s the Group exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ts to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs981\">be with<span class=\"_ _2\"></span>in the scop<span class=\"_ _2\"></span>e of the rule<span class=\"_ _2\"></span>s from 1 Janua<span class=\"_ _2\"></span>ry 20<span class=\"_ _2\"></span>2<span class=\"_ _7\"></span>4<span class=\"_ _2\"></span>. Broadl<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>ese rul<span class=\"_ _2\"></span>es see<span class=\"_ _2\"></span>k to ensure th<span class=\"_ _2\"></span>at, on a juri<span class=\"_ _2\"></span>sdictio<span class=\"_ _2\"></span>n-by-juris<span class=\"_ _2\"></span>diction b<span class=\"_ _2\"></span>asis<span class=\"_ _2\"></span>, large </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs982\">multin<span class=\"_ _2\"></span>ational ente<span class=\"_ _2\"></span>rprise<span class=\"_ _2\"></span>s pay a minimum ta<span class=\"_ _2\"></span>x rate of 15% on worl<span class=\"_ _2\"></span>dwide profit<span class=\"_ _2\"></span>s arising af<span class=\"_ _2\"></span>ter 31 D<span class=\"_ _2\"></span>ecemb<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs983\">The Gro<span class=\"_ _2\"></span>up also n<span class=\"_ _2\"></span>otes the ena<span class=\"_ _2\"></span>ctme<span class=\"_ _2\"></span>nt of legisla<span class=\"_ _2\"></span>tion in Berm<span class=\"_ _2\"></span>uda in De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023 whic<span class=\"_ _2\"></span>h introduce<span class=\"_ _2\"></span>d a Corp<span class=\"_ _2\"></span>orate Inc<span class=\"_ _2\"></span>ome T<span class=\"_ _7\"></span>ax w<span class=\"_ _2\"></span>ith a headlin<span class=\"_ _2\"></span>e rate </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs984\">of 15% ef<span class=\"_ _2\"></span>fective fro<span class=\"_ _2\"></span>m 1 Januar<span class=\"_ _2\"></span>y 202<span class=\"_ _2\"></span>5. This le<span class=\"_ _2\"></span>gislat<span class=\"_ _2\"></span>ion is expe<span class=\"_ _2\"></span>cted to ap<span class=\"_ _2\"></span>ply to the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s lo<span class=\"_ _2\"></span>cal B<span class=\"_ _2\"></span>ermudian o<span class=\"_ _2\"></span>perati<span class=\"_ _2\"></span>ons. Gi<span class=\"_ _2\"></span>ven the curre<span class=\"_ _2\"></span>nt siz<span class=\"_ _5\"></span>e of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs985\">loc<span class=\"_ _2\"></span>al oper<span class=\"_ _2\"></span>ations<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up does not ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t the imme<span class=\"_ _2\"></span>diate impac<span class=\"_ _2\"></span>t to be mater<span class=\"_ _2\"></span>ial.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs986\">As at yea<span class=\"_ _2\"></span>r end 2023<span class=\"_ _2\"></span>, the m<span class=\"_ _2\"></span>ain other overs<span class=\"_ _2\"></span>eas jur<span class=\"_ _2\"></span>isdicti<span class=\"_ _2\"></span>ons where we op<span class=\"_ _2\"></span>erate an<span class=\"_ _2\"></span>d which have en<span class=\"_ _2\"></span>acted l<span class=\"_ _2\"></span>ocal Pilla<span class=\"_ _2\"></span>r T<span class=\"_ _6\"></span>wo le<span class=\"_ _2\"></span>gislat<span class=\"_ _2\"></span>ion are Germ<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs987\">Irela<span class=\"_ _2\"></span>nd, Luxemb<span class=\"_ _2\"></span>ourg, t<span class=\"_ _2\"></span>he Nethe<span class=\"_ _2\"></span>rlands a<span class=\"_ _2\"></span>nd the Unite<span class=\"_ _2\"></span>d Kingdo<span class=\"_ _2\"></span>m.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs988\">The Gro<span class=\"_ _2\"></span>up is continu<span class=\"_ _2\"></span>ing to ass<span class=\"_ _2\"></span>ess th<span class=\"_ _2\"></span>e impact of th<span class=\"_ _2\"></span>e Pillar T<span class=\"_ _7\"></span>wo inco<span class=\"_ _2\"></span>me taxe<span class=\"_ _2\"></span>s legis<span class=\"_ _2\"></span>lation on it<span class=\"_ _2\"></span>s future fina<span class=\"_ _2\"></span>ncial pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance. B<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on the work </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs989\">comp<span class=\"_ _2\"></span>leted to date on m<span class=\"_ _2\"></span>ost re<span class=\"_ _2\"></span>cent his<span class=\"_ _2\"></span>torical fin<span class=\"_ _2\"></span>ancial inform<span class=\"_ _2\"></span>ation, th<span class=\"_ _2\"></span>e Group do<span class=\"_ _2\"></span>es not expe<span class=\"_ _2\"></span>ct a ma<span class=\"_ _2\"></span>terial expo<span class=\"_ _2\"></span>sure to Pillar T<span class=\"_ _7\"></span>wo inc<span class=\"_ _2\"></span>ome ta<span class=\"_ _2\"></span>xes. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs98a\">Non<span class=\"_ _2\"></span>ethele<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, the Group note<span class=\"_ _2\"></span>s that the Pilla<span class=\"_ _2\"></span>r T<span class=\"_ _6\"></span>wo in<span class=\"_ _2\"></span>come ta<span class=\"_ _2\"></span>xes leg<span class=\"_ _2\"></span>islation is ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted to contin<span class=\"_ _2\"></span>ue developin<span class=\"_ _2\"></span>g, the r<span class=\"_ _2\"></span>ules are inhe<span class=\"_ _2\"></span>rently co<span class=\"_ _2\"></span>mplex </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs98b\">and c<span class=\"_ _2\"></span>an potentiall<span class=\"_ _2\"></span>y lead to arb<span class=\"_ _2\"></span>itrar<span class=\"_ _2\"></span>y outcom<span class=\"_ _2\"></span>es. Fur<span class=\"_ _2\"></span>ther t<span class=\"_ _2\"></span>hat histor<span class=\"_ _2\"></span>ical fina<span class=\"_ _2\"></span>ncial pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance is n<span class=\"_ _2\"></span>ot nece<span class=\"_ _2\"></span>ssar<span class=\"_ _2\"></span>ily indica<span class=\"_ _2\"></span>tive of future pe<span class=\"_ _2\"></span>rforma<span class=\"_ _2\"></span>nce, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs98c\">so the a<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l impac<span class=\"_ _2\"></span>t that the Pillar T<span class=\"_ _5\"></span>wo inco<span class=\"_ _2\"></span>me taxe<span class=\"_ _2\"></span>s legisl<span class=\"_ _2\"></span>ation may have on th<span class=\"_ _2\"></span>e Group\u2019s future finan<span class=\"_ _2\"></span>cial pe<span class=\"_ _2\"></span>rforma<span class=\"_ _2\"></span>nce may b<span class=\"_ _2\"></span>e differe<span class=\"_ _2\"></span>nt </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs98d\">from<span class=\"_ gs132\"> </span>exp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ations<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-628": {
   "value": "G8<span class=\"_ _2\"></span>. T<span class=\"_ _7\"></span>ax a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>lities Deferre<span class=\"_ _2\"></span>d tax is p<span class=\"_ _2\"></span>rovided for on te<span class=\"_ _2\"></span>mporar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mounts of as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabiliti<span class=\"_ _2\"></span>es for finan<span class=\"_ _2\"></span>cial repo<span class=\"_ _2\"></span>rting p<span class=\"_ _2\"></span>urpos<span class=\"_ _2\"></span>es and th<span class=\"_ _2\"></span>e amount<span class=\"_ _2\"></span>s used for t<span class=\"_ _2\"></span>axation p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>s. Defe<span class=\"_ _2\"></span>rred ta<span class=\"_ _2\"></span>x is not provide<span class=\"_ _2\"></span>d in respe<span class=\"_ _2\"></span>ct of temp<span class=\"_ _2\"></span>orar<span class=\"_ _2\"></span>y differe<span class=\"_ _2\"></span>nces a<span class=\"_ _2\"></span>rising from th<span class=\"_ _2\"></span>e initial rec<span class=\"_ _2\"></span>ognition of g<span class=\"_ _2\"></span>oodwill a<span class=\"_ _2\"></span>nd the initia<span class=\"_ _2\"></span>l recog<span class=\"_ _2\"></span>nition of as<span class=\"_ _2\"></span>sets or li<span class=\"_ _2\"></span>abilities in a tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion that is n<span class=\"_ _2\"></span>ot a busine<span class=\"_ _2\"></span>ss com<span class=\"_ _2\"></span>bination an<span class=\"_ _2\"></span>d that, at t<span class=\"_ _2\"></span>he time of the tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion, af<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>s neith<span class=\"_ _2\"></span>er acc<span class=\"_ _2\"></span>ounting no<span class=\"_ _2\"></span>r taxabl<span class=\"_ _2\"></span>e profit. Th<span class=\"_ _2\"></span>e amount of deferre<span class=\"_ _2\"></span>d tax p<span class=\"_ _2\"></span>rovided is ba<span class=\"_ _2\"></span>sed on t<span class=\"_ _2\"></span>he expe<span class=\"_ _2\"></span>cted m<span class=\"_ _2\"></span>anner of realis<span class=\"_ _2\"></span>ation or se<span class=\"_ _2\"></span>ttle<span class=\"_ _2\"></span>ment of the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of asset<span class=\"_ _2\"></span>s and liabilit<span class=\"_ _2\"></span>ies, u<span class=\"_ _2\"></span>sing ta<span class=\"_ _2\"></span>x rates and l<span class=\"_ _2\"></span>aws enac<span class=\"_ _2\"></span>ted or sub<span class=\"_ _2\"></span>stanti<span class=\"_ _2\"></span>vely ena<span class=\"_ _2\"></span>cted at the peri<span class=\"_ _5\"></span>od end.<span class=\"_ _3bc\"> </span>A deferre<span class=\"_ _2\"></span>d tax as<span class=\"_ _2\"></span>set is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed onl<span class=\"_ _2\"></span>y to the ex<span class=\"_ _2\"></span>tent that it is prob<span class=\"_ _2\"></span>able tha<span class=\"_ _2\"></span>t future ta<span class=\"_ _2\"></span>xable profit<span class=\"_ _2\"></span>s will be availab<span class=\"_ _2\"></span>le again<span class=\"_ _2\"></span>st which t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>et can be utilis<span class=\"_ _2\"></span>ed. D<span class=\"_ _2\"></span>eferred ta<span class=\"_ _2\"></span>x ass<span class=\"_ _2\"></span>ets are re<span class=\"_ _2\"></span>duce<span class=\"_ _2\"></span>d to the exte<span class=\"_ _2\"></span>nt that it is no lo<span class=\"_ _2\"></span>nger p<span class=\"_ _2\"></span>robable th<span class=\"_ _2\"></span>at the relate<span class=\"_ _2\"></span>d tax b<span class=\"_ _2\"></span>enefit will b<span class=\"_ _2\"></span>e realise<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span><table class=\"s w2b6 h31f\" id=\"_6bac05f2-9cbc-4be4-8520-976a974f1b81\"><tr><td></td><td></td><td class=\"t m0 x23e h16 y5d34 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x916 h3f y5d35 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23f h16 y5d35 ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated</td></tr><tr><td></td><td class=\"t m0 x552 h3f y5d36 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5d37 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 hd y5d38 ff3 fs7 fc1 sc0 ls0 ws0\">Current t<span class=\"_ _2\"></span>ax:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d39 w113 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Current t<span class=\"_ _2\"></span>ax rec<span class=\"_ _2\"></span>eivable<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bf2 y5d39 w1b5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls76 ws19a\">502<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x4cc y5d39 w115 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">51<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y58c1 w177 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Current t<span class=\"_ _2\"></span>ax payabl<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b89 y58c1 w601 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls142 ws125\">(<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bf3 y58c1 w509 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(3<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d3a ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y571a wa26 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bf4 y571a w112 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a8 ws19f\">143<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x256 y571a w112 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">158<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w174 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bf5 y55ef wa27 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">(25<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bf6 y55ef wa28 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls71 ws1a9\">(30<span class=\"_ _2\"></span>9)<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1  <span class=\"_ _2f\"> </span>Pri<span class=\"_ _2\"></span>or pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arati<span class=\"_ _2\"></span>ves ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tra<span class=\"_ _2\"></span>nsit<span class=\"_ _2\"></span>ion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>etai<span class=\"_ _2\"></span>ls).<span class=\"_ _3bc\"> </span>Movement in deferred ta<span class=\"_ _2\"></span>x liabilities<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span>1 January \u00a3m<span class=\"_ _3bc\"> </span>Re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in Re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in SL<span class=\"_ _2\"></span>F of Les<span class=\"_ _2\"></span>s amo<span class=\"_ _2\"></span>unt<span class=\"_ _2\"></span>s consolidated oth<span class=\"_ _2\"></span>er Canada UK previously inc<span class=\"_ _2\"></span>ome comprehensive Limited Ot<span class=\"_ _2\"></span>her cl<span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ified a<span class=\"_ _2\"></span>s statem<span class=\"_ _2\"></span>ent inc<span class=\"_ _2\"></span>ome acquisitio<span class=\"_ _2\"></span>n<span class=\"_ _3bc\"> </span>movem<span class=\"_ _2\"></span>ents held for<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>ale<span class=\"_ _3bc\"> </span>31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r \u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>radin<span class=\"_ _2\"></span>g loss<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span>196<span class=\"_ _3bc\"> </span>132<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>27<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>355<span class=\"_ _3bc\"> </span>Capital los<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span>24<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>22)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>E<span class=\"_ _2\"></span>xpens<span class=\"_ _2\"></span>es and defe<span class=\"_ _2\"></span>rred ac<span class=\"_ _2\"></span>quisition  cost<span class=\"_ _2\"></span>s carried forward<span class=\"_ _3bc\"> </span>397<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>19<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>422<span class=\"_ _3bc\"> </span>Provision<span class=\"_ _2\"></span>s and other te<span class=\"_ _2\"></span>mporar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span>32<span class=\"_ _3bc\"> </span>(28<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>Non-<span class=\"_ _2\"></span>refundabl<span class=\"_ _2\"></span>e pensio<span class=\"_ _2\"></span>n schem<span class=\"_ _2\"></span>e surplus<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>151<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>34<span class=\"_ _3bc\"> </span>12<span class=\"_ _3bc\"> </span>(4)<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(10<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span>Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>d future p<span class=\"_ _2\"></span>ension c<span class=\"_ _2\"></span>ontribution<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>9<span class=\"_ _3bc\"> </span>(5)<span class=\"_ _3bc\"> </span>(1)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>ran<span class=\"_ _2\"></span>sitional a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment rela<span class=\"_ _2\"></span>ting to IFRS 17<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(1<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>9<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>10<span class=\"_ _3bc\"> </span>Acceler<span class=\"_ _2\"></span>ated capital allowances<span class=\"_ _3bc\"> </span>17<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>23<span class=\"_ _3bc\"> </span>Intangibles<span class=\"_ _3bc\"> </span>14<span class=\"_ _3bc\"> </span>17<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>31<span class=\"_ _3bc\"> </span>Acquire<span class=\"_ _2\"></span>d in-force bus<span class=\"_ _2\"></span>iness<span class=\"_ _3bc\"> </span>(4<span class=\"_ _2\"></span>05<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>55<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(4)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(7)<span class=\"_ _3bc\"> </span>(361<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>Customer relationships<span class=\"_ _3bc\"> </span>(28)<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>Unrea<span class=\"_ _2\"></span>lised g<span class=\"_ _2\"></span>ains<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>261)<span class=\"_ _3bc\"> </span>(77<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(<span class=\"_ _2\"></span>23)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(361<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>Act<span class=\"_ _2\"></span>uarial liabili<span class=\"_ _2\"></span>ty dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n local GA<span class=\"_ _2\"></span>AP and I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>(1<span class=\"_ _2\"></span>10)<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(1<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>(118)<span class=\"_ _3bc\"> </span>Other<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>8<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>\u2013<span class=\"_ _3bc\"> </span>11<span class=\"_ _3bc\"> </span>(1<span class=\"_ _2\"></span>51)<span class=\"_ _3bc\"> </span>14<span class=\"_ _3bc\"> </span>13<span class=\"_ _3bc\"> </span>9<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>(6)<span class=\"_ _3bc\"> </span><span class=\"ls71 ws1a9\"><span class=\"ls194 ws1b0\"><span class=\"ls0 ws0\"><span class=\"ls15a ws1b2\"><span class=\"lsd0 ws1a0\">(11<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></span></span></span></span></span><div class=\"gs2ed\"><table class=\"s wa37 h321\" id=\"_b72f798d-c888-4f14-9e4b-a47761a8a59e\"><tr><td></td><td></td><td class=\"t m0 x97d h16 y5d4d ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in </td><td></td><td class=\"t m0 x613 h16 y5d4d ff3 fsf fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>F of </td><td></td><td class=\"t m0 x1c56 h16 y5d4d ff3 fsf fc1 sc0 ls0 ws0\">Les<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x16df h16 y5d4e ff3 fsf fc1 sc0 ls17 ws15\">consolidated </td><td class=\"t m0 x1c57 h16 y5d4e ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nise<span class=\"_ _2\"></span>d in oth<span class=\"_ _2\"></span>er </td><td class=\"t m0 xf46 h16 y5d4e ff3 fsf fc1 sc0 ls0 ws0\">Can<span class=\"_ _2\"></span>ada U<span class=\"_ _2\"></span>K </td><td></td><td class=\"t m0 x262 h16 y5d4e ff3 fsf fc1 sc0 ls82 ws77\">amount<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x1c58 h16 y5d4f ff3 fsf fc1 sc0 lse1 wscb\">income<span class=\"_ _5\"></span> </td><td class=\"t m0 x57e h16 y5d4f ff3 fsf fc1 sc0 ls83 ws78\">comprehensiv<span class=\"_ _5\"></span>e </td><td class=\"t m0 xf4a h16 y5d4f ff3 fsf fc1 sc0 ls0 ws0\">Limi<span class=\"_ _2\"></span>ted </td><td class=\"t m0 x15a1 h16 y5d4f ff3 fsf fc1 sc0 ls83 ws78\">Other </td><td class=\"t m0 x557 h16 y5d4f ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ssi<span class=\"_ _2\"></span>fied a<span class=\"_ _2\"></span>s </td><td></td></tr><tr><td></td><td class=\"t m0 x1c59 h16 y5d50 ff3 fsf fc1 sc0 ls0 ws0\">1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y </td><td class=\"t m0 x1c5a h16 y5d50 ff3 fsf fc1 sc0 ls83 ws78\">statement<span class=\"_ _5\"></span> </td><td class=\"t m0 x1c5b h16 y5d50 ff3 fsf fc1 sc0 lse1 wscb\">income<span class=\"_ _5\"></span> </td><td class=\"t m0 x1c5c h16 y5d50 ff3 fsf fc1 sc0 ls70 ws67\">acquisition<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x8e5 h16 y5d50 ff3 fsf fc1 sc0 ls83 ws78\">movements<span class=\"_ _5\"></span> </td><td class=\"t m0 x5ac h16 y5d50 ff3 fsf fc1 sc0 ls17 ws15\">held for sale<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1c5d h16 y5d50 ff3 fsf fc1 sc0 ls0 ws0\">31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r </td></tr><tr><td class=\"t m0 x232 h16 y5d51 ff3 fsf fc1 sc0 ls84 ws79\">2022 (<span class=\"_ _7\"></span>restated)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x16d7 h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x581 h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1c5e h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1c5f h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x749 h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x98c h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x6ee h16 y5d51 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5d52 wa2a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>radin<span class=\"_ _2\"></span>g loss<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1bfa y5d52 w112 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">103<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c60 y5d52 w13f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">86<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c61 y5d52 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa0d y5d52 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c62 y5d52 w158 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c63 y5d52 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c64 y5d52 w3c9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb3 wsf4\">196<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d53 wa2b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">Capital los<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c00 y5d53 wa4 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">32<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c65 y5d53 wa38 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">(8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c66 y5d53 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf8d y5d53 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa3e y5d53 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a72 y5d53 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c67 y5d53 w418 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1aa ws1a2\">24<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d54 ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xpens<span class=\"_ _2\"></span>es and defe<span class=\"_ _2\"></span>rred ac<span class=\"_ _2\"></span>quisition  </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5bf2 wa2c h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">cost<span class=\"_ _2\"></span>s carried forward<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c68 y5bf2 w880 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bd ws1bc\">81<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c69 y5bf2 w849 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">31<span class=\"_ _2\"></span>8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6a y5bf2 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6b y5bf2 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6c y5bf2 w524 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6d y5bf2 w65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6e y5bf2 w2fc h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bf ws1be\">397<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf3 wa2d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Provision<span class=\"_ _2\"></span>s and other te<span class=\"_ _2\"></span>mporar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c0e y5bf3 wa39 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6f y5bf3 w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c70 y5bf3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c71 y5bf3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c72 y5bf3 w524 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c73 y5bf3 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c74 y5bf3 wa4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">32<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf4 wa2f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Non-<span class=\"_ _2\"></span>refundabl<span class=\"_ _2\"></span>e pensio<span class=\"_ _2\"></span>n schem<span class=\"_ _2\"></span>e surplus<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c75 y5bf4 w5da h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c1 ws1c1\">(<span class=\"_ _2\"></span>255<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c76 y5bf4 w227 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">392<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c77 y5bf4 wbe h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">(<span class=\"_ _2\"></span>288)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c78 y5bf4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c79 y5bf4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7a y5bf4 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7b y5bf4 w376 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(1<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf5 wa30 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Com<span class=\"_ _2\"></span>mitte<span class=\"_ _2\"></span>d future p<span class=\"_ _2\"></span>ension c<span class=\"_ _2\"></span>ontribution<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7c y5bf5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7d y5bf5 w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7e y5bf5 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c7f y5bf5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c80 y5bf5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c81 y5bf5 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xcee y5bf5 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf6 wa32 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">Acceler<span class=\"_ _2\"></span>ated capital allowances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c82 y5bf6 w541 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c83 y5bf6 w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c84 y5bf6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c85 y5bf6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c86 y5bf6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c87 y5bf6 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x507 y5bf6 w30c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c0 ws1bf\">17<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5bf7 wa33 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls14 ws12\">Intangibles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c88 y5bf7 w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c89 y5bf7 w659 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8a y5bf7 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1301 y5bf7 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8b y5bf7 w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8c y5bf7 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8d y5bf7 wca h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">14<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5997 wd4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Acquire<span class=\"_ _2\"></span>d in-force bus<span class=\"_ _2\"></span>iness<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8e y5997 w53 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(4<span class=\"_ _2\"></span>45)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c8f y5997 w8d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">43<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c90 y5997 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c91 y5997 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf78 y5997 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c92 y5997 w54f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c93 y5997 w35f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(40<span class=\"_ _2\"></span>5)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d55 ff3 fs7 fc1 sc0 ls0 ws0\">Act<span class=\"_ _2\"></span>uarial liabili<span class=\"_ _2\"></span>ty dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n local GA<span class=\"_ _2\"></span>AP </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561a wa36 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">and I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c94 y561a w6d1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ca ws1cb\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>41<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x66a y561a w55b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">3<span class=\"_ _2\"></span>39<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c95 y561a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c96 y561a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c97 y561a w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1256 y561a w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c98 y561a wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b wa34 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Customer relationships<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c37 y561b wa3a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls71 ws1a9\">(30)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c99 y561b w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9a y561b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9b y561b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1397 y561b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9c y561b w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9d y561b wa3b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">(<span class=\"_ _2\"></span>28)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561c wa35 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Unrea<span class=\"_ _2\"></span>lised g<span class=\"_ _2\"></span>ains<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9e y561c wa3c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>593)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c9f y561c w112 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">333<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca0 y561c wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca1 y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca2 y561c w2dd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca3 y561c w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca4 y561c w6c6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(261<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d wa3d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">IFRS transitional adjus<span class=\"_ _2\"></span>tments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca5 y561d wa3e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a6 ws196\">(5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca6 y561d wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca7 y561d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca8 y561d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ca9 y561d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1caa y561d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cab y561d w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d56 ff3 fs7 fc1 sc0 ls12 ws10\">Other </td><td class=\"c n x1cac y5739 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cad y5739 w1a0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cae y5739 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"t m0 x98b hd y5d57 ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></td><td class=\"c n x1caf y5739 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb0 y5739 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb1 y5739 wb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x1cb2 y55ef wa3f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">(1<span class=\"_ _2\"></span>,4<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb3 y55ef w1b6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">1<span class=\"_ _2\"></span>,534<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb4 y55ef wa40 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ab ws1a3\">(<span class=\"_ _2\"></span>28<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb5 y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb6 y55ef w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb7 y55ef w9fb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls16f ws1ad\">(<span class=\"_ _2\"></span>3)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb8 y55ef w376 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">(<span class=\"_ _2\"></span>151<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs95c\">The s<span class=\"_ _2\"></span>tanda<span class=\"_ _2\"></span>rd rate of UK cor<span class=\"_ _2\"></span>poratio<span class=\"_ _2\"></span>n tax for the ye<span class=\"_ _2\"></span>ar ende<span class=\"_ _2\"></span>d 31 De<span class=\"_ _2\"></span>cembe<span class=\"_ _2\"></span>r 2023 is 23<span class=\"_ _2\"></span>.5% (202<span class=\"_ _2\"></span>2: 19<span class=\"_ _2\"></span>%)<span class=\"_ _5\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs95d\">An incre<span class=\"_ _2\"></span>ase from th<span class=\"_ _2\"></span>e 19<span class=\"_ _2\"></span>% UK corp<span class=\"_ _2\"></span>oration t<span class=\"_ _2\"></span>ax rate to 25%<span class=\"_ _2\"></span>, ef<span class=\"_ _2\"></span>fective from 1 A<span class=\"_ _2\"></span>pril 2023<span class=\"_ _2\"></span>, was ann<span class=\"_ _2\"></span>ounce<span class=\"_ _2\"></span>d in the Bud<span class=\"_ _2\"></span>get on 3 M<span class=\"_ _2\"></span>arch 2021<span class=\"_ _2\"></span>, and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs95e\">subs<span class=\"_ _2\"></span>tantivel<span class=\"_ _2\"></span>y enac<span class=\"_ _2\"></span>ted on 24 May 2021<span class=\"_ _2\"></span>. Accor<span class=\"_ _2\"></span>dingly, shareh<span class=\"_ _2\"></span>older defer<span class=\"_ _2\"></span>red tax a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s and liab<span class=\"_ _2\"></span>ilities<span class=\"_ _2\"></span>, where provid<span class=\"_ _2\"></span>ed, are refl<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d at 25%. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs95f\">Deferre<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e tax as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for tax lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s carrie<span class=\"_ _2\"></span>d forwa<span class=\"_ _2\"></span>rd only to the ex<span class=\"_ _2\"></span>tent that re<span class=\"_ _2\"></span>alisati<span class=\"_ _2\"></span>on of the related t<span class=\"_ _2\"></span>ax be<span class=\"_ _2\"></span>nefit is prob<span class=\"_ _2\"></span>able.<span class=\"_ _3bc\"> </span></div><div class=\"gs960\"><table class=\"s wa41 h322\" id=\"_f05ce9bf-05d1-4fb0-8ad1-4d803a47763f\"><tr><td></td><td class=\"t m0 x44d h3f y5d58 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1e4 h16 y5d58 ff3 fsf fc1 sc0 lse3 wscd\">2022</td></tr><tr><td></td><td class=\"t m0 x6ed h3f y5d59 ff7 fsf fc1 sc0 lsa8 ws98\"> \u00a3m</td><td class=\"t m0 x6ee h16 y5d59 ff3 fsf fc1 sc0 lsf2 wsdc\"> \u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 hd y5d5a ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s have not be<span class=\"_ _2\"></span>en rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in respe<span class=\"_ _2\"></span>ct of<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y58c1 wa42 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ax lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s carrie<span class=\"_ _2\"></span>d forwa<span class=\"_ _2\"></span>rd<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6a6 y58c1 w387 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">110<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cb9 y58c1 w56c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c7 ws1c7\">82<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59f1 wa43 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>xcess ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es and defer<span class=\"_ _2\"></span>red acq<span class=\"_ _2\"></span>uisition co<span class=\"_ _2\"></span>sts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1a12 y59f1 w158 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cba y59f1 w91 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">116<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 wa44 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Act<span class=\"_ _2\"></span>uarial liabili<span class=\"_ _2\"></span>ty dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>wee<span class=\"_ _2\"></span>n local GA<span class=\"_ _2\"></span>AP and I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cbb y56f9 w132 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">14<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cbc y56f9 wbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">27<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee wa33 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">Intangibles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1fe y55ee w60 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cbd y55ee w138 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b9 ws1b8\">29<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wa45 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s not rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d on ca<span class=\"_ _2\"></span>pital los<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cbe y55ef w461 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b3 ws1b1\">312<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cbf y55ef w31a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">40<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs961\">The Gro<span class=\"_ _2\"></span>up also ha<span class=\"_ _2\"></span>s \u00a363<span class=\"_ _2\"></span>5 million of BL<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>GAB tradin<span class=\"_ _2\"></span>g loss<span class=\"_ _2\"></span>es carri<span class=\"_ _2\"></span>ed for<span class=\"_ _2\"></span>ward as at 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023 in Ph<span class=\"_ _2\"></span>oenix Life Limi<span class=\"_ _2\"></span>ted, ReA<span class=\"_ _2\"></span>ssure Limite<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs962\">and S<span class=\"_ _2\"></span>un Life Assur<span class=\"_ _2\"></span>ance C<span class=\"_ _2\"></span>ompany of Can<span class=\"_ _2\"></span>ada (U<span class=\"_ _2\"></span>K) Limite<span class=\"_ _2\"></span>d (2022: \u00a3 4<span class=\"_ _2\"></span>56 million of los<span class=\"_ _2\"></span>ses a<span class=\"_ _2\"></span>cross Ph<span class=\"_ _2\"></span>oenix Life Limite<span class=\"_ _2\"></span>d, ReA<span class=\"_ _2\"></span>ssure Limite<span class=\"_ _2\"></span>d and </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs963\">Phoe<span class=\"_ _2\"></span>nix Life Ass<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e Limited). Of th<span class=\"_ _2\"></span>e \u00a363<span class=\"_ _2\"></span>5 million, a defe<span class=\"_ _2\"></span>rred ta<span class=\"_ _2\"></span>x asse<span class=\"_ _2\"></span>t was rec<span class=\"_ _2\"></span>ognise<span class=\"_ _2\"></span>d in resp<span class=\"_ _2\"></span>ect of \u00a36<span class=\"_ _2\"></span>23 million of loss<span class=\"_ _2\"></span>es (2022<span class=\"_ _2\"></span>:\u00a31<span class=\"_ _2\"></span>64 m<span class=\"_ _2\"></span>illion </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs964\">of loss<span class=\"_ _2\"></span>es). The rema<span class=\"_ _2\"></span>ining \u00a312 milli<span class=\"_ _2\"></span>on of gross lo<span class=\"_ _2\"></span>sses a<span class=\"_ _2\"></span>re proje<span class=\"_ _2\"></span>cted to b<span class=\"_ _2\"></span>e utilised<span class=\"_ _2\"></span>, however no va<span class=\"_ _2\"></span>lue has b<span class=\"_ _2\"></span>een at<span class=\"_ _2\"></span>tribute<span class=\"_ _2\"></span>d to these d<span class=\"_ _2\"></span>eferred ta<span class=\"_ _2\"></span>x ass<span class=\"_ _2\"></span>ets </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs965\">given th<span class=\"_ _2\"></span>e interac<span class=\"_ _2\"></span>tion with othe<span class=\"_ _2\"></span>r deduc<span class=\"_ _2\"></span>tible temp<span class=\"_ _2\"></span>orar<span class=\"_ _2\"></span>y differe<span class=\"_ _2\"></span>nces (2<span class=\"_ _2\"></span>022: \u00a31<span class=\"_ _2\"></span>58 million of lo<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>s)<span class=\"_ _5\"></span>. In 202<span class=\"_ _2\"></span>2 deferred ta<span class=\"_ _2\"></span>x ass<span class=\"_ _2\"></span>ets were n<span class=\"_ _2\"></span>ot recog<span class=\"_ _2\"></span>nised </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs966\">in resp<span class=\"_ _2\"></span>ect of the re<span class=\"_ _2\"></span>maining \u00a3<span class=\"_ _2\"></span>134 milli<span class=\"_ _2\"></span>on of losse<span class=\"_ _2\"></span>s due to the unc<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>taint<span class=\"_ _2\"></span>y of future tra<span class=\"_ _2\"></span>ding profit<span class=\"_ _2\"></span>s agains<span class=\"_ _2\"></span>t which th<span class=\"_ _2\"></span>e loss<span class=\"_ _2\"></span>es could b<span class=\"_ _2\"></span>e offs<span class=\"_ _2\"></span>et.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs967\">There i<span class=\"_ _2\"></span>s a technic<span class=\"_ _2\"></span>al mat<span class=\"_ _2\"></span>ter which i<span class=\"_ _2\"></span>s currently b<span class=\"_ _2\"></span>eing disc<span class=\"_ _2\"></span>usse<span class=\"_ _2\"></span>d with HM<span class=\"_ _2\"></span>RC in relat<span class=\"_ _2\"></span>ion to the L&amp;G in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss tra<span class=\"_ _2\"></span>nsfer to ReA<span class=\"_ _2\"></span>ssure Limite<span class=\"_ _2\"></span>d. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs968\">The<span class=\"_ _2\"></span>se discu<span class=\"_ _2\"></span>ssion<span class=\"_ _2\"></span>s are not suf<span class=\"_ _2\"></span>ficiently p<span class=\"_ _2\"></span>rogres<span class=\"_ _2\"></span>sed at th<span class=\"_ _2\"></span>is sta<span class=\"_ _2\"></span>ge for rec<span class=\"_ _2\"></span>ognition of any p<span class=\"_ _2\"></span>otential ta<span class=\"_ _2\"></span>x benefi<span class=\"_ _2\"></span>t arising<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs969\">A tax d<span class=\"_ _2\"></span>ispute with H<span class=\"_ _2\"></span>MRC in rel<span class=\"_ _2\"></span>ation to the ta<span class=\"_ _2\"></span>x treatm<span class=\"_ _2\"></span>ent of an ass<span class=\"_ _2\"></span>et formerl<span class=\"_ _2\"></span>y held by Gu<span class=\"_ _2\"></span>ardian As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e Limited (b<span class=\"_ _2\"></span>efore the busin<span class=\"_ _2\"></span>ess wa<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs96a\">tran<span class=\"_ _2\"></span>sferred to Re<span class=\"_ _2\"></span>Assure Lim<span class=\"_ _2\"></span>ited) was re<span class=\"_ _2\"></span>solved in th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d in favour of the Group<span class=\"_ _2\"></span>. The 2021 c<span class=\"_ _2\"></span>urrent ta<span class=\"_ _2\"></span>x liabilit<span class=\"_ _2\"></span>y include<span class=\"_ _2\"></span>d an acc<span class=\"_ _2\"></span>rual for th<span class=\"_ _2\"></span>e total </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs96b\">tax un<span class=\"_ _2\"></span>der disp<span class=\"_ _2\"></span>ute on the ba<span class=\"_ _2\"></span>sis that the<span class=\"_ _2\"></span>re was suf<span class=\"_ _2\"></span>ficient ris<span class=\"_ _2\"></span>k that the t<span class=\"_ _2\"></span>ax treatm<span class=\"_ _2\"></span>ent of the Group wo<span class=\"_ _2\"></span>uld not the<span class=\"_ _2\"></span>n be acc<span class=\"_ _2\"></span>epted. In 2<span class=\"_ _2\"></span>022 this ta<span class=\"_ _2\"></span>x </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs96c\">liabilit<span class=\"_ _2\"></span>y was re<span class=\"_ _2\"></span>lease<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs96d\">The Gro<span class=\"_ _2\"></span>up in conj<span class=\"_ _2\"></span>unctio<span class=\"_ _2\"></span>n with a numbe<span class=\"_ _2\"></span>r of other com<span class=\"_ _2\"></span>panies h<span class=\"_ _2\"></span>as challe<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>d HMRC<span class=\"_ _2\"></span>\u2019s positio<span class=\"_ _2\"></span>n on the corp<span class=\"_ _2\"></span>oration t<span class=\"_ _2\"></span>ax treatm<span class=\"_ _2\"></span>ent of overse<span class=\"_ _2\"></span>as </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs96e\">por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folio dividen<span class=\"_ _2\"></span>ds from comp<span class=\"_ _2\"></span>anies resi<span class=\"_ _2\"></span>dent in the EU (<span class=\"_ _2\"></span>\u2018EU divid<span class=\"_ _2\"></span>ends\u2019<span class=\"_ _2\"></span>) using a Group Li<span class=\"_ _2\"></span>tigation O<span class=\"_ _2\"></span>rder (\u2018G<span class=\"_ _2\"></span>L<span class=\"_ _7\"></span>O<span class=\"_ _2\"></span>\u2019). The is<span class=\"_ _2\"></span>sue rel<span class=\"_ _2\"></span>ates to whethe<span class=\"_ _2\"></span>r the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs96f\">UK t<span class=\"_ _2\"></span>ax rules<span class=\"_ _2\"></span>, which t<span class=\"_ _2\"></span>axed EU divi<span class=\"_ _2\"></span>dends re<span class=\"_ _2\"></span>ceived p<span class=\"_ _2\"></span>rior to 1 July 20<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9, was cont<span class=\"_ _2\"></span>rar<span class=\"_ _2\"></span>y to EU law given that di<span class=\"_ _2\"></span>vidends re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d from UK co<span class=\"_ _2\"></span>mpanie<span class=\"_ _2\"></span>s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs970\">were exempt fro<span class=\"_ _2\"></span>m tax<span class=\"_ _2\"></span>. In 20<span class=\"_ _2\"></span>09 UK t<span class=\"_ _2\"></span>ax law wa<span class=\"_ _2\"></span>s chang<span class=\"_ _2\"></span>ed with b<span class=\"_ _2\"></span>oth oversea<span class=\"_ _2\"></span>s and UK di<span class=\"_ _2\"></span>vidends b<span class=\"_ _2\"></span>eing tre<span class=\"_ _2\"></span>ated as exempt fro<span class=\"_ _2\"></span>m corpor<span class=\"_ _2\"></span>ation ta<span class=\"_ _2\"></span>x.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs971\">In July 2<span class=\"_ _2\"></span>018<span class=\"_ _2\"></span>, the S<span class=\"_ _2\"></span>upreme C<span class=\"_ _2\"></span>our<span class=\"_ _2\"></span>t conclu<span class=\"_ _2\"></span>ded in favour of the t<span class=\"_ _2\"></span>ax payer an<span class=\"_ _2\"></span>d a tax b<span class=\"_ _2\"></span>enefit of \u00a31<span class=\"_ _2\"></span>3 million was re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed at the e<span class=\"_ _2\"></span>nd of 2018 in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs972\">relatio<span class=\"_ _2\"></span>n to enhanc<span class=\"_ _2\"></span>ed do<span class=\"_ _2\"></span>uble tax re<span class=\"_ _2\"></span>lief claims whi<span class=\"_ _2\"></span>ch the Group i<span class=\"_ _2\"></span>s entitled to in a<span class=\"_ _2\"></span>ccord<span class=\"_ _2\"></span>ance with th<span class=\"_ _2\"></span>e Cour<span class=\"_ _2\"></span>t jud<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt. As a res<span class=\"_ _2\"></span>ult of the insur<span class=\"_ _2\"></span>ance </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs973\">busin<span class=\"_ _2\"></span>ess tr<span class=\"_ _2\"></span>ansfer fro<span class=\"_ _2\"></span>m Legal an<span class=\"_ _2\"></span>d Gene<span class=\"_ _2\"></span>ral As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e Soci<span class=\"_ _2\"></span>ety dur<span class=\"_ _2\"></span>ing YE20<span class=\"_ _2\"></span>, the tax ref<span class=\"_ _2\"></span>und for the b<span class=\"_ _2\"></span>enefit of the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s with-p<span class=\"_ _2\"></span>rofit and unit </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs974\">linked fund<span class=\"_ _2\"></span>s increas<span class=\"_ _2\"></span>ed to \u00a345 million an<span class=\"_ _2\"></span>d \u00a323 million re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>tively. In the ca<span class=\"_ _2\"></span>se of the with-<span class=\"_ _2\"></span>profit funds th<span class=\"_ _2\"></span>ere was an in<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in unalloc<span class=\"_ _2\"></span>ated surpl<span class=\"_ _2\"></span>us </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs975\">and for th<span class=\"_ _2\"></span>e unit linked funds t<span class=\"_ _2\"></span>here was a c<span class=\"_ _2\"></span>orrespo<span class=\"_ _2\"></span>nding inc<span class=\"_ _2\"></span>rease in inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities a<span class=\"_ _2\"></span>s a result of the re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>tion of the ta<span class=\"_ _2\"></span>x asset<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span> </div>In Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 2020, H<span class=\"_ _2\"></span>MRC is<span class=\"_ _2\"></span>sued a c<span class=\"_ _2\"></span>ommunic<span class=\"_ _2\"></span>ation to ta<span class=\"_ _2\"></span>xpayers wh<span class=\"_ _2\"></span>o are affe<span class=\"_ _2\"></span>cted by th<span class=\"_ _2\"></span>e dividend G<span class=\"_ _2\"></span>L<span class=\"_ _7\"></span>O b<span class=\"_ _2\"></span>ut are not direc<span class=\"_ _2\"></span>t par<span class=\"_ _2\"></span>ticipant<span class=\"_ _2\"></span>s of it, set<span class=\"_ _2\"></span>ting<span class=\"_ gs132\"> </span>ou<span class=\"_ _2\"></span>t HMR<span class=\"_ _2\"></span>C\u2019s intende<span class=\"_ _2\"></span>d approac<span class=\"_ _2\"></span>h to set<span class=\"_ _2\"></span>tling enq<span class=\"_ _2\"></span>uiries into the am<span class=\"_ _2\"></span>ount of double t<span class=\"_ _2\"></span>ax relief availa<span class=\"_ _2\"></span>ble for sta<span class=\"_ _2\"></span>tutor<span class=\"_ _2\"></span>y protect<span class=\"_ _2\"></span>ive or other cla<span class=\"_ _2\"></span>ims. The Gro<span class=\"_ _2\"></span>up has be<span class=\"_ _2\"></span>en disc<span class=\"_ _2\"></span>ussin<span class=\"_ _2\"></span>g the claim<span class=\"_ _2\"></span>s with HM<span class=\"_ _2\"></span>RC during th<span class=\"_ _2\"></span>e cours<span class=\"_ _2\"></span>e of 2022 and 20<span class=\"_ _2\"></span>23, b<span class=\"_ _2\"></span>ut due to the sig<span class=\"_ _2\"></span>nificant n<span class=\"_ _2\"></span>umber of ca<span class=\"_ _2\"></span>ses an<span class=\"_ _2\"></span>d years affe<span class=\"_ _2\"></span>cted<span class=\"_ _2\"></span>, no amo<span class=\"_ _2\"></span>unts have as yet be<span class=\"_ _2\"></span>en repa<span class=\"_ _2\"></span>id. The leve<span class=\"_ _2\"></span>l of tax refund e<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted is curre<span class=\"_ _2\"></span>ntly unch<span class=\"_ _2\"></span>ange<span class=\"_ _2\"></span>d as at the en<span class=\"_ _2\"></span>d of 2023.<span class=\"_ _3bc\"> </span>Som<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>nies of the Gro<span class=\"_ _2\"></span>up were late joine<span class=\"_ _2\"></span>rs or not m<span class=\"_ _2\"></span>ember<span class=\"_ _2\"></span>s of the GLO but have mad<span class=\"_ _2\"></span>e statu<span class=\"_ _2\"></span>tory p<span class=\"_ _2\"></span>rotective ta<span class=\"_ _2\"></span>x claims tot<span class=\"_ _2\"></span>alling circ<span class=\"_ _2\"></span>a \u00a314 millio<span class=\"_ _2\"></span>n for the ben<span class=\"_ _2\"></span>efit of unit linked life funds b<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on the Sup<span class=\"_ _2\"></span>reme Co<span class=\"_ _2\"></span>urt de<span class=\"_ _2\"></span>cision<span class=\"_ _2\"></span>. HMR<span class=\"_ _2\"></span>C has ch<span class=\"_ _2\"></span>alleng<span class=\"_ _2\"></span>ed the validi<span class=\"_ _2\"></span>ty of suc<span class=\"_ _2\"></span>h claims an<span class=\"_ _2\"></span>d is current<span class=\"_ _2\"></span>ly consi<span class=\"_ _2\"></span>dering fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r tax litig<span class=\"_ _2\"></span>ation in this are<span class=\"_ _2\"></span>a again<span class=\"_ _2\"></span>st other t<span class=\"_ _2\"></span>hird par<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. Some pro<span class=\"_ _2\"></span>gres<span class=\"_ _2\"></span>s through t<span class=\"_ _2\"></span>he cour<span class=\"_ _2\"></span>ts h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n made in th<span class=\"_ _2\"></span>e cours<span class=\"_ _2\"></span>e of 2022 an<span class=\"_ _2\"></span>d 2023<span class=\"_ _2\"></span>, but it is exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d that the lit<span class=\"_ _2\"></span>igation will c<span class=\"_ _2\"></span>ontinue to run<span class=\"_ _2\"></span>. Due to the un<span class=\"_ _2\"></span>cer<span class=\"_ _2\"></span>taint<span class=\"_ _2\"></span>y aroun<span class=\"_ _2\"></span>d the potentia<span class=\"_ _2\"></span>l succe<span class=\"_ _2\"></span>ss of the cl<span class=\"_ _2\"></span>aims a tax as<span class=\"_ _2\"></span>set has n<span class=\"_ _2\"></span>ot been re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of these c<span class=\"_ _2\"></span>laims<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is continu<span class=\"_ _2\"></span>ing to monitor de<span class=\"_ _2\"></span>velopme<span class=\"_ _2\"></span>nts in relatio<span class=\"_ _2\"></span>n to the G20<span class=\"_ _2\"></span>-O<span class=\"_ _2\"></span>ECD Incl<span class=\"_ _2\"></span>usive Framework \u201c<span class=\"_ _2\"></span>Pillar T<span class=\"_ _7\"></span>wo\u201d rul<span class=\"_ _2\"></span>es, a<span class=\"_ _2\"></span>s the Group exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ts to be with<span class=\"_ _2\"></span>in the scop<span class=\"_ _2\"></span>e of the rule<span class=\"_ _2\"></span>s from 1 Janua<span class=\"_ _2\"></span>ry 20<span class=\"_ _2\"></span>2<span class=\"_ _7\"></span>4<span class=\"_ _2\"></span>. Broadl<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>ese rul<span class=\"_ _2\"></span>es see<span class=\"_ _2\"></span>k to ensure th<span class=\"_ _2\"></span>at, on a juri<span class=\"_ _2\"></span>sdictio<span class=\"_ _2\"></span>n-by-juris<span class=\"_ _2\"></span>diction b<span class=\"_ _2\"></span>asis<span class=\"_ _2\"></span>, large multin<span class=\"_ _2\"></span>ational ente<span class=\"_ _2\"></span>rprise<span class=\"_ _2\"></span>s pay a minimum ta<span class=\"_ _2\"></span>x rate of 15% on worl<span class=\"_ _2\"></span>dwide profit<span class=\"_ _2\"></span>s arising af<span class=\"_ _2\"></span>ter 31 D<span class=\"_ _2\"></span>ecemb<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up also n<span class=\"_ _2\"></span>otes the ena<span class=\"_ _2\"></span>ctme<span class=\"_ _2\"></span>nt of legisla<span class=\"_ _2\"></span>tion in Berm<span class=\"_ _2\"></span>uda in De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023 whic<span class=\"_ _2\"></span>h introduce<span class=\"_ _2\"></span>d a Corp<span class=\"_ _2\"></span>orate Inc<span class=\"_ _2\"></span>ome T<span class=\"_ _7\"></span>ax w<span class=\"_ _2\"></span>ith a headlin<span class=\"_ _2\"></span>e rate of 15% ef<span class=\"_ _2\"></span>fective fro<span class=\"_ _2\"></span>m 1 Januar<span class=\"_ _2\"></span>y 202<span class=\"_ _2\"></span>5. This le<span class=\"_ _2\"></span>gislat<span class=\"_ _2\"></span>ion is expe<span class=\"_ _2\"></span>cted to ap<span class=\"_ _2\"></span>ply to the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s lo<span class=\"_ _2\"></span>cal B<span class=\"_ _2\"></span>ermudian o<span class=\"_ _2\"></span>perati<span class=\"_ _2\"></span>ons. Gi<span class=\"_ _2\"></span>ven the curre<span class=\"_ _2\"></span>nt siz<span class=\"_ _5\"></span>e of loc<span class=\"_ _2\"></span>al oper<span class=\"_ _2\"></span>ations<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up does not ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t the imme<span class=\"_ _2\"></span>diate impac<span class=\"_ _2\"></span>t to be mater<span class=\"_ _2\"></span>ial.<span class=\"_ _3bc\"> </span>As at yea<span class=\"_ _2\"></span>r end 2023<span class=\"_ _2\"></span>, the m<span class=\"_ _2\"></span>ain other overs<span class=\"_ _2\"></span>eas jur<span class=\"_ _2\"></span>isdicti<span class=\"_ _2\"></span>ons where we op<span class=\"_ _2\"></span>erate an<span class=\"_ _2\"></span>d which have en<span class=\"_ _2\"></span>acted l<span class=\"_ _2\"></span>ocal Pilla<span class=\"_ _2\"></span>r T<span class=\"_ _6\"></span>wo le<span class=\"_ _2\"></span>gislat<span class=\"_ _2\"></span>ion are Germ<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>, Irela<span class=\"_ _2\"></span>nd, Luxemb<span class=\"_ _2\"></span>ourg, t<span class=\"_ _2\"></span>he Nethe<span class=\"_ _2\"></span>rlands a<span class=\"_ _2\"></span>nd the Unite<span class=\"_ _2\"></span>d Kingdo<span class=\"_ _2\"></span>m.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up is continu<span class=\"_ _2\"></span>ing to ass<span class=\"_ _2\"></span>ess th<span class=\"_ _2\"></span>e impact of th<span class=\"_ _2\"></span>e Pillar T<span class=\"_ _7\"></span>wo inco<span class=\"_ _2\"></span>me taxe<span class=\"_ _2\"></span>s legis<span class=\"_ _2\"></span>lation on it<span class=\"_ _2\"></span>s future fina<span class=\"_ _2\"></span>ncial pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance. B<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d on the work comp<span class=\"_ _2\"></span>leted to date on m<span class=\"_ _2\"></span>ost re<span class=\"_ _2\"></span>cent his<span class=\"_ _2\"></span>torical fin<span class=\"_ _2\"></span>ancial inform<span class=\"_ _2\"></span>ation, th<span class=\"_ _2\"></span>e Group do<span class=\"_ _2\"></span>es not expe<span class=\"_ _2\"></span>ct a ma<span class=\"_ _2\"></span>terial expo<span class=\"_ _2\"></span>sure to Pillar T<span class=\"_ _7\"></span>wo inc<span class=\"_ _2\"></span>ome ta<span class=\"_ _2\"></span>xes. Non<span class=\"_ _2\"></span>ethele<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, the Group note<span class=\"_ _2\"></span>s that the Pilla<span class=\"_ _2\"></span>r T<span class=\"_ _6\"></span>wo in<span class=\"_ _2\"></span>come ta<span class=\"_ _2\"></span>xes leg<span class=\"_ _2\"></span>islation is ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted to contin<span class=\"_ _2\"></span>ue developin<span class=\"_ _2\"></span>g, the r<span class=\"_ _2\"></span>ules are inhe<span class=\"_ _2\"></span>rently co<span class=\"_ _2\"></span>mplex and c<span class=\"_ _2\"></span>an potentiall<span class=\"_ _2\"></span>y lead to arb<span class=\"_ _2\"></span>itrar<span class=\"_ _2\"></span>y outcom<span class=\"_ _2\"></span>es. Fur<span class=\"_ _2\"></span>ther t<span class=\"_ _2\"></span>hat histor<span class=\"_ _2\"></span>ical fina<span class=\"_ _2\"></span>ncial pe<span class=\"_ _2\"></span>rform<span class=\"_ _2\"></span>ance is n<span class=\"_ _2\"></span>ot nece<span class=\"_ _2\"></span>ssar<span class=\"_ _2\"></span>ily indica<span class=\"_ _2\"></span>tive of future pe<span class=\"_ _2\"></span>rforma<span class=\"_ _2\"></span>nce, so the a<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l impac<span class=\"_ _2\"></span>t that the Pillar T<span class=\"_ _5\"></span>wo inco<span class=\"_ _2\"></span>me taxe<span class=\"_ _2\"></span>s legisl<span class=\"_ _2\"></span>ation may have on th<span class=\"_ _2\"></span>e Group\u2019s future finan<span class=\"_ _2\"></span>cial pe<span class=\"_ _2\"></span>rforma<span class=\"_ _2\"></span>nce may b<span class=\"_ _2\"></span>e differe<span class=\"_ _2\"></span>nt from<span class=\"_ gs132\"> </span>exp<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ations<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-725": {
   "value": "Deferre<span class=\"_ _2\"></span>d tax is p<span class=\"_ _2\"></span>rovided for on te<span class=\"_ _2\"></span>mporar<span class=\"_ _2\"></span>y dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mounts of as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and liabiliti<span class=\"_ _2\"></span>es for finan<span class=\"_ _2\"></span>cial repo<span class=\"_ _2\"></span>rting p<span class=\"_ _2\"></span>urpos<span class=\"_ _2\"></span>es and th<span class=\"_ _2\"></span>e amount<span class=\"_ _2\"></span>s used for t<span class=\"_ _2\"></span>axation p<span class=\"_ _2\"></span>urpose<span class=\"_ _2\"></span>s. Defe<span class=\"_ _2\"></span>rred ta<span class=\"_ _2\"></span>x is not provide<span class=\"_ _2\"></span>d in respe<span class=\"_ _2\"></span>ct of temp<span class=\"_ _2\"></span>orar<span class=\"_ _2\"></span>y differe<span class=\"_ _2\"></span>nces a<span class=\"_ _2\"></span>rising from th<span class=\"_ _2\"></span>e initial rec<span class=\"_ _2\"></span>ognition of g<span class=\"_ _2\"></span>oodwill a<span class=\"_ _2\"></span>nd the initia<span class=\"_ _2\"></span>l recog<span class=\"_ _2\"></span>nition of as<span class=\"_ _2\"></span>sets or li<span class=\"_ _2\"></span>abilities in a tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion that is n<span class=\"_ _2\"></span>ot a busine<span class=\"_ _2\"></span>ss com<span class=\"_ _2\"></span>bination an<span class=\"_ _2\"></span>d that, at t<span class=\"_ _2\"></span>he time of the tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion, af<span class=\"_ _2\"></span>fect<span class=\"_ _2\"></span>s neith<span class=\"_ _2\"></span>er acc<span class=\"_ _2\"></span>ounting no<span class=\"_ _2\"></span>r taxabl<span class=\"_ _2\"></span>e profit. Th<span class=\"_ _2\"></span>e amount of deferre<span class=\"_ _2\"></span>d tax p<span class=\"_ _2\"></span>rovided is ba<span class=\"_ _2\"></span>sed on t<span class=\"_ _2\"></span>he expe<span class=\"_ _2\"></span>cted m<span class=\"_ _2\"></span>anner of realis<span class=\"_ _2\"></span>ation or se<span class=\"_ _2\"></span>ttle<span class=\"_ _2\"></span>ment of the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of asset<span class=\"_ _2\"></span>s and liabilit<span class=\"_ _2\"></span>ies, u<span class=\"_ _2\"></span>sing ta<span class=\"_ _2\"></span>x rates and l<span class=\"_ _2\"></span>aws enac<span class=\"_ _2\"></span>ted or sub<span class=\"_ _2\"></span>stanti<span class=\"_ _2\"></span>vely ena<span class=\"_ _2\"></span>cted at the peri<span class=\"_ _5\"></span>od end.<span class=\"_ _3bc\"> </span>A deferre<span class=\"_ _2\"></span>d tax as<span class=\"_ _2\"></span>set is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed onl<span class=\"_ _2\"></span>y to the ex<span class=\"_ _2\"></span>tent that it is prob<span class=\"_ _2\"></span>able tha<span class=\"_ _2\"></span>t future ta<span class=\"_ _2\"></span>xable profit<span class=\"_ _2\"></span>s will be availab<span class=\"_ _2\"></span>le again<span class=\"_ _2\"></span>st which t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>et can be utilis<span class=\"_ _2\"></span>ed. D<span class=\"_ _2\"></span>eferred ta<span class=\"_ _2\"></span>x ass<span class=\"_ _2\"></span>ets are re<span class=\"_ _2\"></span>duce<span class=\"_ _2\"></span>d to the exte<span class=\"_ _2\"></span>nt that it is no lo<span class=\"_ _2\"></span>nger p<span class=\"_ _2\"></span>robable th<span class=\"_ _2\"></span>at the relate<span class=\"_ _2\"></span>d tax b<span class=\"_ _2\"></span>enefit will b<span class=\"_ _2\"></span>e realise<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-663": {
   "value": "G9<span class=\"_ _2\"></span>. Leas<span class=\"_ _2\"></span>e Liabil<span class=\"_ _2\"></span>ities<span class=\"_ _3bc\"> </span>The le<span class=\"_ _2\"></span>ase liabili<span class=\"_ _2\"></span>ty is ini<span class=\"_ _2\"></span>tially me<span class=\"_ _2\"></span>asured at th<span class=\"_ _2\"></span>e prese<span class=\"_ _2\"></span>nt value of the le<span class=\"_ _2\"></span>ase payme<span class=\"_ _2\"></span>nts that a<span class=\"_ _2\"></span>re not paid at th<span class=\"_ _2\"></span>e comme<span class=\"_ _2\"></span>ncem<span class=\"_ _2\"></span>ent date, dis<span class=\"_ _2\"></span>counted using th<span class=\"_ _2\"></span>e Group\u2019s increme<span class=\"_ _2\"></span>ntal bor<span class=\"_ _2\"></span>rowing rate as th<span class=\"_ _2\"></span>e interest r<span class=\"_ _2\"></span>ate implicit in the l<span class=\"_ _2\"></span>ease c<span class=\"_ _2\"></span>annot be re<span class=\"_ _2\"></span>adily dete<span class=\"_ _2\"></span>rmined<span class=\"_ _2\"></span>. For ground re<span class=\"_ _2\"></span>nt lease<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e incre<span class=\"_ _2\"></span>mental b<span class=\"_ _2\"></span>orrowing ra<span class=\"_ _2\"></span>te of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment fun<span class=\"_ _2\"></span>ds holding t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>ociate<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt proper<span class=\"_ _2\"></span>ties is u<span class=\"_ _2\"></span>sed as th<span class=\"_ _2\"></span>e disco<span class=\"_ _2\"></span>unt rate. The le<span class=\"_ _2\"></span>ase liab<span class=\"_ _2\"></span>ility is subs<span class=\"_ _2\"></span>equentl<span class=\"_ _2\"></span>y increa<span class=\"_ _2\"></span>sed by the inte<span class=\"_ _2\"></span>rest co<span class=\"_ _2\"></span>st on the l<span class=\"_ _2\"></span>ease lia<span class=\"_ _2\"></span>bility a<span class=\"_ _2\"></span>nd decre<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d by lease p<span class=\"_ _2\"></span>ayment<span class=\"_ _2\"></span>s made. It i<span class=\"_ _2\"></span>s remea<span class=\"_ _2\"></span>sured whe<span class=\"_ _2\"></span>n there is a chan<span class=\"_ _2\"></span>ge in fut<span class=\"_ _2\"></span>ure lease p<span class=\"_ _2\"></span>ayment<span class=\"_ _2\"></span>s arising from<span class=\"_ _2\"></span>, for exampl<span class=\"_ _2\"></span>e, rent review<span class=\"_ _2\"></span>s or from chan<span class=\"_ _2\"></span>ges in th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ssme<span class=\"_ _2\"></span>nt of whether a te<span class=\"_ _2\"></span>rmination o<span class=\"_ _2\"></span>ption is reas<span class=\"_ _2\"></span>onably c<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>tain not to be exe<span class=\"_ _2\"></span>rcised<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up has applie<span class=\"_ _2\"></span>d judg<span class=\"_ _2\"></span>ement to de<span class=\"_ _2\"></span>termine the l<span class=\"_ _2\"></span>ease ter<span class=\"_ _2\"></span>m for some le<span class=\"_ _2\"></span>ase cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s with break clauses<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><table class=\"s w5b2 h323\" id=\"_8e6d8ab2-3860-43cf-a969-351a16d443c6\"><tr><td></td><td class=\"t m0 x916 h3f y5d5b ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h16 y5d5b ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x2c5 h3f y5d5c ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5d5c ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5774 w3fa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">At 1 Janua<span class=\"_ _2\"></span>ry<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x756 y5774 w59c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsdc wsc7\">92<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cc0 y5774 w17e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">99<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5898 wa46 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Leas<span class=\"_ _2\"></span>es ince<span class=\"_ _2\"></span>pted during th<span class=\"_ _2\"></span>e year<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a4 y5898 wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6ca y5898 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5775 wa47 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>ermin<span class=\"_ _2\"></span>ation of leas<span class=\"_ _2\"></span>es following t<span class=\"_ _2\"></span>he dispos<span class=\"_ _2\"></span>al of ass<span class=\"_ _2\"></span>ociate<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt proper<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cc1 y5775 w8d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls101 wsa1\">(7)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1393 y5775 wa48 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(<span class=\"_ _2\"></span>4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y57ab wa49 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Inter<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>t e<span class=\"_ _5\"></span>xpense<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cc2 y57ab wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cc3 y57ab wb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5746 wa4a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls68 ws5c\">Lease pa<span class=\"_ _5\"></span>yments<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x468 y5746 w1fc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(14)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x349 y5746 w1fd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">(14)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5899 wa4b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Reme<span class=\"_ _2\"></span>asurem<span class=\"_ _2\"></span>ent of leas<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cc4 y5899 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x427 y5899 w158 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d wa4c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1a ws0\">At 3<span class=\"_ _7\"></span>1 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cc5 y561d w17d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls18c ws172\">74<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe45 y561d w13f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">92<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee wa4d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt due within t<span class=\"_ _2\"></span>welve month<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5a4 y55ee wb5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cc6 y55ee w307 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls5d ws1c0\">11<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wa4e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt due afte<span class=\"_ _2\"></span>r twelve m<span class=\"_ _2\"></span>onths<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x220 y55ef w1df h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls47 ws19d\">65<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x564 y55ef wa4f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">81<span class=\"_ _3bc\"> </span></div></td></tr></table>Det<span class=\"_ _2\"></span>ails of the relate<span class=\"_ _2\"></span>d right-of-use a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s are inclu<span class=\"_ _2\"></span>ded in notes G3 a<span class=\"_ _2\"></span>nd G4",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-711": {
   "value": "<div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs98f\">The le<span class=\"_ _2\"></span>ase liabili<span class=\"_ _2\"></span>ty is ini<span class=\"_ _2\"></span>tially me<span class=\"_ _2\"></span>asured at th<span class=\"_ _2\"></span>e prese<span class=\"_ _2\"></span>nt value of the le<span class=\"_ _2\"></span>ase payme<span class=\"_ _2\"></span>nts that a<span class=\"_ _2\"></span>re not paid at th<span class=\"_ _2\"></span>e comme<span class=\"_ _2\"></span>ncem<span class=\"_ _2\"></span>ent date, dis<span class=\"_ _2\"></span>counted </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs990\">using th<span class=\"_ _2\"></span>e Group\u2019s increme<span class=\"_ _2\"></span>ntal bor<span class=\"_ _2\"></span>rowing rate as th<span class=\"_ _2\"></span>e interest r<span class=\"_ _2\"></span>ate implicit in the l<span class=\"_ _2\"></span>ease c<span class=\"_ _2\"></span>annot be re<span class=\"_ _2\"></span>adily dete<span class=\"_ _2\"></span>rmined<span class=\"_ _2\"></span>. For ground re<span class=\"_ _2\"></span>nt lease<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs991\">incre<span class=\"_ _2\"></span>mental b<span class=\"_ _2\"></span>orrowing ra<span class=\"_ _2\"></span>te of in<span class=\"_ _5\"></span>ves<span class=\"_ _2\"></span>tment fun<span class=\"_ _2\"></span>ds holding t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>ociate<span class=\"_ _2\"></span>d investme<span class=\"_ _2\"></span>nt proper<span class=\"_ _2\"></span>ties is u<span class=\"_ _2\"></span>sed as th<span class=\"_ _2\"></span>e disco<span class=\"_ _2\"></span>unt rate. The le<span class=\"_ _2\"></span>ase liab<span class=\"_ _2\"></span>ility is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs992\">subs<span class=\"_ _2\"></span>equentl<span class=\"_ _2\"></span>y increa<span class=\"_ _2\"></span>sed by the inte<span class=\"_ _2\"></span>rest co<span class=\"_ _2\"></span>st on the l<span class=\"_ _2\"></span>ease lia<span class=\"_ _2\"></span>bility a<span class=\"_ _2\"></span>nd decre<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>d by lease p<span class=\"_ _2\"></span>ayment<span class=\"_ _2\"></span>s made. It i<span class=\"_ _2\"></span>s remea<span class=\"_ _2\"></span>sured whe<span class=\"_ _2\"></span>n there is a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs993\">chan<span class=\"_ _2\"></span>ge in fut<span class=\"_ _2\"></span>ure lease p<span class=\"_ _2\"></span>ayment<span class=\"_ _2\"></span>s arising from<span class=\"_ _2\"></span>, for exampl<span class=\"_ _2\"></span>e, rent review<span class=\"_ _2\"></span>s or from chan<span class=\"_ _2\"></span>ges in th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ssme<span class=\"_ _2\"></span>nt of whether a te<span class=\"_ _2\"></span>rmination o<span class=\"_ _2\"></span>ption is </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs994\">reas<span class=\"_ _2\"></span>onably c<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>tain not to be exe<span class=\"_ _2\"></span>rcised<span class=\"_ _2\"></span>. The Gro<span class=\"_ _2\"></span>up has applie<span class=\"_ _2\"></span>d judg<span class=\"_ _2\"></span>ement to de<span class=\"_ _2\"></span>termine the l<span class=\"_ _2\"></span>ease ter<span class=\"_ _2\"></span>m for some le<span class=\"_ _2\"></span>ase cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>s with </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls18 ws16 gs995\">break clauses<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-629": {
   "value": "G10<span class=\"_ _2\"></span>. Accr<span class=\"_ _2\"></span>uals an<span class=\"_ _2\"></span>d defer<span class=\"_ _2\"></span>red in<span class=\"_ _2\"></span>come<span class=\"_ _3bc\"> </span>This note a<span class=\"_ _2\"></span>nalyse<span class=\"_ _2\"></span>s the Group\u2019s acc<span class=\"_ _2\"></span>ruals an<span class=\"_ _2\"></span>d deferred inc<span class=\"_ _2\"></span>ome at the e<span class=\"_ _2\"></span>nd of the year.<span class=\"_ _3bc\"> </span>2023 \u00a3m<span class=\"_ _3bc\"> </span><table class=\"s wa50 h324\" id=\"_0c587f5c-c968-4e88-b654-6286406f664e\"><tr><td></td><td></td><td class=\"t m0 x23e h16 y5d5d ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x23f h16 y5d5e ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x2c6 h16 y5d5f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5781 wa51 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Accruals<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cc7 y5781 w1b7 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c4 ws1c4\">545<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cc8 y5781 w7fc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls2d ws53\">47<span class=\"_ _2\"></span>6<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5782 wa52 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cc9 y5782 w51c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsb3 wsf4\">34<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f0 y5782 w61 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a8 ws19f\">10<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b8 wa53 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Accr<span class=\"_ _2\"></span>uals and d<span class=\"_ _2\"></span>eferred inc<span class=\"_ _2\"></span>ome incl<span class=\"_ _2\"></span>uding amo<span class=\"_ _2\"></span>unts cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as held for s<span class=\"_ _2\"></span>ale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x78d y56b8 w59 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">57<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x15bd y56b8 w72d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bd ws1bc\">581<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b9 wa54 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws0\">Less a<span class=\"_ _2\"></span>mount<span class=\"_ _2\"></span>s class<span class=\"_ _2\"></span>ified as h<span class=\"_ _2\"></span>eld for sal<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cca y56b9 w109 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ccb y56b9 w65c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56e9 w3fe h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x190c y56e9 w91 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">579<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ccc y56e9 w119 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c3 ws1c3\">544<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w5b0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt due for set<span class=\"_ _2\"></span>tleme<span class=\"_ _2\"></span>nt after 1<span class=\"_ _2\"></span>2 months<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ccd y55ef w1bc h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b4 ws1b3\">42<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cce y55ef w137 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b6 ws1b5\">35<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1  <span class=\"_ _2f\"> </span>Pri<span class=\"_ _2\"></span>or pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arati<span class=\"_ _2\"></span>ves ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tra<span class=\"_ _2\"></span>nsit<span class=\"_ _2\"></span>ion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>etai<span class=\"_ _2\"></span>ls",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-664": {
   "value": "G11. Other pay<span class=\"_ _5\"></span>ables<span class=\"_ _3bc\"> </span>Oth<span class=\"_ _2\"></span>er payable<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d when du<span class=\"_ _2\"></span>e and are me<span class=\"_ _2\"></span>asured o<span class=\"_ _2\"></span>n initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n at the fair valu<span class=\"_ _2\"></span>e of the consi<span class=\"_ _2\"></span>deration p<span class=\"_ _2\"></span>ayable. S<span class=\"_ _2\"></span>ubseq<span class=\"_ _2\"></span>uent to initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition, th<span class=\"_ _2\"></span>ese payab<span class=\"_ _2\"></span>les are me<span class=\"_ _2\"></span>asured a<span class=\"_ _2\"></span>t amor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost us<span class=\"_ _2\"></span>ing the ef<span class=\"_ _2\"></span>fective intere<span class=\"_ _2\"></span>st rate m<span class=\"_ _2\"></span>ethod<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>2023 \u00a3m<span class=\"_ _3bc\"> </span><table class=\"s wa55 h325\" id=\"_83498484-d7c2-4718-925d-601a002936da\"><tr><td></td><td></td><td class=\"t m0 x1e4 h16 y5d60 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x1e5 h16 y5d61 ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x263 h16 y5d62 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ea wa16 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Investment brok<span class=\"_ _5\"></span>er balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ccf y55ea w29d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">7<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cd0 y55ea w115 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">51<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55eb wa56 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y relate<span class=\"_ _2\"></span>d payables<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d6 y55eb w2f7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cd1 y55eb w13f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">53<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b8 wa57 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment ma<span class=\"_ _5\"></span>nagement f<span class=\"_ _5\"></span>ees<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cd2 y56b8 w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cd3 y56b8 w8d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">48<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d63 w181 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other paya<span class=\"_ _5\"></span>bles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x926 y5d63 w4f9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>478<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63e y5d63 w655 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c6 ws1c6\">759<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5738 w3fe h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cd4 y5738 w651 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cd5 y5738 w633 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>373<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w5b0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt due for set<span class=\"_ _2\"></span>tleme<span class=\"_ _2\"></span>nt after 1<span class=\"_ _2\"></span>2 months<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cd6 y55ef w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cd7 y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span> Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.1 fo<span class=\"_ _2\"></span>r fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>ils)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-630": {
   "value": "G11. Other pay<span class=\"_ _5\"></span>ables<span class=\"_ _3bc\"> </span>Oth<span class=\"_ _2\"></span>er payable<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d when du<span class=\"_ _2\"></span>e and are me<span class=\"_ _2\"></span>asured o<span class=\"_ _2\"></span>n initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n at the fair valu<span class=\"_ _2\"></span>e of the consi<span class=\"_ _2\"></span>deration p<span class=\"_ _2\"></span>ayable. S<span class=\"_ _2\"></span>ubseq<span class=\"_ _2\"></span>uent to initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition, th<span class=\"_ _2\"></span>ese payab<span class=\"_ _2\"></span>les are me<span class=\"_ _2\"></span>asured a<span class=\"_ _2\"></span>t amor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost us<span class=\"_ _2\"></span>ing the ef<span class=\"_ _2\"></span>fective intere<span class=\"_ _2\"></span>st rate m<span class=\"_ _2\"></span>ethod<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>2023 \u00a3m<span class=\"_ _3bc\"> </span><table class=\"s wa55 h325\" id=\"_83498484-d7c2-4718-925d-601a002936da\"><tr><td></td><td></td><td class=\"t m0 x1e4 h16 y5d60 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x1e5 h16 y5d61 ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x263 h16 y5d62 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y55ea wa16 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Investment brok<span class=\"_ _5\"></span>er balances<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ccf y55ea w29d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">7<span class=\"_ _2\"></span>27<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cd0 y55ea w115 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b7 ws1b6\">51<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55eb wa56 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y relate<span class=\"_ _2\"></span>d payables<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6d6 y55eb w2f7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cd1 y55eb w13f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls96 ws8c\">53<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56b8 wa57 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment ma<span class=\"_ _5\"></span>nagement f<span class=\"_ _5\"></span>ees<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cd2 y56b8 w132 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls71 ws1a9\">16<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cd3 y56b8 w8d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsa9 ws1aa\">48<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d63 w181 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Other paya<span class=\"_ _5\"></span>bles<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x926 y5d63 w4f9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1cb ws1cc\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>478<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x63e y5d63 w655 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c6 ws1c6\">759<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5738 w3fe h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">At 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cd4 y5738 w651 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ae ws1a7\">2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cd5 y5738 w633 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>373<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w5b0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Amo<span class=\"_ _2\"></span>unt due for set<span class=\"_ _2\"></span>tleme<span class=\"_ _2\"></span>nt after 1<span class=\"_ _2\"></span>2 months<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cd6 y55ef w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cd7 y55ef w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1 <span class=\"_ _b3\"> </span> Pr<span class=\"_ _2\"></span>ior pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arat<span class=\"_ _2\"></span>ives ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tr<span class=\"_ _2\"></span>ansi<span class=\"_ _2\"></span>tion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee not<span class=\"_ _2\"></span>e A2.1 fo<span class=\"_ _2\"></span>r fur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>ils)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-713": {
   "value": "Oth<span class=\"_ _2\"></span>er payable<span class=\"_ _2\"></span>s are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d when du<span class=\"_ _2\"></span>e and are me<span class=\"_ _2\"></span>asured o<span class=\"_ _2\"></span>n initial rec<span class=\"_ _2\"></span>ognitio<span class=\"_ _2\"></span>n at the fair valu<span class=\"_ _2\"></span>e of the consi<span class=\"_ _2\"></span>deration p<span class=\"_ _2\"></span>ayable. S<span class=\"_ _2\"></span>ubseq<span class=\"_ _2\"></span>uent to initial re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ition, th<span class=\"_ _2\"></span>ese payab<span class=\"_ _2\"></span>les are me<span class=\"_ _2\"></span>asured a<span class=\"_ _2\"></span>t amor<span class=\"_ _2\"></span>tised c<span class=\"_ _2\"></span>ost us<span class=\"_ _2\"></span>ing the ef<span class=\"_ _2\"></span>fective intere<span class=\"_ _2\"></span>st rate m<span class=\"_ _2\"></span>ethod<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-712": {
   "value": "H1. S<span class=\"_ _2\"></span>ubsidiaries<span class=\"_ _3bc\"> </span>Subs<span class=\"_ _2\"></span>idiaries are c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated from th<span class=\"_ _2\"></span>e date that ef<span class=\"_ _2\"></span>fecti<span class=\"_ _2\"></span>ve control is obta<span class=\"_ _2\"></span>ined by the G<span class=\"_ _2\"></span>roup (see b<span class=\"_ _2\"></span>asis of cons<span class=\"_ _2\"></span>olidation in n<span class=\"_ _2\"></span>ote A<span class=\"_ _7\"></span>1) a<span class=\"_ _2\"></span>nd are exclude<span class=\"_ _2\"></span>d from con<span class=\"_ _2\"></span>solidati<span class=\"_ _2\"></span>on from the date th<span class=\"_ _2\"></span>ey ceas<span class=\"_ _2\"></span>e to be subsi<span class=\"_ _2\"></span>diary un<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>taking<span class=\"_ _2\"></span>s. For s<span class=\"_ _2\"></span>ubsidiarie<span class=\"_ _2\"></span>s dispos<span class=\"_ _2\"></span>ed of during th<span class=\"_ _2\"></span>e year<span class=\"_ _7\"></span>, a<span class=\"_ _2\"></span>ny diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the ne<span class=\"_ _2\"></span>t proce<span class=\"_ _2\"></span>eds<span class=\"_ _2\"></span>, plus the fa<span class=\"_ _2\"></span>ir value of any retain<span class=\"_ _2\"></span>ed interes<span class=\"_ _2\"></span>t, and t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mount of the sub<span class=\"_ _2\"></span>sidiar<span class=\"_ _2\"></span>y inclu<span class=\"_ _2\"></span>ding non-<span class=\"_ _2\"></span>controlling inte<span class=\"_ _2\"></span>rest<span class=\"_ _2\"></span>s, is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up uses th<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition meth<span class=\"_ _2\"></span>od to acc<span class=\"_ _2\"></span>ount for the ac<span class=\"_ _2\"></span>quisition of s<span class=\"_ _2\"></span>ubsidiarie<span class=\"_ _2\"></span>s. The c<span class=\"_ _2\"></span>ost of an ac<span class=\"_ _2\"></span>quisition i<span class=\"_ _2\"></span>s meas<span class=\"_ _2\"></span>ured at the fair v<span class=\"_ _2\"></span>alue of the co<span class=\"_ _2\"></span>nsider<span class=\"_ _2\"></span>ation. Any exc<span class=\"_ _2\"></span>ess of the c<span class=\"_ _2\"></span>ost of ac<span class=\"_ _2\"></span>quisition over th<span class=\"_ _2\"></span>e fair value of the n<span class=\"_ _2\"></span>et ass<span class=\"_ _2\"></span>ets ac<span class=\"_ _2\"></span>quired is re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed as g<span class=\"_ _2\"></span>oodwill<span class=\"_ _2\"></span>. In cer<span class=\"_ _2\"></span>tain acq<span class=\"_ _2\"></span>uisitions an e<span class=\"_ _2\"></span>xcess of th<span class=\"_ _2\"></span>e acquirer<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>s inte<span class=\"_ _2\"></span>rest in th<span class=\"_ _2\"></span>e net fair value of th<span class=\"_ _2\"></span>e acquire<span class=\"_ _2\"></span>e\u2019<span class=\"_ _5\"></span>s identifi<span class=\"_ _2\"></span>able as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, liabilitie<span class=\"_ _2\"></span>s, c<span class=\"_ _2\"></span>ontingent li<span class=\"_ _2\"></span>abilities an<span class=\"_ _2\"></span>d non-<span class=\"_ _2\"></span>controlling inte<span class=\"_ _2\"></span>rest<span class=\"_ _2\"></span>s over cost m<span class=\"_ _2\"></span>ay arise. W<span class=\"_ _2\"></span>here this o<span class=\"_ _2\"></span>ccurs<span class=\"_ _2\"></span>, the sur<span class=\"_ _2\"></span>plus of the fair va<span class=\"_ _2\"></span>lue of net as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>cquired over th<span class=\"_ _2\"></span>e fair value of th<span class=\"_ _2\"></span>e con<span class=\"_ _2\"></span>sideratio<span class=\"_ _2\"></span>n is reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d income s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent.<span class=\"_ _3bc\"> </span>Direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able ac<span class=\"_ _2\"></span>quisition co<span class=\"_ _2\"></span>sts a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d within admin<span class=\"_ _2\"></span>istrati<span class=\"_ _2\"></span>ve expens<span class=\"_ _2\"></span>es, e<span class=\"_ _2\"></span>xcept for ac<span class=\"_ _2\"></span>quisitions un<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>taken prior to 20<span class=\"_ _2\"></span>10 when t<span class=\"_ _2\"></span>hey are incl<span class=\"_ _2\"></span>uded with<span class=\"_ _2\"></span>in the cos<span class=\"_ _2\"></span>t of the acq<span class=\"_ _2\"></span>uisition. C<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s direc<span class=\"_ _2\"></span>tly related to th<span class=\"_ _2\"></span>e issuin<span class=\"_ _2\"></span>g of debt or eq<span class=\"_ _2\"></span>uity s<span class=\"_ _2\"></span>ecuriti<span class=\"_ _2\"></span>es are inclu<span class=\"_ _2\"></span>ded within t<span class=\"_ _2\"></span>he initial car<span class=\"_ _2\"></span>ryin<span class=\"_ _2\"></span>g amount of debt o<span class=\"_ _2\"></span>r equit<span class=\"_ _2\"></span>y sec<span class=\"_ _2\"></span>urities wh<span class=\"_ _2\"></span>ere thes<span class=\"_ _2\"></span>e are not ca<span class=\"_ _2\"></span>rried at fair va<span class=\"_ _2\"></span>lue. Intra<span class=\"_ _2\"></span>-group b<span class=\"_ _2\"></span>alance<span class=\"_ _2\"></span>s and inc<span class=\"_ _2\"></span>ome and ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es arising from intra<span class=\"_ _2\"></span>-group tr<span class=\"_ _2\"></span>ansac<span class=\"_ _2\"></span>tions are e<span class=\"_ _2\"></span>liminated in p<span class=\"_ _2\"></span>reparing th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated fin<span class=\"_ _2\"></span>ancial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has inves<span class=\"_ _2\"></span>ted in a numb<span class=\"_ _2\"></span>er of colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes s<span class=\"_ _2\"></span>uch as Op<span class=\"_ _2\"></span>en-en<span class=\"_ _2\"></span>ded Inves<span class=\"_ _2\"></span>tment C<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s (\u2018O<span class=\"_ _2\"></span>EICs\u2019), uni<span class=\"_ _2\"></span>t trust<span class=\"_ _2\"></span>s, So<span class=\"_ _2\"></span>ci\u00e9t\u00e9 d\u2019<span class=\"_ _2\"></span>Invest<span class=\"_ _2\"></span>issem<span class=\"_ _2\"></span>ent \u00e0 Capi<span class=\"_ _2\"></span>tal V<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>iable (\u2018<span class=\"_ _2\"></span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>s\u2019<span class=\"_ _2\"></span>), investm<span class=\"_ _2\"></span>ent trus<span class=\"_ _2\"></span>ts and p<span class=\"_ _2\"></span>rivate equit<span class=\"_ _2\"></span>y fun<span class=\"_ _2\"></span>ds. Th<span class=\"_ _2\"></span>ese inves<span class=\"_ _2\"></span>t mainly in e<span class=\"_ _2\"></span>quities<span class=\"_ _2\"></span>, bond<span class=\"_ _2\"></span>s, prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y and c<span class=\"_ _2\"></span>ash an<span class=\"_ _2\"></span>d cash e<span class=\"_ _2\"></span>quivalent<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e Group\u2019s percent<span class=\"_ _2\"></span>age own<span class=\"_ _2\"></span>ership in th<span class=\"_ _2\"></span>ese co<span class=\"_ _2\"></span>llecti<span class=\"_ _2\"></span>ve inv<span class=\"_ _5\"></span>es<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s can fluc<span class=\"_ _2\"></span>tuate ac<span class=\"_ _2\"></span>cording to the level of Gro<span class=\"_ _2\"></span>up and third p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>tion in the st<span class=\"_ _2\"></span>ruct<span class=\"_ _2\"></span>ures.<span class=\"_ _3bc\"> </span>When a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssing c<span class=\"_ _2\"></span>ontrol over colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e Group con<span class=\"_ _2\"></span>siders t<span class=\"_ _2\"></span>hose fa<span class=\"_ _2\"></span>ctors de<span class=\"_ _2\"></span>scrib<span class=\"_ _2\"></span>ed unde<span class=\"_ _2\"></span>r the \u2018B<span class=\"_ _2\"></span>asis of con<span class=\"_ _2\"></span>solidatio<span class=\"_ _2\"></span>n\u2019 in note A1. In par<span class=\"_ _2\"></span>ticul<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e Group con<span class=\"_ _2\"></span>siders t<span class=\"_ _2\"></span>he scop<span class=\"_ _2\"></span>e of its de<span class=\"_ _2\"></span>cision-m<span class=\"_ _2\"></span>aking auth<span class=\"_ _2\"></span>orit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, in<span class=\"_ _2\"></span>cluding t<span class=\"_ _2\"></span>he existe<span class=\"_ _2\"></span>nce of subs<span class=\"_ _2\"></span>tantive right<span class=\"_ _2\"></span>s (such as power of veto, li<span class=\"_ _2\"></span>quidation rig<span class=\"_ _2\"></span>hts and th<span class=\"_ _2\"></span>e right to remove the f<span class=\"_ _2\"></span>und man<span class=\"_ _2\"></span>ager) that g<span class=\"_ _2\"></span>ive it the abilit<span class=\"_ _2\"></span>y to direc<span class=\"_ _2\"></span>t the releva<span class=\"_ _2\"></span>nt activit<span class=\"_ _2\"></span>ies of the investe<span class=\"_ _2\"></span>e. The as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of wh<span class=\"_ _2\"></span>ether rig<span class=\"_ _2\"></span>hts are subs<span class=\"_ _2\"></span>tantive rig<span class=\"_ _2\"></span>hts<span class=\"_ _2\"></span>, and the circ<span class=\"_ _2\"></span>umsta<span class=\"_ _2\"></span>nces un<span class=\"_ _2\"></span>der which th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s the prac<span class=\"_ _2\"></span>tica<span class=\"_ _2\"></span>l abilit<span class=\"_ _2\"></span>y to exercise them<span class=\"_ _2\"></span>, require<span class=\"_ _2\"></span>s the exercis<span class=\"_ _2\"></span>e of judge<span class=\"_ _2\"></span>ment. T<span class=\"_ _2\"></span>his ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent inclu<span class=\"_ _2\"></span>des a qualit<span class=\"_ _2\"></span>ative cons<span class=\"_ _2\"></span>ideratio<span class=\"_ _2\"></span>n of the rights h<span class=\"_ _2\"></span>eld by the Gro<span class=\"_ _2\"></span>up that are at<span class=\"_ _2\"></span>tach<span class=\"_ _2\"></span>ed to its h<span class=\"_ _2\"></span>oldings in th<span class=\"_ _2\"></span>e colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes<span class=\"_ _2\"></span>, right<span class=\"_ _2\"></span>s that aris<span class=\"_ _2\"></span>e from contra<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e Group and th<span class=\"_ _2\"></span>e entit<span class=\"_ _2\"></span>y or fun<span class=\"_ _2\"></span>d manag<span class=\"_ _2\"></span>er and th<span class=\"_ _2\"></span>e rights h<span class=\"_ _2\"></span>eld by third par<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. In ad<span class=\"_ _2\"></span>dition, c<span class=\"_ _2\"></span>onsider<span class=\"_ _2\"></span>ation is ma<span class=\"_ _2\"></span>de of whethe<span class=\"_ _2\"></span>r the Group h<span class=\"_ _2\"></span>as de fac<span class=\"_ _2\"></span>to power<span class=\"_ _5\"></span>, for exampl<span class=\"_ _2\"></span>e, where th<span class=\"_ _2\"></span>ird par<span class=\"_ _2\"></span>ty inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s in the colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s are widely dis<span class=\"_ _2\"></span>pers<span class=\"_ _2\"></span>ed.<span class=\"_ _3bc\"> </span>Where G<span class=\"_ _2\"></span>roup comp<span class=\"_ _2\"></span>anies are de<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>d to control su<span class=\"_ _2\"></span>ch colle<span class=\"_ _2\"></span>ctive invest<span class=\"_ _2\"></span>ment sch<span class=\"_ _2\"></span>emes th<span class=\"_ _2\"></span>ey are cons<span class=\"_ _2\"></span>olidated in t<span class=\"_ _2\"></span>he Group fina<span class=\"_ _2\"></span>ncial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>, with the inte<span class=\"_ _2\"></span>rest<span class=\"_ _2\"></span>s of extern<span class=\"_ _2\"></span>al third par<span class=\"_ _2\"></span>ties re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as<span class=\"_ gs132\"> </span>a li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y (see the a<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g policy for \u2018<span class=\"_ _2\"></span>Ne<span class=\"_ _2\"></span>t asset v<span class=\"_ _2\"></span>alue at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to unithold<span class=\"_ _2\"></span>ers\u2019 in note E1 for fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r details).<span class=\"_ _3bc\"> </span>Ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in of the colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes h<span class=\"_ _2\"></span>ave non-coter<span class=\"_ _2\"></span>minous p<span class=\"_ _2\"></span>eriod en<span class=\"_ _2\"></span>ds and are c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated on the b<span class=\"_ _2\"></span>asis of addit<span class=\"_ _2\"></span>ional finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s prepare<span class=\"_ _2\"></span>d to the peri<span class=\"_ _2\"></span>od end<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Portfolio transfers<span class=\"_ _3bc\"> </span>When c<span class=\"_ _2\"></span>ompletin<span class=\"_ _2\"></span>g an acq<span class=\"_ _2\"></span>uisition, t<span class=\"_ _2\"></span>he Group fir<span class=\"_ _2\"></span>st con<span class=\"_ _2\"></span>siders w<span class=\"_ _2\"></span>hether th<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition me<span class=\"_ _2\"></span>ets the defin<span class=\"_ _2\"></span>ition of a busine<span class=\"_ _2\"></span>ss co<span class=\"_ _2\"></span>mbination un<span class=\"_ _2\"></span>der IFR<span class=\"_ _2\"></span>S 3 Busin<span class=\"_ _2\"></span>ess C<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>ns. I<span class=\"_ _2\"></span>FRS 3<span class=\"_ _2\"></span>, and the us<span class=\"_ _2\"></span>e of acquisit<span class=\"_ _2\"></span>ion acc<span class=\"_ _2\"></span>ounting<span class=\"_ _2\"></span>, does n<span class=\"_ _2\"></span>ot apply in circ<span class=\"_ _2\"></span>umsta<span class=\"_ _2\"></span>nces wh<span class=\"_ _2\"></span>ere the ac<span class=\"_ _2\"></span>quisition of an a<span class=\"_ _2\"></span>sset or a group of as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s does not c<span class=\"_ _2\"></span>onsti<span class=\"_ _2\"></span>tute a busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>, and is ins<span class=\"_ _2\"></span>tead a p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio of as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabilities<span class=\"_ _2\"></span>. In suc<span class=\"_ _2\"></span>h case<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e Group\u2019s policy is to re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>se and m<span class=\"_ _2\"></span>easure th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts acq<span class=\"_ _2\"></span>uired and lia<span class=\"_ _2\"></span>bilities as<span class=\"_ _2\"></span>sume<span class=\"_ _2\"></span>d in accor<span class=\"_ _2\"></span>dance wi<span class=\"_ _2\"></span>th the Group\u2019s acc<span class=\"_ _2\"></span>ounting poli<span class=\"_ _2\"></span>cies for tho<span class=\"_ _2\"></span>se ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabilities<span class=\"_ _2\"></span>. The diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the co<span class=\"_ _2\"></span>nsider<span class=\"_ _2\"></span>ation and th<span class=\"_ _2\"></span>e net ass<span class=\"_ _2\"></span>ets or lia<span class=\"_ _2\"></span>bilities ac<span class=\"_ _2\"></span>quired is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-631": {
   "value": "H1. S<span class=\"_ _2\"></span>ubsidiaries<span class=\"_ _3bc\"> </span>Subs<span class=\"_ _2\"></span>idiaries are c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated from th<span class=\"_ _2\"></span>e date that ef<span class=\"_ _2\"></span>fecti<span class=\"_ _2\"></span>ve control is obta<span class=\"_ _2\"></span>ined by the G<span class=\"_ _2\"></span>roup (see b<span class=\"_ _2\"></span>asis of cons<span class=\"_ _2\"></span>olidation in n<span class=\"_ _2\"></span>ote A<span class=\"_ _7\"></span>1) a<span class=\"_ _2\"></span>nd are exclude<span class=\"_ _2\"></span>d from con<span class=\"_ _2\"></span>solidati<span class=\"_ _2\"></span>on from the date th<span class=\"_ _2\"></span>ey ceas<span class=\"_ _2\"></span>e to be subsi<span class=\"_ _2\"></span>diary un<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>taking<span class=\"_ _2\"></span>s. For s<span class=\"_ _2\"></span>ubsidiarie<span class=\"_ _2\"></span>s dispos<span class=\"_ _2\"></span>ed of during th<span class=\"_ _2\"></span>e year<span class=\"_ _7\"></span>, a<span class=\"_ _2\"></span>ny diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the ne<span class=\"_ _2\"></span>t proce<span class=\"_ _2\"></span>eds<span class=\"_ _2\"></span>, plus the fa<span class=\"_ _2\"></span>ir value of any retain<span class=\"_ _2\"></span>ed interes<span class=\"_ _2\"></span>t, and t<span class=\"_ _2\"></span>he carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mount of the sub<span class=\"_ _2\"></span>sidiar<span class=\"_ _2\"></span>y inclu<span class=\"_ _2\"></span>ding non-<span class=\"_ _2\"></span>controlling inte<span class=\"_ _2\"></span>rest<span class=\"_ _2\"></span>s, is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up uses th<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition meth<span class=\"_ _2\"></span>od to acc<span class=\"_ _2\"></span>ount for the ac<span class=\"_ _2\"></span>quisition of s<span class=\"_ _2\"></span>ubsidiarie<span class=\"_ _2\"></span>s. The c<span class=\"_ _2\"></span>ost of an ac<span class=\"_ _2\"></span>quisition i<span class=\"_ _2\"></span>s meas<span class=\"_ _2\"></span>ured at the fair v<span class=\"_ _2\"></span>alue of the co<span class=\"_ _2\"></span>nsider<span class=\"_ _2\"></span>ation. Any exc<span class=\"_ _2\"></span>ess of the c<span class=\"_ _2\"></span>ost of ac<span class=\"_ _2\"></span>quisition over th<span class=\"_ _2\"></span>e fair value of the n<span class=\"_ _2\"></span>et ass<span class=\"_ _2\"></span>ets ac<span class=\"_ _2\"></span>quired is re<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed as g<span class=\"_ _2\"></span>oodwill<span class=\"_ _2\"></span>. In cer<span class=\"_ _2\"></span>tain acq<span class=\"_ _2\"></span>uisitions an e<span class=\"_ _2\"></span>xcess of th<span class=\"_ _2\"></span>e acquirer<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>s inte<span class=\"_ _2\"></span>rest in th<span class=\"_ _2\"></span>e net fair value of th<span class=\"_ _2\"></span>e acquire<span class=\"_ _2\"></span>e\u2019<span class=\"_ _5\"></span>s identifi<span class=\"_ _2\"></span>able as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, liabilitie<span class=\"_ _2\"></span>s, c<span class=\"_ _2\"></span>ontingent li<span class=\"_ _2\"></span>abilities an<span class=\"_ _2\"></span>d non-<span class=\"_ _2\"></span>controlling inte<span class=\"_ _2\"></span>rest<span class=\"_ _2\"></span>s over cost m<span class=\"_ _2\"></span>ay arise. W<span class=\"_ _2\"></span>here this o<span class=\"_ _2\"></span>ccurs<span class=\"_ _2\"></span>, the sur<span class=\"_ _2\"></span>plus of the fair va<span class=\"_ _2\"></span>lue of net as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>cquired over th<span class=\"_ _2\"></span>e fair value of th<span class=\"_ _2\"></span>e con<span class=\"_ _2\"></span>sideratio<span class=\"_ _2\"></span>n is reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d income s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent.<span class=\"_ _3bc\"> </span>Direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able ac<span class=\"_ _2\"></span>quisition co<span class=\"_ _2\"></span>sts a<span class=\"_ _2\"></span>re include<span class=\"_ _2\"></span>d within admin<span class=\"_ _2\"></span>istrati<span class=\"_ _2\"></span>ve expens<span class=\"_ _2\"></span>es, e<span class=\"_ _2\"></span>xcept for ac<span class=\"_ _2\"></span>quisitions un<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>taken prior to 20<span class=\"_ _2\"></span>10 when t<span class=\"_ _2\"></span>hey are incl<span class=\"_ _2\"></span>uded with<span class=\"_ _2\"></span>in the cos<span class=\"_ _2\"></span>t of the acq<span class=\"_ _2\"></span>uisition. C<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s direc<span class=\"_ _2\"></span>tly related to th<span class=\"_ _2\"></span>e issuin<span class=\"_ _2\"></span>g of debt or eq<span class=\"_ _2\"></span>uity s<span class=\"_ _2\"></span>ecuriti<span class=\"_ _2\"></span>es are inclu<span class=\"_ _2\"></span>ded within t<span class=\"_ _2\"></span>he initial car<span class=\"_ _2\"></span>ryin<span class=\"_ _2\"></span>g amount of debt o<span class=\"_ _2\"></span>r equit<span class=\"_ _2\"></span>y sec<span class=\"_ _2\"></span>urities wh<span class=\"_ _2\"></span>ere thes<span class=\"_ _2\"></span>e are not ca<span class=\"_ _2\"></span>rried at fair va<span class=\"_ _2\"></span>lue. Intra<span class=\"_ _2\"></span>-group b<span class=\"_ _2\"></span>alance<span class=\"_ _2\"></span>s and inc<span class=\"_ _2\"></span>ome and ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>es arising from intra<span class=\"_ _2\"></span>-group tr<span class=\"_ _2\"></span>ansac<span class=\"_ _2\"></span>tions are e<span class=\"_ _2\"></span>liminated in p<span class=\"_ _2\"></span>reparing th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olidated fin<span class=\"_ _2\"></span>ancial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has inves<span class=\"_ _2\"></span>ted in a numb<span class=\"_ _2\"></span>er of colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes s<span class=\"_ _2\"></span>uch as Op<span class=\"_ _2\"></span>en-en<span class=\"_ _2\"></span>ded Inves<span class=\"_ _2\"></span>tment C<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s (\u2018O<span class=\"_ _2\"></span>EICs\u2019), uni<span class=\"_ _2\"></span>t trust<span class=\"_ _2\"></span>s, So<span class=\"_ _2\"></span>ci\u00e9t\u00e9 d\u2019<span class=\"_ _2\"></span>Invest<span class=\"_ _2\"></span>issem<span class=\"_ _2\"></span>ent \u00e0 Capi<span class=\"_ _2\"></span>tal V<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>iable (\u2018<span class=\"_ _2\"></span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>s\u2019<span class=\"_ _2\"></span>), investm<span class=\"_ _2\"></span>ent trus<span class=\"_ _2\"></span>ts and p<span class=\"_ _2\"></span>rivate equit<span class=\"_ _2\"></span>y fun<span class=\"_ _2\"></span>ds. Th<span class=\"_ _2\"></span>ese inves<span class=\"_ _2\"></span>t mainly in e<span class=\"_ _2\"></span>quities<span class=\"_ _2\"></span>, bond<span class=\"_ _2\"></span>s, prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y and c<span class=\"_ _2\"></span>ash an<span class=\"_ _2\"></span>d cash e<span class=\"_ _2\"></span>quivalent<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e Group\u2019s percent<span class=\"_ _2\"></span>age own<span class=\"_ _2\"></span>ership in th<span class=\"_ _2\"></span>ese co<span class=\"_ _2\"></span>llecti<span class=\"_ _2\"></span>ve inv<span class=\"_ _5\"></span>es<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s can fluc<span class=\"_ _2\"></span>tuate ac<span class=\"_ _2\"></span>cording to the level of Gro<span class=\"_ _2\"></span>up and third p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>tion in the st<span class=\"_ _2\"></span>ruct<span class=\"_ _2\"></span>ures.<span class=\"_ _3bc\"> </span>When a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ssing c<span class=\"_ _2\"></span>ontrol over colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e Group con<span class=\"_ _2\"></span>siders t<span class=\"_ _2\"></span>hose fa<span class=\"_ _2\"></span>ctors de<span class=\"_ _2\"></span>scrib<span class=\"_ _2\"></span>ed unde<span class=\"_ _2\"></span>r the \u2018B<span class=\"_ _2\"></span>asis of con<span class=\"_ _2\"></span>solidatio<span class=\"_ _2\"></span>n\u2019 in note A1. In par<span class=\"_ _2\"></span>ticul<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>, th<span class=\"_ _2\"></span>e Group con<span class=\"_ _2\"></span>siders t<span class=\"_ _2\"></span>he scop<span class=\"_ _2\"></span>e of its de<span class=\"_ _2\"></span>cision-m<span class=\"_ _2\"></span>aking auth<span class=\"_ _2\"></span>orit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>, in<span class=\"_ _2\"></span>cluding t<span class=\"_ _2\"></span>he existe<span class=\"_ _2\"></span>nce of subs<span class=\"_ _2\"></span>tantive right<span class=\"_ _2\"></span>s (such as power of veto, li<span class=\"_ _2\"></span>quidation rig<span class=\"_ _2\"></span>hts and th<span class=\"_ _2\"></span>e right to remove the f<span class=\"_ _2\"></span>und man<span class=\"_ _2\"></span>ager) that g<span class=\"_ _2\"></span>ive it the abilit<span class=\"_ _2\"></span>y to direc<span class=\"_ _2\"></span>t the releva<span class=\"_ _2\"></span>nt activit<span class=\"_ _2\"></span>ies of the investe<span class=\"_ _2\"></span>e. The as<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span>sment of wh<span class=\"_ _2\"></span>ether rig<span class=\"_ _2\"></span>hts are subs<span class=\"_ _2\"></span>tantive rig<span class=\"_ _2\"></span>hts<span class=\"_ _2\"></span>, and the circ<span class=\"_ _2\"></span>umsta<span class=\"_ _2\"></span>nces un<span class=\"_ _2\"></span>der which th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s the prac<span class=\"_ _2\"></span>tica<span class=\"_ _2\"></span>l abilit<span class=\"_ _2\"></span>y to exercise them<span class=\"_ _2\"></span>, require<span class=\"_ _2\"></span>s the exercis<span class=\"_ _2\"></span>e of judge<span class=\"_ _2\"></span>ment. T<span class=\"_ _2\"></span>his ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent inclu<span class=\"_ _2\"></span>des a qualit<span class=\"_ _2\"></span>ative cons<span class=\"_ _2\"></span>ideratio<span class=\"_ _2\"></span>n of the rights h<span class=\"_ _2\"></span>eld by the Gro<span class=\"_ _2\"></span>up that are at<span class=\"_ _2\"></span>tach<span class=\"_ _2\"></span>ed to its h<span class=\"_ _2\"></span>oldings in th<span class=\"_ _2\"></span>e colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes<span class=\"_ _2\"></span>, right<span class=\"_ _2\"></span>s that aris<span class=\"_ _2\"></span>e from contra<span class=\"_ _2\"></span>ctua<span class=\"_ _2\"></span>l arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s bet<span class=\"_ _2\"></span>ween th<span class=\"_ _2\"></span>e Group and th<span class=\"_ _2\"></span>e entit<span class=\"_ _2\"></span>y or fun<span class=\"_ _2\"></span>d manag<span class=\"_ _2\"></span>er and th<span class=\"_ _2\"></span>e rights h<span class=\"_ _2\"></span>eld by third par<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. In ad<span class=\"_ _2\"></span>dition, c<span class=\"_ _2\"></span>onsider<span class=\"_ _2\"></span>ation is ma<span class=\"_ _2\"></span>de of whethe<span class=\"_ _2\"></span>r the Group h<span class=\"_ _2\"></span>as de fac<span class=\"_ _2\"></span>to power<span class=\"_ _5\"></span>, for exampl<span class=\"_ _2\"></span>e, where th<span class=\"_ _2\"></span>ird par<span class=\"_ _2\"></span>ty inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s in the colle<span class=\"_ _2\"></span>ctive inves<span class=\"_ _2\"></span>tment sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s are widely dis<span class=\"_ _2\"></span>pers<span class=\"_ _2\"></span>ed.<span class=\"_ _3bc\"> </span>Where G<span class=\"_ _2\"></span>roup comp<span class=\"_ _2\"></span>anies are de<span class=\"_ _2\"></span>eme<span class=\"_ _2\"></span>d to control su<span class=\"_ _2\"></span>ch colle<span class=\"_ _2\"></span>ctive invest<span class=\"_ _2\"></span>ment sch<span class=\"_ _2\"></span>emes th<span class=\"_ _2\"></span>ey are cons<span class=\"_ _2\"></span>olidated in t<span class=\"_ _2\"></span>he Group fina<span class=\"_ _2\"></span>ncial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>, with the inte<span class=\"_ _2\"></span>rest<span class=\"_ _2\"></span>s of extern<span class=\"_ _2\"></span>al third par<span class=\"_ _2\"></span>ties re<span class=\"_ _2\"></span>cogn<span class=\"_ _2\"></span>ised as<span class=\"_ gs132\"> </span>a li<span class=\"_ _2\"></span>abilit<span class=\"_ _2\"></span>y (see the a<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g policy for \u2018<span class=\"_ _2\"></span>Ne<span class=\"_ _2\"></span>t asset v<span class=\"_ _2\"></span>alue at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to unithold<span class=\"_ _2\"></span>ers\u2019 in note E1 for fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r details).<span class=\"_ _3bc\"> </span>Ce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>in of the colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes h<span class=\"_ _2\"></span>ave non-coter<span class=\"_ _2\"></span>minous p<span class=\"_ _2\"></span>eriod en<span class=\"_ _2\"></span>ds and are c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated on the b<span class=\"_ _2\"></span>asis of addit<span class=\"_ _2\"></span>ional finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s prepare<span class=\"_ _2\"></span>d to the peri<span class=\"_ _2\"></span>od end<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>Portfolio transfers<span class=\"_ _3bc\"> </span>When c<span class=\"_ _2\"></span>ompletin<span class=\"_ _2\"></span>g an acq<span class=\"_ _2\"></span>uisition, t<span class=\"_ _2\"></span>he Group fir<span class=\"_ _2\"></span>st con<span class=\"_ _2\"></span>siders w<span class=\"_ _2\"></span>hether th<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition me<span class=\"_ _2\"></span>ets the defin<span class=\"_ _2\"></span>ition of a busine<span class=\"_ _2\"></span>ss co<span class=\"_ _2\"></span>mbination un<span class=\"_ _2\"></span>der IFR<span class=\"_ _2\"></span>S 3 Busin<span class=\"_ _2\"></span>ess C<span class=\"_ _2\"></span>ombinatio<span class=\"_ _2\"></span>ns. I<span class=\"_ _2\"></span>FRS 3<span class=\"_ _2\"></span>, and the us<span class=\"_ _2\"></span>e of acquisit<span class=\"_ _2\"></span>ion acc<span class=\"_ _2\"></span>ounting<span class=\"_ _2\"></span>, does n<span class=\"_ _2\"></span>ot apply in circ<span class=\"_ _2\"></span>umsta<span class=\"_ _2\"></span>nces wh<span class=\"_ _2\"></span>ere the ac<span class=\"_ _2\"></span>quisition of an a<span class=\"_ _2\"></span>sset or a group of as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s does not c<span class=\"_ _2\"></span>onsti<span class=\"_ _2\"></span>tute a busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>, and is ins<span class=\"_ _2\"></span>tead a p<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>folio of as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabilities<span class=\"_ _2\"></span>. In suc<span class=\"_ _2\"></span>h case<span class=\"_ _2\"></span>s, th<span class=\"_ _2\"></span>e Group\u2019s policy is to re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>se and m<span class=\"_ _2\"></span>easure th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts acq<span class=\"_ _2\"></span>uired and lia<span class=\"_ _2\"></span>bilities as<span class=\"_ _2\"></span>sume<span class=\"_ _2\"></span>d in accor<span class=\"_ _2\"></span>dance wi<span class=\"_ _2\"></span>th the Group\u2019s acc<span class=\"_ _2\"></span>ounting poli<span class=\"_ _2\"></span>cies for tho<span class=\"_ _2\"></span>se ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabilities<span class=\"_ _2\"></span>. The diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etwe<span class=\"_ _2\"></span>en the co<span class=\"_ _2\"></span>nsider<span class=\"_ _2\"></span>ation and th<span class=\"_ _2\"></span>e net ass<span class=\"_ _2\"></span>ets or lia<span class=\"_ _2\"></span>bilities ac<span class=\"_ _2\"></span>quired is re<span class=\"_ _2\"></span>cogni<span class=\"_ _2\"></span>sed in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span><div class=\"t m0 he ff2 fs7 fc1 sc0 ls17 ws15 gs9c1\">H1.1 Significant<span class=\"_ _5\"></span> restrictions<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9c2\">The ab<span class=\"_ _2\"></span>ility of sub<span class=\"_ _2\"></span>sidiaries to tr<span class=\"_ _2\"></span>ansfer f<span class=\"_ _2\"></span>unds to the Gro<span class=\"_ _2\"></span>up in the form of ca<span class=\"_ _2\"></span>sh dividen<span class=\"_ _2\"></span>ds or to repay lo<span class=\"_ _2\"></span>ans and a<span class=\"_ _2\"></span>dvance<span class=\"_ _2\"></span>s is subje<span class=\"_ _2\"></span>ct to loc<span class=\"_ _2\"></span>al laws<span class=\"_ _2\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9c3\">reg<span class=\"_ _2\"></span>ulations an<span class=\"_ _2\"></span>d solven<span class=\"_ _2\"></span>cy require<span class=\"_ _2\"></span>ments<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9c4\">Eac<span class=\"_ _2\"></span>h UK life comp<span class=\"_ _2\"></span>any and the Gro<span class=\"_ _2\"></span>up must re<span class=\"_ _2\"></span>tain suf<span class=\"_ _2\"></span>ficient c<span class=\"_ _2\"></span>apital at a<span class=\"_ _2\"></span>ll times to me<span class=\"_ _2\"></span>et the reg<span class=\"_ _2\"></span>ulator<span class=\"_ _2\"></span>y capi<span class=\"_ _2\"></span>tal require<span class=\"_ _2\"></span>ments m<span class=\"_ _2\"></span>andate<span class=\"_ _2\"></span>d by or </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9c5\">other<span class=\"_ _2\"></span>wise a<span class=\"_ _2\"></span>gree<span class=\"_ _2\"></span>d with the rel<span class=\"_ _2\"></span>evant nation<span class=\"_ _2\"></span>al super<span class=\"_ _2\"></span>viso<span class=\"_ _2\"></span>ry a<span class=\"_ _2\"></span>uthorit<span class=\"_ _2\"></span>y. F<span class=\"_ _5\"></span>ur<span class=\"_ _2\"></span>ther informat<span class=\"_ _2\"></span>ion on the c<span class=\"_ _2\"></span>apital re<span class=\"_ _2\"></span>quirement<span class=\"_ _2\"></span>s applic<span class=\"_ _2\"></span>able to Gro<span class=\"_ _2\"></span>up entities </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9c6\">are set o<span class=\"_ _2\"></span>ut in the Cap<span class=\"_ _2\"></span>ital Man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent se<span class=\"_ _2\"></span>ction (note I3). Un<span class=\"_ _2\"></span>der UK c<span class=\"_ _2\"></span>ompany law, divide<span class=\"_ _2\"></span>nds ca<span class=\"_ _2\"></span>n only be pa<span class=\"_ _2\"></span>id if a UK com<span class=\"_ _2\"></span>pany has dis<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>able </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9c7\">rese<span class=\"_ _2\"></span>rves s<span class=\"_ _2\"></span>uffic<span class=\"_ _2\"></span>ient to cover the div<span class=\"_ _2\"></span>idend.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9c8\">In add<span class=\"_ _2\"></span>ition, c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual req<span class=\"_ _2\"></span>uirement<span class=\"_ _2\"></span>s may plac<span class=\"_ _2\"></span>e restric<span class=\"_ _2\"></span>tions on t<span class=\"_ _2\"></span>he trans<span class=\"_ _2\"></span>fer of funds as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9c9\">\u2022 <span class=\"_ _9\"> </span>Pea<span class=\"_ _2\"></span>rl Life Holding<span class=\"_ _2\"></span>s Limited (<span class=\"_ _2\"></span>\u2018PeLH<span class=\"_ _2\"></span>L<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>) is require<span class=\"_ _2\"></span>d to make payment<span class=\"_ _2\"></span>s of contribu<span class=\"_ _2\"></span>tions into cha<span class=\"_ _2\"></span>rged ac<span class=\"_ _2\"></span>count<span class=\"_ _2\"></span>s on beha<span class=\"_ _2\"></span>lf of the Abbey Life </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9ca\">Sc<span class=\"_ _2\"></span>heme. T<span class=\"_ _2\"></span>hese am<span class=\"_ _2\"></span>ounts do n<span class=\"_ _2\"></span>ot form par<span class=\"_ _2\"></span>t of the pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>eme as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>, PeLHL h<span class=\"_ _2\"></span>eld \u00a39 millio<span class=\"_ _2\"></span>n (2022: \u00a3<span class=\"_ _2\"></span>9 million) </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9cb\">within de<span class=\"_ _2\"></span>bt secur<span class=\"_ _2\"></span>ities and \u00a3<span class=\"_ _2\"></span>2<span class=\"_ _5\"></span>4 million (202<span class=\"_ _2\"></span>2: \u00a31<span class=\"_ _2\"></span>8 million) within ca<span class=\"_ _2\"></span>sh and c<span class=\"_ _2\"></span>ash equ<span class=\"_ _2\"></span>ivalents in re<span class=\"_ _2\"></span>spe<span class=\"_ _2\"></span>ct of thes<span class=\"_ _2\"></span>e charge<span class=\"_ _2\"></span>d acc<span class=\"_ _2\"></span>ounts<span class=\"_ _2\"></span>. Furthe<span class=\"_ _2\"></span>r details </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9cc\">of when th<span class=\"_ _2\"></span>e remainin<span class=\"_ _2\"></span>g amount<span class=\"_ _2\"></span>s may bec<span class=\"_ _2\"></span>ome payabl<span class=\"_ _2\"></span>e to the pen<span class=\"_ _2\"></span>sions sc<span class=\"_ _2\"></span>heme are in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d in note G1.<span class=\"_ _2\"></span>3.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9cd\">\u2022 <span class=\"_ _9\"> </span>Re<span class=\"_ _2\"></span>Ass<span class=\"_ _2\"></span>ure Midco Limite<span class=\"_ _2\"></span>d (\u2018<span class=\"_ _2\"></span>RML<span class=\"_ _6\"></span>\u2019<span class=\"_ _2\"></span>) is req<span class=\"_ _2\"></span>uired to make payme<span class=\"_ _2\"></span>nts of contrib<span class=\"_ _2\"></span>utions into a ring<span class=\"_ _2\"></span>-fence<span class=\"_ _2\"></span>d acco<span class=\"_ _2\"></span>unt on beha<span class=\"_ _2\"></span>lf of the ReAs<span class=\"_ _2\"></span>sure Staf<span class=\"_ _2\"></span>f </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9ce\">Pension S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e. The<span class=\"_ _2\"></span>se amount<span class=\"_ _2\"></span>s do not form pa<span class=\"_ _2\"></span>rt of the p<span class=\"_ _2\"></span>ension s<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts and at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 20<span class=\"_ _2\"></span>23, R<span class=\"_ _2\"></span>ML he<span class=\"_ _2\"></span>ld \u00a3<span class=\"_ _7\"></span>4<span class=\"_ _2\"></span>4 million (2<span class=\"_ _2\"></span>022: </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9cf\">\u00a340 million) within de<span class=\"_ _2\"></span>bt sec<span class=\"_ _2\"></span>urities in res<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>t of this acco<span class=\"_ _2\"></span>unt. Furt<span class=\"_ _2\"></span>her deta<span class=\"_ _2\"></span>ils of when the<span class=\"_ _2\"></span>se amo<span class=\"_ _2\"></span>unts may be<span class=\"_ _2\"></span>come p<span class=\"_ _2\"></span>ayable to the p<span class=\"_ _2\"></span>ensions </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9d0\">sch<span class=\"_ _2\"></span>eme are inc<span class=\"_ _2\"></span>luded in n<span class=\"_ _2\"></span>ote G1.4<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gsa38\">H6<span class=\"_ _2\"></span>. Gr<span class=\"_ _2\"></span>oup ent<span class=\"_ _2\"></span>ities<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa39\">The t<span class=\"_ _2\"></span>able bel<span class=\"_ _2\"></span>ow sets o<span class=\"_ _2\"></span>ut the Group\u2019s subsidi<span class=\"_ _2\"></span>aries (incl<span class=\"_ _2\"></span>uding con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes), as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ates and sig<span class=\"_ _2\"></span>nificant h<span class=\"_ _2\"></span>oldings in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa3a\">under<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>kings (inc<span class=\"_ _2\"></span>luding und<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>akings in w<span class=\"_ _2\"></span>hich the ho<span class=\"_ _2\"></span>lding amo<span class=\"_ _2\"></span>unts to 20% or m<span class=\"_ _2\"></span>ore of the nomin<span class=\"_ _2\"></span>al value of the s<span class=\"_ _2\"></span>hares or uni<span class=\"_ _2\"></span>ts and th<span class=\"_ _2\"></span>ey are not </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa3b\">clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s a subsidia<span class=\"_ _2\"></span>ry or a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciate).<span class=\"_ _3bc\"> </span></div><div class=\"gsa3c\"><table class=\"s wa6d h329\" id=\"_aacbb715-a793-4a37-aa0c-e43436ab3919\"><tr><td></td><td></td><td class=\"t m0 x1d04 h16 y5d7b ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf4b h16 y5d7c ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 x1d05 h16 y5d7c ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d06 h16 y5d7c ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x1d07 h16 y5d7c ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8d0 h16 y5d7d ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1570 h16 y5d7d ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e8 h16 y5d7d ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 h16 y5d7d ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y5d7e ff7 fs7 fc1 sc0 ls18 ws16\">Subsi<span class=\"_ _2\"></span>diaries:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d7f wa6e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life Limited (life as<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d08 y5d7f wa6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d7f wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d7f wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d80 wa72 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life Ass<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e Limited (life as<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0b y5d80 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d80 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d80 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5883 wa73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life Ass<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e Europe DA<span class=\"_ _7\"></span>C (<span class=\"_ _2\"></span>life assur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0c y5883 wa74 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5883 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5883 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d81 ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e Limited (life as<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>ny \u2013 directly </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59b7 wa75 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">owne<span class=\"_ _2\"></span>d by the Com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0d y59b7 wa76 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _5\"></span>dinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y59b7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y59b7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d82 ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life In<span class=\"_ _5\"></span>ternational Designated Activit<span class=\"_ _2\"></span>y Company <span class=\"ls0 ws0\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d83 wa77 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">(life as<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e company \u2013 dire<span class=\"_ _2\"></span>ctly own<span class=\"_ _2\"></span>ed by the C<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0e y5d83 wa74 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d83 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d83 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59d1 wa78 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life Pension Fund<span class=\"_ _2\"></span>s Limited (life as<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0f y59d1 w86f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d10 y59d1 wa79 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Limited by G<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d11 y59d1 wa7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d84 ff3 fs7 fc1 sc0 ls0 ws0\">Sun Life As<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce Com<span class=\"_ _2\"></span>pany of Cana<span class=\"_ _2\"></span>da (U.<span class=\"_ _2\"></span>K.) Limited  </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ee wa7b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">(life as<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d12 y55ee wa7c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Hamp<span class=\"_ _2\"></span>shire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y571a wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y571a wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wa7d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Life Limited (life a<span class=\"_ _2\"></span>ssura<span class=\"_ _2\"></span>nce com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d13 y55ef wa7e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y55ef wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y55ef wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa3d\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa3e\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa3f\">3<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa40\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa41\">3<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa42\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1eb ws1f0 gsa43\">43<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa44\">4<span class=\"_ _3bc\"> </span></div>Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of incorporated entities<span class=\"_ _3bc\"> </span><table class=\"s wa7f h32a\" id=\"_ff9abfd1-ea34-49a2-9208-9d119a3bf09e\"><tr><td></td><td></td><td></td><td class=\"t m0 x178d h16 y5d85 ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc56 h16 y5d86 ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d14 h16 y5d86 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x9f5 h16 y5d86 ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x75f h16 y5d87 ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1a20 h16 y5d87 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xabd h16 y5d87 ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5d88 wa80 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Limited (<span class=\"_ _2\"></span>life assur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d15 y5d88 wa81 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d88 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d88 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d89 wa82 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Re Limited (<span class=\"_ _2\"></span>life assur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d18 y5d89 wa83 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Bermuda<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d89 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d89 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d8a ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (manag<span class=\"_ _2\"></span>ement  </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d8b wa84 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls13 ws11\">services comp<span class=\"_ _5\"></span>any<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d19 y5d8b wa85 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d8b wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d8b wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d8c wa86 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Gro<span class=\"_ _2\"></span>up Ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s Limited (mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt ser<span class=\"_ _2\"></span>vices c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1a y5d8c wa87 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d8c wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d8c wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d8d ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life As<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d Employee S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d  </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d8e wa88 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">(ma<span class=\"_ _5\"></span>nagement services co<span class=\"_ _5\"></span>mpany<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1b y5d8e wa89 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d8f wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d8f wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d90 wa8a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Com<span class=\"_ _2\"></span>panies S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (manag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1c y5d90 wa81 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d91 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d91 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d92 wa8b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PGM<span class=\"_ _2\"></span>S (Irela<span class=\"_ _2\"></span>nd) Limited (ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1d y5d92 wa74 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d93 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d93 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d94 wa8c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure UK S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (manag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1e y5d94 wa8d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d95 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d95 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d96 ff3 fs7 fc1 sc0 ls12 ws10\">Phoenix Management<span class=\"_ _7\"></span> S<span class=\"_ _2\"></span>ervices (Bermuda<span class=\"_ _7\"></span>) Limit<span class=\"_ _5\"></span>ed (ma<span class=\"_ _5\"></span>nagement services </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d97 wa8e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1f y5d97 wa8f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Bermuda<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d97 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d97 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d98 wa90 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SLFC S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices C<span class=\"_ _2\"></span>ompany (U<span class=\"_ _2\"></span>K) Limite<span class=\"_ _2\"></span>d (manag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d20 y5d98 wa91 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Hamp<span class=\"_ _2\"></span>shire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d98 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d98 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d99 w46d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">P<span class=\"_ _7\"></span>A (G<span class=\"_ _2\"></span>I) Limited (no<span class=\"_ _2\"></span>n-trading c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d21 y5d99 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d99 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d99 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d9a wa93 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">103<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d22 y5d9a wa94 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Wardo<span class=\"_ _2\"></span>ur Street Re<span class=\"_ _2\"></span>tail Inves<span class=\"_ _2\"></span>tment Co<span class=\"_ _2\"></span>mpany Limited (inves<span class=\"_ _2\"></span>tment<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d9b wa8e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d23 y5d9b wa81 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d9c wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d9c wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d9d wa95 h281\" colspan=\"2\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">28 Ribe<span class=\"_ _2\"></span>ria de Loira S<span class=\"_ _2\"></span>L (prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d24 y5d9d w48a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">M<span class=\"_ _2\"></span>adrid<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d9d wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d9d wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d9e ff3 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">3 St Andrew S<span class=\"_ _2\"></span>quare Ap<span class=\"_ _2\"></span>artm<span class=\"_ _2\"></span>ents Limi<span class=\"_ _2\"></span>ted (prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d9f wa8e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d25 y5d9f wa96 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da0 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da0 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da1 w2f0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d26 y5da1 wa97 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Avenida de Ara<span class=\"_ _2\"></span>gon S<span class=\"_ _2\"></span>L (proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d27 y5da1 w48a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>drid<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da2 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da2 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da3 wa98 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Abbe<span class=\"_ _2\"></span>y Life Assura<span class=\"_ _2\"></span>nce Co<span class=\"_ _2\"></span>mpany Limited (no<span class=\"_ _2\"></span>n-trading c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d28 y5da3 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da4 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da4 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da5 wa99 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Abbe<span class=\"_ _2\"></span>y Life T<span class=\"_ _6\"></span>ru<span class=\"_ _2\"></span>st Se<span class=\"_ _2\"></span>curities Lim<span class=\"_ _2\"></span>ited (pe<span class=\"_ _2\"></span>nsion tru<span class=\"_ _2\"></span>stee c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d29 y5da5 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da5 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da5 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da6 wa9b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Abbe<span class=\"_ _2\"></span>y Life T<span class=\"_ _6\"></span>ru<span class=\"_ _2\"></span>stee S<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices Limite<span class=\"_ _2\"></span>d (dormant com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d2a y5da6 w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da6 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da6 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da7 wa9c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Abrdn Private Eq<span class=\"_ _2\"></span>uity O<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>tunitie<span class=\"_ _2\"></span>s T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust plc (inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d2b y5da7 wa9d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d2c y5da7 wa9e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">56<span class=\"_ _2\"></span>.01%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da8 wa9f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Alba LAS Pensions Managem<span class=\"_ _2\"></span>ent Li<span class=\"_ _5\"></span>mited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d2d y5da8 waa0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edin<span class=\"_ _2\"></span>burgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da8 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da9 waa1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Alba Life T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>stees Lim<span class=\"_ _2\"></span>ited (non-tra<span class=\"_ _2\"></span>ding comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d2e y5da9 w86f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 xa07 hd y5daa ff3 fs7 fc1 sc0 ls0 ws0\">Limited Lia<span class=\"_ _2\"></span>bility </td><td></td></tr><tr><td class=\"c n x1ea y5dab waa2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">A<span class=\"_ _2\"></span>xial Fundam<span class=\"_ _2\"></span>ental Str<span class=\"_ _2\"></span>ategie<span class=\"_ _2\"></span>s (US Invest<span class=\"_ _2\"></span>ments) LLC (inv<span class=\"_ _5\"></span>es<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d2f y5dab waa3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">De<span class=\"_ _2\"></span>laware<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x70b y5dab waa4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Company<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d30 y5dab waa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dac waa6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">BA (FURBS) Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d31 y5dac wa85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dad wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dad wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dae waa7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Barnwo<span class=\"_ _2\"></span>od Prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s Limited (pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d32 y5dae waa8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">H<span class=\"_ _2\"></span>ampshire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dae wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dae wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5daf waa9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">BL T<span class=\"_ _7\"></span>elford Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d33 y5daf wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5daf wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5daf wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db0 waaa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Brit<span class=\"_ _2\"></span>annic Fina<span class=\"_ _2\"></span>nce Limite<span class=\"_ _2\"></span>d (<span class=\"_ _5\"></span>finan<span class=\"_ _2\"></span>ce and ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vices c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d34 y5db0 wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db0 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db0 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db1 waab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Brit<span class=\"_ _2\"></span>annic Group S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limi<span class=\"_ _2\"></span>ted (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d35 y5db1 w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db1 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5db2 ff3 fs7 fc1 sc0 ls0 ws0\">Brit<span class=\"_ _2\"></span>annic Mon<span class=\"_ _2\"></span>ey Investm<span class=\"_ _2\"></span>ent Ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s Limited (inves<span class=\"_ _2\"></span>tment ad<span class=\"_ _2\"></span>vice </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5db3 wa8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d36 y5db3 wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db3 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db3 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db4 waac h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ce<span class=\"_ _2\"></span>ntury T<span class=\"_ _5\"></span>rus<span class=\"_ _2\"></span>tee Se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es Limited (dorm<span class=\"_ _2\"></span>ant comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d37 y5db4 wa92 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db4 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db4 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5db5 ff3 fs7 fc1 sc0 ls0 ws0\">CGE M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement C<span class=\"_ _2\"></span>ompany Limite<span class=\"_ _2\"></span>d (f<span class=\"_ _5\"></span>orme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s Clyde Gateway </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5db6 waad h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Manag<span class=\"_ _2\"></span>ement Company Limit<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>d)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d38 y5db6 wa96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db6 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db6 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db7 waae h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">CH M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement Limite<span class=\"_ _2\"></span>d (investme<span class=\"_ _2\"></span>nt compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d39 y5db7 waaf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Delaware<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db8 wab0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">City<span class=\"_ _2\"></span>fourinc (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d3a y5db8 wa92 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d3b y5db8 wab1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Unlimite<span class=\"_ _2\"></span>d with Sh<span class=\"_ _2\"></span>ares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d3c y5db8 waa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5db9 ff3 fs7 fc1 sc0 ls0 ws0\">ERI<span class=\"_ _2\"></span>P Gene<span class=\"_ _2\"></span>ral Par<span class=\"_ _2\"></span>tner Limite<span class=\"_ _2\"></span>d (Gener<span class=\"_ _2\"></span>al Par<span class=\"_ _2\"></span>tner to ERI<span class=\"_ _2\"></span>P Limited </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5dba wab2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Partn<span class=\"_ _2\"></span>ership)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d3d y5dba wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dbb wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d3e y5dbb wab3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">8<span class=\"_ _2\"></span>0.00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dbc wab4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ERI<span class=\"_ _2\"></span>P Limited Par<span class=\"_ _2\"></span>tner<span class=\"_ _2\"></span>ship (Limite<span class=\"_ _2\"></span>d Partn<span class=\"_ _2\"></span>ership)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d3f y5dbc wa8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dbc wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dbc wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dbd wab5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">G As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e &amp; Pensions S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (non-tradin<span class=\"_ _2\"></span>g compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d40 y5dbd wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dbd wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dbd wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dbe wab6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">G Financial Ser<span class=\"_ _2\"></span>vices Limited (<span class=\"_ _7\"></span>dorm<span class=\"_ _2\"></span>ant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d41 y5dbe wa8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dbf wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dbf wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc0 wab7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">G Life H Limited (h<span class=\"_ _2\"></span>olding co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d42 y5dc0 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc1 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc2 wab8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">G Park Ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment Co<span class=\"_ _2\"></span>mpany Limited (p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y manag<span class=\"_ _2\"></span>ement c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d43 y5dc2 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc3 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc3 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc4 waba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">G T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>tees Limite<span class=\"_ _2\"></span>d (truste<span class=\"_ _2\"></span>e company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d44 y5dc4 wa8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc5 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc5 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc6 wabb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Gallions Reach Shopping Park (Nominee) Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d45 y5dc6 wabc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc6 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc6 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc7 wabd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gres<span class=\"_ _2\"></span>ham Life Ass<span class=\"_ _2\"></span>urance S<span class=\"_ _2\"></span>ocie<span class=\"_ _2\"></span>ty Limite<span class=\"_ _2\"></span>d (dormant co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d46 y5dc7 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc8 wabe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ice<span class=\"_ _2\"></span>ni Nomin<span class=\"_ _2\"></span>ees (N<span class=\"_ _2\"></span>o. 2) Limited (dorm<span class=\"_ _2\"></span>ant compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d47 y5dc8 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc8 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc9 wabf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">IH (Jersey) L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d48 y5dc9 wac0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Jersey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dca wac1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>la Holdin<span class=\"_ _2\"></span>gs Limited (h<span class=\"_ _2\"></span>olding co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d49 y5dca w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dca wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dca wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcb wac2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Impala Loan Company 1 Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1d4b y5dcb wac3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh</div><div class=\"t m0 x1d4a h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dcb wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dcb wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcc wac4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Inhoco 31<span class=\"_ _2\"></span>0<span class=\"_ _7\"></span>7 Limited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1d4d y5dcc wac5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London</div><div class=\"t m0 x1d4c h13 y5b20 ff3 fsc fc1 sc0 ls1ef ws1f4\">44<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dcc wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dcc wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59f1 wac6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Laur<span class=\"_ _2\"></span>trust Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x177d y59f1 waa8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ham<span class=\"_ _2\"></span>pshire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y59f1 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y59f1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 wac7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London Lif<span class=\"_ _5\"></span>e Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d4e y56f9 wac8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y56f9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y56f9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee wac9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London Lif<span class=\"_ _5\"></span>e T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ustees Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d4f y55ee wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y55ee wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y55ee wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef waca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Namulas Pension T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>tees Limit<span class=\"_ _5\"></span>ed (trustee company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d28 y55ef wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y55ef wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y55ef wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr></table>4<span class=\"_ _3bc\"> </span>41<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>5<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>41<span class=\"_ _3bc\"> </span>43<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>42<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>17<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>43<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>8<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>43<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span><div class=\"gs2ed\"><table class=\"s wacb h32b\" id=\"_e6ff4b69-6dee-421c-b0e7-e890b3753ec1\"><tr><td></td><td></td><td class=\"t m0 x1d04 h16 y5dcd ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf4b h16 y5dce ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 x1d05 h16 y5dce ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d06 h16 y5dce ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x1d07 h16 y5dce ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8d0 h16 y5dcf ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1570 h16 y5dcf ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e8 h16 y5dcf ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 h16 y5dcf ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x18ee hd y5dd0 ff3 fs7 fc1 sc0 ls0 ws0\">Unlimite<span class=\"_ _2\"></span>d withou<span class=\"_ _2\"></span>t </td><td></td></tr><tr><td class=\"c n x1ea y5dd1 wacc h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">National Provident Institution (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d50 y5dd1 wa9a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d51 y5dd2 wacd h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Shares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d52 y5dd2 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd3 wace h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">National Provident L<span class=\"_ _5\"></span>ife L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d53 y5dd3 w6f8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd4 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd4 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd5 wacf h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">NM Life T<span class=\"_ _6\"></span>rustee<span class=\"_ _2\"></span>s Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d54 y5dd5 wa8d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd6 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd6 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd7 wad0 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">NM Pensions Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d55 y5dd7 wa81 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd8 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd8 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d8e wad1 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">NP Life Ho<span class=\"_ _2\"></span>ldings Limite<span class=\"_ _2\"></span>d (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d56 y5d8e w6f8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d8f wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d8f wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d90 wad2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">NPI (Printworks) L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d57 y5d90 w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d91 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d91 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d92 wad3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">NPI (<span class=\"_ _2\"></span>Westg<span class=\"_ _2\"></span>ate) Limited (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d58 y5d92 w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d92 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d92 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d94 wad4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PC M<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>ment Limite<span class=\"_ _2\"></span>d (prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1684 y5d94 wa74 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d94 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d59 y5d94 wad5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">69.00<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd9 wad6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Pearl (Cov<span class=\"_ _5\"></span>ent Garden) Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d5a y5dd9 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyt<span class=\"_ _2\"></span>hall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd9 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd9 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dda wad7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl (M<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>ineau Ph<span class=\"_ _2\"></span>ase 1) Limite<span class=\"_ _2\"></span>d (dormant com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d5c y5dda wad8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall</div><div class=\"t m0 x1d5b h13 y5848 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dda wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dda wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ddb wad9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl (M<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>ineau Ph<span class=\"_ _2\"></span>ase 2) Limited (dor<span class=\"_ _2\"></span>mant comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d5d y5ddb w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5ddb wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5ddb wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ddc wada h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Pearl (Moor House) Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d5e y5ddc w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5ddc wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5ddc wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x749 hd y5ddd ff3 fs7 fc1 sc0 ls0 ws0\">Limited Lia<span class=\"_ _2\"></span>bility </td><td></td></tr><tr><td class=\"c n x1ea y5d9a wadb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl (<span class=\"_ _2\"></span>WP) Inves<span class=\"_ _2\"></span>tments LLC (investme<span class=\"_ _2\"></span>nt compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d5f y5d9a wadc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Delaware<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x6fe y5d9a waa4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Company<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d60 y5d9a waa5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dde wadd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Pearl AL L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d61 y5dde wade h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5ddf wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5ddf wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de0 wadf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl As<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce Group H<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s Limited (invest<span class=\"_ _2\"></span>ment com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d62 y5de0 w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de0 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de0 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de1 wae0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Pearl Customer Care Limit<span class=\"_ _5\"></span>ed (financial servic<span class=\"_ _2\"></span>es company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d56 y5de1 w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de1 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de1 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de2 wae1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Gro<span class=\"_ _2\"></span>up Holding<span class=\"_ _2\"></span>s (No. 1) Lim<span class=\"_ _2\"></span>ited (financ<span class=\"_ _2\"></span>e company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d64 y5de2 wae2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London</div><div class=\"t m0 x1d63 h13 y59db ff3 fsc fc1 sc0 ls1f0 ws1f5\">10<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de2 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de2 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de3 wae3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Gro<span class=\"_ _2\"></span>up Holding<span class=\"_ _2\"></span>s (No. 2) Limite<span class=\"_ _2\"></span>d (holdin<span class=\"_ _2\"></span>g compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d66 y5de3 wae4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d65 h13 y59db ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de3 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de3 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de4 wae5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Gro<span class=\"_ _2\"></span>up Sec<span class=\"_ _2\"></span>retariat S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d67 y5de4 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de5 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de5 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de6 wae6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Life Hol<span class=\"_ _2\"></span>dings Limite<span class=\"_ _2\"></span>d (holdin<span class=\"_ _2\"></span>g company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d68 y5de6 wa6f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de7 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de7 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de8 wae7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Pearl MP Birmingham Limi<span class=\"_ _5\"></span>ted (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d69 y5de8 wa85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dea wae8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Pearl RL<span class=\"_ _7\"></span>G Limited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6a y5dea w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5deb wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5deb wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dec wae9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Pearl T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>tees Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6b y5dec wa6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5ded wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5ded wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5dee ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life CA Holdin<span class=\"_ _2\"></span>gs Limited (forme<span class=\"_ _2\"></span>rly known as P<span class=\"_ _2\"></span>G Dorm<span class=\"_ _2\"></span>ant (No 4) </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5def waea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Limited) (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6c y5def wa6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5def wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5def wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5df0 waeb h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group CA S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (f<span class=\"_ _5\"></span>orme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s PG Dorm<span class=\"_ _2\"></span>ant (No<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">5) Limited) (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d6e y5df0 waec h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d6d h13 y5d30 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5df0 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5df0 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5df1 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life CA Limited (former<span class=\"_ _2\"></span>ly known as P<span class=\"_ _2\"></span>G Dorma<span class=\"_ _2\"></span>nt (No 6) Limite<span class=\"_ _2\"></span>d) </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5df2 waed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">(dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6a y5df2 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5daf wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5daf wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df3 waee h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PGM<span class=\"_ _2\"></span>S (Glas<span class=\"_ _2\"></span>gow) Limited (inves<span class=\"_ _2\"></span>tment com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6f y5df3 waef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edin<span class=\"_ _2\"></span>burgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5db0 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5db0 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df4 waf0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PGM<span class=\"_ _2\"></span>S (Irela<span class=\"_ _2\"></span>nd) Hol<span class=\"_ _2\"></span>dings Unlim<span class=\"_ _2\"></span>ited Com<span class=\"_ _2\"></span>pany (holdin<span class=\"_ _2\"></span>g compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d70 y5df4 wa74 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d71 y5db1 wab1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Unlimite<span class=\"_ _2\"></span>d with Sh<span class=\"_ _2\"></span>ares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d72 y5db1 waa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df5 waf1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PGS 2 Limite<span class=\"_ _2\"></span>d (investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d66 y5df5 wae4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d65 h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5df6 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5df6 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df7 waf2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix &amp; London Assurance Limited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d73 y5df7 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5df7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5df7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df8 waf3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Bar<span class=\"_ _2\"></span>well 2<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d75 y5df8 waf4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll</div><div class=\"t m0 x1d74 h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5df8 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5df8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df9 waf5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Chiswick House) Limited (<span class=\"_ _7\"></span>dorm<span class=\"_ _2\"></span>ant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d76 y5df9 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5df9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5df9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfa waf6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Moor H<span class=\"_ _2\"></span>ouse 1) Limi<span class=\"_ _5\"></span>ted (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d78 y5dfa waf7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d77 h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dfa wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dfa wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfb waf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Moor H<span class=\"_ _2\"></span>ouse 2) L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d19 y5dfb w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dfb wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dfb wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfc waf9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Printworks) Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d79 y5dfc wa6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dfc wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dfc wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfd wafa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Stockley Park) Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d7a y5dfd wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dfd wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dfd wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfe wafb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix Advisers Limited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d68 y5dfe wa6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dfe wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dfe wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dff wafc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix AW<span class=\"_ _5\"></span> Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d49 y5dff w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dff wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dff wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e00 wafd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Cus<span class=\"_ _2\"></span>tomer Ca<span class=\"_ _2\"></span>re Limited (financ<span class=\"_ _2\"></span>ial ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d7b y5e00 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e00 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e00 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e01 wafe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix ER1 Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d7d y5e01 waff h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d7c h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e01 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e01 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e02 wb00 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix ER2 Limite<span class=\"_ _2\"></span>d (finance c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d7f y5e02 wb01 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d7e h13 y5d30 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e02 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e02 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e03 wb02 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix ER3 Limited (<span class=\"_ _7\"></span>dorm<span class=\"_ _2\"></span>ant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d81 y5e03 wb03 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d80 h13 y5d30 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e03 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e03 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e04 wb04 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix ER4 Limited (financ<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d82 y5e04 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e04 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e04 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d7f wb00 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix ER5 Limite<span class=\"_ _2\"></span>d (finance c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d7f y5d7f wb01 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll</div><div class=\"t m0 x1d7e h13 y5d30 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d7f wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d7f wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d80 wb00 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix ER6 Limi<span class=\"_ _2\"></span>ted (finance c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d7f y5d80 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d80 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d80 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5883 wb05 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group C<span class=\"_ _2\"></span>apital Limite<span class=\"_ _2\"></span>d (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d53 y5883 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5883 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5883 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e05 wb06 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group Emp<span class=\"_ _2\"></span>loyee Ben<span class=\"_ _2\"></span>efit T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d83 y5e05 wb07 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Jersey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d84 y5e05 wb08 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Tr<span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>t<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d85 y5e05 waa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e06 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group H<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s (Berm<span class=\"_ _2\"></span>uda) Limited (h<span class=\"_ _2\"></span>olding com<span class=\"_ _2\"></span>pany \u2013 direc<span class=\"_ _2\"></span>tly </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e07 wa75 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">owne<span class=\"_ _2\"></span>d by the Com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d86 y5e07 wa83 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Bermuda<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e07 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e07 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x1d87 hd y5e08 ff3 fs7 fc1 sc0 ls17 ws15\">Cayman<span class=\"_ _7\"></span> </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5e09 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group H<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s (<span class=\"_ _5\"></span>non-tr<span class=\"_ _2\"></span>ading co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></td><td class=\"c x1d89 y588c wb09 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Islands</div><div class=\"t m0 x1d88 h13 y5b20 ff3 fsc fc1 sc0 ls1f0 ws1f5\">10<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1743 y588c wb0a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Private Company<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8a y588c wb0b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e0a wb0c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement Limite<span class=\"_ _2\"></span>d (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6a y5e0a w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e0a wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e0a wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e0b ff3 fs7 fc1 sc0 ls0 ws0\">PGH CA Lim<span class=\"_ _2\"></span>ited (formerly kn<span class=\"_ _2\"></span>own as Pearl Gro<span class=\"_ _2\"></span>up Mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt Ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ef waea h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Limited) (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8b y55ef wab9 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y55ef wa70 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y55ef wa71 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa46\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa47\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa48\">4<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa49\">4<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa4a\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa4b\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa4c\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1eb ws1f0 gsa4d\">15<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa4e\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa4f\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa50\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa51\">7<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa52\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa53\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa54\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa55\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa56\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa57\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa58\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa59\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa5a\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa5b\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa5c\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa5d\">5<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa5e\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa5f\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa60\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa61\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa62\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa63\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa64\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa65\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa66\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa67\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa68\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f1 ws1f6 gsa69\">16<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ec ws1f1 gsa6a\">41<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa6b\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa6c\">9<span class=\"_ _3bc\"> </span></div><div class=\"gs2ed\"><table class=\"s wb0d h32c\" id=\"_362d9a77-1c04-474f-a6fb-d9558ce2d5eb\"><tr><td></td><td></td><td class=\"t m0 x178d h16 y5e0c ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1000 h16 y5e0d ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 xc56 h16 y5e0d ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d14 h16 y5e0d ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x9f5 h16 y5e0d ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xd90 h16 y5e0e ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x75f h16 y5e0e ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1a20 h16 y5e0e ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xabd h16 y5e0e ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5e0f wb0e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Hold<span class=\"_ _2\"></span>ings (B<span class=\"_ _2\"></span>ermuda) Limite<span class=\"_ _2\"></span>d (holdin<span class=\"_ _2\"></span>g company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8c y5e0f wb0f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Bermuda<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e0f wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e0f wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5e10 wb10 h28f\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life Holdin<span class=\"_ _2\"></span>gs Limited (<span class=\"_ _2\"></span>holding c<span class=\"_ _2\"></span>ompany \u2013 direc<span class=\"_ _2\"></span>tly owne<span class=\"_ _2\"></span>d by the<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8d y5e10 w795 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e10 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e10 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e11 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent Ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es Holdin<span class=\"_ _2\"></span>gs (Be<span class=\"_ _2\"></span>rmuda) Limite<span class=\"_ _2\"></span>d (holdin<span class=\"_ _2\"></span>g </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e12 wa8e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8e y5e12 wb0f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Bermuda<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e12 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e12 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e13 wb11 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix Pension Scheme (<span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>rustees) Limited (dor<span class=\"_ _5\"></span>mant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8f y5e13 w795 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e13 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e13 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e14 wb12 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix Pensions T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ustee Ser<span class=\"_ _2\"></span>vices Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d90 y5e14 wa92 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e14 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e14 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e15 wb13 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix SCP Limited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d91 y5e15 wa9a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e16 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e16 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e17 wb14 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SC<span class=\"_ _2\"></span>P Pensions T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ustee<span class=\"_ _2\"></span>s Limited (trus<span class=\"_ _2\"></span>tee com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6a y5e17 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e18 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e18 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e19 wb15 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SC<span class=\"_ _2\"></span>P T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ustee<span class=\"_ _2\"></span>s Limited (trus<span class=\"_ _2\"></span>tee com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d92 y5e19 w86f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e1a wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e1a wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1b wb16 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SL D<span class=\"_ _2\"></span>irect Limi<span class=\"_ _2\"></span>ted (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d93 y5e1b wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e1c wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e1c wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1d wb17 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SPV1 Limi<span class=\"_ _2\"></span>ted (investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d70 y5e1d wb18 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall</div><div class=\"t m0 x1d94 h13 y5848 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e1e wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e1e wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1f wb19 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SPV2 Limite<span class=\"_ _2\"></span>d (investme<span class=\"_ _2\"></span>nt compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d95 y5e1f w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e1f wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e1f wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e20 wb19 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SPV3 Limite<span class=\"_ _2\"></span>d (investme<span class=\"_ _2\"></span>nt compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d96 y5e20 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e20 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e20 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e21 wb1a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SPV4 L<span class=\"_ _5\"></span>imite<span class=\"_ _2\"></span>d (investme<span class=\"_ _2\"></span>nt company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d97 y5e21 w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e21 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e21 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e22 wb1b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix UL<span class=\"_ _2\"></span>A Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d98 y5e22 w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e22 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e22 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e23 wb1c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Unit T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust Ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>rs Limited (unit tr<span class=\"_ _2\"></span>ust man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>r<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d90 y5e23 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e23 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e23 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e24 wb1d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Wealth Ho<span class=\"_ _2\"></span>ldings Limi<span class=\"_ _2\"></span>ted (holdin<span class=\"_ _2\"></span>g compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d3a y5e24 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e24 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e24 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e25 wb1e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Wealth S<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices Limite<span class=\"_ _2\"></span>d (financial s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d99 y5e25 w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e25 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e25 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d9f wb1f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Wealth T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>stee S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (truste<span class=\"_ _2\"></span>e company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9a y5d9f wa85 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d9f wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d9f wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da1 wb20 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pilang<span class=\"_ _2\"></span>en Logis<span class=\"_ _2\"></span>tik AB (invest<span class=\"_ _2\"></span>ment com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9b y5da1 wb21 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12c ws170\">Sto<span class=\"_ _2\"></span>ckholm<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da1 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da1 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da3 wb22 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pilang<span class=\"_ _2\"></span>en Logis<span class=\"_ _2\"></span>tik I AB (invest<span class=\"_ _2\"></span>ment com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9c y5da3 wb21 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12c ws170\">Stoc<span class=\"_ _2\"></span>kholm<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da3 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da3 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da5 wb23 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure FS Limited (dor<span class=\"_ _2\"></span>mant comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9d y5da5 wa81 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da5 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da5 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da6 wb24 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure FSH U<span class=\"_ _2\"></span>K Limited (h<span class=\"_ _2\"></span>olding co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9e y5da6 wa81 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da6 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da6 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da7 wb25 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Group p<span class=\"_ _2\"></span>lc (holdin<span class=\"_ _2\"></span>g company \u2013 dire<span class=\"_ _2\"></span>ctly own<span class=\"_ _2\"></span>ed by the C<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d82 y5da7 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da8 wb26 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Life Pension T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ustee<span class=\"_ _2\"></span>s Limited (dorm<span class=\"_ _2\"></span>ant compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d96 y5da8 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da8 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da9 wb27 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure LL Limited (dor<span class=\"_ _2\"></span>mant comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9f y5da9 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e26 wb28 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Midc<span class=\"_ _2\"></span>o Limited (h<span class=\"_ _2\"></span>olding com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da0 y5e26 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e26 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e26 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e27 wb29 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Nom<span class=\"_ _2\"></span>inees Limi<span class=\"_ _2\"></span>ted (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da1 y5e27 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e27 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e27 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e28 wb2a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">ReAssure Pension T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>tees Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9e y5e28 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5df0 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5df0 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e29 wb2b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure PM Limite<span class=\"_ _2\"></span>d (dormant com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da2 y5e29 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e2a wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e2a wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e2b wb2c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>tees Limi<span class=\"_ _2\"></span>ted (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da3 y5e2b wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e2c wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e2c wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e2d wb2d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure T<span class=\"_ _7\"></span>wo Limite<span class=\"_ _2\"></span>d (dormant com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da4 y5e2d wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e2e wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e2e wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e2f wb2e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure UK Life As<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce Com<span class=\"_ _2\"></span>pany Limited (dorm<span class=\"_ _2\"></span>ant comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da4 y5e2f wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e2f wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e2f wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e30 wb2f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Scot<span class=\"_ _2\"></span>tish Mutual Assuranc<span class=\"_ _2\"></span>e L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da5 y5e30 wa96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e30 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e30 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e31 wb30 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Scot<span class=\"_ _2\"></span>tish Mutual Nominees Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da5 y5e31 wa96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e31 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e31 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e32 wb31 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Sc<span class=\"_ _2\"></span>ottis<span class=\"_ _2\"></span>h Mutual Pen<span class=\"_ _2\"></span>sion Funds Inves<span class=\"_ _2\"></span>tment Limi<span class=\"_ _2\"></span>ted (truste<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da6 y5e32 wa9d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e32 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e32 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e33 wb32 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL (<span class=\"_ _2\"></span>NEWC<span class=\"_ _2\"></span>O) Limited (dorma<span class=\"_ _2\"></span>nt company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da7 y5e33 wade h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e33 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e33 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e34 ff3 fs7 fc1 sc0 ls0 ws0\">SL Live<span class=\"_ _2\"></span>rpool limi<span class=\"_ _2\"></span>ted (formerly kn<span class=\"_ _2\"></span>own as SL Live<span class=\"_ _2\"></span>rpool PLC) (dormant </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5dfb wa8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d36 y5dfb wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dfb wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dfb wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfc wb33 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Bel<span class=\"_ _2\"></span>gium No.1 SA (investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1da9 y5dfc wb34 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Brus<span class=\"_ _2\"></span>sels</div><div class=\"t m0 x1da8 h13 y5b20 ff3 fsc fc1 sc0 ls1f3 ws1f8\">11<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1daa y5dfc wb35 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">Soci\u00e9t\u00e9 Anonyme<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dab y5dfc wa7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfd wb36 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Den<span class=\"_ _2\"></span>mark No.1 ApS (inve<span class=\"_ _2\"></span>stment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1dad y5dfd wb37 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Copenhag<span class=\"_ _2\"></span>en</div><div class=\"t m0 x1dac h13 y5d30 ff3 fsc fc1 sc0 ls1f4 ws1f9\">14<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dfd wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dfd wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfe wb38 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Den<span class=\"_ _2\"></span>mark No.<span class=\"_ _2\"></span>2 ApS (inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dae y5dfe wb39 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">C<span class=\"_ _2\"></span>openhagen<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dfe wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dfe wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dff wb3a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Germ<span class=\"_ _2\"></span>any No.1 S.<span class=\"_ _2\"></span>\u00e0.r.l. (investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1db0 y5dff wb3b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg</div><div class=\"t m0 x1daf h13 y5d30 ff3 fsc fc1 sc0 ls1f5 ws1fa\">20<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dff wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dff wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e00 wb3c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Germ<span class=\"_ _2\"></span>any No.<span class=\"_ _2\"></span>2 S.<span class=\"_ _2\"></span>\u00e0.r<span class=\"_ _5\"></span>.l. (inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1db1 y5e00 wb3d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e00 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e00 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e01 wb3c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Germ<span class=\"_ _2\"></span>any No.<span class=\"_ _2\"></span>3 S.<span class=\"_ _2\"></span>\u00e0.r<span class=\"_ _5\"></span>.l. (inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1db1 y5e01 wb3e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e01 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e01 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e02 wb3f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Irela<span class=\"_ _2\"></span>nd No.1 S.<span class=\"_ _2\"></span>\u00e0.r.l. (investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1db3 y5e02 wb40 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">L<span class=\"_ _2\"></span>uxemb<span class=\"_ _2\"></span>ourg</div><div class=\"t m0 x1db2 h13 y5d30 ff3 fsc fc1 sc0 ls1f5 ws1fa\">20<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e02 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e02 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e35 wb41 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Neth<span class=\"_ _2\"></span>erland<span class=\"_ _2\"></span>s No.1 B.<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>. (inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1db5 y5e35 wb42 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Ams<span class=\"_ _2\"></span>t<span class=\"_ _5\"></span>erdam</div><div class=\"t m0 x1db4 h13 y5b20 ff3 fsc fc1 sc0 ls1f6 ws1fb\">12<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e03 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e03 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e36 wb43 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">SL<span class=\"_ _2\"></span>A<span class=\"_ _7\"></span>C<span class=\"_ _2\"></span>OM (No. 10) Limited (<span class=\"_ _7\"></span>dorm<span class=\"_ _2\"></span>ant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1db7 y5e36 wb44 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh</div><div class=\"t m0 x1db6 h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e04 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e04 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e37 wb45 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>ACOM (No<span class=\"_ _2\"></span>. 8) Limited (dorm<span class=\"_ _2\"></span>ant compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1db8 y5e37 wa96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d7f wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d7f wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e38 wb46 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>ACOM (No<span class=\"_ _2\"></span>. 9) Limited (dorm<span class=\"_ _2\"></span>ant comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1db9 y5e38 wa9d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d80 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d80 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5e39 wb47 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">SLF of Ca<span class=\"_ _2\"></span>nada U<span class=\"_ _2\"></span>K Limited (ho<span class=\"_ _2\"></span>lding com<span class=\"_ _2\"></span>pany \u2013 direc<span class=\"_ _2\"></span>tly owned by th<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dba y5e39 waa8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">H<span class=\"_ _2\"></span>ampshire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e39 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e39 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e3a ff3 fs7 fc1 sc0 ls0 ws0\">SLI<span class=\"_ _2\"></span>F Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Investm<span class=\"_ _2\"></span>ent GP Limite<span class=\"_ _2\"></span>d (Gener<span class=\"_ _2\"></span>al Par<span class=\"_ _2\"></span>tner to SLI<span class=\"_ _2\"></span>F Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e3b wb48 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1381 y5e3b w86f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e3b wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e3b wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e3c wb49 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life Agency Ser<span class=\"_ _2\"></span>vices Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dbb y5e3c wa96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e3c wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e3c wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e3d ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e (HWPF<span class=\"_ _2\"></span>) Luxembo<span class=\"_ _2\"></span>urg S.<span class=\"_ _2\"></span>\u00e0.r.l. (investm<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e3e wa8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dbc y5e3e wb3e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y56f9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y56f9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e3f wb4a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life In<span class=\"_ _5\"></span>vestment Funds Limi<span class=\"_ _5\"></span>ted (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dbd y5e3f wade h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y55ee wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y55ee wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e40 wb4b h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life Lifetime Mo<span class=\"_ _2\"></span>rtg<span class=\"_ _2\"></span>ages Lim<span class=\"_ _2\"></span>ited (mor<span class=\"_ _2\"></span>tgag<span class=\"_ _2\"></span>e provider co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dbe y5e40 wa9d h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y55ef wa70 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y55ef wa71 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ec ws1f1 gsa6e\">41<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa6f\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ec ws1f1 gsa70\">41<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa71\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa72\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa73\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa74\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa75\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa76\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa77\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa78\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa79\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa7a\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa7b\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa7c\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa7d\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa7e\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f2 ws1f7 gsa7f\">13<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f2 ws1f7 gsa80\">13<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa81\">4<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa82\">4<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa83\">4<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa84\">4<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa85\">4<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa86\">4<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa87\">4<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa88\">4<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa89\">4<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa8a\">4<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa8b\">4<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa8c\">4<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa8d\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa8e\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa8f\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa90\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa91\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f4 ws1f9 gsa92\">14<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsa93\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsa94\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa95\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa96\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1eb ws1f0 gsa97\">43<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa98\">6<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa99\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsa9a\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa9b\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa9c\">2<span class=\"_ _3bc\"> </span></div><table class=\"s wb4c h32d\" id=\"_d2eb9115-3220-430c-b58a-75facbdc9acf\"><tr><td></td><td></td><td class=\"t m0 x1d04 h16 y5e41 ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf4b h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 x1d05 h16 y5e42 ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d06 h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x1d07 h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8d0 h16 y5e43 ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1570 h16 y5e43 ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e8 h16 y5e43 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 h16 y5e43 ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5e44 wb4d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life Master T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>t Co. Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dbf y5e44 w6f8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e44 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e44 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd1 wb4e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life Mortgag<span class=\"_ _2\"></span>es Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d53 y5dd1 w6f8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd1 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd1 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd4 wb4f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life P<span class=\"_ _5\"></span>roper<span class=\"_ _2\"></span>ty Comp<span class=\"_ _2\"></span>an<span class=\"_ _5\"></span>y Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc0 y5dd4 w86f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd4 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd4 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd6 wb50 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life T<span class=\"_ _6\"></span>rustee C<span class=\"_ _2\"></span>ompany L<span class=\"_ _5\"></span>imited (<span class=\"_ _5\"></span>trustee comp<span class=\"_ _2\"></span>any<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc1 y5dd6 waef h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edin<span class=\"_ _2\"></span>burgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd6 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd6 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd8 wb51 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Sun Life of Can<span class=\"_ _2\"></span>ada UK H<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s Limited (dorma<span class=\"_ _2\"></span>nt company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc2 y5dd8 wb52 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ham<span class=\"_ _2\"></span>pshire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd8 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd8 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d8f wb53 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Sun<span class=\"_ _2\"></span>Life Limited (financ<span class=\"_ _2\"></span>ial ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s distribu<span class=\"_ _2\"></span>tion comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d73 y5d8f wa85 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d8f wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d8f wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e45 ff3 fs7 fc1 sc0 ls0 ws0\">The H<span class=\"_ _2\"></span>eritab<span class=\"_ _2\"></span>le Sec<span class=\"_ _2\"></span>urities an<span class=\"_ _2\"></span>d Mor<span class=\"_ _2\"></span>tgag<span class=\"_ _2\"></span>e Investm<span class=\"_ _2\"></span>ent Ass<span class=\"_ _2\"></span>ociatio<span class=\"_ _2\"></span>n L<span class=\"_ _5\"></span>td </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e46 waed h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">(dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da5 y5e46 wa96 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e46 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e46 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e47 wb54 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">The London Lif<span class=\"_ _5\"></span>e Asso<span class=\"_ _2\"></span>ciation<span class=\"_ _5\"></span> Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc3 y5e47 w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyt<span class=\"_ _2\"></span>hall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d10 y5e47 wa79 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited by G<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d11 y5e47 wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e48 wb55 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">The Path<span class=\"_ _2\"></span>e Building M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement C<span class=\"_ _2\"></span>ompany Limite<span class=\"_ _2\"></span>d (dormant com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9d y5e48 wa81 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e48 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e48 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d97 wb56 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">The Ph<span class=\"_ _2\"></span>oenix Life SC<span class=\"_ _2\"></span>P Ins<span class=\"_ _2\"></span>titution (dorm<span class=\"_ _2\"></span>ant comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc4 y5d97 w86f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d10 y5d97 wa79 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited by G<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d11 y5d97 wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d98 wb57 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">The S<span class=\"_ _2\"></span>cot<span class=\"_ _2\"></span>tish Mut<span class=\"_ _2\"></span>ual As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e Soci<span class=\"_ _2\"></span>ety (dorm<span class=\"_ _2\"></span>ant comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc5 y5d98 wade h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d10 y5d98 wa79 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited by G<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d11 y5d98 wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e49 ff3 fs7 fc1 sc0 ls0 ws0\">The St<span class=\"_ _2\"></span>andard Life As<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce Com<span class=\"_ _2\"></span>pany of Europe B.<span class=\"_ _5\"></span>V<span class=\"_ _7\"></span>. (finan<span class=\"_ _2\"></span>cial holdin<span class=\"_ _2\"></span>g </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e4a wa8e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc6 y5e4a wb58 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Amsterdam<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e4a wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e4a wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e4b wb59 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">V<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>bnet (Ho<span class=\"_ _2\"></span>ldings) Limite<span class=\"_ _2\"></span>d (holdin<span class=\"_ _2\"></span>g company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d37 y5e4b wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e4b wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e4b wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d9c wb5a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">V<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>bnet Limited (s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc7 y5d9c wade h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d9c wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d9c wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d9d wb5b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Welbrent Prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y Inves<span class=\"_ _2\"></span>tment C<span class=\"_ _2\"></span>ompany Limite<span class=\"_ _2\"></span>d (dormant co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc8 y5d9d wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d9d wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d9d wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e4c wb5c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SLI<span class=\"_ _2\"></span>F Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Investm<span class=\"_ _2\"></span>ent LP<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dc9 y5e4c wa89 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e4c wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e4c wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e4d wb5e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Pearl Private E<span class=\"_ _5\"></span>quit<span class=\"_ _2\"></span>y LP<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dcb y5e4d wa89 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e4d wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e4d wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e4e wb5f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Str<span class=\"_ _2\"></span>ategic Cre<span class=\"_ _2\"></span>dit LP<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dcc y5e4e wb60 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e4f wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e4f wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e50 wb61 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Europe<span class=\"_ _2\"></span>an Strateg<span class=\"_ _2\"></span>ic Part<span class=\"_ _2\"></span>ners LP<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dcb y5e50 wa89 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e51 wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcd y5e51 wb62 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b0 ws1ac\">72.70<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e52 wb63 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">AS<span class=\"_ _2\"></span>I Phoeni<span class=\"_ _2\"></span>x Global Priv<span class=\"_ _2\"></span>ate Equity I<span class=\"_ _2\"></span>II LP<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dcb y5e52 wa89 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e53 wb5d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e53 wa7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e54 wb64 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Janus Hender<span class=\"_ _2\"></span>son Institutional Shor<span class=\"_ _2\"></span>t Duration Bond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dce y5e54 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e55 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e55 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e56 wb66 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Janus Hender<span class=\"_ _2\"></span>son Institutional Mainstream U<span class=\"_ _2\"></span>K E<span class=\"_ _5\"></span>quity T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd0 y5e56 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e57 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e57 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e58 wb67 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Janus Hender<span class=\"_ _2\"></span>son Institutional UK Equity T<span class=\"_ _7\"></span>racker T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd1 y5e58 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e58 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e58 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5def wb68 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson I<span class=\"_ _2\"></span>nstit<span class=\"_ _2\"></span>utional Hi<span class=\"_ _2\"></span>gh Alpha U<span class=\"_ _2\"></span>K Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd2 y5def wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5def wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd3 y5def wb69 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12a ws113\">84.56%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e59 ff3 fs7 fc1 sc0 ls18 ws16\">Janus Hender<span class=\"_ _2\"></span>son Global Fu<span class=\"_ _5\"></span>nds \u2013 Janus Hender<span class=\"_ _2\"></span>son Institutional Overse<span class=\"_ _2\"></span>as </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5df0 wb6a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd4 y5df0 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5df0 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd6 y5df0 wb6c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">9<span class=\"_ _2\"></span>9.20%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e5a ff3 fs7 fc1 sc0 ls0 ws0\">Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson St<span class=\"_ _2\"></span>rategic I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Funds \u2013 Janus H<span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>rson </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5daf wb6d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Instit<span class=\"_ _2\"></span>utional Nor<span class=\"_ _2\"></span>th American Index Op<span class=\"_ _2\"></span>port<span class=\"_ _2\"></span>unities F<span class=\"_ _5\"></span>und<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd7 y5daf wb6e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5daf wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd8 y5daf wb6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">82.73%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e5b ff3 fs7 fc1 sc0 ls0 ws0\">Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson St<span class=\"_ _2\"></span>rategic I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Funds \u2013 Janus H<span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>rson </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e5c wb70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ins<span class=\"_ _2\"></span>titution<span class=\"_ _2\"></span>al Asia Pac<span class=\"_ _2\"></span>ific ex Japan I<span class=\"_ _2\"></span>ndex Opp<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tunities Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd9 y5e5c wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5e5d wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dda y5e5d wb71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls101 wsa1\">9<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.27%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e5e ff3 fs7 fc1 sc0 ls0 ws0\">Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson St<span class=\"_ _2\"></span>rategic I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Funds \u2013 Janus H<span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>rson </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e5f wb72 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ins<span class=\"_ _2\"></span>titution<span class=\"_ _2\"></span>al Japan I<span class=\"_ _2\"></span>ndex Opp<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>unities Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ddb y5e5f wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5e5f wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ddc y5e5f wb73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">86<span class=\"_ _2\"></span>.79%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e60 wb74 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS A<span class=\"_ _2\"></span>sia Pacific ex Ja<span class=\"_ _2\"></span>pan Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ddd y5e60 wa85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e60 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd3 y5e60 wb75 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">99<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e61 wb76 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Em<span class=\"_ _2\"></span>erging M<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dde y5e61 wa92 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e61 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e61 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db6 wb77 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Europ<span class=\"_ _2\"></span>ean ex UK Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ddf y5db6 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5db6 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5db6 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db7 wb78 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Ja<span class=\"_ _2\"></span>pan Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de0 y5db7 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5db7 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5db7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db8 wb79 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Lothia<span class=\"_ _2\"></span>n European E<span class=\"_ _2\"></span>x UK Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de1 y5db8 w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5db8 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5db8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e62 wb7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Lothia<span class=\"_ _2\"></span>n Nor<span class=\"_ _2\"></span>th Americ<span class=\"_ _2\"></span>an Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1699 y5e62 wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e62 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e62 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e63 wb7b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Lothia<span class=\"_ _2\"></span>n UK Gilt Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xd72 y5e63 wa92 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e63 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e63 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e64 ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Lothia<span class=\"_ _2\"></span>n UK Liste<span class=\"_ _2\"></span>d Smalle<span class=\"_ _2\"></span>r Comp<span class=\"_ _2\"></span>anies Fund (formerl<span class=\"_ _2\"></span>y known </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e65 wb7c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">as PUT<span class=\"_ _2\"></span>M A<span class=\"_ _5\"></span>CS U<span class=\"_ _2\"></span>K Smalle<span class=\"_ _2\"></span>r Compa<span class=\"_ _2\"></span>nies Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x171a y5e65 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyt<span class=\"_ _2\"></span>hall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dbd wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1de2 y5dbd wb7d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1f7 ws1fc\">99.90%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dbe wb7e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS N<span class=\"_ _2\"></span>orth A<span class=\"_ _2\"></span>meric<span class=\"_ _2\"></span>an 2 Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de3 y5dbe w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dbf wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dbf wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc0 wb7f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS N<span class=\"_ _2\"></span>orth A<span class=\"_ _2\"></span>meric<span class=\"_ _2\"></span>an Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de4 y5dc0 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc1 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc2 wb80 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex Asia Pac<span class=\"_ _2\"></span>ific ex Japan Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de5 y5dc2 wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc3 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc3 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc4 wb81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex Emergin<span class=\"_ _2\"></span>g Markets Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de6 y5dc4 wa92 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc5 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc5 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc6 wb82 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex Europea<span class=\"_ _2\"></span>n Equity Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de7 y5dc6 wac8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc6 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc6 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc7 wb83 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex Japan Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de8 y5dc7 w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc7 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc8 wb84 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex UK Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de1 y5dc8 w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc8 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc9 wb85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex US Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de9 y5dc9 wa85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc9 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dca wb86 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS U<span class=\"_ _2\"></span>K All Share Lis<span class=\"_ _2\"></span>ted Equit<span class=\"_ _2\"></span>y Mul<span class=\"_ _2\"></span>ti Mana<span class=\"_ _2\"></span>ger Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dea y5dca wb87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Wy<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>all1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1deb y5dca wb88 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dec y5dca wb89 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _7\"></span>.00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcb wb8a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS US D<span class=\"_ _2\"></span>ollar Cre<span class=\"_ _2\"></span>dit Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ded y5dcb wb87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dee y5dcb wb8b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dec y5dcb wb89 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _7\"></span>.00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcc wb8c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Asia Pa<span class=\"_ _2\"></span>cific (E<span class=\"_ _2\"></span>xcluding J<span class=\"_ _2\"></span>apan) Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1def y5dcc wac8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dcc wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dcc wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59f1 wb8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Emerg<span class=\"_ _2\"></span>ing Market De<span class=\"_ _2\"></span>bt Uncon<span class=\"_ _2\"></span>strain<span class=\"_ _2\"></span>ed Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df0 y59f1 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyt<span class=\"_ _2\"></span>hall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y59f1 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y59f1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 wb8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Emerg<span class=\"_ _2\"></span>ing Markets Equi<span class=\"_ _2\"></span>ty Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de8 y56f9 w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y56f9 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y56f9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee wb8f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Euro Sovere<span class=\"_ _2\"></span>ign Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df1 y55ee wa85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y55ee wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y55ee wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wb90 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Europe<span class=\"_ _2\"></span>an Credit Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df2 y55ef wa9a h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyt<span class=\"_ _2\"></span>hall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y55ef wb65 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y55ef wa71 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>43<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>12<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span><div class=\"gs2ed\"><table class=\"s wb91 h32e\" id=\"_685b1eb1-29a8-4101-a3cc-3518f4b769d2\"><tr><td></td><td></td><td class=\"t m0 x178d h16 y5e66 ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1000 h16 y5e67 ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 xc56 h16 y5e67 ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d14 h16 y5e67 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x9f5 h16 y5e67 ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xd90 h16 y5e68 ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x75f h16 y5e68 ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1a20 h16 y5e68 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xabd h16 y5e68 ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5e69 wb92 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Floatin<span class=\"_ _2\"></span>g Rate ABS Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de0 y5e69 wa9a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e69 wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e69 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6a wb93 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Glob<span class=\"_ _2\"></span>al Bond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df4 y5e6a w795 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6a wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6a wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6b wb94 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Glob<span class=\"_ _2\"></span>al Credit Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df5 y5e6b wa85 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6b wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6b wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d8b wb95 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Index-<span class=\"_ _2\"></span>Linked Sterling H<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ed Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df6 y5d8b w795 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5d8b wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5d8b wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d8c wb96 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Long Gilt S<span class=\"_ _2\"></span>terling He<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de8 y5d8c w795 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5d8c wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5d8c wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6c wb97 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Sho<span class=\"_ _2\"></span>rt D<span class=\"_ _2\"></span>uration Cre<span class=\"_ _2\"></span>dit Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df7 y5e6c wa92 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6c wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6c wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6d wb98 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Sterling C<span class=\"_ _2\"></span>redit Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df8 y5e6d wa9a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6d wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6d wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6e wb99 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Sterling G<span class=\"_ _2\"></span>overnment B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xb67 y5e6e wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6e wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6e wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6f wb9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Sub<span class=\"_ _2\"></span>-Sovereign A Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df4 y5e6f w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6f wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6f wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e70 wb9b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell T<span class=\"_ _7\"></span>ac<span class=\"_ _2\"></span>tical A<span class=\"_ _2\"></span>sset All<span class=\"_ _2\"></span>ocatio<span class=\"_ _2\"></span>n Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xd72 y5e70 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e70 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e70 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e71 wb9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Uk Equit<span class=\"_ _2\"></span>y Inc<span class=\"_ _2\"></span>ome Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df9 y5e71 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e71 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e71 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e72 wb9d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Ultra S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Durat<span class=\"_ _2\"></span>ion Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dfa y5e72 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e72 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e72 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e73 wb9e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM Far E<span class=\"_ _2\"></span>aster<span class=\"_ _2\"></span>n Unit T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dfb y5e73 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e73 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dfc y5e73 wb9f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws195\">99<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e74 wba0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM U<span class=\"_ _2\"></span>K All-Share I<span class=\"_ _2\"></span>ndex Unit T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x16f8 y5e74 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e74 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e74 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e75 wba1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM U<span class=\"_ _2\"></span>K Stock M<span class=\"_ _2\"></span>arket F<span class=\"_ _5\"></span>und<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de8 y5e75 w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e75 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e75 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e76 wba2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM U<span class=\"_ _2\"></span>K Stock M<span class=\"_ _2\"></span>arket F<span class=\"_ _5\"></span>und (S<span class=\"_ _2\"></span>eries 3<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dfd y5e76 wa85 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e77 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e77 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e78 wba3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls194 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) European T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust II (forme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s abrdn Europe<span class=\"_ _2\"></span>an T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust I<span class=\"_ _2\"></span>I)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dfe y5e78 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e79 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e79 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e7a wba4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) European T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust (formerl<span class=\"_ _2\"></span>y known as ab<span class=\"_ _2\"></span>rdn European T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dff y5e7a wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e7b wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dfc y5e7b wba5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1f8 ws1fd\">95.65<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e7c ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) Internation<span class=\"_ _2\"></span>al T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t (<span class=\"_ _5\"></span>forme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s abrdn Interna<span class=\"_ _2\"></span>tional </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e7d wba6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">T<span class=\"_ _6\"></span>rust)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e00 y5e7d wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e7d wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e7d wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e7e wba7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) Japan T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>st (formerly k<span class=\"_ _2\"></span>nown as Abrdn J<span class=\"_ _2\"></span>apan T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e01 y5e7e wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e7e wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e02 y5e7e wba8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls25 ws23\">78<span class=\"_ _2\"></span>.0<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e7f ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) Nor<span class=\"_ _2\"></span>th Americ<span class=\"_ _2\"></span>an T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t (f<span class=\"_ _5\"></span>orme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s abrdn Nor<span class=\"_ _2\"></span>th </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5de7 wba9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">American T<span class=\"_ _7\"></span>rust<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e03 y5de7 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5de7 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e04 y5de7 wbaa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls68 ws5c\">9<span class=\"_ _2\"></span>9.47%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e80 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) Pacific Bas<span class=\"_ _2\"></span>in T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust (formerl<span class=\"_ _2\"></span>y known as abr<span class=\"_ _2\"></span>dn Pacific Bas<span class=\"_ _2\"></span>in </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e54 wba6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">T<span class=\"_ _6\"></span>rust)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e00 y5e54 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e55 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e05 y5e55 wbab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>51%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e81 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) UK Corp<span class=\"_ _2\"></span>orate Bo<span class=\"_ _2\"></span>nd T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t (<span class=\"_ _5\"></span>forme<span class=\"_ _2\"></span>rly known as a<span class=\"_ _2\"></span>brdn UK </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5da9 wbac h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Corporate Bond T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e06 y5da9 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5da9 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5da9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e82 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) UK Equit<span class=\"_ _2\"></span>y Gene<span class=\"_ _2\"></span>ral T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t (formerly kn<span class=\"_ _2\"></span>own as abrdn U<span class=\"_ _2\"></span>K </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5dab wbad h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Equi<span class=\"_ _5\"></span>ty General T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>t)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e07 y5dab wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5dab wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e02 y5dab wbaa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls68 ws5c\">9<span class=\"_ _2\"></span>9.67%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dad wbae h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>ets I<span class=\"_ _2\"></span>ncome Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e08 y5dad wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5dad wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0a y5dad wbaf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">74<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dae wbb0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Europ<span class=\"_ _2\"></span>e ex UK Ethic<span class=\"_ _2\"></span>al Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0b y5dae wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5dae wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0c y5dae wb73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">78<span class=\"_ _2\"></span>.61%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5e83 wbb1 h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn MT A<span class=\"_ _2\"></span>meric<span class=\"_ _2\"></span>an Equit<span class=\"_ _2\"></span>y Uncon<span class=\"_ _2\"></span>strain<span class=\"_ _2\"></span>ed Fund (formerl<span class=\"_ _2\"></span>y known as<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">AS<span class=\"_ _2\"></span>IMT Ame<span class=\"_ _2\"></span>rican Equit<span class=\"_ _2\"></span>y Un<span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>traine<span class=\"_ _2\"></span>d Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5e83 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e84 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0e y5e84 wbb2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">78<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>3%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e5d wbb3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn MT G<span class=\"_ _2\"></span>lobal R<span class=\"_ _2\"></span>EIT Fund (formerly kn<span class=\"_ _2\"></span>own as AS<span class=\"_ _2\"></span>IMT Glo<span class=\"_ _2\"></span>bal REIT Fun<span class=\"_ _2\"></span>d)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0f y5e5d wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e5d wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e10 y5e5d w15d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls69 ws5e\">8<span class=\"_ _2\"></span>0.49%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e85 wbb4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn MT J<span class=\"_ _2\"></span>apan Fund (formerl<span class=\"_ _2\"></span>y known as AS<span class=\"_ _2\"></span>IMT J<span class=\"_ _2\"></span>apan Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e11 y5e85 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e85 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e12 y5e85 wbb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls159 ws141\">7<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e86 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn MT S<span class=\"_ _2\"></span>terling Interm<span class=\"_ _2\"></span>ediate Cre<span class=\"_ _2\"></span>dit Fund (formerly kn<span class=\"_ _2\"></span>own as AS<span class=\"_ _2\"></span>IMT </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e60 w317 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Sterling I<span class=\"_ _2\"></span>ntermed<span class=\"_ _2\"></span>iate Credit Fund La<span class=\"_ _2\"></span>unch Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e13 y5e60 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e60 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dfc y5e60 wbb6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">93<span class=\"_ _2\"></span>.63%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e61 wbb7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Mana<span class=\"_ _2\"></span>ged I Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5e61 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5e61 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e14 y5e61 wbb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls159 ws141\">7<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db6 wbb8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Mana<span class=\"_ _2\"></span>ged I<span class=\"_ _2\"></span>I Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e15 y5db6 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5db6 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e16 y5db6 wbb9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws195\">76<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>92%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db7 wbba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Mana<span class=\"_ _2\"></span>ged I<span class=\"_ _2\"></span>II Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e17 y5db7 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5db7 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e18 y5db7 wbbb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls190 ws179\">84.49%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db8 wbbc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Mana<span class=\"_ _2\"></span>ged V Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e19 y5db8 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5db8 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1a y5db8 wbbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">76<span class=\"_ _2\"></span>.75%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e62 wbbe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Dated Gl<span class=\"_ _2\"></span>obal Co<span class=\"_ _2\"></span>rporate B<span class=\"_ _2\"></span>ond T<span class=\"_ _7\"></span>rac<span class=\"_ _2\"></span>k<span class=\"_ _5\"></span>er Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e1b y5e62 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5e62 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1c y5e62 wba8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">95<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>85%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e63 wbbf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Dated Ste<span class=\"_ _2\"></span>rling Corp<span class=\"_ _2\"></span>orate Bon<span class=\"_ _2\"></span>d T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>acker Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e1d y5e63 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5e63 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1a y5e63 w155 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1f9 ws1fe\">91.26%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e87 wbc0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Europ<span class=\"_ _2\"></span>e ex UK Su<span class=\"_ _2\"></span>stain<span class=\"_ _2\"></span>able Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e1e y5e87 wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e87 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1f y5e87 wbc3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">68<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>1%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e88 wbc4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 G<span class=\"_ _2\"></span>DP Weighted G<span class=\"_ _2\"></span>lobal Gover<span class=\"_ _2\"></span>nment Bo<span class=\"_ _2\"></span>nd Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e20 y5e88 w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e88 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e21 y5e88 wbc5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8c ws6b\">73<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>21%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e89 wbc6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Gl<span class=\"_ _2\"></span>obal Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e22 y5e89 w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e89 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e23 y5e89 wbc7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls66 ws5d\">9<span class=\"_ _2\"></span>9.60%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8a wbc8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Gl<span class=\"_ _2\"></span>obal Govern<span class=\"_ _2\"></span>ment Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e24 y5e8a w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e8a wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1f y5e8a wa9e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">80.<span class=\"_ _2\"></span>21%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8b wbc9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Global Equ<span class=\"_ _2\"></span>ity Im<span class=\"_ _2\"></span>pact Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e20 y5e8b w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e8b wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1f y5e8b w155 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1f9 ws1fe\">61.26%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8c wbca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Global I<span class=\"_ _2\"></span>nflation-linked B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e25 y5e8c wbcb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxem<span class=\"_ _2\"></span>bourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e8c wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e21 y5e8c wbcc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">51<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span>2%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8d wbcd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Global S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Durat<span class=\"_ _2\"></span>ion Corp<span class=\"_ _2\"></span>orate Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e26 y5e8d w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xembo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e8d wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e27 y5e8d wba5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8e wbce h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Absolute Re<span class=\"_ _2\"></span>turn Glob<span class=\"_ _2\"></span>al Bond St<span class=\"_ _2\"></span>rategie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e28 y5e8e wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">L<span class=\"_ _2\"></span>uxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e8e wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e27 y5e8e wbb6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">92.46<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59eb wbcf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 European G<span class=\"_ _2\"></span>overnment All S<span class=\"_ _2\"></span>tocks Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e29 y59eb w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y59eb wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e2a y59eb waa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59ed wbd0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Global Em<span class=\"_ _2\"></span>erging M<span class=\"_ _2\"></span>arkets Loca<span class=\"_ _2\"></span>l Currenc<span class=\"_ _2\"></span>y Debt Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e2b y59ed wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y59ed wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e27 y59ed wbd1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls66 ws5d\">89.59%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8f wbd2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Global H<span class=\"_ _2\"></span>igh Yield B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e2c y5e8f wbcb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y59ee wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e2d y59ee wb75 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">5<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.75%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e90 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I Global Re<span class=\"_ _2\"></span>al Es<span class=\"_ _2\"></span>tate Se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s Sust<span class=\"_ _2\"></span>ainable Fun<span class=\"_ _2\"></span>d (<span class=\"_ _5\"></span>former<span class=\"_ _2\"></span>ly </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5dcc wbd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">known a<span class=\"_ _2\"></span>s abrdn SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Gl<span class=\"_ _2\"></span>obal REI<span class=\"_ _2\"></span>T Focus Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e2e y5dcc wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5dcc wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e21 y5dcc wbd4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls159 ws141\">9<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59f1 wbd5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn St<span class=\"_ _2\"></span>andard Liq<span class=\"_ _2\"></span>uidity Fun<span class=\"_ _2\"></span>d (Lux) \u2013 S<span class=\"_ _2\"></span>eabur<span class=\"_ _2\"></span>y Euro Liquidit<span class=\"_ _2\"></span>y 1 Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1e30 y59f1 wbd6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg</div><div class=\"t m0 x1e2f h13 y5b20 ff3 fsc fc1 sc0 ls1f5 ws1fa\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y59f1 wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e31 y59f1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 wbd8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn St<span class=\"_ _2\"></span>andard Liq<span class=\"_ _2\"></span>uidity Fun<span class=\"_ _2\"></span>d (Lux) \u2013 S<span class=\"_ _2\"></span>eabur<span class=\"_ _2\"></span>y Sterlin<span class=\"_ _2\"></span>g Liquidit<span class=\"_ _2\"></span>y 2 Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e32 y56f9 wbd9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y56f9 wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e31 y56f9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee wbd8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn St<span class=\"_ _2\"></span>andard Liq<span class=\"_ _2\"></span>uidity Fun<span class=\"_ _2\"></span>d (Lux) \u2013 S<span class=\"_ _2\"></span>eabur<span class=\"_ _2\"></span>y Sterlin<span class=\"_ _2\"></span>g Liquidit<span class=\"_ _2\"></span>y 3 Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e32 y55ee wbd9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxem<span class=\"_ _2\"></span>bour<span class=\"_ _2\"></span>g<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y55ee wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e33 y55ee wbda h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">9<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>45%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wbdb h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn St<span class=\"_ _2\"></span>andard S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Ch<span class=\"_ _2\"></span>ina Onsh<span class=\"_ _2\"></span>ore Bond Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e34 y55ef wbc1 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y55ef wbc2 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e35 y55ef wbdc h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">6<span class=\"_ _2\"></span>0.75%<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsad0\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsad1\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsad2\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsad3\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsad4\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsad5\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsad6\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsad7\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsad8\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsad9\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsada\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsadb\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsadc\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsadd\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsade\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsadf\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsae0\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsae1\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsae2\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsae3\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsae4\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsae5\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsae6\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsae7\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsae8\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsae9\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsaea\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsaeb\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsaec\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsaed\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsaee\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsaef\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsaf0\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsaf1\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsaf2\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsaf3\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsaf4\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsaf5\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsaf6\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsaf7\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsaf8\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsaf9\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsafa\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsafb\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsafc\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsafd\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsafe\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsaff\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb00\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb01\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb02\">20<span class=\"_ _3bc\"> </span></div><table class=\"s wbdd h32d\" id=\"_108da619-95cb-4383-838e-608eaecce992\"><tr><td></td><td></td><td class=\"t m0 x1d04 h16 y5e41 ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf4b h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 x1d05 h16 y5e42 ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d06 h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x1d07 h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8d0 h16 y5e43 ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1570 h16 y5e43 ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e8 h16 y5e43 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 h16 y5e43 ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5e44 wbde h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex World Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e36 y5e44 wab9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e44 wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e37 y5e44 wa9e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">9<span class=\"_ _2\"></span>0.61%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd1 wbdf h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex Ameri<span class=\"_ _2\"></span>can Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e38 y5dd1 wab9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dd1 wb6b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e39 y5dd1 w653 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls69 ws5e\">60.<span class=\"_ _2\"></span>53%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e91 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Ph<span class=\"_ _2\"></span>oenix Fund F<span class=\"_ _2\"></span>inancin<span class=\"_ _2\"></span>g SCS<span class=\"_ _2\"></span>P (<span class=\"_ _5\"></span>forme<span class=\"_ _2\"></span>rly known as A<span class=\"_ _2\"></span>SI Pho<span class=\"_ _2\"></span>enix </td><td></td><td></td><td class=\"t m0 x1e3a hd y5e92 ff3 fs7 fc1 sc0 ls0 ws0\">Sp<span class=\"_ _2\"></span>ecial Limite<span class=\"_ _2\"></span>d </td><td></td></tr><tr><td class=\"c n x1ea y5e93 wbe0 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Fund Fina<span class=\"_ _2\"></span>ncing S<span class=\"_ _2\"></span>CSP (P<span class=\"_ _2\"></span>LFF))<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e3b y5e93 w1ba h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f6 y5e93 w412 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Partn<span class=\"_ _2\"></span>ership<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e3c y5e93 wbe1 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x1982 hd y5e94 ff3 fs7 fc1 sc0 ls17 ws15\">Cayman<span class=\"_ _7\"></span> </td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5e95 ff3 fs7 fc1 sc0 ls0 ws0\">Igni<span class=\"_ _2\"></span>s Private Equit<span class=\"_ _2\"></span>y Fund LP<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x97a hd y5e95 ff3 fs7 fc1 sc0 ls18 ws16\">Islands<span class=\"_ _3bc\"> </span></td><td class=\"c n x8d1 y5e96 wb5d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e96 wa7a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x1982 hd y5e97 ff3 fs7 fc1 sc0 ls17 ws15\">Cayman<span class=\"_ _7\"></span> </td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5e98 ff3 fs7 fc1 sc0 ls0 ws0\">Igni<span class=\"_ _2\"></span>s Strateg<span class=\"_ _2\"></span>ic Credit Fund LP<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x97a hd y5e98 ff3 fs7 fc1 sc0 ls18 ws16\">Islands<span class=\"_ _3bc\"> </span></td><td class=\"c n x8d1 y5e18 wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e18 wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1a wbe2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Nor<span class=\"_ _2\"></span>th Ame<span class=\"_ _2\"></span>rican Str<span class=\"_ _2\"></span>ategic Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rs (Fee<span class=\"_ _2\"></span>der) 200<span class=\"_ _2\"></span>8 Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e3d y5e1a wa96 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e1a wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e1a wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1c wbe3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Nor<span class=\"_ _2\"></span>th Ame<span class=\"_ _2\"></span>rican Str<span class=\"_ _2\"></span>ategic Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rs 20<span class=\"_ _2\"></span>08 L.<span class=\"_ _2\"></span>P<span class=\"_ _6\"></span>.<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1e3f y5e1c wbe4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Delaware</div><div class=\"t m0 x1e3e h13 y5848 ff3 fsc fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e1c wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e1c wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1e wbe5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Igni<span class=\"_ _2\"></span>s Strateg<span class=\"_ _2\"></span>ic Soluti<span class=\"_ _2\"></span>ons Funds plc \u2013 Fund<span class=\"_ _2\"></span>amenta<span class=\"_ _2\"></span>l Strategi<span class=\"_ _2\"></span>es Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xf08 y5e1e wa74 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Dub<span class=\"_ _2\"></span>lin<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5e1e wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e40 y5e1e wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e99 wbe6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Igni<span class=\"_ _2\"></span>s Strateg<span class=\"_ _2\"></span>ic Soluti<span class=\"_ _2\"></span>ons Funds plc \u2013 Sys<span class=\"_ _2\"></span>tematic St<span class=\"_ _2\"></span>rategie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ddd y5e99 wa74 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Dub<span class=\"_ _2\"></span>lin<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5e99 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e40 y5e99 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e9a ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Highvis<span class=\"_ _2\"></span>ta V<span class=\"_ _5\"></span>enture C<span class=\"_ _2\"></span>apital Par<span class=\"_ _2\"></span>tner<span class=\"_ _2\"></span>s LP (formerly kn<span class=\"_ _2\"></span>own as AS<span class=\"_ _2\"></span>I </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e9b wbe7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix V<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>nture Capit<span class=\"_ _2\"></span>al Partn<span class=\"_ _2\"></span>ers LP)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e41 y5e9b wbe8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">USA<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e9c wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e9c wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e9d wbe9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">BNY M<span class=\"_ _2\"></span>ellon 50/50 Gl<span class=\"_ _2\"></span>obal Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1e43 y5e9d wbea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London</div><div class=\"t m0 x1e42 h13 y5848 ff3 fsc fc1 sc0 ls1fc ws201\">40<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d09 y5e9e wbd7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e44 y5e9e wbeb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">73.<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>9%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e9f wbec h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">HS<span class=\"_ _2\"></span>BC Invest<span class=\"_ _2\"></span>ment Funds \u2013 Ba<span class=\"_ _2\"></span>lance<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e45 y5e9f wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5ea0 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e46 y5ea0 wbb9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws195\">81<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>64%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea1 wbed h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">IFS<span class=\"_ _2\"></span>L AMR OEI<span class=\"_ _2\"></span>C \u2013 IFS<span class=\"_ _2\"></span>L AMR Diver<span class=\"_ _2\"></span>sified Por<span class=\"_ _2\"></span>tfo<span class=\"_ _2\"></span>lio<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e47 y5ea1 wbee h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Bolton<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5ea2 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd8 y5ea2 wb6f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls14 ws12\">72.83%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea3 wbef h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">iSha<span class=\"_ _2\"></span>res 35<span class=\"_ _2\"></span>0 UK Equit<span class=\"_ _2\"></span>y Index Fund U<span class=\"_ _2\"></span>K<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1e49 y5ea3 wbf0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London</div><div class=\"t m0 x1e48 h13 y5848 ff3 fsc fc1 sc0 ls1fe ws203\">25<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5ea3 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e39 y5ea3 wbf1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls66 ws5d\">9<span class=\"_ _2\"></span>9.46<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea4 wbf2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Europe<span class=\"_ _2\"></span>an Equit<span class=\"_ _2\"></span>y Incom<span class=\"_ _2\"></span>e Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e4a y5ea4 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5ea4 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e4b y5ea4 wbbb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1f8 ws1fd\">86.50<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea5 wbf3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Grow<span class=\"_ _2\"></span>th T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e4c y5ea5 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5ea5 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e4d y5ea5 wbf4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls190 ws179\">84.<span class=\"_ _5\"></span>77%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea6 wbf5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Quilte<span class=\"_ _2\"></span>r Investor<span class=\"_ _2\"></span>s Global D<span class=\"_ _2\"></span>ynami<span class=\"_ _2\"></span>c Equity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e4e y5ea6 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5ea6 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd8 y5ea6 wbd4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls159 ws141\">8<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea7 wbf6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">UB<span class=\"_ _2\"></span>S Global O<span class=\"_ _2\"></span>ptimal Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e4f y5ea7 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5ea7 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e46 y5ea7 wb73 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">78<span class=\"_ _2\"></span>.77%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea8 wbf7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amund<span class=\"_ _2\"></span>i MSCI World C<span class=\"_ _2\"></span>limate T<span class=\"_ _7\"></span>rans<span class=\"_ _2\"></span>ition CTB<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e50 y5ea8 wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d09 y5ea8 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e51 y5ea8 wbab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">51<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x1e3a hd y5ea9 ff3 fs7 fc1 sc0 ls0 ws0\">Sp<span class=\"_ _2\"></span>ecial Limite<span class=\"_ _2\"></span>d </td><td></td></tr><tr><td class=\"c n x1ea y5eaa wbf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Stone<span class=\"_ _2\"></span>peak C<span class=\"_ _2\"></span>ore Fund (Lux) S<span class=\"_ _2\"></span>CSp<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e52 y5eaa w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xembo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f6 y5eaa w412 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Partn<span class=\"_ _2\"></span>ership<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e53 y5eaa w105 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">83.<span class=\"_ _2\"></span>30%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eab wbf9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Par<span class=\"_ _2\"></span>tners G<span class=\"_ _2\"></span>roup Phoe<span class=\"_ _2\"></span>nix, L<span class=\"_ _2\"></span>.P<span class=\"_ _7\"></span>. Inc<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e54 y5eab wbfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Guernsey<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5eac wb5d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5eac wa7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ead wbfb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">ESP General P<span class=\"_ _5\"></span>artner Limi<span class=\"_ _5\"></span>ted P<span class=\"_ _5\"></span>artnership<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e55 y5ead w86f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5ead wb5d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5ead wa7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eae wbfc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Aviva Investo<span class=\"_ _2\"></span>rs UK Prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty Fe<span class=\"_ _2\"></span>eder T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e56 y5eae wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5eae wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5eae wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5eaf ff7 fs7 fc1 sc0 ls69 ws5e\">Asso<span class=\"_ _2\"></span>ciates:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5eb0 wbfd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UK C<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y REIT Limi<span class=\"_ _2\"></span>ted (prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y inves<span class=\"_ _2\"></span>tment com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e57 y5eb0 wbfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Guernsey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb0 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb0 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5eb1 ff3 fs7 fc1 sc0 ls0 ws0\">UK C<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Es<span class=\"_ _2\"></span>tates Hol<span class=\"_ _2\"></span>dings Limite<span class=\"_ _2\"></span>d (prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y investm<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5eb2 wa8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e59 y5eb2 wbfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Guernsey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb2 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb2 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eb3 wbff h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UK C<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Es<span class=\"_ _2\"></span>tates Limite<span class=\"_ _2\"></span>d (proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e5a y5eb3 wbfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Guernsey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb3 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb3 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5eb4 ff3 fs7 fc1 sc0 ls0 ws0\">UK C<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Finan<span class=\"_ _2\"></span>ce Holdin<span class=\"_ _2\"></span>gs Limite<span class=\"_ _2\"></span>d (proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y investm<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5eb5 wa8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e59 y5eb5 wbfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Guernsey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb5 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb5 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eb6 wc00 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Duke Dis<span class=\"_ _2\"></span>tribution C<span class=\"_ _2\"></span>entres S<span class=\"_ _2\"></span>.\u00e0<span class=\"_ _2\"></span>.r<span class=\"_ _7\"></span>.l<span class=\"_ _2\"></span>. (investme<span class=\"_ _2\"></span>nt compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e5b y5eb6 wb3e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb6 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb6 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eb7 w7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Duke Of<span class=\"_ _2\"></span>fices &amp; D<span class=\"_ _2\"></span>evelopm<span class=\"_ _2\"></span>ents S<span class=\"_ _2\"></span>.\u00e0<span class=\"_ _2\"></span>.r<span class=\"_ _7\"></span>.l<span class=\"_ _2\"></span>. (investme<span class=\"_ _2\"></span>nt company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e5c y5eb7 wb3e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb7 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5eb8 ff7 fs7 fc1 sc0 ls68 ws5c\">Significant holdings:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5eb9 wc01 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Janus Hender<span class=\"_ _2\"></span>son Institutional Global Responsible Man<span class=\"_ _2\"></span>aged Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e5d y5eb9 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5eb9 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e5e y5eb9 wc02 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dba wc03 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson I<span class=\"_ _2\"></span>nstit<span class=\"_ _2\"></span>utional U<span class=\"_ _2\"></span>K Index O<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>tunitie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e5f y5dba wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dba wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dda y5dba wb9f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws195\">58<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eba wc04 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abe<span class=\"_ _2\"></span>rdeen St<span class=\"_ _2\"></span>andard Liq<span class=\"_ _2\"></span>uidit<span class=\"_ _2\"></span>y Fund (Lux) \u2013 Ster<span class=\"_ _2\"></span>ling Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e60 y5eba wbcb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d09 y5eba wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e61 y5eba wb75 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">30<span class=\"_ _2\"></span>.0<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e65 wc05 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Am<span class=\"_ _2\"></span>erican Eq<span class=\"_ _2\"></span>uity Enh<span class=\"_ _2\"></span>ance<span class=\"_ _2\"></span>d Index Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e62 y5e65 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5e65 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dda y5e65 wc06 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls204 ws209\">48.23<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dbe wc07 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Am<span class=\"_ _2\"></span>erican I<span class=\"_ _2\"></span>ncom<span class=\"_ _2\"></span>e Equity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e63 y5dbe wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dbe wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e64 y5dbe wc08 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls13 ws11\">6<span class=\"_ _2\"></span>5.26%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc0 wc09 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn As<span class=\"_ _2\"></span>ia Pacific Equit<span class=\"_ _2\"></span>y Enha<span class=\"_ _2\"></span>nced I<span class=\"_ _2\"></span>ndex Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e65 y5dc0 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc0 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e64 y5dc0 wc0a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12a ws113\">35.9<span class=\"_ _2\"></span>9%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc2 wc0b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn As<span class=\"_ _2\"></span>ia Pacific Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e66 y5dc2 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc2 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ddc y5dc2 wb6c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">22.<span class=\"_ _2\"></span>83%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc4 wc0c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn D<span class=\"_ _2\"></span>ynamic D<span class=\"_ _2\"></span>istribu<span class=\"_ _2\"></span>tion Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e67 y5dc4 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc4 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e68 y5dc4 wa9e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">63<span class=\"_ _2\"></span>.23%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc6 wc0d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>ets Eq<span class=\"_ _2\"></span>uity Enh<span class=\"_ _2\"></span>ance<span class=\"_ _2\"></span>d Index Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e69 y5dc6 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc6 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e6a y5dc6 wc0e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a7 ws197\">25.45<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc7 wc0f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>ets Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e6b y5dc7 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc7 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e39 y5dc7 wad5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">2<span class=\"_ _2\"></span>2.06%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc8 wc10 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>ets Lo<span class=\"_ _2\"></span>cal Curre<span class=\"_ _2\"></span>ncy Bo<span class=\"_ _2\"></span>nd T<span class=\"_ _7\"></span>rac<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>r Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e6c y5dc8 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc8 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e6d y5dc8 wc11 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">4<span class=\"_ _2\"></span>2.1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc9 wc12 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Ethic<span class=\"_ _2\"></span>al Cor<span class=\"_ _2\"></span>porate Bo<span class=\"_ _2\"></span>nd Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5dc9 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc9 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e6e y5dc9 wbb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls159 ws141\">5<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dca wc13 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Europ<span class=\"_ _2\"></span>e ex UK Inc<span class=\"_ _2\"></span>ome Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e6f y5dca wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dca wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e6a y5dca wc14 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">2<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>24%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcb wc15 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Europ<span class=\"_ _2\"></span>e Equit<span class=\"_ _2\"></span>y Enhanc<span class=\"_ _2\"></span>ed Index Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e19 y5dcb wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dcb wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd8 y5dcb wb73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">25.<span class=\"_ _2\"></span>37%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcc wc16 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Europ<span class=\"_ _2\"></span>ean Equit<span class=\"_ _2\"></span>y T<span class=\"_ _7\"></span>rac<span class=\"_ _2\"></span>k<span class=\"_ _5\"></span>er Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5dcc wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dcc wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e70 y5dcc wc17 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">2<span class=\"_ _2\"></span>3.1<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ebb wc18 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Gl<span class=\"_ _2\"></span>obal Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e71 y5ebb wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y59f1 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dda y59f1 wbb6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">22.99<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e3e wc19 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Gl<span class=\"_ _2\"></span>obal Infla<span class=\"_ _2\"></span>tion-Linked B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e36 y5e3e wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y56f9 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e72 y56f9 wc14 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">24<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e3f wc1a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Gl<span class=\"_ _2\"></span>obal Infla<span class=\"_ _2\"></span>tion-Linked B<span class=\"_ _2\"></span>ond T<span class=\"_ _7\"></span>rac<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>r Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e73 y5e3f wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y55ee wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd8 y55ee wc1b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1af ws1ab\">52<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>87%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e40 wc1c h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Gl<span class=\"_ _2\"></span>obal Govern<span class=\"_ _2\"></span>ment Bon<span class=\"_ _2\"></span>d T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>acker Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e36 y5e40 wab9 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y55ef wb6b h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e6a y55ef wb7d h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1f7 ws1fc\">31.90%<span class=\"_ _3bc\"> </span></div></td></tr></table>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>10<span class=\"_ _3bc\"> </span>10<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>22<span class=\"_ _3bc\"> </span>22<span class=\"_ _3bc\"> </span>56<span class=\"_ _3bc\"> </span>23<span class=\"_ _3bc\"> </span>24<span class=\"_ _3bc\"> </span>26<span class=\"_ _3bc\"> </span>26<span class=\"_ _3bc\"> </span>27<span class=\"_ _3bc\"> </span>50<span class=\"_ _3bc\"> </span>28<span class=\"_ _3bc\"> </span>51<span class=\"_ _3bc\"> </span>55<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>59<span class=\"_ _3bc\"> </span>29<span class=\"_ _3bc\"> </span>29<span class=\"_ _3bc\"> </span>29<span class=\"_ _3bc\"> </span>29<span class=\"_ _3bc\"> </span>31<span class=\"_ _3bc\"> </span>31<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, e<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g % of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span>incorporated entities<span class=\"_ _3bc\"> </span>pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span>cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span>abrdn Gl<span class=\"_ _2\"></span>obal Rea<span class=\"_ _2\"></span>l Est<span class=\"_ _2\"></span>ate Fund<span class=\"_ _3bc\"> </span>L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span>36.57<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span>abrdn Gl<span class=\"_ _2\"></span>obal Sm<span class=\"_ _2\"></span>aller Co<span class=\"_ _2\"></span>mpany Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>25.<span class=\"_ _2\"></span>59%<span class=\"_ _3bc\"> </span>abrdn Hi<span class=\"_ _2\"></span>gh Yield Bo<span class=\"_ _2\"></span>nd Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>20.<span class=\"_ _2\"></span>37%<span class=\"_ _3bc\"> </span>abrdn Inves<span class=\"_ _2\"></span>tment G<span class=\"_ _2\"></span>rade C<span class=\"_ _2\"></span>orporate B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>4<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>52%<span class=\"_ _3bc\"> </span>abrdn Ja<span class=\"_ _2\"></span>pan Equit<span class=\"_ _2\"></span>y Enhan<span class=\"_ _2\"></span>ced In<span class=\"_ _2\"></span>dex Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>51<span class=\"_ _2\"></span>.8<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span>abrdn My<span class=\"_ _2\"></span>Folio Mana<span class=\"_ _2\"></span>ged IV Fund<span class=\"_ _3bc\"> </span>L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>68.36%<span class=\"_ _3bc\"> </span>abrdn My<span class=\"_ _2\"></span>Folio Market I Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>42.<span class=\"_ _2\"></span>30<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span>abrdn My<span class=\"_ _2\"></span>Folio Market II Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>50.3<span class=\"_ _2\"></span>6%<span class=\"_ _3bc\"> </span>abrdn My<span class=\"_ _2\"></span>Folio Market III Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>5<span class=\"_ _2\"></span>6.7<span class=\"_ _2\"></span>7%<span class=\"_ _3bc\"> </span>abrdn My<span class=\"_ _2\"></span>Folio Market IV Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>54.08%<span class=\"_ _3bc\"> </span>abrdn My<span class=\"_ _2\"></span>Folio Market V Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>58.47%<span class=\"_ _3bc\"> </span>abrdn My<span class=\"_ _2\"></span>Folio Multi-<span class=\"_ _2\"></span>Manag<span class=\"_ _2\"></span>er II Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>4<span class=\"_ _2\"></span>8.78%<span class=\"_ _3bc\"> </span>abrdn My<span class=\"_ _2\"></span>Folio Multi-<span class=\"_ _2\"></span>Manag<span class=\"_ _2\"></span>er II<span class=\"_ _2\"></span>I Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>56.<span class=\"_ _2\"></span>50%<span class=\"_ _3bc\"> </span>abrdn My<span class=\"_ _2\"></span>Folio Multi-<span class=\"_ _2\"></span>Manag<span class=\"_ _2\"></span>er IV Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>59.<span class=\"_ _2\"></span>86%<span class=\"_ _3bc\"> </span>abrdn My<span class=\"_ _2\"></span>Folio Multi-<span class=\"_ _2\"></span>Manag<span class=\"_ _2\"></span>er V Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>3<span class=\"_ _3\"></span>7.<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span>abrdn S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Dated C<span class=\"_ _2\"></span>orpora<span class=\"_ _2\"></span>te Bond Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>2<span class=\"_ _2\"></span>6.7<span class=\"_ _2\"></span>7%<span class=\"_ _3bc\"> </span>abrdn S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Duratio<span class=\"_ _2\"></span>n Global In<span class=\"_ _2\"></span>flation-<span class=\"_ _2\"></span>Link<span class=\"_ _5\"></span>ed B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>2<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>07%<span class=\"_ _3bc\"> </span>abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 D<span class=\"_ _2\"></span>iversifie<span class=\"_ _2\"></span>d Incom<span class=\"_ _2\"></span>e Fund<span class=\"_ _3bc\"> </span>Luxem<span class=\"_ _2\"></span>bou<span class=\"_ _2\"></span>rg<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span>36<span class=\"_ _2\"></span>.27<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span>abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Gl<span class=\"_ _2\"></span>obal Co<span class=\"_ _2\"></span>rporate S<span class=\"_ _2\"></span>ust<span class=\"_ _2\"></span>ainable B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span>Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span>36<span class=\"_ _2\"></span>.02%<span class=\"_ _3bc\"> </span>abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Ja<span class=\"_ _2\"></span>panes<span class=\"_ _2\"></span>e Sus<span class=\"_ _2\"></span>tainabl<span class=\"_ _2\"></span>e Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span>22<span class=\"_ _2\"></span>.52<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span>abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 N<span class=\"_ _2\"></span>orth A<span class=\"_ _2\"></span>meric<span class=\"_ _2\"></span>an Smalle<span class=\"_ _2\"></span>r Comp<span class=\"_ _2\"></span>anies Fund<span class=\"_ _3bc\"> </span>Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span>24<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span>abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Dated Enh<span class=\"_ _2\"></span>ance<span class=\"_ _2\"></span>d Incom<span class=\"_ _2\"></span>e Fund<span class=\"_ _3bc\"> </span>Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span>39<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span>abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I European C<span class=\"_ _2\"></span>orpor<span class=\"_ _2\"></span>ate Bond Fund<span class=\"_ _3bc\"> </span>Lu<span class=\"_ _2\"></span>xembo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span>31<span class=\"_ _2\"></span>.46%<span class=\"_ _3bc\"> </span>abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I European S<span class=\"_ _2\"></span>maller C<span class=\"_ _2\"></span>ompani<span class=\"_ _2\"></span>es Fund<span class=\"_ _3bc\"> </span>Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span>2<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span>abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I Global C<span class=\"_ _2\"></span>orpor<span class=\"_ _2\"></span>ate Bond Fund<span class=\"_ _3bc\"> </span>Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span>53<span class=\"_ _2\"></span>.05%<span class=\"_ _3bc\"> </span>abrdn St<span class=\"_ _2\"></span>andard Liq<span class=\"_ _2\"></span>uidity Fun<span class=\"_ _2\"></span>d (Lux) \u2013 S<span class=\"_ _2\"></span>eabur<span class=\"_ _2\"></span>y Euro Liquidit<span class=\"_ _2\"></span>y 1 Fund (formerly kn<span class=\"_ _2\"></span>own as Abrdn Liq<span class=\"_ _2\"></span>uidity Fun<span class=\"_ _2\"></span>d (Lux) Euro Fund)<span class=\"_ _3bc\"> </span>Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span>39.<span class=\"_ _2\"></span>38%<span class=\"_ _3bc\"> </span>abrdn Ster<span class=\"_ _2\"></span>ling Corp<span class=\"_ _2\"></span>orate Bon<span class=\"_ _2\"></span>d Fund (formerly kn<span class=\"_ _2\"></span>own as AS<span class=\"_ _2\"></span>I (SLI) Corporate Bond Fund)<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>26<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span>abrdn Str<span class=\"_ _2\"></span>ategic B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>5<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>6%<span class=\"_ _3bc\"> </span>abrdn U<span class=\"_ _2\"></span>K Equit<span class=\"_ _2\"></span>y Enhanc<span class=\"_ _2\"></span>ed Index Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>4<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span>abrdn U<span class=\"_ _2\"></span>K Governme<span class=\"_ _2\"></span>nt Bond Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>38.10<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span>abrdn U<span class=\"_ _2\"></span>K Incom<span class=\"_ _2\"></span>e Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>2<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.14%<span class=\"_ _3bc\"> </span>abrdn U<span class=\"_ _2\"></span>K Incom<span class=\"_ _2\"></span>e Uncon<span class=\"_ _2\"></span>strain<span class=\"_ _2\"></span>ed Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>61<span class=\"_ _2\"></span>.71%<span class=\"_ _3bc\"> </span>abrdn U<span class=\"_ _2\"></span>K Mid-<span class=\"_ _2\"></span>Cap Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>31<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span>abrdn U<span class=\"_ _2\"></span>K Real Es<span class=\"_ _2\"></span>tate Fee<span class=\"_ _2\"></span>der Fund (formerl<span class=\"_ _2\"></span>y known as St<span class=\"_ _2\"></span>andard Life Inves<span class=\"_ _2\"></span>tments U<span class=\"_ _2\"></span>K Real E<span class=\"_ _2\"></span>state Ac<span class=\"_ _2\"></span>cumulatio<span class=\"_ _2\"></span>n Feede<span class=\"_ _2\"></span>r Fund)<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span>6<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.8<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span>abrdn U<span class=\"_ _2\"></span>K Smalle<span class=\"_ _2\"></span>r Comp<span class=\"_ _2\"></span>anies Fund<span class=\"_ _3bc\"> </span>L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>30.89%<span class=\"_ _3bc\"> </span>abrdn U<span class=\"_ _2\"></span>K V<span class=\"_ _7\"></span>alue S<span class=\"_ _2\"></span>ust<span class=\"_ _2\"></span>ainable a<span class=\"_ _2\"></span>nd Resp<span class=\"_ _2\"></span>onsible Inves<span class=\"_ _2\"></span>tment Equ<span class=\"_ _2\"></span>ity Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>40<span class=\"_ _2\"></span>.5<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span>abrdn U<span class=\"_ _2\"></span>K V<span class=\"_ _7\"></span>alue Eq<span class=\"_ _2\"></span>uity Fund (forme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s abrdn UK Un<span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>traine<span class=\"_ _2\"></span>d Equit<span class=\"_ _2\"></span>y Fund)<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>58.68%<span class=\"_ _3bc\"> </span>Brent Cro<span class=\"_ _2\"></span>ss Par<span class=\"_ _2\"></span>tners<span class=\"_ _2\"></span>hip<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span>23<span class=\"_ _2\"></span>.83%<span class=\"_ _3bc\"> </span>Gallion<span class=\"_ _2\"></span>s Reach S<span class=\"_ _2\"></span>hoppin<span class=\"_ _2\"></span>g Park Limited Par<span class=\"_ _2\"></span>tner<span class=\"_ _2\"></span>ship<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span>100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span>Gallion<span class=\"_ _2\"></span>s Reach S<span class=\"_ _2\"></span>hoppin<span class=\"_ _2\"></span>g Park Unit T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>st<span class=\"_ _3bc\"> </span>Jersey<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span>100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span>Stan<span class=\"_ _2\"></span>dard Life Invest<span class=\"_ _2\"></span>ments B<span class=\"_ _2\"></span>rent Cross LP<span class=\"_ _3bc\"> </span>Edinburgh<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span>4<span class=\"_ _2\"></span>0.<span class=\"_ _5\"></span>13%<span class=\"_ _3bc\"> </span>Stan<span class=\"_ _2\"></span>dard Life Invest<span class=\"_ _2\"></span>ments U<span class=\"_ _2\"></span>K Shop<span class=\"_ _2\"></span>ping Ce<span class=\"_ _2\"></span>ntre T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _3bc\"> </span>Jersey<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span>4<span class=\"_ _2\"></span>0.<span class=\"_ _5\"></span>13%<span class=\"_ _3bc\"> </span>AB S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Diver<span class=\"_ _2\"></span>sified Yi<span class=\"_ _2\"></span>eld Plus Por<span class=\"_ _2\"></span>tfolio<span class=\"_ _3bc\"> </span>Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span>39<span class=\"_ _2\"></span>.21%<span class=\"_ _3bc\"> </span>Abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>ets Low Volatilit<span class=\"_ _2\"></span>y Equity Por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folio<span class=\"_ _3bc\"> </span>Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span>88.22%<span class=\"_ _3bc\"> </span>ACS World Multifa<span class=\"_ _2\"></span>ctor Equit<span class=\"_ _2\"></span>y T<span class=\"_ _7\"></span>ra<span class=\"_ _2\"></span>ck<span class=\"_ _5\"></span>er Fund<span class=\"_ _3bc\"> </span>London<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>22.<span class=\"_ _2\"></span>21%<span class=\"_ _3bc\"> </span>Amund<span class=\"_ _2\"></span>i Index So<span class=\"_ _2\"></span>lutions \u2013 Am<span class=\"_ _2\"></span>undi Glob<span class=\"_ _2\"></span>al Corp S<span class=\"_ _2\"></span>RI 1<span class=\"_ _2\"></span>-5Y<span class=\"_ _3bc\"> </span>Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg28<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span>22.22<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span>Amund<span class=\"_ _2\"></span>i Index So<span class=\"_ _2\"></span>lutions \u2013 Am<span class=\"_ _2\"></span>undi MS<span class=\"_ _2\"></span>CI China ES<span class=\"_ _2\"></span>G Leader<span class=\"_ _2\"></span>s Sel<span class=\"_ _2\"></span>ect<span class=\"_ _3bc\"> </span>Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span>4<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span>Amund<span class=\"_ _2\"></span>i Index So<span class=\"_ _2\"></span>lutions \u2013 Am<span class=\"_ _2\"></span>undi MS<span class=\"_ _2\"></span>CI Emerg<span class=\"_ _2\"></span>ing Ex Ch<span class=\"_ _2\"></span>ina ESG Lea<span class=\"_ _2\"></span>ders Select<span class=\"_ _3bc\"> </span>Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span>50.67%<span class=\"_ _3bc\"> </span>Amund<span class=\"_ _2\"></span>i UCITS Fund<span class=\"_ _2\"></span>s \u2013 Amundi Gl<span class=\"_ _2\"></span>obal Mult<span class=\"_ _2\"></span>i-Facto<span class=\"_ _2\"></span>r Equity Fund<span class=\"_ _3bc\"> </span>Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span>22.13%<span class=\"_ _3bc\"> </span>AQR Glob<span class=\"_ _2\"></span>al Risk Premium U<span class=\"_ _2\"></span>CITS Fund<span class=\"_ _3bc\"> </span>Luxem<span class=\"_ _2\"></span>bourg<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span>100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span>Baillie Gif<span class=\"_ _2\"></span>ford Eme<span class=\"_ _2\"></span>rging Mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>ts Leadin<span class=\"_ _2\"></span>g Comp<span class=\"_ _2\"></span>anies Fund<span class=\"_ _3bc\"> </span>Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>2<span class=\"_ _2\"></span>8.<span class=\"_ _2\"></span>44%<span class=\"_ _3bc\"> </span>Baillie Gif<span class=\"_ _2\"></span>ford Inves<span class=\"_ _2\"></span>tment Funds I<span class=\"_ _2\"></span>I ICVC \u2013 Baillie Gif<span class=\"_ _2\"></span>ford UK Equit<span class=\"_ _2\"></span>y Core Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>Edinburgh<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>39<span class=\"_ _2\"></span>.42%<span class=\"_ _3bc\"> </span>Baillie Gif<span class=\"_ _2\"></span>ford U<span class=\"_ _2\"></span>K &amp; Balanc<span class=\"_ _2\"></span>ed Funds I<span class=\"_ _2\"></span>CV<span class=\"_ _7\"></span>C \u2013 B<span class=\"_ _2\"></span>aillie Gifford U<span class=\"_ _2\"></span>K and<span class=\"_ _3bc\"> </span>Worldwide Equi<span class=\"_ _2\"></span>ty Fund<span class=\"_ _3bc\"> </span>Edinburgh<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>2<span class=\"_ _2\"></span>6.78%<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>30<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>21<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>32<span class=\"_ _3bc\"> </span>19<span class=\"_ _3bc\"> </span>19<span class=\"_ _3bc\"> </span>25<span class=\"_ _3bc\"> </span>28<span class=\"_ _3bc\"> </span>28<span class=\"_ _3bc\"> </span>28<span class=\"_ _3bc\"> </span>49<span class=\"_ _3bc\"> </span>39<span class=\"_ _3bc\"> </span>39<span class=\"_ _3bc\"> </span>39<span class=\"_ _3bc\"> </span>Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of incorporated entities<span class=\"_ _3bc\"> </span>If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span>T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span>units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span>Barin<span class=\"_ _2\"></span>gs Emerg<span class=\"_ _2\"></span>ing Markets D<span class=\"_ _2\"></span>ebt Sh<span class=\"_ _2\"></span>ort D<span class=\"_ _2\"></span>uration Fund<span class=\"_ _79\"> </span>Dublin<span class=\"_ _3bc\"> </span>34<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _114\"> </span><span class=\"ls193 ws17c\">30.89%<span class=\"_ _3bc\"> </span></span>Blac<span class=\"_ _2\"></span>kRock Gl<span class=\"_ _2\"></span>obal Funds \u2013 S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable World B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _148\"> </span><span class=\"ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></span>19<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _de\"> </span><span class=\"ls1ac ws1a4\">24<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>75<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>Blac<span class=\"_ _2\"></span>kRock M<span class=\"_ _2\"></span>arket Advantag<span class=\"_ _2\"></span>e Fund<span class=\"_ _197\"> </span><span class=\"ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></span>25<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _25\"> </span><span class=\"lscc wsba\">5<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span>74<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>iSha<span class=\"_ _2\"></span>res Bloo<span class=\"_ _2\"></span>mberg Roll S<span class=\"_ _2\"></span>elec<span class=\"_ _2\"></span>t Comm<span class=\"_ _2\"></span>odit<span class=\"_ _2\"></span>y Strate<span class=\"_ _2\"></span>gy ET<span class=\"_ _2\"></span>F<span class=\"_ _206\"> </span><span class=\"ls61 ws5f\">U<span class=\"_ _2\"></span>SA<span class=\"_ _3bc\"> </span></span>57<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _fc\"> </span><span class=\"lsdc wsc7\">3<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.12<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>BNY M<span class=\"_ _2\"></span>ellon Glo<span class=\"_ _2\"></span>bal Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _303\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>40<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _115\"> </span><span class=\"ls13 ws11\">26.<span class=\"_ _2\"></span>96%<span class=\"_ _3bc\"> </span></span>BNY M<span class=\"_ _2\"></span>ellon Mul<span class=\"_ _2\"></span>ti-Asset G<span class=\"_ _2\"></span>lobal Ba<span class=\"_ _2\"></span>lance<span class=\"_ _2\"></span>d Fund<span class=\"_ _1f9\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>40<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _ea\"> </span><span class=\"ls18 ws16\">30.0<span class=\"_ _2\"></span>9%<span class=\"_ _3bc\"> </span></span>CF M<span class=\"_ _2\"></span>acqua<span class=\"_ _2\"></span>ries Glob<span class=\"_ _2\"></span>al Infras<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ure Sec<span class=\"_ _2\"></span>urities Fund<span class=\"_ _206\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>47<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d <span class=\"_ _8f\"> </span><span class=\"ls66 ws5d\">26<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>8%<span class=\"_ _3bc\"> </span></span>Fide<span class=\"_ _2\"></span>lity M<span class=\"_ _2\"></span>ulti Ass<span class=\"_ _2\"></span>et Ope<span class=\"_ _2\"></span>n Adventurou<span class=\"_ _2\"></span>s Fund<span class=\"_ _37c\"> </span>Surrey<span class=\"_ _3bc\"> </span>35<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _c\"> </span><span class=\"ls14 ws12\">4<span class=\"_ _2\"></span>6.63%<span class=\"_ _3bc\"> </span></span>Goldm<span class=\"_ _2\"></span>an Sac<span class=\"_ _2\"></span>hs SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V \u2013 Emerg<span class=\"_ _2\"></span>ing Markets T<span class=\"_ _7\"></span>ot<span class=\"_ _2\"></span>al Return B<span class=\"_ _2\"></span>ond Por<span class=\"_ _2\"></span>tfolio<span class=\"_ _2d1\"> </span><span class=\"ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span>36<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _114\"> </span><span class=\"ls18 ws16\">8<span class=\"_ _2\"></span>5.0<span class=\"_ _2\"></span>6%<span class=\"_ _3bc\"> </span></span>Goldm<span class=\"_ _2\"></span>an Sac<span class=\"_ _2\"></span>hs SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V \u2013 Goldm<span class=\"_ _2\"></span>an Sac<span class=\"_ _2\"></span>hs Emergin<span class=\"_ _2\"></span>g Markets D<span class=\"_ _2\"></span>ebt Port<span class=\"_ _2\"></span>fol<span class=\"_ _5\"></span>io<span class=\"_ _251\"> </span><span class=\"ls1a ws2f\">Luxem<span class=\"_ _2\"></span>bour<span class=\"_ _2\"></span>g<span class=\"_ _3bc\"> </span></span>36<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _81\"> </span><span class=\"lsd6 ws195\">2<span class=\"_ _2\"></span>3.<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></span>Invesc<span class=\"_ _2\"></span>o Global T<span class=\"_ _5\"></span>argete<span class=\"_ _2\"></span>d Returns Fun<span class=\"_ _2\"></span>d<span class=\"_ _37d\"> </span><span class=\"ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span>19<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3c\"> </span><span class=\"ls101 wsa1\">44<span class=\"_ _2\"></span>.27<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>Invesc<span class=\"_ _2\"></span>o Mana<span class=\"_ _2\"></span>ged Gro<span class=\"_ _2\"></span>wth Fund<span class=\"_ _30e\"> </span>Ox<span class=\"_ _2\"></span>fordshire<span class=\"_ _3bc\"> </span>37<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _e1\"> </span><span class=\"ls1af ws1ab\">52.<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1%<span class=\"_ _3bc\"> </span></span>Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson D<span class=\"_ _2\"></span>iversifie<span class=\"_ _2\"></span>d Grow<span class=\"_ _2\"></span>th Fund<span class=\"_ _56\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>18<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _115\"> </span><span class=\"ls14 ws12\">6<span class=\"_ _2\"></span>6.<span class=\"_ _2\"></span>93%<span class=\"_ _3bc\"> </span></span>L&amp;G A<span class=\"_ _2\"></span>bsolute Ret<span class=\"_ _2\"></span>urn Bond Pl<span class=\"_ _2\"></span>us Fund<span class=\"_ _26e\"> </span><span class=\"ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></span>38<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _ea\"> </span><span class=\"ls12 ws10\">6<span class=\"_ _2\"></span>6.3<span class=\"_ _2\"></span>0%<span class=\"_ _3bc\"> </span></span>L&amp;G Em<span class=\"_ _2\"></span>erging M<span class=\"_ _2\"></span>arkets Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _2a2\"> </span><span class=\"ls1a ws2f\">Lu<span class=\"_ _2\"></span>xembo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span>38<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _de\"> </span><span class=\"lscc wsba\">74<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>L&amp;G M<span class=\"_ _2\"></span>ulti-Ass<span class=\"_ _2\"></span>et T<span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>rget Return Fun<span class=\"_ _2\"></span>d<span class=\"_ _370\"> </span><span class=\"ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span>46<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _de\"> </span><span class=\"ls69 ws5e\">40.13%<span class=\"_ _3bc\"> </span></span>Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Strate<span class=\"_ _2\"></span>gic Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _6a\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>26<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _de\"> </span><span class=\"ls18 ws16\">31.0<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></span>Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Emerg<span class=\"_ _2\"></span>ing Markets G<span class=\"_ _2\"></span>overnment B<span class=\"_ _2\"></span>ond (Loc<span class=\"_ _2\"></span>al Curren<span class=\"_ _2\"></span>cy) Index Fun<span class=\"_ _2\"></span>d<span class=\"_ _2f7\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>26<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _115\"> </span><span class=\"ls69 ws5e\">20.<span class=\"_ _2\"></span>86<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Emerg<span class=\"_ _2\"></span>ing Markets G<span class=\"_ _2\"></span>overnment B<span class=\"_ _2\"></span>ond US<span class=\"_ _2\"></span>D Index Fund<span class=\"_ _2cc\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>26<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _12a\"> </span><span class=\"lsdc wsc7\">3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.11<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Europe<span class=\"_ _2\"></span>an Index T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _db\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>26<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3c\"> </span><span class=\"ls66 ws5d\">22.<span class=\"_ _2\"></span>28%<span class=\"_ _3bc\"> </span></span>Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Future World Su<span class=\"_ _2\"></span>stain<span class=\"_ _2\"></span>able UK Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _2d4\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>26<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _8a\"> </span><span class=\"ls25 ws23\">29<span class=\"_ _2\"></span>.75%<span class=\"_ _3bc\"> </span></span>Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral High In<span class=\"_ _2\"></span>come T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _2f6\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>26<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _81\"> </span><span class=\"ls16 ws14\">46.29%<span class=\"_ _3bc\"> </span></span>Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral UK S<span class=\"_ _2\"></span>maller C<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _60\"> </span><span class=\"ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></span>26<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _e1\"> </span><span class=\"ls1f9 ws1fe\">31.2<span class=\"_ _5\"></span>5%<span class=\"_ _3bc\"> </span></span>L<span class=\"_ _5\"></span>GI<span class=\"_ _2\"></span>M Sterling Liquidi<span class=\"_ _2\"></span>ty Plu<span class=\"_ _2\"></span>s Fund<span class=\"_ _303\"> </span>Dublin<span class=\"_ _3bc\"> </span>34<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _de\"> </span><span class=\"ls49 ws1ca\">41<span class=\"_ _2\"></span>.02<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>Nom<span class=\"_ _2\"></span>ura Americ<span class=\"_ _2\"></span>an Ce<span class=\"_ _2\"></span>ntur<span class=\"_ _2\"></span>y Conc<span class=\"_ _2\"></span>entrated G<span class=\"_ _2\"></span>lobal Grow<span class=\"_ _2\"></span>th Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _2a7\"> </span>D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span>54<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _8a\"> </span><span class=\"lsb2 wse8\">22.79%<span class=\"_ _3bc\"> </span></span>Quilte<span class=\"_ _2\"></span>r Investor<span class=\"_ _2\"></span>s Cirilium Balan<span class=\"_ _2\"></span>ced Bl<span class=\"_ _2\"></span>end Por<span class=\"_ _2\"></span>tfolio<span class=\"_ _2b5\"> </span><span class=\"ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></span>27<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _76\"> </span><span class=\"lsb2 wse8\">37<span class=\"_ _7\"></span>.72<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>Quilte<span class=\"_ _2\"></span>r Investor<span class=\"_ _2\"></span>s Ethical Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ gs132\"> </span><span class=\"_ _37e\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>27<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3c\"> </span><span class=\"ls14 ws12\">42.63%<span class=\"_ _3bc\"> </span></span>Quilte<span class=\"_ _2\"></span>r Investor<span class=\"_ _2\"></span>s Global Equi<span class=\"_ _2\"></span>ty Grow<span class=\"_ _2\"></span>th Fund<span class=\"_ _153\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>27<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _81\"> </span><span class=\"ls14 ws12\">49.63%<span class=\"_ _3bc\"> </span></span>Robe<span class=\"_ _2\"></span>co \u2013 Pho<span class=\"_ _2\"></span>enix Cus<span class=\"_ _2\"></span>tomized Multi A<span class=\"_ _2\"></span>sset Fund<span class=\"_ _351\"> </span><span class=\"ls77 ws6c\">Rot<span class=\"_ _2\"></span>terdam<span class=\"_ _3bc\"> </span></span>48<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _10\"> </span><span class=\"ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></span>Robe<span class=\"_ _2\"></span>co QI Em<span class=\"_ _2\"></span>erging M<span class=\"_ _2\"></span>arkets Sus<span class=\"_ _2\"></span>taina<span class=\"_ _2\"></span>ble Enhan<span class=\"_ _2\"></span>ced In<span class=\"_ _2\"></span>dex Equities<span class=\"_ _27e\"> </span><span class=\"ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span>45<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _10\"> </span><span class=\"ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></span>Sc<span class=\"_ _2\"></span>hroder Europ<span class=\"_ _2\"></span>ean Fund<span class=\"_ _190\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>52<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _115\"> </span><span class=\"ls190 ws179\">4<span class=\"_ _2\"></span>4.40<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></span>Sc<span class=\"_ _2\"></span>hroder Gl<span class=\"_ _2\"></span>obal Eme<span class=\"_ _2\"></span>rging Mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>ts Fund<span class=\"_ _226\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>52<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _81\"> </span><span class=\"ls14 ws12\">20.33%<span class=\"_ _3bc\"> </span></span>Sc<span class=\"_ _2\"></span>hroder Inte<span class=\"_ _2\"></span>rnationa<span class=\"_ _2\"></span>l Sele<span class=\"_ _2\"></span>ction Fund \u2013 G<span class=\"_ _2\"></span>lobal B<span class=\"_ _2\"></span>ond<span class=\"_ _2c9\"> </span><span class=\"ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span>53<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3c\"> </span><span class=\"ls68 ws5c\">29.67%<span class=\"_ _3bc\"> </span></span>Sc<span class=\"_ _2\"></span>hroder Inte<span class=\"_ _2\"></span>rnationa<span class=\"_ _2\"></span>l Sele<span class=\"_ _2\"></span>ction Fund \u2013 G<span class=\"_ _2\"></span>lobal Di<span class=\"_ _2\"></span>versifie<span class=\"_ _2\"></span>d Growt<span class=\"_ _2\"></span>h<span class=\"_ _188\"> </span><span class=\"ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></span>53<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _81\"> </span><span class=\"ls14 ws12\">22.20%<span class=\"_ _3bc\"> </span></span>Sc<span class=\"_ _2\"></span>hroder U<span class=\"_ _2\"></span>K Mid 250 Fun<span class=\"_ _2\"></span>d<span class=\"_ _1e4\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>52<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _81\"> </span><span class=\"ls69 ws5e\">20.2<span class=\"_ _2\"></span>2%<span class=\"_ _3bc\"> </span></span>The M<span class=\"_ _2\"></span>arks and S<span class=\"_ _2\"></span>penc<span class=\"_ _2\"></span>er Worldwide M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed Fund<span class=\"_ _37f\"> </span><span class=\"ls12 ws10\">Chester<span class=\"_ _3bc\"> </span></span>58<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _8a\"> </span><span class=\"ls49 ws1ca\">41<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>96<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>Threa<span class=\"_ _2\"></span>dnee<span class=\"_ _2\"></span>dle Investm<span class=\"_ _2\"></span>ent Funds ICVC \u2013 Ameri<span class=\"_ _2\"></span>can Se<span class=\"_ _2\"></span>lec<span class=\"_ _2\"></span>t Fund <span class=\"_ _10b\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>33<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _de\"> </span><span class=\"ls12 ws10\">22.10%<span class=\"_ _3bc\"> </span></span>V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard C<span class=\"_ _2\"></span>ommon C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual Fund \u2013 Vanguard U<span class=\"_ _2\"></span>.S<span class=\"_ _2\"></span>. Equit<span class=\"_ _2\"></span>y Index Common Contrac<span class=\"_ _2\"></span>tual Fund<span class=\"_ _380\"> </span><span class=\"ls0 ws0\">Dublin<span class=\"_ _3bc\"> </span></span>34<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3c\"> </span><span class=\"ls77 ws6c\">75.02<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Serie<span class=\"_ _2\"></span>s plc \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard Gl<span class=\"_ _2\"></span>obal Co<span class=\"_ _2\"></span>rporate B<span class=\"_ _2\"></span>ond Index Fun<span class=\"_ _2\"></span>d<span class=\"_ _381\"> </span>Dublin<span class=\"_ _3bc\"> </span>34<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3c\"> </span><span class=\"ls25 ws23\">3<span class=\"_ _2\"></span>5.<span class=\"_ _2\"></span>55%<span class=\"_ _3bc\"> </span></span>V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Serie<span class=\"_ _2\"></span>s plc \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard Gl<span class=\"_ _2\"></span>obal Sh<span class=\"_ _2\"></span>ort-<span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>rm Corp<span class=\"_ _2\"></span>orate Bon<span class=\"_ _2\"></span>d Index Fund<span class=\"_ _198\"> </span>Dublin<span class=\"_ _3bc\"> </span>34<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3a\"> </span><span class=\"ls204 ws209\">38.35<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></span>V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Serie<span class=\"_ _2\"></span>s plc \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard U.<span class=\"_ _2\"></span>K. S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t-<span class=\"_ _6\"></span>T<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>rm Investm<span class=\"_ _2\"></span>ent Gra<span class=\"_ _2\"></span>de Bond I<span class=\"_ _2\"></span>ndex Fund<span class=\"_ _377\"> </span>D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span>34<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _fc\"> </span><span class=\"lsdc wsc7\">5<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></span>V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nts Com<span class=\"_ _2\"></span>mon Cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>ual Fund \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard F<span class=\"_ _2\"></span>TS<span class=\"_ _2\"></span>E Devel<span class=\"_ _2\"></span>oped Europ<span class=\"_ _2\"></span>e ex UK Co<span class=\"_ _2\"></span>mmon C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual Fund<span class=\"_ _5b\"> </span>Dublin<span class=\"_ _3bc\"> </span>34<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _10\"> </span><span class=\"ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></span>V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nts Com<span class=\"_ _2\"></span>mon Cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>ual Fund \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard F<span class=\"_ _2\"></span>TS<span class=\"_ _2\"></span>E Developed World Common Contract<span class=\"_ _2\"></span>ual F<span class=\"_ _5\"></span>und<span class=\"_ _62\"> </span><span class=\"ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></span>34<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _8a\"> </span><span class=\"lscc wsba\">4<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>74<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nts Com<span class=\"_ _2\"></span>mon Cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>ual Fund \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard F<span class=\"_ _2\"></span>TS<span class=\"_ _2\"></span>E Devel<span class=\"_ _2\"></span>oped World ex U<span class=\"_ _2\"></span>K Comm<span class=\"_ _2\"></span>on Contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al Fund<span class=\"_ _352\"> </span>Dublin<span class=\"_ _3bc\"> </span>34<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _10\"> </span><span class=\"ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></span>1  <span class=\"_ _17\"> </span>1 Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll Gre<span class=\"_ _2\"></span>en Way, Wy<span class=\"_ _2\"></span>thal<span class=\"_ _2\"></span>l, Bir<span class=\"_ _2\"></span>ming<span class=\"_ _2\"></span>ham<span class=\"_ _2\"></span>, West M<span class=\"_ _2\"></span>idlan<span class=\"_ _2\"></span>ds<span class=\"_ _2\"></span>, B47 6W<span class=\"_ _2\"></span>G, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>2  <span class=\"_ _1b\"> </span>St<span class=\"_ _2\"></span>and<span class=\"_ _2\"></span>ard Life H<span class=\"_ _2\"></span>ous<span class=\"_ _2\"></span>e, 3<span class=\"_ _2\"></span>0 Lothi<span class=\"_ _2\"></span>an Roa<span class=\"_ _2\"></span>d, Edin<span class=\"_ _2\"></span>burg<span class=\"_ _2\"></span>h, EH1 2<span class=\"_ _2\"></span>DH<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>3  <span class=\"_ _1b\"> </span>9<span class=\"_ _2\"></span>0 St. S<span class=\"_ _2\"></span>teph<span class=\"_ _2\"></span>en\u2019s Gre<span class=\"_ _2\"></span>en, D<span class=\"_ _2\"></span>ubli<span class=\"_ _2\"></span>n, D2<span class=\"_ _2\"></span>, Irel<span class=\"_ _2\"></span>and<span class=\"_ _3bc\"> </span>4  <span class=\"_ _1b\"> </span>Win<span class=\"_ _2\"></span>dso<span class=\"_ _2\"></span>r Hou<span class=\"_ _2\"></span>se, Telfor<span class=\"_ _2\"></span>d Cent<span class=\"_ _2\"></span>re, Telford<span class=\"_ _2\"></span>, Shr<span class=\"_ _2\"></span>opsh<span class=\"_ _2\"></span>ire, T<span class=\"_ _2\"></span>F3 4N<span class=\"_ _2\"></span>B, Un<span class=\"_ _2\"></span>ited K<span class=\"_ _2\"></span>ingd<span class=\"_ _2\"></span>om<span class=\"_ _3bc\"> </span>5  <span class=\"_ _1b\"> </span>G<span class=\"_ _2\"></span>oodb<span class=\"_ _2\"></span>ody S<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>reta<span class=\"_ _2\"></span>rial Li<span class=\"_ _2\"></span>mited<span class=\"_ _2\"></span>, Inte<span class=\"_ _2\"></span>rnat<span class=\"_ _2\"></span>iona<span class=\"_ _2\"></span>l Fina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al Se<span class=\"_ _2\"></span>rvi<span class=\"_ _2\"></span>ces C<span class=\"_ _2\"></span>entr<span class=\"_ _2\"></span>e, 25/2<span class=\"_ _2\"></span>8 Nor<span class=\"_ _2\"></span>th Wall Q<span class=\"_ _2\"></span>uay, Du<span class=\"_ _2\"></span>blin 1<span class=\"_ _2\"></span>, Irel<span class=\"_ _2\"></span>and<span class=\"_ _3bc\"> </span>6  <span class=\"_ _23\"> </span>1 G<span class=\"_ _2\"></span>eor<span class=\"_ _2\"></span>ge Str<span class=\"_ _2\"></span>eet<span class=\"_ _2\"></span>, Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _2\"></span>, EH2 2<span class=\"_ _2\"></span>LL, Un<span class=\"_ _2\"></span>ited K<span class=\"_ _2\"></span>ingd<span class=\"_ _2\"></span>om<span class=\"_ _3bc\"> </span>7  <span class=\"_ _189\"> </span>Corp<span class=\"_ _2\"></span>ora<span class=\"_ _2\"></span>tion S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>any, 2711 C<span class=\"_ _2\"></span>ente<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ille Rd S<span class=\"_ _2\"></span>uite 4<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>, Wilm<span class=\"_ _2\"></span>ingto<span class=\"_ _2\"></span>n, D<span class=\"_ _2\"></span>E 19<span class=\"_ _2\"></span>80<span class=\"_ _2\"></span>8, U<span class=\"_ _2\"></span>nited S<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>8  <span class=\"_ _1b\"> </span>22-24 New S<span class=\"_ _2\"></span>tree<span class=\"_ _2\"></span>t, St Pa<span class=\"_ _2\"></span>uls Ga<span class=\"_ _2\"></span>te, 4t<span class=\"_ _2\"></span>h Floo<span class=\"_ _2\"></span>r<span class=\"_ _5\"></span>, JE<span class=\"_ _2\"></span>1 4TR<span class=\"_ _2\"></span>, Jer<span class=\"_ _2\"></span>sey<span class=\"_ _3bc\"> </span>9  <span class=\"_ _23\"> </span>20 Old Bailey,<span class=\"_ _5\"></span> London, England, EC4M 7<span class=\"_ _7\"></span>AN<span class=\"_ _2\"></span>, United Ki<span class=\"_ _5\"></span>ngdom<span class=\"_ _3bc\"> </span>10 <span class=\"_ _9\"> </span> Ugla<span class=\"_ _5\"></span>nd House,<span class=\"_ _5\"></span> Grand Cay<span class=\"_ _5\"></span>man, KY1-1<span class=\"_ _5\"></span>104, Cayman Isl<span class=\"_ _5\"></span>ands<span class=\"_ _3bc\"> </span>11  <span class=\"_ _ba\"> </span>Ave<span class=\"_ _2\"></span>nue Lo<span class=\"_ _2\"></span>uise 3<span class=\"_ _2\"></span>26<span class=\"_ _2\"></span>, bte 33 1<span class=\"_ _2\"></span>050 B<span class=\"_ _2\"></span>rus<span class=\"_ _2\"></span>sel<span class=\"_ _2\"></span>s, B<span class=\"_ _2\"></span>elgi<span class=\"_ _2\"></span>um<span class=\"_ _3bc\"> </span>12  <span class=\"_ _a\"> </span>Teles<span class=\"_ _2\"></span>tone 8<span class=\"_ _2\"></span>, T<span class=\"_ _5\"></span>ele<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t, N<span class=\"_ _2\"></span>arit<span class=\"_ _2\"></span>awe<span class=\"_ _2\"></span>g 16<span class=\"_ _2\"></span>5, 1<span class=\"_ _2\"></span>04<span class=\"_ _2\"></span>3 BW, Ams<span class=\"_ _2\"></span>terd<span class=\"_ _2\"></span>am, N<span class=\"_ _2\"></span>ethe<span class=\"_ _2\"></span>rlan<span class=\"_ _2\"></span>ds<span class=\"_ _3bc\"> </span>13  <span class=\"_ _a\"> </span>Cit<span class=\"_ _2\"></span>co (Swe<span class=\"_ _2\"></span>den<span class=\"_ _2\"></span>) Ab, St<span class=\"_ _2\"></span>urep<span class=\"_ _2\"></span>lan 4<span class=\"_ _2\"></span>c, 4 Tr<span class=\"_ _7\"></span>, 1<span class=\"_ _2\"></span>14 35 S<span class=\"_ _2\"></span>tockh<span class=\"_ _2\"></span>olm<span class=\"_ _2\"></span>, Swe<span class=\"_ _2\"></span>den<span class=\"_ _3bc\"> </span>14  <span class=\"_ _a\"> </span>c/o Citco (<span class=\"_ _2\"></span>Den<span class=\"_ _2\"></span>mark<span class=\"_ _2\"></span>) ApS<span class=\"_ _2\"></span>, Ho<span class=\"_ _2\"></span>lber<span class=\"_ _2\"></span>gsg<span class=\"_ _2\"></span>ade 14<span class=\"_ _2\"></span>, 2 .t<span class=\"_ _2\"></span>v, 10<span class=\"_ _2\"></span>57 K\u00f8b<span class=\"_ _2\"></span>enh<span class=\"_ _2\"></span>avn K De<span class=\"_ _2\"></span>nma<span class=\"_ _2\"></span>rk<span class=\"_ _3bc\"> </span>15  <span class=\"_ _a\"> </span>5th F<span class=\"_ _2\"></span>loo<span class=\"_ _2\"></span>r Bea<span class=\"_ _2\"></span>ux Lan<span class=\"_ _2\"></span>e Hou<span class=\"_ _2\"></span>se, M<span class=\"_ _2\"></span>erc<span class=\"_ _2\"></span>er Stre<span class=\"_ _2\"></span>et Lowe<span class=\"_ _2\"></span>r, Dubl<span class=\"_ _2\"></span>in 2, Du<span class=\"_ _2\"></span>blin<span class=\"_ _2\"></span>, Irel<span class=\"_ _2\"></span>and<span class=\"_ _3bc\"> </span>16  <span class=\"_ _a\"> </span>32 Co<span class=\"_ _2\"></span>mmer<span class=\"_ _2\"></span>cial S<span class=\"_ _2\"></span>tree<span class=\"_ _2\"></span>t, St H<span class=\"_ _2\"></span>elie<span class=\"_ _2\"></span>r<span class=\"_ _5\"></span>, Je<span class=\"_ _2\"></span>rse<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, Ch<span class=\"_ _2\"></span>anne<span class=\"_ _2\"></span>l Isl<span class=\"_ _2\"></span>ands<span class=\"_ _2\"></span>, JE<span class=\"_ _2\"></span>2 3R<span class=\"_ _2\"></span>U, Jer<span class=\"_ _2\"></span>sey<span class=\"_ _3bc\"> </span>17  <span class=\"_ _9\"> </span>Avenid<span class=\"_ _2\"></span>a de Ara<span class=\"_ _2\"></span>gon 3<span class=\"_ _2\"></span>30 \u2013 B<span class=\"_ _2\"></span>uildi<span class=\"_ _2\"></span>ng 5, 3<span class=\"_ _2\"></span>rd Flo<span class=\"_ _2\"></span>or, Parq<span class=\"_ _2\"></span>ue Empr<span class=\"_ _2\"></span>esa<span class=\"_ _2\"></span>rial L<span class=\"_ _2\"></span>as Me<span class=\"_ _2\"></span>rce<span class=\"_ _2\"></span>des<span class=\"_ _2\"></span>, 280<span class=\"_ _2\"></span>22 \u2013 Ma<span class=\"_ _2\"></span>drid<span class=\"_ _2\"></span>, Spa<span class=\"_ _2\"></span>in<span class=\"_ _3bc\"> </span>18  <span class=\"_ _a\"> </span>201 B<span class=\"_ _2\"></span>isho<span class=\"_ _2\"></span>psg<span class=\"_ _2\"></span>ate, Lo<span class=\"_ _2\"></span>ndo<span class=\"_ _2\"></span>n, EC2<span class=\"_ _2\"></span>M 3AE<span class=\"_ _2\"></span>, Unite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>19  <span class=\"_ _a\"> </span>88 2-<span class=\"_ _2\"></span>4, Ru<span class=\"_ _2\"></span>e Eug\u00e8<span class=\"_ _2\"></span>ne Ru<span class=\"_ _2\"></span>pper<span class=\"_ _2\"></span>t, L<span class=\"_ _7\"></span>-2453 L<span class=\"_ _2\"></span>uxem<span class=\"_ _2\"></span>bour<span class=\"_ _2\"></span>g, Lux<span class=\"_ _2\"></span>embo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>20  <span class=\"_ _18\"> </span>3<span class=\"_ _2\"></span>5a Ave<span class=\"_ _2\"></span>nue J.<span class=\"_ _2\"></span>F<span class=\"_ _5\"></span>. Kenn<span class=\"_ _2\"></span>edy, L<span class=\"_ _7\"></span>-18<span class=\"_ _2\"></span>55<span class=\"_ _2\"></span>, Luxem<span class=\"_ _2\"></span>bou<span class=\"_ _2\"></span>rg<span class=\"_ _3bc\"> </span>21  <span class=\"_ _a\"> </span>Og<span class=\"_ _2\"></span>ier H<span class=\"_ _2\"></span>ous<span class=\"_ _2\"></span>e, The E<span class=\"_ _2\"></span>spl<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>de, St H<span class=\"_ _2\"></span>elie<span class=\"_ _2\"></span>r, JE4 9WG, J<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>ey<span class=\"_ _3bc\"> </span>22  <span class=\"_ _28\"> </span>3<span class=\"_ _2\"></span>2 Mol<span class=\"_ _2\"></span>eswo<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>h Stre<span class=\"_ _2\"></span>et, D<span class=\"_ _2\"></span>ublin 2<span class=\"_ _2\"></span>, Dub<span class=\"_ _2\"></span>lin, D<span class=\"_ _2\"></span>02 Y51<span class=\"_ _2\"></span>2, Ire<span class=\"_ _2\"></span>land<span class=\"_ _3bc\"> </span>23  <span class=\"_ _28\"> </span>8 C<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>da Sq<span class=\"_ _2\"></span>uare<span class=\"_ _2\"></span>, Lond<span class=\"_ _2\"></span>on, E1<span class=\"_ _2\"></span>4 5HQ, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>24  <span class=\"_ _28\"> </span>M<span class=\"_ _2\"></span>arlb<span class=\"_ _2\"></span>orou<span class=\"_ _2\"></span>gh Ho<span class=\"_ _2\"></span>use<span class=\"_ _2\"></span>, 59 Cho<span class=\"_ _2\"></span>rley N<span class=\"_ _2\"></span>ew Ro<span class=\"_ _2\"></span>ad, B<span class=\"_ _2\"></span>olton<span class=\"_ _2\"></span>, BL1 4Q<span class=\"_ _2\"></span>P<span class=\"_ _7\"></span>, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>25  <span class=\"_ _28\"> </span>12 Throgmorton Avenue, London<span class=\"_ _5\"></span> EC2N 2DL, United Kingdom<span class=\"_ _3bc\"> </span>26  <span class=\"_ _28\"> </span>On<span class=\"_ _2\"></span>e Col<span class=\"_ _2\"></span>eman S<span class=\"_ _2\"></span>tree<span class=\"_ _2\"></span>t, Lon<span class=\"_ _2\"></span>don<span class=\"_ _2\"></span>, EC2<span class=\"_ _2\"></span>R 5AA<span class=\"_ _2\"></span>, Un<span class=\"_ _2\"></span>ited Ki<span class=\"_ _2\"></span>ngd<span class=\"_ _2\"></span>om<span class=\"_ _3bc\"> </span>27  <span class=\"_ _1d\"> </span>Se<span class=\"_ _2\"></span>nato<span class=\"_ _2\"></span>r Hou<span class=\"_ _2\"></span>se, 8<span class=\"_ _2\"></span>5 Que<span class=\"_ _2\"></span>en Vi<span class=\"_ _2\"></span>ctor<span class=\"_ _2\"></span>ia Stre<span class=\"_ _2\"></span>et, L<span class=\"_ _2\"></span>ondo<span class=\"_ _2\"></span>n, EC<span class=\"_ _2\"></span>4V 4AB<span class=\"_ _2\"></span>, Unite<span class=\"_ _2\"></span>d Kin<span class=\"_ _2\"></span>gdom<span class=\"_ _3bc\"> </span>28  <span class=\"_ _28\"> </span>5<span class=\"_ _2\"></span>, All\u00e9<span class=\"_ _2\"></span>e Sc<span class=\"_ _2\"></span>hef<span class=\"_ _2\"></span>fer, L<span class=\"_ _6\"></span>-2520 Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _2\"></span>, Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>29  <span class=\"_ _28\"> </span>T<span class=\"_ _5\"></span>raf<span class=\"_ _2\"></span>alg<span class=\"_ _2\"></span>ar Co<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>, Les B<span class=\"_ _2\"></span>anqu<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, St Peter Po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>, GY1 3QL<span class=\"_ _2\"></span>, Gue<span class=\"_ _2\"></span>rns<span class=\"_ _2\"></span>ey<span class=\"_ _3bc\"> </span>30  <span class=\"_ _18\"> </span>Ki<span class=\"_ _2\"></span>ngs Pl<span class=\"_ _2\"></span>ace<span class=\"_ _2\"></span>, 90 York Way, Lon<span class=\"_ _2\"></span>don<span class=\"_ _2\"></span>, N1 9G<span class=\"_ _2\"></span>E, Un<span class=\"_ _2\"></span>ited K<span class=\"_ _2\"></span>ingd<span class=\"_ _2\"></span>om<span class=\"_ _3bc\"> </span>31  <span class=\"_ _a\"> </span>1<span class=\"_ _2\"></span>, All\u00e9<span class=\"_ _2\"></span>e Sch<span class=\"_ _2\"></span>effe<span class=\"_ _2\"></span>r, L<span class=\"_ _6\"></span>-2520 Lux<span class=\"_ _2\"></span>embo<span class=\"_ _2\"></span>urg<span class=\"_ _2\"></span>, Luxem<span class=\"_ _2\"></span>bou<span class=\"_ _2\"></span>rg<span class=\"_ _3bc\"> </span>32  <span class=\"_ _28\"> </span>E<span class=\"_ _2\"></span>lizab<span class=\"_ _2\"></span>eth Ho<span class=\"_ _2\"></span>use<span class=\"_ _2\"></span>, 9 Cas<span class=\"_ _2\"></span>tle St<span class=\"_ _2\"></span>reet<span class=\"_ _2\"></span>, St He<span class=\"_ _2\"></span>lier, JE4 2<span class=\"_ _2\"></span>QP<span class=\"_ _7\"></span>, J<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>ey<span class=\"_ _3bc\"> </span>33  <span class=\"_ _28\"> </span>C<span class=\"_ _2\"></span>anno<span class=\"_ _2\"></span>n Plac<span class=\"_ _2\"></span>e, 78 C<span class=\"_ _2\"></span>anno<span class=\"_ _2\"></span>n Stre<span class=\"_ _2\"></span>et, Lo<span class=\"_ _2\"></span>ndo<span class=\"_ _2\"></span>n, EC<span class=\"_ _2\"></span>4N 6AG, U<span class=\"_ _2\"></span>nited K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>34  <span class=\"_ _28\"> </span>70 S<span class=\"_ _2\"></span>ir John R<span class=\"_ _2\"></span>oge<span class=\"_ _2\"></span>rso<span class=\"_ _2\"></span>n\u2019s Quay, D<span class=\"_ _2\"></span>ublin 2<span class=\"_ _2\"></span>, Irel<span class=\"_ _2\"></span>and<span class=\"_ _3bc\"> </span>35  <span class=\"_ _28\"> </span>B<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>ch Gate<span class=\"_ _2\"></span>, Mill<span class=\"_ _2\"></span>field L<span class=\"_ _2\"></span>ane<span class=\"_ _2\"></span>, Lower Ki<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>woo<span class=\"_ _2\"></span>d, T<span class=\"_ _5\"></span>ad<span class=\"_ _2\"></span>wor<span class=\"_ _2\"></span>th, S<span class=\"_ _2\"></span>urrey, K<span class=\"_ _2\"></span>T20 6<span class=\"_ _2\"></span>RP, Unite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>36  <span class=\"_ _28\"> </span>49<span class=\"_ _2\"></span>, Avenu<span class=\"_ _2\"></span>e J.F. Kenne<span class=\"_ _2\"></span>dy, L<span class=\"_ _6\"></span>-1<span class=\"_ _2\"></span>85<span class=\"_ _2\"></span>5 Luxem<span class=\"_ _2\"></span>bour<span class=\"_ _2\"></span>g, Gr<span class=\"_ _2\"></span>and D<span class=\"_ _2\"></span>uchy of L<span class=\"_ _2\"></span>uxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span>37  <span class=\"_ _b3\"> </span>Pe<span class=\"_ _2\"></span>rpe<span class=\"_ _2\"></span>tual Pa<span class=\"_ _2\"></span>rk, Pe<span class=\"_ _2\"></span>rpe<span class=\"_ _2\"></span>tual P<span class=\"_ _2\"></span>ark Dr<span class=\"_ _2\"></span>ive, H<span class=\"_ _2\"></span>enle<span class=\"_ _2\"></span>y-on<span class=\"_ _2\"></span>-<span class=\"_ _7\"></span>T<span class=\"_ _2\"></span>ham<span class=\"_ _2\"></span>es, O<span class=\"_ _2\"></span>xfo<span class=\"_ _2\"></span>rdsh<span class=\"_ _2\"></span>ire, R<span class=\"_ _2\"></span>G9 1H<span class=\"_ _2\"></span>H, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>38  <span class=\"_ _28\"> </span>1<span class=\"_ _2\"></span>0, Ch\u00e2<span class=\"_ _2\"></span>teau d<span class=\"_ _2\"></span>\u2019E<span class=\"_ _2\"></span>au, L<span class=\"_ _7\"></span>-3<span class=\"_ _2\"></span>36<span class=\"_ _2\"></span>4 Leud<span class=\"_ _2\"></span>elan<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>, Gran<span class=\"_ _2\"></span>d Duc<span class=\"_ _2\"></span>hy of Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>39  <span class=\"_ _28\"> </span>Cal<span class=\"_ _2\"></span>ton S<span class=\"_ _2\"></span>quare<span class=\"_ _2\"></span>, 1 Gre<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ide Row, E<span class=\"_ _2\"></span>dinbu<span class=\"_ _2\"></span>rgh, E<span class=\"_ _2\"></span>H1 3AN<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>40  <span class=\"_ _18\"> </span>1<span class=\"_ _2\"></span>60 Q<span class=\"_ _2\"></span>uee<span class=\"_ _2\"></span>n Vict<span class=\"_ _2\"></span>oria St<span class=\"_ _2\"></span>reet<span class=\"_ _2\"></span>, Lon<span class=\"_ _2\"></span>don<span class=\"_ _2\"></span>, EC4V 4<span class=\"_ _2\"></span>LA<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>41  <span class=\"_ _a\"> </span>Can<span class=\"_ _2\"></span>on\u2019s Co<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>, 22 Vi<span class=\"_ _2\"></span>ctor<span class=\"_ _2\"></span>ia Stre<span class=\"_ _2\"></span>et, H<span class=\"_ _2\"></span>amil<span class=\"_ _2\"></span>ton<span class=\"_ _2\"></span>, HM12<span class=\"_ _2\"></span>, Ber<span class=\"_ _2\"></span>muda<span class=\"_ _3bc\"> </span>42  <span class=\"_ _28\"> </span>C<span class=\"_ _2\"></span>alle N<span class=\"_ _2\"></span>ancl<span class=\"_ _2\"></span>ares d<span class=\"_ _2\"></span>e Oc<span class=\"_ _2\"></span>a, 1B<span class=\"_ _2\"></span>, 28<span class=\"_ _2\"></span>022 M<span class=\"_ _2\"></span>adri<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>43  <span class=\"_ _1a\"> </span>Matrix House,<span class=\"_ _5\"></span> Basing<span class=\"_ _5\"></span> View<span class=\"_ _5\"></span>, Basingsto<span class=\"_ _5\"></span>ke,<span class=\"_ _5\"></span> Hampshir<span class=\"_ _5\"></span>e, RG21<span class=\"_ _5\"></span> 4DZ, E<span class=\"_ _5\"></span>ngland<span class=\"_ _3bc\"> </span>4<span class=\"_ _2\"></span>4  <span class=\"_ _18\"> </span>2<span class=\"_ _2\"></span>80 Bi<span class=\"_ _2\"></span>shop<span class=\"_ _2\"></span>sga<span class=\"_ _2\"></span>te, Lo<span class=\"_ _2\"></span>ndon<span class=\"_ _2\"></span>, EC2<span class=\"_ _2\"></span>M 4AG, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>45  <span class=\"_ _28\"> </span>S<span class=\"_ _2\"></span>enni<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>rbe<span class=\"_ _2\"></span>rg, 6<span class=\"_ _2\"></span>, Rou<span class=\"_ _2\"></span>te De Tr\u00e8ves<span class=\"_ _2\"></span>, L<span class=\"_ _6\"></span>-26<span class=\"_ _2\"></span>33<span class=\"_ _2\"></span>, Luxem<span class=\"_ _2\"></span>bour<span class=\"_ _2\"></span>g<span class=\"_ _3bc\"> </span>46  <span class=\"_ _1a\"> </span>S<span class=\"_ _2\"></span>enn<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>erbe<span class=\"_ _2\"></span>rg, 6<span class=\"_ _2\"></span>, Lou H<span class=\"_ _2\"></span>emm<span class=\"_ _2\"></span>er Str<span class=\"_ _2\"></span>eet<span class=\"_ _2\"></span>, L<span class=\"_ _6\"></span>-1748<span class=\"_ _2\"></span>, Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>47  <span class=\"_ _b3\"> </span>2n<span class=\"_ _2\"></span>d Floo<span class=\"_ _2\"></span>r, 20-22 B<span class=\"_ _2\"></span>edfo<span class=\"_ _2\"></span>rd Row, Lon<span class=\"_ _2\"></span>don<span class=\"_ _2\"></span>, WC1<span class=\"_ _2\"></span>R 4EB<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>48  <span class=\"_ _28\"> </span>Wee<span class=\"_ _2\"></span>na 8<span class=\"_ _2\"></span>50, 3<span class=\"_ _2\"></span>014 DA<span class=\"_ _2\"></span>, Rot<span class=\"_ _2\"></span>terd<span class=\"_ _2\"></span>am, N<span class=\"_ _2\"></span>ethe<span class=\"_ _2\"></span>rla<span class=\"_ _2\"></span>nds<span class=\"_ _3bc\"> </span>49  <span class=\"_ _1a\"> </span>H<span class=\"_ _2\"></span>esp<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>, 33<span class=\"_ _2\"></span>, rue d<span class=\"_ _2\"></span>e Gasp<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>ch, L<span class=\"_ _7\"></span>-5<span class=\"_ _2\"></span>826<span class=\"_ _2\"></span>, Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>50  <span class=\"_ _18\"> </span>5 B<span class=\"_ _2\"></span>road<span class=\"_ _2\"></span>gate<span class=\"_ _2\"></span>, Lond<span class=\"_ _2\"></span>on, EC<span class=\"_ _2\"></span>2M 2Q<span class=\"_ _2\"></span>S, Un<span class=\"_ _2\"></span>ited K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>51  <span class=\"_ _a\"> </span>20<span class=\"_ _2\"></span>, rue de l<span class=\"_ _2\"></span>a Post<span class=\"_ _2\"></span>e, Gra<span class=\"_ _2\"></span>nd Du<span class=\"_ _2\"></span>chy of Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _2\"></span>, L<span class=\"_ _6\"></span>-23<span class=\"_ _2\"></span>46<span class=\"_ _2\"></span>, Luxem<span class=\"_ _2\"></span>bou<span class=\"_ _2\"></span>rg<span class=\"_ _3bc\"> </span>52  <span class=\"_ _28\"> </span>1 L<span class=\"_ _2\"></span>ondo<span class=\"_ _2\"></span>n Wall Pla<span class=\"_ _2\"></span>ce, L<span class=\"_ _2\"></span>ondo<span class=\"_ _2\"></span>n, EC2<span class=\"_ _2\"></span>Y 5AU, Uni<span class=\"_ _2\"></span>ted Ki<span class=\"_ _2\"></span>ngd<span class=\"_ _2\"></span>om<span class=\"_ _3bc\"> </span>53  <span class=\"_ _1a\"> </span>S<span class=\"_ _2\"></span>enni<span class=\"_ _5\"></span>ngerberg, 5, Hohenho<span class=\"_ _5\"></span>f,<span class=\"_ _5\"></span> L<span class=\"_ _6\"></span>-1736, Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _3bc\"> </span>54  <span class=\"_ _28\"> </span>3<span class=\"_ _2\"></span>3 Sir Jo<span class=\"_ _2\"></span>hn Ro<span class=\"_ _2\"></span>ger<span class=\"_ _2\"></span>sons Q<span class=\"_ _2\"></span>uay, D<span class=\"_ _2\"></span>ublin<span class=\"_ _2\"></span>, D02 X<span class=\"_ _2\"></span>K09, I<span class=\"_ _2\"></span>rela<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span>55  <span class=\"_ _28\"> </span>S<span class=\"_ _2\"></span>t. Pete<span class=\"_ _2\"></span>r Por<span class=\"_ _2\"></span>t, Tudor Ho<span class=\"_ _2\"></span>use<span class=\"_ _2\"></span>, Le Bor<span class=\"_ _2\"></span>dag<span class=\"_ _2\"></span>e, GY1 6B<span class=\"_ _2\"></span>D, Gu<span class=\"_ _2\"></span>erns<span class=\"_ _2\"></span>ey<span class=\"_ _3bc\"> </span>56  <span class=\"_ _28\"> </span>Hig<span class=\"_ _2\"></span>hvis<span class=\"_ _2\"></span>ta St<span class=\"_ _2\"></span>rate<span class=\"_ _2\"></span>gies L<span class=\"_ _2\"></span>L<span class=\"_ _5\"></span>C, 2<span class=\"_ _2\"></span>00 Cl<span class=\"_ _2\"></span>aren<span class=\"_ _2\"></span>don St<span class=\"_ _2\"></span>reet 5<span class=\"_ _2\"></span>0th F<span class=\"_ _2\"></span>loor, B<span class=\"_ _2\"></span>osto<span class=\"_ _2\"></span>n, 02<span class=\"_ _2\"></span>116<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted St<span class=\"_ _2\"></span>ates<span class=\"_ _3bc\"> </span>57  <span class=\"_ _b3\"> </span>C<span class=\"_ _2\"></span>orp<span class=\"_ _2\"></span>orat<span class=\"_ _2\"></span>ion Trust C<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>re, 12<span class=\"_ _2\"></span>90 O<span class=\"_ _2\"></span>rang<span class=\"_ _2\"></span>e Stre<span class=\"_ _2\"></span>et, W<span class=\"_ _2\"></span>ilmi<span class=\"_ _2\"></span>ngto<span class=\"_ _2\"></span>n, 1<span class=\"_ _2\"></span>98<span class=\"_ _2\"></span>01, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d Stat<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span>58  <span class=\"_ _28\"> </span>c/o Mar<span class=\"_ _2\"></span>ks and S<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>cer U<span class=\"_ _2\"></span>nit Trust M<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent Lim<span class=\"_ _2\"></span>ited<span class=\"_ _2\"></span>, Kin<span class=\"_ _2\"></span>gs Me<span class=\"_ _2\"></span>adow, C<span class=\"_ _2\"></span>hes<span class=\"_ _2\"></span>ter Bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss Pa<span class=\"_ _2\"></span>rk, Ch<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ter, CH<span class=\"_ _2\"></span>99 9<span class=\"_ _2\"></span>FB, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>59  <span class=\"_ _28\"> </span>St<span class=\"_ _2\"></span>. Hel<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>, 1 Und<span class=\"_ _2\"></span>ersh<span class=\"_ _2\"></span>af<span class=\"_ _2\"></span>t, Lon<span class=\"_ _2\"></span>don<span class=\"_ _2\"></span>, EC3P 3<span class=\"_ _2\"></span>DQ, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing subsidi<span class=\"_ _2\"></span>aries have be<span class=\"_ _2\"></span>en gra<span class=\"_ _2\"></span>nted an audit exe<span class=\"_ _2\"></span>mption by parent<span class=\"_ _2\"></span>al guar<span class=\"_ _2\"></span>antee by vir<span class=\"_ _2\"></span>tue of s<span class=\"_ _2\"></span>.479A o<span class=\"_ _5\"></span>f the C<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s Act 20<span class=\"_ _2\"></span>06<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>B<span class=\"_ _2\"></span>ritannic F<span class=\"_ _2\"></span>inanc<span class=\"_ _2\"></span>e Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls1c ws1a\">B<span class=\"_ _2\"></span>ritannic Money Investme<span class=\"_ _2\"></span>nt Servic<span class=\"_ _2\"></span>es Limited<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span>G Life H Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>G A<span class=\"_ _2\"></span>ssur<span class=\"_ _2\"></span>ance &amp; Pensi<span class=\"_ _2\"></span>ons Ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Pea<span class=\"_ _2\"></span>rl Ass<span class=\"_ _2\"></span>urance G<span class=\"_ _2\"></span>roup Holdin<span class=\"_ _2\"></span>gs Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Pea<span class=\"_ _2\"></span>rl Custom<span class=\"_ _2\"></span>er Care Limi<span class=\"_ _2\"></span>ted<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>GMS (Gl<span class=\"_ _2\"></span>asgow) Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>GS 2 Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix C<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r Care Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix S<span class=\"_ _2\"></span>PV 1 Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix S<span class=\"_ _2\"></span>PV 2 Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix S<span class=\"_ _2\"></span>PV 3 Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix S<span class=\"_ _2\"></span>PV 4 Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix Wea<span class=\"_ _2\"></span>lth Holdin<span class=\"_ _2\"></span>gs Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Re<span class=\"_ _2\"></span>Ass<span class=\"_ _2\"></span>ure Compan<span class=\"_ _2\"></span>ies Se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Re<span class=\"_ _2\"></span>Ass<span class=\"_ _2\"></span>ure FSH UK Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Vebnet Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Vebnet (H<span class=\"_ _2\"></span>oldings) Limite<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing subsidi<span class=\"_ _2\"></span>aries were dis<span class=\"_ _2\"></span>solve<span class=\"_ _2\"></span>d during the p<span class=\"_ _2\"></span>eriod. T<span class=\"_ _2\"></span>he subsidi<span class=\"_ _2\"></span>aries were de<span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>olidated fro<span class=\"_ _2\"></span>m the date of diss<span class=\"_ _2\"></span>olution:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls61 ws5f\">Cr<span class=\"_ _2\"></span>awley Unit<span class=\"_ _5\"></span> T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls61 ws5f\">In<span class=\"_ _2\"></span>esia SA<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>UTM ACS Lothian UK Lis<span class=\"_ _2\"></span>ted Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>UTM ACS UK All S<span class=\"_ _2\"></span>hare Liste<span class=\"_ _2\"></span>d Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>UTM Bothwell U<span class=\"_ _2\"></span>K All Sha<span class=\"_ _2\"></span>re Listed Equi<span class=\"_ _2\"></span>ty Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>UTM UK Equit<span class=\"_ _2\"></span>y Uni<span class=\"_ _2\"></span>t T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Active Plu<span class=\"_ _2\"></span>s Bond T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>st<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Dyn<span class=\"_ _2\"></span>amic Multi A<span class=\"_ _2\"></span>sset G<span class=\"_ _2\"></span>rowth Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Emergin<span class=\"_ _2\"></span>g Markets Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Shor<span class=\"_ _2\"></span>t Date<span class=\"_ _2\"></span>d UK Gover<span class=\"_ _2\"></span>nment Bo<span class=\"_ _2\"></span>nd T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Chin<span class=\"_ _2\"></span>a Equities Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et De<span class=\"_ _2\"></span>bt Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Europ<span class=\"_ _2\"></span>ean Equitie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Gl<span class=\"_ _2\"></span>obal Equitie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Ja<span class=\"_ _2\"></span>panes<span class=\"_ _2\"></span>e Equities Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Strate<span class=\"_ _2\"></span>gic Bond Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn UK Gover<span class=\"_ _2\"></span>nment Bo<span class=\"_ _2\"></span>nd T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing subsidi<span class=\"_ _2\"></span>aries were ei<span class=\"_ _2\"></span>ther fully di<span class=\"_ _2\"></span>spose<span class=\"_ _2\"></span>d of or the Group w<span class=\"_ _2\"></span>as no lon<span class=\"_ _2\"></span>ger de<span class=\"_ _2\"></span>emed to c<span class=\"_ _2\"></span>ontrol the sub<span class=\"_ _2\"></span>sidiar<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>. The s<span class=\"_ _2\"></span>ubsidiarie<span class=\"_ _2\"></span>s were dec<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated from eit<span class=\"_ _2\"></span>her the da<span class=\"_ _2\"></span>te o<span class=\"_ _5\"></span>f disp<span class=\"_ _2\"></span>osal or fro<span class=\"_ _2\"></span>m the date when t<span class=\"_ _2\"></span>he Group wa<span class=\"_ _2\"></span>s deem<span class=\"_ _2\"></span>ed to no lon<span class=\"_ _2\"></span>ger cont<span class=\"_ _2\"></span>rol the subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Shor<span class=\"_ _2\"></span>t Date<span class=\"_ _2\"></span>d Corp<span class=\"_ _2\"></span>orate Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Americ<span class=\"_ _2\"></span>an Inc<span class=\"_ _2\"></span>ome Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Sus<span class=\"_ _2\"></span>tainab<span class=\"_ _2\"></span>le Index U<span class=\"_ _2\"></span>K Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>F Mac<span class=\"_ _2\"></span>quaries G<span class=\"_ _2\"></span>lobal Infr<span class=\"_ _2\"></span>astru<span class=\"_ _2\"></span>cture S<span class=\"_ _2\"></span>ecurit<span class=\"_ _2\"></span>ies Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Q<span class=\"_ _2\"></span>uilter Inves<span class=\"_ _2\"></span>tors Glo<span class=\"_ _2\"></span>bal Equit<span class=\"_ _2\"></span>y Index Fund<span class=\"_ gs132\"> </span>\u2022 <span class=\"_ _9\"> </span>Q<span class=\"_ _2\"></span>uilter Inves<span class=\"_ _2\"></span>tors UK Eq<span class=\"_ _2\"></span>uity I<span class=\"_ _2\"></span>ndex Fund<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing ass<span class=\"_ _2\"></span>ociate wa<span class=\"_ _2\"></span>s dissol<span class=\"_ _2\"></span>ved during th<span class=\"_ _2\"></span>e period<span class=\"_ _2\"></span>. The inves<span class=\"_ _2\"></span>tment in as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>te was dere<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed from th<span class=\"_ _2\"></span>e date of dissol<span class=\"_ _2\"></span>ution:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>U<span class=\"_ _2\"></span>K Comm<span class=\"_ _2\"></span>ercial Prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty E<span class=\"_ _2\"></span>state<span class=\"_ _2\"></span>s (Readin<span class=\"_ _2\"></span>g) Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>U<span class=\"_ _2\"></span>K<span class=\"_ _7\"></span>C<span class=\"_ _2\"></span>PT Limited Pa<span class=\"_ _2\"></span>rtn<span class=\"_ _2\"></span>ership<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up no long<span class=\"_ _2\"></span>er has s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt holding<span class=\"_ _2\"></span>s in the following un<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>taking<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>A<span class=\"_ _2\"></span>berde<span class=\"_ _2\"></span>en Japan Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Americ<span class=\"_ _2\"></span>an Unc<span class=\"_ _2\"></span>onstr<span class=\"_ _2\"></span>ained Equi<span class=\"_ _2\"></span>ty Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Divers<span class=\"_ _2\"></span>ified Grow<span class=\"_ _2\"></span>th Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Globa<span class=\"_ _2\"></span>l Absolute Re<span class=\"_ _2\"></span>turn Strate<span class=\"_ _2\"></span>gies Ret<span class=\"_ _2\"></span>ail Acc<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Globa<span class=\"_ _2\"></span>l Focuse<span class=\"_ _2\"></span>d Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Multi-As<span class=\"_ _2\"></span>set Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Gl<span class=\"_ _2\"></span>obal Abs<span class=\"_ _2\"></span>olute Return Str<span class=\"_ _2\"></span>ategie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn UK Hig<span class=\"_ _2\"></span>h Incom<span class=\"_ _2\"></span>e Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn UK Op<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tunities Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>A<span class=\"_ _2\"></span>X<span class=\"_ _2\"></span>A Fixed I<span class=\"_ _2\"></span>nterest I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt ICV<span class=\"_ _5\"></span>C \u2013 Sterlin<span class=\"_ _2\"></span>g Strategi<span class=\"_ _2\"></span>c Bond Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>L<span class=\"_ _2\"></span>&amp;G Euro High Alp<span class=\"_ _2\"></span>ha Corp<span class=\"_ _2\"></span>orate Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Le<span class=\"_ _2\"></span>gal &amp; Ge<span class=\"_ _2\"></span>neral Europ<span class=\"_ _2\"></span>ean T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>st<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>M<span class=\"_ _2\"></span>I Som<span class=\"_ _2\"></span>erset G<span class=\"_ _2\"></span>lobal Em<span class=\"_ _2\"></span>erging M<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>ets Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce Reta<span class=\"_ _2\"></span>il Unit T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Q<span class=\"_ _2\"></span>uilter Inves<span class=\"_ _2\"></span>tors Chin<span class=\"_ _2\"></span>a Equity Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>S<span class=\"_ _2\"></span>tandar<span class=\"_ _2\"></span>d Life Capital Infr<span class=\"_ _2\"></span>astr<span class=\"_ _2\"></span>ucture I LP",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-632": {
   "value": "H2<span class=\"_ _2\"></span>. Acq<span class=\"_ _2\"></span>uisit<span class=\"_ _2\"></span>ion of S<span class=\"_ _2\"></span>LF of Cana<span class=\"_ _2\"></span>da UK Li<span class=\"_ _2\"></span>mited<span class=\"_ _3bc\"> </span>On 3 Apr<span class=\"_ _2\"></span>il 2023<span class=\"_ _2\"></span>, the Group a<span class=\"_ _2\"></span>cquired 1<span class=\"_ _2\"></span>00% of th<span class=\"_ _2\"></span>e issue<span class=\"_ _2\"></span>d share c<span class=\"_ _2\"></span>apital of S<span class=\"_ _2\"></span>LF of Cana<span class=\"_ _2\"></span>da UK Limite<span class=\"_ _2\"></span>d from Sun Life As<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce Comp<span class=\"_ _2\"></span>any of Can<span class=\"_ _2\"></span>ada, p<span class=\"_ _2\"></span>art of th<span class=\"_ _2\"></span>e Sun Life Finan<span class=\"_ _2\"></span>cial Inc<span class=\"_ _2\"></span>. Group, for tota<span class=\"_ _2\"></span>l cash c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>ration of \u00a325<span class=\"_ _2\"></span>0 million. SLF of Ca<span class=\"_ _2\"></span>nada U<span class=\"_ _2\"></span>K Limited and i<span class=\"_ _2\"></span>ts subsi<span class=\"_ _2\"></span>diaries are a c<span class=\"_ _2\"></span>losed b<span class=\"_ _2\"></span>ook life insur<span class=\"_ _2\"></span>ance b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s that ha<span class=\"_ _2\"></span>s a por<span class=\"_ _2\"></span>tfolio of pe<span class=\"_ _2\"></span>nsion<span class=\"_ _2\"></span>, life and annuit<span class=\"_ _2\"></span>y pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n is in line with the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s str<span class=\"_ _2\"></span>ategy to un<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>take merger<span class=\"_ _2\"></span>s and ac<span class=\"_ _2\"></span>quisition<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _2\"></span>M&amp;<span class=\"_ _2\"></span>A<span class=\"_ _7\"></span>\u2019<span class=\"_ _2\"></span>) to acquire n<span class=\"_ _2\"></span>ew custo<span class=\"_ _2\"></span>mers at s<span class=\"_ _2\"></span>cale an<span class=\"_ _2\"></span>d deliver bet<span class=\"_ _2\"></span>ter outc<span class=\"_ _2\"></span>omes for th<span class=\"_ _2\"></span>em. Th<span class=\"_ _2\"></span>e Group als<span class=\"_ _2\"></span>o transfo<span class=\"_ _2\"></span>rms acq<span class=\"_ _2\"></span>uired busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es to deliver sig<span class=\"_ _2\"></span>nificant c<span class=\"_ _2\"></span>ost an<span class=\"_ _2\"></span>d capit<span class=\"_ _2\"></span>al synerg<span class=\"_ _2\"></span>ies<span class=\"_ _2\"></span>, creating s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt share<span class=\"_ _2\"></span>holde<span class=\"_ _2\"></span>r value. The t<span class=\"_ _2\"></span>able be<span class=\"_ _2\"></span>low summa<span class=\"_ _2\"></span>rises the f<span class=\"_ _2\"></span>air value of ident<span class=\"_ _2\"></span>ifiable as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd acqu<span class=\"_ _2\"></span>ired liabilitie<span class=\"_ _2\"></span>s ass<span class=\"_ _2\"></span>umed as at th<span class=\"_ _2\"></span>e date of acquis<span class=\"_ _2\"></span>ition.<span class=\"_ _3bc\"> </span>Notes<span class=\"_ _3bc\"> </span>Fair<span class=\"_ _5\"></span> value \u00a3m<span class=\"_ _3bc\"> </span>Ass<span class=\"_ _2\"></span>ets<span class=\"_ _3bc\"> </span>Acquire<span class=\"_ _2\"></span>d in-force bus<span class=\"_ _2\"></span>iness<span class=\"_ _3bc\"> </span>G2<span class=\"_ _3bc\"> </span>16<span class=\"_ _3bc\"> </span>Pensi<span class=\"_ _5\"></span>on scheme asset<span class=\"_ _3bc\"> </span>G1<span class=\"_ _3bc\"> </span>16<span class=\"_ _3bc\"> </span>Reimb<span class=\"_ _2\"></span>ursem<span class=\"_ _2\"></span>ent rights<span class=\"_ _3bc\"> </span>G1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tment prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span>G4<span class=\"_ _3bc\"> </span>28<span class=\"_ _2\"></span>3<span class=\"_ _3bc\"> </span>Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets<span class=\"_ _3bc\"> </span>7,<span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span>Deferre<span class=\"_ _2\"></span>d tax a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>12<span class=\"_ _3bc\"> </span>Prepaym<span class=\"_ _2\"></span>ents an<span class=\"_ _2\"></span>d accr<span class=\"_ _2\"></span>ued inc<span class=\"_ _2\"></span>ome<span class=\"_ _3bc\"> </span>47<span class=\"_ _3bc\"> </span>Oth<span class=\"_ _2\"></span>er rec<span class=\"_ _2\"></span>eivables<span class=\"_ _3bc\"> </span>64<span class=\"_ _3bc\"> </span>Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span>23<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span>To<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> a<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>8,<span class=\"_ _2\"></span>222<span class=\"_ _3bc\"> </span>Liabilitie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>Insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span>F1<span class=\"_ _3bc\"> </span>4,<span class=\"_ _2\"></span>386<span class=\"_ _3bc\"> </span>Reins<span class=\"_ _2\"></span>urance c<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>t liabilities<span class=\"_ _3bc\"> </span>F1<span class=\"_ _3bc\"> </span>153<span class=\"_ _3bc\"> </span>Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span>3,19<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span>Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial liabilitie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>75<span class=\"_ _3bc\"> </span>Provisions<span class=\"_ _3bc\"> </span>G7<span class=\"_ _3bc\"> </span>5<span class=\"_ _3bc\"> </span>Deferre<span class=\"_ _2\"></span>d tax li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>Current t<span class=\"_ _2\"></span>ax<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>Other paya<span class=\"_ _5\"></span>bles<span class=\"_ _3bc\"> </span>90<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>otal li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span>7<span class=\"_ _6\"></span>,906<span class=\"_ _3bc\"> </span>Fair value of ne<span class=\"_ _2\"></span>t asse<span class=\"_ _2\"></span>ts acq<span class=\"_ _2\"></span>uired<span class=\"_ _3bc\"> </span>316<span class=\"_ _3bc\"> </span>Gain arising on acquisition<span class=\"_ _3bc\"> </span>(6<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span>Purcha<span class=\"_ _2\"></span>se con<span class=\"_ _2\"></span>siderati<span class=\"_ _2\"></span>on trans<span class=\"_ _2\"></span>ferred<span class=\"_ _3bc\"> </span>25<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span>Analysis of cash flows on acquisition:<span class=\"_ _3bc\"> </span>Net c<span class=\"_ _2\"></span>ash ac<span class=\"_ _2\"></span>quired with th<span class=\"_ _2\"></span>e subsidia<span class=\"_ _2\"></span>ries (inclu<span class=\"_ _2\"></span>ded in c<span class=\"_ _2\"></span>ash flow from inves<span class=\"_ _2\"></span>ting ac<span class=\"_ _2\"></span>tivities)<span class=\"_ _3bc\"> </span>23<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span>Cash paid<span class=\"_ _3bc\"> </span>(25<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>Net c<span class=\"_ _2\"></span>ash flow on a<span class=\"_ _2\"></span>cquisiti<span class=\"_ _2\"></span>on<span class=\"_ _3bc\"> </span><span class=\"ff7 lsa9 ws1aa\">(20<span class=\"_ _3bc\"> </span></span><div class=\"t m0 he ff7 fs7 fc1 sc0 ls61 ws5f gs9d2\">Acquire<span class=\"_ _2\"></span>d in-force busin<span class=\"_ _2\"></span>ess (A<span class=\"_ _7\"></span>VIF<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9d3\">An as<span class=\"_ _2\"></span>set of \u00a31<span class=\"_ _2\"></span>6 million aris<span class=\"_ _2\"></span>es reflec<span class=\"_ _2\"></span>ting the p<span class=\"_ _2\"></span>resent val<span class=\"_ _2\"></span>ue of future profit<span class=\"_ _2\"></span>s ass<span class=\"_ _2\"></span>ociate<span class=\"_ _2\"></span>d with the ac<span class=\"_ _2\"></span>quired in-force b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s. Th<span class=\"_ _2\"></span>e A<span class=\"_ _7\"></span>VIF h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9d4\">determin<span class=\"_ _2\"></span>ed by referen<span class=\"_ _2\"></span>ce to the fair va<span class=\"_ _2\"></span>lue of investme<span class=\"_ _2\"></span>nt contra<span class=\"_ _2\"></span>ct right<span class=\"_ _2\"></span>s acquire<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9d5\">The val<span class=\"_ _2\"></span>uation of A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F has be<span class=\"_ _2\"></span>en determin<span class=\"_ _2\"></span>ed by referen<span class=\"_ _2\"></span>ce to the as<span class=\"_ _2\"></span>sumption<span class=\"_ _2\"></span>s expec<span class=\"_ _2\"></span>ted to be ap<span class=\"_ _2\"></span>plied by a ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et par<span class=\"_ _2\"></span>ticipa<span class=\"_ _2\"></span>nt in an orderly </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9d6\">tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion. The va<span class=\"_ _2\"></span>luation ap<span class=\"_ _2\"></span>proach us<span class=\"_ _2\"></span>es pres<span class=\"_ _2\"></span>ent value te<span class=\"_ _2\"></span>chnique<span class=\"_ _2\"></span>s applied to th<span class=\"_ _2\"></span>e bes<span class=\"_ _2\"></span>t estim<span class=\"_ _2\"></span>ate cash fl<span class=\"_ _2\"></span>ows expe<span class=\"_ _2\"></span>cted to aris<span class=\"_ _2\"></span>e from polic<span class=\"_ _2\"></span>ies that </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9d7\">were in-force at th<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition date, a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>ted to reflec<span class=\"_ _2\"></span>t the pric<span class=\"_ _2\"></span>e of bearin<span class=\"_ _2\"></span>g the unce<span class=\"_ _2\"></span>rta<span class=\"_ _2\"></span>inty inh<span class=\"_ _2\"></span>erent in tho<span class=\"_ _2\"></span>se cas<span class=\"_ _2\"></span>h flows. T<span class=\"_ _2\"></span>his approa<span class=\"_ _2\"></span>ch </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9d8\">inco<span class=\"_ _2\"></span>rporates a n<span class=\"_ _2\"></span>umber of ju<span class=\"_ _2\"></span>dgem<span class=\"_ _2\"></span>ents an<span class=\"_ _2\"></span>d assum<span class=\"_ _2\"></span>ptions which h<span class=\"_ _2\"></span>ave impacte<span class=\"_ _2\"></span>d on the res<span class=\"_ _2\"></span>ultant valu<span class=\"_ _2\"></span>ation, th<span class=\"_ _2\"></span>e most si<span class=\"_ _2\"></span>gnifica<span class=\"_ _2\"></span>nt of which inclu<span class=\"_ _2\"></span>de </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9d9\">expe<span class=\"_ _2\"></span>cted p<span class=\"_ _2\"></span>olicy lap<span class=\"_ _2\"></span>ses an<span class=\"_ _2\"></span>d surrende<span class=\"_ _2\"></span>r cost<span class=\"_ _2\"></span>s, a<span class=\"_ _2\"></span>nd the exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>s asso<span class=\"_ _2\"></span>ciated wit<span class=\"_ _2\"></span>h ser<span class=\"_ _2\"></span>vicing th<span class=\"_ _2\"></span>e policies<span class=\"_ _2\"></span>, tog<span class=\"_ _2\"></span>ether with e<span class=\"_ _2\"></span>cono<span class=\"_ _2\"></span>mic ass<span class=\"_ _2\"></span>umptions su<span class=\"_ _2\"></span>ch </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9da\">as fut<span class=\"_ _2\"></span>ure investme<span class=\"_ _2\"></span>nt returns an<span class=\"_ _2\"></span>d the disc<span class=\"_ _2\"></span>ount rate. Th<span class=\"_ _2\"></span>e determina<span class=\"_ _2\"></span>tion of the maj<span class=\"_ _2\"></span>orit<span class=\"_ _2\"></span>y of these a<span class=\"_ _2\"></span>ssumpti<span class=\"_ _2\"></span>ons is car<span class=\"_ _2\"></span>ried out o<span class=\"_ _2\"></span>n a consis<span class=\"_ _2\"></span>tent basi<span class=\"_ _2\"></span>s with </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9db\">thos<span class=\"_ _2\"></span>e used in fin<span class=\"_ _2\"></span>ancial re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting with ap<span class=\"_ _2\"></span>propriate a<span class=\"_ _2\"></span>djust<span class=\"_ _2\"></span>ments to refl<span class=\"_ _2\"></span>ect a m<span class=\"_ _2\"></span>arket parti<span class=\"_ _2\"></span>cipant<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>s v<span class=\"_ _2\"></span>iew. The adju<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt for risk for the un<span class=\"_ _2\"></span>cer<span class=\"_ _2\"></span>taint<span class=\"_ _2\"></span>y in </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9dc\">the c<span class=\"_ _2\"></span>ash flows h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n determine<span class=\"_ _2\"></span>d using a c<span class=\"_ _2\"></span>ost of ca<span class=\"_ _2\"></span>pital app<span class=\"_ _2\"></span>roach<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9dd\">The val<span class=\"_ _2\"></span>uation of insur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>ntract li<span class=\"_ _2\"></span>abilities an<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>ociated re<span class=\"_ _2\"></span>insuran<span class=\"_ _2\"></span>ce ass<span class=\"_ _2\"></span>ets ha<span class=\"_ _2\"></span>s bee<span class=\"_ _2\"></span>n carrie<span class=\"_ _2\"></span>d out on a co<span class=\"_ _2\"></span>nsistent b<span class=\"_ _2\"></span>asis with th<span class=\"_ _2\"></span>at applie<span class=\"_ _2\"></span>d by </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9de\">the Gro<span class=\"_ _2\"></span>up under th<span class=\"_ _2\"></span>e fair value app<span class=\"_ _2\"></span>roach on th<span class=\"_ _2\"></span>e transit<span class=\"_ _2\"></span>ion to IFRS 17<span class=\"_ _5\"></span>. Furth<span class=\"_ _2\"></span>er information o<span class=\"_ _2\"></span>n the fair valu<span class=\"_ _2\"></span>e approac<span class=\"_ _2\"></span>h used for t<span class=\"_ _2\"></span>he transi<span class=\"_ _2\"></span>tion to IFRS </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9df\">17 is set o<span class=\"_ _2\"></span>ut in note A4.1 Dete<span class=\"_ _2\"></span>rmination of tr<span class=\"_ _2\"></span>ansition m<span class=\"_ _2\"></span>ethod an<span class=\"_ _2\"></span>d its app<span class=\"_ _2\"></span>lication<span class=\"_ _2\"></span>. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9e0\">Deferre<span class=\"_ _2\"></span>d acqui<span class=\"_ _2\"></span>sition cos<span class=\"_ _2\"></span>ts of \u00a31 m<span class=\"_ _2\"></span>illion and a deferre<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y of \u00a32 million h<span class=\"_ _2\"></span>ave been de<span class=\"_ _2\"></span>reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d on acquis<span class=\"_ _2\"></span>ition and rep<span class=\"_ _2\"></span>lace<span class=\"_ _2\"></span>d as par<span class=\"_ _2\"></span>t </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9e1\">of the A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F balan<span class=\"_ _2\"></span>ce.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls66 ws5d gs9e2\">Other receivables<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9e3\">The fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s acquire<span class=\"_ _2\"></span>d includ<span class=\"_ _2\"></span>e other rec<span class=\"_ _2\"></span>eivable<span class=\"_ _2\"></span>s with a fair valu<span class=\"_ _2\"></span>e of \u00a364 million<span class=\"_ _2\"></span>. The gros<span class=\"_ _2\"></span>s amount d<span class=\"_ _2\"></span>ue under th<span class=\"_ _2\"></span>e contra<span class=\"_ _2\"></span>cts is \u00a36<span class=\"_ _2\"></span>4 million<span class=\"_ _2\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9e4\">of which no b<span class=\"_ _2\"></span>alanc<span class=\"_ _2\"></span>es are expe<span class=\"_ _2\"></span>cte<span class=\"_ _2\"></span>d to be uncolle<span class=\"_ _2\"></span>cta<span class=\"_ _2\"></span>ble. </div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls159 ws141 gs9e5\">Ta<span class=\"_ _2\"></span>x<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9e6\">The t<span class=\"_ _2\"></span>ax impac<span class=\"_ _2\"></span>t of the fair val<span class=\"_ _2\"></span>ue adju<span class=\"_ _2\"></span>stment<span class=\"_ _2\"></span>s reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d on acq<span class=\"_ _2\"></span>uisition ha<span class=\"_ _2\"></span>s been refl<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d in the acq<span class=\"_ _2\"></span>uisition ba<span class=\"_ _2\"></span>lance s<span class=\"_ _2\"></span>heet<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs9e7\">Gain on acquisiti<span class=\"_ _5\"></span>on<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 lsd6 ws0 gs9e8\">A gain on a<span class=\"_ _2\"></span>cquisit<span class=\"_ _2\"></span>ion of \u00a366 m<span class=\"_ _2\"></span>illion has be<span class=\"_ _2\"></span>en rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement for th<span class=\"_ _2\"></span>e year end<span class=\"_ _2\"></span>ed 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>, </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 lsd6 ws0 gs9e9\">refle<span class=\"_ _2\"></span>cting th<span class=\"_ _2\"></span>e excess of th<span class=\"_ _2\"></span>e fair value of the n<span class=\"_ _2\"></span>et ass<span class=\"_ _2\"></span>ets ac<span class=\"_ _2\"></span>quired over the c<span class=\"_ _2\"></span>onside<span class=\"_ _2\"></span>ration pai<span class=\"_ _2\"></span>d for the acq<span class=\"_ _2\"></span>uisition of the S<span class=\"_ _2\"></span>LF of Canad<span class=\"_ _2\"></span>a UK bus<span class=\"_ _2\"></span>iness<span class=\"_ _2\"></span>es.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9ea\">The c<span class=\"_ _2\"></span>onsider<span class=\"_ _2\"></span>ation for the a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n was fixed an<span class=\"_ _2\"></span>d determine<span class=\"_ _2\"></span>d using a \u2018<span class=\"_ _2\"></span>locked b<span class=\"_ _2\"></span>ox\u2019 pricing m<span class=\"_ _2\"></span>echan<span class=\"_ _2\"></span>ism as at 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 202<span class=\"_ _2\"></span>1. Ove<span class=\"_ _2\"></span>r the peri<span class=\"_ _2\"></span>od </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9eb\">bet<span class=\"_ _2\"></span>ween 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 2<span class=\"_ _2\"></span>021 and th<span class=\"_ _2\"></span>e complet<span class=\"_ _2\"></span>ion date, the va<span class=\"_ _2\"></span>lue of the net a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s acquire<span class=\"_ _2\"></span>d increa<span class=\"_ _2\"></span>sed. T<span class=\"_ _2\"></span>his princip<span class=\"_ _2\"></span>ally refle<span class=\"_ _2\"></span>cts a n<span class=\"_ _2\"></span>egative imp<span class=\"_ _2\"></span>act </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9ec\">on as<span class=\"_ _2\"></span>sets fro<span class=\"_ _2\"></span>m increa<span class=\"_ _2\"></span>sing yield<span class=\"_ _2\"></span>s being mo<span class=\"_ _2\"></span>re than off<span class=\"_ _2\"></span>set by a red<span class=\"_ _2\"></span>uction in lia<span class=\"_ _2\"></span>bilities as a re<span class=\"_ _2\"></span>sult of favourabl<span class=\"_ _2\"></span>e assum<span class=\"_ _2\"></span>ption chan<span class=\"_ _2\"></span>ges an<span class=\"_ _2\"></span>d </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls14 ws12 gs9ed\">demographic experience. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9ee\">Addition<span class=\"_ _2\"></span>ally, in accord<span class=\"_ _2\"></span>ance with I<span class=\"_ _2\"></span>FRS 3 Bus<span class=\"_ _2\"></span>iness C<span class=\"_ _2\"></span>ombina<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>, the acq<span class=\"_ _2\"></span>uired define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t pensio<span class=\"_ _2\"></span>n schem<span class=\"_ _2\"></span>es has b<span class=\"_ _2\"></span>een m<span class=\"_ _2\"></span>easure<span class=\"_ _2\"></span>d on </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9ef\">acq<span class=\"_ _2\"></span>uisition in ac<span class=\"_ _2\"></span>cordan<span class=\"_ _2\"></span>ce with the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s ac<span class=\"_ _2\"></span>counting p<span class=\"_ _2\"></span>olicies a<span class=\"_ _2\"></span>s set out in n<span class=\"_ _2\"></span>ote G1, as op<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>d to a fair value b<span class=\"_ _2\"></span>asis.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gs9f0\">T<span class=\"_ _7\"></span>ransaction cost<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9f1\">T<span class=\"_ _7\"></span>ran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ion cos<span class=\"_ _2\"></span>ts of \u00a3<span class=\"_ _5\"></span>4 million have b<span class=\"_ _2\"></span>een exp<span class=\"_ _2\"></span>ense<span class=\"_ _2\"></span>d and are inc<span class=\"_ _2\"></span>luded in a<span class=\"_ _2\"></span>dministr<span class=\"_ _2\"></span>ative expen<span class=\"_ _2\"></span>ses in the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>. All of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9f2\">thes<span class=\"_ _2\"></span>e cos<span class=\"_ _2\"></span>ts were pai<span class=\"_ _2\"></span>d.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gs9f3\">Imp<span class=\"_ _2\"></span>act of th<span class=\"_ _2\"></span>e acqu<span class=\"_ _2\"></span>isitio<span class=\"_ _2\"></span>n on resu<span class=\"_ _2\"></span>lts<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9f4\">From the date of ac<span class=\"_ _2\"></span>quisition<span class=\"_ _2\"></span>, the SLF of Ca<span class=\"_ _2\"></span>nada U<span class=\"_ _2\"></span>K busine<span class=\"_ _2\"></span>ss contr<span class=\"_ _2\"></span>ibuted \u00a3<span class=\"_ _2\"></span>19<span class=\"_ _2\"></span>9 million to revenu<span class=\"_ _2\"></span>e and \u00a324 million of profit af<span class=\"_ _2\"></span>ter tax </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9f5\">at<span class=\"_ _2\"></span>tributa<span class=\"_ _2\"></span>ble to owner<span class=\"_ _2\"></span>s. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9f6\">It is not p<span class=\"_ _2\"></span>ossibl<span class=\"_ _2\"></span>e to provide revenue a<span class=\"_ _2\"></span>nd profit af<span class=\"_ _2\"></span>ter tax a<span class=\"_ _2\"></span>ttrib<span class=\"_ _2\"></span>utable to own<span class=\"_ _2\"></span>ers for the G<span class=\"_ _2\"></span>roup had t<span class=\"_ _2\"></span>he acqui<span class=\"_ _2\"></span>sition taken pla<span class=\"_ _2\"></span>ce at the b<span class=\"_ _2\"></span>eginnin<span class=\"_ _2\"></span>g of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9f7\">the year a<span class=\"_ _2\"></span>s k<span class=\"_ _5\"></span>ey inc<span class=\"_ _2\"></span>ome st<span class=\"_ _2\"></span>atement ite<span class=\"_ _2\"></span>ms such as t<span class=\"_ _2\"></span>he amor<span class=\"_ _2\"></span>tisat<span class=\"_ _2\"></span>ion of the contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al ser<span class=\"_ _2\"></span>vice ma<span class=\"_ _2\"></span>rgin reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d under I<span class=\"_ _2\"></span>FRS 17 are ca<span class=\"_ _2\"></span>lculated wi<span class=\"_ _2\"></span>th </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gs9f8\">referen<span class=\"_ _2\"></span>ce to the fair val<span class=\"_ _2\"></span>ue as at the date of ac<span class=\"_ _2\"></span>quisition<span class=\"_ _2\"></span>.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-633": {
   "value": "H3<span class=\"_ _2\"></span>. Ass<span class=\"_ _2\"></span>ets a<span class=\"_ _2\"></span>nd liab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es cla<span class=\"_ _2\"></span>ssifi<span class=\"_ _2\"></span>ed as he<span class=\"_ _2\"></span>ld for sa<span class=\"_ _2\"></span>le The Gro<span class=\"_ _2\"></span>up clas<span class=\"_ _2\"></span>sifies disp<span class=\"_ _2\"></span>osal g<span class=\"_ _2\"></span>roups as he<span class=\"_ _2\"></span>ld for sale if th<span class=\"_ _2\"></span>eir carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mounts w<span class=\"_ _2\"></span>ill be recovere<span class=\"_ _2\"></span>d princ<span class=\"_ _2\"></span>ipally throu<span class=\"_ _2\"></span>gh a sale tr<span class=\"_ _2\"></span>ansa<span class=\"_ _2\"></span>ction rath<span class=\"_ _2\"></span>er than th<span class=\"_ _2\"></span>rough co<span class=\"_ _2\"></span>ntinuing use<span class=\"_ _2\"></span>. Dispo<span class=\"_ _2\"></span>sal group<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sified as h<span class=\"_ _2\"></span>eld for sal<span class=\"_ _2\"></span>e are meas<span class=\"_ _2\"></span>ured at the lo<span class=\"_ _2\"></span>wer of their ca<span class=\"_ _2\"></span>rryin<span class=\"_ _2\"></span>g amount an<span class=\"_ _2\"></span>d fair value le<span class=\"_ _2\"></span>ss cos<span class=\"_ _2\"></span>ts to se<span class=\"_ _2\"></span>ll. Cos<span class=\"_ _2\"></span>ts to sell a<span class=\"_ _2\"></span>re the increm<span class=\"_ _2\"></span>ental c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s directl<span class=\"_ _2\"></span>y attrib<span class=\"_ _2\"></span>utable to th<span class=\"_ _2\"></span>e dispos<span class=\"_ _2\"></span>al of the dispo<span class=\"_ _2\"></span>sal gro<span class=\"_ _2\"></span>up, excluding fin<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>sts a<span class=\"_ _2\"></span>nd inco<span class=\"_ _2\"></span>me tax ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>e. Ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabilities cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as hel<span class=\"_ _2\"></span>d for sale are p<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d separ<span class=\"_ _2\"></span>ately in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated financial position.<span class=\"_ _3bc\"> </span>Agreement wit<span class=\"_ _5\"></span>h abrdn plc<span class=\"_ _3bc\"> </span>On 23 Feb<span class=\"_ _2\"></span>ruar<span class=\"_ _2\"></span>y 2021<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up entered into a n<span class=\"_ _2\"></span>ew agree<span class=\"_ _2\"></span>ment with ab<span class=\"_ _2\"></span>rdn plc to simplif<span class=\"_ _2\"></span>y the ar<span class=\"_ _2\"></span>range<span class=\"_ _2\"></span>ments of th<span class=\"_ _2\"></span>eir Strate<span class=\"_ _2\"></span>gic Par<span class=\"_ _2\"></span>tners<span class=\"_ _2\"></span>hip, enab<span class=\"_ _2\"></span>ling the Gro<span class=\"_ _2\"></span>up to control it<span class=\"_ _2\"></span>s own distrib<span class=\"_ _2\"></span>ution, m<span class=\"_ _2\"></span>arketing and br<span class=\"_ _2\"></span>ands<span class=\"_ _2\"></span>, and foc<span class=\"_ _2\"></span>using the St<span class=\"_ _2\"></span>rategic Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship on us<span class=\"_ _2\"></span>ing abrdn plc<span class=\"_ _2\"></span>\u2019<span class=\"_ _7\"></span>s a<span class=\"_ _2\"></span>sset man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s in suppor<span class=\"_ _2\"></span>t of Phoe<span class=\"_ _2\"></span>nix Group\u2019s grow<span class=\"_ _2\"></span>th strate<span class=\"_ _2\"></span>gy. Under th<span class=\"_ _2\"></span>e terms of the tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tion, th<span class=\"_ _2\"></span>e Group ag<span class=\"_ _2\"></span>reed to s<span class=\"_ _2\"></span>ell its U<span class=\"_ _2\"></span>K investm<span class=\"_ _2\"></span>ent and pl<span class=\"_ _2\"></span>atform-<span class=\"_ _2\"></span>related pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s, c<span class=\"_ _2\"></span>omprisin<span class=\"_ _2\"></span>g W<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ap Self I<span class=\"_ _2\"></span>nvested Per<span class=\"_ _2\"></span>sonal Pen<span class=\"_ _2\"></span>sion (\u2018<span class=\"_ _2\"></span>Wrap S<span class=\"_ _2\"></span>IPP<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>), Onsho<span class=\"_ _2\"></span>re Bond an<span class=\"_ _2\"></span>d UK T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>tee Inves<span class=\"_ _2\"></span>tment Plan (<span class=\"_ _2\"></span>\u2018TI<span class=\"_ _2\"></span>P<span class=\"_ _2\"></span>\u2019) to abrdn p<span class=\"_ _2\"></span>lc throug<span class=\"_ _2\"></span>h a Part VI<span class=\"_ _2\"></span>I trans<span class=\"_ _2\"></span>fer<span class=\"_ _7\"></span>. Th<span class=\"_ _2\"></span>e econ<span class=\"_ _2\"></span>omic risk an<span class=\"_ _2\"></span>d rewards for this b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s trans<span class=\"_ _2\"></span>ferred to ab<span class=\"_ _2\"></span>rdn plc effe<span class=\"_ _2\"></span>ctive from 1 Jan<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 2021 via a profi<span class=\"_ _2\"></span>t transfe<span class=\"_ _2\"></span>r arrang<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>. Cons<span class=\"_ _2\"></span>ideratio<span class=\"_ _2\"></span>n receive<span class=\"_ _2\"></span>d of \u00a362 million in re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>t of this busin<span class=\"_ _2\"></span>ess wa<span class=\"_ _2\"></span>s deferred until comp<span class=\"_ _2\"></span>letion of the Par<span class=\"_ _2\"></span>t VII an<span class=\"_ _2\"></span>d the payme<span class=\"_ _2\"></span>nts to abrdn p<span class=\"_ _2\"></span>lc in respe<span class=\"_ _2\"></span>ct of the profit t<span class=\"_ _2\"></span>ransfe<span class=\"_ _2\"></span>r arrang<span class=\"_ _2\"></span>ement are b<span class=\"_ _2\"></span>eing of<span class=\"_ _2\"></span>fset ag<span class=\"_ _2\"></span>ainst t<span class=\"_ _2\"></span>he deferred consideration balance.<span class=\"_ _3bc\"> </span>Sinc<span class=\"_ _2\"></span>e 2021<span class=\"_ _2\"></span>, the bal<span class=\"_ _2\"></span>ances in t<span class=\"_ _2\"></span>he state<span class=\"_ _2\"></span>ment of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l positio<span class=\"_ _2\"></span>n relating to the Wrap S<span class=\"_ _2\"></span>IPP<span class=\"_ _7\"></span>, O<span class=\"_ _2\"></span>nshore B<span class=\"_ _2\"></span>ond and TI<span class=\"_ _2\"></span>P busin<span class=\"_ _2\"></span>ess have be<span class=\"_ _2\"></span>en clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s a dispos<span class=\"_ _2\"></span>al group he<span class=\"_ _2\"></span>ld for sale. T<span class=\"_ _2\"></span>he total pro<span class=\"_ _2\"></span>cee<span class=\"_ _2\"></span>ds of dispos<span class=\"_ _2\"></span>al were not exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d to excee<span class=\"_ _2\"></span>d the car<span class=\"_ _2\"></span>ryin<span class=\"_ _2\"></span>g value of the rela<span class=\"_ _2\"></span>ted net as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s and acc<span class=\"_ _2\"></span>ordingl<span class=\"_ _2\"></span>y the dispo<span class=\"_ _2\"></span>sal group w<span class=\"_ _2\"></span>as meas<span class=\"_ _2\"></span>ured at fair va<span class=\"_ _2\"></span>lue les<span class=\"_ _2\"></span>s cost<span class=\"_ _2\"></span>s to sell, re<span class=\"_ _2\"></span>sulting in an im<span class=\"_ _2\"></span>pairment of th<span class=\"_ _2\"></span>e acquire<span class=\"_ _2\"></span>d in-force busin<span class=\"_ _2\"></span>ess (<span class=\"_ _2\"></span>\u2018<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>VI<span class=\"_ _2\"></span>F\u2019<span class=\"_ _2\"></span>) of \u00a359 million at the d<span class=\"_ _2\"></span>ate of the trans<span class=\"_ _2\"></span>action<span class=\"_ _2\"></span>. As at 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023<span class=\"_ _2\"></span>, the ex<span class=\"_ _2\"></span>pec<span class=\"_ _2\"></span>ted comp<span class=\"_ _2\"></span>letion date for th<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>fer of the TIP busin<span class=\"_ _2\"></span>ess wa<span class=\"_ _2\"></span>s March 202<span class=\"_ _2\"></span>5.<span class=\"_ _3bc\"> </span>Prior to 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023<span class=\"_ _2\"></span>, a re-<span class=\"_ _2\"></span>scopin<span class=\"_ _2\"></span>g exercise wa<span class=\"_ _2\"></span>s under<span class=\"_ _2\"></span>taken with ab<span class=\"_ _2\"></span>rdn plc and it wa<span class=\"_ _2\"></span>s agree<span class=\"_ _2\"></span>d that th<span class=\"_ _2\"></span>e insured f<span class=\"_ _2\"></span>unds elem<span class=\"_ _2\"></span>ents of the Wrap SI<span class=\"_ _2\"></span>PP and On<span class=\"_ _2\"></span>shore B<span class=\"_ _2\"></span>ond busin<span class=\"_ _2\"></span>ess<span class=\"_ _2\"></span>es will no lon<span class=\"_ _2\"></span>ger tra<span class=\"_ _2\"></span>nsfer to abrdn p<span class=\"_ _2\"></span>lc, an<span class=\"_ _2\"></span>d as a result th<span class=\"_ _2\"></span>is busine<span class=\"_ _2\"></span>ss no lon<span class=\"_ _2\"></span>ger m<span class=\"_ _2\"></span>eets th<span class=\"_ _2\"></span>e requirem<span class=\"_ _2\"></span>ents to be clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s held for s<span class=\"_ _2\"></span>ale. The s<span class=\"_ _2\"></span>elf-invested e<span class=\"_ _2\"></span>lement<span class=\"_ _2\"></span>s of the Wrap SI<span class=\"_ _2\"></span>PP busine<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, which are he<span class=\"_ _2\"></span>ld off-bal<span class=\"_ _2\"></span>ance sh<span class=\"_ _2\"></span>eet, a<span class=\"_ _2\"></span>re still exp<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d to transfe<span class=\"_ _2\"></span>r af<span class=\"_ _2\"></span>ter April 2025<span class=\"_ _2\"></span>. As at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>3, onl<span class=\"_ _2\"></span>y the TIP b<span class=\"_ _2\"></span>usines<span class=\"_ _2\"></span>s has be<span class=\"_ _2\"></span>en cla<span class=\"_ _2\"></span>ssifie<span class=\"_ _2\"></span>d as a dispo<span class=\"_ _2\"></span>sal group h<span class=\"_ _2\"></span>eld for sal<span class=\"_ _2\"></span>e.<span class=\"_ _3bc\"> </span>The A<span class=\"_ _5\"></span>VIF<span class=\"_ _7\"></span>, w<span class=\"_ _2\"></span>hich relate<span class=\"_ _2\"></span>s to the Wrap SI<span class=\"_ _2\"></span>PP and Ons<span class=\"_ _2\"></span>hore Bon<span class=\"_ _2\"></span>d busine<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, has be<span class=\"_ _2\"></span>en fur<span class=\"_ _2\"></span>ther imp<span class=\"_ _2\"></span>aired sin<span class=\"_ _2\"></span>ce 2021 an<span class=\"_ _2\"></span>d a fur<span class=\"_ _2\"></span>ther impa<span class=\"_ _2\"></span>irment cha<span class=\"_ _2\"></span>rge of \u00a328 m<span class=\"_ _2\"></span>illion has be<span class=\"_ _2\"></span>en rec<span class=\"_ _2\"></span>ognis<span class=\"_ _2\"></span>ed in the yea<span class=\"_ _2\"></span>r (2022: \u00a317 m<span class=\"_ _2\"></span>illion) prior to bein<span class=\"_ _2\"></span>g removed f<span class=\"_ _2\"></span>rom its cla<span class=\"_ _2\"></span>ssific<span class=\"_ _2\"></span>ation as he<span class=\"_ _2\"></span>ld for sale<span class=\"_ _2\"></span>. As at 31 De<span class=\"_ _2\"></span>cemb<span class=\"_ _2\"></span>er 2023<span class=\"_ _2\"></span>, the ba<span class=\"_ _2\"></span>lance<span class=\"_ _2\"></span>s relating to th<span class=\"_ _2\"></span>e W<span class=\"_ _5\"></span>rap S<span class=\"_ _2\"></span>IPP an<span class=\"_ _2\"></span>d Onsho<span class=\"_ _2\"></span>re Bond bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s have bee<span class=\"_ _2\"></span>n include<span class=\"_ _2\"></span>d within the re<span class=\"_ _2\"></span>spec<span class=\"_ _2\"></span>tive line item<span class=\"_ _2\"></span>s in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d statem<span class=\"_ _2\"></span>ent of financ<span class=\"_ _2\"></span>ial positi<span class=\"_ _2\"></span>on, and a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s of \u00a32,41<span class=\"_ _2\"></span>0 million and li<span class=\"_ _2\"></span>abilities of \u00a32<span class=\"_ _2\"></span>,412 million have b<span class=\"_ _2\"></span>een rem<span class=\"_ _2\"></span>oved from the h<span class=\"_ _2\"></span>eld for sale clas<span class=\"_ _2\"></span>sifica<span class=\"_ _2\"></span>tion. Th<span class=\"_ _2\"></span>e major c<span class=\"_ _2\"></span>lass<span class=\"_ _2\"></span>es of ass<span class=\"_ _2\"></span>ets and li<span class=\"_ _2\"></span>abilities cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as hel<span class=\"_ _2\"></span>d for sale are a<span class=\"_ _2\"></span>s follows:<span class=\"_ _3bc\"> </span><table class=\"s wa65 h327\" id=\"_b5bec475-b48c-47ad-b418-196a4b128cc5\"><tr><td></td><td class=\"t m0 x916 h3f y5d74 ff7 fsf fc1 sc0 ls0 ws0\">202<span class=\"_ _2\"></span>3 </td><td class=\"t m0 x23e h16 y5d74 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x2c5 h3f y5d75 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y5d75 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5770 wd4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Acquire<span class=\"_ _2\"></span>d in-force bus<span class=\"_ _2\"></span>iness<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xe0c y5770 w19d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ced y5770 w1bc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b4 ws1b3\">37<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ce1 we3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cee y5ce1 w646 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,04<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cef y5ce1 w327 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8b ws114\">2,5<span class=\"_ _2\"></span>06<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5a10 w221 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cf0 y5a10 w144 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1c4 ws1c4\">2,<span class=\"_ _2\"></span>498<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cf1 y5a10 wdd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">4,6<span class=\"_ _2\"></span>29<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5773 w120 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Cas<span class=\"_ _2\"></span>h and cas<span class=\"_ _2\"></span>h equival<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cf2 y5773 w2a0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls173 ws1a8\">52<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xb3a y5773 wd3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">33<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5774 w124 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">As<span class=\"_ _2\"></span>sets cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as hel<span class=\"_ _2\"></span>d for sale<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cf3 y5774 w161 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">4,59<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cf4 y5774 wa66 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b1 ws1ae\">7,<span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>0<span class=\"_ _19\"></span>5<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d76 ff3 fs7 fc1 sc0 ls0 ws0\">As<span class=\"_ _2\"></span>sets in c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated fund<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></td><td class=\"c n x70b y5898 w3c9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsb3 wsf4\">188<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cf5 y5898 wa67 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls2d ws53\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>147<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5619 wa68 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">T<span class=\"_ _7\"></span>otal a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s of the dispo<span class=\"_ _2\"></span>sal gro<span class=\"_ _2\"></span>up<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xacf y5619 w2a2 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">4<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cf6 y5619 w39b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b3 ws1b1\">8,<span class=\"_ _2\"></span>352<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ec w479 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cf7 y55ec wa69 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,78<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xf03 y55ec w22f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5baa wa5a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Oth<span class=\"_ _2\"></span>er finan<span class=\"_ _2\"></span>cial liabilitie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n xa97 y5baa w2dc h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cf8 y5baa w576 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5738 w174 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Deferre<span class=\"_ _2\"></span>d tax li<span class=\"_ _2\"></span>abilities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cf9 y5738 w109 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cfa y5738 w3d3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">(7)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5739 w17f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Accr<span class=\"_ _2\"></span>uals and d<span class=\"_ _2\"></span>eferred inc<span class=\"_ _2\"></span>ome<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cfb y5739 w19d h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x5fd y5739 w7ce h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1b4 ws1b3\">(<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef w185 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Liabilitie<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sified as h<span class=\"_ _2\"></span>eld for sal<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cfc y55ef w47f h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">(<span class=\"_ _2\"></span>4,7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cfd y55ef w238 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls67 ws1a5\">(8,36<span class=\"_ _2\"></span>0)<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1  <span class=\"_ _2f\"> </span>In<span class=\"_ _2\"></span>clud<span class=\"_ _2\"></span>ed in a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts of th<span class=\"_ _2\"></span>e disp<span class=\"_ _2\"></span>osa<span class=\"_ _2\"></span>l group a<span class=\"_ _2\"></span>re as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s in con<span class=\"_ _2\"></span>soli<span class=\"_ _2\"></span>date<span class=\"_ _2\"></span>d fund<span class=\"_ _2\"></span>s, wh<span class=\"_ _2\"></span>ich ar<span class=\"_ _2\"></span>e held t<span class=\"_ _2\"></span>o bac<span class=\"_ _2\"></span>k inves<span class=\"_ _2\"></span>tmen<span class=\"_ _2\"></span>t cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>t liab<span class=\"_ _2\"></span>ilitie<span class=\"_ _2\"></span>s of the Wr<span class=\"_ _2\"></span>ap SI<span class=\"_ _2\"></span>PP<span class=\"_ _5\"></span>, On<span class=\"_ _2\"></span>shor<span class=\"_ _2\"></span>e Bond a<span class=\"_ _2\"></span>nd TI<span class=\"_ _2\"></span>P bus<span class=\"_ _2\"></span>ines<span class=\"_ _2\"></span>s and a<span class=\"_ _2\"></span>re dis<span class=\"_ _2\"></span>clos<span class=\"_ _2\"></span>ed wit<span class=\"_ _2\"></span>hin fina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al as<span class=\"_ _2\"></span>sets i<span class=\"_ _2\"></span>n the c<span class=\"_ _2\"></span>onso<span class=\"_ _2\"></span>lida<span class=\"_ _2\"></span>ted st<span class=\"_ _2\"></span>atem<span class=\"_ _2\"></span>ent of fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ial p<span class=\"_ _2\"></span>ositi<span class=\"_ _2\"></span>on. T<span class=\"_ _2\"></span>he Gro<span class=\"_ _2\"></span>up con<span class=\"_ _2\"></span>trols t<span class=\"_ _2\"></span>hes<span class=\"_ _2\"></span>e fund<span class=\"_ _2\"></span>s at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mbe<span class=\"_ _2\"></span>r 2023 a<span class=\"_ _2\"></span>nd the<span class=\"_ _2\"></span>refor<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>olid<span class=\"_ _2\"></span>ates 1<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>% of the a<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>ts wit<span class=\"_ _2\"></span>h any no<span class=\"_ _2\"></span>n-co<span class=\"_ _2\"></span>ntrol<span class=\"_ _2\"></span>ling inte<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>t reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>sed a<span class=\"_ _2\"></span>s net as<span class=\"_ _2\"></span>set v<span class=\"_ _2\"></span>alue a<span class=\"_ _2\"></span>ttr<span class=\"_ _2\"></span>ibut<span class=\"_ _2\"></span>able t<span class=\"_ _2\"></span>o unith<span class=\"_ _2\"></span>olde<span class=\"_ _2\"></span>rs",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-714": {
   "value": "The Gro<span class=\"_ _2\"></span>up clas<span class=\"_ _2\"></span>sifies disp<span class=\"_ _2\"></span>osal g<span class=\"_ _2\"></span>roups as he<span class=\"_ _2\"></span>ld for sale if th<span class=\"_ _2\"></span>eir carr<span class=\"_ _2\"></span>ying a<span class=\"_ _2\"></span>mounts w<span class=\"_ _2\"></span>ill be recovere<span class=\"_ _2\"></span>d princ<span class=\"_ _2\"></span>ipally throu<span class=\"_ _2\"></span>gh a sale tr<span class=\"_ _2\"></span>ansa<span class=\"_ _2\"></span>ction rath<span class=\"_ _2\"></span>er than th<span class=\"_ _2\"></span>rough co<span class=\"_ _2\"></span>ntinuing use<span class=\"_ _2\"></span>. Dispo<span class=\"_ _2\"></span>sal group<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sified as h<span class=\"_ _2\"></span>eld for sal<span class=\"_ _2\"></span>e are meas<span class=\"_ _2\"></span>ured at the lo<span class=\"_ _2\"></span>wer of their ca<span class=\"_ _2\"></span>rryin<span class=\"_ _2\"></span>g amount an<span class=\"_ _2\"></span>d fair value le<span class=\"_ _2\"></span>ss cos<span class=\"_ _2\"></span>ts to se<span class=\"_ _2\"></span>ll. Cos<span class=\"_ _2\"></span>ts to sell a<span class=\"_ _2\"></span>re the increm<span class=\"_ _2\"></span>ental c<span class=\"_ _2\"></span>ost<span class=\"_ _2\"></span>s directl<span class=\"_ _2\"></span>y attrib<span class=\"_ _2\"></span>utable to th<span class=\"_ _2\"></span>e dispos<span class=\"_ _2\"></span>al of the dispo<span class=\"_ _2\"></span>sal gro<span class=\"_ _2\"></span>up, excluding fin<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>sts a<span class=\"_ _2\"></span>nd inco<span class=\"_ _2\"></span>me tax ex<span class=\"_ _2\"></span>pens<span class=\"_ _2\"></span>e. Ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabilities cl<span class=\"_ _2\"></span>assifie<span class=\"_ _2\"></span>d as hel<span class=\"_ _2\"></span>d for sale are p<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d separ<span class=\"_ _2\"></span>ately in the s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nt of consoli<span class=\"_ _2\"></span>dated financial position.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-665": {
   "value": "<div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gsa00\">H4. A<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciat<span class=\"_ _2\"></span>es: Inves<span class=\"_ _2\"></span>tm<span class=\"_ _2\"></span>ent in UK c<span class=\"_ _2\"></span>omm<span class=\"_ _2\"></span>erci<span class=\"_ _2\"></span>al pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty R<span class=\"_ _2\"></span>EIT (\u2018<span class=\"_ _2\"></span>UKCPR<span class=\"_ _2\"></span>\u2019) </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa01\">UKCPR is a prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>mpany which is d<span class=\"_ _2\"></span>omicile<span class=\"_ _2\"></span>d in Guern<span class=\"_ _2\"></span>sey and is a<span class=\"_ _2\"></span>dmitte<span class=\"_ _2\"></span>d to the offi<span class=\"_ _2\"></span>cial list of th<span class=\"_ _2\"></span>e UK Listin<span class=\"_ _2\"></span>g Authorit<span class=\"_ _2\"></span>y an<span class=\"_ _2\"></span>d to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa02\">tradin<span class=\"_ _2\"></span>g on the Lond<span class=\"_ _2\"></span>on Stock E<span class=\"_ _2\"></span>xchan<span class=\"_ _2\"></span>ge.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa03\">The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s inte<span class=\"_ _2\"></span>rest in U<span class=\"_ _2\"></span>K<span class=\"_ _7\"></span>C<span class=\"_ _2\"></span>PR is held in th<span class=\"_ _2\"></span>e with-profit f<span class=\"_ _2\"></span>unds of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s life c<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s. The<span class=\"_ _2\"></span>refore, the sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>er expos<span class=\"_ _2\"></span>ure to fair value </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa04\">moveme<span class=\"_ _2\"></span>nts in the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s investm<span class=\"_ _2\"></span>ent in UKCPR is limite<span class=\"_ _2\"></span>d to the impac<span class=\"_ _2\"></span>t of those m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s on the share<span class=\"_ _2\"></span>holde<span class=\"_ _2\"></span>r share of distr<span class=\"_ _2\"></span>ibuted profit<span class=\"_ _2\"></span>s of the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa05\">relevant f<span class=\"_ _2\"></span>und. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa06\">As at 31 D<span class=\"_ _2\"></span>ece<span class=\"_ _2\"></span>mber 202<span class=\"_ _2\"></span>3, the G<span class=\"_ _2\"></span>roup held 4<span class=\"_ _2\"></span>3.<span class=\"_ _2\"></span>4% (2022: 4<span class=\"_ _2\"></span>4.<span class=\"_ _2\"></span>6%) of the iss<span class=\"_ _2\"></span>ued sh<span class=\"_ _2\"></span>are capit<span class=\"_ _2\"></span>al of UK<span class=\"_ _5\"></span>CPR a<span class=\"_ _2\"></span>nd the valu<span class=\"_ _2\"></span>e of this investme<span class=\"_ _2\"></span>nt, me<span class=\"_ _2\"></span>asured </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa07\">at fair val<span class=\"_ _2\"></span>ue and incl<span class=\"_ _2\"></span>uded with<span class=\"_ _2\"></span>in financia<span class=\"_ _2\"></span>l asse<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>, was \u00a33<span class=\"_ _2\"></span>49 million (202<span class=\"_ _2\"></span>2: \u00a332<span class=\"_ _2\"></span>9 million). Manag<span class=\"_ _2\"></span>ement h<span class=\"_ _2\"></span>as con<span class=\"_ _2\"></span>cluded t<span class=\"_ _2\"></span>hat the Gro<span class=\"_ _2\"></span>up did not </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa08\">control U<span class=\"_ _2\"></span>K<span class=\"_ _7\"></span>C<span class=\"_ _2\"></span>PR in eithe<span class=\"_ _2\"></span>r the curre<span class=\"_ _2\"></span>nt or compa<span class=\"_ _2\"></span>rative peri<span class=\"_ _2\"></span>ods. T<span class=\"_ _2\"></span>he Group do<span class=\"_ _2\"></span>es not hol<span class=\"_ _2\"></span>d a unilateral p<span class=\"_ _2\"></span>ower of veto in gene<span class=\"_ _2\"></span>ral me<span class=\"_ _2\"></span>etings an<span class=\"_ _2\"></span>d voting </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa09\">is subj<span class=\"_ _2\"></span>ect to c<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>tain res<span class=\"_ _2\"></span>triction<span class=\"_ _2\"></span>s in acco<span class=\"_ _2\"></span>rdance wi<span class=\"_ _2\"></span>th the terms of an ex<span class=\"_ _2\"></span>isting re<span class=\"_ _2\"></span>lationsh<span class=\"_ _2\"></span>ip agree<span class=\"_ _2\"></span>ment it ha<span class=\"_ _2\"></span>s with UKCPR<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa0a\">Summ<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>y conso<span class=\"_ _2\"></span>lidated fina<span class=\"_ _2\"></span>ncial inform<span class=\"_ _2\"></span>ation (at 10<span class=\"_ _2\"></span>0%) for UKCPR group is sh<span class=\"_ _2\"></span>own below<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff7 fsf fc1 sc0 ls70 ws67 gsa0b\">2023<span class=\"_ _129\"> </span><span class=\"ff3 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa0c\">Non-<span class=\"_ _2\"></span>current as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s<span class=\"_ _31f\"> </span><span class=\"ff7 ls1b2 ws1af\">1<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>224<span class=\"_ _54\"> </span></span><span class=\"lscc wsba\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>276<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa0d\">Current a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s<span class=\"_ _306\"> </span><span class=\"ff7 ls8c ws6b\">64<span class=\"_ _c8\"> </span></span><span class=\"ls1af ws1ab\">83<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa0e\">Non-<span class=\"_ _2\"></span>current liab<span class=\"_ _2\"></span>ilities<span class=\"_ _159\"> </span><span class=\"ff7 ls173 ws1a8\">(236<span class=\"_ _2\"></span>)<span class=\"_ _3f\"> </span></span><span class=\"ls1d9 ws1d9\">(291<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa0f\">Current li<span class=\"_ _2\"></span>abilities<span class=\"_ _239\"> </span><span class=\"ff7 ls16f ws1ad\">(28)<span class=\"_ _129\"> </span><span class=\"ff3\">(<span class=\"_ _2\"></span>32)<span class=\"_ _3bc\"> </span></span></span></div><div class=\"t m0 hd ff7 fs7 fc1 sc0 ls1b2 ws1af gsa10\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>24<span class=\"_ _52\"> </span><span class=\"ff3 ls67 ws1a5\">1,<span class=\"_ _2\"></span>036<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls77 ws6c gsa11\">Revenue<span class=\"_ _34f\"> </span><span class=\"ff7 ls32 ws149\">68<span class=\"_ _3b\"> </span></span><span class=\"ls1b4 ws1b3\">71<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa12\">Profit<span class=\"_ _2\"></span>/<span class=\"_ _7\"></span>(l<span class=\"_ _2\"></span>oss) for the yea<span class=\"_ _2\"></span>r after t<span class=\"_ _2\"></span>ax<span class=\"_ _25b\"> </span><span class=\"ff7 ls1ad ws1a6\">32<span class=\"_ _2d\"> </span><span class=\"ff3\">(222)<span class=\"_ _3bc\"> </span></span></span></div>H6<span class=\"_ _2\"></span>. Gr<span class=\"_ _2\"></span>oup ent<span class=\"_ _2\"></span>ities<span class=\"_ _3bc\"> </span>The t<span class=\"_ _2\"></span>able bel<span class=\"_ _2\"></span>ow sets o<span class=\"_ _2\"></span>ut the Group\u2019s subsidi<span class=\"_ _2\"></span>aries (incl<span class=\"_ _2\"></span>uding con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes), as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ates and sig<span class=\"_ _2\"></span>nificant h<span class=\"_ _2\"></span>oldings in under<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>kings (inc<span class=\"_ _2\"></span>luding und<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>akings in w<span class=\"_ _2\"></span>hich the ho<span class=\"_ _2\"></span>lding amo<span class=\"_ _2\"></span>unts to 20% or m<span class=\"_ _2\"></span>ore of the nomin<span class=\"_ _2\"></span>al value of the s<span class=\"_ _2\"></span>hares or uni<span class=\"_ _2\"></span>ts and th<span class=\"_ _2\"></span>ey are not clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s a subsidia<span class=\"_ _2\"></span>ry or a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciate).<span class=\"_ _3bc\"> </span><table class=\"s wa6d h329\" id=\"_aacbb715-a793-4a37-aa0c-e43436ab3919\"><tr><td></td><td></td><td class=\"t m0 x1d04 h16 y5d7b ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf4b h16 y5d7c ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 x1d05 h16 y5d7c ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d06 h16 y5d7c ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x1d07 h16 y5d7c ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8d0 h16 y5d7d ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1570 h16 y5d7d ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e8 h16 y5d7d ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 h16 y5d7d ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y5d7e ff7 fs7 fc1 sc0 ls18 ws16\">Subsi<span class=\"_ _2\"></span>diaries:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d7f wa6e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life Limited (life as<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d08 y5d7f wa6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d7f wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d7f wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d80 wa72 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life Ass<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e Limited (life as<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0b y5d80 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d80 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d80 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5883 wa73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life Ass<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e Europe DA<span class=\"_ _7\"></span>C (<span class=\"_ _2\"></span>life assur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0c y5883 wa74 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5883 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5883 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d81 ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e Limited (life as<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>ny \u2013 directly </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59b7 wa75 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">owne<span class=\"_ _2\"></span>d by the Com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0d y59b7 wa76 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _5\"></span>dinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y59b7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y59b7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d82 ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life In<span class=\"_ _5\"></span>ternational Designated Activit<span class=\"_ _2\"></span>y Company <span class=\"ls0 ws0\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d83 wa77 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">(life as<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e company \u2013 dire<span class=\"_ _2\"></span>ctly own<span class=\"_ _2\"></span>ed by the C<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0e y5d83 wa74 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d83 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d83 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59d1 wa78 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life Pension Fund<span class=\"_ _2\"></span>s Limited (life as<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0f y59d1 w86f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d10 y59d1 wa79 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Limited by G<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d11 y59d1 wa7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d84 ff3 fs7 fc1 sc0 ls0 ws0\">Sun Life As<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce Com<span class=\"_ _2\"></span>pany of Cana<span class=\"_ _2\"></span>da (U.<span class=\"_ _2\"></span>K.) Limited  </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ee wa7b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">(life as<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d12 y55ee wa7c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Hamp<span class=\"_ _2\"></span>shire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y571a wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y571a wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wa7d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Life Limited (life a<span class=\"_ _2\"></span>ssura<span class=\"_ _2\"></span>nce com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d13 y55ef wa7e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y55ef wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y55ef wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>43<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>e<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of incorporated entities<span class=\"_ _3bc\"> </span><table class=\"s wa7f h32a\" id=\"_ff9abfd1-ea34-49a2-9208-9d119a3bf09e\"><tr><td></td><td></td><td></td><td class=\"t m0 x178d h16 y5d85 ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc56 h16 y5d86 ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d14 h16 y5d86 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x9f5 h16 y5d86 ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x75f h16 y5d87 ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1a20 h16 y5d87 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xabd h16 y5d87 ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5d88 wa80 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Limited (<span class=\"_ _2\"></span>life assur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d15 y5d88 wa81 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d88 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d88 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d89 wa82 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Re Limited (<span class=\"_ _2\"></span>life assur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d18 y5d89 wa83 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Bermuda<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d89 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d89 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d8a ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (manag<span class=\"_ _2\"></span>ement  </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d8b wa84 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls13 ws11\">services comp<span class=\"_ _5\"></span>any<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d19 y5d8b wa85 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d8b wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d8b wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d8c wa86 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Gro<span class=\"_ _2\"></span>up Ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s Limited (mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt ser<span class=\"_ _2\"></span>vices c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1a y5d8c wa87 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d8c wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d8c wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d8d ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life As<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d Employee S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d  </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d8e wa88 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">(ma<span class=\"_ _5\"></span>nagement services co<span class=\"_ _5\"></span>mpany<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1b y5d8e wa89 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d8f wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d8f wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d90 wa8a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Com<span class=\"_ _2\"></span>panies S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (manag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1c y5d90 wa81 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d91 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d91 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d92 wa8b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PGM<span class=\"_ _2\"></span>S (Irela<span class=\"_ _2\"></span>nd) Limited (ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1d y5d92 wa74 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d93 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d93 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d94 wa8c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure UK S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (manag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1e y5d94 wa8d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d95 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d95 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d96 ff3 fs7 fc1 sc0 ls12 ws10\">Phoenix Management<span class=\"_ _7\"></span> S<span class=\"_ _2\"></span>ervices (Bermuda<span class=\"_ _7\"></span>) Limit<span class=\"_ _5\"></span>ed (ma<span class=\"_ _5\"></span>nagement services </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d97 wa8e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1f y5d97 wa8f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Bermuda<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d97 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d97 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d98 wa90 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SLFC S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices C<span class=\"_ _2\"></span>ompany (U<span class=\"_ _2\"></span>K) Limite<span class=\"_ _2\"></span>d (manag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d20 y5d98 wa91 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Hamp<span class=\"_ _2\"></span>shire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d98 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d98 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d99 w46d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">P<span class=\"_ _7\"></span>A (G<span class=\"_ _2\"></span>I) Limited (no<span class=\"_ _2\"></span>n-trading c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d21 y5d99 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d99 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d99 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d9a wa93 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">103<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d22 y5d9a wa94 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Wardo<span class=\"_ _2\"></span>ur Street Re<span class=\"_ _2\"></span>tail Inves<span class=\"_ _2\"></span>tment Co<span class=\"_ _2\"></span>mpany Limited (inves<span class=\"_ _2\"></span>tment<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d9b wa8e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d23 y5d9b wa81 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d9c wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d9c wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d9d wa95 h281\" colspan=\"2\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">28 Ribe<span class=\"_ _2\"></span>ria de Loira S<span class=\"_ _2\"></span>L (prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d24 y5d9d w48a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">M<span class=\"_ _2\"></span>adrid<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d9d wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d9d wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d9e ff3 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">3 St Andrew S<span class=\"_ _2\"></span>quare Ap<span class=\"_ _2\"></span>artm<span class=\"_ _2\"></span>ents Limi<span class=\"_ _2\"></span>ted (prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d9f wa8e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d25 y5d9f wa96 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da0 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da0 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da1 w2f0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d26 y5da1 wa97 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Avenida de Ara<span class=\"_ _2\"></span>gon S<span class=\"_ _2\"></span>L (proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d27 y5da1 w48a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>drid<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da2 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da2 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da3 wa98 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Abbe<span class=\"_ _2\"></span>y Life Assura<span class=\"_ _2\"></span>nce Co<span class=\"_ _2\"></span>mpany Limited (no<span class=\"_ _2\"></span>n-trading c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d28 y5da3 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da4 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da4 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da5 wa99 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Abbe<span class=\"_ _2\"></span>y Life T<span class=\"_ _6\"></span>ru<span class=\"_ _2\"></span>st Se<span class=\"_ _2\"></span>curities Lim<span class=\"_ _2\"></span>ited (pe<span class=\"_ _2\"></span>nsion tru<span class=\"_ _2\"></span>stee c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d29 y5da5 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da5 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da5 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da6 wa9b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Abbe<span class=\"_ _2\"></span>y Life T<span class=\"_ _6\"></span>ru<span class=\"_ _2\"></span>stee S<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices Limite<span class=\"_ _2\"></span>d (dormant com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d2a y5da6 w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da6 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da6 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da7 wa9c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Abrdn Private Eq<span class=\"_ _2\"></span>uity O<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>tunitie<span class=\"_ _2\"></span>s T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust plc (inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d2b y5da7 wa9d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d2c y5da7 wa9e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">56<span class=\"_ _2\"></span>.01%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da8 wa9f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Alba LAS Pensions Managem<span class=\"_ _2\"></span>ent Li<span class=\"_ _5\"></span>mited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d2d y5da8 waa0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edin<span class=\"_ _2\"></span>burgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da8 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da9 waa1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Alba Life T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>stees Lim<span class=\"_ _2\"></span>ited (non-tra<span class=\"_ _2\"></span>ding comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d2e y5da9 w86f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 xa07 hd y5daa ff3 fs7 fc1 sc0 ls0 ws0\">Limited Lia<span class=\"_ _2\"></span>bility </td><td></td></tr><tr><td class=\"c n x1ea y5dab waa2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">A<span class=\"_ _2\"></span>xial Fundam<span class=\"_ _2\"></span>ental Str<span class=\"_ _2\"></span>ategie<span class=\"_ _2\"></span>s (US Invest<span class=\"_ _2\"></span>ments) LLC (inv<span class=\"_ _5\"></span>es<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d2f y5dab waa3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">De<span class=\"_ _2\"></span>laware<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x70b y5dab waa4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Company<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d30 y5dab waa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dac waa6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">BA (FURBS) Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d31 y5dac wa85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dad wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dad wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dae waa7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Barnwo<span class=\"_ _2\"></span>od Prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s Limited (pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d32 y5dae waa8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">H<span class=\"_ _2\"></span>ampshire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dae wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dae wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5daf waa9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">BL T<span class=\"_ _7\"></span>elford Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d33 y5daf wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5daf wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5daf wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db0 waaa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Brit<span class=\"_ _2\"></span>annic Fina<span class=\"_ _2\"></span>nce Limite<span class=\"_ _2\"></span>d (<span class=\"_ _5\"></span>finan<span class=\"_ _2\"></span>ce and ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vices c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d34 y5db0 wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db0 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db0 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db1 waab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Brit<span class=\"_ _2\"></span>annic Group S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limi<span class=\"_ _2\"></span>ted (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d35 y5db1 w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db1 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5db2 ff3 fs7 fc1 sc0 ls0 ws0\">Brit<span class=\"_ _2\"></span>annic Mon<span class=\"_ _2\"></span>ey Investm<span class=\"_ _2\"></span>ent Ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s Limited (inves<span class=\"_ _2\"></span>tment ad<span class=\"_ _2\"></span>vice </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5db3 wa8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d36 y5db3 wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db3 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db3 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db4 waac h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ce<span class=\"_ _2\"></span>ntury T<span class=\"_ _5\"></span>rus<span class=\"_ _2\"></span>tee Se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es Limited (dorm<span class=\"_ _2\"></span>ant comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d37 y5db4 wa92 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db4 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db4 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5db5 ff3 fs7 fc1 sc0 ls0 ws0\">CGE M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement C<span class=\"_ _2\"></span>ompany Limite<span class=\"_ _2\"></span>d (f<span class=\"_ _5\"></span>orme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s Clyde Gateway </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5db6 waad h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Manag<span class=\"_ _2\"></span>ement Company Limit<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>d)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d38 y5db6 wa96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db6 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db6 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db7 waae h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">CH M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement Limite<span class=\"_ _2\"></span>d (investme<span class=\"_ _2\"></span>nt compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d39 y5db7 waaf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Delaware<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db8 wab0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">City<span class=\"_ _2\"></span>fourinc (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d3a y5db8 wa92 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d3b y5db8 wab1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Unlimite<span class=\"_ _2\"></span>d with Sh<span class=\"_ _2\"></span>ares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d3c y5db8 waa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5db9 ff3 fs7 fc1 sc0 ls0 ws0\">ERI<span class=\"_ _2\"></span>P Gene<span class=\"_ _2\"></span>ral Par<span class=\"_ _2\"></span>tner Limite<span class=\"_ _2\"></span>d (Gener<span class=\"_ _2\"></span>al Par<span class=\"_ _2\"></span>tner to ERI<span class=\"_ _2\"></span>P Limited </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5dba wab2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Partn<span class=\"_ _2\"></span>ership)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d3d y5dba wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dbb wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d3e y5dbb wab3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">8<span class=\"_ _2\"></span>0.00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dbc wab4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ERI<span class=\"_ _2\"></span>P Limited Par<span class=\"_ _2\"></span>tner<span class=\"_ _2\"></span>ship (Limite<span class=\"_ _2\"></span>d Partn<span class=\"_ _2\"></span>ership)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d3f y5dbc wa8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dbc wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dbc wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dbd wab5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">G As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e &amp; Pensions S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (non-tradin<span class=\"_ _2\"></span>g compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d40 y5dbd wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dbd wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dbd wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dbe wab6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">G Financial Ser<span class=\"_ _2\"></span>vices Limited (<span class=\"_ _7\"></span>dorm<span class=\"_ _2\"></span>ant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d41 y5dbe wa8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dbf wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dbf wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc0 wab7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">G Life H Limited (h<span class=\"_ _2\"></span>olding co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d42 y5dc0 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc1 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc2 wab8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">G Park Ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment Co<span class=\"_ _2\"></span>mpany Limited (p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y manag<span class=\"_ _2\"></span>ement c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d43 y5dc2 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc3 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc3 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc4 waba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">G T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>tees Limite<span class=\"_ _2\"></span>d (truste<span class=\"_ _2\"></span>e company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d44 y5dc4 wa8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc5 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc5 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc6 wabb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Gallions Reach Shopping Park (Nominee) Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d45 y5dc6 wabc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc6 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc6 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc7 wabd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gres<span class=\"_ _2\"></span>ham Life Ass<span class=\"_ _2\"></span>urance S<span class=\"_ _2\"></span>ocie<span class=\"_ _2\"></span>ty Limite<span class=\"_ _2\"></span>d (dormant co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d46 y5dc7 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc8 wabe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ice<span class=\"_ _2\"></span>ni Nomin<span class=\"_ _2\"></span>ees (N<span class=\"_ _2\"></span>o. 2) Limited (dorm<span class=\"_ _2\"></span>ant compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d47 y5dc8 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc8 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc9 wabf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">IH (Jersey) L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d48 y5dc9 wac0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Jersey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dca wac1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>la Holdin<span class=\"_ _2\"></span>gs Limited (h<span class=\"_ _2\"></span>olding co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d49 y5dca w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dca wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dca wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcb wac2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Impala Loan Company 1 Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1d4b y5dcb wac3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh</div><div class=\"t m0 x1d4a h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dcb wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dcb wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcc wac4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Inhoco 31<span class=\"_ _2\"></span>0<span class=\"_ _7\"></span>7 Limited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1d4d y5dcc wac5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London</div><div class=\"t m0 x1d4c h13 y5b20 ff3 fsc fc1 sc0 ls1ef ws1f4\">44<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dcc wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dcc wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59f1 wac6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Laur<span class=\"_ _2\"></span>trust Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x177d y59f1 waa8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ham<span class=\"_ _2\"></span>pshire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y59f1 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y59f1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 wac7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London Lif<span class=\"_ _5\"></span>e Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d4e y56f9 wac8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y56f9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y56f9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee wac9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London Lif<span class=\"_ _5\"></span>e T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ustees Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d4f y55ee wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y55ee wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y55ee wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef waca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Namulas Pension T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>tees Limit<span class=\"_ _5\"></span>ed (trustee company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d28 y55ef wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y55ef wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y55ef wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr></table>4<span class=\"_ _3bc\"> </span>41<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>5<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>41<span class=\"_ _3bc\"> </span>43<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>42<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>17<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>43<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>8<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>43<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span><table class=\"s wacb h32b\" id=\"_e6ff4b69-6dee-421c-b0e7-e890b3753ec1\"><tr><td></td><td></td><td class=\"t m0 x1d04 h16 y5dcd ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf4b h16 y5dce ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 x1d05 h16 y5dce ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d06 h16 y5dce ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x1d07 h16 y5dce ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8d0 h16 y5dcf ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1570 h16 y5dcf ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e8 h16 y5dcf ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 h16 y5dcf ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x18ee hd y5dd0 ff3 fs7 fc1 sc0 ls0 ws0\">Unlimite<span class=\"_ _2\"></span>d withou<span class=\"_ _2\"></span>t </td><td></td></tr><tr><td class=\"c n x1ea y5dd1 wacc h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">National Provident Institution (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d50 y5dd1 wa9a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d51 y5dd2 wacd h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Shares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d52 y5dd2 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd3 wace h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">National Provident L<span class=\"_ _5\"></span>ife L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d53 y5dd3 w6f8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd4 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd4 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd5 wacf h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">NM Life T<span class=\"_ _6\"></span>rustee<span class=\"_ _2\"></span>s Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d54 y5dd5 wa8d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd6 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd6 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd7 wad0 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">NM Pensions Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d55 y5dd7 wa81 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd8 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd8 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d8e wad1 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">NP Life Ho<span class=\"_ _2\"></span>ldings Limite<span class=\"_ _2\"></span>d (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d56 y5d8e w6f8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d8f wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d8f wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d90 wad2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">NPI (Printworks) L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d57 y5d90 w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d91 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d91 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d92 wad3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">NPI (<span class=\"_ _2\"></span>Westg<span class=\"_ _2\"></span>ate) Limited (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d58 y5d92 w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d92 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d92 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d94 wad4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PC M<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>ment Limite<span class=\"_ _2\"></span>d (prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1684 y5d94 wa74 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d94 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d59 y5d94 wad5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">69.00<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd9 wad6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Pearl (Cov<span class=\"_ _5\"></span>ent Garden) Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d5a y5dd9 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyt<span class=\"_ _2\"></span>hall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd9 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd9 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dda wad7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl (M<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>ineau Ph<span class=\"_ _2\"></span>ase 1) Limite<span class=\"_ _2\"></span>d (dormant com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d5c y5dda wad8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall</div><div class=\"t m0 x1d5b h13 y5848 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dda wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dda wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ddb wad9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl (M<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>ineau Ph<span class=\"_ _2\"></span>ase 2) Limited (dor<span class=\"_ _2\"></span>mant comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d5d y5ddb w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5ddb wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5ddb wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ddc wada h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Pearl (Moor House) Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d5e y5ddc w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5ddc wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5ddc wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x749 hd y5ddd ff3 fs7 fc1 sc0 ls0 ws0\">Limited Lia<span class=\"_ _2\"></span>bility </td><td></td></tr><tr><td class=\"c n x1ea y5d9a wadb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl (<span class=\"_ _2\"></span>WP) Inves<span class=\"_ _2\"></span>tments LLC (investme<span class=\"_ _2\"></span>nt compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d5f y5d9a wadc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Delaware<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x6fe y5d9a waa4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Company<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d60 y5d9a waa5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dde wadd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Pearl AL L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d61 y5dde wade h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5ddf wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5ddf wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de0 wadf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl As<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce Group H<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s Limited (invest<span class=\"_ _2\"></span>ment com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d62 y5de0 w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de0 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de0 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de1 wae0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Pearl Customer Care Limit<span class=\"_ _5\"></span>ed (financial servic<span class=\"_ _2\"></span>es company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d56 y5de1 w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de1 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de1 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de2 wae1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Gro<span class=\"_ _2\"></span>up Holding<span class=\"_ _2\"></span>s (No. 1) Lim<span class=\"_ _2\"></span>ited (financ<span class=\"_ _2\"></span>e company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d64 y5de2 wae2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London</div><div class=\"t m0 x1d63 h13 y59db ff3 fsc fc1 sc0 ls1f0 ws1f5\">10<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de2 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de2 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de3 wae3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Gro<span class=\"_ _2\"></span>up Holding<span class=\"_ _2\"></span>s (No. 2) Limite<span class=\"_ _2\"></span>d (holdin<span class=\"_ _2\"></span>g compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d66 y5de3 wae4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d65 h13 y59db ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de3 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de3 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de4 wae5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Gro<span class=\"_ _2\"></span>up Sec<span class=\"_ _2\"></span>retariat S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d67 y5de4 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de5 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de5 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de6 wae6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Life Hol<span class=\"_ _2\"></span>dings Limite<span class=\"_ _2\"></span>d (holdin<span class=\"_ _2\"></span>g company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d68 y5de6 wa6f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de7 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de7 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de8 wae7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Pearl MP Birmingham Limi<span class=\"_ _5\"></span>ted (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d69 y5de8 wa85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dea wae8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Pearl RL<span class=\"_ _7\"></span>G Limited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6a y5dea w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5deb wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5deb wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dec wae9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Pearl T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>tees Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6b y5dec wa6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5ded wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5ded wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5dee ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life CA Holdin<span class=\"_ _2\"></span>gs Limited (forme<span class=\"_ _2\"></span>rly known as P<span class=\"_ _2\"></span>G Dorm<span class=\"_ _2\"></span>ant (No 4) </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5def waea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Limited) (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6c y5def wa6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5def wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5def wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5df0 waeb h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group CA S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (f<span class=\"_ _5\"></span>orme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s PG Dorm<span class=\"_ _2\"></span>ant (No<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">5) Limited) (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d6e y5df0 waec h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d6d h13 y5d30 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5df0 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5df0 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5df1 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life CA Limited (former<span class=\"_ _2\"></span>ly known as P<span class=\"_ _2\"></span>G Dorma<span class=\"_ _2\"></span>nt (No 6) Limite<span class=\"_ _2\"></span>d) </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5df2 waed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">(dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6a y5df2 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5daf wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5daf wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df3 waee h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PGM<span class=\"_ _2\"></span>S (Glas<span class=\"_ _2\"></span>gow) Limited (inves<span class=\"_ _2\"></span>tment com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6f y5df3 waef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edin<span class=\"_ _2\"></span>burgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5db0 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5db0 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df4 waf0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PGM<span class=\"_ _2\"></span>S (Irela<span class=\"_ _2\"></span>nd) Hol<span class=\"_ _2\"></span>dings Unlim<span class=\"_ _2\"></span>ited Com<span class=\"_ _2\"></span>pany (holdin<span class=\"_ _2\"></span>g compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d70 y5df4 wa74 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d71 y5db1 wab1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Unlimite<span class=\"_ _2\"></span>d with Sh<span class=\"_ _2\"></span>ares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d72 y5db1 waa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df5 waf1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PGS 2 Limite<span class=\"_ _2\"></span>d (investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d66 y5df5 wae4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d65 h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5df6 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5df6 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df7 waf2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix &amp; London Assurance Limited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d73 y5df7 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5df7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5df7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df8 waf3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Bar<span class=\"_ _2\"></span>well 2<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d75 y5df8 waf4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll</div><div class=\"t m0 x1d74 h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5df8 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5df8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df9 waf5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Chiswick House) Limited (<span class=\"_ _7\"></span>dorm<span class=\"_ _2\"></span>ant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d76 y5df9 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5df9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5df9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfa waf6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Moor H<span class=\"_ _2\"></span>ouse 1) Limi<span class=\"_ _5\"></span>ted (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d78 y5dfa waf7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d77 h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dfa wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dfa wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfb waf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Moor H<span class=\"_ _2\"></span>ouse 2) L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d19 y5dfb w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dfb wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dfb wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfc waf9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Printworks) Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d79 y5dfc wa6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dfc wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dfc wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfd wafa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Stockley Park) Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d7a y5dfd wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dfd wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dfd wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfe wafb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix Advisers Limited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d68 y5dfe wa6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dfe wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dfe wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dff wafc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix AW<span class=\"_ _5\"></span> Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d49 y5dff w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dff wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dff wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e00 wafd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Cus<span class=\"_ _2\"></span>tomer Ca<span class=\"_ _2\"></span>re Limited (financ<span class=\"_ _2\"></span>ial ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d7b y5e00 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e00 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e00 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e01 wafe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix ER1 Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d7d y5e01 waff h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d7c h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e01 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e01 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e02 wb00 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix ER2 Limite<span class=\"_ _2\"></span>d (finance c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d7f y5e02 wb01 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d7e h13 y5d30 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e02 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e02 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e03 wb02 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix ER3 Limited (<span class=\"_ _7\"></span>dorm<span class=\"_ _2\"></span>ant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d81 y5e03 wb03 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d80 h13 y5d30 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e03 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e03 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e04 wb04 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix ER4 Limited (financ<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d82 y5e04 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e04 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e04 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d7f wb00 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix ER5 Limite<span class=\"_ _2\"></span>d (finance c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d7f y5d7f wb01 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll</div><div class=\"t m0 x1d7e h13 y5d30 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d7f wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d7f wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d80 wb00 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix ER6 Limi<span class=\"_ _2\"></span>ted (finance c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d7f y5d80 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d80 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d80 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5883 wb05 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group C<span class=\"_ _2\"></span>apital Limite<span class=\"_ _2\"></span>d (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d53 y5883 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5883 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5883 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e05 wb06 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group Emp<span class=\"_ _2\"></span>loyee Ben<span class=\"_ _2\"></span>efit T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d83 y5e05 wb07 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Jersey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d84 y5e05 wb08 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Tr<span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>t<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d85 y5e05 waa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e06 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group H<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s (Berm<span class=\"_ _2\"></span>uda) Limited (h<span class=\"_ _2\"></span>olding com<span class=\"_ _2\"></span>pany \u2013 direc<span class=\"_ _2\"></span>tly </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e07 wa75 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">owne<span class=\"_ _2\"></span>d by the Com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d86 y5e07 wa83 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Bermuda<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e07 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e07 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x1d87 hd y5e08 ff3 fs7 fc1 sc0 ls17 ws15\">Cayman<span class=\"_ _7\"></span> </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5e09 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group H<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s (<span class=\"_ _5\"></span>non-tr<span class=\"_ _2\"></span>ading co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></td><td class=\"c x1d89 y588c wb09 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Islands</div><div class=\"t m0 x1d88 h13 y5b20 ff3 fsc fc1 sc0 ls1f0 ws1f5\">10<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1743 y588c wb0a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Private Company<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8a y588c wb0b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e0a wb0c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement Limite<span class=\"_ _2\"></span>d (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6a y5e0a w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e0a wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e0a wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e0b ff3 fs7 fc1 sc0 ls0 ws0\">PGH CA Lim<span class=\"_ _2\"></span>ited (formerly kn<span class=\"_ _2\"></span>own as Pearl Gro<span class=\"_ _2\"></span>up Mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt Ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ef waea h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Limited) (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8b y55ef wab9 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y55ef wa70 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y55ef wa71 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>15<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>5<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>16<span class=\"_ _3bc\"> </span>41<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>9<span class=\"_ _3bc\"> </span><table class=\"s wb0d h32c\" id=\"_362d9a77-1c04-474f-a6fb-d9558ce2d5eb\"><tr><td></td><td></td><td class=\"t m0 x178d h16 y5e0c ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1000 h16 y5e0d ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 xc56 h16 y5e0d ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d14 h16 y5e0d ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x9f5 h16 y5e0d ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xd90 h16 y5e0e ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x75f h16 y5e0e ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1a20 h16 y5e0e ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xabd h16 y5e0e ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5e0f wb0e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Hold<span class=\"_ _2\"></span>ings (B<span class=\"_ _2\"></span>ermuda) Limite<span class=\"_ _2\"></span>d (holdin<span class=\"_ _2\"></span>g company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8c y5e0f wb0f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Bermuda<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e0f wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e0f wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5e10 wb10 h28f\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life Holdin<span class=\"_ _2\"></span>gs Limited (<span class=\"_ _2\"></span>holding c<span class=\"_ _2\"></span>ompany \u2013 direc<span class=\"_ _2\"></span>tly owne<span class=\"_ _2\"></span>d by the<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8d y5e10 w795 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e10 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e10 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e11 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent Ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es Holdin<span class=\"_ _2\"></span>gs (Be<span class=\"_ _2\"></span>rmuda) Limite<span class=\"_ _2\"></span>d (holdin<span class=\"_ _2\"></span>g </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e12 wa8e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8e y5e12 wb0f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Bermuda<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e12 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e12 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e13 wb11 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix Pension Scheme (<span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>rustees) Limited (dor<span class=\"_ _5\"></span>mant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8f y5e13 w795 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e13 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e13 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e14 wb12 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix Pensions T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ustee Ser<span class=\"_ _2\"></span>vices Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d90 y5e14 wa92 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e14 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e14 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e15 wb13 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix SCP Limited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d91 y5e15 wa9a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e16 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e16 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e17 wb14 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SC<span class=\"_ _2\"></span>P Pensions T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ustee<span class=\"_ _2\"></span>s Limited (trus<span class=\"_ _2\"></span>tee com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6a y5e17 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e18 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e18 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e19 wb15 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SC<span class=\"_ _2\"></span>P T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ustee<span class=\"_ _2\"></span>s Limited (trus<span class=\"_ _2\"></span>tee com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d92 y5e19 w86f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e1a wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e1a wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1b wb16 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SL D<span class=\"_ _2\"></span>irect Limi<span class=\"_ _2\"></span>ted (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d93 y5e1b wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e1c wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e1c wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1d wb17 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SPV1 Limi<span class=\"_ _2\"></span>ted (investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d70 y5e1d wb18 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall</div><div class=\"t m0 x1d94 h13 y5848 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e1e wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e1e wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1f wb19 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SPV2 Limite<span class=\"_ _2\"></span>d (investme<span class=\"_ _2\"></span>nt compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d95 y5e1f w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e1f wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e1f wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e20 wb19 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SPV3 Limite<span class=\"_ _2\"></span>d (investme<span class=\"_ _2\"></span>nt compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d96 y5e20 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e20 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e20 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e21 wb1a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SPV4 L<span class=\"_ _5\"></span>imite<span class=\"_ _2\"></span>d (investme<span class=\"_ _2\"></span>nt company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d97 y5e21 w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e21 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e21 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e22 wb1b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix UL<span class=\"_ _2\"></span>A Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d98 y5e22 w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e22 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e22 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e23 wb1c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Unit T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust Ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>rs Limited (unit tr<span class=\"_ _2\"></span>ust man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>r<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d90 y5e23 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e23 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e23 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e24 wb1d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Wealth Ho<span class=\"_ _2\"></span>ldings Limi<span class=\"_ _2\"></span>ted (holdin<span class=\"_ _2\"></span>g compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d3a y5e24 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e24 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e24 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e25 wb1e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Wealth S<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices Limite<span class=\"_ _2\"></span>d (financial s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d99 y5e25 w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e25 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e25 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d9f wb1f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Wealth T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>stee S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (truste<span class=\"_ _2\"></span>e company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9a y5d9f wa85 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d9f wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d9f wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da1 wb20 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pilang<span class=\"_ _2\"></span>en Logis<span class=\"_ _2\"></span>tik AB (invest<span class=\"_ _2\"></span>ment com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9b y5da1 wb21 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12c ws170\">Sto<span class=\"_ _2\"></span>ckholm<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da1 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da1 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da3 wb22 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pilang<span class=\"_ _2\"></span>en Logis<span class=\"_ _2\"></span>tik I AB (invest<span class=\"_ _2\"></span>ment com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9c y5da3 wb21 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12c ws170\">Stoc<span class=\"_ _2\"></span>kholm<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da3 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da3 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da5 wb23 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure FS Limited (dor<span class=\"_ _2\"></span>mant comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9d y5da5 wa81 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da5 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da5 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da6 wb24 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure FSH U<span class=\"_ _2\"></span>K Limited (h<span class=\"_ _2\"></span>olding co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9e y5da6 wa81 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da6 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da6 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da7 wb25 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Group p<span class=\"_ _2\"></span>lc (holdin<span class=\"_ _2\"></span>g company \u2013 dire<span class=\"_ _2\"></span>ctly own<span class=\"_ _2\"></span>ed by the C<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d82 y5da7 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da8 wb26 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Life Pension T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ustee<span class=\"_ _2\"></span>s Limited (dorm<span class=\"_ _2\"></span>ant compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d96 y5da8 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da8 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da9 wb27 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure LL Limited (dor<span class=\"_ _2\"></span>mant comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9f y5da9 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e26 wb28 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Midc<span class=\"_ _2\"></span>o Limited (h<span class=\"_ _2\"></span>olding com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da0 y5e26 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e26 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e26 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e27 wb29 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Nom<span class=\"_ _2\"></span>inees Limi<span class=\"_ _2\"></span>ted (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da1 y5e27 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e27 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e27 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e28 wb2a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">ReAssure Pension T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>tees Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9e y5e28 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5df0 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5df0 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e29 wb2b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure PM Limite<span class=\"_ _2\"></span>d (dormant com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da2 y5e29 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e2a wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e2a wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e2b wb2c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>tees Limi<span class=\"_ _2\"></span>ted (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da3 y5e2b wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e2c wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e2c wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e2d wb2d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure T<span class=\"_ _7\"></span>wo Limite<span class=\"_ _2\"></span>d (dormant com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da4 y5e2d wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e2e wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e2e wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e2f wb2e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure UK Life As<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce Com<span class=\"_ _2\"></span>pany Limited (dorm<span class=\"_ _2\"></span>ant comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da4 y5e2f wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e2f wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e2f wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e30 wb2f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Scot<span class=\"_ _2\"></span>tish Mutual Assuranc<span class=\"_ _2\"></span>e L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da5 y5e30 wa96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e30 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e30 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e31 wb30 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Scot<span class=\"_ _2\"></span>tish Mutual Nominees Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da5 y5e31 wa96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e31 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e31 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e32 wb31 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Sc<span class=\"_ _2\"></span>ottis<span class=\"_ _2\"></span>h Mutual Pen<span class=\"_ _2\"></span>sion Funds Inves<span class=\"_ _2\"></span>tment Limi<span class=\"_ _2\"></span>ted (truste<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da6 y5e32 wa9d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e32 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e32 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e33 wb32 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL (<span class=\"_ _2\"></span>NEWC<span class=\"_ _2\"></span>O) Limited (dorma<span class=\"_ _2\"></span>nt company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da7 y5e33 wade h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e33 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e33 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e34 ff3 fs7 fc1 sc0 ls0 ws0\">SL Live<span class=\"_ _2\"></span>rpool limi<span class=\"_ _2\"></span>ted (formerly kn<span class=\"_ _2\"></span>own as SL Live<span class=\"_ _2\"></span>rpool PLC) (dormant </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5dfb wa8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d36 y5dfb wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dfb wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dfb wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfc wb33 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Bel<span class=\"_ _2\"></span>gium No.1 SA (investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1da9 y5dfc wb34 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Brus<span class=\"_ _2\"></span>sels</div><div class=\"t m0 x1da8 h13 y5b20 ff3 fsc fc1 sc0 ls1f3 ws1f8\">11<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1daa y5dfc wb35 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">Soci\u00e9t\u00e9 Anonyme<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dab y5dfc wa7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfd wb36 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Den<span class=\"_ _2\"></span>mark No.1 ApS (inve<span class=\"_ _2\"></span>stment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1dad y5dfd wb37 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Copenhag<span class=\"_ _2\"></span>en</div><div class=\"t m0 x1dac h13 y5d30 ff3 fsc fc1 sc0 ls1f4 ws1f9\">14<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dfd wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dfd wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfe wb38 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Den<span class=\"_ _2\"></span>mark No.<span class=\"_ _2\"></span>2 ApS (inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dae y5dfe wb39 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">C<span class=\"_ _2\"></span>openhagen<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dfe wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dfe wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dff wb3a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Germ<span class=\"_ _2\"></span>any No.1 S.<span class=\"_ _2\"></span>\u00e0.r.l. (investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1db0 y5dff wb3b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg</div><div class=\"t m0 x1daf h13 y5d30 ff3 fsc fc1 sc0 ls1f5 ws1fa\">20<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dff wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dff wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e00 wb3c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Germ<span class=\"_ _2\"></span>any No.<span class=\"_ _2\"></span>2 S.<span class=\"_ _2\"></span>\u00e0.r<span class=\"_ _5\"></span>.l. (inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1db1 y5e00 wb3d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e00 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e00 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e01 wb3c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Germ<span class=\"_ _2\"></span>any No.<span class=\"_ _2\"></span>3 S.<span class=\"_ _2\"></span>\u00e0.r<span class=\"_ _5\"></span>.l. (inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1db1 y5e01 wb3e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e01 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e01 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e02 wb3f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Irela<span class=\"_ _2\"></span>nd No.1 S.<span class=\"_ _2\"></span>\u00e0.r.l. (investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1db3 y5e02 wb40 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">L<span class=\"_ _2\"></span>uxemb<span class=\"_ _2\"></span>ourg</div><div class=\"t m0 x1db2 h13 y5d30 ff3 fsc fc1 sc0 ls1f5 ws1fa\">20<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e02 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e02 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e35 wb41 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Neth<span class=\"_ _2\"></span>erland<span class=\"_ _2\"></span>s No.1 B.<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>. (inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1db5 y5e35 wb42 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Ams<span class=\"_ _2\"></span>t<span class=\"_ _5\"></span>erdam</div><div class=\"t m0 x1db4 h13 y5b20 ff3 fsc fc1 sc0 ls1f6 ws1fb\">12<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e03 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e03 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e36 wb43 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">SL<span class=\"_ _2\"></span>A<span class=\"_ _7\"></span>C<span class=\"_ _2\"></span>OM (No. 10) Limited (<span class=\"_ _7\"></span>dorm<span class=\"_ _2\"></span>ant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1db7 y5e36 wb44 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh</div><div class=\"t m0 x1db6 h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e04 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e04 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e37 wb45 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>ACOM (No<span class=\"_ _2\"></span>. 8) Limited (dorm<span class=\"_ _2\"></span>ant compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1db8 y5e37 wa96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d7f wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d7f wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e38 wb46 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>ACOM (No<span class=\"_ _2\"></span>. 9) Limited (dorm<span class=\"_ _2\"></span>ant comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1db9 y5e38 wa9d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d80 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d80 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5e39 wb47 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">SLF of Ca<span class=\"_ _2\"></span>nada U<span class=\"_ _2\"></span>K Limited (ho<span class=\"_ _2\"></span>lding com<span class=\"_ _2\"></span>pany \u2013 direc<span class=\"_ _2\"></span>tly owned by th<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dba y5e39 waa8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">H<span class=\"_ _2\"></span>ampshire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e39 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e39 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e3a ff3 fs7 fc1 sc0 ls0 ws0\">SLI<span class=\"_ _2\"></span>F Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Investm<span class=\"_ _2\"></span>ent GP Limite<span class=\"_ _2\"></span>d (Gener<span class=\"_ _2\"></span>al Par<span class=\"_ _2\"></span>tner to SLI<span class=\"_ _2\"></span>F Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e3b wb48 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1381 y5e3b w86f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e3b wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e3b wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e3c wb49 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life Agency Ser<span class=\"_ _2\"></span>vices Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dbb y5e3c wa96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e3c wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e3c wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e3d ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e (HWPF<span class=\"_ _2\"></span>) Luxembo<span class=\"_ _2\"></span>urg S.<span class=\"_ _2\"></span>\u00e0.r.l. (investm<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e3e wa8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dbc y5e3e wb3e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y56f9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y56f9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e3f wb4a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life In<span class=\"_ _5\"></span>vestment Funds Limi<span class=\"_ _5\"></span>ted (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dbd y5e3f wade h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y55ee wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y55ee wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e40 wb4b h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life Lifetime Mo<span class=\"_ _2\"></span>rtg<span class=\"_ _2\"></span>ages Lim<span class=\"_ _2\"></span>ited (mor<span class=\"_ _2\"></span>tgag<span class=\"_ _2\"></span>e provider co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dbe y5e40 wa9d h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y55ef wa70 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y55ef wa71 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr></table>41<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>41<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>13<span class=\"_ _3bc\"> </span>13<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>14<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>43<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span><table class=\"s wb4c h32d\" id=\"_d2eb9115-3220-430c-b58a-75facbdc9acf\"><tr><td></td><td></td><td class=\"t m0 x1d04 h16 y5e41 ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf4b h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 x1d05 h16 y5e42 ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d06 h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x1d07 h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8d0 h16 y5e43 ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1570 h16 y5e43 ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e8 h16 y5e43 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 h16 y5e43 ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5e44 wb4d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life Master T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>t Co. Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dbf y5e44 w6f8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e44 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e44 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd1 wb4e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life Mortgag<span class=\"_ _2\"></span>es Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d53 y5dd1 w6f8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd1 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd1 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd4 wb4f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life P<span class=\"_ _5\"></span>roper<span class=\"_ _2\"></span>ty Comp<span class=\"_ _2\"></span>an<span class=\"_ _5\"></span>y Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc0 y5dd4 w86f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd4 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd4 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd6 wb50 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life T<span class=\"_ _6\"></span>rustee C<span class=\"_ _2\"></span>ompany L<span class=\"_ _5\"></span>imited (<span class=\"_ _5\"></span>trustee comp<span class=\"_ _2\"></span>any<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc1 y5dd6 waef h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edin<span class=\"_ _2\"></span>burgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd6 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd6 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd8 wb51 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Sun Life of Can<span class=\"_ _2\"></span>ada UK H<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s Limited (dorma<span class=\"_ _2\"></span>nt company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc2 y5dd8 wb52 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ham<span class=\"_ _2\"></span>pshire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd8 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd8 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d8f wb53 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Sun<span class=\"_ _2\"></span>Life Limited (financ<span class=\"_ _2\"></span>ial ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s distribu<span class=\"_ _2\"></span>tion comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d73 y5d8f wa85 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d8f wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d8f wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e45 ff3 fs7 fc1 sc0 ls0 ws0\">The H<span class=\"_ _2\"></span>eritab<span class=\"_ _2\"></span>le Sec<span class=\"_ _2\"></span>urities an<span class=\"_ _2\"></span>d Mor<span class=\"_ _2\"></span>tgag<span class=\"_ _2\"></span>e Investm<span class=\"_ _2\"></span>ent Ass<span class=\"_ _2\"></span>ociatio<span class=\"_ _2\"></span>n L<span class=\"_ _5\"></span>td </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e46 waed h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">(dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da5 y5e46 wa96 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e46 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e46 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e47 wb54 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">The London Lif<span class=\"_ _5\"></span>e Asso<span class=\"_ _2\"></span>ciation<span class=\"_ _5\"></span> Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc3 y5e47 w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyt<span class=\"_ _2\"></span>hall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d10 y5e47 wa79 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited by G<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d11 y5e47 wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e48 wb55 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">The Path<span class=\"_ _2\"></span>e Building M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement C<span class=\"_ _2\"></span>ompany Limite<span class=\"_ _2\"></span>d (dormant com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9d y5e48 wa81 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e48 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e48 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d97 wb56 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">The Ph<span class=\"_ _2\"></span>oenix Life SC<span class=\"_ _2\"></span>P Ins<span class=\"_ _2\"></span>titution (dorm<span class=\"_ _2\"></span>ant comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc4 y5d97 w86f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d10 y5d97 wa79 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited by G<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d11 y5d97 wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d98 wb57 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">The S<span class=\"_ _2\"></span>cot<span class=\"_ _2\"></span>tish Mut<span class=\"_ _2\"></span>ual As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e Soci<span class=\"_ _2\"></span>ety (dorm<span class=\"_ _2\"></span>ant comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc5 y5d98 wade h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d10 y5d98 wa79 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited by G<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d11 y5d98 wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e49 ff3 fs7 fc1 sc0 ls0 ws0\">The St<span class=\"_ _2\"></span>andard Life As<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce Com<span class=\"_ _2\"></span>pany of Europe B.<span class=\"_ _5\"></span>V<span class=\"_ _7\"></span>. (finan<span class=\"_ _2\"></span>cial holdin<span class=\"_ _2\"></span>g </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e4a wa8e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc6 y5e4a wb58 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Amsterdam<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e4a wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e4a wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e4b wb59 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">V<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>bnet (Ho<span class=\"_ _2\"></span>ldings) Limite<span class=\"_ _2\"></span>d (holdin<span class=\"_ _2\"></span>g company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d37 y5e4b wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e4b wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e4b wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d9c wb5a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">V<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>bnet Limited (s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc7 y5d9c wade h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d9c wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d9c wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d9d wb5b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Welbrent Prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y Inves<span class=\"_ _2\"></span>tment C<span class=\"_ _2\"></span>ompany Limite<span class=\"_ _2\"></span>d (dormant co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc8 y5d9d wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d9d wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d9d wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e4c wb5c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SLI<span class=\"_ _2\"></span>F Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Investm<span class=\"_ _2\"></span>ent LP<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dc9 y5e4c wa89 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e4c wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e4c wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e4d wb5e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Pearl Private E<span class=\"_ _5\"></span>quit<span class=\"_ _2\"></span>y LP<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dcb y5e4d wa89 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e4d wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e4d wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e4e wb5f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Str<span class=\"_ _2\"></span>ategic Cre<span class=\"_ _2\"></span>dit LP<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dcc y5e4e wb60 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e4f wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e4f wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e50 wb61 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Europe<span class=\"_ _2\"></span>an Strateg<span class=\"_ _2\"></span>ic Part<span class=\"_ _2\"></span>ners LP<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dcb y5e50 wa89 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e51 wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcd y5e51 wb62 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b0 ws1ac\">72.70<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e52 wb63 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">AS<span class=\"_ _2\"></span>I Phoeni<span class=\"_ _2\"></span>x Global Priv<span class=\"_ _2\"></span>ate Equity I<span class=\"_ _2\"></span>II LP<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dcb y5e52 wa89 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e53 wb5d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e53 wa7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e54 wb64 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Janus Hender<span class=\"_ _2\"></span>son Institutional Shor<span class=\"_ _2\"></span>t Duration Bond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dce y5e54 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e55 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e55 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e56 wb66 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Janus Hender<span class=\"_ _2\"></span>son Institutional Mainstream U<span class=\"_ _2\"></span>K E<span class=\"_ _5\"></span>quity T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd0 y5e56 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e57 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e57 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e58 wb67 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Janus Hender<span class=\"_ _2\"></span>son Institutional UK Equity T<span class=\"_ _7\"></span>racker T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd1 y5e58 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e58 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e58 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5def wb68 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson I<span class=\"_ _2\"></span>nstit<span class=\"_ _2\"></span>utional Hi<span class=\"_ _2\"></span>gh Alpha U<span class=\"_ _2\"></span>K Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd2 y5def wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5def wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd3 y5def wb69 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12a ws113\">84.56%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e59 ff3 fs7 fc1 sc0 ls18 ws16\">Janus Hender<span class=\"_ _2\"></span>son Global Fu<span class=\"_ _5\"></span>nds \u2013 Janus Hender<span class=\"_ _2\"></span>son Institutional Overse<span class=\"_ _2\"></span>as </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5df0 wb6a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd4 y5df0 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5df0 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd6 y5df0 wb6c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">9<span class=\"_ _2\"></span>9.20%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e5a ff3 fs7 fc1 sc0 ls0 ws0\">Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson St<span class=\"_ _2\"></span>rategic I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Funds \u2013 Janus H<span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>rson </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5daf wb6d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Instit<span class=\"_ _2\"></span>utional Nor<span class=\"_ _2\"></span>th American Index Op<span class=\"_ _2\"></span>port<span class=\"_ _2\"></span>unities F<span class=\"_ _5\"></span>und<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd7 y5daf wb6e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5daf wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd8 y5daf wb6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">82.73%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e5b ff3 fs7 fc1 sc0 ls0 ws0\">Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson St<span class=\"_ _2\"></span>rategic I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Funds \u2013 Janus H<span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>rson </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e5c wb70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ins<span class=\"_ _2\"></span>titution<span class=\"_ _2\"></span>al Asia Pac<span class=\"_ _2\"></span>ific ex Japan I<span class=\"_ _2\"></span>ndex Opp<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tunities Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd9 y5e5c wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5e5d wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dda y5e5d wb71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls101 wsa1\">9<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.27%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e5e ff3 fs7 fc1 sc0 ls0 ws0\">Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson St<span class=\"_ _2\"></span>rategic I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Funds \u2013 Janus H<span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>rson </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e5f wb72 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ins<span class=\"_ _2\"></span>titution<span class=\"_ _2\"></span>al Japan I<span class=\"_ _2\"></span>ndex Opp<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>unities Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ddb y5e5f wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5e5f wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ddc y5e5f wb73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">86<span class=\"_ _2\"></span>.79%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e60 wb74 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS A<span class=\"_ _2\"></span>sia Pacific ex Ja<span class=\"_ _2\"></span>pan Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ddd y5e60 wa85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e60 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd3 y5e60 wb75 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">99<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e61 wb76 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Em<span class=\"_ _2\"></span>erging M<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dde y5e61 wa92 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e61 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e61 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db6 wb77 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Europ<span class=\"_ _2\"></span>ean ex UK Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ddf y5db6 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5db6 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5db6 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db7 wb78 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Ja<span class=\"_ _2\"></span>pan Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de0 y5db7 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5db7 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5db7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db8 wb79 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Lothia<span class=\"_ _2\"></span>n European E<span class=\"_ _2\"></span>x UK Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de1 y5db8 w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5db8 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5db8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e62 wb7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Lothia<span class=\"_ _2\"></span>n Nor<span class=\"_ _2\"></span>th Americ<span class=\"_ _2\"></span>an Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1699 y5e62 wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e62 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e62 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e63 wb7b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Lothia<span class=\"_ _2\"></span>n UK Gilt Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xd72 y5e63 wa92 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e63 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e63 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e64 ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Lothia<span class=\"_ _2\"></span>n UK Liste<span class=\"_ _2\"></span>d Smalle<span class=\"_ _2\"></span>r Comp<span class=\"_ _2\"></span>anies Fund (formerl<span class=\"_ _2\"></span>y known </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e65 wb7c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">as PUT<span class=\"_ _2\"></span>M A<span class=\"_ _5\"></span>CS U<span class=\"_ _2\"></span>K Smalle<span class=\"_ _2\"></span>r Compa<span class=\"_ _2\"></span>nies Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x171a y5e65 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyt<span class=\"_ _2\"></span>hall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dbd wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1de2 y5dbd wb7d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1f7 ws1fc\">99.90%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dbe wb7e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS N<span class=\"_ _2\"></span>orth A<span class=\"_ _2\"></span>meric<span class=\"_ _2\"></span>an 2 Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de3 y5dbe w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dbf wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dbf wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc0 wb7f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS N<span class=\"_ _2\"></span>orth A<span class=\"_ _2\"></span>meric<span class=\"_ _2\"></span>an Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de4 y5dc0 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc1 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc2 wb80 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex Asia Pac<span class=\"_ _2\"></span>ific ex Japan Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de5 y5dc2 wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc3 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc3 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc4 wb81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex Emergin<span class=\"_ _2\"></span>g Markets Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de6 y5dc4 wa92 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc5 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc5 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc6 wb82 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex Europea<span class=\"_ _2\"></span>n Equity Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de7 y5dc6 wac8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc6 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc6 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc7 wb83 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex Japan Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de8 y5dc7 w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc7 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc8 wb84 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex UK Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de1 y5dc8 w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc8 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc9 wb85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex US Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de9 y5dc9 wa85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc9 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dca wb86 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS U<span class=\"_ _2\"></span>K All Share Lis<span class=\"_ _2\"></span>ted Equit<span class=\"_ _2\"></span>y Mul<span class=\"_ _2\"></span>ti Mana<span class=\"_ _2\"></span>ger Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dea y5dca wb87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Wy<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>all1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1deb y5dca wb88 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dec y5dca wb89 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _7\"></span>.00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcb wb8a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS US D<span class=\"_ _2\"></span>ollar Cre<span class=\"_ _2\"></span>dit Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ded y5dcb wb87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dee y5dcb wb8b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dec y5dcb wb89 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _7\"></span>.00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcc wb8c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Asia Pa<span class=\"_ _2\"></span>cific (E<span class=\"_ _2\"></span>xcluding J<span class=\"_ _2\"></span>apan) Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1def y5dcc wac8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dcc wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dcc wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59f1 wb8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Emerg<span class=\"_ _2\"></span>ing Market De<span class=\"_ _2\"></span>bt Uncon<span class=\"_ _2\"></span>strain<span class=\"_ _2\"></span>ed Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df0 y59f1 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyt<span class=\"_ _2\"></span>hall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y59f1 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y59f1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 wb8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Emerg<span class=\"_ _2\"></span>ing Markets Equi<span class=\"_ _2\"></span>ty Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de8 y56f9 w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y56f9 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y56f9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee wb8f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Euro Sovere<span class=\"_ _2\"></span>ign Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df1 y55ee wa85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y55ee wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y55ee wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wb90 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Europe<span class=\"_ _2\"></span>an Credit Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df2 y55ef wa9a h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyt<span class=\"_ _2\"></span>hall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y55ef wb65 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y55ef wa71 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>43<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>12<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span><table class=\"s wb91 h32e\" id=\"_685b1eb1-29a8-4101-a3cc-3518f4b769d2\"><tr><td></td><td></td><td class=\"t m0 x178d h16 y5e66 ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1000 h16 y5e67 ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 xc56 h16 y5e67 ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d14 h16 y5e67 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x9f5 h16 y5e67 ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xd90 h16 y5e68 ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x75f h16 y5e68 ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1a20 h16 y5e68 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xabd h16 y5e68 ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5e69 wb92 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Floatin<span class=\"_ _2\"></span>g Rate ABS Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de0 y5e69 wa9a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e69 wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e69 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6a wb93 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Glob<span class=\"_ _2\"></span>al Bond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df4 y5e6a w795 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6a wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6a wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6b wb94 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Glob<span class=\"_ _2\"></span>al Credit Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df5 y5e6b wa85 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6b wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6b wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d8b wb95 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Index-<span class=\"_ _2\"></span>Linked Sterling H<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ed Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df6 y5d8b w795 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5d8b wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5d8b wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d8c wb96 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Long Gilt S<span class=\"_ _2\"></span>terling He<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de8 y5d8c w795 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5d8c wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5d8c wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6c wb97 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Sho<span class=\"_ _2\"></span>rt D<span class=\"_ _2\"></span>uration Cre<span class=\"_ _2\"></span>dit Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df7 y5e6c wa92 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6c wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6c wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6d wb98 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Sterling C<span class=\"_ _2\"></span>redit Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df8 y5e6d wa9a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6d wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6d wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6e wb99 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Sterling G<span class=\"_ _2\"></span>overnment B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xb67 y5e6e wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6e wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6e wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6f wb9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Sub<span class=\"_ _2\"></span>-Sovereign A Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df4 y5e6f w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6f wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6f wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e70 wb9b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell T<span class=\"_ _7\"></span>ac<span class=\"_ _2\"></span>tical A<span class=\"_ _2\"></span>sset All<span class=\"_ _2\"></span>ocatio<span class=\"_ _2\"></span>n Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xd72 y5e70 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e70 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e70 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e71 wb9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Uk Equit<span class=\"_ _2\"></span>y Inc<span class=\"_ _2\"></span>ome Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df9 y5e71 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e71 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e71 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e72 wb9d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Ultra S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Durat<span class=\"_ _2\"></span>ion Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dfa y5e72 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e72 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e72 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e73 wb9e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM Far E<span class=\"_ _2\"></span>aster<span class=\"_ _2\"></span>n Unit T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dfb y5e73 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e73 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dfc y5e73 wb9f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws195\">99<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e74 wba0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM U<span class=\"_ _2\"></span>K All-Share I<span class=\"_ _2\"></span>ndex Unit T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x16f8 y5e74 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e74 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e74 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e75 wba1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM U<span class=\"_ _2\"></span>K Stock M<span class=\"_ _2\"></span>arket F<span class=\"_ _5\"></span>und<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de8 y5e75 w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e75 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e75 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e76 wba2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM U<span class=\"_ _2\"></span>K Stock M<span class=\"_ _2\"></span>arket F<span class=\"_ _5\"></span>und (S<span class=\"_ _2\"></span>eries 3<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dfd y5e76 wa85 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e77 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e77 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e78 wba3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls194 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) European T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust II (forme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s abrdn Europe<span class=\"_ _2\"></span>an T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust I<span class=\"_ _2\"></span>I)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dfe y5e78 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e79 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e79 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e7a wba4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) European T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust (formerl<span class=\"_ _2\"></span>y known as ab<span class=\"_ _2\"></span>rdn European T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dff y5e7a wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e7b wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dfc y5e7b wba5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1f8 ws1fd\">95.65<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e7c ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) Internation<span class=\"_ _2\"></span>al T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t (<span class=\"_ _5\"></span>forme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s abrdn Interna<span class=\"_ _2\"></span>tional </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e7d wba6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">T<span class=\"_ _6\"></span>rust)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e00 y5e7d wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e7d wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e7d wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e7e wba7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) Japan T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>st (formerly k<span class=\"_ _2\"></span>nown as Abrdn J<span class=\"_ _2\"></span>apan T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e01 y5e7e wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e7e wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e02 y5e7e wba8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls25 ws23\">78<span class=\"_ _2\"></span>.0<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e7f ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) Nor<span class=\"_ _2\"></span>th Americ<span class=\"_ _2\"></span>an T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t (f<span class=\"_ _5\"></span>orme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s abrdn Nor<span class=\"_ _2\"></span>th </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5de7 wba9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">American T<span class=\"_ _7\"></span>rust<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e03 y5de7 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5de7 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e04 y5de7 wbaa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls68 ws5c\">9<span class=\"_ _2\"></span>9.47%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e80 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) Pacific Bas<span class=\"_ _2\"></span>in T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust (formerl<span class=\"_ _2\"></span>y known as abr<span class=\"_ _2\"></span>dn Pacific Bas<span class=\"_ _2\"></span>in </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e54 wba6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">T<span class=\"_ _6\"></span>rust)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e00 y5e54 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e55 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e05 y5e55 wbab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>51%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e81 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) UK Corp<span class=\"_ _2\"></span>orate Bo<span class=\"_ _2\"></span>nd T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t (<span class=\"_ _5\"></span>forme<span class=\"_ _2\"></span>rly known as a<span class=\"_ _2\"></span>brdn UK </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5da9 wbac h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Corporate Bond T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e06 y5da9 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5da9 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5da9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e82 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) UK Equit<span class=\"_ _2\"></span>y Gene<span class=\"_ _2\"></span>ral T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t (formerly kn<span class=\"_ _2\"></span>own as abrdn U<span class=\"_ _2\"></span>K </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5dab wbad h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Equi<span class=\"_ _5\"></span>ty General T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>t)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e07 y5dab wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5dab wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e02 y5dab wbaa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls68 ws5c\">9<span class=\"_ _2\"></span>9.67%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dad wbae h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>ets I<span class=\"_ _2\"></span>ncome Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e08 y5dad wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5dad wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0a y5dad wbaf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">74<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dae wbb0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Europ<span class=\"_ _2\"></span>e ex UK Ethic<span class=\"_ _2\"></span>al Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0b y5dae wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5dae wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0c y5dae wb73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">78<span class=\"_ _2\"></span>.61%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5e83 wbb1 h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn MT A<span class=\"_ _2\"></span>meric<span class=\"_ _2\"></span>an Equit<span class=\"_ _2\"></span>y Uncon<span class=\"_ _2\"></span>strain<span class=\"_ _2\"></span>ed Fund (formerl<span class=\"_ _2\"></span>y known as<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">AS<span class=\"_ _2\"></span>IMT Ame<span class=\"_ _2\"></span>rican Equit<span class=\"_ _2\"></span>y Un<span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>traine<span class=\"_ _2\"></span>d Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5e83 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e84 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0e y5e84 wbb2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">78<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>3%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e5d wbb3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn MT G<span class=\"_ _2\"></span>lobal R<span class=\"_ _2\"></span>EIT Fund (formerly kn<span class=\"_ _2\"></span>own as AS<span class=\"_ _2\"></span>IMT Glo<span class=\"_ _2\"></span>bal REIT Fun<span class=\"_ _2\"></span>d)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0f y5e5d wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e5d wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e10 y5e5d w15d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls69 ws5e\">8<span class=\"_ _2\"></span>0.49%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e85 wbb4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn MT J<span class=\"_ _2\"></span>apan Fund (formerl<span class=\"_ _2\"></span>y known as AS<span class=\"_ _2\"></span>IMT J<span class=\"_ _2\"></span>apan Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e11 y5e85 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e85 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e12 y5e85 wbb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls159 ws141\">7<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e86 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn MT S<span class=\"_ _2\"></span>terling Interm<span class=\"_ _2\"></span>ediate Cre<span class=\"_ _2\"></span>dit Fund (formerly kn<span class=\"_ _2\"></span>own as AS<span class=\"_ _2\"></span>IMT </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e60 w317 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Sterling I<span class=\"_ _2\"></span>ntermed<span class=\"_ _2\"></span>iate Credit Fund La<span class=\"_ _2\"></span>unch Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e13 y5e60 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e60 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dfc y5e60 wbb6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">93<span class=\"_ _2\"></span>.63%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e61 wbb7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Mana<span class=\"_ _2\"></span>ged I Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5e61 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5e61 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e14 y5e61 wbb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls159 ws141\">7<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db6 wbb8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Mana<span class=\"_ _2\"></span>ged I<span class=\"_ _2\"></span>I Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e15 y5db6 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5db6 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e16 y5db6 wbb9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws195\">76<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>92%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db7 wbba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Mana<span class=\"_ _2\"></span>ged I<span class=\"_ _2\"></span>II Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e17 y5db7 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5db7 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e18 y5db7 wbbb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls190 ws179\">84.49%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db8 wbbc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Mana<span class=\"_ _2\"></span>ged V Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e19 y5db8 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5db8 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1a y5db8 wbbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">76<span class=\"_ _2\"></span>.75%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e62 wbbe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Dated Gl<span class=\"_ _2\"></span>obal Co<span class=\"_ _2\"></span>rporate B<span class=\"_ _2\"></span>ond T<span class=\"_ _7\"></span>rac<span class=\"_ _2\"></span>k<span class=\"_ _5\"></span>er Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e1b y5e62 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5e62 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1c y5e62 wba8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">95<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>85%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e63 wbbf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Dated Ste<span class=\"_ _2\"></span>rling Corp<span class=\"_ _2\"></span>orate Bon<span class=\"_ _2\"></span>d T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>acker Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e1d y5e63 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5e63 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1a y5e63 w155 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1f9 ws1fe\">91.26%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e87 wbc0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Europ<span class=\"_ _2\"></span>e ex UK Su<span class=\"_ _2\"></span>stain<span class=\"_ _2\"></span>able Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e1e y5e87 wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e87 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1f y5e87 wbc3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">68<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>1%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e88 wbc4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 G<span class=\"_ _2\"></span>DP Weighted G<span class=\"_ _2\"></span>lobal Gover<span class=\"_ _2\"></span>nment Bo<span class=\"_ _2\"></span>nd Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e20 y5e88 w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e88 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e21 y5e88 wbc5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8c ws6b\">73<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>21%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e89 wbc6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Gl<span class=\"_ _2\"></span>obal Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e22 y5e89 w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e89 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e23 y5e89 wbc7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls66 ws5d\">9<span class=\"_ _2\"></span>9.60%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8a wbc8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Gl<span class=\"_ _2\"></span>obal Govern<span class=\"_ _2\"></span>ment Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e24 y5e8a w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e8a wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1f y5e8a wa9e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">80.<span class=\"_ _2\"></span>21%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8b wbc9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Global Equ<span class=\"_ _2\"></span>ity Im<span class=\"_ _2\"></span>pact Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e20 y5e8b w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e8b wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1f y5e8b w155 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1f9 ws1fe\">61.26%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8c wbca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Global I<span class=\"_ _2\"></span>nflation-linked B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e25 y5e8c wbcb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxem<span class=\"_ _2\"></span>bourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e8c wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e21 y5e8c wbcc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">51<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span>2%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8d wbcd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Global S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Durat<span class=\"_ _2\"></span>ion Corp<span class=\"_ _2\"></span>orate Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e26 y5e8d w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xembo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e8d wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e27 y5e8d wba5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8e wbce h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Absolute Re<span class=\"_ _2\"></span>turn Glob<span class=\"_ _2\"></span>al Bond St<span class=\"_ _2\"></span>rategie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e28 y5e8e wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">L<span class=\"_ _2\"></span>uxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e8e wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e27 y5e8e wbb6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">92.46<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59eb wbcf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 European G<span class=\"_ _2\"></span>overnment All S<span class=\"_ _2\"></span>tocks Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e29 y59eb w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y59eb wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e2a y59eb waa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59ed wbd0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Global Em<span class=\"_ _2\"></span>erging M<span class=\"_ _2\"></span>arkets Loca<span class=\"_ _2\"></span>l Currenc<span class=\"_ _2\"></span>y Debt Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e2b y59ed wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y59ed wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e27 y59ed wbd1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls66 ws5d\">89.59%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8f wbd2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Global H<span class=\"_ _2\"></span>igh Yield B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e2c y5e8f wbcb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y59ee wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e2d y59ee wb75 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">5<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.75%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e90 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I Global Re<span class=\"_ _2\"></span>al Es<span class=\"_ _2\"></span>tate Se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s Sust<span class=\"_ _2\"></span>ainable Fun<span class=\"_ _2\"></span>d (<span class=\"_ _5\"></span>former<span class=\"_ _2\"></span>ly </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5dcc wbd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">known a<span class=\"_ _2\"></span>s abrdn SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Gl<span class=\"_ _2\"></span>obal REI<span class=\"_ _2\"></span>T Focus Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e2e y5dcc wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5dcc wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e21 y5dcc wbd4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls159 ws141\">9<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59f1 wbd5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn St<span class=\"_ _2\"></span>andard Liq<span class=\"_ _2\"></span>uidity Fun<span class=\"_ _2\"></span>d (Lux) \u2013 S<span class=\"_ _2\"></span>eabur<span class=\"_ _2\"></span>y Euro Liquidit<span class=\"_ _2\"></span>y 1 Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1e30 y59f1 wbd6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg</div><div class=\"t m0 x1e2f h13 y5b20 ff3 fsc fc1 sc0 ls1f5 ws1fa\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y59f1 wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e31 y59f1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 wbd8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn St<span class=\"_ _2\"></span>andard Liq<span class=\"_ _2\"></span>uidity Fun<span class=\"_ _2\"></span>d (Lux) \u2013 S<span class=\"_ _2\"></span>eabur<span class=\"_ _2\"></span>y Sterlin<span class=\"_ _2\"></span>g Liquidit<span class=\"_ _2\"></span>y 2 Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e32 y56f9 wbd9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y56f9 wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e31 y56f9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee wbd8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn St<span class=\"_ _2\"></span>andard Liq<span class=\"_ _2\"></span>uidity Fun<span class=\"_ _2\"></span>d (Lux) \u2013 S<span class=\"_ _2\"></span>eabur<span class=\"_ _2\"></span>y Sterlin<span class=\"_ _2\"></span>g Liquidit<span class=\"_ _2\"></span>y 3 Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e32 y55ee wbd9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxem<span class=\"_ _2\"></span>bour<span class=\"_ _2\"></span>g<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y55ee wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e33 y55ee wbda h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">9<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>45%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wbdb h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn St<span class=\"_ _2\"></span>andard S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Ch<span class=\"_ _2\"></span>ina Onsh<span class=\"_ _2\"></span>ore Bond Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e34 y55ef wbc1 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y55ef wbc2 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e35 y55ef wbdc h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">6<span class=\"_ _2\"></span>0.75%<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span><table class=\"s wbdd h32d\" id=\"_108da619-95cb-4383-838e-608eaecce992\"><tr><td></td><td></td><td class=\"t m0 x1d04 h16 y5e41 ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf4b h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 x1d05 h16 y5e42 ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d06 h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x1d07 h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8d0 h16 y5e43 ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1570 h16 y5e43 ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e8 h16 y5e43 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 h16 y5e43 ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5e44 wbde h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex World Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e36 y5e44 wab9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e44 wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e37 y5e44 wa9e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">9<span class=\"_ _2\"></span>0.61%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd1 wbdf h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex Ameri<span class=\"_ _2\"></span>can Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e38 y5dd1 wab9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dd1 wb6b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e39 y5dd1 w653 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls69 ws5e\">60.<span class=\"_ _2\"></span>53%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e91 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Ph<span class=\"_ _2\"></span>oenix Fund F<span class=\"_ _2\"></span>inancin<span class=\"_ _2\"></span>g SCS<span class=\"_ _2\"></span>P (<span class=\"_ _5\"></span>forme<span class=\"_ _2\"></span>rly known as A<span class=\"_ _2\"></span>SI Pho<span class=\"_ _2\"></span>enix </td><td></td><td></td><td class=\"t m0 x1e3a hd y5e92 ff3 fs7 fc1 sc0 ls0 ws0\">Sp<span class=\"_ _2\"></span>ecial Limite<span class=\"_ _2\"></span>d </td><td></td></tr><tr><td class=\"c n x1ea y5e93 wbe0 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Fund Fina<span class=\"_ _2\"></span>ncing S<span class=\"_ _2\"></span>CSP (P<span class=\"_ _2\"></span>LFF))<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e3b y5e93 w1ba h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f6 y5e93 w412 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Partn<span class=\"_ _2\"></span>ership<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e3c y5e93 wbe1 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x1982 hd y5e94 ff3 fs7 fc1 sc0 ls17 ws15\">Cayman<span class=\"_ _7\"></span> </td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5e95 ff3 fs7 fc1 sc0 ls0 ws0\">Igni<span class=\"_ _2\"></span>s Private Equit<span class=\"_ _2\"></span>y Fund LP<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x97a hd y5e95 ff3 fs7 fc1 sc0 ls18 ws16\">Islands<span class=\"_ _3bc\"> </span></td><td class=\"c n x8d1 y5e96 wb5d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e96 wa7a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x1982 hd y5e97 ff3 fs7 fc1 sc0 ls17 ws15\">Cayman<span class=\"_ _7\"></span> </td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5e98 ff3 fs7 fc1 sc0 ls0 ws0\">Igni<span class=\"_ _2\"></span>s Strateg<span class=\"_ _2\"></span>ic Credit Fund LP<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x97a hd y5e98 ff3 fs7 fc1 sc0 ls18 ws16\">Islands<span class=\"_ _3bc\"> </span></td><td class=\"c n x8d1 y5e18 wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e18 wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1a wbe2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Nor<span class=\"_ _2\"></span>th Ame<span class=\"_ _2\"></span>rican Str<span class=\"_ _2\"></span>ategic Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rs (Fee<span class=\"_ _2\"></span>der) 200<span class=\"_ _2\"></span>8 Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e3d y5e1a wa96 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e1a wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e1a wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1c wbe3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Nor<span class=\"_ _2\"></span>th Ame<span class=\"_ _2\"></span>rican Str<span class=\"_ _2\"></span>ategic Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rs 20<span class=\"_ _2\"></span>08 L.<span class=\"_ _2\"></span>P<span class=\"_ _6\"></span>.<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1e3f y5e1c wbe4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Delaware</div><div class=\"t m0 x1e3e h13 y5848 ff3 fsc fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e1c wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e1c wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1e wbe5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Igni<span class=\"_ _2\"></span>s Strateg<span class=\"_ _2\"></span>ic Soluti<span class=\"_ _2\"></span>ons Funds plc \u2013 Fund<span class=\"_ _2\"></span>amenta<span class=\"_ _2\"></span>l Strategi<span class=\"_ _2\"></span>es Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xf08 y5e1e wa74 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Dub<span class=\"_ _2\"></span>lin<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5e1e wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e40 y5e1e wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e99 wbe6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Igni<span class=\"_ _2\"></span>s Strateg<span class=\"_ _2\"></span>ic Soluti<span class=\"_ _2\"></span>ons Funds plc \u2013 Sys<span class=\"_ _2\"></span>tematic St<span class=\"_ _2\"></span>rategie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ddd y5e99 wa74 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Dub<span class=\"_ _2\"></span>lin<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5e99 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e40 y5e99 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e9a ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Highvis<span class=\"_ _2\"></span>ta V<span class=\"_ _5\"></span>enture C<span class=\"_ _2\"></span>apital Par<span class=\"_ _2\"></span>tner<span class=\"_ _2\"></span>s LP (formerly kn<span class=\"_ _2\"></span>own as AS<span class=\"_ _2\"></span>I </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e9b wbe7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix V<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>nture Capit<span class=\"_ _2\"></span>al Partn<span class=\"_ _2\"></span>ers LP)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e41 y5e9b wbe8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">USA<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e9c wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e9c wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e9d wbe9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">BNY M<span class=\"_ _2\"></span>ellon 50/50 Gl<span class=\"_ _2\"></span>obal Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1e43 y5e9d wbea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London</div><div class=\"t m0 x1e42 h13 y5848 ff3 fsc fc1 sc0 ls1fc ws201\">40<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d09 y5e9e wbd7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e44 y5e9e wbeb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">73.<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>9%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e9f wbec h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">HS<span class=\"_ _2\"></span>BC Invest<span class=\"_ _2\"></span>ment Funds \u2013 Ba<span class=\"_ _2\"></span>lance<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e45 y5e9f wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5ea0 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e46 y5ea0 wbb9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws195\">81<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>64%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea1 wbed h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">IFS<span class=\"_ _2\"></span>L AMR OEI<span class=\"_ _2\"></span>C \u2013 IFS<span class=\"_ _2\"></span>L AMR Diver<span class=\"_ _2\"></span>sified Por<span class=\"_ _2\"></span>tfo<span class=\"_ _2\"></span>lio<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e47 y5ea1 wbee h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Bolton<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5ea2 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd8 y5ea2 wb6f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls14 ws12\">72.83%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea3 wbef h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">iSha<span class=\"_ _2\"></span>res 35<span class=\"_ _2\"></span>0 UK Equit<span class=\"_ _2\"></span>y Index Fund U<span class=\"_ _2\"></span>K<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1e49 y5ea3 wbf0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London</div><div class=\"t m0 x1e48 h13 y5848 ff3 fsc fc1 sc0 ls1fe ws203\">25<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5ea3 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e39 y5ea3 wbf1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls66 ws5d\">9<span class=\"_ _2\"></span>9.46<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea4 wbf2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Europe<span class=\"_ _2\"></span>an Equit<span class=\"_ _2\"></span>y Incom<span class=\"_ _2\"></span>e Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e4a y5ea4 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5ea4 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e4b y5ea4 wbbb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1f8 ws1fd\">86.50<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea5 wbf3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Grow<span class=\"_ _2\"></span>th T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e4c y5ea5 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5ea5 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e4d y5ea5 wbf4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls190 ws179\">84.<span class=\"_ _5\"></span>77%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea6 wbf5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Quilte<span class=\"_ _2\"></span>r Investor<span class=\"_ _2\"></span>s Global D<span class=\"_ _2\"></span>ynami<span class=\"_ _2\"></span>c Equity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e4e y5ea6 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5ea6 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd8 y5ea6 wbd4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls159 ws141\">8<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea7 wbf6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">UB<span class=\"_ _2\"></span>S Global O<span class=\"_ _2\"></span>ptimal Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e4f y5ea7 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5ea7 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e46 y5ea7 wb73 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">78<span class=\"_ _2\"></span>.77%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea8 wbf7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amund<span class=\"_ _2\"></span>i MSCI World C<span class=\"_ _2\"></span>limate T<span class=\"_ _7\"></span>rans<span class=\"_ _2\"></span>ition CTB<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e50 y5ea8 wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d09 y5ea8 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e51 y5ea8 wbab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">51<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x1e3a hd y5ea9 ff3 fs7 fc1 sc0 ls0 ws0\">Sp<span class=\"_ _2\"></span>ecial Limite<span class=\"_ _2\"></span>d </td><td></td></tr><tr><td class=\"c n x1ea y5eaa wbf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Stone<span class=\"_ _2\"></span>peak C<span class=\"_ _2\"></span>ore Fund (Lux) S<span class=\"_ _2\"></span>CSp<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e52 y5eaa w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xembo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f6 y5eaa w412 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Partn<span class=\"_ _2\"></span>ership<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e53 y5eaa w105 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">83.<span class=\"_ _2\"></span>30%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eab wbf9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Par<span class=\"_ _2\"></span>tners G<span class=\"_ _2\"></span>roup Phoe<span class=\"_ _2\"></span>nix, L<span class=\"_ _2\"></span>.P<span class=\"_ _7\"></span>. Inc<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e54 y5eab wbfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Guernsey<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5eac wb5d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5eac wa7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ead wbfb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">ESP General P<span class=\"_ _5\"></span>artner Limi<span class=\"_ _5\"></span>ted P<span class=\"_ _5\"></span>artnership<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e55 y5ead w86f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5ead wb5d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5ead wa7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eae wbfc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Aviva Investo<span class=\"_ _2\"></span>rs UK Prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty Fe<span class=\"_ _2\"></span>eder T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e56 y5eae wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5eae wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5eae wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5eaf ff7 fs7 fc1 sc0 ls69 ws5e\">Asso<span class=\"_ _2\"></span>ciates:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5eb0 wbfd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UK C<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y REIT Limi<span class=\"_ _2\"></span>ted (prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y inves<span class=\"_ _2\"></span>tment com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e57 y5eb0 wbfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Guernsey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb0 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb0 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5eb1 ff3 fs7 fc1 sc0 ls0 ws0\">UK C<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Es<span class=\"_ _2\"></span>tates Hol<span class=\"_ _2\"></span>dings Limite<span class=\"_ _2\"></span>d (prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y investm<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5eb2 wa8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e59 y5eb2 wbfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Guernsey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb2 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb2 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eb3 wbff h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UK C<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Es<span class=\"_ _2\"></span>tates Limite<span class=\"_ _2\"></span>d (proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e5a y5eb3 wbfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Guernsey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb3 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb3 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5eb4 ff3 fs7 fc1 sc0 ls0 ws0\">UK C<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Finan<span class=\"_ _2\"></span>ce Holdin<span class=\"_ _2\"></span>gs Limite<span class=\"_ _2\"></span>d (proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y investm<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5eb5 wa8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e59 y5eb5 wbfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Guernsey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb5 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb5 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eb6 wc00 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Duke Dis<span class=\"_ _2\"></span>tribution C<span class=\"_ _2\"></span>entres S<span class=\"_ _2\"></span>.\u00e0<span class=\"_ _2\"></span>.r<span class=\"_ _7\"></span>.l<span class=\"_ _2\"></span>. (investme<span class=\"_ _2\"></span>nt compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e5b y5eb6 wb3e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb6 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb6 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eb7 w7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Duke Of<span class=\"_ _2\"></span>fices &amp; D<span class=\"_ _2\"></span>evelopm<span class=\"_ _2\"></span>ents S<span class=\"_ _2\"></span>.\u00e0<span class=\"_ _2\"></span>.r<span class=\"_ _7\"></span>.l<span class=\"_ _2\"></span>. (investme<span class=\"_ _2\"></span>nt company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e5c y5eb7 wb3e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb7 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5eb8 ff7 fs7 fc1 sc0 ls68 ws5c\">Significant holdings:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5eb9 wc01 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Janus Hender<span class=\"_ _2\"></span>son Institutional Global Responsible Man<span class=\"_ _2\"></span>aged Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e5d y5eb9 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5eb9 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e5e y5eb9 wc02 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dba wc03 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson I<span class=\"_ _2\"></span>nstit<span class=\"_ _2\"></span>utional U<span class=\"_ _2\"></span>K Index O<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>tunitie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e5f y5dba wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dba wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dda y5dba wb9f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws195\">58<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eba wc04 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abe<span class=\"_ _2\"></span>rdeen St<span class=\"_ _2\"></span>andard Liq<span class=\"_ _2\"></span>uidit<span class=\"_ _2\"></span>y Fund (Lux) \u2013 Ster<span class=\"_ _2\"></span>ling Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e60 y5eba wbcb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d09 y5eba wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e61 y5eba wb75 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">30<span class=\"_ _2\"></span>.0<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e65 wc05 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Am<span class=\"_ _2\"></span>erican Eq<span class=\"_ _2\"></span>uity Enh<span class=\"_ _2\"></span>ance<span class=\"_ _2\"></span>d Index Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e62 y5e65 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5e65 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dda y5e65 wc06 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls204 ws209\">48.23<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dbe wc07 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Am<span class=\"_ _2\"></span>erican I<span class=\"_ _2\"></span>ncom<span class=\"_ _2\"></span>e Equity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e63 y5dbe wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dbe wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e64 y5dbe wc08 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls13 ws11\">6<span class=\"_ _2\"></span>5.26%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc0 wc09 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn As<span class=\"_ _2\"></span>ia Pacific Equit<span class=\"_ _2\"></span>y Enha<span class=\"_ _2\"></span>nced I<span class=\"_ _2\"></span>ndex Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e65 y5dc0 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc0 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e64 y5dc0 wc0a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12a ws113\">35.9<span class=\"_ _2\"></span>9%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc2 wc0b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn As<span class=\"_ _2\"></span>ia Pacific Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e66 y5dc2 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc2 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ddc y5dc2 wb6c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">22.<span class=\"_ _2\"></span>83%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc4 wc0c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn D<span class=\"_ _2\"></span>ynamic D<span class=\"_ _2\"></span>istribu<span class=\"_ _2\"></span>tion Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e67 y5dc4 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc4 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e68 y5dc4 wa9e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">63<span class=\"_ _2\"></span>.23%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc6 wc0d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>ets Eq<span class=\"_ _2\"></span>uity Enh<span class=\"_ _2\"></span>ance<span class=\"_ _2\"></span>d Index Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e69 y5dc6 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc6 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e6a y5dc6 wc0e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a7 ws197\">25.45<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc7 wc0f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>ets Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e6b y5dc7 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc7 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e39 y5dc7 wad5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">2<span class=\"_ _2\"></span>2.06%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc8 wc10 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>ets Lo<span class=\"_ _2\"></span>cal Curre<span class=\"_ _2\"></span>ncy Bo<span class=\"_ _2\"></span>nd T<span class=\"_ _7\"></span>rac<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>r Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e6c y5dc8 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc8 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e6d y5dc8 wc11 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">4<span class=\"_ _2\"></span>2.1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc9 wc12 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Ethic<span class=\"_ _2\"></span>al Cor<span class=\"_ _2\"></span>porate Bo<span class=\"_ _2\"></span>nd Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5dc9 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc9 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e6e y5dc9 wbb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls159 ws141\">5<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dca wc13 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Europ<span class=\"_ _2\"></span>e ex UK Inc<span class=\"_ _2\"></span>ome Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e6f y5dca wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dca wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e6a y5dca wc14 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">2<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>24%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcb wc15 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Europ<span class=\"_ _2\"></span>e Equit<span class=\"_ _2\"></span>y Enhanc<span class=\"_ _2\"></span>ed Index Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e19 y5dcb wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dcb wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd8 y5dcb wb73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">25.<span class=\"_ _2\"></span>37%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcc wc16 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Europ<span class=\"_ _2\"></span>ean Equit<span class=\"_ _2\"></span>y T<span class=\"_ _7\"></span>rac<span class=\"_ _2\"></span>k<span class=\"_ _5\"></span>er Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5dcc wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dcc wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e70 y5dcc wc17 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">2<span class=\"_ _2\"></span>3.1<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ebb wc18 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Gl<span class=\"_ _2\"></span>obal Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e71 y5ebb wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y59f1 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dda y59f1 wbb6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">22.99<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e3e wc19 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Gl<span class=\"_ _2\"></span>obal Infla<span class=\"_ _2\"></span>tion-Linked B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e36 y5e3e wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y56f9 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e72 y56f9 wc14 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">24<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e3f wc1a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Gl<span class=\"_ _2\"></span>obal Infla<span class=\"_ _2\"></span>tion-Linked B<span class=\"_ _2\"></span>ond T<span class=\"_ _7\"></span>rac<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>r Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e73 y5e3f wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y55ee wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd8 y55ee wc1b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1af ws1ab\">52<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>87%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e40 wc1c h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Gl<span class=\"_ _2\"></span>obal Govern<span class=\"_ _2\"></span>ment Bon<span class=\"_ _2\"></span>d T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>acker Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e36 y5e40 wab9 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y55ef wb6b h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e6a y55ef wb7d h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1f7 ws1fc\">31.90%<span class=\"_ _3bc\"> </span></div></td></tr></table>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>10<span class=\"_ _3bc\"> </span>10<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>22<span class=\"_ _3bc\"> </span>22<span class=\"_ _3bc\"> </span>56<span class=\"_ _3bc\"> </span>23<span class=\"_ _3bc\"> </span>24<span class=\"_ _3bc\"> </span>26<span class=\"_ _3bc\"> </span>26<span class=\"_ _3bc\"> </span>27<span class=\"_ _3bc\"> </span>50<span class=\"_ _3bc\"> </span>28<span class=\"_ _3bc\"> </span>51<span class=\"_ _3bc\"> </span>55<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>59<span class=\"_ _3bc\"> </span>29<span class=\"_ _3bc\"> </span>29<span class=\"_ _3bc\"> </span>29<span class=\"_ _3bc\"> </span>29<span class=\"_ _3bc\"> </span>31<span class=\"_ _3bc\"> </span>31<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>18<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span><div class=\"gs2ed\"><table class=\"s wc1d h32f\" id=\"_9854e1f8-4974-40ea-919b-01f5b5292113\"><tr><td></td><td></td><td class=\"t m0 x178d h16 y5ebc ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1000 h16 y5ebd ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 xc56 h16 y5ebd ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d14 h16 y5ebd ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x9f5 h16 y5ebd ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xd90 h16 y5ebe ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x75f h16 y5ebe ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1a20 h16 y5ebe ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xabd h16 y5ebe ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5ebf wc1e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Gl<span class=\"_ _2\"></span>obal Rea<span class=\"_ _2\"></span>l Est<span class=\"_ _2\"></span>ate Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e74 y5ebf wc1f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5ebf wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e04 y5ebf wbbb h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1f8 ws1fd\">36.57<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e44 wc20 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Gl<span class=\"_ _2\"></span>obal Sm<span class=\"_ _2\"></span>aller Co<span class=\"_ _2\"></span>mpany Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e75 y5e44 wab9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5e44 wb6b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1c y5e44 w105 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">25.<span class=\"_ _2\"></span>59%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd1 wc21 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Hi<span class=\"_ _2\"></span>gh Yield Bo<span class=\"_ _2\"></span>nd Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e76 y5dd1 wab9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5dd1 wb6b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e16 y5dd1 wb73 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">20.<span class=\"_ _2\"></span>37%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd4 wc22 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Inves<span class=\"_ _2\"></span>tment G<span class=\"_ _2\"></span>rade C<span class=\"_ _2\"></span>orporate B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0b y5dd4 wab9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5dd4 wb6b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0a y5dd4 wc1b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1af ws1ab\">4<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>52%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd6 wc23 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Ja<span class=\"_ _2\"></span>pan Equit<span class=\"_ _2\"></span>y Enhan<span class=\"_ _2\"></span>ced In<span class=\"_ _2\"></span>dex Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e77 y5dd6 wab9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5dd6 wb6b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0c y5dd6 wc24 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls47 ws19d\">51<span class=\"_ _2\"></span>.8<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd8 wc25 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Mana<span class=\"_ _2\"></span>ged IV Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e78 y5dd8 wb6e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5dd8 wb6b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e79 y5dd8 wc26 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1f8 ws1fd\">68.36%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d8f wc27 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Market I Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5d8f wab9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5d8f wb6b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e18 y5d8f wc28 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">42.<span class=\"_ _2\"></span>30<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d91 wc29 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Market II Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e7a y5d91 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5d91 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e79 y5d91 w653 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls69 ws5e\">50.3<span class=\"_ _2\"></span>6%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d93 wc2a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Market III Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e7b y5d93 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5d93 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e14 y5d93 wc28 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">5<span class=\"_ _2\"></span>6.7<span class=\"_ _2\"></span>7%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d95 wc2b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Market IV Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e7c y5d95 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5d95 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e79 y5d95 wc2c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls190 ws179\">54.08%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ec0 wc2d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Market V Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e36 y5ec0 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ec0 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e14 y5ec0 wc2e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls68 ws5c\">58.47%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ec1 wc2f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Multi-<span class=\"_ _2\"></span>Manag<span class=\"_ _2\"></span>er II Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e00 y5ec1 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ec1 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0a y5ec1 wb73 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">4<span class=\"_ _2\"></span>8.78%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ec2 wc30 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Multi-<span class=\"_ _2\"></span>Manag<span class=\"_ _2\"></span>er II<span class=\"_ _2\"></span>I Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e17 y5ec2 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ec2 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e79 y5ec2 w4a2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">56.<span class=\"_ _2\"></span>50%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ec3 wc31 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Multi-<span class=\"_ _2\"></span>Manag<span class=\"_ _2\"></span>er IV Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e7d y5ec3 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ec3 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e18 y5ec3 wc32 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls66 ws5d\">59.<span class=\"_ _2\"></span>86%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ec4 wc33 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Multi-<span class=\"_ _2\"></span>Manag<span class=\"_ _2\"></span>er V Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5ec4 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ec4 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e14 y5ec4 wc34 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls159 ws141\">3<span class=\"_ _3\"></span>7.<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ec5 wc35 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Dated C<span class=\"_ _2\"></span>orpora<span class=\"_ _2\"></span>te Bond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5ec5 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ec6 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e14 y5ec6 wc28 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">2<span class=\"_ _2\"></span>6.7<span class=\"_ _2\"></span>7%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ec7 wc36 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Duratio<span class=\"_ _2\"></span>n Global In<span class=\"_ _2\"></span>flation-<span class=\"_ _2\"></span>Link<span class=\"_ _5\"></span>ed B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e7e y5ec7 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ec8 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0a y5ec8 wc37 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a6 ws196\">2<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>07%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ec9 wc38 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 D<span class=\"_ _2\"></span>iversifie<span class=\"_ _2\"></span>d Incom<span class=\"_ _2\"></span>e Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e7f y5ec9 w1ba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">Luxem<span class=\"_ _2\"></span>bou<span class=\"_ _2\"></span>rg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5eca wbc2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e80 y5eca wc39 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls101 wsa1\">36<span class=\"_ _2\"></span>.27<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ecb wc3a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Gl<span class=\"_ _2\"></span>obal Co<span class=\"_ _2\"></span>rporate S<span class=\"_ _2\"></span>ust<span class=\"_ _2\"></span>ainable B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e81 y5ecb wbc1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5ecc wbc2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e82 y5ecc wa9e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">36<span class=\"_ _2\"></span>.02%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e7d wc3b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Ja<span class=\"_ _2\"></span>panes<span class=\"_ _2\"></span>e Sus<span class=\"_ _2\"></span>tainabl<span class=\"_ _2\"></span>e Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e83 y5e7d wc3c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5ecd wbc2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e2d y5ecd wc3d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1af ws1ab\">22<span class=\"_ _2\"></span>.52<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e7e wc3e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 N<span class=\"_ _2\"></span>orth A<span class=\"_ _2\"></span>meric<span class=\"_ _2\"></span>an Smalle<span class=\"_ _2\"></span>r Comp<span class=\"_ _2\"></span>anies Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e84 y5e7e wbd9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e7e wbc2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e80 y5e7e wc3f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">24<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ece wc40 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Dated Enh<span class=\"_ _2\"></span>ance<span class=\"_ _2\"></span>d Incom<span class=\"_ _2\"></span>e Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e85 y5ece wc3c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5ece wbc2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e27 y5ece wb9f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws195\">39<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ecf wc41 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I European C<span class=\"_ _2\"></span>orpor<span class=\"_ _2\"></span>ate Bond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e86 y5ecf w1ba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xembo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5ecf wbc2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e87 y5ecf wad5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">31<span class=\"_ _2\"></span>.46%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ed0 wc42 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I European S<span class=\"_ _2\"></span>maller C<span class=\"_ _2\"></span>ompani<span class=\"_ _2\"></span>es Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e1e y5ed0 wbc1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5ed0 wbc2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1f y5ed0 wbb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls159 ws141\">2<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ed1 wc43 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I Global C<span class=\"_ _2\"></span>orpor<span class=\"_ _2\"></span>ate Bond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e2b y5ed1 wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5ed1 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e27 y5ed1 wbbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">53<span class=\"_ _2\"></span>.05%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5ed2 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn St<span class=\"_ _2\"></span>andard Liq<span class=\"_ _2\"></span>uidity Fun<span class=\"_ _2\"></span>d (Lux) \u2013 S<span class=\"_ _2\"></span>eabur<span class=\"_ _2\"></span>y Euro Liquidit<span class=\"_ _2\"></span>y 1 Fund </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ed3 wc44 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">(formerly kn<span class=\"_ _2\"></span>own as Abrdn Liq<span class=\"_ _2\"></span>uidity Fun<span class=\"_ _2\"></span>d (Lux) Euro Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e88 y5ed3 w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5ed3 wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e33 y5ed3 wc32 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls66 ws5d\">39.<span class=\"_ _2\"></span>38%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5ed4 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Ster<span class=\"_ _2\"></span>ling Corp<span class=\"_ _2\"></span>orate Bon<span class=\"_ _2\"></span>d Fund (formerly kn<span class=\"_ _2\"></span>own as AS<span class=\"_ _2\"></span>I (SLI) </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ed5 wc45 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Corporate Bond Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5ed5 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ed6 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e16 y5ed6 wba8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">26<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ed7 wc46 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Str<span class=\"_ _2\"></span>ategic B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e69 y5ed7 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ed8 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e89 y5ed8 wc02 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">5<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>6%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ed9 wc47 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K Equit<span class=\"_ _2\"></span>y Enhanc<span class=\"_ _2\"></span>ed Index Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5ed9 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5eda wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e89 y5eda wc48 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls159 ws141\">4<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5edb wc49 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K Governme<span class=\"_ _2\"></span>nt Bond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e7e y5edb wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5edc wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e14 y5edc wc4a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls204 ws209\">38.10<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5edd wc4b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K Incom<span class=\"_ _2\"></span>e Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e73 y5edd wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ede wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0c y5ede wbb2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">2<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.14%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5edf wc4c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K Incom<span class=\"_ _2\"></span>e Uncon<span class=\"_ _2\"></span>strain<span class=\"_ _2\"></span>ed Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e8a y5edf wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5edf wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e8b y5edf wb73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">61<span class=\"_ _2\"></span>.71%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ee0 w8ab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K Mid-<span class=\"_ _2\"></span>Cap Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e8c y5ee0 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ee0 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e8d y5ee0 wb9f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws195\">31<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5ee1 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K Real Es<span class=\"_ _2\"></span>tate Fee<span class=\"_ _2\"></span>der Fund (formerl<span class=\"_ _2\"></span>y known as St<span class=\"_ _2\"></span>andard Life </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ee2 wc4d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tments U<span class=\"_ _2\"></span>K Real E<span class=\"_ _2\"></span>state Ac<span class=\"_ _2\"></span>cumulatio<span class=\"_ _2\"></span>n Feede<span class=\"_ _2\"></span>r Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e8e y5ee2 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5ee2 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dfc y5ee2 wba5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">6<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.8<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ee3 wc4e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K Smalle<span class=\"_ _2\"></span>r Comp<span class=\"_ _2\"></span>anies Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e8f y5ee3 wb6e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ee3 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e90 y5ee3 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">30.89%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ee4 wc4f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K V<span class=\"_ _7\"></span>alue S<span class=\"_ _2\"></span>ust<span class=\"_ _2\"></span>ainable a<span class=\"_ _2\"></span>nd Resp<span class=\"_ _2\"></span>onsible Inves<span class=\"_ _2\"></span>tment Equ<span class=\"_ _2\"></span>ity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e03 y5ee4 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ee4 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e18 y5ee4 wb9f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws195\">40<span class=\"_ _2\"></span>.5<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5ee5 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K V<span class=\"_ _7\"></span>alue Eq<span class=\"_ _2\"></span>uity Fund (forme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s abrdn UK Un<span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>traine<span class=\"_ _2\"></span>d </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ee6 wc50 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Equit<span class=\"_ _2\"></span>y Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e7d y5ee6 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ee6 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1c y5ee6 wbd1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls66 ws5d\">58.68%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ee7 wc51 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Brent Cro<span class=\"_ _2\"></span>ss Par<span class=\"_ _2\"></span>tners<span class=\"_ _2\"></span>hip<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e91 y5ee7 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e92 y5ee7 wb5d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e93 y5ee7 w154 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">23<span class=\"_ _2\"></span>.83%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ee8 wc52 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gallion<span class=\"_ _2\"></span>s Reach S<span class=\"_ _2\"></span>hoppin<span class=\"_ _2\"></span>g Park Limited Par<span class=\"_ _2\"></span>tner<span class=\"_ _2\"></span>ship<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e94 y5ee8 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5ee8 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5ee8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dff wc53 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gallion<span class=\"_ _2\"></span>s Reach S<span class=\"_ _2\"></span>hoppin<span class=\"_ _2\"></span>g Park Unit T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>st<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e95 y5dff wac0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Jersey<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5ee9 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5ee9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e00 wc54 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life Invest<span class=\"_ _2\"></span>ments B<span class=\"_ _2\"></span>rent Cross LP<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dcb y5e00 wa89 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5eea wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e96 y5eea wc55 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls69 ws5e\">4<span class=\"_ _2\"></span>0.<span class=\"_ _5\"></span>13%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e01 wc56 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life Invest<span class=\"_ _2\"></span>ments U<span class=\"_ _2\"></span>K Shop<span class=\"_ _2\"></span>ping Ce<span class=\"_ _2\"></span>ntre T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e97 y5e01 wac0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Jersey<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5eeb wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e96 y5eeb wc55 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls69 ws5e\">4<span class=\"_ _2\"></span>0.<span class=\"_ _5\"></span>13%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e02 wc57 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">AB S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Diver<span class=\"_ _2\"></span>sified Yi<span class=\"_ _2\"></span>eld Plus Por<span class=\"_ _2\"></span>tfolio<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e98 y5e02 wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5eec wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e99 y5eec w154 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">39<span class=\"_ _2\"></span>.21%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e03 wc58 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>ets Low Volatilit<span class=\"_ _2\"></span>y Equity Por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folio<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e9a y5e03 wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e03 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e27 y5e03 wc59 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls204 ws209\">88.22%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e04 wc5a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ACS World Multifa<span class=\"_ _2\"></span>ctor Equit<span class=\"_ _2\"></span>y T<span class=\"_ _7\"></span>ra<span class=\"_ _2\"></span>ck<span class=\"_ _5\"></span>er Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e9b y5e04 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5e04 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0c y5e04 wa9e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">22.<span class=\"_ _2\"></span>21%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d7f wc5b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amund<span class=\"_ _2\"></span>i Index So<span class=\"_ _2\"></span>lutions \u2013 Am<span class=\"_ _2\"></span>undi Glob<span class=\"_ _2\"></span>al Corp S<span class=\"_ _2\"></span>RI 1<span class=\"_ _2\"></span>-5Y<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1e9d y5d7f wc5c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg</div><div class=\"t m0 x1e9c h13 y5b20 ff3 fsc fc1 sc0 ls1f5 ws1fa\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5d7f wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e80 y5d7f w105 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">22.22<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d80 wc5d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amund<span class=\"_ _2\"></span>i Index So<span class=\"_ _2\"></span>lutions \u2013 Am<span class=\"_ _2\"></span>undi MS<span class=\"_ _2\"></span>CI China ES<span class=\"_ _2\"></span>G Leader<span class=\"_ _2\"></span>s Sel<span class=\"_ _2\"></span>ect<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e9e y5d80 wbd9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5d80 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e87 y5d80 wbb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls159 ws141\">4<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5eed ff3 fs7 fc1 sc0 ls0 ws0\">Amund<span class=\"_ _2\"></span>i Index So<span class=\"_ _2\"></span>lutions \u2013 Am<span class=\"_ _2\"></span>undi MS<span class=\"_ _2\"></span>CI Emerg<span class=\"_ _2\"></span>ing Ex Ch<span class=\"_ _2\"></span>ina ESG Lea<span class=\"_ _2\"></span>ders </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5eee wc5e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls72 ws68\">Select<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e9f y5eee wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5eee wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e27 y5eee wc5f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls68 ws5c\">50.67%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b7 wc60 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amund<span class=\"_ _2\"></span>i UCITS Fund<span class=\"_ _2\"></span>s \u2013 Amundi Gl<span class=\"_ _2\"></span>obal Mult<span class=\"_ _2\"></span>i-Facto<span class=\"_ _2\"></span>r Equity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ea0 y59b7 w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y59b7 wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ea1 y59b7 wb6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">22.13%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b8 wc61 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">AQR Glob<span class=\"_ _2\"></span>al Risk Premium U<span class=\"_ _2\"></span>CITS Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ea2 y59b8 wbcb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxem<span class=\"_ _2\"></span>bourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y59b8 wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e31 y59b8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eef wc62 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Baillie Gif<span class=\"_ _2\"></span>ford Eme<span class=\"_ _2\"></span>rging Mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>ts Leadin<span class=\"_ _2\"></span>g Comp<span class=\"_ _2\"></span>anies Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ea3 y5eef w86f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5eef wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1c y5eef wbb9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws195\">2<span class=\"_ _2\"></span>8.<span class=\"_ _2\"></span>44%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5ef0 ff3 fs7 fc1 sc0 ls0 ws0\">Baillie Gif<span class=\"_ _2\"></span>ford Inves<span class=\"_ _2\"></span>tment Funds I<span class=\"_ _2\"></span>I ICVC \u2013 Baillie Gif<span class=\"_ _2\"></span>ford UK Equit<span class=\"_ _2\"></span>y Core </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e0a wc63 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ea4 y5e0a wa96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ef1 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e16 y5ef1 wb73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">39<span class=\"_ _2\"></span>.42%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55ef wc64 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Baillie Gif<span class=\"_ _2\"></span>ford U<span class=\"_ _2\"></span>K &amp; Balanc<span class=\"_ _2\"></span>ed Funds I<span class=\"_ _2\"></span>CV<span class=\"_ _7\"></span>C \u2013 B<span class=\"_ _2\"></span>aillie Gifford U<span class=\"_ _2\"></span>K and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Worldwide Equi<span class=\"_ _2\"></span>ty Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ea5 y55ef wa89 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y55ef wb6b h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0a y55ef wb73 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">2<span class=\"_ _2\"></span>6.78%<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb32\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb33\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb34\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb35\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb36\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb37\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb38\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb39\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb3a\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb3b\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb3c\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb3d\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb3e\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb3f\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb40\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb41\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb42\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb43\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb44\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb45\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb46\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb47\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb48\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb49\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb4a\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb4b\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb4c\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb4d\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb4e\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb4f\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb50\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb51\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb52\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb53\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb54\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb55\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb56\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls205 ws20a gsb57\">30<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb58\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1fa ws1ff gsb59\">21<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsb5a\">6<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls203 ws208 gsb5b\">32<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls23 ws21 gsb5c\">19<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls23 ws21 gsb5d\">19<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1fe ws203 gsb5e\">25<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb5f\">28<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb60\">28<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb61\">28<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1fc ws201 gsb62\">49<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls206 ws20b gsb63\">39<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls206 ws20b gsb64\">39<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls206 ws20b gsb65\">39<span class=\"_ _3bc\"> </span></div>Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of incorporated entities<span class=\"_ _3bc\"> </span>If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span>T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span>% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span>units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span>Barin<span class=\"_ _2\"></span>gs Emerg<span class=\"_ _2\"></span>ing Markets D<span class=\"_ _2\"></span>ebt Sh<span class=\"_ _2\"></span>ort D<span class=\"_ _2\"></span>uration Fund<span class=\"_ _79\"> </span>Dublin<span class=\"_ _3bc\"> </span>34<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _114\"> </span><span class=\"ls193 ws17c\">30.89%<span class=\"_ _3bc\"> </span></span>Blac<span class=\"_ _2\"></span>kRock Gl<span class=\"_ _2\"></span>obal Funds \u2013 S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable World B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _148\"> </span><span class=\"ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></span>19<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _de\"> </span><span class=\"ls1ac ws1a4\">24<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>75<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>Blac<span class=\"_ _2\"></span>kRock M<span class=\"_ _2\"></span>arket Advantag<span class=\"_ _2\"></span>e Fund<span class=\"_ _197\"> </span><span class=\"ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></span>25<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _25\"> </span><span class=\"lscc wsba\">5<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span>74<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>iSha<span class=\"_ _2\"></span>res Bloo<span class=\"_ _2\"></span>mberg Roll S<span class=\"_ _2\"></span>elec<span class=\"_ _2\"></span>t Comm<span class=\"_ _2\"></span>odit<span class=\"_ _2\"></span>y Strate<span class=\"_ _2\"></span>gy ET<span class=\"_ _2\"></span>F<span class=\"_ _206\"> </span><span class=\"ls61 ws5f\">U<span class=\"_ _2\"></span>SA<span class=\"_ _3bc\"> </span></span>57<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _fc\"> </span><span class=\"lsdc wsc7\">3<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.12<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>BNY M<span class=\"_ _2\"></span>ellon Glo<span class=\"_ _2\"></span>bal Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _303\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>40<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _115\"> </span><span class=\"ls13 ws11\">26.<span class=\"_ _2\"></span>96%<span class=\"_ _3bc\"> </span></span>BNY M<span class=\"_ _2\"></span>ellon Mul<span class=\"_ _2\"></span>ti-Asset G<span class=\"_ _2\"></span>lobal Ba<span class=\"_ _2\"></span>lance<span class=\"_ _2\"></span>d Fund<span class=\"_ _1f9\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>40<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _ea\"> </span><span class=\"ls18 ws16\">30.0<span class=\"_ _2\"></span>9%<span class=\"_ _3bc\"> </span></span>CF M<span class=\"_ _2\"></span>acqua<span class=\"_ _2\"></span>ries Glob<span class=\"_ _2\"></span>al Infras<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ure Sec<span class=\"_ _2\"></span>urities Fund<span class=\"_ _206\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>47<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d <span class=\"_ _8f\"> </span><span class=\"ls66 ws5d\">26<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>8%<span class=\"_ _3bc\"> </span></span>Fide<span class=\"_ _2\"></span>lity M<span class=\"_ _2\"></span>ulti Ass<span class=\"_ _2\"></span>et Ope<span class=\"_ _2\"></span>n Adventurou<span class=\"_ _2\"></span>s Fund<span class=\"_ _37c\"> </span>Surrey<span class=\"_ _3bc\"> </span>35<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _c\"> </span><span class=\"ls14 ws12\">4<span class=\"_ _2\"></span>6.63%<span class=\"_ _3bc\"> </span></span>Goldm<span class=\"_ _2\"></span>an Sac<span class=\"_ _2\"></span>hs SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V \u2013 Emerg<span class=\"_ _2\"></span>ing Markets T<span class=\"_ _7\"></span>ot<span class=\"_ _2\"></span>al Return B<span class=\"_ _2\"></span>ond Por<span class=\"_ _2\"></span>tfolio<span class=\"_ _2d1\"> </span><span class=\"ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span>36<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _114\"> </span><span class=\"ls18 ws16\">8<span class=\"_ _2\"></span>5.0<span class=\"_ _2\"></span>6%<span class=\"_ _3bc\"> </span></span>Goldm<span class=\"_ _2\"></span>an Sac<span class=\"_ _2\"></span>hs SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V \u2013 Goldm<span class=\"_ _2\"></span>an Sac<span class=\"_ _2\"></span>hs Emergin<span class=\"_ _2\"></span>g Markets D<span class=\"_ _2\"></span>ebt Port<span class=\"_ _2\"></span>fol<span class=\"_ _5\"></span>io<span class=\"_ _251\"> </span><span class=\"ls1a ws2f\">Luxem<span class=\"_ _2\"></span>bour<span class=\"_ _2\"></span>g<span class=\"_ _3bc\"> </span></span>36<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _81\"> </span><span class=\"lsd6 ws195\">2<span class=\"_ _2\"></span>3.<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></span>Invesc<span class=\"_ _2\"></span>o Global T<span class=\"_ _5\"></span>argete<span class=\"_ _2\"></span>d Returns Fun<span class=\"_ _2\"></span>d<span class=\"_ _37d\"> </span><span class=\"ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span>19<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3c\"> </span><span class=\"ls101 wsa1\">44<span class=\"_ _2\"></span>.27<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>Invesc<span class=\"_ _2\"></span>o Mana<span class=\"_ _2\"></span>ged Gro<span class=\"_ _2\"></span>wth Fund<span class=\"_ _30e\"> </span>Ox<span class=\"_ _2\"></span>fordshire<span class=\"_ _3bc\"> </span>37<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _e1\"> </span><span class=\"ls1af ws1ab\">52.<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1%<span class=\"_ _3bc\"> </span></span>Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson D<span class=\"_ _2\"></span>iversifie<span class=\"_ _2\"></span>d Grow<span class=\"_ _2\"></span>th Fund<span class=\"_ _56\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>18<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _115\"> </span><span class=\"ls14 ws12\">6<span class=\"_ _2\"></span>6.<span class=\"_ _2\"></span>93%<span class=\"_ _3bc\"> </span></span>L&amp;G A<span class=\"_ _2\"></span>bsolute Ret<span class=\"_ _2\"></span>urn Bond Pl<span class=\"_ _2\"></span>us Fund<span class=\"_ _26e\"> </span><span class=\"ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></span>38<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _ea\"> </span><span class=\"ls12 ws10\">6<span class=\"_ _2\"></span>6.3<span class=\"_ _2\"></span>0%<span class=\"_ _3bc\"> </span></span>L&amp;G Em<span class=\"_ _2\"></span>erging M<span class=\"_ _2\"></span>arkets Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _2a2\"> </span><span class=\"ls1a ws2f\">Lu<span class=\"_ _2\"></span>xembo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span>38<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _de\"> </span><span class=\"lscc wsba\">74<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>L&amp;G M<span class=\"_ _2\"></span>ulti-Ass<span class=\"_ _2\"></span>et T<span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>rget Return Fun<span class=\"_ _2\"></span>d<span class=\"_ _370\"> </span><span class=\"ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span>46<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _de\"> </span><span class=\"ls69 ws5e\">40.13%<span class=\"_ _3bc\"> </span></span>Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Strate<span class=\"_ _2\"></span>gic Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _6a\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>26<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _de\"> </span><span class=\"ls18 ws16\">31.0<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></span>Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Emerg<span class=\"_ _2\"></span>ing Markets G<span class=\"_ _2\"></span>overnment B<span class=\"_ _2\"></span>ond (Loc<span class=\"_ _2\"></span>al Curren<span class=\"_ _2\"></span>cy) Index Fun<span class=\"_ _2\"></span>d<span class=\"_ _2f7\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>26<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _115\"> </span><span class=\"ls69 ws5e\">20.<span class=\"_ _2\"></span>86<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Emerg<span class=\"_ _2\"></span>ing Markets G<span class=\"_ _2\"></span>overnment B<span class=\"_ _2\"></span>ond US<span class=\"_ _2\"></span>D Index Fund<span class=\"_ _2cc\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>26<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _12a\"> </span><span class=\"lsdc wsc7\">3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.11<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Europe<span class=\"_ _2\"></span>an Index T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _db\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>26<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3c\"> </span><span class=\"ls66 ws5d\">22.<span class=\"_ _2\"></span>28%<span class=\"_ _3bc\"> </span></span>Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Future World Su<span class=\"_ _2\"></span>stain<span class=\"_ _2\"></span>able UK Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _2d4\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>26<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _8a\"> </span><span class=\"ls25 ws23\">29<span class=\"_ _2\"></span>.75%<span class=\"_ _3bc\"> </span></span>Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral High In<span class=\"_ _2\"></span>come T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _2f6\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>26<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _81\"> </span><span class=\"ls16 ws14\">46.29%<span class=\"_ _3bc\"> </span></span>Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral UK S<span class=\"_ _2\"></span>maller C<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _60\"> </span><span class=\"ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></span>26<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _e1\"> </span><span class=\"ls1f9 ws1fe\">31.2<span class=\"_ _5\"></span>5%<span class=\"_ _3bc\"> </span></span>L<span class=\"_ _5\"></span>GI<span class=\"_ _2\"></span>M Sterling Liquidi<span class=\"_ _2\"></span>ty Plu<span class=\"_ _2\"></span>s Fund<span class=\"_ _303\"> </span>Dublin<span class=\"_ _3bc\"> </span>34<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _de\"> </span><span class=\"ls49 ws1ca\">41<span class=\"_ _2\"></span>.02<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>Nom<span class=\"_ _2\"></span>ura Americ<span class=\"_ _2\"></span>an Ce<span class=\"_ _2\"></span>ntur<span class=\"_ _2\"></span>y Conc<span class=\"_ _2\"></span>entrated G<span class=\"_ _2\"></span>lobal Grow<span class=\"_ _2\"></span>th Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _2a7\"> </span>D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span>54<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _8a\"> </span><span class=\"lsb2 wse8\">22.79%<span class=\"_ _3bc\"> </span></span>Quilte<span class=\"_ _2\"></span>r Investor<span class=\"_ _2\"></span>s Cirilium Balan<span class=\"_ _2\"></span>ced Bl<span class=\"_ _2\"></span>end Por<span class=\"_ _2\"></span>tfolio<span class=\"_ _2b5\"> </span><span class=\"ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></span>27<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _76\"> </span><span class=\"lsb2 wse8\">37<span class=\"_ _7\"></span>.72<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>Quilte<span class=\"_ _2\"></span>r Investor<span class=\"_ _2\"></span>s Ethical Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ gs132\"> </span><span class=\"_ _37e\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>27<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3c\"> </span><span class=\"ls14 ws12\">42.63%<span class=\"_ _3bc\"> </span></span>Quilte<span class=\"_ _2\"></span>r Investor<span class=\"_ _2\"></span>s Global Equi<span class=\"_ _2\"></span>ty Grow<span class=\"_ _2\"></span>th Fund<span class=\"_ _153\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>27<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _81\"> </span><span class=\"ls14 ws12\">49.63%<span class=\"_ _3bc\"> </span></span>Robe<span class=\"_ _2\"></span>co \u2013 Pho<span class=\"_ _2\"></span>enix Cus<span class=\"_ _2\"></span>tomized Multi A<span class=\"_ _2\"></span>sset Fund<span class=\"_ _351\"> </span><span class=\"ls77 ws6c\">Rot<span class=\"_ _2\"></span>terdam<span class=\"_ _3bc\"> </span></span>48<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _10\"> </span><span class=\"ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></span>Robe<span class=\"_ _2\"></span>co QI Em<span class=\"_ _2\"></span>erging M<span class=\"_ _2\"></span>arkets Sus<span class=\"_ _2\"></span>taina<span class=\"_ _2\"></span>ble Enhan<span class=\"_ _2\"></span>ced In<span class=\"_ _2\"></span>dex Equities<span class=\"_ _27e\"> </span><span class=\"ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span>45<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _10\"> </span><span class=\"ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></span>Sc<span class=\"_ _2\"></span>hroder Europ<span class=\"_ _2\"></span>ean Fund<span class=\"_ _190\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>52<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _115\"> </span><span class=\"ls190 ws179\">4<span class=\"_ _2\"></span>4.40<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></span>Sc<span class=\"_ _2\"></span>hroder Gl<span class=\"_ _2\"></span>obal Eme<span class=\"_ _2\"></span>rging Mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>ts Fund<span class=\"_ _226\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>52<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _81\"> </span><span class=\"ls14 ws12\">20.33%<span class=\"_ _3bc\"> </span></span>Sc<span class=\"_ _2\"></span>hroder Inte<span class=\"_ _2\"></span>rnationa<span class=\"_ _2\"></span>l Sele<span class=\"_ _2\"></span>ction Fund \u2013 G<span class=\"_ _2\"></span>lobal B<span class=\"_ _2\"></span>ond<span class=\"_ _2c9\"> </span><span class=\"ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span>53<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3c\"> </span><span class=\"ls68 ws5c\">29.67%<span class=\"_ _3bc\"> </span></span>Sc<span class=\"_ _2\"></span>hroder Inte<span class=\"_ _2\"></span>rnationa<span class=\"_ _2\"></span>l Sele<span class=\"_ _2\"></span>ction Fund \u2013 G<span class=\"_ _2\"></span>lobal Di<span class=\"_ _2\"></span>versifie<span class=\"_ _2\"></span>d Growt<span class=\"_ _2\"></span>h<span class=\"_ _188\"> </span><span class=\"ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></span>53<span class=\"_ _3bc\"> </span>SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _81\"> </span><span class=\"ls14 ws12\">22.20%<span class=\"_ _3bc\"> </span></span>Sc<span class=\"_ _2\"></span>hroder U<span class=\"_ _2\"></span>K Mid 250 Fun<span class=\"_ _2\"></span>d<span class=\"_ _1e4\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>52<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _81\"> </span><span class=\"ls69 ws5e\">20.2<span class=\"_ _2\"></span>2%<span class=\"_ _3bc\"> </span></span>The M<span class=\"_ _2\"></span>arks and S<span class=\"_ _2\"></span>penc<span class=\"_ _2\"></span>er Worldwide M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed Fund<span class=\"_ _37f\"> </span><span class=\"ls12 ws10\">Chester<span class=\"_ _3bc\"> </span></span>58<span class=\"_ _3bc\"> </span>Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _8a\"> </span><span class=\"ls49 ws1ca\">41<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>96<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>Threa<span class=\"_ _2\"></span>dnee<span class=\"_ _2\"></span>dle Investm<span class=\"_ _2\"></span>ent Funds ICVC \u2013 Ameri<span class=\"_ _2\"></span>can Se<span class=\"_ _2\"></span>lec<span class=\"_ _2\"></span>t Fund <span class=\"_ _10b\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span>33<span class=\"_ _3bc\"> </span>OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _de\"> </span><span class=\"ls12 ws10\">22.10%<span class=\"_ _3bc\"> </span></span>V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard C<span class=\"_ _2\"></span>ommon C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual Fund \u2013 Vanguard U<span class=\"_ _2\"></span>.S<span class=\"_ _2\"></span>. Equit<span class=\"_ _2\"></span>y Index Common Contrac<span class=\"_ _2\"></span>tual Fund<span class=\"_ _380\"> </span><span class=\"ls0 ws0\">Dublin<span class=\"_ _3bc\"> </span></span>34<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3c\"> </span><span class=\"ls77 ws6c\">75.02<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Serie<span class=\"_ _2\"></span>s plc \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard Gl<span class=\"_ _2\"></span>obal Co<span class=\"_ _2\"></span>rporate B<span class=\"_ _2\"></span>ond Index Fun<span class=\"_ _2\"></span>d<span class=\"_ _381\"> </span>Dublin<span class=\"_ _3bc\"> </span>34<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3c\"> </span><span class=\"ls25 ws23\">3<span class=\"_ _2\"></span>5.<span class=\"_ _2\"></span>55%<span class=\"_ _3bc\"> </span></span>V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Serie<span class=\"_ _2\"></span>s plc \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard Gl<span class=\"_ _2\"></span>obal Sh<span class=\"_ _2\"></span>ort-<span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>rm Corp<span class=\"_ _2\"></span>orate Bon<span class=\"_ _2\"></span>d Index Fund<span class=\"_ _198\"> </span>Dublin<span class=\"_ _3bc\"> </span>34<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3a\"> </span><span class=\"ls204 ws209\">38.35<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></span>V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Serie<span class=\"_ _2\"></span>s plc \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard U.<span class=\"_ _2\"></span>K. S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t-<span class=\"_ _6\"></span>T<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>rm Investm<span class=\"_ _2\"></span>ent Gra<span class=\"_ _2\"></span>de Bond I<span class=\"_ _2\"></span>ndex Fund<span class=\"_ _377\"> </span>D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span>34<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _fc\"> </span><span class=\"lsdc wsc7\">5<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></span>V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nts Com<span class=\"_ _2\"></span>mon Cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>ual Fund \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard F<span class=\"_ _2\"></span>TS<span class=\"_ _2\"></span>E Devel<span class=\"_ _2\"></span>oped Europ<span class=\"_ _2\"></span>e ex UK Co<span class=\"_ _2\"></span>mmon C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual Fund<span class=\"_ _5b\"> </span>Dublin<span class=\"_ _3bc\"> </span>34<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _10\"> </span><span class=\"ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></span>V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nts Com<span class=\"_ _2\"></span>mon Cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>ual Fund \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard F<span class=\"_ _2\"></span>TS<span class=\"_ _2\"></span>E Developed World Common Contract<span class=\"_ _2\"></span>ual F<span class=\"_ _5\"></span>und<span class=\"_ _62\"> </span><span class=\"ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></span>34<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _8a\"> </span><span class=\"lscc wsba\">4<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>74<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span>V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nts Com<span class=\"_ _2\"></span>mon Cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>ual Fund \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard F<span class=\"_ _2\"></span>TS<span class=\"_ _2\"></span>E Devel<span class=\"_ _2\"></span>oped World ex U<span class=\"_ _2\"></span>K Comm<span class=\"_ _2\"></span>on Contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al Fund<span class=\"_ _352\"> </span>Dublin<span class=\"_ _3bc\"> </span>34<span class=\"_ _3bc\"> </span>UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _10\"> </span><span class=\"ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></span>  <span class=\"_ _17\"> </span>1 Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll Gre<span class=\"_ _2\"></span>en Way, Wy<span class=\"_ _2\"></span>thal<span class=\"_ _2\"></span>l, Bir<span class=\"_ _2\"></span>ming<span class=\"_ _2\"></span>ham<span class=\"_ _2\"></span>, West M<span class=\"_ _2\"></span>idlan<span class=\"_ _2\"></span>ds<span class=\"_ _2\"></span>, B47 6W<span class=\"_ _2\"></span>G, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>2  <span class=\"_ _1b\"> </span>St<span class=\"_ _2\"></span>and<span class=\"_ _2\"></span>ard Life H<span class=\"_ _2\"></span>ous<span class=\"_ _2\"></span>e, 3<span class=\"_ _2\"></span>0 Lothi<span class=\"_ _2\"></span>an Roa<span class=\"_ _2\"></span>d, Edin<span class=\"_ _2\"></span>burg<span class=\"_ _2\"></span>h, EH1 2<span class=\"_ _2\"></span>DH<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>3  <span class=\"_ _1b\"> </span>9<span class=\"_ _2\"></span>0 St. S<span class=\"_ _2\"></span>teph<span class=\"_ _2\"></span>en\u2019s Gre<span class=\"_ _2\"></span>en, D<span class=\"_ _2\"></span>ubli<span class=\"_ _2\"></span>n, D2<span class=\"_ _2\"></span>, Irel<span class=\"_ _2\"></span>and<span class=\"_ _3bc\"> </span>4  <span class=\"_ _1b\"> </span>Win<span class=\"_ _2\"></span>dso<span class=\"_ _2\"></span>r Hou<span class=\"_ _2\"></span>se, Telfor<span class=\"_ _2\"></span>d Cent<span class=\"_ _2\"></span>re, Telford<span class=\"_ _2\"></span>, Shr<span class=\"_ _2\"></span>opsh<span class=\"_ _2\"></span>ire, T<span class=\"_ _2\"></span>F3 4N<span class=\"_ _2\"></span>B, Un<span class=\"_ _2\"></span>ited K<span class=\"_ _2\"></span>ingd<span class=\"_ _2\"></span>om<span class=\"_ _3bc\"> </span>5  <span class=\"_ _1b\"> </span>G<span class=\"_ _2\"></span>oodb<span class=\"_ _2\"></span>ody S<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>reta<span class=\"_ _2\"></span>rial Li<span class=\"_ _2\"></span>mited<span class=\"_ _2\"></span>, Inte<span class=\"_ _2\"></span>rnat<span class=\"_ _2\"></span>iona<span class=\"_ _2\"></span>l Fina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al Se<span class=\"_ _2\"></span>rvi<span class=\"_ _2\"></span>ces C<span class=\"_ _2\"></span>entr<span class=\"_ _2\"></span>e, 25/2<span class=\"_ _2\"></span>8 Nor<span class=\"_ _2\"></span>th Wall Q<span class=\"_ _2\"></span>uay, Du<span class=\"_ _2\"></span>blin 1<span class=\"_ _2\"></span>, Irel<span class=\"_ _2\"></span>and<span class=\"_ _3bc\"> </span>6  <span class=\"_ _23\"> </span>1 G<span class=\"_ _2\"></span>eor<span class=\"_ _2\"></span>ge Str<span class=\"_ _2\"></span>eet<span class=\"_ _2\"></span>, Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _2\"></span>, EH2 2<span class=\"_ _2\"></span>LL, Un<span class=\"_ _2\"></span>ited K<span class=\"_ _2\"></span>ingd<span class=\"_ _2\"></span>om<span class=\"_ _3bc\"> </span>7  <span class=\"_ _189\"> </span>Corp<span class=\"_ _2\"></span>ora<span class=\"_ _2\"></span>tion S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>any, 2711 C<span class=\"_ _2\"></span>ente<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ille Rd S<span class=\"_ _2\"></span>uite 4<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>, Wilm<span class=\"_ _2\"></span>ingto<span class=\"_ _2\"></span>n, D<span class=\"_ _2\"></span>E 19<span class=\"_ _2\"></span>80<span class=\"_ _2\"></span>8, U<span class=\"_ _2\"></span>nited S<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>8  <span class=\"_ _1b\"> </span>22-24 New S<span class=\"_ _2\"></span>tree<span class=\"_ _2\"></span>t, St Pa<span class=\"_ _2\"></span>uls Ga<span class=\"_ _2\"></span>te, 4t<span class=\"_ _2\"></span>h Floo<span class=\"_ _2\"></span>r<span class=\"_ _5\"></span>, JE<span class=\"_ _2\"></span>1 4TR<span class=\"_ _2\"></span>, Jer<span class=\"_ _2\"></span>sey<span class=\"_ _3bc\"> </span>9  <span class=\"_ _23\"> </span>20 Old Bailey,<span class=\"_ _5\"></span> London, England, EC4M 7<span class=\"_ _7\"></span>AN<span class=\"_ _2\"></span>, United Ki<span class=\"_ _5\"></span>ngdom<span class=\"_ _3bc\"> </span>10 <span class=\"_ _9\"> </span> Ugla<span class=\"_ _5\"></span>nd House,<span class=\"_ _5\"></span> Grand Cay<span class=\"_ _5\"></span>man, KY1-1<span class=\"_ _5\"></span>104, Cayman Isl<span class=\"_ _5\"></span>ands<span class=\"_ _3bc\"> </span>11  <span class=\"_ _ba\"> </span>Ave<span class=\"_ _2\"></span>nue Lo<span class=\"_ _2\"></span>uise 3<span class=\"_ _2\"></span>26<span class=\"_ _2\"></span>, bte 33 1<span class=\"_ _2\"></span>050 B<span class=\"_ _2\"></span>rus<span class=\"_ _2\"></span>sel<span class=\"_ _2\"></span>s, B<span class=\"_ _2\"></span>elgi<span class=\"_ _2\"></span>um<span class=\"_ _3bc\"> </span>12  <span class=\"_ _a\"> </span>Teles<span class=\"_ _2\"></span>tone 8<span class=\"_ _2\"></span>, T<span class=\"_ _5\"></span>ele<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t, N<span class=\"_ _2\"></span>arit<span class=\"_ _2\"></span>awe<span class=\"_ _2\"></span>g 16<span class=\"_ _2\"></span>5, 1<span class=\"_ _2\"></span>04<span class=\"_ _2\"></span>3 BW, Ams<span class=\"_ _2\"></span>terd<span class=\"_ _2\"></span>am, N<span class=\"_ _2\"></span>ethe<span class=\"_ _2\"></span>rlan<span class=\"_ _2\"></span>ds<span class=\"_ _3bc\"> </span>13  <span class=\"_ _a\"> </span>Cit<span class=\"_ _2\"></span>co (Swe<span class=\"_ _2\"></span>den<span class=\"_ _2\"></span>) Ab, St<span class=\"_ _2\"></span>urep<span class=\"_ _2\"></span>lan 4<span class=\"_ _2\"></span>c, 4 Tr<span class=\"_ _7\"></span>, 1<span class=\"_ _2\"></span>14 35 S<span class=\"_ _2\"></span>tockh<span class=\"_ _2\"></span>olm<span class=\"_ _2\"></span>, Swe<span class=\"_ _2\"></span>den<span class=\"_ _3bc\"> </span>14  <span class=\"_ _a\"> </span>c/o Citco (<span class=\"_ _2\"></span>Den<span class=\"_ _2\"></span>mark<span class=\"_ _2\"></span>) ApS<span class=\"_ _2\"></span>, Ho<span class=\"_ _2\"></span>lber<span class=\"_ _2\"></span>gsg<span class=\"_ _2\"></span>ade 14<span class=\"_ _2\"></span>, 2 .t<span class=\"_ _2\"></span>v, 10<span class=\"_ _2\"></span>57 K\u00f8b<span class=\"_ _2\"></span>enh<span class=\"_ _2\"></span>avn K De<span class=\"_ _2\"></span>nma<span class=\"_ _2\"></span>rk<span class=\"_ _3bc\"> </span>15  <span class=\"_ _a\"> </span>5th F<span class=\"_ _2\"></span>loo<span class=\"_ _2\"></span>r Bea<span class=\"_ _2\"></span>ux Lan<span class=\"_ _2\"></span>e Hou<span class=\"_ _2\"></span>se, M<span class=\"_ _2\"></span>erc<span class=\"_ _2\"></span>er Stre<span class=\"_ _2\"></span>et Lowe<span class=\"_ _2\"></span>r, Dubl<span class=\"_ _2\"></span>in 2, Du<span class=\"_ _2\"></span>blin<span class=\"_ _2\"></span>, Irel<span class=\"_ _2\"></span>and<span class=\"_ _3bc\"> </span>16  <span class=\"_ _a\"> </span>32 Co<span class=\"_ _2\"></span>mmer<span class=\"_ _2\"></span>cial S<span class=\"_ _2\"></span>tree<span class=\"_ _2\"></span>t, St H<span class=\"_ _2\"></span>elie<span class=\"_ _2\"></span>r<span class=\"_ _5\"></span>, Je<span class=\"_ _2\"></span>rse<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, Ch<span class=\"_ _2\"></span>anne<span class=\"_ _2\"></span>l Isl<span class=\"_ _2\"></span>ands<span class=\"_ _2\"></span>, JE<span class=\"_ _2\"></span>2 3R<span class=\"_ _2\"></span>U, Jer<span class=\"_ _2\"></span>sey<span class=\"_ _3bc\"> </span>17  <span class=\"_ _9\"> </span>Avenid<span class=\"_ _2\"></span>a de Ara<span class=\"_ _2\"></span>gon 3<span class=\"_ _2\"></span>30 \u2013 B<span class=\"_ _2\"></span>uildi<span class=\"_ _2\"></span>ng 5, 3<span class=\"_ _2\"></span>rd Flo<span class=\"_ _2\"></span>or, Parq<span class=\"_ _2\"></span>ue Empr<span class=\"_ _2\"></span>esa<span class=\"_ _2\"></span>rial L<span class=\"_ _2\"></span>as Me<span class=\"_ _2\"></span>rce<span class=\"_ _2\"></span>des<span class=\"_ _2\"></span>, 280<span class=\"_ _2\"></span>22 \u2013 Ma<span class=\"_ _2\"></span>drid<span class=\"_ _2\"></span>, Spa<span class=\"_ _2\"></span>in<span class=\"_ _3bc\"> </span>18  <span class=\"_ _a\"> </span>201 B<span class=\"_ _2\"></span>isho<span class=\"_ _2\"></span>psg<span class=\"_ _2\"></span>ate, Lo<span class=\"_ _2\"></span>ndo<span class=\"_ _2\"></span>n, EC2<span class=\"_ _2\"></span>M 3AE<span class=\"_ _2\"></span>, Unite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>19  <span class=\"_ _a\"> </span>88 2-<span class=\"_ _2\"></span>4, Ru<span class=\"_ _2\"></span>e Eug\u00e8<span class=\"_ _2\"></span>ne Ru<span class=\"_ _2\"></span>pper<span class=\"_ _2\"></span>t, L<span class=\"_ _7\"></span>-2453 L<span class=\"_ _2\"></span>uxem<span class=\"_ _2\"></span>bour<span class=\"_ _2\"></span>g, Lux<span class=\"_ _2\"></span>embo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>20  <span class=\"_ _18\"> </span>3<span class=\"_ _2\"></span>5a Ave<span class=\"_ _2\"></span>nue J.<span class=\"_ _2\"></span>F<span class=\"_ _5\"></span>. Kenn<span class=\"_ _2\"></span>edy, L<span class=\"_ _7\"></span>-18<span class=\"_ _2\"></span>55<span class=\"_ _2\"></span>, Luxem<span class=\"_ _2\"></span>bou<span class=\"_ _2\"></span>rg<span class=\"_ _3bc\"> </span>21  <span class=\"_ _a\"> </span>Og<span class=\"_ _2\"></span>ier H<span class=\"_ _2\"></span>ous<span class=\"_ _2\"></span>e, The E<span class=\"_ _2\"></span>spl<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>de, St H<span class=\"_ _2\"></span>elie<span class=\"_ _2\"></span>r, JE4 9WG, J<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>ey<span class=\"_ _3bc\"> </span>22  <span class=\"_ _28\"> </span>3<span class=\"_ _2\"></span>2 Mol<span class=\"_ _2\"></span>eswo<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>h Stre<span class=\"_ _2\"></span>et, D<span class=\"_ _2\"></span>ublin 2<span class=\"_ _2\"></span>, Dub<span class=\"_ _2\"></span>lin, D<span class=\"_ _2\"></span>02 Y51<span class=\"_ _2\"></span>2, Ire<span class=\"_ _2\"></span>land<span class=\"_ _3bc\"> </span>23  <span class=\"_ _28\"> </span>8 C<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>da Sq<span class=\"_ _2\"></span>uare<span class=\"_ _2\"></span>, Lond<span class=\"_ _2\"></span>on, E1<span class=\"_ _2\"></span>4 5HQ, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>24  <span class=\"_ _28\"> </span>M<span class=\"_ _2\"></span>arlb<span class=\"_ _2\"></span>orou<span class=\"_ _2\"></span>gh Ho<span class=\"_ _2\"></span>use<span class=\"_ _2\"></span>, 59 Cho<span class=\"_ _2\"></span>rley N<span class=\"_ _2\"></span>ew Ro<span class=\"_ _2\"></span>ad, B<span class=\"_ _2\"></span>olton<span class=\"_ _2\"></span>, BL1 4Q<span class=\"_ _2\"></span>P<span class=\"_ _7\"></span>, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>25  <span class=\"_ _28\"> </span>12 Throgmorton Avenue, London<span class=\"_ _5\"></span> EC2N 2DL, United Kingdom<span class=\"_ _3bc\"> </span>26  <span class=\"_ _28\"> </span>On<span class=\"_ _2\"></span>e Col<span class=\"_ _2\"></span>eman S<span class=\"_ _2\"></span>tree<span class=\"_ _2\"></span>t, Lon<span class=\"_ _2\"></span>don<span class=\"_ _2\"></span>, EC2<span class=\"_ _2\"></span>R 5AA<span class=\"_ _2\"></span>, Un<span class=\"_ _2\"></span>ited Ki<span class=\"_ _2\"></span>ngd<span class=\"_ _2\"></span>om<span class=\"_ _3bc\"> </span>27  <span class=\"_ _1d\"> </span>Se<span class=\"_ _2\"></span>nato<span class=\"_ _2\"></span>r Hou<span class=\"_ _2\"></span>se, 8<span class=\"_ _2\"></span>5 Que<span class=\"_ _2\"></span>en Vi<span class=\"_ _2\"></span>ctor<span class=\"_ _2\"></span>ia Stre<span class=\"_ _2\"></span>et, L<span class=\"_ _2\"></span>ondo<span class=\"_ _2\"></span>n, EC<span class=\"_ _2\"></span>4V 4AB<span class=\"_ _2\"></span>, Unite<span class=\"_ _2\"></span>d Kin<span class=\"_ _2\"></span>gdom<span class=\"_ _3bc\"> </span>28  <span class=\"_ _28\"> </span>5<span class=\"_ _2\"></span>, All\u00e9<span class=\"_ _2\"></span>e Sc<span class=\"_ _2\"></span>hef<span class=\"_ _2\"></span>fer, L<span class=\"_ _6\"></span>-2520 Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _2\"></span>, Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>29  <span class=\"_ _28\"> </span>T<span class=\"_ _5\"></span>raf<span class=\"_ _2\"></span>alg<span class=\"_ _2\"></span>ar Co<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>, Les B<span class=\"_ _2\"></span>anqu<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, St Peter Po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>, GY1 3QL<span class=\"_ _2\"></span>, Gue<span class=\"_ _2\"></span>rns<span class=\"_ _2\"></span>ey<span class=\"_ _3bc\"> </span>30  <span class=\"_ _18\"> </span>Ki<span class=\"_ _2\"></span>ngs Pl<span class=\"_ _2\"></span>ace<span class=\"_ _2\"></span>, 90 York Way, Lon<span class=\"_ _2\"></span>don<span class=\"_ _2\"></span>, N1 9G<span class=\"_ _2\"></span>E, Un<span class=\"_ _2\"></span>ited K<span class=\"_ _2\"></span>ingd<span class=\"_ _2\"></span>om<span class=\"_ _3bc\"> </span>31  <span class=\"_ _a\"> </span>1<span class=\"_ _2\"></span>, All\u00e9<span class=\"_ _2\"></span>e Sch<span class=\"_ _2\"></span>effe<span class=\"_ _2\"></span>r, L<span class=\"_ _6\"></span>-2520 Lux<span class=\"_ _2\"></span>embo<span class=\"_ _2\"></span>urg<span class=\"_ _2\"></span>, Luxem<span class=\"_ _2\"></span>bou<span class=\"_ _2\"></span>rg<span class=\"_ _3bc\"> </span>32  <span class=\"_ _28\"> </span>E<span class=\"_ _2\"></span>lizab<span class=\"_ _2\"></span>eth Ho<span class=\"_ _2\"></span>use<span class=\"_ _2\"></span>, 9 Cas<span class=\"_ _2\"></span>tle St<span class=\"_ _2\"></span>reet<span class=\"_ _2\"></span>, St He<span class=\"_ _2\"></span>lier, JE4 2<span class=\"_ _2\"></span>QP<span class=\"_ _7\"></span>, J<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>ey<span class=\"_ _3bc\"> </span>33  <span class=\"_ _28\"> </span>C<span class=\"_ _2\"></span>anno<span class=\"_ _2\"></span>n Plac<span class=\"_ _2\"></span>e, 78 C<span class=\"_ _2\"></span>anno<span class=\"_ _2\"></span>n Stre<span class=\"_ _2\"></span>et, Lo<span class=\"_ _2\"></span>ndo<span class=\"_ _2\"></span>n, EC<span class=\"_ _2\"></span>4N 6AG, U<span class=\"_ _2\"></span>nited K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>34  <span class=\"_ _28\"> </span>70 S<span class=\"_ _2\"></span>ir John R<span class=\"_ _2\"></span>oge<span class=\"_ _2\"></span>rso<span class=\"_ _2\"></span>n\u2019s Quay, D<span class=\"_ _2\"></span>ublin 2<span class=\"_ _2\"></span>, Irel<span class=\"_ _2\"></span>and<span class=\"_ _3bc\"> </span>35  <span class=\"_ _28\"> </span>B<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>ch Gate<span class=\"_ _2\"></span>, Mill<span class=\"_ _2\"></span>field L<span class=\"_ _2\"></span>ane<span class=\"_ _2\"></span>, Lower Ki<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>woo<span class=\"_ _2\"></span>d, T<span class=\"_ _5\"></span>ad<span class=\"_ _2\"></span>wor<span class=\"_ _2\"></span>th, S<span class=\"_ _2\"></span>urrey, K<span class=\"_ _2\"></span>T20 6<span class=\"_ _2\"></span>RP, Unite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>36  <span class=\"_ _28\"> </span>49<span class=\"_ _2\"></span>, Avenu<span class=\"_ _2\"></span>e J.F. Kenne<span class=\"_ _2\"></span>dy, L<span class=\"_ _6\"></span>-1<span class=\"_ _2\"></span>85<span class=\"_ _2\"></span>5 Luxem<span class=\"_ _2\"></span>bour<span class=\"_ _2\"></span>g, Gr<span class=\"_ _2\"></span>and D<span class=\"_ _2\"></span>uchy of L<span class=\"_ _2\"></span>uxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span>37  <span class=\"_ _b3\"> </span>Pe<span class=\"_ _2\"></span>rpe<span class=\"_ _2\"></span>tual Pa<span class=\"_ _2\"></span>rk, Pe<span class=\"_ _2\"></span>rpe<span class=\"_ _2\"></span>tual P<span class=\"_ _2\"></span>ark Dr<span class=\"_ _2\"></span>ive, H<span class=\"_ _2\"></span>enle<span class=\"_ _2\"></span>y-on<span class=\"_ _2\"></span>-<span class=\"_ _7\"></span>T<span class=\"_ _2\"></span>ham<span class=\"_ _2\"></span>es, O<span class=\"_ _2\"></span>xfo<span class=\"_ _2\"></span>rdsh<span class=\"_ _2\"></span>ire, R<span class=\"_ _2\"></span>G9 1H<span class=\"_ _2\"></span>H, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>38  <span class=\"_ _28\"> </span>1<span class=\"_ _2\"></span>0, Ch\u00e2<span class=\"_ _2\"></span>teau d<span class=\"_ _2\"></span>\u2019E<span class=\"_ _2\"></span>au, L<span class=\"_ _7\"></span>-3<span class=\"_ _2\"></span>36<span class=\"_ _2\"></span>4 Leud<span class=\"_ _2\"></span>elan<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>, Gran<span class=\"_ _2\"></span>d Duc<span class=\"_ _2\"></span>hy of Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>39  <span class=\"_ _28\"> </span>Cal<span class=\"_ _2\"></span>ton S<span class=\"_ _2\"></span>quare<span class=\"_ _2\"></span>, 1 Gre<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ide Row, E<span class=\"_ _2\"></span>dinbu<span class=\"_ _2\"></span>rgh, E<span class=\"_ _2\"></span>H1 3AN<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>40  <span class=\"_ _18\"> </span>1<span class=\"_ _2\"></span>60 Q<span class=\"_ _2\"></span>uee<span class=\"_ _2\"></span>n Vict<span class=\"_ _2\"></span>oria St<span class=\"_ _2\"></span>reet<span class=\"_ _2\"></span>, Lon<span class=\"_ _2\"></span>don<span class=\"_ _2\"></span>, EC4V 4<span class=\"_ _2\"></span>LA<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>41  <span class=\"_ _a\"> </span>Can<span class=\"_ _2\"></span>on\u2019s Co<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>, 22 Vi<span class=\"_ _2\"></span>ctor<span class=\"_ _2\"></span>ia Stre<span class=\"_ _2\"></span>et, H<span class=\"_ _2\"></span>amil<span class=\"_ _2\"></span>ton<span class=\"_ _2\"></span>, HM12<span class=\"_ _2\"></span>, Ber<span class=\"_ _2\"></span>muda<span class=\"_ _3bc\"> </span>42  <span class=\"_ _28\"> </span>C<span class=\"_ _2\"></span>alle N<span class=\"_ _2\"></span>ancl<span class=\"_ _2\"></span>ares d<span class=\"_ _2\"></span>e Oc<span class=\"_ _2\"></span>a, 1B<span class=\"_ _2\"></span>, 28<span class=\"_ _2\"></span>022 M<span class=\"_ _2\"></span>adri<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>43  <span class=\"_ _1a\"> </span>Matrix House,<span class=\"_ _5\"></span> Basing<span class=\"_ _5\"></span> View<span class=\"_ _5\"></span>, Basingsto<span class=\"_ _5\"></span>ke,<span class=\"_ _5\"></span> Hampshir<span class=\"_ _5\"></span>e, RG21<span class=\"_ _5\"></span> 4DZ, E<span class=\"_ _5\"></span>ngland<span class=\"_ _3bc\"> </span>4<span class=\"_ _2\"></span>4  <span class=\"_ _18\"> </span>2<span class=\"_ _2\"></span>80 Bi<span class=\"_ _2\"></span>shop<span class=\"_ _2\"></span>sga<span class=\"_ _2\"></span>te, Lo<span class=\"_ _2\"></span>ndon<span class=\"_ _2\"></span>, EC2<span class=\"_ _2\"></span>M 4AG, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>45  <span class=\"_ _28\"> </span>S<span class=\"_ _2\"></span>enni<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>rbe<span class=\"_ _2\"></span>rg, 6<span class=\"_ _2\"></span>, Rou<span class=\"_ _2\"></span>te De Tr\u00e8ves<span class=\"_ _2\"></span>, L<span class=\"_ _6\"></span>-26<span class=\"_ _2\"></span>33<span class=\"_ _2\"></span>, Luxem<span class=\"_ _2\"></span>bour<span class=\"_ _2\"></span>g<span class=\"_ _3bc\"> </span>46  <span class=\"_ _1a\"> </span>S<span class=\"_ _2\"></span>enn<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>erbe<span class=\"_ _2\"></span>rg, 6<span class=\"_ _2\"></span>, Lou H<span class=\"_ _2\"></span>emm<span class=\"_ _2\"></span>er Str<span class=\"_ _2\"></span>eet<span class=\"_ _2\"></span>, L<span class=\"_ _6\"></span>-1748<span class=\"_ _2\"></span>, Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>47  <span class=\"_ _b3\"> </span>2n<span class=\"_ _2\"></span>d Floo<span class=\"_ _2\"></span>r, 20-22 B<span class=\"_ _2\"></span>edfo<span class=\"_ _2\"></span>rd Row, Lon<span class=\"_ _2\"></span>don<span class=\"_ _2\"></span>, WC1<span class=\"_ _2\"></span>R 4EB<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>48  <span class=\"_ _28\"> </span>Wee<span class=\"_ _2\"></span>na 8<span class=\"_ _2\"></span>50, 3<span class=\"_ _2\"></span>014 DA<span class=\"_ _2\"></span>, Rot<span class=\"_ _2\"></span>terd<span class=\"_ _2\"></span>am, N<span class=\"_ _2\"></span>ethe<span class=\"_ _2\"></span>rla<span class=\"_ _2\"></span>nds<span class=\"_ _3bc\"> </span>49  <span class=\"_ _1a\"> </span>H<span class=\"_ _2\"></span>esp<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>, 33<span class=\"_ _2\"></span>, rue d<span class=\"_ _2\"></span>e Gasp<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>ch, L<span class=\"_ _7\"></span>-5<span class=\"_ _2\"></span>826<span class=\"_ _2\"></span>, Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>50  <span class=\"_ _18\"> </span>5 B<span class=\"_ _2\"></span>road<span class=\"_ _2\"></span>gate<span class=\"_ _2\"></span>, Lond<span class=\"_ _2\"></span>on, EC<span class=\"_ _2\"></span>2M 2Q<span class=\"_ _2\"></span>S, Un<span class=\"_ _2\"></span>ited K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>51  <span class=\"_ _a\"> </span>20<span class=\"_ _2\"></span>, rue de l<span class=\"_ _2\"></span>a Post<span class=\"_ _2\"></span>e, Gra<span class=\"_ _2\"></span>nd Du<span class=\"_ _2\"></span>chy of Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _2\"></span>, L<span class=\"_ _6\"></span>-23<span class=\"_ _2\"></span>46<span class=\"_ _2\"></span>, Luxem<span class=\"_ _2\"></span>bou<span class=\"_ _2\"></span>rg<span class=\"_ _3bc\"> </span>52  <span class=\"_ _28\"> </span>1 L<span class=\"_ _2\"></span>ondo<span class=\"_ _2\"></span>n Wall Pla<span class=\"_ _2\"></span>ce, L<span class=\"_ _2\"></span>ondo<span class=\"_ _2\"></span>n, EC2<span class=\"_ _2\"></span>Y 5AU, Uni<span class=\"_ _2\"></span>ted Ki<span class=\"_ _2\"></span>ngd<span class=\"_ _2\"></span>om<span class=\"_ _3bc\"> </span>53  <span class=\"_ _1a\"> </span>S<span class=\"_ _2\"></span>enni<span class=\"_ _5\"></span>ngerberg, 5, Hohenho<span class=\"_ _5\"></span>f,<span class=\"_ _5\"></span> L<span class=\"_ _6\"></span>-1736, Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _3bc\"> </span>54  <span class=\"_ _28\"> </span>3<span class=\"_ _2\"></span>3 Sir Jo<span class=\"_ _2\"></span>hn Ro<span class=\"_ _2\"></span>ger<span class=\"_ _2\"></span>sons Q<span class=\"_ _2\"></span>uay, D<span class=\"_ _2\"></span>ublin<span class=\"_ _2\"></span>, D02 X<span class=\"_ _2\"></span>K09, I<span class=\"_ _2\"></span>rela<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span>55  <span class=\"_ _28\"> </span>S<span class=\"_ _2\"></span>t. Pete<span class=\"_ _2\"></span>r Por<span class=\"_ _2\"></span>t, Tudor Ho<span class=\"_ _2\"></span>use<span class=\"_ _2\"></span>, Le Bor<span class=\"_ _2\"></span>dag<span class=\"_ _2\"></span>e, GY1 6B<span class=\"_ _2\"></span>D, Gu<span class=\"_ _2\"></span>erns<span class=\"_ _2\"></span>ey<span class=\"_ _3bc\"> </span>56  <span class=\"_ _28\"> </span>Hig<span class=\"_ _2\"></span>hvis<span class=\"_ _2\"></span>ta St<span class=\"_ _2\"></span>rate<span class=\"_ _2\"></span>gies L<span class=\"_ _2\"></span>L<span class=\"_ _5\"></span>C, 2<span class=\"_ _2\"></span>00 Cl<span class=\"_ _2\"></span>aren<span class=\"_ _2\"></span>don St<span class=\"_ _2\"></span>reet 5<span class=\"_ _2\"></span>0th F<span class=\"_ _2\"></span>loor, B<span class=\"_ _2\"></span>osto<span class=\"_ _2\"></span>n, 02<span class=\"_ _2\"></span>116<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted St<span class=\"_ _2\"></span>ates<span class=\"_ _3bc\"> </span>57  <span class=\"_ _b3\"> </span>C<span class=\"_ _2\"></span>orp<span class=\"_ _2\"></span>orat<span class=\"_ _2\"></span>ion Trust C<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>re, 12<span class=\"_ _2\"></span>90 O<span class=\"_ _2\"></span>rang<span class=\"_ _2\"></span>e Stre<span class=\"_ _2\"></span>et, W<span class=\"_ _2\"></span>ilmi<span class=\"_ _2\"></span>ngto<span class=\"_ _2\"></span>n, 1<span class=\"_ _2\"></span>98<span class=\"_ _2\"></span>01, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d Stat<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span>58  <span class=\"_ _28\"> </span>c/o Mar<span class=\"_ _2\"></span>ks and S<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>cer U<span class=\"_ _2\"></span>nit Trust M<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent Lim<span class=\"_ _2\"></span>ited<span class=\"_ _2\"></span>, Kin<span class=\"_ _2\"></span>gs Me<span class=\"_ _2\"></span>adow, C<span class=\"_ _2\"></span>hes<span class=\"_ _2\"></span>ter Bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss Pa<span class=\"_ _2\"></span>rk, Ch<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ter, CH<span class=\"_ _2\"></span>99 9<span class=\"_ _2\"></span>FB, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>59  <span class=\"_ _28\"> </span>St<span class=\"_ _2\"></span>. Hel<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>, 1 Und<span class=\"_ _2\"></span>ersh<span class=\"_ _2\"></span>af<span class=\"_ _2\"></span>t, Lon<span class=\"_ _2\"></span>don<span class=\"_ _2\"></span>, EC3P 3<span class=\"_ _2\"></span>DQ, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing subsidi<span class=\"_ _2\"></span>aries have be<span class=\"_ _2\"></span>en gra<span class=\"_ _2\"></span>nted an audit exe<span class=\"_ _2\"></span>mption by parent<span class=\"_ _2\"></span>al guar<span class=\"_ _2\"></span>antee by vir<span class=\"_ _2\"></span>tue of s<span class=\"_ _2\"></span>.479A o<span class=\"_ _5\"></span>f the C<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s Act 20<span class=\"_ _2\"></span>06<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>B<span class=\"_ _2\"></span>ritannic F<span class=\"_ _2\"></span>inanc<span class=\"_ _2\"></span>e Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls1c ws1a\">B<span class=\"_ _2\"></span>ritannic Money Investme<span class=\"_ _2\"></span>nt Servic<span class=\"_ _2\"></span>es Limited<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span>G Life H Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>G A<span class=\"_ _2\"></span>ssur<span class=\"_ _2\"></span>ance &amp; Pensi<span class=\"_ _2\"></span>ons Ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Pea<span class=\"_ _2\"></span>rl Ass<span class=\"_ _2\"></span>urance G<span class=\"_ _2\"></span>roup Holdin<span class=\"_ _2\"></span>gs Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Pea<span class=\"_ _2\"></span>rl Custom<span class=\"_ _2\"></span>er Care Limi<span class=\"_ _2\"></span>ted<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>GMS (Gl<span class=\"_ _2\"></span>asgow) Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>GS 2 Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix C<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r Care Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix S<span class=\"_ _2\"></span>PV 1 Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix S<span class=\"_ _2\"></span>PV 2 Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix S<span class=\"_ _2\"></span>PV 3 Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix S<span class=\"_ _2\"></span>PV 4 Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix Wea<span class=\"_ _2\"></span>lth Holdin<span class=\"_ _2\"></span>gs Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Re<span class=\"_ _2\"></span>Ass<span class=\"_ _2\"></span>ure Compan<span class=\"_ _2\"></span>ies Se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Re<span class=\"_ _2\"></span>Ass<span class=\"_ _2\"></span>ure FSH UK Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Vebnet Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Vebnet (H<span class=\"_ _2\"></span>oldings) Limite<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbfe\">The follow<span class=\"_ _2\"></span>ing subsidi<span class=\"_ _2\"></span>aries were dis<span class=\"_ _2\"></span>solve<span class=\"_ _2\"></span>d during the p<span class=\"_ _2\"></span>eriod. T<span class=\"_ _2\"></span>he subsidi<span class=\"_ _2\"></span>aries were de<span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>olidated fro<span class=\"_ _2\"></span>m the date of diss<span class=\"_ _2\"></span>olution:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbff\">\u2022 <span class=\"_ _9\"> </span><span class=\"ls61 ws5f\">Cr<span class=\"_ _2\"></span>awley Unit<span class=\"_ _5\"></span> T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc00\">\u2022 <span class=\"_ _9\"> </span><span class=\"ls61 ws5f\">In<span class=\"_ _2\"></span>esia SA<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc01\">\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>UTM ACS Lothian UK Lis<span class=\"_ _2\"></span>ted Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc02\">\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>UTM ACS UK All S<span class=\"_ _2\"></span>hare Liste<span class=\"_ _2\"></span>d Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc03\">\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>UTM Bothwell U<span class=\"_ _2\"></span>K All Sha<span class=\"_ _2\"></span>re Listed Equi<span class=\"_ _2\"></span>ty Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc04\">\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>UTM UK Equit<span class=\"_ _2\"></span>y Uni<span class=\"_ _2\"></span>t T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc05\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Active Plu<span class=\"_ _2\"></span>s Bond T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>st<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc06\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Dyn<span class=\"_ _2\"></span>amic Multi A<span class=\"_ _2\"></span>sset G<span class=\"_ _2\"></span>rowth Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc07\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Emergin<span class=\"_ _2\"></span>g Markets Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc08\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Shor<span class=\"_ _2\"></span>t Date<span class=\"_ _2\"></span>d UK Gover<span class=\"_ _2\"></span>nment Bo<span class=\"_ _2\"></span>nd T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc09\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Chin<span class=\"_ _2\"></span>a Equities Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc0a\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et De<span class=\"_ _2\"></span>bt Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc0b\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Europ<span class=\"_ _2\"></span>ean Equitie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc0c\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Gl<span class=\"_ _2\"></span>obal Equitie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc0d\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Ja<span class=\"_ _2\"></span>panes<span class=\"_ _2\"></span>e Equities Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc0e\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Strate<span class=\"_ _2\"></span>gic Bond Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc0f\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn UK Gover<span class=\"_ _2\"></span>nment Bo<span class=\"_ _2\"></span>nd T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc10\">The follow<span class=\"_ _2\"></span>ing subsidi<span class=\"_ _2\"></span>aries were ei<span class=\"_ _2\"></span>ther fully di<span class=\"_ _2\"></span>spose<span class=\"_ _2\"></span>d of or the Group w<span class=\"_ _2\"></span>as no lon<span class=\"_ _2\"></span>ger de<span class=\"_ _2\"></span>emed to c<span class=\"_ _2\"></span>ontrol the sub<span class=\"_ _2\"></span>sidiar<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>. The s<span class=\"_ _2\"></span>ubsidiarie<span class=\"_ _2\"></span>s were </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc11\">dec<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated from eit<span class=\"_ _2\"></span>her the da<span class=\"_ _2\"></span>te o<span class=\"_ _5\"></span>f disp<span class=\"_ _2\"></span>osal or fro<span class=\"_ _2\"></span>m the date when t<span class=\"_ _2\"></span>he Group wa<span class=\"_ _2\"></span>s deem<span class=\"_ _2\"></span>ed to no lon<span class=\"_ _2\"></span>ger cont<span class=\"_ _2\"></span>rol the subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc12\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Shor<span class=\"_ _2\"></span>t Date<span class=\"_ _2\"></span>d Corp<span class=\"_ _2\"></span>orate Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc13\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Americ<span class=\"_ _2\"></span>an Inc<span class=\"_ _2\"></span>ome Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc14\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Sus<span class=\"_ _2\"></span>tainab<span class=\"_ _2\"></span>le Index U<span class=\"_ _2\"></span>K Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc15\">\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>F Mac<span class=\"_ _2\"></span>quaries G<span class=\"_ _2\"></span>lobal Infr<span class=\"_ _2\"></span>astru<span class=\"_ _2\"></span>cture S<span class=\"_ _2\"></span>ecurit<span class=\"_ _2\"></span>ies Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc16\">\u2022 <span class=\"_ _9\"> </span>Q<span class=\"_ _2\"></span>uilter Inves<span class=\"_ _2\"></span>tors Glo<span class=\"_ _2\"></span>bal Equit<span class=\"_ _2\"></span>y Index Fund<span class=\"_ gs132\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc17\">\u2022 <span class=\"_ _9\"> </span>Q<span class=\"_ _2\"></span>uilter Inves<span class=\"_ _2\"></span>tors UK Eq<span class=\"_ _2\"></span>uity I<span class=\"_ _2\"></span>ndex Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc18\">The follow<span class=\"_ _2\"></span>ing ass<span class=\"_ _2\"></span>ociate wa<span class=\"_ _2\"></span>s dissol<span class=\"_ _2\"></span>ved during th<span class=\"_ _2\"></span>e period<span class=\"_ _2\"></span>. The inves<span class=\"_ _2\"></span>tment in as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>te was dere<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed from th<span class=\"_ _2\"></span>e date of dissol<span class=\"_ _2\"></span>ution:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc19\">\u2022 <span class=\"_ _9\"> </span>U<span class=\"_ _2\"></span>K Comm<span class=\"_ _2\"></span>ercial Prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty E<span class=\"_ _2\"></span>state<span class=\"_ _2\"></span>s (Readin<span class=\"_ _2\"></span>g) Limited<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc1a\">\u2022 <span class=\"_ _9\"> </span>U<span class=\"_ _2\"></span>K<span class=\"_ _7\"></span>C<span class=\"_ _2\"></span>PT Limited Pa<span class=\"_ _2\"></span>rtn<span class=\"_ _2\"></span>ership<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc1b\">The Gro<span class=\"_ _2\"></span>up no long<span class=\"_ _2\"></span>er has s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt holding<span class=\"_ _2\"></span>s in the following un<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>taking<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc1c\">\u2022 <span class=\"_ _9\"> </span>A<span class=\"_ _2\"></span>berde<span class=\"_ _2\"></span>en Japan Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc1d\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Americ<span class=\"_ _2\"></span>an Unc<span class=\"_ _2\"></span>onstr<span class=\"_ _2\"></span>ained Equi<span class=\"_ _2\"></span>ty Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc1e\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Divers<span class=\"_ _2\"></span>ified Grow<span class=\"_ _2\"></span>th Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc1f\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Globa<span class=\"_ _2\"></span>l Absolute Re<span class=\"_ _2\"></span>turn Strate<span class=\"_ _2\"></span>gies Ret<span class=\"_ _2\"></span>ail Acc<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc20\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Globa<span class=\"_ _2\"></span>l Focuse<span class=\"_ _2\"></span>d Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc21\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Multi-As<span class=\"_ _2\"></span>set Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc22\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Gl<span class=\"_ _2\"></span>obal Abs<span class=\"_ _2\"></span>olute Return Str<span class=\"_ _2\"></span>ategie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc23\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn UK Hig<span class=\"_ _2\"></span>h Incom<span class=\"_ _2\"></span>e Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc24\">\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn UK Op<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tunities Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc25\">\u2022 <span class=\"_ _9\"> </span>A<span class=\"_ _2\"></span>X<span class=\"_ _2\"></span>A Fixed I<span class=\"_ _2\"></span>nterest I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt ICV<span class=\"_ _5\"></span>C \u2013 Sterlin<span class=\"_ _2\"></span>g Strategi<span class=\"_ _2\"></span>c Bond Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc26\">\u2022 <span class=\"_ _9\"> </span>L<span class=\"_ _2\"></span>&amp;G Euro High Alp<span class=\"_ _2\"></span>ha Corp<span class=\"_ _2\"></span>orate Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc27\">\u2022 <span class=\"_ _9\"> </span>Le<span class=\"_ _2\"></span>gal &amp; Ge<span class=\"_ _2\"></span>neral Europ<span class=\"_ _2\"></span>ean T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>st<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc28\">\u2022 <span class=\"_ _9\"> </span>M<span class=\"_ _2\"></span>I Som<span class=\"_ _2\"></span>erset G<span class=\"_ _2\"></span>lobal Em<span class=\"_ _2\"></span>erging M<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>ets Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc29\">\u2022 <span class=\"_ _9\"> </span>Per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce Reta<span class=\"_ _2\"></span>il Unit T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc2a\">\u2022 <span class=\"_ _9\"> </span>Q<span class=\"_ _2\"></span>uilter Inves<span class=\"_ _2\"></span>tors Chin<span class=\"_ _2\"></span>a Equity Fund<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc2b\">\u2022 <span class=\"_ _9\"> </span>S<span class=\"_ _2\"></span>tandar<span class=\"_ _2\"></span>d Life Capital Infr<span class=\"_ _2\"></span>astr<span class=\"_ _2\"></span>ucture I LP</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-679": {
   "value": "H5. Structured<span class=\"_ _5\"></span> entiti<span class=\"_ _5\"></span>es<span class=\"_ _3bc\"> </span>A str<span class=\"_ _2\"></span>ucture<span class=\"_ _2\"></span>d entit<span class=\"_ _2\"></span>y is an entit<span class=\"_ _2\"></span>y that h<span class=\"_ _2\"></span>as be<span class=\"_ _2\"></span>en desig<span class=\"_ _2\"></span>ned so th<span class=\"_ _2\"></span>at voting or simila<span class=\"_ _2\"></span>r rights are n<span class=\"_ _2\"></span>ot the domin<span class=\"_ _2\"></span>ant factor in d<span class=\"_ _2\"></span>eciding w<span class=\"_ _2\"></span>ho control<span class=\"_ _2\"></span>s the entit<span class=\"_ _2\"></span>y, such as whe<span class=\"_ _2\"></span>n any voting right<span class=\"_ _2\"></span>s relate to adminis<span class=\"_ _2\"></span>trative t<span class=\"_ _2\"></span>asks only, and the re<span class=\"_ _2\"></span>levant ac<span class=\"_ _2\"></span>tivities are dire<span class=\"_ _2\"></span>cted by m<span class=\"_ _2\"></span>eans of co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ual arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>. A struc<span class=\"_ _2\"></span>tured e<span class=\"_ _2\"></span>ntity of<span class=\"_ _2\"></span>ten ha<span class=\"_ _2\"></span>s some or all of th<span class=\"_ _2\"></span>e following feat<span class=\"_ _2\"></span>ures or at<span class=\"_ _2\"></span>tributes<span class=\"_ _2\"></span>: (a<span class=\"_ _5\"></span>) res<span class=\"_ _2\"></span>tricte<span class=\"_ _2\"></span>d activit<span class=\"_ _2\"></span>ies; (b) a narrow a<span class=\"_ _2\"></span>nd well-<span class=\"_ _3bc\"> </span>define<span class=\"_ _2\"></span>d obje<span class=\"_ _2\"></span>ctive, s<span class=\"_ _2\"></span>uch as to provide inve<span class=\"_ _2\"></span>stment o<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>tunitie<span class=\"_ _2\"></span>s for investors by p<span class=\"_ _2\"></span>assin<span class=\"_ _2\"></span>g on risks and re<span class=\"_ _2\"></span>wards as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s of the str<span class=\"_ _2\"></span>ucture<span class=\"_ _2\"></span>d entit<span class=\"_ _2\"></span>y to investor<span class=\"_ _2\"></span>s; (c) insuffic<span class=\"_ _2\"></span>ient equi<span class=\"_ _2\"></span>ty to pe<span class=\"_ _2\"></span>rmit the s<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ured entit<span class=\"_ _2\"></span>y to finan<span class=\"_ _2\"></span>ce its a<span class=\"_ _2\"></span>ctiviti<span class=\"_ _2\"></span>es witho<span class=\"_ _2\"></span>ut subordin<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial supp<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>; and (d) fina<span class=\"_ _2\"></span>ncing in th<span class=\"_ _2\"></span>e form of multiple co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ually linked ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts to investor<span class=\"_ _2\"></span>s that crea<span class=\"_ _2\"></span>te conce<span class=\"_ _2\"></span>ntrations of cre<span class=\"_ _2\"></span>dit or othe<span class=\"_ _2\"></span>r risks (tranch<span class=\"_ _2\"></span>es)<span class=\"_ _3bc\"> <span class=\"_ _3bc\"> </span></span><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa14\">The Gro<span class=\"_ _2\"></span>up has dete<span class=\"_ _2\"></span>rmined th<span class=\"_ _2\"></span>at all of its inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s in collec<span class=\"_ _2\"></span>tive investm<span class=\"_ _2\"></span>ent sche<span class=\"_ _2\"></span>mes are s<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>tured entit<span class=\"_ _2\"></span>ies. In a<span class=\"_ _2\"></span>ddition<span class=\"_ _2\"></span>, a numbe<span class=\"_ _2\"></span>r of debt </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa15\">se<span class=\"_ _2\"></span>curit<span class=\"_ _2\"></span>y stru<span class=\"_ _2\"></span>ctures an<span class=\"_ _2\"></span>d private eq<span class=\"_ _2\"></span>uity f<span class=\"_ _2\"></span>unds have be<span class=\"_ _2\"></span>en identi<span class=\"_ _2\"></span>fied as s<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ured entiti<span class=\"_ _2\"></span>es. Th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s asse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d that it ha<span class=\"_ _2\"></span>s interest<span class=\"_ _2\"></span>s in both </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa16\">con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d and unco<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d stru<span class=\"_ _2\"></span>cture<span class=\"_ _2\"></span>d entities a<span class=\"_ _2\"></span>s shown be<span class=\"_ _2\"></span>low:<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa17\">\u2022 <span class=\"_ _9\"> </span><span class=\"ls1c ws1a\">U<span class=\"_ _2\"></span>nit trusts;<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa18\">\u2022 <span class=\"_ _9\"> </span><span class=\"ls12a ws113\">OEICs;<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa19\">\u2022 <span class=\"_ _9\"> </span><span class=\"ls1c1 ws1c1\">S<span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>C<span class=\"_ _2\"></span>AVs<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa1a\">\u2022 <span class=\"_ _9\"> </span>Pr<span class=\"_ _2\"></span>ivate equit<span class=\"_ _2\"></span>y fund<span class=\"_ _2\"></span>s;<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa1b\">\u2022 <span class=\"_ _9\"> </span><span class=\"ls17 ws15\">As<span class=\"_ _2\"></span>set<span class=\"_ _5\"></span> back<span class=\"_ _5\"></span>ed securit<span class=\"_ _5\"></span>ies;<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa1c\">\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>ollatera<span class=\"_ _2\"></span>lised D<span class=\"_ _2\"></span>ebt Oblig<span class=\"_ _2\"></span>ations (<span class=\"_ _2\"></span>\u2018CDO<span class=\"_ _2\"></span>s\u2019);<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa1d\">\u2022 <span class=\"_ _9\"> </span>O<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>ebt stru<span class=\"_ _2\"></span>ctures<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa1e\">\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix G<span class=\"_ _2\"></span>roup Employee B<span class=\"_ _2\"></span>enefit T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust (<span class=\"_ _2\"></span>\u2018EBT<span class=\"_ _2\"></span>\u2019). </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa1f\">The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s h<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s in the investm<span class=\"_ _2\"></span>ents lis<span class=\"_ _2\"></span>ted above are s<span class=\"_ _2\"></span>usce<span class=\"_ _2\"></span>ptible to market price r<span class=\"_ _2\"></span>isk arising f<span class=\"_ _2\"></span>rom uncer<span class=\"_ _2\"></span>tainti<span class=\"_ _2\"></span>es abou<span class=\"_ _2\"></span>t future valu<span class=\"_ _2\"></span>es. H<span class=\"_ _2\"></span>oldings </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa20\">in investm<span class=\"_ _2\"></span>ent fund<span class=\"_ _2\"></span>s are subje<span class=\"_ _2\"></span>ct to the ter<span class=\"_ _2\"></span>ms and co<span class=\"_ _2\"></span>nditions of th<span class=\"_ _2\"></span>e respe<span class=\"_ _2\"></span>ctive fun<span class=\"_ _2\"></span>d\u2019s prospe<span class=\"_ _2\"></span>ctus an<span class=\"_ _2\"></span>d the Group h<span class=\"_ _2\"></span>olds red<span class=\"_ _2\"></span>eema<span class=\"_ _2\"></span>ble share<span class=\"_ _2\"></span>s or units </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa21\">in eac<span class=\"_ _2\"></span>h of the funds<span class=\"_ _2\"></span>. The fun<span class=\"_ _2\"></span>ds are man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d by internal and e<span class=\"_ _2\"></span>xtern<span class=\"_ _2\"></span>al fund m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>rs who ap<span class=\"_ _2\"></span>ply vario<span class=\"_ _2\"></span>us investme<span class=\"_ _2\"></span>nt strate<span class=\"_ _2\"></span>gies to ac<span class=\"_ _2\"></span>complis<span class=\"_ _2\"></span>h their </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa22\">resp<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tives<span class=\"_ _2\"></span>. All of the funds a<span class=\"_ _2\"></span>re manag<span class=\"_ _2\"></span>ed by fun<span class=\"_ _2\"></span>d manag<span class=\"_ _2\"></span>ers wh<span class=\"_ _2\"></span>o are comp<span class=\"_ _2\"></span>ensate<span class=\"_ _2\"></span>d by the resp<span class=\"_ _2\"></span>ective f<span class=\"_ _2\"></span>unds for the<span class=\"_ _2\"></span>ir </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa23\">ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s. S<span class=\"_ _2\"></span>uch comp<span class=\"_ _2\"></span>ensa<span class=\"_ _2\"></span>tion gen<span class=\"_ _2\"></span>erally co<span class=\"_ _2\"></span>nsist<span class=\"_ _2\"></span>s of an ass<span class=\"_ _2\"></span>et-base<span class=\"_ _2\"></span>d fee and a p<span class=\"_ _2\"></span>erfor<span class=\"_ _2\"></span>mance<span class=\"_ _2\"></span>-bas<span class=\"_ _2\"></span>ed inc<span class=\"_ _2\"></span>entive fee and i<span class=\"_ _2\"></span>s reflec<span class=\"_ _2\"></span>ted in the valu<span class=\"_ _2\"></span>ation </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa24\">of each f<span class=\"_ _2\"></span>und.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls17 ws15 gsa25\">H5.1 Interests in<span class=\"_ _7\"></span> c<span class=\"_ _2\"></span>onsolidated<span class=\"_ _5\"></span> structured entities<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa26\">The Gro<span class=\"_ _2\"></span>up has dete<span class=\"_ _2\"></span>rmined th<span class=\"_ _2\"></span>at where it h<span class=\"_ _2\"></span>as control over f<span class=\"_ _2\"></span>unds<span class=\"_ _2\"></span>, these inve<span class=\"_ _2\"></span>stment<span class=\"_ _2\"></span>s are con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d struc<span class=\"_ _2\"></span>tured e<span class=\"_ _2\"></span>ntities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa27\">The EBT is a c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated str<span class=\"_ _2\"></span>ucture<span class=\"_ _2\"></span>d entit<span class=\"_ _2\"></span>y that h<span class=\"_ _2\"></span>olds share<span class=\"_ _2\"></span>s to satisf<span class=\"_ _2\"></span>y awar<span class=\"_ _2\"></span>ds granted to e<span class=\"_ _2\"></span>mployee<span class=\"_ _2\"></span>s under the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s sha<span class=\"_ _2\"></span>re-bas<span class=\"_ _2\"></span>ed </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls12 ws10 gsa28\">paymen<span class=\"_ _5\"></span>t schemes.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa29\">Durin<span class=\"_ _2\"></span>g the year, the Group gr<span class=\"_ _2\"></span>anted fur<span class=\"_ _2\"></span>ther l<span class=\"_ _2\"></span>oans to the EBT of \u00a3<span class=\"_ _2\"></span>12 million (2022<span class=\"_ _2\"></span>: \u00a313 million).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa2a\">As at th<span class=\"_ _2\"></span>e repor<span class=\"_ _2\"></span>ting date, t<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s no intention to provi<span class=\"_ _2\"></span>de financi<span class=\"_ _2\"></span>al or other s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>t to any other co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d stru<span class=\"_ _2\"></span>cture<span class=\"_ _2\"></span>d entit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls17 ws15 gsa2b\">H5.<span class=\"_ _2\"></span>2 Interests in<span class=\"_ _7\"></span> unc<span class=\"_ _2\"></span>onsolidated<span class=\"_ _5\"></span> structured entities<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa2c\">The Gro<span class=\"_ _2\"></span>up has intere<span class=\"_ _2\"></span>sts in un<span class=\"_ _2\"></span>conso<span class=\"_ _2\"></span>lidated s<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ured entiti<span class=\"_ _2\"></span>es. Th<span class=\"_ _2\"></span>ese inves<span class=\"_ _2\"></span>tments a<span class=\"_ _2\"></span>re held as fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s in the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa2d\">st<span class=\"_ _2\"></span>atement of fina<span class=\"_ _2\"></span>ncial po<span class=\"_ _2\"></span>sition hel<span class=\"_ _2\"></span>d at fair value th<span class=\"_ _2\"></span>rough profit o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>. Any chang<span class=\"_ _2\"></span>e in fair value i<span class=\"_ _2\"></span>s include<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa2e\">in \u2018net investm<span class=\"_ _2\"></span>ent incom<span class=\"_ _2\"></span>e\u2019<span class=\"_ _7\"></span>. Divi<span class=\"_ _2\"></span>dend and inte<span class=\"_ _2\"></span>rest in<span class=\"_ _2\"></span>come is re<span class=\"_ _2\"></span>ceived fro<span class=\"_ _2\"></span>m these inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa2f\">A summ<span class=\"_ _2\"></span>ary of th<span class=\"_ _2\"></span>e Group\u2019s int<span class=\"_ _5\"></span>eres<span class=\"_ _2\"></span>t in unco<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d stru<span class=\"_ _2\"></span>cture<span class=\"_ _2\"></span>d entities is in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d below. The<span class=\"_ _2\"></span>se are shown a<span class=\"_ _2\"></span>ccordin<span class=\"_ _2\"></span>g to the finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa30\">cate<span class=\"_ _2\"></span>goris<span class=\"_ _2\"></span>ation in the co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted st<span class=\"_ _2\"></span>atement of finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition.<span class=\"_ _3bc\"> </span></div><div class=\"gsa31\"><table class=\"s w3a0 h328\" id=\"_f7e8c437-c711-4b4f-b7e3-b603c9ab9abf\"><tr><td></td><td class=\"c n x6f4 y5d77 w3a3 h2b4\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f5 y5d77 w3a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x15a1 h3f y5d78 ff7 fsf fc1 sc0 ls0 ws0\">Ca<span class=\"_ _2\"></span>rry<span class=\"_ _2\"></span>ing va<span class=\"_ _2\"></span>lue of </td><td class=\"t m0 x16e1 h16 y5d78 ff3 fsf fc1 sc0 ls17 ws15\">Carrying value of </td></tr><tr><td></td><td class=\"t m0 x630 h3f y5d79 ff7 fsf fc1 sc0 ls5b ws76\">financial assets<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x260 h16 y5d79 ff3 fsf fc1 sc0 lse3 wscd\">financial assets<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x262 h3f y5d7a ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5d7a ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y561c wef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cfe y561c w5f5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6e y561c w14a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">968<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d wfc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cff y561d wfd h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">78,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>09<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d00 y561d wfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c6 ws1c6\">75<span class=\"_ _2\"></span>,38<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e wf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cee y561e w5ef h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">8<span class=\"_ _2\"></span>,26<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d01 y561e wa6a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">8,0<span class=\"_ _2\"></span>62<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x1d02 y55ef wa6b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b2 ws1af\">8<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>224<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d03 y55ef wa6c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">8<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>41<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa32\">The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s m<span class=\"_ _2\"></span>aximum ex<span class=\"_ _2\"></span>posure to lo<span class=\"_ _2\"></span>ss with re<span class=\"_ _2\"></span>gard to the intere<span class=\"_ _2\"></span>sts p<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d above is the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of the Group\u2019s investme<span class=\"_ _2\"></span>nts. O<span class=\"_ _2\"></span>nce th<span class=\"_ _2\"></span>e </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa33\">Group h<span class=\"_ _2\"></span>as dispo<span class=\"_ _2\"></span>sed of its s<span class=\"_ _2\"></span>hares or uni<span class=\"_ _2\"></span>ts in a fund<span class=\"_ _2\"></span>, it cea<span class=\"_ _2\"></span>ses to be ex<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>d to any risk from that f<span class=\"_ _2\"></span>und. Th<span class=\"_ _2\"></span>e Group\u2019s holding<span class=\"_ _2\"></span>s in the above </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa34\">unco<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d stru<span class=\"_ _2\"></span>cture<span class=\"_ _2\"></span>d entities are l<span class=\"_ _2\"></span>argely l<span class=\"_ _2\"></span>ess tha<span class=\"_ _2\"></span>n 50% and a<span class=\"_ _2\"></span>s such the s<span class=\"_ _2\"></span>iz<span class=\"_ _7\"></span>e of th<span class=\"_ _2\"></span>ese s<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ured entitie<span class=\"_ _2\"></span>s are likely to be signifi<span class=\"_ _2\"></span>cantly hig<span class=\"_ _2\"></span>her </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa35\">than th<span class=\"_ _2\"></span>eir carr<span class=\"_ _2\"></span>ying v<span class=\"_ _2\"></span>alue.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsa36\">Det<span class=\"_ _2\"></span>ails of commit<span class=\"_ _2\"></span>ments to s<span class=\"_ _2\"></span>ubscribe to p<span class=\"_ _2\"></span>rivate equit<span class=\"_ _2\"></span>y fun<span class=\"_ _2\"></span>ds and othe<span class=\"_ _2\"></span>r unliste<span class=\"_ _2\"></span>d asset<span class=\"_ _2\"></span>s are incl<span class=\"_ _2\"></span>uded in note I<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span>.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-666": {
   "value": "H5. Structured<span class=\"_ _5\"></span> entiti<span class=\"_ _5\"></span>es<span class=\"_ _3bc\"> </span>A str<span class=\"_ _2\"></span>ucture<span class=\"_ _2\"></span>d entit<span class=\"_ _2\"></span>y is an entit<span class=\"_ _2\"></span>y that h<span class=\"_ _2\"></span>as be<span class=\"_ _2\"></span>en desig<span class=\"_ _2\"></span>ned so th<span class=\"_ _2\"></span>at voting or simila<span class=\"_ _2\"></span>r rights are n<span class=\"_ _2\"></span>ot the domin<span class=\"_ _2\"></span>ant factor in d<span class=\"_ _2\"></span>eciding w<span class=\"_ _2\"></span>ho control<span class=\"_ _2\"></span>s the entit<span class=\"_ _2\"></span>y, such as whe<span class=\"_ _2\"></span>n any voting right<span class=\"_ _2\"></span>s relate to adminis<span class=\"_ _2\"></span>trative t<span class=\"_ _2\"></span>asks only, and the re<span class=\"_ _2\"></span>levant ac<span class=\"_ _2\"></span>tivities are dire<span class=\"_ _2\"></span>cted by m<span class=\"_ _2\"></span>eans of co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ual arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>. A struc<span class=\"_ _2\"></span>tured e<span class=\"_ _2\"></span>ntity of<span class=\"_ _2\"></span>ten ha<span class=\"_ _2\"></span>s some or all of th<span class=\"_ _2\"></span>e following feat<span class=\"_ _2\"></span>ures or at<span class=\"_ _2\"></span>tributes<span class=\"_ _2\"></span>: (a<span class=\"_ _5\"></span>) res<span class=\"_ _2\"></span>tricte<span class=\"_ _2\"></span>d activit<span class=\"_ _2\"></span>ies; (b) a narrow a<span class=\"_ _2\"></span>nd well-<span class=\"_ _3bc\"> </span>define<span class=\"_ _2\"></span>d obje<span class=\"_ _2\"></span>ctive, s<span class=\"_ _2\"></span>uch as to provide inve<span class=\"_ _2\"></span>stment o<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>tunitie<span class=\"_ _2\"></span>s for investors by p<span class=\"_ _2\"></span>assin<span class=\"_ _2\"></span>g on risks and re<span class=\"_ _2\"></span>wards as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s of the str<span class=\"_ _2\"></span>ucture<span class=\"_ _2\"></span>d entit<span class=\"_ _2\"></span>y to investor<span class=\"_ _2\"></span>s; (c) insuffic<span class=\"_ _2\"></span>ient equi<span class=\"_ _2\"></span>ty to pe<span class=\"_ _2\"></span>rmit the s<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ured entit<span class=\"_ _2\"></span>y to finan<span class=\"_ _2\"></span>ce its a<span class=\"_ _2\"></span>ctiviti<span class=\"_ _2\"></span>es witho<span class=\"_ _2\"></span>ut subordin<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial supp<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>; and (d) fina<span class=\"_ _2\"></span>ncing in th<span class=\"_ _2\"></span>e form of multiple co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ually linked ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts to investor<span class=\"_ _2\"></span>s that crea<span class=\"_ _2\"></span>te conce<span class=\"_ _2\"></span>ntrations of cre<span class=\"_ _2\"></span>dit or othe<span class=\"_ _2\"></span>r risks (tranch<span class=\"_ _2\"></span>es)<span class=\"_ _3bc\"> <span class=\"_ _3bc\"> </span></span>The Gro<span class=\"_ _2\"></span>up has dete<span class=\"_ _2\"></span>rmined th<span class=\"_ _2\"></span>at all of its inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s in collec<span class=\"_ _2\"></span>tive investm<span class=\"_ _2\"></span>ent sche<span class=\"_ _2\"></span>mes are s<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>tured entit<span class=\"_ _2\"></span>ies. In a<span class=\"_ _2\"></span>ddition<span class=\"_ _2\"></span>, a numbe<span class=\"_ _2\"></span>r of debt se<span class=\"_ _2\"></span>curit<span class=\"_ _2\"></span>y stru<span class=\"_ _2\"></span>ctures an<span class=\"_ _2\"></span>d private eq<span class=\"_ _2\"></span>uity f<span class=\"_ _2\"></span>unds have be<span class=\"_ _2\"></span>en identi<span class=\"_ _2\"></span>fied as s<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ured entiti<span class=\"_ _2\"></span>es. Th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s asse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d that it ha<span class=\"_ _2\"></span>s interest<span class=\"_ _2\"></span>s in both con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d and unco<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d stru<span class=\"_ _2\"></span>cture<span class=\"_ _2\"></span>d entities a<span class=\"_ _2\"></span>s shown be<span class=\"_ _2\"></span>low:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls1c ws1a\">U<span class=\"_ _2\"></span>nit trusts;<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls12a ws113\">OEICs;<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls1c1 ws1c1\">S<span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>C<span class=\"_ _2\"></span>AVs<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span>Pr<span class=\"_ _2\"></span>ivate equit<span class=\"_ _2\"></span>y fund<span class=\"_ _2\"></span>s;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls17 ws15\">As<span class=\"_ _2\"></span>set<span class=\"_ _5\"></span> back<span class=\"_ _5\"></span>ed securit<span class=\"_ _5\"></span>ies;<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>ollatera<span class=\"_ _2\"></span>lised D<span class=\"_ _2\"></span>ebt Oblig<span class=\"_ _2\"></span>ations (<span class=\"_ _2\"></span>\u2018CDO<span class=\"_ _2\"></span>s\u2019);<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>O<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>ebt stru<span class=\"_ _2\"></span>ctures<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix G<span class=\"_ _2\"></span>roup Employee B<span class=\"_ _2\"></span>enefit T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust (<span class=\"_ _2\"></span>\u2018EBT<span class=\"_ _2\"></span>\u2019). The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s h<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s in the investm<span class=\"_ _2\"></span>ents lis<span class=\"_ _2\"></span>ted above are s<span class=\"_ _2\"></span>usce<span class=\"_ _2\"></span>ptible to market price r<span class=\"_ _2\"></span>isk arising f<span class=\"_ _2\"></span>rom uncer<span class=\"_ _2\"></span>tainti<span class=\"_ _2\"></span>es abou<span class=\"_ _2\"></span>t future valu<span class=\"_ _2\"></span>es. H<span class=\"_ _2\"></span>oldings in investm<span class=\"_ _2\"></span>ent fund<span class=\"_ _2\"></span>s are subje<span class=\"_ _2\"></span>ct to the ter<span class=\"_ _2\"></span>ms and co<span class=\"_ _2\"></span>nditions of th<span class=\"_ _2\"></span>e respe<span class=\"_ _2\"></span>ctive fun<span class=\"_ _2\"></span>d\u2019s prospe<span class=\"_ _2\"></span>ctus an<span class=\"_ _2\"></span>d the Group h<span class=\"_ _2\"></span>olds red<span class=\"_ _2\"></span>eema<span class=\"_ _2\"></span>ble share<span class=\"_ _2\"></span>s or units in eac<span class=\"_ _2\"></span>h of the funds<span class=\"_ _2\"></span>. The fun<span class=\"_ _2\"></span>ds are man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d by internal and e<span class=\"_ _2\"></span>xtern<span class=\"_ _2\"></span>al fund m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>rs who ap<span class=\"_ _2\"></span>ply vario<span class=\"_ _2\"></span>us investme<span class=\"_ _2\"></span>nt strate<span class=\"_ _2\"></span>gies to ac<span class=\"_ _2\"></span>complis<span class=\"_ _2\"></span>h their resp<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tives<span class=\"_ _2\"></span>. All of the funds a<span class=\"_ _2\"></span>re manag<span class=\"_ _2\"></span>ed by fun<span class=\"_ _2\"></span>d manag<span class=\"_ _2\"></span>ers wh<span class=\"_ _2\"></span>o are comp<span class=\"_ _2\"></span>ensate<span class=\"_ _2\"></span>d by the resp<span class=\"_ _2\"></span>ective f<span class=\"_ _2\"></span>unds for the<span class=\"_ _2\"></span>ir ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s. S<span class=\"_ _2\"></span>uch comp<span class=\"_ _2\"></span>ensa<span class=\"_ _2\"></span>tion gen<span class=\"_ _2\"></span>erally co<span class=\"_ _2\"></span>nsist<span class=\"_ _2\"></span>s of an ass<span class=\"_ _2\"></span>et-base<span class=\"_ _2\"></span>d fee and a p<span class=\"_ _2\"></span>erfor<span class=\"_ _2\"></span>mance<span class=\"_ _2\"></span>-bas<span class=\"_ _2\"></span>ed inc<span class=\"_ _2\"></span>entive fee and i<span class=\"_ _2\"></span>s reflec<span class=\"_ _2\"></span>ted in the valu<span class=\"_ _2\"></span>ation of each f<span class=\"_ _2\"></span>und.<span class=\"_ _3bc\"> </span>H5.1 Interests in<span class=\"_ _7\"></span> c<span class=\"_ _2\"></span>onsolidated<span class=\"_ _5\"></span> structured entities<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has dete<span class=\"_ _2\"></span>rmined th<span class=\"_ _2\"></span>at where it h<span class=\"_ _2\"></span>as control over f<span class=\"_ _2\"></span>unds<span class=\"_ _2\"></span>, these inve<span class=\"_ _2\"></span>stment<span class=\"_ _2\"></span>s are con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d struc<span class=\"_ _2\"></span>tured e<span class=\"_ _2\"></span>ntities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The EBT is a c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated str<span class=\"_ _2\"></span>ucture<span class=\"_ _2\"></span>d entit<span class=\"_ _2\"></span>y that h<span class=\"_ _2\"></span>olds share<span class=\"_ _2\"></span>s to satisf<span class=\"_ _2\"></span>y awar<span class=\"_ _2\"></span>ds granted to e<span class=\"_ _2\"></span>mployee<span class=\"_ _2\"></span>s under the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s sha<span class=\"_ _2\"></span>re-bas<span class=\"_ _2\"></span>ed paymen<span class=\"_ _5\"></span>t schemes.<span class=\"_ _3bc\"> </span>Durin<span class=\"_ _2\"></span>g the year, the Group gr<span class=\"_ _2\"></span>anted fur<span class=\"_ _2\"></span>ther l<span class=\"_ _2\"></span>oans to the EBT of \u00a3<span class=\"_ _2\"></span>12 million (2022<span class=\"_ _2\"></span>: \u00a313 million).<span class=\"_ _3bc\"> </span>As at th<span class=\"_ _2\"></span>e repor<span class=\"_ _2\"></span>ting date, t<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s no intention to provi<span class=\"_ _2\"></span>de financi<span class=\"_ _2\"></span>al or other s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>t to any other co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d stru<span class=\"_ _2\"></span>cture<span class=\"_ _2\"></span>d entit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>H5.<span class=\"_ _2\"></span>2 Interests in<span class=\"_ _7\"></span> unc<span class=\"_ _2\"></span>onsolidated<span class=\"_ _5\"></span> structured entities<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has intere<span class=\"_ _2\"></span>sts in un<span class=\"_ _2\"></span>conso<span class=\"_ _2\"></span>lidated s<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ured entiti<span class=\"_ _2\"></span>es. Th<span class=\"_ _2\"></span>ese inves<span class=\"_ _2\"></span>tments a<span class=\"_ _2\"></span>re held as fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s in the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated st<span class=\"_ _2\"></span>atement of fina<span class=\"_ _2\"></span>ncial po<span class=\"_ _2\"></span>sition hel<span class=\"_ _2\"></span>d at fair value th<span class=\"_ _2\"></span>rough profit o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>. Any chang<span class=\"_ _2\"></span>e in fair value i<span class=\"_ _2\"></span>s include<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent in \u2018net investm<span class=\"_ _2\"></span>ent incom<span class=\"_ _2\"></span>e\u2019<span class=\"_ _7\"></span>. Divi<span class=\"_ _2\"></span>dend and inte<span class=\"_ _2\"></span>rest in<span class=\"_ _2\"></span>come is re<span class=\"_ _2\"></span>ceived fro<span class=\"_ _2\"></span>m these inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>A summ<span class=\"_ _2\"></span>ary of th<span class=\"_ _2\"></span>e Group\u2019s int<span class=\"_ _5\"></span>eres<span class=\"_ _2\"></span>t in unco<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d stru<span class=\"_ _2\"></span>cture<span class=\"_ _2\"></span>d entities is in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d below. The<span class=\"_ _2\"></span>se are shown a<span class=\"_ _2\"></span>ccordin<span class=\"_ _2\"></span>g to the finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set cate<span class=\"_ _2\"></span>goris<span class=\"_ _2\"></span>ation in the co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted st<span class=\"_ _2\"></span>atement of finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition.<span class=\"_ _3bc\"> </span><table class=\"s w3a0 h328\" id=\"_f7e8c437-c711-4b4f-b7e3-b603c9ab9abf\"><tr><td></td><td class=\"c n x6f4 y5d77 w3a3 h2b4\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f5 y5d77 w3a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x15a1 h3f y5d78 ff7 fsf fc1 sc0 ls0 ws0\">Ca<span class=\"_ _2\"></span>rry<span class=\"_ _2\"></span>ing va<span class=\"_ _2\"></span>lue of </td><td class=\"t m0 x16e1 h16 y5d78 ff3 fsf fc1 sc0 ls17 ws15\">Carrying value of </td></tr><tr><td></td><td class=\"t m0 x630 h3f y5d79 ff7 fsf fc1 sc0 ls5b ws76\">financial assets<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x260 h16 y5d79 ff3 fsf fc1 sc0 lse3 wscd\">financial assets<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x262 h3f y5d7a ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5d7a ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y561c wef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cfe y561c w5f5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6e y561c w14a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">968<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d wfc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cff y561d wfd h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">78,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>09<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d00 y561d wfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c6 ws1c6\">75<span class=\"_ _2\"></span>,38<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e wf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cee y561e w5ef h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">8<span class=\"_ _2\"></span>,26<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d01 y561e wa6a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">8,0<span class=\"_ _2\"></span>62<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x1d02 y55ef wa6b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b2 ws1af\">8<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>224<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d03 y55ef wa6c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">8<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>41<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr></table>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s m<span class=\"_ _2\"></span>aximum ex<span class=\"_ _2\"></span>posure to lo<span class=\"_ _2\"></span>ss with re<span class=\"_ _2\"></span>gard to the intere<span class=\"_ _2\"></span>sts p<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d above is the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of the Group\u2019s investme<span class=\"_ _2\"></span>nts. O<span class=\"_ _2\"></span>nce th<span class=\"_ _2\"></span>e Group h<span class=\"_ _2\"></span>as dispo<span class=\"_ _2\"></span>sed of its s<span class=\"_ _2\"></span>hares or uni<span class=\"_ _2\"></span>ts in a fund<span class=\"_ _2\"></span>, it cea<span class=\"_ _2\"></span>ses to be ex<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>d to any risk from that f<span class=\"_ _2\"></span>und. Th<span class=\"_ _2\"></span>e Group\u2019s holding<span class=\"_ _2\"></span>s in the above unco<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d stru<span class=\"_ _2\"></span>cture<span class=\"_ _2\"></span>d entities are l<span class=\"_ _2\"></span>argely l<span class=\"_ _2\"></span>ess tha<span class=\"_ _2\"></span>n 50% and a<span class=\"_ _2\"></span>s such the s<span class=\"_ _2\"></span>iz<span class=\"_ _7\"></span>e of th<span class=\"_ _2\"></span>ese s<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ured entitie<span class=\"_ _2\"></span>s are likely to be signifi<span class=\"_ _2\"></span>cantly hig<span class=\"_ _2\"></span>her than th<span class=\"_ _2\"></span>eir carr<span class=\"_ _2\"></span>ying v<span class=\"_ _2\"></span>alue.<span class=\"_ _3bc\"> </span>Det<span class=\"_ _2\"></span>ails of commit<span class=\"_ _2\"></span>ments to s<span class=\"_ _2\"></span>ubscribe to p<span class=\"_ _2\"></span>rivate equit<span class=\"_ _2\"></span>y fun<span class=\"_ _2\"></span>ds and othe<span class=\"_ _2\"></span>r unliste<span class=\"_ _2\"></span>d asset<span class=\"_ _2\"></span>s are incl<span class=\"_ _2\"></span>uded in note I<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-634": {
   "value": "H5. Structured<span class=\"_ _5\"></span> entiti<span class=\"_ _5\"></span>es<span class=\"_ _3bc\"> </span>A str<span class=\"_ _2\"></span>ucture<span class=\"_ _2\"></span>d entit<span class=\"_ _2\"></span>y is an entit<span class=\"_ _2\"></span>y that h<span class=\"_ _2\"></span>as be<span class=\"_ _2\"></span>en desig<span class=\"_ _2\"></span>ned so th<span class=\"_ _2\"></span>at voting or simila<span class=\"_ _2\"></span>r rights are n<span class=\"_ _2\"></span>ot the domin<span class=\"_ _2\"></span>ant factor in d<span class=\"_ _2\"></span>eciding w<span class=\"_ _2\"></span>ho control<span class=\"_ _2\"></span>s the entit<span class=\"_ _2\"></span>y, such as whe<span class=\"_ _2\"></span>n any voting right<span class=\"_ _2\"></span>s relate to adminis<span class=\"_ _2\"></span>trative t<span class=\"_ _2\"></span>asks only, and the re<span class=\"_ _2\"></span>levant ac<span class=\"_ _2\"></span>tivities are dire<span class=\"_ _2\"></span>cted by m<span class=\"_ _2\"></span>eans of co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ual arran<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>. A struc<span class=\"_ _2\"></span>tured e<span class=\"_ _2\"></span>ntity of<span class=\"_ _2\"></span>ten ha<span class=\"_ _2\"></span>s some or all of th<span class=\"_ _2\"></span>e following feat<span class=\"_ _2\"></span>ures or at<span class=\"_ _2\"></span>tributes<span class=\"_ _2\"></span>: (a<span class=\"_ _5\"></span>) res<span class=\"_ _2\"></span>tricte<span class=\"_ _2\"></span>d activit<span class=\"_ _2\"></span>ies; (b) a narrow a<span class=\"_ _2\"></span>nd well-<span class=\"_ _3bc\"> </span>define<span class=\"_ _2\"></span>d obje<span class=\"_ _2\"></span>ctive, s<span class=\"_ _2\"></span>uch as to provide inve<span class=\"_ _2\"></span>stment o<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>tunitie<span class=\"_ _2\"></span>s for investors by p<span class=\"_ _2\"></span>assin<span class=\"_ _2\"></span>g on risks and re<span class=\"_ _2\"></span>wards as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with the a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s of the str<span class=\"_ _2\"></span>ucture<span class=\"_ _2\"></span>d entit<span class=\"_ _2\"></span>y to investor<span class=\"_ _2\"></span>s; (c) insuffic<span class=\"_ _2\"></span>ient equi<span class=\"_ _2\"></span>ty to pe<span class=\"_ _2\"></span>rmit the s<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ured entit<span class=\"_ _2\"></span>y to finan<span class=\"_ _2\"></span>ce its a<span class=\"_ _2\"></span>ctiviti<span class=\"_ _2\"></span>es witho<span class=\"_ _2\"></span>ut subordin<span class=\"_ _2\"></span>ated finan<span class=\"_ _2\"></span>cial supp<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>; and (d) fina<span class=\"_ _2\"></span>ncing in th<span class=\"_ _2\"></span>e form of multiple co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ually linked ins<span class=\"_ _2\"></span>trume<span class=\"_ _2\"></span>nts to investor<span class=\"_ _2\"></span>s that crea<span class=\"_ _2\"></span>te conce<span class=\"_ _2\"></span>ntrations of cre<span class=\"_ _2\"></span>dit or othe<span class=\"_ _2\"></span>r risks (tranch<span class=\"_ _2\"></span>es)<span class=\"_ _3bc\"> <span class=\"_ _3bc\"> </span></span>The Gro<span class=\"_ _2\"></span>up has dete<span class=\"_ _2\"></span>rmined th<span class=\"_ _2\"></span>at all of its inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s in collec<span class=\"_ _2\"></span>tive investm<span class=\"_ _2\"></span>ent sche<span class=\"_ _2\"></span>mes are s<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>tured entit<span class=\"_ _2\"></span>ies. In a<span class=\"_ _2\"></span>ddition<span class=\"_ _2\"></span>, a numbe<span class=\"_ _2\"></span>r of debt se<span class=\"_ _2\"></span>curit<span class=\"_ _2\"></span>y stru<span class=\"_ _2\"></span>ctures an<span class=\"_ _2\"></span>d private eq<span class=\"_ _2\"></span>uity f<span class=\"_ _2\"></span>unds have be<span class=\"_ _2\"></span>en identi<span class=\"_ _2\"></span>fied as s<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ured entiti<span class=\"_ _2\"></span>es. Th<span class=\"_ _2\"></span>e Group ha<span class=\"_ _2\"></span>s asse<span class=\"_ _2\"></span>sse<span class=\"_ _2\"></span>d that it ha<span class=\"_ _2\"></span>s interest<span class=\"_ _2\"></span>s in both con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d and unco<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d stru<span class=\"_ _2\"></span>cture<span class=\"_ _2\"></span>d entities a<span class=\"_ _2\"></span>s shown be<span class=\"_ _2\"></span>low:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls1c ws1a\">U<span class=\"_ _2\"></span>nit trusts;<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls12a ws113\">OEICs;<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls1c1 ws1c1\">S<span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>C<span class=\"_ _2\"></span>AVs<span class=\"_ _2\"></span>;<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span>Pr<span class=\"_ _2\"></span>ivate equit<span class=\"_ _2\"></span>y fund<span class=\"_ _2\"></span>s;<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls17 ws15\">As<span class=\"_ _2\"></span>set<span class=\"_ _5\"></span> back<span class=\"_ _5\"></span>ed securit<span class=\"_ _5\"></span>ies;<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>ollatera<span class=\"_ _2\"></span>lised D<span class=\"_ _2\"></span>ebt Oblig<span class=\"_ _2\"></span>ations (<span class=\"_ _2\"></span>\u2018CDO<span class=\"_ _2\"></span>s\u2019);<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>O<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>ebt stru<span class=\"_ _2\"></span>ctures<span class=\"_ _2\"></span>; and<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix G<span class=\"_ _2\"></span>roup Employee B<span class=\"_ _2\"></span>enefit T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust (<span class=\"_ _2\"></span>\u2018EBT<span class=\"_ _2\"></span>\u2019). The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s h<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s in the investm<span class=\"_ _2\"></span>ents lis<span class=\"_ _2\"></span>ted above are s<span class=\"_ _2\"></span>usce<span class=\"_ _2\"></span>ptible to market price r<span class=\"_ _2\"></span>isk arising f<span class=\"_ _2\"></span>rom uncer<span class=\"_ _2\"></span>tainti<span class=\"_ _2\"></span>es abou<span class=\"_ _2\"></span>t future valu<span class=\"_ _2\"></span>es. H<span class=\"_ _2\"></span>oldings in investm<span class=\"_ _2\"></span>ent fund<span class=\"_ _2\"></span>s are subje<span class=\"_ _2\"></span>ct to the ter<span class=\"_ _2\"></span>ms and co<span class=\"_ _2\"></span>nditions of th<span class=\"_ _2\"></span>e respe<span class=\"_ _2\"></span>ctive fun<span class=\"_ _2\"></span>d\u2019s prospe<span class=\"_ _2\"></span>ctus an<span class=\"_ _2\"></span>d the Group h<span class=\"_ _2\"></span>olds red<span class=\"_ _2\"></span>eema<span class=\"_ _2\"></span>ble share<span class=\"_ _2\"></span>s or units in eac<span class=\"_ _2\"></span>h of the funds<span class=\"_ _2\"></span>. The fun<span class=\"_ _2\"></span>ds are man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>d by internal and e<span class=\"_ _2\"></span>xtern<span class=\"_ _2\"></span>al fund m<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>rs who ap<span class=\"_ _2\"></span>ply vario<span class=\"_ _2\"></span>us investme<span class=\"_ _2\"></span>nt strate<span class=\"_ _2\"></span>gies to ac<span class=\"_ _2\"></span>complis<span class=\"_ _2\"></span>h their resp<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tives<span class=\"_ _2\"></span>. All of the funds a<span class=\"_ _2\"></span>re manag<span class=\"_ _2\"></span>ed by fun<span class=\"_ _2\"></span>d manag<span class=\"_ _2\"></span>ers wh<span class=\"_ _2\"></span>o are comp<span class=\"_ _2\"></span>ensate<span class=\"_ _2\"></span>d by the resp<span class=\"_ _2\"></span>ective f<span class=\"_ _2\"></span>unds for the<span class=\"_ _2\"></span>ir ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s. S<span class=\"_ _2\"></span>uch comp<span class=\"_ _2\"></span>ensa<span class=\"_ _2\"></span>tion gen<span class=\"_ _2\"></span>erally co<span class=\"_ _2\"></span>nsist<span class=\"_ _2\"></span>s of an ass<span class=\"_ _2\"></span>et-base<span class=\"_ _2\"></span>d fee and a p<span class=\"_ _2\"></span>erfor<span class=\"_ _2\"></span>mance<span class=\"_ _2\"></span>-bas<span class=\"_ _2\"></span>ed inc<span class=\"_ _2\"></span>entive fee and i<span class=\"_ _2\"></span>s reflec<span class=\"_ _2\"></span>ted in the valu<span class=\"_ _2\"></span>ation of each f<span class=\"_ _2\"></span>und.<span class=\"_ _3bc\"> </span>H5.1 Interests in<span class=\"_ _7\"></span> c<span class=\"_ _2\"></span>onsolidated<span class=\"_ _5\"></span> structured entities<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has dete<span class=\"_ _2\"></span>rmined th<span class=\"_ _2\"></span>at where it h<span class=\"_ _2\"></span>as control over f<span class=\"_ _2\"></span>unds<span class=\"_ _2\"></span>, these inve<span class=\"_ _2\"></span>stment<span class=\"_ _2\"></span>s are con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d struc<span class=\"_ _2\"></span>tured e<span class=\"_ _2\"></span>ntities<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span>The EBT is a c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated str<span class=\"_ _2\"></span>ucture<span class=\"_ _2\"></span>d entit<span class=\"_ _2\"></span>y that h<span class=\"_ _2\"></span>olds share<span class=\"_ _2\"></span>s to satisf<span class=\"_ _2\"></span>y awar<span class=\"_ _2\"></span>ds granted to e<span class=\"_ _2\"></span>mployee<span class=\"_ _2\"></span>s under the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s sha<span class=\"_ _2\"></span>re-bas<span class=\"_ _2\"></span>ed paymen<span class=\"_ _5\"></span>t schemes.<span class=\"_ _3bc\"> </span>Durin<span class=\"_ _2\"></span>g the year, the Group gr<span class=\"_ _2\"></span>anted fur<span class=\"_ _2\"></span>ther l<span class=\"_ _2\"></span>oans to the EBT of \u00a3<span class=\"_ _2\"></span>12 million (2022<span class=\"_ _2\"></span>: \u00a313 million).<span class=\"_ _3bc\"> </span>As at th<span class=\"_ _2\"></span>e repor<span class=\"_ _2\"></span>ting date, t<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s no intention to provi<span class=\"_ _2\"></span>de financi<span class=\"_ _2\"></span>al or other s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>t to any other co<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d stru<span class=\"_ _2\"></span>cture<span class=\"_ _2\"></span>d entit<span class=\"_ _2\"></span>y<span class=\"_ _7\"></span>.<span class=\"_ _3bc\"> </span>H5.<span class=\"_ _2\"></span>2 Interests in<span class=\"_ _7\"></span> unc<span class=\"_ _2\"></span>onsolidated<span class=\"_ _5\"></span> structured entities<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up has intere<span class=\"_ _2\"></span>sts in un<span class=\"_ _2\"></span>conso<span class=\"_ _2\"></span>lidated s<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ured entiti<span class=\"_ _2\"></span>es. Th<span class=\"_ _2\"></span>ese inves<span class=\"_ _2\"></span>tments a<span class=\"_ _2\"></span>re held as fin<span class=\"_ _2\"></span>ancial a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s in the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s c<span class=\"_ _2\"></span>onsolid<span class=\"_ _2\"></span>ated st<span class=\"_ _2\"></span>atement of fina<span class=\"_ _2\"></span>ncial po<span class=\"_ _2\"></span>sition hel<span class=\"_ _2\"></span>d at fair value th<span class=\"_ _2\"></span>rough profit o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>. Any chang<span class=\"_ _2\"></span>e in fair value i<span class=\"_ _2\"></span>s include<span class=\"_ _2\"></span>d in the con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d incom<span class=\"_ _2\"></span>e statem<span class=\"_ _2\"></span>ent in \u2018net investm<span class=\"_ _2\"></span>ent incom<span class=\"_ _2\"></span>e\u2019<span class=\"_ _7\"></span>. Divi<span class=\"_ _2\"></span>dend and inte<span class=\"_ _2\"></span>rest in<span class=\"_ _2\"></span>come is re<span class=\"_ _2\"></span>ceived fro<span class=\"_ _2\"></span>m these inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>A summ<span class=\"_ _2\"></span>ary of th<span class=\"_ _2\"></span>e Group\u2019s int<span class=\"_ _5\"></span>eres<span class=\"_ _2\"></span>t in unco<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d stru<span class=\"_ _2\"></span>cture<span class=\"_ _2\"></span>d entities is in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d below. The<span class=\"_ _2\"></span>se are shown a<span class=\"_ _2\"></span>ccordin<span class=\"_ _2\"></span>g to the finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>set cate<span class=\"_ _2\"></span>goris<span class=\"_ _2\"></span>ation in the co<span class=\"_ _2\"></span>nsolida<span class=\"_ _2\"></span>ted st<span class=\"_ _2\"></span>atement of finan<span class=\"_ _2\"></span>cial po<span class=\"_ _2\"></span>sition.<span class=\"_ _3bc\"> </span><table class=\"s w3a0 h328\" id=\"_f7e8c437-c711-4b4f-b7e3-b603c9ab9abf\"><tr><td></td><td class=\"c n x6f4 y5d77 w3a3 h2b4\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f5 y5d77 w3a4 h297\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x15a1 h3f y5d78 ff7 fsf fc1 sc0 ls0 ws0\">Ca<span class=\"_ _2\"></span>rry<span class=\"_ _2\"></span>ing va<span class=\"_ _2\"></span>lue of </td><td class=\"t m0 x16e1 h16 y5d78 ff3 fsf fc1 sc0 ls17 ws15\">Carrying value of </td></tr><tr><td></td><td class=\"t m0 x630 h3f y5d79 ff7 fsf fc1 sc0 ls5b ws76\">financial assets<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x260 h16 y5d79 ff3 fsf fc1 sc0 lse3 wscd\">financial assets<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x262 h3f y5d7a ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x263 h16 y5d7a ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y561c wef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Equities<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cfe y561c w5f5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b5 ws1b4\">1<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>51<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1c6e y561c w14a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">968<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561d wfc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Coll<span class=\"_ _2\"></span>ective inves<span class=\"_ _2\"></span>tment s<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cff y561d wfd h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1ac ws1a4\">78,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>09<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d00 y561d wfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c6 ws1c6\">75<span class=\"_ _2\"></span>,38<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561e wf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Debt s<span class=\"_ _2\"></span>ecuri<span class=\"_ _2\"></span>ties<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1cee y561e w5ef h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">8<span class=\"_ _2\"></span>,26<span class=\"_ _2\"></span>4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d01 y561e wa6a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls96 ws8c\">8,0<span class=\"_ _2\"></span>62<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"c n x1d02 y55ef wa6b h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b2 ws1af\">8<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>224<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d03 y55ef wa6c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ca ws1cb\">8<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>41<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr></table>The Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s m<span class=\"_ _2\"></span>aximum ex<span class=\"_ _2\"></span>posure to lo<span class=\"_ _2\"></span>ss with re<span class=\"_ _2\"></span>gard to the intere<span class=\"_ _2\"></span>sts p<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d above is the c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>ying amo<span class=\"_ _2\"></span>unt of the Group\u2019s investme<span class=\"_ _2\"></span>nts. O<span class=\"_ _2\"></span>nce th<span class=\"_ _2\"></span>e Group h<span class=\"_ _2\"></span>as dispo<span class=\"_ _2\"></span>sed of its s<span class=\"_ _2\"></span>hares or uni<span class=\"_ _2\"></span>ts in a fund<span class=\"_ _2\"></span>, it cea<span class=\"_ _2\"></span>ses to be ex<span class=\"_ _2\"></span>pose<span class=\"_ _2\"></span>d to any risk from that f<span class=\"_ _2\"></span>und. Th<span class=\"_ _2\"></span>e Group\u2019s holding<span class=\"_ _2\"></span>s in the above unco<span class=\"_ _2\"></span>nsolidate<span class=\"_ _2\"></span>d stru<span class=\"_ _2\"></span>cture<span class=\"_ _2\"></span>d entities are l<span class=\"_ _2\"></span>argely l<span class=\"_ _2\"></span>ess tha<span class=\"_ _2\"></span>n 50% and a<span class=\"_ _2\"></span>s such the s<span class=\"_ _2\"></span>iz<span class=\"_ _7\"></span>e of th<span class=\"_ _2\"></span>ese s<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ured entitie<span class=\"_ _2\"></span>s are likely to be signifi<span class=\"_ _2\"></span>cantly hig<span class=\"_ _2\"></span>her than th<span class=\"_ _2\"></span>eir carr<span class=\"_ _2\"></span>ying v<span class=\"_ _2\"></span>alue.<span class=\"_ _3bc\"> </span>Det<span class=\"_ _2\"></span>ails of commit<span class=\"_ _2\"></span>ments to s<span class=\"_ _2\"></span>ubscribe to p<span class=\"_ _2\"></span>rivate equit<span class=\"_ _2\"></span>y fun<span class=\"_ _2\"></span>ds and othe<span class=\"_ _2\"></span>r unliste<span class=\"_ _2\"></span>d asset<span class=\"_ _2\"></span>s are incl<span class=\"_ _2\"></span>uded in note I<span class=\"_ _2\"></span>5<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInUnconsolidatedStructuredEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-680": {
   "value": "H6<span class=\"_ _2\"></span>. Gr<span class=\"_ _2\"></span>oup ent<span class=\"_ _2\"></span>ities<span class=\"_ _3bc\"> </span>The t<span class=\"_ _2\"></span>able bel<span class=\"_ _2\"></span>ow sets o<span class=\"_ _2\"></span>ut the Group\u2019s subsidi<span class=\"_ _2\"></span>aries (incl<span class=\"_ _2\"></span>uding con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d colle<span class=\"_ _2\"></span>ctive investm<span class=\"_ _2\"></span>ent sch<span class=\"_ _2\"></span>emes), as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ates and sig<span class=\"_ _2\"></span>nificant h<span class=\"_ _2\"></span>oldings in under<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>kings (inc<span class=\"_ _2\"></span>luding und<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>akings in w<span class=\"_ _2\"></span>hich the ho<span class=\"_ _2\"></span>lding amo<span class=\"_ _2\"></span>unts to 20% or m<span class=\"_ _2\"></span>ore of the nomin<span class=\"_ _2\"></span>al value of the s<span class=\"_ _2\"></span>hares or uni<span class=\"_ _2\"></span>ts and th<span class=\"_ _2\"></span>ey are not clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s a subsidia<span class=\"_ _2\"></span>ry or a<span class=\"_ _2\"></span>sso<span class=\"_ _2\"></span>ciate).<span class=\"_ _3bc\"> </span><table class=\"s wa6d h329\" id=\"_aacbb715-a793-4a37-aa0c-e43436ab3919\"><tr><td></td><td></td><td class=\"t m0 x1d04 h16 y5d7b ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf4b h16 y5d7c ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 x1d05 h16 y5d7c ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d06 h16 y5d7c ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x1d07 h16 y5d7c ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8d0 h16 y5d7d ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1570 h16 y5d7d ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e8 h16 y5d7d ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 h16 y5d7d ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x232 he y5d7e ff7 fs7 fc1 sc0 ls18 ws16\">Subsi<span class=\"_ _2\"></span>diaries:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d7f wa6e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life Limited (life as<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d08 y5d7f wa6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d7f wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d7f wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d80 wa72 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life Ass<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e Limited (life as<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0b y5d80 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d80 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d80 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5883 wa73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life Ass<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e Europe DA<span class=\"_ _7\"></span>C (<span class=\"_ _2\"></span>life assur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0c y5883 wa74 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5883 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5883 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d81 ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e Limited (life as<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>ny \u2013 directly </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y59b7 wa75 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">owne<span class=\"_ _2\"></span>d by the Com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0d y59b7 wa76 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _5\"></span>dinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y59b7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y59b7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d82 ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life In<span class=\"_ _5\"></span>ternational Designated Activit<span class=\"_ _2\"></span>y Company <span class=\"ls0 ws0\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d83 wa77 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">(life as<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e company \u2013 dire<span class=\"_ _2\"></span>ctly own<span class=\"_ _2\"></span>ed by the C<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0e y5d83 wa74 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d83 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d83 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59d1 wa78 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life Pension Fund<span class=\"_ _2\"></span>s Limited (life as<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0f y59d1 w86f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d10 y59d1 wa79 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Limited by G<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d11 y59d1 wa7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5d84 ff3 fs7 fc1 sc0 ls0 ws0\">Sun Life As<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce Com<span class=\"_ _2\"></span>pany of Cana<span class=\"_ _2\"></span>da (U.<span class=\"_ _2\"></span>K.) Limited  </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ee wa7b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">(life as<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d12 y55ee wa7c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Hamp<span class=\"_ _2\"></span>shire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y571a wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y571a wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wa7d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Life Limited (life a<span class=\"_ _2\"></span>ssura<span class=\"_ _2\"></span>nce com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d13 y55ef wa7e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y55ef wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y55ef wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>3<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>43<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>e<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of incorporated entities<span class=\"_ _3bc\"> </span><table class=\"s wa7f h32a\" id=\"_ff9abfd1-ea34-49a2-9208-9d119a3bf09e\"><tr><td></td><td></td><td></td><td class=\"t m0 x178d h16 y5d85 ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc56 h16 y5d86 ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d14 h16 y5d86 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x9f5 h16 y5d86 ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x75f h16 y5d87 ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1a20 h16 y5d87 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xabd h16 y5d87 ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5d88 wa80 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Limited (<span class=\"_ _2\"></span>life assur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d15 y5d88 wa81 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d88 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d88 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d89 wa82 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Re Limited (<span class=\"_ _2\"></span>life assur<span class=\"_ _2\"></span>ance co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d18 y5d89 wa83 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Bermuda<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d89 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d89 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d8a ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (manag<span class=\"_ _2\"></span>ement  </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d8b wa84 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls13 ws11\">services comp<span class=\"_ _5\"></span>any<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d19 y5d8b wa85 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d8b wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d8b wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d8c wa86 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Gro<span class=\"_ _2\"></span>up Ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s Limited (mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt ser<span class=\"_ _2\"></span>vices c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1a y5d8c wa87 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d8c wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d8c wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d8d ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life As<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d Employee S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d  </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d8e wa88 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">(ma<span class=\"_ _5\"></span>nagement services co<span class=\"_ _5\"></span>mpany<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1b y5d8e wa89 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d8f wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d8f wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d90 wa8a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Com<span class=\"_ _2\"></span>panies S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (manag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1c y5d90 wa81 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d91 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d91 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d92 wa8b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PGM<span class=\"_ _2\"></span>S (Irela<span class=\"_ _2\"></span>nd) Limited (ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1d y5d92 wa74 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d93 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d93 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d94 wa8c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure UK S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (manag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1e y5d94 wa8d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d95 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d95 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d96 ff3 fs7 fc1 sc0 ls12 ws10\">Phoenix Management<span class=\"_ _7\"></span> S<span class=\"_ _2\"></span>ervices (Bermuda<span class=\"_ _7\"></span>) Limit<span class=\"_ _5\"></span>ed (ma<span class=\"_ _5\"></span>nagement services </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d97 wa8e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d1f y5d97 wa8f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Bermuda<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d97 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d97 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d98 wa90 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SLFC S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices C<span class=\"_ _2\"></span>ompany (U<span class=\"_ _2\"></span>K) Limite<span class=\"_ _2\"></span>d (manag<span class=\"_ _2\"></span>ement s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d20 y5d98 wa91 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Hamp<span class=\"_ _2\"></span>shire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d98 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d98 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d99 w46d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">P<span class=\"_ _7\"></span>A (G<span class=\"_ _2\"></span>I) Limited (no<span class=\"_ _2\"></span>n-trading c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d21 y5d99 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d99 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d99 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d9a wa93 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">103<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d22 y5d9a wa94 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Wardo<span class=\"_ _2\"></span>ur Street Re<span class=\"_ _2\"></span>tail Inves<span class=\"_ _2\"></span>tment Co<span class=\"_ _2\"></span>mpany Limited (inves<span class=\"_ _2\"></span>tment<span class=\"_ _3bc\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d9b wa8e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d23 y5d9b wa81 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d9c wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d9c wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d9d wa95 h281\" colspan=\"2\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">28 Ribe<span class=\"_ _2\"></span>ria de Loira S<span class=\"_ _2\"></span>L (prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d24 y5d9d w48a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">M<span class=\"_ _2\"></span>adrid<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d9d wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d9d wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5d9e ff3 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">3 St Andrew S<span class=\"_ _2\"></span>quare Ap<span class=\"_ _2\"></span>artm<span class=\"_ _2\"></span>ents Limi<span class=\"_ _2\"></span>ted (prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5d9f wa8e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d25 y5d9f wa96 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da0 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da0 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da1 w2f0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d26 y5da1 wa97 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Avenida de Ara<span class=\"_ _2\"></span>gon S<span class=\"_ _2\"></span>L (proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d27 y5da1 w48a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ma<span class=\"_ _2\"></span>drid<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da2 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da2 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da3 wa98 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Abbe<span class=\"_ _2\"></span>y Life Assura<span class=\"_ _2\"></span>nce Co<span class=\"_ _2\"></span>mpany Limited (no<span class=\"_ _2\"></span>n-trading c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d28 y5da3 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da4 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da4 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da5 wa99 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Abbe<span class=\"_ _2\"></span>y Life T<span class=\"_ _6\"></span>ru<span class=\"_ _2\"></span>st Se<span class=\"_ _2\"></span>curities Lim<span class=\"_ _2\"></span>ited (pe<span class=\"_ _2\"></span>nsion tru<span class=\"_ _2\"></span>stee c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d29 y5da5 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da5 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da5 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da6 wa9b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Abbe<span class=\"_ _2\"></span>y Life T<span class=\"_ _6\"></span>ru<span class=\"_ _2\"></span>stee S<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices Limite<span class=\"_ _2\"></span>d (dormant com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d2a y5da6 w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da6 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da6 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da7 wa9c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Abrdn Private Eq<span class=\"_ _2\"></span>uity O<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>tunitie<span class=\"_ _2\"></span>s T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust plc (inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d2b y5da7 wa9d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d2c y5da7 wa9e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">56<span class=\"_ _2\"></span>.01%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da8 wa9f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Alba LAS Pensions Managem<span class=\"_ _2\"></span>ent Li<span class=\"_ _5\"></span>mited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d2d y5da8 waa0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edin<span class=\"_ _2\"></span>burgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da8 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da9 waa1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Alba Life T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>stees Lim<span class=\"_ _2\"></span>ited (non-tra<span class=\"_ _2\"></span>ding comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d2e y5da9 w86f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 xa07 hd y5daa ff3 fs7 fc1 sc0 ls0 ws0\">Limited Lia<span class=\"_ _2\"></span>bility </td><td></td></tr><tr><td class=\"c n x1ea y5dab waa2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">A<span class=\"_ _2\"></span>xial Fundam<span class=\"_ _2\"></span>ental Str<span class=\"_ _2\"></span>ategie<span class=\"_ _2\"></span>s (US Invest<span class=\"_ _2\"></span>ments) LLC (inv<span class=\"_ _5\"></span>es<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d2f y5dab waa3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">De<span class=\"_ _2\"></span>laware<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x70b y5dab waa4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Company<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d30 y5dab waa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dac waa6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">BA (FURBS) Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d31 y5dac wa85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dad wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dad wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dae waa7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Barnwo<span class=\"_ _2\"></span>od Prope<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s Limited (pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d32 y5dae waa8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">H<span class=\"_ _2\"></span>ampshire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dae wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dae wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5daf waa9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">BL T<span class=\"_ _7\"></span>elford Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d33 y5daf wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5daf wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5daf wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db0 waaa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Brit<span class=\"_ _2\"></span>annic Fina<span class=\"_ _2\"></span>nce Limite<span class=\"_ _2\"></span>d (<span class=\"_ _5\"></span>finan<span class=\"_ _2\"></span>ce and ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vices c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d34 y5db0 wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db0 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db0 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db1 waab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Brit<span class=\"_ _2\"></span>annic Group S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limi<span class=\"_ _2\"></span>ted (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d35 y5db1 w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db1 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5db2 ff3 fs7 fc1 sc0 ls0 ws0\">Brit<span class=\"_ _2\"></span>annic Mon<span class=\"_ _2\"></span>ey Investm<span class=\"_ _2\"></span>ent Ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s Limited (inves<span class=\"_ _2\"></span>tment ad<span class=\"_ _2\"></span>vice </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5db3 wa8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d36 y5db3 wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db3 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db3 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db4 waac h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ce<span class=\"_ _2\"></span>ntury T<span class=\"_ _5\"></span>rus<span class=\"_ _2\"></span>tee Se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es Limited (dorm<span class=\"_ _2\"></span>ant comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d37 y5db4 wa92 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db4 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db4 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5db5 ff3 fs7 fc1 sc0 ls0 ws0\">CGE M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement C<span class=\"_ _2\"></span>ompany Limite<span class=\"_ _2\"></span>d (f<span class=\"_ _5\"></span>orme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s Clyde Gateway </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5db6 waad h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Manag<span class=\"_ _2\"></span>ement Company Limit<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>d)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d38 y5db6 wa96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db6 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db6 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db7 waae h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">CH M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement Limite<span class=\"_ _2\"></span>d (investme<span class=\"_ _2\"></span>nt compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d39 y5db7 waaf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Delaware<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5db7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5db7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db8 wab0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">City<span class=\"_ _2\"></span>fourinc (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d3a y5db8 wa92 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d3b y5db8 wab1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Unlimite<span class=\"_ _2\"></span>d with Sh<span class=\"_ _2\"></span>ares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d3c y5db8 waa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5db9 ff3 fs7 fc1 sc0 ls0 ws0\">ERI<span class=\"_ _2\"></span>P Gene<span class=\"_ _2\"></span>ral Par<span class=\"_ _2\"></span>tner Limite<span class=\"_ _2\"></span>d (Gener<span class=\"_ _2\"></span>al Par<span class=\"_ _2\"></span>tner to ERI<span class=\"_ _2\"></span>P Limited </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5dba wab2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Partn<span class=\"_ _2\"></span>ership)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d3d y5dba wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dbb wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d3e y5dbb wab3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">8<span class=\"_ _2\"></span>0.00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dbc wab4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ERI<span class=\"_ _2\"></span>P Limited Par<span class=\"_ _2\"></span>tner<span class=\"_ _2\"></span>ship (Limite<span class=\"_ _2\"></span>d Partn<span class=\"_ _2\"></span>ership)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d3f y5dbc wa8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dbc wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dbc wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dbd wab5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">G As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e &amp; Pensions S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (non-tradin<span class=\"_ _2\"></span>g compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d40 y5dbd wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dbd wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dbd wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dbe wab6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">G Financial Ser<span class=\"_ _2\"></span>vices Limited (<span class=\"_ _7\"></span>dorm<span class=\"_ _2\"></span>ant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d41 y5dbe wa8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dbf wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dbf wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc0 wab7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">G Life H Limited (h<span class=\"_ _2\"></span>olding co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d42 y5dc0 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc1 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc2 wab8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">G Park Ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>ment Co<span class=\"_ _2\"></span>mpany Limited (p<span class=\"_ _2\"></span>roper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y manag<span class=\"_ _2\"></span>ement c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d43 y5dc2 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc3 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc3 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc4 waba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">G T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>tees Limite<span class=\"_ _2\"></span>d (truste<span class=\"_ _2\"></span>e company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d44 y5dc4 wa8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc5 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc5 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc6 wabb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Gallions Reach Shopping Park (Nominee) Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d45 y5dc6 wabc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc6 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc6 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc7 wabd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gres<span class=\"_ _2\"></span>ham Life Ass<span class=\"_ _2\"></span>urance S<span class=\"_ _2\"></span>ocie<span class=\"_ _2\"></span>ty Limite<span class=\"_ _2\"></span>d (dormant co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d46 y5dc7 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc8 wabe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ice<span class=\"_ _2\"></span>ni Nomin<span class=\"_ _2\"></span>ees (N<span class=\"_ _2\"></span>o. 2) Limited (dorm<span class=\"_ _2\"></span>ant compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d47 y5dc8 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc8 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc9 wabf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">IH (Jersey) L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d48 y5dc9 wac0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Jersey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dc9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dc9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dca wac1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Impa<span class=\"_ _2\"></span>la Holdin<span class=\"_ _2\"></span>gs Limited (h<span class=\"_ _2\"></span>olding co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d49 y5dca w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dca wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dca wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcb wac2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Impala Loan Company 1 Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1d4b y5dcb wac3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh</div><div class=\"t m0 x1d4a h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dcb wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dcb wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcc wac4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Inhoco 31<span class=\"_ _2\"></span>0<span class=\"_ _7\"></span>7 Limited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1d4d y5dcc wac5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London</div><div class=\"t m0 x1d4c h13 y5b20 ff3 fsc fc1 sc0 ls1ef ws1f4\">44<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dcc wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dcc wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59f1 wac6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Laur<span class=\"_ _2\"></span>trust Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x177d y59f1 waa8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ham<span class=\"_ _2\"></span>pshire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y59f1 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y59f1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 wac7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London Lif<span class=\"_ _5\"></span>e Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d4e y56f9 wac8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y56f9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y56f9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee wac9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London Lif<span class=\"_ _5\"></span>e T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ustees Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d4f y55ee wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y55ee wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y55ee wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef waca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Namulas Pension T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>tees Limit<span class=\"_ _5\"></span>ed (trustee company)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d28 y55ef wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y55ef wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y55ef wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr></table>4<span class=\"_ _3bc\"> </span>41<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>5<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>41<span class=\"_ _3bc\"> </span>43<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>42<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>17<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>43<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>8<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>43<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span><table class=\"s wacb h32b\" id=\"_e6ff4b69-6dee-421c-b0e7-e890b3753ec1\"><tr><td></td><td></td><td class=\"t m0 x1d04 h16 y5dcd ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf4b h16 y5dce ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 x1d05 h16 y5dce ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d06 h16 y5dce ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x1d07 h16 y5dce ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8d0 h16 y5dcf ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1570 h16 y5dcf ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e8 h16 y5dcf ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 h16 y5dcf ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x18ee hd y5dd0 ff3 fs7 fc1 sc0 ls0 ws0\">Unlimite<span class=\"_ _2\"></span>d withou<span class=\"_ _2\"></span>t </td><td></td></tr><tr><td class=\"c n x1ea y5dd1 wacc h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">National Provident Institution (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d50 y5dd1 wa9a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d51 y5dd2 wacd h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">Shares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d52 y5dd2 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd3 wace h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">National Provident L<span class=\"_ _5\"></span>ife L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d53 y5dd3 w6f8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd4 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd4 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd5 wacf h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">NM Life T<span class=\"_ _6\"></span>rustee<span class=\"_ _2\"></span>s Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d54 y5dd5 wa8d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd6 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd6 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd7 wad0 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">NM Pensions Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d55 y5dd7 wa81 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd8 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd8 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d8e wad1 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">NP Life Ho<span class=\"_ _2\"></span>ldings Limite<span class=\"_ _2\"></span>d (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d56 y5d8e w6f8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d8f wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d8f wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d90 wad2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">NPI (Printworks) L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d57 y5d90 w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d91 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d91 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d92 wad3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">NPI (<span class=\"_ _2\"></span>Westg<span class=\"_ _2\"></span>ate) Limited (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d58 y5d92 w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d92 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d92 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d94 wad4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PC M<span class=\"_ _2\"></span>anage<span class=\"_ _2\"></span>ment Limite<span class=\"_ _2\"></span>d (prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1684 y5d94 wa74 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d94 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d59 y5d94 wad5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">69.00<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd9 wad6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Pearl (Cov<span class=\"_ _5\"></span>ent Garden) Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d5a y5dd9 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyt<span class=\"_ _2\"></span>hall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd9 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd9 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dda wad7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl (M<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>ineau Ph<span class=\"_ _2\"></span>ase 1) Limite<span class=\"_ _2\"></span>d (dormant com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d5c y5dda wad8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall</div><div class=\"t m0 x1d5b h13 y5848 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dda wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dda wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ddb wad9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl (M<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>ineau Ph<span class=\"_ _2\"></span>ase 2) Limited (dor<span class=\"_ _2\"></span>mant comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d5d y5ddb w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5ddb wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5ddb wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ddc wada h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Pearl (Moor House) Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d5e y5ddc w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5ddc wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5ddc wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x749 hd y5ddd ff3 fs7 fc1 sc0 ls0 ws0\">Limited Lia<span class=\"_ _2\"></span>bility </td><td></td></tr><tr><td class=\"c n x1ea y5d9a wadb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl (<span class=\"_ _2\"></span>WP) Inves<span class=\"_ _2\"></span>tments LLC (investme<span class=\"_ _2\"></span>nt compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d5f y5d9a wadc h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Delaware<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x6fe y5d9a waa4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Company<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d60 y5d9a waa5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dde wadd h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Pearl AL L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d61 y5dde wade h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5ddf wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5ddf wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de0 wadf h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl As<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce Group H<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s Limited (invest<span class=\"_ _2\"></span>ment com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d62 y5de0 w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de0 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de0 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de1 wae0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Pearl Customer Care Limit<span class=\"_ _5\"></span>ed (financial servic<span class=\"_ _2\"></span>es company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d56 y5de1 w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de1 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de1 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de2 wae1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Gro<span class=\"_ _2\"></span>up Holding<span class=\"_ _2\"></span>s (No. 1) Lim<span class=\"_ _2\"></span>ited (financ<span class=\"_ _2\"></span>e company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d64 y5de2 wae2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London</div><div class=\"t m0 x1d63 h13 y59db ff3 fsc fc1 sc0 ls1f0 ws1f5\">10<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de2 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de2 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de3 wae3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Gro<span class=\"_ _2\"></span>up Holding<span class=\"_ _2\"></span>s (No. 2) Limite<span class=\"_ _2\"></span>d (holdin<span class=\"_ _2\"></span>g compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d66 y5de3 wae4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d65 h13 y59db ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de3 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de3 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de4 wae5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Gro<span class=\"_ _2\"></span>up Sec<span class=\"_ _2\"></span>retariat S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d67 y5de4 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de5 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de5 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de6 wae6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Life Hol<span class=\"_ _2\"></span>dings Limite<span class=\"_ _2\"></span>d (holdin<span class=\"_ _2\"></span>g company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d68 y5de6 wa6f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de7 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de7 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5de8 wae7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Pearl MP Birmingham Limi<span class=\"_ _5\"></span>ted (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d69 y5de8 wa85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5de9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5de9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dea wae8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Pearl RL<span class=\"_ _7\"></span>G Limited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6a y5dea w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5deb wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5deb wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dec wae9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Pearl T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>tees Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6b y5dec wa6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5ded wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5ded wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5dee ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life CA Holdin<span class=\"_ _2\"></span>gs Limited (forme<span class=\"_ _2\"></span>rly known as P<span class=\"_ _2\"></span>G Dorm<span class=\"_ _2\"></span>ant (No 4) </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5def waea h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Limited) (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6c y5def wa6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5def wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5def wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5df0 waeb h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group CA S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (f<span class=\"_ _5\"></span>orme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s PG Dorm<span class=\"_ _2\"></span>ant (No<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">5) Limited) (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d6e y5df0 waec h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d6d h13 y5d30 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5df0 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5df0 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5df1 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life CA Limited (former<span class=\"_ _2\"></span>ly known as P<span class=\"_ _2\"></span>G Dorma<span class=\"_ _2\"></span>nt (No 6) Limite<span class=\"_ _2\"></span>d) </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5df2 waed h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">(dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6a y5df2 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5daf wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5daf wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df3 waee h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PGM<span class=\"_ _2\"></span>S (Glas<span class=\"_ _2\"></span>gow) Limited (inves<span class=\"_ _2\"></span>tment com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6f y5df3 waef h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edin<span class=\"_ _2\"></span>burgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5db0 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5db0 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df4 waf0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PGM<span class=\"_ _2\"></span>S (Irela<span class=\"_ _2\"></span>nd) Hol<span class=\"_ _2\"></span>dings Unlim<span class=\"_ _2\"></span>ited Com<span class=\"_ _2\"></span>pany (holdin<span class=\"_ _2\"></span>g compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d70 y5df4 wa74 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d71 y5db1 wab1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Unlimite<span class=\"_ _2\"></span>d with Sh<span class=\"_ _2\"></span>ares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d72 y5db1 waa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df5 waf1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PGS 2 Limite<span class=\"_ _2\"></span>d (investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d66 y5df5 wae4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d65 h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5df6 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5df6 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df7 waf2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix &amp; London Assurance Limited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d73 y5df7 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5df7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5df7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df8 waf3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Bar<span class=\"_ _2\"></span>well 2<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d75 y5df8 waf4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll</div><div class=\"t m0 x1d74 h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5df8 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5df8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5df9 waf5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Chiswick House) Limited (<span class=\"_ _7\"></span>dorm<span class=\"_ _2\"></span>ant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d76 y5df9 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5df9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5df9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfa waf6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Moor H<span class=\"_ _2\"></span>ouse 1) Limi<span class=\"_ _5\"></span>ted (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d78 y5dfa waf7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d77 h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dfa wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dfa wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfb waf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Moor H<span class=\"_ _2\"></span>ouse 2) L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d19 y5dfb w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dfb wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dfb wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfc waf9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Printworks) Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d79 y5dfc wa6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dfc wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dfc wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfd wafa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix (Stockley Park) Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d7a y5dfd wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dfd wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dfd wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfe wafb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix Advisers Limited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d68 y5dfe wa6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dfe wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dfe wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dff wafc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix AW<span class=\"_ _5\"></span> Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d49 y5dff w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dff wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dff wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e00 wafd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Cus<span class=\"_ _2\"></span>tomer Ca<span class=\"_ _2\"></span>re Limited (financ<span class=\"_ _2\"></span>ial ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d7b y5e00 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e00 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e00 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e01 wafe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix ER1 Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d7d y5e01 waff h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d7c h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e01 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e01 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e02 wb00 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix ER2 Limite<span class=\"_ _2\"></span>d (finance c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d7f y5e02 wb01 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d7e h13 y5d30 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e02 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e02 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e03 wb02 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix ER3 Limited (<span class=\"_ _7\"></span>dorm<span class=\"_ _2\"></span>ant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d81 y5e03 wb03 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all</div><div class=\"t m0 x1d80 h13 y5d30 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e03 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e03 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e04 wb04 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix ER4 Limited (financ<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d82 y5e04 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e04 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e04 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d7f wb00 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix ER5 Limite<span class=\"_ _2\"></span>d (finance c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d7f y5d7f wb01 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll</div><div class=\"t m0 x1d7e h13 y5d30 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d7f wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d7f wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d80 wb00 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix ER6 Limi<span class=\"_ _2\"></span>ted (finance c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d7f y5d80 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d80 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d80 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5883 wb05 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group C<span class=\"_ _2\"></span>apital Limite<span class=\"_ _2\"></span>d (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d53 y5883 w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5883 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5883 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e05 wb06 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group Emp<span class=\"_ _2\"></span>loyee Ben<span class=\"_ _2\"></span>efit T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d83 y5e05 wb07 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Jersey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d84 y5e05 wb08 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Tr<span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>t<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d85 y5e05 waa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e06 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group H<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s (Berm<span class=\"_ _2\"></span>uda) Limited (h<span class=\"_ _2\"></span>olding com<span class=\"_ _2\"></span>pany \u2013 direc<span class=\"_ _2\"></span>tly </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e07 wa75 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">owne<span class=\"_ _2\"></span>d by the Com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d86 y5e07 wa83 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Bermuda<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e07 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e07 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x1d87 hd y5e08 ff3 fs7 fc1 sc0 ls17 ws15\">Cayman<span class=\"_ _7\"></span> </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5e09 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group H<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s (<span class=\"_ _5\"></span>non-tr<span class=\"_ _2\"></span>ading co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></td><td class=\"c x1d89 y588c wb09 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Islands</div><div class=\"t m0 x1d88 h13 y5b20 ff3 fsc fc1 sc0 ls1f0 ws1f5\">10<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1743 y588c wb0a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Private Company<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8a y588c wb0b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e0a wb0c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Group M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement Limite<span class=\"_ _2\"></span>d (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6a y5e0a w6f8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e0a wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e0a wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e0b ff3 fs7 fc1 sc0 ls0 ws0\">PGH CA Lim<span class=\"_ _2\"></span>ited (formerly kn<span class=\"_ _2\"></span>own as Pearl Gro<span class=\"_ _2\"></span>up Mana<span class=\"_ _2\"></span>geme<span class=\"_ _2\"></span>nt Ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ef waea h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Limited) (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8b y55ef wab9 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y55ef wa70 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y55ef wa71 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>15<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>7<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>5<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>16<span class=\"_ _3bc\"> </span>41<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>9<span class=\"_ _3bc\"> </span><table class=\"s wb0d h32c\" id=\"_362d9a77-1c04-474f-a6fb-d9558ce2d5eb\"><tr><td></td><td></td><td class=\"t m0 x178d h16 y5e0c ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1000 h16 y5e0d ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 xc56 h16 y5e0d ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d14 h16 y5e0d ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x9f5 h16 y5e0d ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xd90 h16 y5e0e ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x75f h16 y5e0e ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1a20 h16 y5e0e ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xabd h16 y5e0e ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5e0f wb0e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Hold<span class=\"_ _2\"></span>ings (B<span class=\"_ _2\"></span>ermuda) Limite<span class=\"_ _2\"></span>d (holdin<span class=\"_ _2\"></span>g company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8c y5e0f wb0f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Bermuda<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e0f wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e0f wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5e10 wb10 h28f\"><div class=\"t m0 x1e6 hd y5645 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Life Holdin<span class=\"_ _2\"></span>gs Limited (<span class=\"_ _2\"></span>holding c<span class=\"_ _2\"></span>ompany \u2013 direc<span class=\"_ _2\"></span>tly owne<span class=\"_ _2\"></span>d by the<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8d y5e10 w795 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e10 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e10 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e11 ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent Ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es Holdin<span class=\"_ _2\"></span>gs (Be<span class=\"_ _2\"></span>rmuda) Limite<span class=\"_ _2\"></span>d (holdin<span class=\"_ _2\"></span>g </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e12 wa8e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8e y5e12 wb0f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Bermuda<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e12 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e12 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e13 wb11 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix Pension Scheme (<span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>rustees) Limited (dor<span class=\"_ _5\"></span>mant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d8f y5e13 w795 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e13 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e13 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e14 wb12 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix Pensions T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ustee Ser<span class=\"_ _2\"></span>vices Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d90 y5e14 wa92 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e14 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e14 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e15 wb13 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix SCP Limited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d91 y5e15 wa9a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e16 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e16 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e17 wb14 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SC<span class=\"_ _2\"></span>P Pensions T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ustee<span class=\"_ _2\"></span>s Limited (trus<span class=\"_ _2\"></span>tee com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d6a y5e17 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e18 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e18 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e19 wb15 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SC<span class=\"_ _2\"></span>P T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ustee<span class=\"_ _2\"></span>s Limited (trus<span class=\"_ _2\"></span>tee com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d92 y5e19 w86f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e1a wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e1a wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1b wb16 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SL D<span class=\"_ _2\"></span>irect Limi<span class=\"_ _2\"></span>ted (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d93 y5e1b wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e1c wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e1c wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1d wb17 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SPV1 Limi<span class=\"_ _2\"></span>ted (investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1d70 y5e1d wb18 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall</div><div class=\"t m0 x1d94 h13 y5848 ff3 fsc fc1 sc0 ls0 ws0\">1<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e1e wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e1e wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1f wb19 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SPV2 Limite<span class=\"_ _2\"></span>d (investme<span class=\"_ _2\"></span>nt compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d95 y5e1f w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e1f wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e1f wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e20 wb19 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SPV3 Limite<span class=\"_ _2\"></span>d (investme<span class=\"_ _2\"></span>nt compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d96 y5e20 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e20 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e20 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e21 wb1a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix SPV4 L<span class=\"_ _5\"></span>imite<span class=\"_ _2\"></span>d (investme<span class=\"_ _2\"></span>nt company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d97 y5e21 w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e21 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e21 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e22 wb1b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Phoenix UL<span class=\"_ _2\"></span>A Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d98 y5e22 w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e22 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e22 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e23 wb1c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Unit T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust Ma<span class=\"_ _2\"></span>nage<span class=\"_ _2\"></span>rs Limited (unit tr<span class=\"_ _2\"></span>ust man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>r<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d90 y5e23 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e23 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e23 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e24 wb1d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Wealth Ho<span class=\"_ _2\"></span>ldings Limi<span class=\"_ _2\"></span>ted (holdin<span class=\"_ _2\"></span>g compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d3a y5e24 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e24 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e24 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e25 wb1e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Wealth S<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices Limite<span class=\"_ _2\"></span>d (financial s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d99 y5e25 w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e25 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e25 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d9f wb1f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Wealth T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>stee S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vices Limite<span class=\"_ _2\"></span>d (truste<span class=\"_ _2\"></span>e company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9a y5d9f wa85 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d9f wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d9f wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da1 wb20 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pilang<span class=\"_ _2\"></span>en Logis<span class=\"_ _2\"></span>tik AB (invest<span class=\"_ _2\"></span>ment com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9b y5da1 wb21 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12c ws170\">Sto<span class=\"_ _2\"></span>ckholm<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da1 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da1 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da3 wb22 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pilang<span class=\"_ _2\"></span>en Logis<span class=\"_ _2\"></span>tik I AB (invest<span class=\"_ _2\"></span>ment com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9c y5da3 wb21 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12c ws170\">Stoc<span class=\"_ _2\"></span>kholm<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da3 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da3 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da5 wb23 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure FS Limited (dor<span class=\"_ _2\"></span>mant comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9d y5da5 wa81 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da5 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da5 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da6 wb24 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure FSH U<span class=\"_ _2\"></span>K Limited (h<span class=\"_ _2\"></span>olding co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9e y5da6 wa81 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da6 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da6 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da7 wb25 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Group p<span class=\"_ _2\"></span>lc (holdin<span class=\"_ _2\"></span>g company \u2013 dire<span class=\"_ _2\"></span>ctly own<span class=\"_ _2\"></span>ed by the C<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d82 y5da7 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da8 wb26 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Life Pension T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ustee<span class=\"_ _2\"></span>s Limited (dorm<span class=\"_ _2\"></span>ant compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d96 y5da8 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da8 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5da9 wb27 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure LL Limited (dor<span class=\"_ _2\"></span>mant comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9f y5da9 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5da9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5da9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e26 wb28 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Midc<span class=\"_ _2\"></span>o Limited (h<span class=\"_ _2\"></span>olding com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da0 y5e26 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e26 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e26 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e27 wb29 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure Nom<span class=\"_ _2\"></span>inees Limi<span class=\"_ _2\"></span>ted (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da1 y5e27 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e27 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e27 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e28 wb2a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">ReAssure Pension T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>tees Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9e y5e28 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5df0 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5df0 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e29 wb2b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure PM Limite<span class=\"_ _2\"></span>d (dormant com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da2 y5e29 wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e2a wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e2a wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e2b wb2c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>tees Limi<span class=\"_ _2\"></span>ted (dormant c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da3 y5e2b wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e2c wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e2c wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e2d wb2d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure T<span class=\"_ _7\"></span>wo Limite<span class=\"_ _2\"></span>d (dormant com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da4 y5e2d wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e2e wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e2e wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e2f wb2e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ReAs<span class=\"_ _2\"></span>sure UK Life As<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce Com<span class=\"_ _2\"></span>pany Limited (dorm<span class=\"_ _2\"></span>ant comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da4 y5e2f wa81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e2f wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e2f wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e30 wb2f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Scot<span class=\"_ _2\"></span>tish Mutual Assuranc<span class=\"_ _2\"></span>e L<span class=\"_ _5\"></span>imited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da5 y5e30 wa96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e30 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e30 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e31 wb30 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Scot<span class=\"_ _2\"></span>tish Mutual Nominees Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da5 y5e31 wa96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e31 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e31 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e32 wb31 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Sc<span class=\"_ _2\"></span>ottis<span class=\"_ _2\"></span>h Mutual Pen<span class=\"_ _2\"></span>sion Funds Inves<span class=\"_ _2\"></span>tment Limi<span class=\"_ _2\"></span>ted (truste<span class=\"_ _2\"></span>e compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da6 y5e32 wa9d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e32 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e32 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e33 wb32 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL (<span class=\"_ _2\"></span>NEWC<span class=\"_ _2\"></span>O) Limited (dorma<span class=\"_ _2\"></span>nt company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da7 y5e33 wade h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e33 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e33 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e34 ff3 fs7 fc1 sc0 ls0 ws0\">SL Live<span class=\"_ _2\"></span>rpool limi<span class=\"_ _2\"></span>ted (formerly kn<span class=\"_ _2\"></span>own as SL Live<span class=\"_ _2\"></span>rpool PLC) (dormant </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5dfb wa8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d36 y5dfb wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dfb wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dfb wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfc wb33 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Bel<span class=\"_ _2\"></span>gium No.1 SA (investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1da9 y5dfc wb34 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Brus<span class=\"_ _2\"></span>sels</div><div class=\"t m0 x1da8 h13 y5b20 ff3 fsc fc1 sc0 ls1f3 ws1f8\">11<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1daa y5dfc wb35 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">Soci\u00e9t\u00e9 Anonyme<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dab y5dfc wa7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfd wb36 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Den<span class=\"_ _2\"></span>mark No.1 ApS (inve<span class=\"_ _2\"></span>stment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1dad y5dfd wb37 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Copenhag<span class=\"_ _2\"></span>en</div><div class=\"t m0 x1dac h13 y5d30 ff3 fsc fc1 sc0 ls1f4 ws1f9\">14<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dfd wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dfd wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dfe wb38 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Den<span class=\"_ _2\"></span>mark No.<span class=\"_ _2\"></span>2 ApS (inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dae y5dfe wb39 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">C<span class=\"_ _2\"></span>openhagen<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dfe wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dfe wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dff wb3a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Germ<span class=\"_ _2\"></span>any No.1 S.<span class=\"_ _2\"></span>\u00e0.r.l. (investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1db0 y5dff wb3b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg</div><div class=\"t m0 x1daf h13 y5d30 ff3 fsc fc1 sc0 ls1f5 ws1fa\">20<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5dff wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5dff wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e00 wb3c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Germ<span class=\"_ _2\"></span>any No.<span class=\"_ _2\"></span>2 S.<span class=\"_ _2\"></span>\u00e0.r<span class=\"_ _5\"></span>.l. (inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1db1 y5e00 wb3d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e00 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e00 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e01 wb3c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Germ<span class=\"_ _2\"></span>any No.<span class=\"_ _2\"></span>3 S.<span class=\"_ _2\"></span>\u00e0.r<span class=\"_ _5\"></span>.l. (inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1db1 y5e01 wb3e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e01 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e01 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e02 wb3f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Irela<span class=\"_ _2\"></span>nd No.1 S.<span class=\"_ _2\"></span>\u00e0.r.l. (investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1db3 y5e02 wb40 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">L<span class=\"_ _2\"></span>uxemb<span class=\"_ _2\"></span>ourg</div><div class=\"t m0 x1db2 h13 y5d30 ff3 fsc fc1 sc0 ls1f5 ws1fa\">20<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e02 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e02 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e35 wb41 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>A Neth<span class=\"_ _2\"></span>erland<span class=\"_ _2\"></span>s No.1 B.<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>. (inves<span class=\"_ _2\"></span>tment c<span class=\"_ _2\"></span>ompany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1db5 y5e35 wb42 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Ams<span class=\"_ _2\"></span>t<span class=\"_ _5\"></span>erdam</div><div class=\"t m0 x1db4 h13 y5b20 ff3 fsc fc1 sc0 ls1f6 ws1fb\">12<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e03 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e03 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e36 wb43 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">SL<span class=\"_ _2\"></span>A<span class=\"_ _7\"></span>C<span class=\"_ _2\"></span>OM (No. 10) Limited (<span class=\"_ _7\"></span>dorm<span class=\"_ _2\"></span>ant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c x1db7 y5e36 wb44 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh</div><div class=\"t m0 x1db6 h13 y5b20 ff3 fsc fc1 sc0 ls0 ws0\">2<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e04 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e04 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e37 wb45 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>ACOM (No<span class=\"_ _2\"></span>. 8) Limited (dorm<span class=\"_ _2\"></span>ant compa<span class=\"_ _2\"></span>ny<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1db8 y5e37 wa96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d7f wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d7f wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e38 wb46 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SL<span class=\"_ _2\"></span>ACOM (No<span class=\"_ _2\"></span>. 9) Limited (dorm<span class=\"_ _2\"></span>ant comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1db9 y5e38 wa9d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5d80 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5d80 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5e39 wb47 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">SLF of Ca<span class=\"_ _2\"></span>nada U<span class=\"_ _2\"></span>K Limited (ho<span class=\"_ _2\"></span>lding com<span class=\"_ _2\"></span>pany \u2013 direc<span class=\"_ _2\"></span>tly owned by th<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dba y5e39 waa8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">H<span class=\"_ _2\"></span>ampshire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e39 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e39 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e3a ff3 fs7 fc1 sc0 ls0 ws0\">SLI<span class=\"_ _2\"></span>F Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Investm<span class=\"_ _2\"></span>ent GP Limite<span class=\"_ _2\"></span>d (Gener<span class=\"_ _2\"></span>al Par<span class=\"_ _2\"></span>tner to SLI<span class=\"_ _2\"></span>F Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e3b wb48 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">Inv<span class=\"_ _5\"></span>estment)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1381 y5e3b w86f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e3b wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e3b wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e3c wb49 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life Agency Ser<span class=\"_ _2\"></span>vices Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dbb y5e3c wa96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y5e3c wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y5e3c wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e3d ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e (HWPF<span class=\"_ _2\"></span>) Luxembo<span class=\"_ _2\"></span>urg S.<span class=\"_ _2\"></span>\u00e0.r.l. (investm<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e3e wa8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dbc y5e3e wb3e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y56f9 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y56f9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e3f wb4a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life In<span class=\"_ _5\"></span>vestment Funds Limi<span class=\"_ _5\"></span>ted (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dbd y5e3f wade h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y55ee wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y55ee wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e40 wb4b h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life Lifetime Mo<span class=\"_ _2\"></span>rtg<span class=\"_ _2\"></span>ages Lim<span class=\"_ _2\"></span>ited (mor<span class=\"_ _2\"></span>tgag<span class=\"_ _2\"></span>e provider co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dbe y5e40 wa9d h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d16 y55ef wa70 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d17 y55ef wa71 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr></table>41<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>41<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>13<span class=\"_ _3bc\"> </span>13<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>4<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>14<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>43<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span>2<span class=\"_ _3bc\"> </span><div class=\"gs2ed\"><table class=\"s wb4c h32d\" id=\"_d2eb9115-3220-430c-b58a-75facbdc9acf\"><tr><td></td><td></td><td class=\"t m0 x1d04 h16 y5e41 ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf4b h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 x1d05 h16 y5e42 ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d06 h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x1d07 h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8d0 h16 y5e43 ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1570 h16 y5e43 ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e8 h16 y5e43 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 h16 y5e43 ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5e44 wb4d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life Master T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>t Co. Limit<span class=\"_ _5\"></span>ed (dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dbf y5e44 w6f8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e44 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e44 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd1 wb4e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life Mortgag<span class=\"_ _2\"></span>es Li<span class=\"_ _5\"></span>mited (dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d53 y5dd1 w6f8 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd1 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd1 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd4 wb4f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life P<span class=\"_ _5\"></span>roper<span class=\"_ _2\"></span>ty Comp<span class=\"_ _2\"></span>an<span class=\"_ _5\"></span>y Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc0 y5dd4 w86f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburg<span class=\"_ _2\"></span>h<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd4 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd4 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd6 wb50 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Standard Life T<span class=\"_ _6\"></span>rustee C<span class=\"_ _2\"></span>ompany L<span class=\"_ _5\"></span>imited (<span class=\"_ _5\"></span>trustee comp<span class=\"_ _2\"></span>any<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc1 y5dd6 waef h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edin<span class=\"_ _2\"></span>burgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd6 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd6 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd8 wb51 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Sun Life of Can<span class=\"_ _2\"></span>ada UK H<span class=\"_ _2\"></span>olding<span class=\"_ _2\"></span>s Limited (dorma<span class=\"_ _2\"></span>nt company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc2 y5dd8 wb52 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ham<span class=\"_ _2\"></span>pshire<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5dd8 wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5dd8 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d8f wb53 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Sun<span class=\"_ _2\"></span>Life Limited (financ<span class=\"_ _2\"></span>ial ser<span class=\"_ _2\"></span>vice<span class=\"_ _2\"></span>s distribu<span class=\"_ _2\"></span>tion comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d73 y5d8f wa85 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d8f wa70 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d8f wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e45 ff3 fs7 fc1 sc0 ls0 ws0\">The H<span class=\"_ _2\"></span>eritab<span class=\"_ _2\"></span>le Sec<span class=\"_ _2\"></span>urities an<span class=\"_ _2\"></span>d Mor<span class=\"_ _2\"></span>tgag<span class=\"_ _2\"></span>e Investm<span class=\"_ _2\"></span>ent Ass<span class=\"_ _2\"></span>ociatio<span class=\"_ _2\"></span>n L<span class=\"_ _5\"></span>td </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e46 waed h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">(dormant company<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1da5 y5e46 wa96 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e46 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e46 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e47 wb54 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">The London Lif<span class=\"_ _5\"></span>e Asso<span class=\"_ _2\"></span>ciation<span class=\"_ _5\"></span> Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc3 y5e47 w6f8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyt<span class=\"_ _2\"></span>hall<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d10 y5e47 wa79 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited by G<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d11 y5e47 wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e48 wb55 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">The Path<span class=\"_ _2\"></span>e Building M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement C<span class=\"_ _2\"></span>ompany Limite<span class=\"_ _2\"></span>d (dormant com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d9d y5e48 wa81 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1d8 ws1d8\">Te<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e48 wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e48 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d97 wb56 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">The Ph<span class=\"_ _2\"></span>oenix Life SC<span class=\"_ _2\"></span>P Ins<span class=\"_ _2\"></span>titution (dorm<span class=\"_ _2\"></span>ant comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc4 y5d97 w86f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d10 y5d97 wa79 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited by G<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d11 y5d97 wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d98 wb57 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">The S<span class=\"_ _2\"></span>cot<span class=\"_ _2\"></span>tish Mut<span class=\"_ _2\"></span>ual As<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e Soci<span class=\"_ _2\"></span>ety (dorm<span class=\"_ _2\"></span>ant comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc5 y5d98 wade h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d10 y5d98 wa79 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited by G<span class=\"_ _2\"></span>uarante<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d11 y5d98 wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e49 ff3 fs7 fc1 sc0 ls0 ws0\">The St<span class=\"_ _2\"></span>andard Life As<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce Com<span class=\"_ _2\"></span>pany of Europe B.<span class=\"_ _5\"></span>V<span class=\"_ _7\"></span>. (finan<span class=\"_ _2\"></span>cial holdin<span class=\"_ _2\"></span>g </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e4a wa8e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc6 y5e4a wb58 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">Amsterdam<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e4a wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e4a wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e4b wb59 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">V<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>bnet (Ho<span class=\"_ _2\"></span>ldings) Limite<span class=\"_ _2\"></span>d (holdin<span class=\"_ _2\"></span>g company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d37 y5e4b wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5e4b wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5e4b wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d9c wb5a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">V<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>bnet Limited (s<span class=\"_ _2\"></span>erv<span class=\"_ _2\"></span>ices com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc7 y5d9c wade h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d9c wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d9c wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d9d wb5b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Welbrent Prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y Inves<span class=\"_ _2\"></span>tment C<span class=\"_ _2\"></span>ompany Limite<span class=\"_ _2\"></span>d (dormant co<span class=\"_ _2\"></span>mpany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dc8 y5d9d wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5d9d wa70 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d0a y5d9d wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e4c wb5c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SLI<span class=\"_ _2\"></span>F Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Investm<span class=\"_ _2\"></span>ent LP<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dc9 y5e4c wa89 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e4c wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e4c wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e4d wb5e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Pearl Private E<span class=\"_ _5\"></span>quit<span class=\"_ _2\"></span>y LP<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dcb y5e4d wa89 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e4d wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e4d wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e4e wb5f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pearl Str<span class=\"_ _2\"></span>ategic Cre<span class=\"_ _2\"></span>dit LP<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dcc y5e4e wb60 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e4f wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e4f wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e50 wb61 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Europe<span class=\"_ _2\"></span>an Strateg<span class=\"_ _2\"></span>ic Part<span class=\"_ _2\"></span>ners LP<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dcb y5e50 wa89 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e51 wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcd y5e51 wb62 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b0 ws1ac\">72.70<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e52 wb63 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">AS<span class=\"_ _2\"></span>I Phoeni<span class=\"_ _2\"></span>x Global Priv<span class=\"_ _2\"></span>ate Equity I<span class=\"_ _2\"></span>II LP<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dcb y5e52 wa89 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e53 wb5d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e53 wa7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e54 wb64 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Janus Hender<span class=\"_ _2\"></span>son Institutional Shor<span class=\"_ _2\"></span>t Duration Bond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dce y5e54 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e55 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e55 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e56 wb66 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Janus Hender<span class=\"_ _2\"></span>son Institutional Mainstream U<span class=\"_ _2\"></span>K E<span class=\"_ _5\"></span>quity T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd0 y5e56 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e57 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e57 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e58 wb67 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Janus Hender<span class=\"_ _2\"></span>son Institutional UK Equity T<span class=\"_ _7\"></span>racker T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd1 y5e58 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e58 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e58 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5def wb68 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson I<span class=\"_ _2\"></span>nstit<span class=\"_ _2\"></span>utional Hi<span class=\"_ _2\"></span>gh Alpha U<span class=\"_ _2\"></span>K Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd2 y5def wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5def wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd3 y5def wb69 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12a ws113\">84.56%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e59 ff3 fs7 fc1 sc0 ls18 ws16\">Janus Hender<span class=\"_ _2\"></span>son Global Fu<span class=\"_ _5\"></span>nds \u2013 Janus Hender<span class=\"_ _2\"></span>son Institutional Overse<span class=\"_ _2\"></span>as </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5df0 wb6a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd4 y5df0 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5df0 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd6 y5df0 wb6c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">9<span class=\"_ _2\"></span>9.20%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e5a ff3 fs7 fc1 sc0 ls0 ws0\">Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson St<span class=\"_ _2\"></span>rategic I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Funds \u2013 Janus H<span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>rson </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5daf wb6d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Instit<span class=\"_ _2\"></span>utional Nor<span class=\"_ _2\"></span>th American Index Op<span class=\"_ _2\"></span>port<span class=\"_ _2\"></span>unities F<span class=\"_ _5\"></span>und<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd7 y5daf wb6e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5daf wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd8 y5daf wb6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">82.73%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e5b ff3 fs7 fc1 sc0 ls0 ws0\">Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson St<span class=\"_ _2\"></span>rategic I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Funds \u2013 Janus H<span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>rson </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e5c wb70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ins<span class=\"_ _2\"></span>titution<span class=\"_ _2\"></span>al Asia Pac<span class=\"_ _2\"></span>ific ex Japan I<span class=\"_ _2\"></span>ndex Opp<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>tunities Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dd9 y5e5c wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5e5d wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dda y5e5d wb71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls101 wsa1\">9<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.27%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e5e ff3 fs7 fc1 sc0 ls0 ws0\">Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson St<span class=\"_ _2\"></span>rategic I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Funds \u2013 Janus H<span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>rson </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e5f wb72 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ins<span class=\"_ _2\"></span>titution<span class=\"_ _2\"></span>al Japan I<span class=\"_ _2\"></span>ndex Opp<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>unities Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ddb y5e5f wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5e5f wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ddc y5e5f wb73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">86<span class=\"_ _2\"></span>.79%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e60 wb74 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS A<span class=\"_ _2\"></span>sia Pacific ex Ja<span class=\"_ _2\"></span>pan Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ddd y5e60 wa85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e60 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd3 y5e60 wb75 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">99<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e61 wb76 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Em<span class=\"_ _2\"></span>erging M<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>et Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dde y5e61 wa92 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e61 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e61 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db6 wb77 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Europ<span class=\"_ _2\"></span>ean ex UK Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ddf y5db6 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5db6 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5db6 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db7 wb78 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Ja<span class=\"_ _2\"></span>pan Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de0 y5db7 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5db7 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5db7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db8 wb79 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Lothia<span class=\"_ _2\"></span>n European E<span class=\"_ _2\"></span>x UK Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de1 y5db8 w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5db8 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5db8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e62 wb7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Lothia<span class=\"_ _2\"></span>n Nor<span class=\"_ _2\"></span>th Americ<span class=\"_ _2\"></span>an Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1699 y5e62 wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e62 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e62 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e63 wb7b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Lothia<span class=\"_ _2\"></span>n UK Gilt Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xd72 y5e63 wa92 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e63 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5e63 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e64 ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS Lothia<span class=\"_ _2\"></span>n UK Liste<span class=\"_ _2\"></span>d Smalle<span class=\"_ _2\"></span>r Comp<span class=\"_ _2\"></span>anies Fund (formerl<span class=\"_ _2\"></span>y known </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e65 wb7c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">as PUT<span class=\"_ _2\"></span>M A<span class=\"_ _5\"></span>CS U<span class=\"_ _2\"></span>K Smalle<span class=\"_ _2\"></span>r Compa<span class=\"_ _2\"></span>nies Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x171a y5e65 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyt<span class=\"_ _2\"></span>hall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dbd wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1de2 y5dbd wb7d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1f7 ws1fc\">99.90%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dbe wb7e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS N<span class=\"_ _2\"></span>orth A<span class=\"_ _2\"></span>meric<span class=\"_ _2\"></span>an 2 Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de3 y5dbe w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dbf wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dbf wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc0 wb7f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS N<span class=\"_ _2\"></span>orth A<span class=\"_ _2\"></span>meric<span class=\"_ _2\"></span>an Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de4 y5dc0 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc1 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc2 wb80 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex Asia Pac<span class=\"_ _2\"></span>ific ex Japan Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de5 y5dc2 wa87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc3 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc3 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc4 wb81 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex Emergin<span class=\"_ _2\"></span>g Markets Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de6 y5dc4 wa92 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc5 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc5 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc6 wb82 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex Europea<span class=\"_ _2\"></span>n Equity Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de7 y5dc6 wac8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc6 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc6 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc7 wb83 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex Japan Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de8 y5dc7 w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc7 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc7 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc8 wb84 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex UK Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de1 y5dc8 w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc8 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc9 wb85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex US Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de9 y5dc9 wa85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc9 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dc9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dca wb86 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS U<span class=\"_ _2\"></span>K All Share Lis<span class=\"_ _2\"></span>ted Equit<span class=\"_ _2\"></span>y Mul<span class=\"_ _2\"></span>ti Mana<span class=\"_ _2\"></span>ger Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dea y5dca wb87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Wy<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>all1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1deb y5dca wb88 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dec y5dca wb89 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _7\"></span>.00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcb wb8a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM ACS US D<span class=\"_ _2\"></span>ollar Cre<span class=\"_ _2\"></span>dit Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ded y5dcb wb87 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dee y5dcb wb8b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dec y5dcb wb89 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _7\"></span>.00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcc wb8c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Asia Pa<span class=\"_ _2\"></span>cific (E<span class=\"_ _2\"></span>xcluding J<span class=\"_ _2\"></span>apan) Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1def y5dcc wac8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dcc wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5dcc wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59f1 wb8d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Emerg<span class=\"_ _2\"></span>ing Market De<span class=\"_ _2\"></span>bt Uncon<span class=\"_ _2\"></span>strain<span class=\"_ _2\"></span>ed Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df0 y59f1 wa9a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyt<span class=\"_ _2\"></span>hall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y59f1 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y59f1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 wb8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Emerg<span class=\"_ _2\"></span>ing Markets Equi<span class=\"_ _2\"></span>ty Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de8 y56f9 w795 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y56f9 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y56f9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee wb8f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Euro Sovere<span class=\"_ _2\"></span>ign Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df1 y55ee wa85 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y55ee wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y55ee wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wb90 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Europe<span class=\"_ _2\"></span>an Credit Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df2 y55ef wa9a h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">Wyt<span class=\"_ _2\"></span>hall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y55ef wb65 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y55ef wa71 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa9e\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsa9f\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsaa0\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsaa1\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1eb ws1f0 gsaa2\">43<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsaa3\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsaa4\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsaa5\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsaa6\">4<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsaa7\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsaa8\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f6 ws1fb gsaa9\">12<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsaaa\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsaab\">2<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsaac\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsaad\">6<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsaae\">6<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsaaf\">6<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsab0\">6<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsab1\">6<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1eb ws1f0 gsab2\">18<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1eb ws1f0 gsab3\">18<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1eb ws1f0 gsab4\">18<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1eb ws1f0 gsab5\">18<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1eb ws1f0 gsab6\">18<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1eb ws1f0 gsab7\">18<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1eb ws1f0 gsab8\">18<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1eb ws1f0 gsab9\">18<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsaba\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsabb\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsabc\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsabd\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsabe\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsabf\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsac0\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsac1\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsac2\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsac3\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsac4\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsac5\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsac6\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsac7\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsac8\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsac9\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsaca\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsacb\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsacc\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsacd\">1<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsace\">1<span class=\"_ _3bc\"> </span></div><table class=\"s wb91 h32e\" id=\"_685b1eb1-29a8-4101-a3cc-3518f4b769d2\"><tr><td></td><td></td><td class=\"t m0 x178d h16 y5e66 ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1000 h16 y5e67 ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 xc56 h16 y5e67 ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d14 h16 y5e67 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x9f5 h16 y5e67 ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xd90 h16 y5e68 ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x75f h16 y5e68 ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1a20 h16 y5e68 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xabd h16 y5e68 ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5e69 wb92 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Floatin<span class=\"_ _2\"></span>g Rate ABS Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de0 y5e69 wa9a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e69 wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e69 wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6a wb93 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Glob<span class=\"_ _2\"></span>al Bond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df4 y5e6a w795 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6a wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6a wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6b wb94 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Glob<span class=\"_ _2\"></span>al Credit Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df5 y5e6b wa85 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6b wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6b wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d8b wb95 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Index-<span class=\"_ _2\"></span>Linked Sterling H<span class=\"_ _2\"></span>edg<span class=\"_ _2\"></span>ed Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df6 y5d8b w795 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5d8b wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5d8b wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d8c wb96 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Long Gilt S<span class=\"_ _2\"></span>terling He<span class=\"_ _2\"></span>dge<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de8 y5d8c w795 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5d8c wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5d8c wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6c wb97 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Sho<span class=\"_ _2\"></span>rt D<span class=\"_ _2\"></span>uration Cre<span class=\"_ _2\"></span>dit Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df7 y5e6c wa92 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6c wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6c wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6d wb98 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Sterling C<span class=\"_ _2\"></span>redit Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df8 y5e6d wa9a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6d wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6d wa71 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6e wb99 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Sterling G<span class=\"_ _2\"></span>overnment B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xb67 y5e6e wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">W<span class=\"_ _2\"></span>yth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6e wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6e wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e6f wb9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Sub<span class=\"_ _2\"></span>-Sovereign A Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df4 y5e6f w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e6f wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e6f wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e70 wb9b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell T<span class=\"_ _7\"></span>ac<span class=\"_ _2\"></span>tical A<span class=\"_ _2\"></span>sset All<span class=\"_ _2\"></span>ocatio<span class=\"_ _2\"></span>n Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xd72 y5e70 wa92 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e70 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e70 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e71 wb9c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Uk Equit<span class=\"_ _2\"></span>y Inc<span class=\"_ _2\"></span>ome Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1df9 y5e71 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e71 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e71 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e72 wb9d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM B<span class=\"_ _2\"></span>othwell Ultra S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Durat<span class=\"_ _2\"></span>ion Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dfa y5e72 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e72 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e72 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e73 wb9e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM Far E<span class=\"_ _2\"></span>aster<span class=\"_ _2\"></span>n Unit T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dfb y5e73 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e73 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dfc y5e73 wb9f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws195\">99<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e74 wba0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM U<span class=\"_ _2\"></span>K All-Share I<span class=\"_ _2\"></span>ndex Unit T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x16f8 y5e74 wa9a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e74 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e74 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e75 wba1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM U<span class=\"_ _2\"></span>K Stock M<span class=\"_ _2\"></span>arket F<span class=\"_ _5\"></span>und<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1de8 y5e75 w795 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wy<span class=\"_ _2\"></span>thall<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e75 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e75 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e76 wba2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">PUTM U<span class=\"_ _2\"></span>K Stock M<span class=\"_ _2\"></span>arket F<span class=\"_ _5\"></span>und (S<span class=\"_ _2\"></span>eries 3<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dfd y5e76 wa85 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">Wyth<span class=\"_ _2\"></span>all<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e77 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e77 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e78 wba3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls194 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) European T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust II (forme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s abrdn Europe<span class=\"_ _2\"></span>an T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust I<span class=\"_ _2\"></span>I)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dfe y5e78 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e79 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e79 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e7a wba4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) European T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust (formerl<span class=\"_ _2\"></span>y known as ab<span class=\"_ _2\"></span>rdn European T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dff y5e7a wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e7b wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dfc y5e7b wba5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1f8 ws1fd\">95.65<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e7c ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) Internation<span class=\"_ _2\"></span>al T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t (<span class=\"_ _5\"></span>forme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s abrdn Interna<span class=\"_ _2\"></span>tional </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e7d wba6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls17 ws15\">T<span class=\"_ _6\"></span>rust)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e00 y5e7d wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e7d wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5e7d wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e7e wba7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) Japan T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>st (formerly k<span class=\"_ _2\"></span>nown as Abrdn J<span class=\"_ _2\"></span>apan T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e01 y5e7e wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e7e wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e02 y5e7e wba8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls25 ws23\">78<span class=\"_ _2\"></span>.0<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e7f ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) Nor<span class=\"_ _2\"></span>th Americ<span class=\"_ _2\"></span>an T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t (f<span class=\"_ _5\"></span>orme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s abrdn Nor<span class=\"_ _2\"></span>th </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5de7 wba9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">American T<span class=\"_ _7\"></span>rust<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e03 y5de7 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5de7 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e04 y5de7 wbaa h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls68 ws5c\">9<span class=\"_ _2\"></span>9.47%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e80 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) Pacific Bas<span class=\"_ _2\"></span>in T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust (formerl<span class=\"_ _2\"></span>y known as abr<span class=\"_ _2\"></span>dn Pacific Bas<span class=\"_ _2\"></span>in </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e54 wba6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls17 ws15\">T<span class=\"_ _6\"></span>rust)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e00 y5e54 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e55 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e05 y5e55 wbab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>51%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e81 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) UK Corp<span class=\"_ _2\"></span>orate Bo<span class=\"_ _2\"></span>nd T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t (<span class=\"_ _5\"></span>forme<span class=\"_ _2\"></span>rly known as a<span class=\"_ _2\"></span>brdn UK </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5da9 wbac h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Corporate Bond T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e06 y5da9 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5da9 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5da9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e82 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn (Lothi<span class=\"_ _2\"></span>an) UK Equit<span class=\"_ _2\"></span>y Gene<span class=\"_ _2\"></span>ral T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t (formerly kn<span class=\"_ _2\"></span>own as abrdn U<span class=\"_ _2\"></span>K </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5dab wbad h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Equi<span class=\"_ _5\"></span>ty General T<span class=\"_ _6\"></span>rus<span class=\"_ _2\"></span>t)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e07 y5dab wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5dab wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e02 y5dab wbaa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls68 ws5c\">9<span class=\"_ _2\"></span>9.67%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dad wbae h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>ets I<span class=\"_ _2\"></span>ncome Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e08 y5dad wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5dad wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0a y5dad wbaf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lscc wsba\">74<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>6<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dae wbb0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Europ<span class=\"_ _2\"></span>e ex UK Ethic<span class=\"_ _2\"></span>al Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0b y5dae wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5dae wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0c y5dae wb73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">78<span class=\"_ _2\"></span>.61%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y5e83 wbb1 h291\"><div class=\"t m0 x1e6 hd y5666 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn MT A<span class=\"_ _2\"></span>meric<span class=\"_ _2\"></span>an Equit<span class=\"_ _2\"></span>y Uncon<span class=\"_ _2\"></span>strain<span class=\"_ _2\"></span>ed Fund (formerl<span class=\"_ _2\"></span>y known as<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">AS<span class=\"_ _2\"></span>IMT Ame<span class=\"_ _2\"></span>rican Equit<span class=\"_ _2\"></span>y Un<span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>traine<span class=\"_ _2\"></span>d Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5e83 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e84 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0e y5e84 wbb2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">78<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>3%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e5d wbb3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn MT G<span class=\"_ _2\"></span>lobal R<span class=\"_ _2\"></span>EIT Fund (formerly kn<span class=\"_ _2\"></span>own as AS<span class=\"_ _2\"></span>IMT Glo<span class=\"_ _2\"></span>bal REIT Fun<span class=\"_ _2\"></span>d)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0f y5e5d wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e5d wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e10 y5e5d w15d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls69 ws5e\">8<span class=\"_ _2\"></span>0.49%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e85 wbb4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn MT J<span class=\"_ _2\"></span>apan Fund (formerl<span class=\"_ _2\"></span>y known as AS<span class=\"_ _2\"></span>IMT J<span class=\"_ _2\"></span>apan Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e11 y5e85 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e85 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e12 y5e85 wbb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls159 ws141\">7<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e86 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn MT S<span class=\"_ _2\"></span>terling Interm<span class=\"_ _2\"></span>ediate Cre<span class=\"_ _2\"></span>dit Fund (formerly kn<span class=\"_ _2\"></span>own as AS<span class=\"_ _2\"></span>IMT </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e60 w317 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Sterling I<span class=\"_ _2\"></span>ntermed<span class=\"_ _2\"></span>iate Credit Fund La<span class=\"_ _2\"></span>unch Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e13 y5e60 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5e60 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dfc y5e60 wbb6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">93<span class=\"_ _2\"></span>.63%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e61 wbb7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Mana<span class=\"_ _2\"></span>ged I Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5e61 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5e61 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e14 y5e61 wbb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls159 ws141\">7<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db6 wbb8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Mana<span class=\"_ _2\"></span>ged I<span class=\"_ _2\"></span>I Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e15 y5db6 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5db6 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e16 y5db6 wbb9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws195\">76<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>92%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db7 wbba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Mana<span class=\"_ _2\"></span>ged I<span class=\"_ _2\"></span>II Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e17 y5db7 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5db7 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e18 y5db7 wbbb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls190 ws179\">84.49%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5db8 wbbc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Mana<span class=\"_ _2\"></span>ged V Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e19 y5db8 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5db8 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1a y5db8 wbbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">76<span class=\"_ _2\"></span>.75%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e62 wbbe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Dated Gl<span class=\"_ _2\"></span>obal Co<span class=\"_ _2\"></span>rporate B<span class=\"_ _2\"></span>ond T<span class=\"_ _7\"></span>rac<span class=\"_ _2\"></span>k<span class=\"_ _5\"></span>er Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e1b y5e62 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5e62 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1c y5e62 wba8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">95<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>85%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e63 wbbf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Dated Ste<span class=\"_ _2\"></span>rling Corp<span class=\"_ _2\"></span>orate Bon<span class=\"_ _2\"></span>d T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>acker Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e1d y5e63 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5e63 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1a y5e63 w155 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1f9 ws1fe\">91.26%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e87 wbc0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Europ<span class=\"_ _2\"></span>e ex UK Su<span class=\"_ _2\"></span>stain<span class=\"_ _2\"></span>able Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e1e y5e87 wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e87 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1f y5e87 wbc3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">68<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>1%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e88 wbc4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 G<span class=\"_ _2\"></span>DP Weighted G<span class=\"_ _2\"></span>lobal Gover<span class=\"_ _2\"></span>nment Bo<span class=\"_ _2\"></span>nd Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e20 y5e88 w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e88 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e21 y5e88 wbc5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8c ws6b\">73<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>21%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e89 wbc6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Gl<span class=\"_ _2\"></span>obal Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e22 y5e89 w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e89 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e23 y5e89 wbc7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls66 ws5d\">9<span class=\"_ _2\"></span>9.60%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8a wbc8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Gl<span class=\"_ _2\"></span>obal Govern<span class=\"_ _2\"></span>ment Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e24 y5e8a w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e8a wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1f y5e8a wa9e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">80.<span class=\"_ _2\"></span>21%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8b wbc9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Global Equ<span class=\"_ _2\"></span>ity Im<span class=\"_ _2\"></span>pact Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e20 y5e8b w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e8b wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1f y5e8b w155 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1f9 ws1fe\">61.26%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8c wbca h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Global I<span class=\"_ _2\"></span>nflation-linked B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e25 y5e8c wbcb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxem<span class=\"_ _2\"></span>bourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e8c wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e21 y5e8c wbcc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">51<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span>2%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8d wbcd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Global S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Durat<span class=\"_ _2\"></span>ion Corp<span class=\"_ _2\"></span>orate Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e26 y5e8d w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xembo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e8d wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e27 y5e8d wba5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8e wbce h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Absolute Re<span class=\"_ _2\"></span>turn Glob<span class=\"_ _2\"></span>al Bond St<span class=\"_ _2\"></span>rategie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e28 y5e8e wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">L<span class=\"_ _2\"></span>uxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e8e wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e27 y5e8e wbb6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">92.46<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59eb wbcf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 European G<span class=\"_ _2\"></span>overnment All S<span class=\"_ _2\"></span>tocks Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e29 y59eb w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y59eb wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e2a y59eb waa5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59ed wbd0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Global Em<span class=\"_ _2\"></span>erging M<span class=\"_ _2\"></span>arkets Loca<span class=\"_ _2\"></span>l Currenc<span class=\"_ _2\"></span>y Debt Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e2b y59ed wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y59ed wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e27 y59ed wbd1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls66 ws5d\">89.59%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e8f wbd2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I \u2013 Global H<span class=\"_ _2\"></span>igh Yield B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e2c y5e8f wbcb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y59ee wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e2d y59ee wb75 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">5<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.75%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5e90 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I Global Re<span class=\"_ _2\"></span>al Es<span class=\"_ _2\"></span>tate Se<span class=\"_ _2\"></span>curitie<span class=\"_ _2\"></span>s Sust<span class=\"_ _2\"></span>ainable Fun<span class=\"_ _2\"></span>d (<span class=\"_ _5\"></span>former<span class=\"_ _2\"></span>ly </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5dcc wbd3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">known a<span class=\"_ _2\"></span>s abrdn SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Gl<span class=\"_ _2\"></span>obal REI<span class=\"_ _2\"></span>T Focus Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e2e y5dcc wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5dcc wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e21 y5dcc wbd4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls159 ws141\">9<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59f1 wbd5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn St<span class=\"_ _2\"></span>andard Liq<span class=\"_ _2\"></span>uidity Fun<span class=\"_ _2\"></span>d (Lux) \u2013 S<span class=\"_ _2\"></span>eabur<span class=\"_ _2\"></span>y Euro Liquidit<span class=\"_ _2\"></span>y 1 Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1e30 y59f1 wbd6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg</div><div class=\"t m0 x1e2f h13 y5b20 ff3 fsc fc1 sc0 ls1f5 ws1fa\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y59f1 wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e31 y59f1 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y56f9 wbd8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn St<span class=\"_ _2\"></span>andard Liq<span class=\"_ _2\"></span>uidity Fun<span class=\"_ _2\"></span>d (Lux) \u2013 S<span class=\"_ _2\"></span>eabur<span class=\"_ _2\"></span>y Sterlin<span class=\"_ _2\"></span>g Liquidit<span class=\"_ _2\"></span>y 2 Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e32 y56f9 wbd9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y56f9 wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e31 y56f9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ee wbd8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn St<span class=\"_ _2\"></span>andard Liq<span class=\"_ _2\"></span>uidity Fun<span class=\"_ _2\"></span>d (Lux) \u2013 S<span class=\"_ _2\"></span>eabur<span class=\"_ _2\"></span>y Sterlin<span class=\"_ _2\"></span>g Liquidit<span class=\"_ _2\"></span>y 3 Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e32 y55ee wbd9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxem<span class=\"_ _2\"></span>bour<span class=\"_ _2\"></span>g<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y55ee wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e33 y55ee wbda h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">9<span class=\"_ _2\"></span>9.<span class=\"_ _2\"></span>45%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wbdb h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn St<span class=\"_ _2\"></span>andard S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Ch<span class=\"_ _2\"></span>ina Onsh<span class=\"_ _2\"></span>ore Bond Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e34 y55ef wbc1 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y55ef wbc2 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e35 y55ef wbdc h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">6<span class=\"_ _2\"></span>0.75%<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>1<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span><div class=\"gs2ed\"><table class=\"s wbdd h32d\" id=\"_108da619-95cb-4383-838e-608eaecce992\"><tr><td></td><td></td><td class=\"t m0 x1d04 h16 y5e41 ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf4b h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 x1d05 h16 y5e42 ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d06 h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x1d07 h16 y5e42 ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x8d0 h16 y5e43 ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1570 h16 y5e43 ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x5e8 h16 y5e43 ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x4c2 h16 y5e43 ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5e44 wbde h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex World Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e36 y5e44 wab9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5e44 wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e37 y5e44 wa9e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">9<span class=\"_ _2\"></span>0.61%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd1 wbdf h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable In<span class=\"_ _2\"></span>dex Ameri<span class=\"_ _2\"></span>can Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e38 y5dd1 wab9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dd1 wb6b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e39 y5dd1 w653 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls69 ws5e\">60.<span class=\"_ _2\"></span>53%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e91 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Ph<span class=\"_ _2\"></span>oenix Fund F<span class=\"_ _2\"></span>inancin<span class=\"_ _2\"></span>g SCS<span class=\"_ _2\"></span>P (<span class=\"_ _5\"></span>forme<span class=\"_ _2\"></span>rly known as A<span class=\"_ _2\"></span>SI Pho<span class=\"_ _2\"></span>enix </td><td></td><td></td><td class=\"t m0 x1e3a hd y5e92 ff3 fs7 fc1 sc0 ls0 ws0\">Sp<span class=\"_ _2\"></span>ecial Limite<span class=\"_ _2\"></span>d </td><td></td></tr><tr><td class=\"c n x1ea y5e93 wbe0 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Fund Fina<span class=\"_ _2\"></span>ncing S<span class=\"_ _2\"></span>CSP (P<span class=\"_ _2\"></span>LFF))<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e3b y5e93 w1ba h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f6 y5e93 w412 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Partn<span class=\"_ _2\"></span>ership<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e3c y5e93 wbe1 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x1982 hd y5e94 ff3 fs7 fc1 sc0 ls17 ws15\">Cayman<span class=\"_ _7\"></span> </td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5e95 ff3 fs7 fc1 sc0 ls0 ws0\">Igni<span class=\"_ _2\"></span>s Private Equit<span class=\"_ _2\"></span>y Fund LP<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x97a hd y5e95 ff3 fs7 fc1 sc0 ls18 ws16\">Islands<span class=\"_ _3bc\"> </span></td><td class=\"c n x8d1 y5e96 wb5d h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e96 wa7a h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x1982 hd y5e97 ff3 fs7 fc1 sc0 ls17 ws15\">Cayman<span class=\"_ _7\"></span> </td><td></td><td></td></tr><tr><td class=\"t m0 x232 hd y5e98 ff3 fs7 fc1 sc0 ls0 ws0\">Igni<span class=\"_ _2\"></span>s Strateg<span class=\"_ _2\"></span>ic Credit Fund LP<span class=\"_ _3bc\"> </span></td><td></td><td class=\"t m0 x97a hd y5e98 ff3 fs7 fc1 sc0 ls18 ws16\">Islands<span class=\"_ _3bc\"> </span></td><td class=\"c n x8d1 y5e18 wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e18 wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1a wbe2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Nor<span class=\"_ _2\"></span>th Ame<span class=\"_ _2\"></span>rican Str<span class=\"_ _2\"></span>ategic Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rs (Fee<span class=\"_ _2\"></span>der) 200<span class=\"_ _2\"></span>8 Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e3d y5e1a wa96 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e1a wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e1a wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1c wbe3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Nor<span class=\"_ _2\"></span>th Ame<span class=\"_ _2\"></span>rican Str<span class=\"_ _2\"></span>ategic Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rs 20<span class=\"_ _2\"></span>08 L.<span class=\"_ _2\"></span>P<span class=\"_ _6\"></span>.<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1e3f y5e1c wbe4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Delaware</div><div class=\"t m0 x1e3e h13 y5848 ff3 fsc fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e1c wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e1c wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e1e wbe5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Igni<span class=\"_ _2\"></span>s Strateg<span class=\"_ _2\"></span>ic Soluti<span class=\"_ _2\"></span>ons Funds plc \u2013 Fund<span class=\"_ _2\"></span>amenta<span class=\"_ _2\"></span>l Strategi<span class=\"_ _2\"></span>es Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n xf08 y5e1e wa74 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Dub<span class=\"_ _2\"></span>lin<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5e1e wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e40 y5e1e wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e99 wbe6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Igni<span class=\"_ _2\"></span>s Strateg<span class=\"_ _2\"></span>ic Soluti<span class=\"_ _2\"></span>ons Funds plc \u2013 Sys<span class=\"_ _2\"></span>tematic St<span class=\"_ _2\"></span>rategie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ddd y5e99 wa74 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Dub<span class=\"_ _2\"></span>lin<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5e99 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e40 y5e99 wa71 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5e9a ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix Highvis<span class=\"_ _2\"></span>ta V<span class=\"_ _5\"></span>enture C<span class=\"_ _2\"></span>apital Par<span class=\"_ _2\"></span>tner<span class=\"_ _2\"></span>s LP (formerly kn<span class=\"_ _2\"></span>own as AS<span class=\"_ _2\"></span>I </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e9b wbe7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Phoe<span class=\"_ _2\"></span>nix V<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>nture Capit<span class=\"_ _2\"></span>al Partn<span class=\"_ _2\"></span>ers LP)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e41 y5e9b wbe8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">USA<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5e9c wb5d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5e9c wa7a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e9d wbe9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">BNY M<span class=\"_ _2\"></span>ellon 50/50 Gl<span class=\"_ _2\"></span>obal Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1e43 y5e9d wbea h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London</div><div class=\"t m0 x1e42 h13 y5848 ff3 fsc fc1 sc0 ls1fc ws201\">40<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d09 y5e9e wbd7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e44 y5e9e wbeb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">73.<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>9%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e9f wbec h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">HS<span class=\"_ _2\"></span>BC Invest<span class=\"_ _2\"></span>ment Funds \u2013 Ba<span class=\"_ _2\"></span>lance<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e45 y5e9f wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5ea0 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e46 y5ea0 wbb9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws195\">81<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>64%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea1 wbed h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">IFS<span class=\"_ _2\"></span>L AMR OEI<span class=\"_ _2\"></span>C \u2013 IFS<span class=\"_ _2\"></span>L AMR Diver<span class=\"_ _2\"></span>sified Por<span class=\"_ _2\"></span>tfo<span class=\"_ _2\"></span>lio<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e47 y5ea1 wbee h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">Bolton<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5ea2 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd8 y5ea2 wb6f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls14 ws12\">72.83%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea3 wbef h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">iSha<span class=\"_ _2\"></span>res 35<span class=\"_ _2\"></span>0 UK Equit<span class=\"_ _2\"></span>y Index Fund U<span class=\"_ _2\"></span>K<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1e49 y5ea3 wbf0 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London</div><div class=\"t m0 x1e48 h13 y5848 ff3 fsc fc1 sc0 ls1fe ws203\">25<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5ea3 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e39 y5ea3 wbf1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls66 ws5d\">9<span class=\"_ _2\"></span>9.46<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea4 wbf2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Europe<span class=\"_ _2\"></span>an Equit<span class=\"_ _2\"></span>y Incom<span class=\"_ _2\"></span>e Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e4a y5ea4 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5ea4 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e4b y5ea4 wbbb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1f8 ws1fd\">86.50<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea5 wbf3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Grow<span class=\"_ _2\"></span>th T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e4c y5ea5 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5ea5 wb65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e4d y5ea5 wbf4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls190 ws179\">84.<span class=\"_ _5\"></span>77%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea6 wbf5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Quilte<span class=\"_ _2\"></span>r Investor<span class=\"_ _2\"></span>s Global D<span class=\"_ _2\"></span>ynami<span class=\"_ _2\"></span>c Equity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e4e y5ea6 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5ea6 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd8 y5ea6 wbd4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls159 ws141\">8<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea7 wbf6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">UB<span class=\"_ _2\"></span>S Global O<span class=\"_ _2\"></span>ptimal Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e4f y5ea7 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5ea7 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e46 y5ea7 wb73 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">78<span class=\"_ _2\"></span>.77%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ea8 wbf7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amund<span class=\"_ _2\"></span>i MSCI World C<span class=\"_ _2\"></span>limate T<span class=\"_ _7\"></span>rans<span class=\"_ _2\"></span>ition CTB<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e50 y5ea8 wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d09 y5ea8 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e51 y5ea8 wbab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls47 ws19d\">51<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x1e3a hd y5ea9 ff3 fs7 fc1 sc0 ls0 ws0\">Sp<span class=\"_ _2\"></span>ecial Limite<span class=\"_ _2\"></span>d </td><td></td></tr><tr><td class=\"c n x1ea y5eaa wbf8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Stone<span class=\"_ _2\"></span>peak C<span class=\"_ _2\"></span>ore Fund (Lux) S<span class=\"_ _2\"></span>CSp<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e52 y5eaa w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xembo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f6 y5eaa w412 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Partn<span class=\"_ _2\"></span>ership<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e53 y5eaa w105 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">83.<span class=\"_ _2\"></span>30%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eab wbf9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Par<span class=\"_ _2\"></span>tners G<span class=\"_ _2\"></span>roup Phoe<span class=\"_ _2\"></span>nix, L<span class=\"_ _2\"></span>.P<span class=\"_ _7\"></span>. Inc<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e54 y5eab wbfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Guernsey<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5eac wb5d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5eac wa7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ead wbfb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">ESP General P<span class=\"_ _5\"></span>artner Limi<span class=\"_ _5\"></span>ted P<span class=\"_ _5\"></span>artnership<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e55 y5ead w86f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x8d1 y5ead wb5d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dca y5ead wa7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _7\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eae wbfc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Aviva Investo<span class=\"_ _2\"></span>rs UK Prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty Fe<span class=\"_ _2\"></span>eder T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e56 y5eae wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5eae wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dcf y5eae wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5eaf ff7 fs7 fc1 sc0 ls69 ws5e\">Asso<span class=\"_ _2\"></span>ciates:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5eb0 wbfd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UK C<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y REIT Limi<span class=\"_ _2\"></span>ted (prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y inves<span class=\"_ _2\"></span>tment com<span class=\"_ _2\"></span>pany)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e57 y5eb0 wbfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Guernsey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb0 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb0 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5eb1 ff3 fs7 fc1 sc0 ls0 ws0\">UK C<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Es<span class=\"_ _2\"></span>tates Hol<span class=\"_ _2\"></span>dings Limite<span class=\"_ _2\"></span>d (prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y investm<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5eb2 wa8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e59 y5eb2 wbfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Guernsey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb2 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb2 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eb3 wbff h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UK C<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Es<span class=\"_ _2\"></span>tates Limite<span class=\"_ _2\"></span>d (proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y investm<span class=\"_ _2\"></span>ent comp<span class=\"_ _2\"></span>any<span class=\"_ _5\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e5a y5eb3 wbfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Guernsey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb3 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb3 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 hd y5eb4 ff3 fs7 fc1 sc0 ls0 ws0\">UK C<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial Proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Finan<span class=\"_ _2\"></span>ce Holdin<span class=\"_ _2\"></span>gs Limite<span class=\"_ _2\"></span>d (proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y investm<span class=\"_ _2\"></span>ent </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5eb5 wa8e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e59 y5eb5 wbfa h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Guernsey<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb5 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb5 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eb6 wc00 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Duke Dis<span class=\"_ _2\"></span>tribution C<span class=\"_ _2\"></span>entres S<span class=\"_ _2\"></span>.\u00e0<span class=\"_ _2\"></span>.r<span class=\"_ _7\"></span>.l<span class=\"_ _2\"></span>. (investme<span class=\"_ _2\"></span>nt compa<span class=\"_ _2\"></span>ny<span class=\"_ _7\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e5b y5eb6 wb3e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb6 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb6 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eb7 w7a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Duke Of<span class=\"_ _2\"></span>fices &amp; D<span class=\"_ _2\"></span>evelopm<span class=\"_ _2\"></span>ents S<span class=\"_ _2\"></span>.\u00e0<span class=\"_ _2\"></span>.r<span class=\"_ _7\"></span>.l<span class=\"_ _2\"></span>. (investme<span class=\"_ _2\"></span>nt company)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e5c y5eb7 wb3e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1d09 y5eb7 wa70 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Ordin<span class=\"_ _2\"></span>ary S<span class=\"_ _2\"></span>hares<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e58 y5eb7 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">43.39%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x232 he y5eb8 ff7 fs7 fc1 sc0 ls68 ws5c\">Significant holdings:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5eb9 wc01 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Janus Hender<span class=\"_ _2\"></span>son Institutional Global Responsible Man<span class=\"_ _2\"></span>aged Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e5d y5eb9 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5eb9 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e5e y5eb9 wc02 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dba wc03 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson I<span class=\"_ _2\"></span>nstit<span class=\"_ _2\"></span>utional U<span class=\"_ _2\"></span>K Index O<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>tunitie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e5f y5dba wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dba wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dda y5dba wb9f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws195\">58<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eba wc04 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abe<span class=\"_ _2\"></span>rdeen St<span class=\"_ _2\"></span>andard Liq<span class=\"_ _2\"></span>uidit<span class=\"_ _2\"></span>y Fund (Lux) \u2013 Ster<span class=\"_ _2\"></span>ling Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e60 y5eba wbcb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d09 y5eba wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e61 y5eba wb75 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">30<span class=\"_ _2\"></span>.0<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e65 wc05 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Am<span class=\"_ _2\"></span>erican Eq<span class=\"_ _2\"></span>uity Enh<span class=\"_ _2\"></span>ance<span class=\"_ _2\"></span>d Index Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e62 y5e65 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5e65 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dda y5e65 wc06 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls204 ws209\">48.23<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dbe wc07 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Am<span class=\"_ _2\"></span>erican I<span class=\"_ _2\"></span>ncom<span class=\"_ _2\"></span>e Equity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e63 y5dbe wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dbe wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e64 y5dbe wc08 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls13 ws11\">6<span class=\"_ _2\"></span>5.26%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc0 wc09 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn As<span class=\"_ _2\"></span>ia Pacific Equit<span class=\"_ _2\"></span>y Enha<span class=\"_ _2\"></span>nced I<span class=\"_ _2\"></span>ndex Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e65 y5dc0 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc0 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e64 y5dc0 wc0a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12a ws113\">35.9<span class=\"_ _2\"></span>9%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc2 wc0b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn As<span class=\"_ _2\"></span>ia Pacific Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e66 y5dc2 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc2 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ddc y5dc2 wb6c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">22.<span class=\"_ _2\"></span>83%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc4 wc0c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn D<span class=\"_ _2\"></span>ynamic D<span class=\"_ _2\"></span>istribu<span class=\"_ _2\"></span>tion Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e67 y5dc4 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6f2 y5dc4 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e68 y5dc4 wa9e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">63<span class=\"_ _2\"></span>.23%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc6 wc0d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>ets Eq<span class=\"_ _2\"></span>uity Enh<span class=\"_ _2\"></span>ance<span class=\"_ _2\"></span>d Index Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e69 y5dc6 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc6 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e6a y5dc6 wc0e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a7 ws197\">25.45<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc7 wc0f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>ets Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e6b y5dc7 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc7 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e39 y5dc7 wad5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">2<span class=\"_ _2\"></span>2.06%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc8 wc10 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>ets Lo<span class=\"_ _2\"></span>cal Curre<span class=\"_ _2\"></span>ncy Bo<span class=\"_ _2\"></span>nd T<span class=\"_ _7\"></span>rac<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>r Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e6c y5dc8 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc8 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e6d y5dc8 wc11 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">4<span class=\"_ _2\"></span>2.1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dc9 wc12 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Ethic<span class=\"_ _2\"></span>al Cor<span class=\"_ _2\"></span>porate Bo<span class=\"_ _2\"></span>nd Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5dc9 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dc9 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e6e y5dc9 wbb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls159 ws141\">5<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>4<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dca wc13 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Europ<span class=\"_ _2\"></span>e ex UK Inc<span class=\"_ _2\"></span>ome Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e6f y5dca wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dca wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e6a y5dca wc14 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">2<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>24%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcb wc15 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Europ<span class=\"_ _2\"></span>e Equit<span class=\"_ _2\"></span>y Enhanc<span class=\"_ _2\"></span>ed Index Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e19 y5dcb wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dcb wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd8 y5dcb wb73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">25.<span class=\"_ _2\"></span>37%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dcc wc16 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Europ<span class=\"_ _2\"></span>ean Equit<span class=\"_ _2\"></span>y T<span class=\"_ _7\"></span>rac<span class=\"_ _2\"></span>k<span class=\"_ _5\"></span>er Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5dcc wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y5dcc wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e70 y5dcc wc17 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">2<span class=\"_ _2\"></span>3.1<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ebb wc18 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Gl<span class=\"_ _2\"></span>obal Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e71 y5ebb wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y59f1 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dda y59f1 wbb6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">22.99<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e3e wc19 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Gl<span class=\"_ _2\"></span>obal Infla<span class=\"_ _2\"></span>tion-Linked B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e36 y5e3e wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y56f9 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e72 y56f9 wc14 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ac ws1a4\">24<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e3f wc1a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Gl<span class=\"_ _2\"></span>obal Infla<span class=\"_ _2\"></span>tion-Linked B<span class=\"_ _2\"></span>ond T<span class=\"_ _7\"></span>rac<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>r Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e73 y5e3f wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y55ee wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd8 y55ee wc1b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1af ws1ab\">52<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>87%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e40 wc1c h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Gl<span class=\"_ _2\"></span>obal Govern<span class=\"_ _2\"></span>ment Bon<span class=\"_ _2\"></span>d T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>acker Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e36 y5e40 wab9 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dd5 y55ef wb6b h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e6a y55ef wb7d h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1f7 ws1fc\">31.90%<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb04\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb05\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb06\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f0 ws1f5 gsb07\">10<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f0 ws1f5 gsb08\">10<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsb09\">6<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1fa ws1ff gsb0a\">22<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1fa ws1ff gsb0b\">22<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1fb ws200 gsb0c\">56<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f6 ws1fb gsb0d\">23<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1fd ws202 gsb0e\">24<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ff ws204 gsb0f\">26<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ff ws204 gsb10\">26<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f4 ws1f9 gsb11\">27<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1fa ws1ff gsb12\">50<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb13\">28<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls200 ws205 gsb14\">51<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls201 ws206 gsb15\">55<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsb16\">6<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls201 ws206 gsb17\">59<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls202 ws207 gsb18\">29<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls202 ws207 gsb19\">29<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls202 ws207 gsb1a\">29<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls202 ws207 gsb1b\">29<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls203 ws208 gsb1c\">31<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls203 ws208 gsb1d\">31<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1eb ws1f0 gsb1e\">18<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1eb ws1f0 gsb1f\">18<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb20\">20<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb21\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb22\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb23\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb24\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb25\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb26\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb27\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb28\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb29\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb2a\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb2b\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb2c\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb2d\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb2e\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb2f\">44<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ef ws1f4 gsb30\">44<span class=\"_ _3bc\"> </span></div><table class=\"s wc1d h32f\" id=\"_9854e1f8-4974-40ea-919b-01f5b5292113\"><tr><td></td><td></td><td class=\"t m0 x178d h16 y5ebc ff3 fsf fc1 sc0 ls0 ws0\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1000 h16 y5ebd ff3 fsf fc1 sc0 ls0 ws0\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </td><td class=\"t m0 xc56 h16 y5ebd ff3 fsf fc1 sc0 ls82 ws77\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </td><td class=\"t m0 x1d14 h16 y5ebd ff3 fsf fc1 sc0 ls0 ws0\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </td><td class=\"t m0 x9f5 h16 y5ebd ff3 fsf fc1 sc0 ls0 ws0\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 xd90 h16 y5ebe ff3 fsf fc1 sc0 ls70 ws67\">incorporated entities<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x75f h16 y5ebe ff3 fsf fc1 sc0 ls0 ws0\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x1a20 h16 y5ebe ff3 fsf fc1 sc0 ls0 ws0\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></td><td class=\"t m0 xabd h16 y5ebe ff3 fsf fc1 sc0 ls83 ws78\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5ebf wc1e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Gl<span class=\"_ _2\"></span>obal Rea<span class=\"_ _2\"></span>l Est<span class=\"_ _2\"></span>ate Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e74 y5ebf wc1f h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5ebf wb65 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e04 y5ebf wbbb h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1f8 ws1fd\">36.57<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e44 wc20 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Gl<span class=\"_ _2\"></span>obal Sm<span class=\"_ _2\"></span>aller Co<span class=\"_ _2\"></span>mpany Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e75 y5e44 wab9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5e44 wb6b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1c y5e44 w105 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">25.<span class=\"_ _2\"></span>59%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd1 wc21 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Hi<span class=\"_ _2\"></span>gh Yield Bo<span class=\"_ _2\"></span>nd Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e76 y5dd1 wab9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5dd1 wb6b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e16 y5dd1 wb73 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">20.<span class=\"_ _2\"></span>37%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd4 wc22 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Inves<span class=\"_ _2\"></span>tment G<span class=\"_ _2\"></span>rade C<span class=\"_ _2\"></span>orporate B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0b y5dd4 wab9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5dd4 wb6b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0a y5dd4 wc1b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1af ws1ab\">4<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>52%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd6 wc23 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Ja<span class=\"_ _2\"></span>pan Equit<span class=\"_ _2\"></span>y Enhan<span class=\"_ _2\"></span>ced In<span class=\"_ _2\"></span>dex Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e77 y5dd6 wab9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5dd6 wb6b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0c y5dd6 wc24 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls47 ws19d\">51<span class=\"_ _2\"></span>.8<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dd8 wc25 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Mana<span class=\"_ _2\"></span>ged IV Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e78 y5dd8 wb6e h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5dd8 wb6b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e79 y5dd8 wc26 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1f8 ws1fd\">68.36%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d8f wc27 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Market I Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5d8f wab9 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5d8f wb6b h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e18 y5d8f wc28 h27f\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">42.<span class=\"_ _2\"></span>30<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d91 wc29 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Market II Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e7a y5d91 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5d91 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e79 y5d91 w653 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls69 ws5e\">50.3<span class=\"_ _2\"></span>6%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d93 wc2a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Market III Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e7b y5d93 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5d93 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e14 y5d93 wc28 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">5<span class=\"_ _2\"></span>6.7<span class=\"_ _2\"></span>7%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d95 wc2b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Market IV Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e7c y5d95 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5d95 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e79 y5d95 wc2c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls190 ws179\">54.08%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ec0 wc2d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Market V Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e36 y5ec0 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ec0 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e14 y5ec0 wc2e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls68 ws5c\">58.47%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ec1 wc2f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Multi-<span class=\"_ _2\"></span>Manag<span class=\"_ _2\"></span>er II Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e00 y5ec1 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ec1 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0a y5ec1 wb73 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">4<span class=\"_ _2\"></span>8.78%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ec2 wc30 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Multi-<span class=\"_ _2\"></span>Manag<span class=\"_ _2\"></span>er II<span class=\"_ _2\"></span>I Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e17 y5ec2 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ec2 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e79 y5ec2 w4a2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls12 ws10\">56.<span class=\"_ _2\"></span>50%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ec3 wc31 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Multi-<span class=\"_ _2\"></span>Manag<span class=\"_ _2\"></span>er IV Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e7d y5ec3 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ec3 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e18 y5ec3 wc32 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls66 ws5d\">59.<span class=\"_ _2\"></span>86%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ec4 wc33 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn My<span class=\"_ _2\"></span>Folio Multi-<span class=\"_ _2\"></span>Manag<span class=\"_ _2\"></span>er V Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5ec4 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ec4 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e14 y5ec4 wc34 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls159 ws141\">3<span class=\"_ _3\"></span>7.<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ec5 wc35 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Dated C<span class=\"_ _2\"></span>orpora<span class=\"_ _2\"></span>te Bond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5ec5 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ec6 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e14 y5ec6 wc28 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb2 wse8\">2<span class=\"_ _2\"></span>6.7<span class=\"_ _2\"></span>7%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ec7 wc36 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Duratio<span class=\"_ _2\"></span>n Global In<span class=\"_ _2\"></span>flation-<span class=\"_ _2\"></span>Link<span class=\"_ _5\"></span>ed B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e7e y5ec7 wab9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ec8 wb6b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0a y5ec8 wc37 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a6 ws196\">2<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>07%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ec9 wc38 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 D<span class=\"_ _2\"></span>iversifie<span class=\"_ _2\"></span>d Incom<span class=\"_ _2\"></span>e Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e7f y5ec9 w1ba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">Luxem<span class=\"_ _2\"></span>bou<span class=\"_ _2\"></span>rg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5eca wbc2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e80 y5eca wc39 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls101 wsa1\">36<span class=\"_ _2\"></span>.27<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ecb wc3a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Gl<span class=\"_ _2\"></span>obal Co<span class=\"_ _2\"></span>rporate S<span class=\"_ _2\"></span>ust<span class=\"_ _2\"></span>ainable B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e81 y5ecb wbc1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5ecc wbc2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e82 y5ecc wa9e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls61 ws5f\">36<span class=\"_ _2\"></span>.02%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e7d wc3b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Ja<span class=\"_ _2\"></span>panes<span class=\"_ _2\"></span>e Sus<span class=\"_ _2\"></span>tainabl<span class=\"_ _2\"></span>e Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e83 y5e7d wc3c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5ecd wbc2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e2d y5ecd wc3d h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1af ws1ab\">22<span class=\"_ _2\"></span>.52<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e7e wc3e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 N<span class=\"_ _2\"></span>orth A<span class=\"_ _2\"></span>meric<span class=\"_ _2\"></span>an Smalle<span class=\"_ _2\"></span>r Comp<span class=\"_ _2\"></span>anies Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e84 y5e7e wbd9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e7e wbc2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e80 y5e7e wc3f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ac ws1a4\">24<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ece wc40 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t Dated Enh<span class=\"_ _2\"></span>ance<span class=\"_ _2\"></span>d Incom<span class=\"_ _2\"></span>e Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e85 y5ece wc3c h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5ece wbc2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e27 y5ece wb9f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsd6 ws195\">39<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ecf wc41 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I European C<span class=\"_ _2\"></span>orpor<span class=\"_ _2\"></span>ate Bond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e86 y5ecf w1ba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xembo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5ecf wbc2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e87 y5ecf wad5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls18 ws16\">31<span class=\"_ _2\"></span>.46%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ed0 wc42 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I European S<span class=\"_ _2\"></span>maller C<span class=\"_ _2\"></span>ompani<span class=\"_ _2\"></span>es Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e1e y5ed0 wbc1 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5ed0 wbc2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1f y5ed0 wbb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls159 ws141\">2<span class=\"_ _3\"></span>7.<span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ed1 wc43 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I<span class=\"_ _2\"></span>I Global C<span class=\"_ _2\"></span>orpor<span class=\"_ _2\"></span>ate Bond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e2b y5ed1 wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5ed1 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e27 y5ed1 wbbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">53<span class=\"_ _2\"></span>.05%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5ed2 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn St<span class=\"_ _2\"></span>andard Liq<span class=\"_ _2\"></span>uidity Fun<span class=\"_ _2\"></span>d (Lux) \u2013 S<span class=\"_ _2\"></span>eabur<span class=\"_ _2\"></span>y Euro Liquidit<span class=\"_ _2\"></span>y 1 Fund </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ed3 wc44 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">(formerly kn<span class=\"_ _2\"></span>own as Abrdn Liq<span class=\"_ _2\"></span>uidity Fun<span class=\"_ _2\"></span>d (Lux) Euro Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e88 y5ed3 w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5ed3 wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e33 y5ed3 wc32 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls66 ws5d\">39.<span class=\"_ _2\"></span>38%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5ed4 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Ster<span class=\"_ _2\"></span>ling Corp<span class=\"_ _2\"></span>orate Bon<span class=\"_ _2\"></span>d Fund (formerly kn<span class=\"_ _2\"></span>own as AS<span class=\"_ _2\"></span>I (SLI) </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ed5 wc45 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">Corporate Bond Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5ed5 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ed6 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e16 y5ed6 wba8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">26<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ed7 wc46 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn Str<span class=\"_ _2\"></span>ategic B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e69 y5ed7 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ed8 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e89 y5ed8 wc02 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">5<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span>6%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ed9 wc47 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K Equit<span class=\"_ _2\"></span>y Enhanc<span class=\"_ _2\"></span>ed Index Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e0d y5ed9 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5eda wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e89 y5eda wc48 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls159 ws141\">4<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5edb wc49 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K Governme<span class=\"_ _2\"></span>nt Bond Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e7e y5edb wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5edc wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e14 y5edc wc4a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls204 ws209\">38.10<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5edd wc4b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K Incom<span class=\"_ _2\"></span>e Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e73 y5edd wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ede wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0c y5ede wbb2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsdc wsc7\">2<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.14%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5edf wc4c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K Incom<span class=\"_ _2\"></span>e Uncon<span class=\"_ _2\"></span>strain<span class=\"_ _2\"></span>ed Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e8a y5edf wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5edf wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e8b y5edf wb73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">61<span class=\"_ _2\"></span>.71%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ee0 w8ab h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K Mid-<span class=\"_ _2\"></span>Cap Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e8c y5ee0 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ee0 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e8d y5ee0 wb9f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws195\">31<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5ee1 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K Real Es<span class=\"_ _2\"></span>tate Fee<span class=\"_ _2\"></span>der Fund (formerl<span class=\"_ _2\"></span>y known as St<span class=\"_ _2\"></span>andard Life </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ee2 wc4d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tments U<span class=\"_ _2\"></span>K Real E<span class=\"_ _2\"></span>state Ac<span class=\"_ _2\"></span>cumulatio<span class=\"_ _2\"></span>n Feede<span class=\"_ _2\"></span>r Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e8e y5ee2 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5ee2 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1dfc y5ee2 wba5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls25 ws23\">6<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.8<span class=\"_ _2\"></span>5%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ee3 wc4e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K Smalle<span class=\"_ _2\"></span>r Comp<span class=\"_ _2\"></span>anies Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e8f y5ee3 wb6e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ee3 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e90 y5ee3 wbfe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">30.89%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ee4 wc4f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K V<span class=\"_ _7\"></span>alue S<span class=\"_ _2\"></span>ust<span class=\"_ _2\"></span>ainable a<span class=\"_ _2\"></span>nd Resp<span class=\"_ _2\"></span>onsible Inves<span class=\"_ _2\"></span>tment Equ<span class=\"_ _2\"></span>ity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e03 y5ee4 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ee4 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e18 y5ee4 wb9f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws195\">40<span class=\"_ _2\"></span>.5<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5ee5 ff3 fs7 fc1 sc0 ls0 ws0\">abrdn U<span class=\"_ _2\"></span>K V<span class=\"_ _7\"></span>alue Eq<span class=\"_ _2\"></span>uity Fund (forme<span class=\"_ _2\"></span>rly known a<span class=\"_ _2\"></span>s abrdn UK Un<span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>traine<span class=\"_ _2\"></span>d </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5ee6 wc50 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Equit<span class=\"_ _2\"></span>y Fund)<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e7d y5ee6 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ee6 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1c y5ee6 wbd1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls66 ws5d\">58.68%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ee7 wc51 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Brent Cro<span class=\"_ _2\"></span>ss Par<span class=\"_ _2\"></span>tners<span class=\"_ _2\"></span>hip<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e91 y5ee7 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e92 y5ee7 wb5d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Limited Par<span class=\"_ _2\"></span>tne<span class=\"_ _2\"></span>rship<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e93 y5ee7 w154 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">23<span class=\"_ _2\"></span>.83%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5ee8 wc52 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gallion<span class=\"_ _2\"></span>s Reach S<span class=\"_ _2\"></span>hoppin<span class=\"_ _2\"></span>g Park Limited Par<span class=\"_ _2\"></span>tner<span class=\"_ _2\"></span>ship<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e94 y5ee8 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5ee8 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5ee8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5dff wc53 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Gallion<span class=\"_ _2\"></span>s Reach S<span class=\"_ _2\"></span>hoppin<span class=\"_ _2\"></span>g Park Unit T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>st<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e95 y5dff wac0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Jersey<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5ee9 wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1df3 y5ee9 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e00 wc54 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life Invest<span class=\"_ _2\"></span>ments B<span class=\"_ _2\"></span>rent Cross LP<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1dcb y5e00 wa89 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5eea wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e96 y5eea wc55 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls69 ws5e\">4<span class=\"_ _2\"></span>0.<span class=\"_ _5\"></span>13%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e01 wc56 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Stan<span class=\"_ _2\"></span>dard Life Invest<span class=\"_ _2\"></span>ments U<span class=\"_ _2\"></span>K Shop<span class=\"_ _2\"></span>ping Ce<span class=\"_ _2\"></span>ntre T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e97 y5e01 wac0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Jersey<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1b07 y5eeb wb65 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c ws1a\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e96 y5eeb wc55 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls69 ws5e\">4<span class=\"_ _2\"></span>0.<span class=\"_ _5\"></span>13%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e02 wc57 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">AB S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Diver<span class=\"_ _2\"></span>sified Yi<span class=\"_ _2\"></span>eld Plus Por<span class=\"_ _2\"></span>tfolio<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e98 y5e02 wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5eec wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e99 y5eec w154 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">39<span class=\"_ _2\"></span>.21%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e03 wc58 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Abrdn S<span class=\"_ _2\"></span>ICA<span class=\"_ _7\"></span>V I \u2013 Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>ets Low Volatilit<span class=\"_ _2\"></span>y Equity Por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>folio<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e9a y5e03 wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5e03 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e27 y5e03 wc59 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls204 ws209\">88.22%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5e04 wc5a h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">ACS World Multifa<span class=\"_ _2\"></span>ctor Equit<span class=\"_ _2\"></span>y T<span class=\"_ _7\"></span>ra<span class=\"_ _2\"></span>ck<span class=\"_ _5\"></span>er Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e9b y5e04 wab9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls18 ws16\">London<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5e04 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0c y5e04 wa9e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls61 ws5f\">22.<span class=\"_ _2\"></span>21%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d7f wc5b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amund<span class=\"_ _2\"></span>i Index So<span class=\"_ _2\"></span>lutions \u2013 Am<span class=\"_ _2\"></span>undi Glob<span class=\"_ _2\"></span>al Corp S<span class=\"_ _2\"></span>RI 1<span class=\"_ _2\"></span>-5Y<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c x1e9d y5d7f wc5c h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg</div><div class=\"t m0 x1e9c h13 y5b20 ff3 fsc fc1 sc0 ls1f5 ws1fa\">28<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5d7f wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e80 y5d7f w105 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">22.22<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5d80 wc5d h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amund<span class=\"_ _2\"></span>i Index So<span class=\"_ _2\"></span>lutions \u2013 Am<span class=\"_ _2\"></span>undi MS<span class=\"_ _2\"></span>CI China ES<span class=\"_ _2\"></span>G Leader<span class=\"_ _2\"></span>s Sel<span class=\"_ _2\"></span>ect<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e9e y5d80 wbd9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5d80 wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e87 y5d80 wbb5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls159 ws141\">4<span class=\"_ _2\"></span>7.<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>5<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5eed ff3 fs7 fc1 sc0 ls0 ws0\">Amund<span class=\"_ _2\"></span>i Index So<span class=\"_ _2\"></span>lutions \u2013 Am<span class=\"_ _2\"></span>undi MS<span class=\"_ _2\"></span>CI Emerg<span class=\"_ _2\"></span>ing Ex Ch<span class=\"_ _2\"></span>ina ESG Lea<span class=\"_ _2\"></span>ders </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5eee wc5e h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls72 ws68\">Select<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1e9f y5eee wbc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y5eee wbc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e27 y5eee wc5f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls68 ws5c\">50.67%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b7 wc60 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Amund<span class=\"_ _2\"></span>i UCITS Fund<span class=\"_ _2\"></span>s \u2013 Amundi Gl<span class=\"_ _2\"></span>obal Mult<span class=\"_ _2\"></span>i-Facto<span class=\"_ _2\"></span>r Equity Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ea0 y59b7 w1ba h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y59b7 wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ea1 y59b7 wb6f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls14 ws12\">22.13%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y59b8 wc61 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">AQR Glob<span class=\"_ _2\"></span>al Risk Premium U<span class=\"_ _2\"></span>CITS Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ea2 y59b8 wbcb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1a ws2f\">Luxem<span class=\"_ _2\"></span>bourg<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1d16 y59b8 wbd7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e31 y59b8 wa71 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5eef wc62 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Baillie Gif<span class=\"_ _2\"></span>ford Eme<span class=\"_ _2\"></span>rging Mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>ts Leadin<span class=\"_ _2\"></span>g Comp<span class=\"_ _2\"></span>anies Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ea3 y5eef w86f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5eef wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e1c y5eef wbb9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd6 ws195\">2<span class=\"_ _2\"></span>8.<span class=\"_ _2\"></span>44%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 hd y5ef0 ff3 fs7 fc1 sc0 ls0 ws0\">Baillie Gif<span class=\"_ _2\"></span>ford Inves<span class=\"_ _2\"></span>tment Funds I<span class=\"_ _2\"></span>I ICVC \u2013 Baillie Gif<span class=\"_ _2\"></span>ford UK Equit<span class=\"_ _2\"></span>y Core </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5e0a wc63 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls76 ws19a\">Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ea4 y5e0a wa96 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y5ef1 wb6b h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e16 y5ef1 wb73 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">39<span class=\"_ _2\"></span>.42%<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c x1ea y55ef wc64 h28d\"><div class=\"t m0 x1e6 hd y5654 ff3 fs7 fc1 sc0 ls0 ws0\">Baillie Gif<span class=\"_ _2\"></span>ford U<span class=\"_ _2\"></span>K &amp; Balanc<span class=\"_ _2\"></span>ed Funds I<span class=\"_ _2\"></span>CV<span class=\"_ _7\"></span>C \u2013 B<span class=\"_ _2\"></span>aillie Gifford U<span class=\"_ _2\"></span>K and<span class=\"_ _3bc\"> </span></div><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Worldwide Equi<span class=\"_ _2\"></span>ty Fund<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1ea5 y55ef wa89 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Edinburgh<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e09 y55ef wb6b h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1e0a y55ef wb73 h2c1\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsb2 wse8\">2<span class=\"_ _2\"></span>6.78%<span class=\"_ _3bc\"> </span></div></td></tr></table>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>20<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>30<span class=\"_ _3bc\"> </span>44<span class=\"_ _3bc\"> </span>21<span class=\"_ _3bc\"> </span>6<span class=\"_ _3bc\"> </span>32<span class=\"_ _3bc\"> </span>19<span class=\"_ _3bc\"> </span>19<span class=\"_ _3bc\"> </span>25<span class=\"_ _3bc\"> </span>28<span class=\"_ _3bc\"> </span>28<span class=\"_ _3bc\"> </span>28<span class=\"_ _3bc\"> </span>49<span class=\"_ _3bc\"> </span>39<span class=\"_ _3bc\"> </span>39<span class=\"_ _3bc\"> </span>39<span class=\"_ _3bc\"> </span><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gsb67\">Re<span class=\"_ _2\"></span>gist<span class=\"_ _2\"></span>ered a<span class=\"_ _2\"></span>ddre<span class=\"_ _2\"></span>ss of </div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls70 ws67 gsb68\">incorporated entities<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gsb69\">If un<span class=\"_ _2\"></span>inco<span class=\"_ _2\"></span>rpor<span class=\"_ _2\"></span>ated<span class=\"_ _2\"></span>, </div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls82 ws77 gsb6a\">addres<span class=\"_ _2\"></span>s of<span class=\"_ _5\"></span> princip<span class=\"_ _2\"></span>al </div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gsb6b\">pla<span class=\"_ _2\"></span>ce of bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gsb6c\">T<span class=\"_ _5\"></span>yp<span class=\"_ _2\"></span>e of inves<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt (inc<span class=\"_ _2\"></span>ludin<span class=\"_ _2\"></span>g </div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gsb6d\">cla<span class=\"_ _2\"></span>ss of s<span class=\"_ _2\"></span>hare<span class=\"_ _2\"></span>s held<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls0 ws0 gsb6e\">% of sh<span class=\"_ _2\"></span>ares /<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 ls83 ws78 gsb6f\">units hel<span class=\"_ _5\"></span>d<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb70\">Barin<span class=\"_ _2\"></span>gs Emerg<span class=\"_ _2\"></span>ing Markets D<span class=\"_ _2\"></span>ebt Sh<span class=\"_ _2\"></span>ort D<span class=\"_ _2\"></span>uration Fund<span class=\"_ _79\"> </span>Dublin<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls205 ws20a gsb71\">34<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb72\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _114\"> </span><span class=\"ls193 ws17c\">30.89%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb73\">Blac<span class=\"_ _2\"></span>kRock Gl<span class=\"_ _2\"></span>obal Funds \u2013 S<span class=\"_ _2\"></span>usta<span class=\"_ _2\"></span>inable World B<span class=\"_ _2\"></span>ond Fund<span class=\"_ _148\"> </span><span class=\"ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls23 ws21 gsb74\">19<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb75\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _de\"> </span><span class=\"ls1ac ws1a4\">24<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>75<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb76\">Blac<span class=\"_ _2\"></span>kRock M<span class=\"_ _2\"></span>arket Advantag<span class=\"_ _2\"></span>e Fund<span class=\"_ _197\"> </span><span class=\"ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1fe ws203 gsb77\">25<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb78\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _25\"> </span><span class=\"lscc wsba\">5<span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span>74<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb79\">iSha<span class=\"_ _2\"></span>res Bloo<span class=\"_ _2\"></span>mberg Roll S<span class=\"_ _2\"></span>elec<span class=\"_ _2\"></span>t Comm<span class=\"_ _2\"></span>odit<span class=\"_ _2\"></span>y Strate<span class=\"_ _2\"></span>gy ET<span class=\"_ _2\"></span>F<span class=\"_ _206\"> </span><span class=\"ls61 ws5f\">U<span class=\"_ _2\"></span>SA<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f5 ws1fa gsb7a\">57<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb7b\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _fc\"> </span><span class=\"lsdc wsc7\">3<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.12<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb7c\">BNY M<span class=\"_ _2\"></span>ellon Glo<span class=\"_ _2\"></span>bal Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _303\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1fc ws201 gsb7d\">40<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb7e\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _115\"> </span><span class=\"ls13 ws11\">26.<span class=\"_ _2\"></span>96%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb7f\">BNY M<span class=\"_ _2\"></span>ellon Mul<span class=\"_ _2\"></span>ti-Asset G<span class=\"_ _2\"></span>lobal Ba<span class=\"_ _2\"></span>lance<span class=\"_ _2\"></span>d Fund<span class=\"_ _1f9\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1fc ws201 gsb80\">40<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb81\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _ea\"> </span><span class=\"ls18 ws16\">30.0<span class=\"_ _2\"></span>9%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb82\">CF M<span class=\"_ _2\"></span>acqua<span class=\"_ _2\"></span>ries Glob<span class=\"_ _2\"></span>al Infras<span class=\"_ _2\"></span>truct<span class=\"_ _2\"></span>ure Sec<span class=\"_ _2\"></span>urities Fund<span class=\"_ _206\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls207 ws20c gsb83\">47<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb84\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d <span class=\"_ _8f\"> </span><span class=\"ls66 ws5d\">26<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>8%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb85\">Fide<span class=\"_ _2\"></span>lity M<span class=\"_ _2\"></span>ulti Ass<span class=\"_ _2\"></span>et Ope<span class=\"_ _2\"></span>n Adventurou<span class=\"_ _2\"></span>s Fund<span class=\"_ _37c\"> </span>Surrey<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls23 ws21 gsb86\">35<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb87\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _c\"> </span><span class=\"ls14 ws12\">4<span class=\"_ _2\"></span>6.63%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb88\">Goldm<span class=\"_ _2\"></span>an Sac<span class=\"_ _2\"></span>hs SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V \u2013 Emerg<span class=\"_ _2\"></span>ing Markets T<span class=\"_ _7\"></span>ot<span class=\"_ _2\"></span>al Return B<span class=\"_ _2\"></span>ond Por<span class=\"_ _2\"></span>tfolio<span class=\"_ _2d1\"> </span><span class=\"ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls208 ws20d gsb89\">36<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb8a\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _114\"> </span><span class=\"ls18 ws16\">8<span class=\"_ _2\"></span>5.0<span class=\"_ _2\"></span>6%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb8b\">Goldm<span class=\"_ _2\"></span>an Sac<span class=\"_ _2\"></span>hs SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V \u2013 Goldm<span class=\"_ _2\"></span>an Sac<span class=\"_ _2\"></span>hs Emergin<span class=\"_ _2\"></span>g Markets D<span class=\"_ _2\"></span>ebt </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls18 ws16 gsb8c\">Port<span class=\"_ _2\"></span>fol<span class=\"_ _5\"></span>io<span class=\"_ _251\"> </span><span class=\"ls1a ws2f\">Luxem<span class=\"_ _2\"></span>bour<span class=\"_ _2\"></span>g<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls208 ws20d gsb8d\">36<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb8e\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _81\"> </span><span class=\"lsd6 ws195\">2<span class=\"_ _2\"></span>3.<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb8f\">Invesc<span class=\"_ _2\"></span>o Global T<span class=\"_ _5\"></span>argete<span class=\"_ _2\"></span>d Returns Fun<span class=\"_ _2\"></span>d<span class=\"_ _37d\"> </span><span class=\"ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls23 ws21 gsb90\">19<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb91\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _3c\"> </span><span class=\"ls101 wsa1\">44<span class=\"_ _2\"></span>.27<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb92\">Invesc<span class=\"_ _2\"></span>o Mana<span class=\"_ _2\"></span>ged Gro<span class=\"_ _2\"></span>wth Fund<span class=\"_ _30e\"> </span>Ox<span class=\"_ _2\"></span>fordshire<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ed ws1f2 gsb93\">37<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb94\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _e1\"> </span><span class=\"ls1af ws1ab\">52.<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb95\">Janu<span class=\"_ _2\"></span>s Hende<span class=\"_ _2\"></span>rson D<span class=\"_ _2\"></span>iversifie<span class=\"_ _2\"></span>d Grow<span class=\"_ _2\"></span>th Fund<span class=\"_ _56\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1eb ws1f0 gsb96\">18<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb97\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _115\"> </span><span class=\"ls14 ws12\">6<span class=\"_ _2\"></span>6.<span class=\"_ _2\"></span>93%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb98\">L&amp;G A<span class=\"_ _2\"></span>bsolute Ret<span class=\"_ _2\"></span>urn Bond Pl<span class=\"_ _2\"></span>us Fund<span class=\"_ _26e\"> </span><span class=\"ls1a ws2f\">Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls209 ws20e gsb99\">38<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb9a\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _ea\"> </span><span class=\"ls12 ws10\">6<span class=\"_ _2\"></span>6.3<span class=\"_ _2\"></span>0%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb9b\">L&amp;G Em<span class=\"_ _2\"></span>erging M<span class=\"_ _2\"></span>arkets Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _2a2\"> </span><span class=\"ls1a ws2f\">Lu<span class=\"_ _2\"></span>xembo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls209 ws20e gsb9c\">38<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb9d\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _de\"> </span><span class=\"lscc wsba\">74<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsb9e\">L&amp;G M<span class=\"_ _2\"></span>ulti-Ass<span class=\"_ _2\"></span>et T<span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>rget Return Fun<span class=\"_ _2\"></span>d<span class=\"_ _370\"> </span><span class=\"ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls208 ws20d gsb9f\">46<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsba0\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _de\"> </span><span class=\"ls69 ws5e\">40.13%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsba1\">Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Strate<span class=\"_ _2\"></span>gic Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _6a\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ff ws204 gsba2\">26<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c ws1a gsba3\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _de\"> </span><span class=\"ls18 ws16\">31.0<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsba4\">Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Emerg<span class=\"_ _2\"></span>ing Markets G<span class=\"_ _2\"></span>overnment B<span class=\"_ _2\"></span>ond (Loc<span class=\"_ _2\"></span>al Curren<span class=\"_ _2\"></span>cy) </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsba5\">Index Fun<span class=\"_ _2\"></span>d<span class=\"_ _2f7\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ff ws204 gsba6\">26<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c ws1a gsba7\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _115\"> </span><span class=\"ls69 ws5e\">20.<span class=\"_ _2\"></span>86<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsba8\">Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Emerg<span class=\"_ _2\"></span>ing Markets G<span class=\"_ _2\"></span>overnment B<span class=\"_ _2\"></span>ond US<span class=\"_ _2\"></span>D Index Fund<span class=\"_ _2cc\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ff ws204 gsba9\">26<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c ws1a gsbaa\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _12a\"> </span><span class=\"lsdc wsc7\">3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.11<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbab\">Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Europe<span class=\"_ _2\"></span>an Index T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _db\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ff ws204 gsbac\">26<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c ws1a gsbad\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3c\"> </span><span class=\"ls66 ws5d\">22.<span class=\"_ _2\"></span>28%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbae\">Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral Future World Su<span class=\"_ _2\"></span>stain<span class=\"_ _2\"></span>able UK Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _2d4\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ff ws204 gsbaf\">26<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c ws1a gsbb0\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _8a\"> </span><span class=\"ls25 ws23\">29<span class=\"_ _2\"></span>.75%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbb1\">Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral High In<span class=\"_ _2\"></span>come T<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _2f6\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ff ws204 gsbb2\">26<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c ws1a gsbb3\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _81\"> </span><span class=\"ls16 ws14\">46.29%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbb4\">Leg<span class=\"_ _2\"></span>al &amp; Gene<span class=\"_ _2\"></span>ral UK S<span class=\"_ _2\"></span>maller C<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _60\"> </span><span class=\"ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1ff ws204 gsbb5\">26<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c ws1a gsbb6\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _e1\"> </span><span class=\"ls1f9 ws1fe\">31.2<span class=\"_ _5\"></span>5%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbb7\">L<span class=\"_ _5\"></span>GI<span class=\"_ _2\"></span>M Sterling Liquidi<span class=\"_ _2\"></span>ty Plu<span class=\"_ _2\"></span>s Fund<span class=\"_ _303\"> </span>Dublin<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls205 ws20a gsbb8\">34<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbb9\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _de\"> </span><span class=\"ls49 ws1ca\">41<span class=\"_ _2\"></span>.02<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbba\">Nom<span class=\"_ _2\"></span>ura Americ<span class=\"_ _2\"></span>an Ce<span class=\"_ _2\"></span>ntur<span class=\"_ _2\"></span>y Conc<span class=\"_ _2\"></span>entrated G<span class=\"_ _2\"></span>lobal Grow<span class=\"_ _2\"></span>th Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _2a7\"> </span>D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls205 ws20a gsbbb\">54<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbbc\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _8a\"> </span><span class=\"lsb2 wse8\">22.79%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbbd\">Quilte<span class=\"_ _2\"></span>r Investor<span class=\"_ _2\"></span>s Cirilium Balan<span class=\"_ _2\"></span>ced Bl<span class=\"_ _2\"></span>end Por<span class=\"_ _2\"></span>tfolio<span class=\"_ _2b5\"> </span><span class=\"ls18 ws16\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f4 ws1f9 gsbbe\">27<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbbf\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _76\"> </span><span class=\"lsb2 wse8\">37<span class=\"_ _7\"></span>.72<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbc0\">Quilte<span class=\"_ _2\"></span>r Investor<span class=\"_ _2\"></span>s Ethical Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ gs132\"> </span><span class=\"_ _37e\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f4 ws1f9 gsbc1\">27<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c ws1a gsbc2\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _3c\"> </span><span class=\"ls14 ws12\">42.63%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbc3\">Quilte<span class=\"_ _2\"></span>r Investor<span class=\"_ _2\"></span>s Global Equi<span class=\"_ _2\"></span>ty Grow<span class=\"_ _2\"></span>th Fund<span class=\"_ _153\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1f4 ws1f9 gsbc4\">27<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbc5\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _81\"> </span><span class=\"ls14 ws12\">49.63%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbc6\">Robe<span class=\"_ _2\"></span>co \u2013 Pho<span class=\"_ _2\"></span>enix Cus<span class=\"_ _2\"></span>tomized Multi A<span class=\"_ _2\"></span>sset Fund<span class=\"_ _351\"> </span><span class=\"ls77 ws6c\">Rot<span class=\"_ _2\"></span>terdam<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls206 ws20b gsbc7\">48<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbc8\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _10\"> </span><span class=\"ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbc9\">Robe<span class=\"_ _2\"></span>co QI Em<span class=\"_ _2\"></span>erging M<span class=\"_ _2\"></span>arkets Sus<span class=\"_ _2\"></span>taina<span class=\"_ _2\"></span>ble Enhan<span class=\"_ _2\"></span>ced In<span class=\"_ _2\"></span>dex Equities<span class=\"_ _27e\"> </span><span class=\"ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls1eb ws1f0 gsbca\">45<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbcb\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _10\"> </span><span class=\"ls193 ws17c\">100<span class=\"_ _5\"></span>.00<span class=\"_ _5\"></span>%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbcc\">Sc<span class=\"_ _2\"></span>hroder Europ<span class=\"_ _2\"></span>ean Fund<span class=\"_ _190\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsbcd\">52<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c ws1a gsbce\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _115\"> </span><span class=\"ls190 ws179\">4<span class=\"_ _2\"></span>4.40<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbcf\">Sc<span class=\"_ _2\"></span>hroder Gl<span class=\"_ _2\"></span>obal Eme<span class=\"_ _2\"></span>rging Mar<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>ts Fund<span class=\"_ _226\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsbd0\">52<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbd1\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _81\"> </span><span class=\"ls14 ws12\">20.33%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbd2\">Sc<span class=\"_ _2\"></span>hroder Inte<span class=\"_ _2\"></span>rnationa<span class=\"_ _2\"></span>l Sele<span class=\"_ _2\"></span>ction Fund \u2013 G<span class=\"_ _2\"></span>lobal B<span class=\"_ _2\"></span>ond<span class=\"_ _2c9\"> </span><span class=\"ls1a ws2f\">Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls20a ws20f gsbd3\">53<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbd4\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _3c\"> </span><span class=\"ls68 ws5c\">29.67%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbd5\">Sc<span class=\"_ _2\"></span>hroder Inte<span class=\"_ _2\"></span>rnationa<span class=\"_ _2\"></span>l Sele<span class=\"_ _2\"></span>ction Fund \u2013 G<span class=\"_ _2\"></span>lobal Di<span class=\"_ _2\"></span>versifie<span class=\"_ _2\"></span>d Growt<span class=\"_ _2\"></span>h<span class=\"_ _188\"> </span><span class=\"ls1a ws2f\">Luxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls20a ws20f gsbd6\">53<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbd7\">SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V<span class=\"_ _7\"></span>, sub f<span class=\"_ _2\"></span>und<span class=\"_ _81\"> </span><span class=\"ls14 ws12\">22.20%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbd8\">Sc<span class=\"_ _2\"></span>hroder U<span class=\"_ _2\"></span>K Mid 250 Fun<span class=\"_ _2\"></span>d<span class=\"_ _1e4\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls0 ws0 gsbd9\">52<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c ws1a gsbda\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _81\"> </span><span class=\"ls69 ws5e\">20.2<span class=\"_ _2\"></span>2%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbdb\">The M<span class=\"_ _2\"></span>arks and S<span class=\"_ _2\"></span>penc<span class=\"_ _2\"></span>er Worldwide M<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ed Fund<span class=\"_ _37f\"> </span><span class=\"ls12 ws10\">Chester<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls202 ws207 gsbdc\">58<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls1c ws1a gsbdd\">Unit T<span class=\"_ _7\"></span>rust<span class=\"_ _8a\"> </span><span class=\"ls49 ws1ca\">41<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>96<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbde\">Threa<span class=\"_ _2\"></span>dnee<span class=\"_ _2\"></span>dle Investm<span class=\"_ _2\"></span>ent Funds ICVC \u2013 Ameri<span class=\"_ _2\"></span>can Se<span class=\"_ _2\"></span>lec<span class=\"_ _2\"></span>t Fund <span class=\"_ _10b\"> </span><span class=\"ls18 ws16\">London<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls20b ws210 gsbdf\">33<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbe0\">OEI<span class=\"_ _2\"></span>C, sub fun<span class=\"_ _2\"></span>d<span class=\"_ _de\"> </span><span class=\"ls12 ws10\">22.10%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbe1\">V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard C<span class=\"_ _2\"></span>ommon C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual Fund \u2013 Vanguard U<span class=\"_ _2\"></span>.S<span class=\"_ _2\"></span>. Equit<span class=\"_ _2\"></span>y Index </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls18 ws16 gsbe2\">Common Contrac<span class=\"_ _2\"></span>tual Fund<span class=\"_ _380\"> </span><span class=\"ls0 ws0\">Dublin<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls205 ws20a gsbe3\">34<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbe4\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3c\"> </span><span class=\"ls77 ws6c\">75.02<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbe5\">V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Serie<span class=\"_ _2\"></span>s plc \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard Gl<span class=\"_ _2\"></span>obal Co<span class=\"_ _2\"></span>rporate B<span class=\"_ _2\"></span>ond </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbe6\">Index Fun<span class=\"_ _2\"></span>d<span class=\"_ _381\"> </span>Dublin<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls205 ws20a gsbe7\">34<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbe8\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3c\"> </span><span class=\"ls25 ws23\">3<span class=\"_ _2\"></span>5.<span class=\"_ _2\"></span>55%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbe9\">V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Serie<span class=\"_ _2\"></span>s plc \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard Gl<span class=\"_ _2\"></span>obal Sh<span class=\"_ _2\"></span>ort-<span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>rm Corp<span class=\"_ _2\"></span>orate </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbea\">Bon<span class=\"_ _2\"></span>d Index Fund<span class=\"_ _198\"> </span>Dublin<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls205 ws20a gsbeb\">34<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbec\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _3a\"> </span><span class=\"ls204 ws209\">38.35<span class=\"_ _7\"></span>%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbed\">V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt Serie<span class=\"_ _2\"></span>s plc \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard U.<span class=\"_ _2\"></span>K. S<span class=\"_ _2\"></span>hor<span class=\"_ _2\"></span>t-<span class=\"_ _6\"></span>T<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>rm Investm<span class=\"_ _2\"></span>ent </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbee\">Gra<span class=\"_ _2\"></span>de Bond I<span class=\"_ _2\"></span>ndex Fund<span class=\"_ _377\"> </span>D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls205 ws20a gsbef\">34<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbf0\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _fc\"> </span><span class=\"lsdc wsc7\">5<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>4%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbf1\">V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nts Com<span class=\"_ _2\"></span>mon Cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>ual Fund \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard F<span class=\"_ _2\"></span>TS<span class=\"_ _2\"></span>E </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbf2\">Devel<span class=\"_ _2\"></span>oped Europ<span class=\"_ _2\"></span>e ex UK Co<span class=\"_ _2\"></span>mmon C<span class=\"_ _2\"></span>ontrac<span class=\"_ _2\"></span>tual Fund<span class=\"_ _5b\"> </span>Dublin<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls205 ws20a gsbf3\">34<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbf4\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _10\"> </span><span class=\"ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbf5\">V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nts Com<span class=\"_ _2\"></span>mon Cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>ual Fund \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard F<span class=\"_ _2\"></span>TS<span class=\"_ _2\"></span>E </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls18 ws16 gsbf6\">Developed World Common Contract<span class=\"_ _2\"></span>ual F<span class=\"_ _5\"></span>und<span class=\"_ _62\"> </span><span class=\"ls0 ws0\">D<span class=\"_ _2\"></span>ublin<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls205 ws20a gsbf7\">34<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbf8\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _8a\"> </span><span class=\"lscc wsba\">4<span class=\"_ _3\"></span>3<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>74<span class=\"_ _2\"></span>%<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbf9\">V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nts Com<span class=\"_ _2\"></span>mon Cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>ual Fund \u2013 V<span class=\"_ _7\"></span>an<span class=\"_ _2\"></span>guard F<span class=\"_ _2\"></span>TS<span class=\"_ _2\"></span>E </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbfa\">Devel<span class=\"_ _2\"></span>oped World ex U<span class=\"_ _2\"></span>K Comm<span class=\"_ _2\"></span>on Contr<span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al Fund<span class=\"_ _352\"> </span>Dublin<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h13 ff3 fsc fc1 sc0 ls205 ws20a gsbfb\">34<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsbfc\">UC<span class=\"_ _2\"></span>ITS<span class=\"_ _2\"></span>, sub fund<span class=\"_ _10\"> </span><span class=\"ls193 ws17c\">100.<span class=\"_ _5\"></span>00%<span class=\"_ _3bc\"> </span></span></div>  <span class=\"_ _17\"> </span>1 Wy<span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>ll Gre<span class=\"_ _2\"></span>en Way, Wy<span class=\"_ _2\"></span>thal<span class=\"_ _2\"></span>l, Bir<span class=\"_ _2\"></span>ming<span class=\"_ _2\"></span>ham<span class=\"_ _2\"></span>, West M<span class=\"_ _2\"></span>idlan<span class=\"_ _2\"></span>ds<span class=\"_ _2\"></span>, B47 6W<span class=\"_ _2\"></span>G, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>2  <span class=\"_ _1b\"> </span>St<span class=\"_ _2\"></span>and<span class=\"_ _2\"></span>ard Life H<span class=\"_ _2\"></span>ous<span class=\"_ _2\"></span>e, 3<span class=\"_ _2\"></span>0 Lothi<span class=\"_ _2\"></span>an Roa<span class=\"_ _2\"></span>d, Edin<span class=\"_ _2\"></span>burg<span class=\"_ _2\"></span>h, EH1 2<span class=\"_ _2\"></span>DH<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>3  <span class=\"_ _1b\"> </span>9<span class=\"_ _2\"></span>0 St. S<span class=\"_ _2\"></span>teph<span class=\"_ _2\"></span>en\u2019s Gre<span class=\"_ _2\"></span>en, D<span class=\"_ _2\"></span>ubli<span class=\"_ _2\"></span>n, D2<span class=\"_ _2\"></span>, Irel<span class=\"_ _2\"></span>and<span class=\"_ _3bc\"> </span>4  <span class=\"_ _1b\"> </span>Win<span class=\"_ _2\"></span>dso<span class=\"_ _2\"></span>r Hou<span class=\"_ _2\"></span>se, Telfor<span class=\"_ _2\"></span>d Cent<span class=\"_ _2\"></span>re, Telford<span class=\"_ _2\"></span>, Shr<span class=\"_ _2\"></span>opsh<span class=\"_ _2\"></span>ire, T<span class=\"_ _2\"></span>F3 4N<span class=\"_ _2\"></span>B, Un<span class=\"_ _2\"></span>ited K<span class=\"_ _2\"></span>ingd<span class=\"_ _2\"></span>om<span class=\"_ _3bc\"> </span>5  <span class=\"_ _1b\"> </span>G<span class=\"_ _2\"></span>oodb<span class=\"_ _2\"></span>ody S<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>reta<span class=\"_ _2\"></span>rial Li<span class=\"_ _2\"></span>mited<span class=\"_ _2\"></span>, Inte<span class=\"_ _2\"></span>rnat<span class=\"_ _2\"></span>iona<span class=\"_ _2\"></span>l Fina<span class=\"_ _2\"></span>nci<span class=\"_ _2\"></span>al Se<span class=\"_ _2\"></span>rvi<span class=\"_ _2\"></span>ces C<span class=\"_ _2\"></span>entr<span class=\"_ _2\"></span>e, 25/2<span class=\"_ _2\"></span>8 Nor<span class=\"_ _2\"></span>th Wall Q<span class=\"_ _2\"></span>uay, Du<span class=\"_ _2\"></span>blin 1<span class=\"_ _2\"></span>, Irel<span class=\"_ _2\"></span>and<span class=\"_ _3bc\"> </span>6  <span class=\"_ _23\"> </span>1 G<span class=\"_ _2\"></span>eor<span class=\"_ _2\"></span>ge Str<span class=\"_ _2\"></span>eet<span class=\"_ _2\"></span>, Edinb<span class=\"_ _2\"></span>urgh<span class=\"_ _2\"></span>, EH2 2<span class=\"_ _2\"></span>LL, Un<span class=\"_ _2\"></span>ited K<span class=\"_ _2\"></span>ingd<span class=\"_ _2\"></span>om<span class=\"_ _3bc\"> </span>7  <span class=\"_ _189\"> </span>Corp<span class=\"_ _2\"></span>ora<span class=\"_ _2\"></span>tion S<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vice C<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>any, 2711 C<span class=\"_ _2\"></span>ente<span class=\"_ _2\"></span>rv<span class=\"_ _2\"></span>ille Rd S<span class=\"_ _2\"></span>uite 4<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>, Wilm<span class=\"_ _2\"></span>ingto<span class=\"_ _2\"></span>n, D<span class=\"_ _2\"></span>E 19<span class=\"_ _2\"></span>80<span class=\"_ _2\"></span>8, U<span class=\"_ _2\"></span>nited S<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>8  <span class=\"_ _1b\"> </span>22-24 New S<span class=\"_ _2\"></span>tree<span class=\"_ _2\"></span>t, St Pa<span class=\"_ _2\"></span>uls Ga<span class=\"_ _2\"></span>te, 4t<span class=\"_ _2\"></span>h Floo<span class=\"_ _2\"></span>r<span class=\"_ _5\"></span>, JE<span class=\"_ _2\"></span>1 4TR<span class=\"_ _2\"></span>, Jer<span class=\"_ _2\"></span>sey<span class=\"_ _3bc\"> </span>9  <span class=\"_ _23\"> </span>20 Old Bailey,<span class=\"_ _5\"></span> London, England, EC4M 7<span class=\"_ _7\"></span>AN<span class=\"_ _2\"></span>, United Ki<span class=\"_ _5\"></span>ngdom<span class=\"_ _3bc\"> </span>10 <span class=\"_ _9\"> </span> Ugla<span class=\"_ _5\"></span>nd House,<span class=\"_ _5\"></span> Grand Cay<span class=\"_ _5\"></span>man, KY1-1<span class=\"_ _5\"></span>104, Cayman Isl<span class=\"_ _5\"></span>ands<span class=\"_ _3bc\"> </span>11  <span class=\"_ _ba\"> </span>Ave<span class=\"_ _2\"></span>nue Lo<span class=\"_ _2\"></span>uise 3<span class=\"_ _2\"></span>26<span class=\"_ _2\"></span>, bte 33 1<span class=\"_ _2\"></span>050 B<span class=\"_ _2\"></span>rus<span class=\"_ _2\"></span>sel<span class=\"_ _2\"></span>s, B<span class=\"_ _2\"></span>elgi<span class=\"_ _2\"></span>um<span class=\"_ _3bc\"> </span>12  <span class=\"_ _a\"> </span>Teles<span class=\"_ _2\"></span>tone 8<span class=\"_ _2\"></span>, T<span class=\"_ _5\"></span>ele<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>t, N<span class=\"_ _2\"></span>arit<span class=\"_ _2\"></span>awe<span class=\"_ _2\"></span>g 16<span class=\"_ _2\"></span>5, 1<span class=\"_ _2\"></span>04<span class=\"_ _2\"></span>3 BW, Ams<span class=\"_ _2\"></span>terd<span class=\"_ _2\"></span>am, N<span class=\"_ _2\"></span>ethe<span class=\"_ _2\"></span>rlan<span class=\"_ _2\"></span>ds<span class=\"_ _3bc\"> </span>13  <span class=\"_ _a\"> </span>Cit<span class=\"_ _2\"></span>co (Swe<span class=\"_ _2\"></span>den<span class=\"_ _2\"></span>) Ab, St<span class=\"_ _2\"></span>urep<span class=\"_ _2\"></span>lan 4<span class=\"_ _2\"></span>c, 4 Tr<span class=\"_ _7\"></span>, 1<span class=\"_ _2\"></span>14 35 S<span class=\"_ _2\"></span>tockh<span class=\"_ _2\"></span>olm<span class=\"_ _2\"></span>, Swe<span class=\"_ _2\"></span>den<span class=\"_ _3bc\"> </span>14  <span class=\"_ _a\"> </span>c/o Citco (<span class=\"_ _2\"></span>Den<span class=\"_ _2\"></span>mark<span class=\"_ _2\"></span>) ApS<span class=\"_ _2\"></span>, Ho<span class=\"_ _2\"></span>lber<span class=\"_ _2\"></span>gsg<span class=\"_ _2\"></span>ade 14<span class=\"_ _2\"></span>, 2 .t<span class=\"_ _2\"></span>v, 10<span class=\"_ _2\"></span>57 K\u00f8b<span class=\"_ _2\"></span>enh<span class=\"_ _2\"></span>avn K De<span class=\"_ _2\"></span>nma<span class=\"_ _2\"></span>rk<span class=\"_ _3bc\"> </span>15  <span class=\"_ _a\"> </span>5th F<span class=\"_ _2\"></span>loo<span class=\"_ _2\"></span>r Bea<span class=\"_ _2\"></span>ux Lan<span class=\"_ _2\"></span>e Hou<span class=\"_ _2\"></span>se, M<span class=\"_ _2\"></span>erc<span class=\"_ _2\"></span>er Stre<span class=\"_ _2\"></span>et Lowe<span class=\"_ _2\"></span>r, Dubl<span class=\"_ _2\"></span>in 2, Du<span class=\"_ _2\"></span>blin<span class=\"_ _2\"></span>, Irel<span class=\"_ _2\"></span>and<span class=\"_ _3bc\"> </span>16  <span class=\"_ _a\"> </span>32 Co<span class=\"_ _2\"></span>mmer<span class=\"_ _2\"></span>cial S<span class=\"_ _2\"></span>tree<span class=\"_ _2\"></span>t, St H<span class=\"_ _2\"></span>elie<span class=\"_ _2\"></span>r<span class=\"_ _5\"></span>, Je<span class=\"_ _2\"></span>rse<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>, Ch<span class=\"_ _2\"></span>anne<span class=\"_ _2\"></span>l Isl<span class=\"_ _2\"></span>ands<span class=\"_ _2\"></span>, JE<span class=\"_ _2\"></span>2 3R<span class=\"_ _2\"></span>U, Jer<span class=\"_ _2\"></span>sey<span class=\"_ _3bc\"> </span>17  <span class=\"_ _9\"> </span>Avenid<span class=\"_ _2\"></span>a de Ara<span class=\"_ _2\"></span>gon 3<span class=\"_ _2\"></span>30 \u2013 B<span class=\"_ _2\"></span>uildi<span class=\"_ _2\"></span>ng 5, 3<span class=\"_ _2\"></span>rd Flo<span class=\"_ _2\"></span>or, Parq<span class=\"_ _2\"></span>ue Empr<span class=\"_ _2\"></span>esa<span class=\"_ _2\"></span>rial L<span class=\"_ _2\"></span>as Me<span class=\"_ _2\"></span>rce<span class=\"_ _2\"></span>des<span class=\"_ _2\"></span>, 280<span class=\"_ _2\"></span>22 \u2013 Ma<span class=\"_ _2\"></span>drid<span class=\"_ _2\"></span>, Spa<span class=\"_ _2\"></span>in<span class=\"_ _3bc\"> </span>18  <span class=\"_ _a\"> </span>201 B<span class=\"_ _2\"></span>isho<span class=\"_ _2\"></span>psg<span class=\"_ _2\"></span>ate, Lo<span class=\"_ _2\"></span>ndo<span class=\"_ _2\"></span>n, EC2<span class=\"_ _2\"></span>M 3AE<span class=\"_ _2\"></span>, Unite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>19  <span class=\"_ _a\"> </span>88 2-<span class=\"_ _2\"></span>4, Ru<span class=\"_ _2\"></span>e Eug\u00e8<span class=\"_ _2\"></span>ne Ru<span class=\"_ _2\"></span>pper<span class=\"_ _2\"></span>t, L<span class=\"_ _7\"></span>-2453 L<span class=\"_ _2\"></span>uxem<span class=\"_ _2\"></span>bour<span class=\"_ _2\"></span>g, Lux<span class=\"_ _2\"></span>embo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>20  <span class=\"_ _18\"> </span>3<span class=\"_ _2\"></span>5a Ave<span class=\"_ _2\"></span>nue J.<span class=\"_ _2\"></span>F<span class=\"_ _5\"></span>. Kenn<span class=\"_ _2\"></span>edy, L<span class=\"_ _7\"></span>-18<span class=\"_ _2\"></span>55<span class=\"_ _2\"></span>, Luxem<span class=\"_ _2\"></span>bou<span class=\"_ _2\"></span>rg<span class=\"_ _3bc\"> </span>21  <span class=\"_ _a\"> </span>Og<span class=\"_ _2\"></span>ier H<span class=\"_ _2\"></span>ous<span class=\"_ _2\"></span>e, The E<span class=\"_ _2\"></span>spl<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>de, St H<span class=\"_ _2\"></span>elie<span class=\"_ _2\"></span>r, JE4 9WG, J<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>ey<span class=\"_ _3bc\"> </span>22  <span class=\"_ _28\"> </span>3<span class=\"_ _2\"></span>2 Mol<span class=\"_ _2\"></span>eswo<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>h Stre<span class=\"_ _2\"></span>et, D<span class=\"_ _2\"></span>ublin 2<span class=\"_ _2\"></span>, Dub<span class=\"_ _2\"></span>lin, D<span class=\"_ _2\"></span>02 Y51<span class=\"_ _2\"></span>2, Ire<span class=\"_ _2\"></span>land<span class=\"_ _3bc\"> </span>23  <span class=\"_ _28\"> </span>8 C<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>da Sq<span class=\"_ _2\"></span>uare<span class=\"_ _2\"></span>, Lond<span class=\"_ _2\"></span>on, E1<span class=\"_ _2\"></span>4 5HQ, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>24  <span class=\"_ _28\"> </span>M<span class=\"_ _2\"></span>arlb<span class=\"_ _2\"></span>orou<span class=\"_ _2\"></span>gh Ho<span class=\"_ _2\"></span>use<span class=\"_ _2\"></span>, 59 Cho<span class=\"_ _2\"></span>rley N<span class=\"_ _2\"></span>ew Ro<span class=\"_ _2\"></span>ad, B<span class=\"_ _2\"></span>olton<span class=\"_ _2\"></span>, BL1 4Q<span class=\"_ _2\"></span>P<span class=\"_ _7\"></span>, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>25  <span class=\"_ _28\"> </span>12 Throgmorton Avenue, London<span class=\"_ _5\"></span> EC2N 2DL, United Kingdom<span class=\"_ _3bc\"> </span>26  <span class=\"_ _28\"> </span>On<span class=\"_ _2\"></span>e Col<span class=\"_ _2\"></span>eman S<span class=\"_ _2\"></span>tree<span class=\"_ _2\"></span>t, Lon<span class=\"_ _2\"></span>don<span class=\"_ _2\"></span>, EC2<span class=\"_ _2\"></span>R 5AA<span class=\"_ _2\"></span>, Un<span class=\"_ _2\"></span>ited Ki<span class=\"_ _2\"></span>ngd<span class=\"_ _2\"></span>om<span class=\"_ _3bc\"> </span>27  <span class=\"_ _1d\"> </span>Se<span class=\"_ _2\"></span>nato<span class=\"_ _2\"></span>r Hou<span class=\"_ _2\"></span>se, 8<span class=\"_ _2\"></span>5 Que<span class=\"_ _2\"></span>en Vi<span class=\"_ _2\"></span>ctor<span class=\"_ _2\"></span>ia Stre<span class=\"_ _2\"></span>et, L<span class=\"_ _2\"></span>ondo<span class=\"_ _2\"></span>n, EC<span class=\"_ _2\"></span>4V 4AB<span class=\"_ _2\"></span>, Unite<span class=\"_ _2\"></span>d Kin<span class=\"_ _2\"></span>gdom<span class=\"_ _3bc\"> </span>28  <span class=\"_ _28\"> </span>5<span class=\"_ _2\"></span>, All\u00e9<span class=\"_ _2\"></span>e Sc<span class=\"_ _2\"></span>hef<span class=\"_ _2\"></span>fer, L<span class=\"_ _6\"></span>-2520 Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _2\"></span>, Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>29  <span class=\"_ _28\"> </span>T<span class=\"_ _5\"></span>raf<span class=\"_ _2\"></span>alg<span class=\"_ _2\"></span>ar Co<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>, Les B<span class=\"_ _2\"></span>anqu<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, St Peter Po<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>, GY1 3QL<span class=\"_ _2\"></span>, Gue<span class=\"_ _2\"></span>rns<span class=\"_ _2\"></span>ey<span class=\"_ _3bc\"> </span>30  <span class=\"_ _18\"> </span>Ki<span class=\"_ _2\"></span>ngs Pl<span class=\"_ _2\"></span>ace<span class=\"_ _2\"></span>, 90 York Way, Lon<span class=\"_ _2\"></span>don<span class=\"_ _2\"></span>, N1 9G<span class=\"_ _2\"></span>E, Un<span class=\"_ _2\"></span>ited K<span class=\"_ _2\"></span>ingd<span class=\"_ _2\"></span>om<span class=\"_ _3bc\"> </span>31  <span class=\"_ _a\"> </span>1<span class=\"_ _2\"></span>, All\u00e9<span class=\"_ _2\"></span>e Sch<span class=\"_ _2\"></span>effe<span class=\"_ _2\"></span>r, L<span class=\"_ _6\"></span>-2520 Lux<span class=\"_ _2\"></span>embo<span class=\"_ _2\"></span>urg<span class=\"_ _2\"></span>, Luxem<span class=\"_ _2\"></span>bou<span class=\"_ _2\"></span>rg<span class=\"_ _3bc\"> </span>32  <span class=\"_ _28\"> </span>E<span class=\"_ _2\"></span>lizab<span class=\"_ _2\"></span>eth Ho<span class=\"_ _2\"></span>use<span class=\"_ _2\"></span>, 9 Cas<span class=\"_ _2\"></span>tle St<span class=\"_ _2\"></span>reet<span class=\"_ _2\"></span>, St He<span class=\"_ _2\"></span>lier, JE4 2<span class=\"_ _2\"></span>QP<span class=\"_ _7\"></span>, J<span class=\"_ _2\"></span>ers<span class=\"_ _2\"></span>ey<span class=\"_ _3bc\"> </span>33  <span class=\"_ _28\"> </span>C<span class=\"_ _2\"></span>anno<span class=\"_ _2\"></span>n Plac<span class=\"_ _2\"></span>e, 78 C<span class=\"_ _2\"></span>anno<span class=\"_ _2\"></span>n Stre<span class=\"_ _2\"></span>et, Lo<span class=\"_ _2\"></span>ndo<span class=\"_ _2\"></span>n, EC<span class=\"_ _2\"></span>4N 6AG, U<span class=\"_ _2\"></span>nited K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>34  <span class=\"_ _28\"> </span>70 S<span class=\"_ _2\"></span>ir John R<span class=\"_ _2\"></span>oge<span class=\"_ _2\"></span>rso<span class=\"_ _2\"></span>n\u2019s Quay, D<span class=\"_ _2\"></span>ublin 2<span class=\"_ _2\"></span>, Irel<span class=\"_ _2\"></span>and<span class=\"_ _3bc\"> </span>35  <span class=\"_ _28\"> </span>B<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>ch Gate<span class=\"_ _2\"></span>, Mill<span class=\"_ _2\"></span>field L<span class=\"_ _2\"></span>ane<span class=\"_ _2\"></span>, Lower Ki<span class=\"_ _2\"></span>ngs<span class=\"_ _2\"></span>woo<span class=\"_ _2\"></span>d, T<span class=\"_ _5\"></span>ad<span class=\"_ _2\"></span>wor<span class=\"_ _2\"></span>th, S<span class=\"_ _2\"></span>urrey, K<span class=\"_ _2\"></span>T20 6<span class=\"_ _2\"></span>RP, Unite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>36  <span class=\"_ _28\"> </span>49<span class=\"_ _2\"></span>, Avenu<span class=\"_ _2\"></span>e J.F. Kenne<span class=\"_ _2\"></span>dy, L<span class=\"_ _6\"></span>-1<span class=\"_ _2\"></span>85<span class=\"_ _2\"></span>5 Luxem<span class=\"_ _2\"></span>bour<span class=\"_ _2\"></span>g, Gr<span class=\"_ _2\"></span>and D<span class=\"_ _2\"></span>uchy of L<span class=\"_ _2\"></span>uxemb<span class=\"_ _2\"></span>ourg<span class=\"_ _3bc\"> </span>37  <span class=\"_ _b3\"> </span>Pe<span class=\"_ _2\"></span>rpe<span class=\"_ _2\"></span>tual Pa<span class=\"_ _2\"></span>rk, Pe<span class=\"_ _2\"></span>rpe<span class=\"_ _2\"></span>tual P<span class=\"_ _2\"></span>ark Dr<span class=\"_ _2\"></span>ive, H<span class=\"_ _2\"></span>enle<span class=\"_ _2\"></span>y-on<span class=\"_ _2\"></span>-<span class=\"_ _7\"></span>T<span class=\"_ _2\"></span>ham<span class=\"_ _2\"></span>es, O<span class=\"_ _2\"></span>xfo<span class=\"_ _2\"></span>rdsh<span class=\"_ _2\"></span>ire, R<span class=\"_ _2\"></span>G9 1H<span class=\"_ _2\"></span>H, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>38  <span class=\"_ _28\"> </span>1<span class=\"_ _2\"></span>0, Ch\u00e2<span class=\"_ _2\"></span>teau d<span class=\"_ _2\"></span>\u2019E<span class=\"_ _2\"></span>au, L<span class=\"_ _7\"></span>-3<span class=\"_ _2\"></span>36<span class=\"_ _2\"></span>4 Leud<span class=\"_ _2\"></span>elan<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>, Gran<span class=\"_ _2\"></span>d Duc<span class=\"_ _2\"></span>hy of Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>39  <span class=\"_ _28\"> </span>Cal<span class=\"_ _2\"></span>ton S<span class=\"_ _2\"></span>quare<span class=\"_ _2\"></span>, 1 Gre<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ide Row, E<span class=\"_ _2\"></span>dinbu<span class=\"_ _2\"></span>rgh, E<span class=\"_ _2\"></span>H1 3AN<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>40  <span class=\"_ _18\"> </span>1<span class=\"_ _2\"></span>60 Q<span class=\"_ _2\"></span>uee<span class=\"_ _2\"></span>n Vict<span class=\"_ _2\"></span>oria St<span class=\"_ _2\"></span>reet<span class=\"_ _2\"></span>, Lon<span class=\"_ _2\"></span>don<span class=\"_ _2\"></span>, EC4V 4<span class=\"_ _2\"></span>LA<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>41  <span class=\"_ _a\"> </span>Can<span class=\"_ _2\"></span>on\u2019s Co<span class=\"_ _2\"></span>urt<span class=\"_ _2\"></span>, 22 Vi<span class=\"_ _2\"></span>ctor<span class=\"_ _2\"></span>ia Stre<span class=\"_ _2\"></span>et, H<span class=\"_ _2\"></span>amil<span class=\"_ _2\"></span>ton<span class=\"_ _2\"></span>, HM12<span class=\"_ _2\"></span>, Ber<span class=\"_ _2\"></span>muda<span class=\"_ _3bc\"> </span>42  <span class=\"_ _28\"> </span>C<span class=\"_ _2\"></span>alle N<span class=\"_ _2\"></span>ancl<span class=\"_ _2\"></span>ares d<span class=\"_ _2\"></span>e Oc<span class=\"_ _2\"></span>a, 1B<span class=\"_ _2\"></span>, 28<span class=\"_ _2\"></span>022 M<span class=\"_ _2\"></span>adri<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>43  <span class=\"_ _1a\"> </span>Matrix House,<span class=\"_ _5\"></span> Basing<span class=\"_ _5\"></span> View<span class=\"_ _5\"></span>, Basingsto<span class=\"_ _5\"></span>ke,<span class=\"_ _5\"></span> Hampshir<span class=\"_ _5\"></span>e, RG21<span class=\"_ _5\"></span> 4DZ, E<span class=\"_ _5\"></span>ngland<span class=\"_ _3bc\"> </span>4<span class=\"_ _2\"></span>4  <span class=\"_ _18\"> </span>2<span class=\"_ _2\"></span>80 Bi<span class=\"_ _2\"></span>shop<span class=\"_ _2\"></span>sga<span class=\"_ _2\"></span>te, Lo<span class=\"_ _2\"></span>ndon<span class=\"_ _2\"></span>, EC2<span class=\"_ _2\"></span>M 4AG, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>45  <span class=\"_ _28\"> </span>S<span class=\"_ _2\"></span>enni<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>rbe<span class=\"_ _2\"></span>rg, 6<span class=\"_ _2\"></span>, Rou<span class=\"_ _2\"></span>te De Tr\u00e8ves<span class=\"_ _2\"></span>, L<span class=\"_ _6\"></span>-26<span class=\"_ _2\"></span>33<span class=\"_ _2\"></span>, Luxem<span class=\"_ _2\"></span>bour<span class=\"_ _2\"></span>g<span class=\"_ _3bc\"> </span>46  <span class=\"_ _1a\"> </span>S<span class=\"_ _2\"></span>enn<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>erbe<span class=\"_ _2\"></span>rg, 6<span class=\"_ _2\"></span>, Lou H<span class=\"_ _2\"></span>emm<span class=\"_ _2\"></span>er Str<span class=\"_ _2\"></span>eet<span class=\"_ _2\"></span>, L<span class=\"_ _6\"></span>-1748<span class=\"_ _2\"></span>, Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>47  <span class=\"_ _b3\"> </span>2n<span class=\"_ _2\"></span>d Floo<span class=\"_ _2\"></span>r, 20-22 B<span class=\"_ _2\"></span>edfo<span class=\"_ _2\"></span>rd Row, Lon<span class=\"_ _2\"></span>don<span class=\"_ _2\"></span>, WC1<span class=\"_ _2\"></span>R 4EB<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted Kin<span class=\"_ _2\"></span>gdo<span class=\"_ _2\"></span>m<span class=\"_ _3bc\"> </span>48  <span class=\"_ _28\"> </span>Wee<span class=\"_ _2\"></span>na 8<span class=\"_ _2\"></span>50, 3<span class=\"_ _2\"></span>014 DA<span class=\"_ _2\"></span>, Rot<span class=\"_ _2\"></span>terd<span class=\"_ _2\"></span>am, N<span class=\"_ _2\"></span>ethe<span class=\"_ _2\"></span>rla<span class=\"_ _2\"></span>nds<span class=\"_ _3bc\"> </span>49  <span class=\"_ _1a\"> </span>H<span class=\"_ _2\"></span>esp<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>, 33<span class=\"_ _2\"></span>, rue d<span class=\"_ _2\"></span>e Gasp<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>ch, L<span class=\"_ _7\"></span>-5<span class=\"_ _2\"></span>826<span class=\"_ _2\"></span>, Luxe<span class=\"_ _2\"></span>mbo<span class=\"_ _2\"></span>urg<span class=\"_ _3bc\"> </span>50  <span class=\"_ _18\"> </span>5 B<span class=\"_ _2\"></span>road<span class=\"_ _2\"></span>gate<span class=\"_ _2\"></span>, Lond<span class=\"_ _2\"></span>on, EC<span class=\"_ _2\"></span>2M 2Q<span class=\"_ _2\"></span>S, Un<span class=\"_ _2\"></span>ited K<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>51  <span class=\"_ _a\"> </span>20<span class=\"_ _2\"></span>, rue de l<span class=\"_ _2\"></span>a Post<span class=\"_ _2\"></span>e, Gra<span class=\"_ _2\"></span>nd Du<span class=\"_ _2\"></span>chy of Lu<span class=\"_ _2\"></span>xemb<span class=\"_ _2\"></span>ourg<span class=\"_ _2\"></span>, L<span class=\"_ _6\"></span>-23<span class=\"_ _2\"></span>46<span class=\"_ _2\"></span>, Luxem<span class=\"_ _2\"></span>bou<span class=\"_ _2\"></span>rg<span class=\"_ _3bc\"> </span>52  <span class=\"_ _28\"> </span>1 L<span class=\"_ _2\"></span>ondo<span class=\"_ _2\"></span>n Wall Pla<span class=\"_ _2\"></span>ce, L<span class=\"_ _2\"></span>ondo<span class=\"_ _2\"></span>n, EC2<span class=\"_ _2\"></span>Y 5AU, Uni<span class=\"_ _2\"></span>ted Ki<span class=\"_ _2\"></span>ngd<span class=\"_ _2\"></span>om<span class=\"_ _3bc\"> </span>53  <span class=\"_ _1a\"> </span>S<span class=\"_ _2\"></span>enni<span class=\"_ _5\"></span>ngerberg, 5, Hohenho<span class=\"_ _5\"></span>f,<span class=\"_ _5\"></span> L<span class=\"_ _6\"></span>-1736, Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _3bc\"> </span>54  <span class=\"_ _28\"> </span>3<span class=\"_ _2\"></span>3 Sir Jo<span class=\"_ _2\"></span>hn Ro<span class=\"_ _2\"></span>ger<span class=\"_ _2\"></span>sons Q<span class=\"_ _2\"></span>uay, D<span class=\"_ _2\"></span>ublin<span class=\"_ _2\"></span>, D02 X<span class=\"_ _2\"></span>K09, I<span class=\"_ _2\"></span>rela<span class=\"_ _2\"></span>nd<span class=\"_ _3bc\"> </span>55  <span class=\"_ _28\"> </span>S<span class=\"_ _2\"></span>t. Pete<span class=\"_ _2\"></span>r Por<span class=\"_ _2\"></span>t, Tudor Ho<span class=\"_ _2\"></span>use<span class=\"_ _2\"></span>, Le Bor<span class=\"_ _2\"></span>dag<span class=\"_ _2\"></span>e, GY1 6B<span class=\"_ _2\"></span>D, Gu<span class=\"_ _2\"></span>erns<span class=\"_ _2\"></span>ey<span class=\"_ _3bc\"> </span>56  <span class=\"_ _28\"> </span>Hig<span class=\"_ _2\"></span>hvis<span class=\"_ _2\"></span>ta St<span class=\"_ _2\"></span>rate<span class=\"_ _2\"></span>gies L<span class=\"_ _2\"></span>L<span class=\"_ _5\"></span>C, 2<span class=\"_ _2\"></span>00 Cl<span class=\"_ _2\"></span>aren<span class=\"_ _2\"></span>don St<span class=\"_ _2\"></span>reet 5<span class=\"_ _2\"></span>0th F<span class=\"_ _2\"></span>loor, B<span class=\"_ _2\"></span>osto<span class=\"_ _2\"></span>n, 02<span class=\"_ _2\"></span>116<span class=\"_ _2\"></span>, Uni<span class=\"_ _2\"></span>ted St<span class=\"_ _2\"></span>ates<span class=\"_ _3bc\"> </span>57  <span class=\"_ _b3\"> </span>C<span class=\"_ _2\"></span>orp<span class=\"_ _2\"></span>orat<span class=\"_ _2\"></span>ion Trust C<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>re, 12<span class=\"_ _2\"></span>90 O<span class=\"_ _2\"></span>rang<span class=\"_ _2\"></span>e Stre<span class=\"_ _2\"></span>et, W<span class=\"_ _2\"></span>ilmi<span class=\"_ _2\"></span>ngto<span class=\"_ _2\"></span>n, 1<span class=\"_ _2\"></span>98<span class=\"_ _2\"></span>01, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d Stat<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span>58  <span class=\"_ _28\"> </span>c/o Mar<span class=\"_ _2\"></span>ks and S<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>cer U<span class=\"_ _2\"></span>nit Trust M<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>gem<span class=\"_ _2\"></span>ent Lim<span class=\"_ _2\"></span>ited<span class=\"_ _2\"></span>, Kin<span class=\"_ _2\"></span>gs Me<span class=\"_ _2\"></span>adow, C<span class=\"_ _2\"></span>hes<span class=\"_ _2\"></span>ter Bu<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss Pa<span class=\"_ _2\"></span>rk, Ch<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ter, CH<span class=\"_ _2\"></span>99 9<span class=\"_ _2\"></span>FB, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>59  <span class=\"_ _28\"> </span>St<span class=\"_ _2\"></span>. Hel<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>, 1 Und<span class=\"_ _2\"></span>ersh<span class=\"_ _2\"></span>af<span class=\"_ _2\"></span>t, Lon<span class=\"_ _2\"></span>don<span class=\"_ _2\"></span>, EC3P 3<span class=\"_ _2\"></span>DQ, U<span class=\"_ _2\"></span>nite<span class=\"_ _2\"></span>d King<span class=\"_ _2\"></span>dom<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing subsidi<span class=\"_ _2\"></span>aries have be<span class=\"_ _2\"></span>en gra<span class=\"_ _2\"></span>nted an audit exe<span class=\"_ _2\"></span>mption by parent<span class=\"_ _2\"></span>al guar<span class=\"_ _2\"></span>antee by vir<span class=\"_ _2\"></span>tue of s<span class=\"_ _2\"></span>.479A o<span class=\"_ _5\"></span>f the C<span class=\"_ _2\"></span>ompanie<span class=\"_ _2\"></span>s Act 20<span class=\"_ _2\"></span>06<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>B<span class=\"_ _2\"></span>ritannic F<span class=\"_ _2\"></span>inanc<span class=\"_ _2\"></span>e Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls1c ws1a\">B<span class=\"_ _2\"></span>ritannic Money Investme<span class=\"_ _2\"></span>nt Servic<span class=\"_ _2\"></span>es Limited<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span>G Life H Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>G A<span class=\"_ _2\"></span>ssur<span class=\"_ _2\"></span>ance &amp; Pensi<span class=\"_ _2\"></span>ons Ser<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Pea<span class=\"_ _2\"></span>rl Ass<span class=\"_ _2\"></span>urance G<span class=\"_ _2\"></span>roup Holdin<span class=\"_ _2\"></span>gs Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Pea<span class=\"_ _2\"></span>rl Custom<span class=\"_ _2\"></span>er Care Limi<span class=\"_ _2\"></span>ted<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>GMS (Gl<span class=\"_ _2\"></span>asgow) Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>GS 2 Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix C<span class=\"_ _2\"></span>ustome<span class=\"_ _2\"></span>r Care Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix S<span class=\"_ _2\"></span>PV 1 Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix S<span class=\"_ _2\"></span>PV 2 Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix S<span class=\"_ _2\"></span>PV 3 Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix S<span class=\"_ _2\"></span>PV 4 Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Ph<span class=\"_ _2\"></span>oenix Wea<span class=\"_ _2\"></span>lth Holdin<span class=\"_ _2\"></span>gs Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Re<span class=\"_ _2\"></span>Ass<span class=\"_ _2\"></span>ure Compan<span class=\"_ _2\"></span>ies Se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>es Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Re<span class=\"_ _2\"></span>Ass<span class=\"_ _2\"></span>ure FSH UK Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Vebnet Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Vebnet (H<span class=\"_ _2\"></span>oldings) Limite<span class=\"_ _3bc\"> </span><span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing subsidi<span class=\"_ _2\"></span>aries were dis<span class=\"_ _2\"></span>solve<span class=\"_ _2\"></span>d during the p<span class=\"_ _2\"></span>eriod. T<span class=\"_ _2\"></span>he subsidi<span class=\"_ _2\"></span>aries were de<span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>olidated fro<span class=\"_ _2\"></span>m the date of diss<span class=\"_ _2\"></span>olution:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls61 ws5f\">Cr<span class=\"_ _2\"></span>awley Unit<span class=\"_ _5\"></span> T<span class=\"_ _7\"></span>rust<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span><span class=\"ls61 ws5f\">In<span class=\"_ _2\"></span>esia SA<span class=\"_ _3bc\"> </span></span>\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>UTM ACS Lothian UK Lis<span class=\"_ _2\"></span>ted Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>UTM ACS UK All S<span class=\"_ _2\"></span>hare Liste<span class=\"_ _2\"></span>d Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>UTM Bothwell U<span class=\"_ _2\"></span>K All Sha<span class=\"_ _2\"></span>re Listed Equi<span class=\"_ _2\"></span>ty Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>P<span class=\"_ _2\"></span>UTM UK Equit<span class=\"_ _2\"></span>y Uni<span class=\"_ _2\"></span>t T<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ust<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Active Plu<span class=\"_ _2\"></span>s Bond T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>st<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Dyn<span class=\"_ _2\"></span>amic Multi A<span class=\"_ _2\"></span>sset G<span class=\"_ _2\"></span>rowth Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Emergin<span class=\"_ _2\"></span>g Markets Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Shor<span class=\"_ _2\"></span>t Date<span class=\"_ _2\"></span>d UK Gover<span class=\"_ _2\"></span>nment Bo<span class=\"_ _2\"></span>nd T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Chin<span class=\"_ _2\"></span>a Equities Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Eme<span class=\"_ _2\"></span>rging Ma<span class=\"_ _2\"></span>rk<span class=\"_ _5\"></span>et De<span class=\"_ _2\"></span>bt Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Europ<span class=\"_ _2\"></span>ean Equitie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Gl<span class=\"_ _2\"></span>obal Equitie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Ja<span class=\"_ _2\"></span>panes<span class=\"_ _2\"></span>e Equities Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Strate<span class=\"_ _2\"></span>gic Bond Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn UK Gover<span class=\"_ _2\"></span>nment Bo<span class=\"_ _2\"></span>nd T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing subsidi<span class=\"_ _2\"></span>aries were ei<span class=\"_ _2\"></span>ther fully di<span class=\"_ _2\"></span>spose<span class=\"_ _2\"></span>d of or the Group w<span class=\"_ _2\"></span>as no lon<span class=\"_ _2\"></span>ger de<span class=\"_ _2\"></span>emed to c<span class=\"_ _2\"></span>ontrol the sub<span class=\"_ _2\"></span>sidiar<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>. The s<span class=\"_ _2\"></span>ubsidiarie<span class=\"_ _2\"></span>s were dec<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated from eit<span class=\"_ _2\"></span>her the da<span class=\"_ _2\"></span>te o<span class=\"_ _5\"></span>f disp<span class=\"_ _2\"></span>osal or fro<span class=\"_ _2\"></span>m the date when t<span class=\"_ _2\"></span>he Group wa<span class=\"_ _2\"></span>s deem<span class=\"_ _2\"></span>ed to no lon<span class=\"_ _2\"></span>ger cont<span class=\"_ _2\"></span>rol the subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Shor<span class=\"_ _2\"></span>t Date<span class=\"_ _2\"></span>d Corp<span class=\"_ _2\"></span>orate Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Americ<span class=\"_ _2\"></span>an Inc<span class=\"_ _2\"></span>ome Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Sus<span class=\"_ _2\"></span>tainab<span class=\"_ _2\"></span>le Index U<span class=\"_ _2\"></span>K Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>C<span class=\"_ _2\"></span>F Mac<span class=\"_ _2\"></span>quaries G<span class=\"_ _2\"></span>lobal Infr<span class=\"_ _2\"></span>astru<span class=\"_ _2\"></span>cture S<span class=\"_ _2\"></span>ecurit<span class=\"_ _2\"></span>ies Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Q<span class=\"_ _2\"></span>uilter Inves<span class=\"_ _2\"></span>tors Glo<span class=\"_ _2\"></span>bal Equit<span class=\"_ _2\"></span>y Index Fund<span class=\"_ gs132\"> </span>\u2022 <span class=\"_ _9\"> </span>Q<span class=\"_ _2\"></span>uilter Inves<span class=\"_ _2\"></span>tors UK Eq<span class=\"_ _2\"></span>uity I<span class=\"_ _2\"></span>ndex Fund<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing ass<span class=\"_ _2\"></span>ociate wa<span class=\"_ _2\"></span>s dissol<span class=\"_ _2\"></span>ved during th<span class=\"_ _2\"></span>e period<span class=\"_ _2\"></span>. The inves<span class=\"_ _2\"></span>tment in as<span class=\"_ _2\"></span>socia<span class=\"_ _2\"></span>te was dere<span class=\"_ _2\"></span>cognis<span class=\"_ _2\"></span>ed from th<span class=\"_ _2\"></span>e date of dissol<span class=\"_ _2\"></span>ution:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>U<span class=\"_ _2\"></span>K Comm<span class=\"_ _2\"></span>ercial Prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty E<span class=\"_ _2\"></span>state<span class=\"_ _2\"></span>s (Readin<span class=\"_ _2\"></span>g) Limited<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>U<span class=\"_ _2\"></span>K<span class=\"_ _7\"></span>C<span class=\"_ _2\"></span>PT Limited Pa<span class=\"_ _2\"></span>rtn<span class=\"_ _2\"></span>ership<span class=\"_ _3bc\"> </span>The Gro<span class=\"_ _2\"></span>up no long<span class=\"_ _2\"></span>er has s<span class=\"_ _2\"></span>ignifica<span class=\"_ _2\"></span>nt holding<span class=\"_ _2\"></span>s in the following un<span class=\"_ _2\"></span>der<span class=\"_ _2\"></span>taking<span class=\"_ _2\"></span>s:<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>A<span class=\"_ _2\"></span>berde<span class=\"_ _2\"></span>en Japan Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Americ<span class=\"_ _2\"></span>an Unc<span class=\"_ _2\"></span>onstr<span class=\"_ _2\"></span>ained Equi<span class=\"_ _2\"></span>ty Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Divers<span class=\"_ _2\"></span>ified Grow<span class=\"_ _2\"></span>th Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Globa<span class=\"_ _2\"></span>l Absolute Re<span class=\"_ _2\"></span>turn Strate<span class=\"_ _2\"></span>gies Ret<span class=\"_ _2\"></span>ail Acc<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Globa<span class=\"_ _2\"></span>l Focuse<span class=\"_ _2\"></span>d Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Multi-As<span class=\"_ _2\"></span>set Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn Stan<span class=\"_ _2\"></span>dard SI<span class=\"_ _2\"></span>CA<span class=\"_ _7\"></span>V II Gl<span class=\"_ _2\"></span>obal Abs<span class=\"_ _2\"></span>olute Return Str<span class=\"_ _2\"></span>ategie<span class=\"_ _2\"></span>s Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn UK Hig<span class=\"_ _2\"></span>h Incom<span class=\"_ _2\"></span>e Equit<span class=\"_ _2\"></span>y Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>a<span class=\"_ _2\"></span>brdn UK Op<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>tunities Eq<span class=\"_ _2\"></span>uity Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>A<span class=\"_ _2\"></span>X<span class=\"_ _2\"></span>A Fixed I<span class=\"_ _2\"></span>nterest I<span class=\"_ _2\"></span>nvestme<span class=\"_ _2\"></span>nt ICV<span class=\"_ _5\"></span>C \u2013 Sterlin<span class=\"_ _2\"></span>g Strategi<span class=\"_ _2\"></span>c Bond Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>L<span class=\"_ _2\"></span>&amp;G Euro High Alp<span class=\"_ _2\"></span>ha Corp<span class=\"_ _2\"></span>orate Bon<span class=\"_ _2\"></span>d Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Le<span class=\"_ _2\"></span>gal &amp; Ge<span class=\"_ _2\"></span>neral Europ<span class=\"_ _2\"></span>ean T<span class=\"_ _7\"></span>ru<span class=\"_ _2\"></span>st<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>M<span class=\"_ _2\"></span>I Som<span class=\"_ _2\"></span>erset G<span class=\"_ _2\"></span>lobal Em<span class=\"_ _2\"></span>erging M<span class=\"_ _2\"></span>ark<span class=\"_ _5\"></span>ets Fun<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Per<span class=\"_ _2\"></span>forman<span class=\"_ _2\"></span>ce Reta<span class=\"_ _2\"></span>il Unit T<span class=\"_ _7\"></span>rus<span class=\"_ _2\"></span>t<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>Q<span class=\"_ _2\"></span>uilter Inves<span class=\"_ _2\"></span>tors Chin<span class=\"_ _2\"></span>a Equity Fund<span class=\"_ _3bc\"> </span>\u2022 <span class=\"_ _9\"> </span>S<span class=\"_ _2\"></span>tandar<span class=\"_ _2\"></span>d Life Capital Infr<span class=\"_ _2\"></span>astr<span class=\"_ _2\"></span>ucture I LP",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-635": {
   "value": "I2<span class=\"_ _2\"></span>. Cas<span class=\"_ _2\"></span>h flows fr<span class=\"_ _2\"></span>om ope<span class=\"_ _2\"></span>ratin<span class=\"_ _2\"></span>g act<span class=\"_ _2\"></span>iviti<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span>Ope<span class=\"_ _2\"></span>rating c<span class=\"_ _2\"></span>ash flows in<span class=\"_ _2\"></span>clude p<span class=\"_ _2\"></span>urchase<span class=\"_ _2\"></span>s and sal<span class=\"_ _2\"></span>es of investme<span class=\"_ _2\"></span>nt proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y and fina<span class=\"_ _2\"></span>ncial inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s as the purc<span class=\"_ _2\"></span>hases a<span class=\"_ _2\"></span>re funde<span class=\"_ _2\"></span>d from cas<span class=\"_ _2\"></span>h flows as<span class=\"_ _2\"></span>soc<span class=\"_ _2\"></span>iated with th<span class=\"_ _2\"></span>e originati<span class=\"_ _2\"></span>on of insuran<span class=\"_ _2\"></span>ce and inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s, n<span class=\"_ _2\"></span>et of payment<span class=\"_ _2\"></span>s of related b<span class=\"_ _2\"></span>enefits a<span class=\"_ _2\"></span>nd claim<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span>The follow<span class=\"_ _2\"></span>ing analy<span class=\"_ _2\"></span>sis gives fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r detail b<span class=\"_ _2\"></span>ehind the \u2018ca<span class=\"_ _2\"></span>sh (utilised)/<span class=\"_ _7\"></span>g<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>ated by oper<span class=\"_ _2\"></span>ations\u2019 figure in t<span class=\"_ _2\"></span>he sta<span class=\"_ _2\"></span>tement of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d cash flo<span class=\"_ _2\"></span>ws.<span class=\"_ _3bc\"> </span>Notes<span class=\"_ _3bc\"> </span>2023<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span><table class=\"s wcb1 h332\" id=\"_316efdbe-15ea-4ab7-8941-ab7040d96aff\"><tr><td></td><td></td><td></td><td class=\"t m0 x23e h16 y5f1d ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x23f h16 y5f1e ff3 fsf fc1 sc0 lsf3 wsdf\">rest<span class=\"_ _2\"></span>ated<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x2c6 h16 y5f1f ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"c n x1ea y5f20 w8c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">Profit<span class=\"_ _2\"></span>/<span class=\"_ _5\"></span>(los<span class=\"_ _2\"></span>s) for the yea<span class=\"_ _2\"></span>r before t<span class=\"_ _2\"></span>ax<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x220 y5f20 w8d h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsa9 ws1aa\">20<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x221 y5f20 w8e h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls38 ws35\">(4,0<span class=\"_ _2\"></span>89)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5f21 ff7 fs7 fc1 sc0 ls0 ws0\">Adj<span class=\"_ _2\"></span>ustm<span class=\"_ _2\"></span>ents for n<span class=\"_ _2\"></span>on-c<span class=\"_ _2\"></span>ash m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s in profit<span class=\"_ _2\"></span>/(loss) befo<span class=\"_ _2\"></span>re tax fo<span class=\"_ _2\"></span>r the year<span class=\"_ _2\"></span>:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x249 y5f22 wcb2 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Gain on a<span class=\"_ _2\"></span>cquisitio<span class=\"_ _2\"></span>n of SLF of Cana<span class=\"_ _2\"></span>da UK Limite<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ef6 y5f22 wcb3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b0 ws1ac\">H2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ef7 y5f22 w2a9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls15a ws1b2\">(6<span class=\"_ _2\"></span>6)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ef8 y5f22 w65 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">\u2013<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x241 hd y5f23 ff3 fs7 fc1 sc0 ls18 ws16\">Fair value<span class=\"_ _5\"></span> losse<span class=\"_ _2\"></span>s/<span class=\"_ _7\"></span>(g<span class=\"_ _2\"></span>ains<span class=\"_ _5\"></span>) on:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x242 y5f24 we3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Inves<span class=\"_ _2\"></span>tment prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1ef9 y5f24 we4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls69 ws5e\">G4<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1efa y5f24 wcf h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls8b ws114\">362<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1efb y5f24 wcb4 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls67 ws1a5\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>363<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x242 y5f25 wcb5 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>cial as<span class=\"_ _2\"></span>sets a<span class=\"_ _2\"></span>nd derivat<span class=\"_ _2\"></span>ive liabilities<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1efc y5f25 wcb6 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls68 ws5c\">(1<span class=\"_ _7\"></span>1,04<span class=\"_ _7\"></span>5)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1efd y5f25 w7c6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1bf ws1be\">45,<span class=\"_ _2\"></span>197<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x242 y5f26 w928 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Chan<span class=\"_ _2\"></span>ge in fair valu<span class=\"_ _2\"></span>e of borrowing<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1efe y5f26 w1f6 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">E5.<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1eff y5f26 w1ab h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1ad ws1a6\">(8<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f00 y5f26 wdb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls15a ws1b2\">186<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5f27 wcb7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Amor<span class=\"_ _2\"></span>tis<span class=\"_ _2\"></span>ation and imp<span class=\"_ _2\"></span>airment of intan<span class=\"_ _2\"></span>gible as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f01 y5f27 w7b h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 lsb3 wsf4\">G2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f02 y5f27 w83c h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b2 ws1af\">324<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f03 y5f27 w2a8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">355<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5f28 wcb8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Sha<span class=\"_ _2\"></span>re-ba<span class=\"_ _2\"></span>sed paym<span class=\"_ _2\"></span>ent charg<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f04 y5f28 wcb9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">I1<span class=\"_ _2\"></span>.1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f05 y5f28 w138 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b9 ws1b8\">22<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f06 y5f28 w1d7 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls9d ws58\">16<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5f29 w88 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Finan<span class=\"_ _2\"></span>ce cos<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f07 y5f29 wcba h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1ad ws1a6\">C7<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f08 y5f29 w1b0 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1b5 ws1b4\">258<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f09 y5f29 w3b9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b6 ws1b5\">23<span class=\"_ _2\"></span>0<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5f2a wcbb h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Net intere<span class=\"_ _2\"></span>st exp<span class=\"_ _2\"></span>ense on G<span class=\"_ _2\"></span>roup define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t pensio<span class=\"_ _2\"></span>n schem<span class=\"_ _2\"></span>e liabilit<span class=\"_ _2\"></span>y<span class=\"_ _5\"></span>/<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span>set<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f0a y5f2a wc8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">G1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f0b y5f2a wd9 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1a6 ws196\">109<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f0c y5f2a w44a h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls8c ws6b\">64<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5f2b w38f h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Pension p<span class=\"_ _2\"></span>ast se<span class=\"_ _2\"></span>rvic<span class=\"_ _2\"></span>e cos<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x252 y5f2b wc8 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">G1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f0d y5f2b w60 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls1af ws1ab\">12<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f0e y5f2b wd3 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1a8 ws19f\">15<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x249 y5f2c wcbc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Other costs of<span class=\"_ _5\"></span> pension schemes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f0f y5f2c wb9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">G1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f10 y5f2c wb5 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f11 y5f2c w158 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5f2d ff7 fs7 fc1 sc0 ls61 ws5f\">Movement in ass<span class=\"_ _2\"></span>ets and liabilities re<span class=\"_ _2\"></span>lating to operatio<span class=\"_ _2\"></span>ns:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y5f2e wcbd h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">(In<span class=\"_ _2\"></span>crease)/<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in investme<span class=\"_ _2\"></span>nt asse<span class=\"_ _2\"></span>ts<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1f12 y5f2e w630 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c2 ws1c2\">(<span class=\"_ _3\"></span>7,<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>8<span class=\"_ _2\"></span>6<span class=\"_ _3\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f13 y5f2e wcbe h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>74<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5f2f wcbf h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">(In<span class=\"_ _2\"></span>crease)/<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in reinsurer<span class=\"_ _2\"></span>s\u2019 share of invest<span class=\"_ _2\"></span>ment contr<span class=\"_ _2\"></span>act liab<span class=\"_ _2\"></span>ilities<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1f14 y5f2f w7cf h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lscc wsba\">(6<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x635 y5f2f w2a5 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c8 ws1c8\">896<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5f30 wcc0 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">(In<span class=\"_ _2\"></span>crease)/<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in reinsura<span class=\"_ _2\"></span>nce cont<span class=\"_ _2\"></span>ract a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s/liabilitie<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1f15 y5f30 w33c h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b6 ws1b5\">(81<span class=\"_ _2\"></span>8)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f16 y5f30 w2fb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">657<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5f31 wcc1 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">De<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in asset<span class=\"_ _2\"></span>s clas<span class=\"_ _2\"></span>sified a<span class=\"_ _2\"></span>s held for s<span class=\"_ _2\"></span>ale<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x19e2 y5f31 w39a h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1c8 ws1c8\">2,593<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f17 y5f31 w77f h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">2<span class=\"_ _2\"></span>,741<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5618 wcc2 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incre<span class=\"_ _2\"></span>ase/(decrea<span class=\"_ _2\"></span>se) in insura<span class=\"_ _2\"></span>nce contr<span class=\"_ _2\"></span>act lia<span class=\"_ _2\"></span>bilities/<span class=\"_ _5\"></span>as<span class=\"_ _2\"></span>sets<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1f18 y5618 w161 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsa9 ws1aa\">3,9<span class=\"_ _2\"></span>80<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f19 y5618 wcc3 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(2<span class=\"_ _5\"></span>5,597)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5728 wcc4 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Incre<span class=\"_ _2\"></span>ase/(decrea<span class=\"_ _2\"></span>se) in investm<span class=\"_ _2\"></span>ent contra<span class=\"_ _2\"></span>ct liabiliti<span class=\"_ _2\"></span>es<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1f1a y5728 wcc5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls9d ws58\">1<span class=\"_ _2\"></span>3,673<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f1b y5728 wcc6 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls9d ws58\">(16,<span class=\"_ _2\"></span>549)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y5729 wcc7 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">De<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in obligatio<span class=\"_ _2\"></span>n for repayme<span class=\"_ _2\"></span>nt of collateral re<span class=\"_ _2\"></span>ceive<span class=\"_ _2\"></span>d<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1875 y5729 w90 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 lsd0 ws1a0\">(<span class=\"_ _2\"></span>703)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f1c y5729 wcc8 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1bb ws1ba\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>74<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561a wcc9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">De<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e in liabilities c<span class=\"_ _2\"></span>lassifie<span class=\"_ _2\"></span>d as hel<span class=\"_ _2\"></span>d for sale<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1f1d y561a wcca h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1bf ws1be\">(<span class=\"_ _2\"></span>3,<span class=\"_ _2\"></span>571<span class=\"_ _2\"></span>)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f1e y561a w7c9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1ad ws1a6\">(3,<span class=\"_ _2\"></span>386)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y561b wccb h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls0 ws0\">Net de<span class=\"_ _2\"></span>creas<span class=\"_ _2\"></span>e/<span class=\"_ _5\"></span>(incre<span class=\"_ _2\"></span>ase) in workin<span class=\"_ _2\"></span>g capita<span class=\"_ _2\"></span>l<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1f1f y561b wec h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls1b8 ws1b7\">2<span class=\"_ _2\"></span>,7<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>2<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f20 y561b w453 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1c5 ws1c5\">(<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>2)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5f32 ff7 fs7 fc1 sc0 ls12 ws10\">Other cash movemen<span class=\"_ _5\"></span>ts relating t<span class=\"_ _5\"></span>o operations:<span class=\"_ _3bc\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561e wccc h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls12 ws10\">Contri<span class=\"_ _5\"></span>butions<span class=\"_ _5\"></span> to de<span class=\"_ _5\"></span>fined benefit<span class=\"_ _5\"></span> pension schemes<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f21 y561e wb9 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls1be ws1bd\">G1<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f22 y561e w316 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls5d ws1c0\">(9)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f23 y561e w80 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 ls8b ws114\">(9)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"c n x1ea y55ef wccd h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls61 ws5f\">Cash (utilised)/<span class=\"_ _7\"></span>gen<span class=\"_ _2\"></span>erated by operati<span class=\"_ _2\"></span>ons<span class=\"_ _3bc\"> </span></div></td><td></td><td class=\"c n x1f24 y55ef w1e5 h282\"><div class=\"t m0 x1e6 hd y55df ff7 fs7 fc1 sc0 ls71 ws1a9\">(7<span class=\"_ _2\"></span>70)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f25 y55ef w232 h283\"><div class=\"t m0 x1e6 hd y55df ff3 fs7 fc1 sc0 lsd0 ws1a0\">1<span class=\"_ _2\"></span>,01<span class=\"_ _2\"></span>9<span class=\"_ _3bc\"> </span></div></td></tr></table>1<span class=\"_ _3bc\"> </span>1  <span class=\"_ _2f\"> </span>Pri<span class=\"_ _2\"></span>or pe<span class=\"_ _2\"></span>riod c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>arati<span class=\"_ _2\"></span>ves ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>d on tra<span class=\"_ _2\"></span>nsit<span class=\"_ _2\"></span>ion to I<span class=\"_ _2\"></span>FRS 17 I<span class=\"_ _2\"></span>nsur<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e Cont<span class=\"_ _2\"></span>rac<span class=\"_ _2\"></span>ts (s<span class=\"_ _2\"></span>ee note A<span class=\"_ _2\"></span>2.1 for f<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>ther d<span class=\"_ _2\"></span>etai<span class=\"_ _2\"></span>ls)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-715": {
   "value": "<div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc4e\">Ope<span class=\"_ _2\"></span>rating c<span class=\"_ _2\"></span>ash flows in<span class=\"_ _2\"></span>clude p<span class=\"_ _2\"></span>urchase<span class=\"_ _2\"></span>s and sal<span class=\"_ _2\"></span>es of investme<span class=\"_ _2\"></span>nt proper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y and fina<span class=\"_ _2\"></span>ncial inves<span class=\"_ _2\"></span>tment<span class=\"_ _2\"></span>s as the purc<span class=\"_ _2\"></span>hases a<span class=\"_ _2\"></span>re funde<span class=\"_ _2\"></span>d from cas<span class=\"_ _2\"></span>h </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc4f\">flows as<span class=\"_ _2\"></span>soc<span class=\"_ _2\"></span>iated with th<span class=\"_ _2\"></span>e originati<span class=\"_ _2\"></span>on of insuran<span class=\"_ _2\"></span>ce and inves<span class=\"_ _2\"></span>tment co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>s, n<span class=\"_ _2\"></span>et of payment<span class=\"_ _2\"></span>s of related b<span class=\"_ _2\"></span>enefits a<span class=\"_ _2\"></span>nd claim<span class=\"_ _2\"></span>s.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc50\">The follow<span class=\"_ _2\"></span>ing analy<span class=\"_ _2\"></span>sis gives fur<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r detail b<span class=\"_ _2\"></span>ehind the \u2018ca<span class=\"_ _2\"></span>sh (utilised)/<span class=\"_ _7\"></span>g<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>ated by oper<span class=\"_ _2\"></span>ations\u2019 figure in t<span class=\"_ _2\"></span>he sta<span class=\"_ _2\"></span>tement of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc51\">con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d cash flo<span class=\"_ _2\"></span>ws.<span class=\"_ _3bc\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-716": {
   "value": "The Group\u2019s capital management is based on the Solvency II framework as implemented in the UK. This involves a valuation in line with Solvency II principles of the Group\u2019s Own Funds and risk-based assessment of the Group\u2019s Solvency Capital Requirement (\u2018SCR\u2019). This note sets out the Group\u2019s approach to managing capital and provides an analysis of Own Funds and SCR. ",
   "dimensions": {
    "concept": "pheonixgroupholdings:DescriptionOfAccountingPolicyForCapitalManagement",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-667": {
   "value": "<div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gsc8e\">I4<span class=\"_ _2\"></span>. Relat<span class=\"_ _2\"></span>ed par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc8f\">In the or<span class=\"_ _2\"></span>dinar<span class=\"_ _2\"></span>y cours<span class=\"_ _2\"></span>e of busine<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, the Group an<span class=\"_ _2\"></span>d its sub<span class=\"_ _2\"></span>sidiaries c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>y out tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tions with re<span class=\"_ _2\"></span>lated par<span class=\"_ _2\"></span>ties a<span class=\"_ _2\"></span>s defined by IA<span class=\"_ _2\"></span>S 2<span class=\"_ _7\"></span>4 Re<span class=\"_ _2\"></span>lated Par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc90\">Disc<span class=\"_ _2\"></span>losures<span class=\"_ _2\"></span>, which c<span class=\"_ _2\"></span>ompris<span class=\"_ _2\"></span>e a Group pe<span class=\"_ _2\"></span>nsion sch<span class=\"_ _2\"></span>eme, a<span class=\"_ _2\"></span>n asso<span class=\"_ _2\"></span>ciate and key man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent per<span class=\"_ _2\"></span>sonne<span class=\"_ _2\"></span>l.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gsc91\">I4<span class=\"_ _2\"></span>.<span class=\"_ _5\"></span>1 Rel<span class=\"_ _2\"></span>ated pa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y tr<span class=\"_ _2\"></span>ansa<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ons<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc92\">Durin<span class=\"_ _2\"></span>g the year, the Group ente<span class=\"_ _2\"></span>red into the followin<span class=\"_ _2\"></span>g related p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tions with a G<span class=\"_ _2\"></span>roup pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>eme and a<span class=\"_ _2\"></span>n asso<span class=\"_ _2\"></span>ciate:<span class=\"_ _3bc\"> </span></div><div class=\"gsc93\"><table class=\"s wcd6 h334\" id=\"_de8e648f-aee2-410c-a179-340e79760dd9\"><tr><td></td><td class=\"c n x1c4c y5f35 wcd7 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls83 ws78\">T<span class=\"_ _7\"></span>ransac<span class=\"_ _2\"></span>tions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f2d y5f35 wcd8 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls5b ws76\">T<span class=\"_ _5\"></span>ransactions<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x916 h3f y5f36 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h16 y5f36 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x2c5 h3f y56f5 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y56f5 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y5f37 ff7 fs7 fc1 sc0 ls0 ws0\">Pearl G<span class=\"_ _2\"></span>roup St<span class=\"_ _2\"></span>aff Pens<span class=\"_ _2\"></span>ion S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561d wcd9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Payment of adm<span class=\"_ _2\"></span>inistra<span class=\"_ _2\"></span>tive expen<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f2e y561d w5c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f2f y561d w576 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5d08 ff7 fs7 fc1 sc0 ls0 ws0\">UK C<span class=\"_ _2\"></span>omme<span class=\"_ _2\"></span>rcial Pr<span class=\"_ _2\"></span>oper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y REIT<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ef w326 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Divid<span class=\"_ _2\"></span>end inc<span class=\"_ _2\"></span>ome<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e3 y55ef w64 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd6 ws195\">19<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f30 y55ef w138 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">29<span class=\"_ _3bc\"> </span></div></td></tr></table></div><div class=\"t m0 he ff2 fs7 fc1 sc0 ls13 ws11 gsc94\">I4.2 T<span class=\"_ _7\"></span>ransactions with k<span class=\"_ _7\"></span>ey management personnel<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc95\">The tota<span class=\"_ _2\"></span>l compe<span class=\"_ _2\"></span>nsation of key man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent per<span class=\"_ _2\"></span>sonne<span class=\"_ _2\"></span>l, bein<span class=\"_ _2\"></span>g those h<span class=\"_ _2\"></span>aving autho<span class=\"_ _2\"></span>rity a<span class=\"_ _2\"></span>nd resp<span class=\"_ _2\"></span>onsibilit<span class=\"_ _2\"></span>y for plann<span class=\"_ _2\"></span>ing, dire<span class=\"_ _2\"></span>cting a<span class=\"_ _2\"></span>nd controllin<span class=\"_ _2\"></span>g </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc96\">the ac<span class=\"_ _2\"></span>tivitie<span class=\"_ _2\"></span>s of the Group, inc<span class=\"_ _2\"></span>luding the E<span class=\"_ _2\"></span>xec<span class=\"_ _2\"></span>utive, Non-<span class=\"_ _2\"></span>Exe<span class=\"_ _2\"></span>cutive Dire<span class=\"_ _2\"></span>ctors a<span class=\"_ _2\"></span>nd, ef<span class=\"_ _2\"></span>fecti<span class=\"_ _2\"></span>ve from 1 Januar<span class=\"_ _2\"></span>y 2023<span class=\"_ _2\"></span>, me<span class=\"_ _2\"></span>mber<span class=\"_ _2\"></span>s of the Group\u2019s </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc97\">E<span class=\"_ _2\"></span>xecutive C<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>tee is as follow<span class=\"_ _2\"></span>s: </div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls70 ws67 gsc98\">2023<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 lsa8 ws98 gsc99\">\u00a3m<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 lse3 wscd gsc9a\">2022<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 lsf2 wsdc gsc9b\">\u00a3m<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls18 ws16 gsc9c\">Salar<span class=\"_ _2\"></span>y and other short-term benefits<span class=\"_ _192\"> </span><span class=\"ff7 ls96 ws8c\">15<span class=\"_ _11f\"> </span></span><span class=\"ls0 ws0\">5<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls18 ws16 gsc9d\">Equity compen<span class=\"_ _2\"></span>sation plans<span class=\"_ _21f\"> </span><span class=\"ff7 ls0 ws0\">8<span class=\"_ _11f\"> </span><span class=\"ff3\">3<span class=\"_ _3bc\"> </span></span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc9e\">Det<span class=\"_ _2\"></span>ails of the sha<span class=\"_ _2\"></span>reholdin<span class=\"_ _2\"></span>gs and em<span class=\"_ _2\"></span>olument<span class=\"_ _2\"></span>s of individua<span class=\"_ _2\"></span>l Direc<span class=\"_ _2\"></span>tors are provide<span class=\"_ _2\"></span>d in the Rem<span class=\"_ _2\"></span>uneratio<span class=\"_ _2\"></span>n repor<span class=\"_ _2\"></span>t on pag<span class=\"_ _2\"></span>es 111 to 14<span class=\"_ _2\"></span>0.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsc9f\">Durin<span class=\"_ _2\"></span>g the year to 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023 key man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent per<span class=\"_ _2\"></span>sonne<span class=\"_ _2\"></span>l and the<span class=\"_ _2\"></span>ir close fa<span class=\"_ _2\"></span>mily memb<span class=\"_ _2\"></span>ers c<span class=\"_ _2\"></span>ontributed \u00a3<span class=\"_ _2\"></span>203<span class=\"_ _2\"></span>,23<span class=\"_ _2\"></span>4 (2022: \u00a3<span class=\"_ _2\"></span>183<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>933<span class=\"_ _2\"></span>) to </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsca0\">Pension<span class=\"_ _2\"></span>s and Savin<span class=\"_ _2\"></span>gs prod<span class=\"_ _2\"></span>ucts s<span class=\"_ _2\"></span>old by the Gro<span class=\"_ _2\"></span>up and tran<span class=\"_ _2\"></span>sferre<span class=\"_ _2\"></span>d out \u00a311<span class=\"_ _2\"></span>0,07<span class=\"_ _7\"></span>4 (202<span class=\"_ _2\"></span>2: \u00a3nil) of investme<span class=\"_ _2\"></span>nts. At 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023<span class=\"_ _2\"></span>, the tot<span class=\"_ _2\"></span>al value </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsca1\">of k<span class=\"_ _5\"></span>ey man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent per<span class=\"_ _2\"></span>sonn<span class=\"_ _2\"></span>el\u2019s investme<span class=\"_ _2\"></span>nts in Group Pen<span class=\"_ _2\"></span>sions and S<span class=\"_ _2\"></span>avings p<span class=\"_ _2\"></span>roduc<span class=\"_ _2\"></span>ts was \u00a3<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>98<span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span>979 (2022: \u00a3<span class=\"_ _2\"></span>5<span class=\"_ _5\"></span>25<span class=\"_ _2\"></span>,781).</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-636": {
   "value": "4<span class=\"_ _2\"></span>. Relat<span class=\"_ _2\"></span>ed par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span>In the or<span class=\"_ _2\"></span>dinar<span class=\"_ _2\"></span>y cours<span class=\"_ _2\"></span>e of busine<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>, the Group an<span class=\"_ _2\"></span>d its sub<span class=\"_ _2\"></span>sidiaries c<span class=\"_ _2\"></span>arr<span class=\"_ _2\"></span>y out tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tions with re<span class=\"_ _2\"></span>lated par<span class=\"_ _2\"></span>ties a<span class=\"_ _2\"></span>s defined by IA<span class=\"_ _2\"></span>S 2<span class=\"_ _7\"></span>4 Re<span class=\"_ _2\"></span>lated Par<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y Disc<span class=\"_ _2\"></span>losures<span class=\"_ _2\"></span>, which c<span class=\"_ _2\"></span>ompris<span class=\"_ _2\"></span>e a Group pe<span class=\"_ _2\"></span>nsion sch<span class=\"_ _2\"></span>eme, a<span class=\"_ _2\"></span>n asso<span class=\"_ _2\"></span>ciate and key man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent per<span class=\"_ _2\"></span>sonne<span class=\"_ _2\"></span>l.<span class=\"_ _3bc\"> </span>I4<span class=\"_ _2\"></span>.<span class=\"_ _5\"></span>1 Rel<span class=\"_ _2\"></span>ated pa<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y tr<span class=\"_ _2\"></span>ansa<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ons<span class=\"_ _3bc\"> </span>Durin<span class=\"_ _2\"></span>g the year, the Group ente<span class=\"_ _2\"></span>red into the followin<span class=\"_ _2\"></span>g related p<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span>y tra<span class=\"_ _2\"></span>nsac<span class=\"_ _2\"></span>tions with a G<span class=\"_ _2\"></span>roup pen<span class=\"_ _2\"></span>sion sch<span class=\"_ _2\"></span>eme and a<span class=\"_ _2\"></span>n asso<span class=\"_ _2\"></span>ciate:<span class=\"_ _3bc\"> </span><table class=\"s wcd6 h334\" id=\"_de8e648f-aee2-410c-a179-340e79760dd9\"><tr><td></td><td class=\"c n x1c4c y5f35 wcd7 h27e\"><div class=\"t m0 x1e6 h16 y55c9 ff7 fsf fc1 sc0 ls83 ws78\">T<span class=\"_ _7\"></span>ransac<span class=\"_ _2\"></span>tions<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f2d y5f35 wcd8 h27d\"><div class=\"t m0 x1e6 h16 y55c9 ff3 fsf fc1 sc0 ls5b ws76\">T<span class=\"_ _5\"></span>ransactions<span class=\"_ _3bc\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x916 h3f y5f36 ff7 fsf fc1 sc0 ls70 ws67\">2023<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x23e h16 y5f36 ff3 fsf fc1 sc0 lse3 wscd\">2022<span class=\"_ _3bc\"> </span></td></tr><tr><td></td><td class=\"t m0 x2c5 h3f y56f5 ff7 fsf fc1 sc0 lsa8 ws98\">\u00a3m<span class=\"_ _3bc\"> </span></td><td class=\"t m0 x2c6 h16 y56f5 ff3 fsf fc1 sc0 lsf2 wsdc\">\u00a3m<span class=\"_ _3bc\"> </span></td></tr><tr><td class=\"t m0 x240 he y5f37 ff7 fs7 fc1 sc0 ls0 ws0\">Pearl G<span class=\"_ _2\"></span>roup St<span class=\"_ _2\"></span>aff Pens<span class=\"_ _2\"></span>ion S<span class=\"_ _2\"></span>chem<span class=\"_ _2\"></span>e<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y561d wcd9 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Payment of adm<span class=\"_ _2\"></span>inistra<span class=\"_ _2\"></span>tive expen<span class=\"_ _2\"></span>ses<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f2e y561d w5c7 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd0 ws1a0\">(4)<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f2f y561d w576 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1be ws1bd\">(4)<span class=\"_ _3bc\"> </span></div></td></tr><tr><td class=\"t m0 x240 he y5d08 ff7 fs7 fc1 sc0 ls0 ws0\">UK C<span class=\"_ _2\"></span>omme<span class=\"_ _2\"></span>rcial Pr<span class=\"_ _2\"></span>oper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y REIT<span class=\"_ _3bc\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1ea y55ef w326 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls0 ws0\">Divid<span class=\"_ _2\"></span>end inc<span class=\"_ _2\"></span>ome<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x6e3 y55ef w64 h280\"><div class=\"t m0 x1e6 hd y55cb ff7 fs7 fc1 sc0 lsd6 ws195\">19<span class=\"_ _3bc\"> </span></div></td><td class=\"c n x1f30 y55ef w138 h281\"><div class=\"t m0 x1e6 hd y55cb ff3 fs7 fc1 sc0 ls1b9 ws1b8\">29<span class=\"_ _3bc\"> </span></div></td></tr></table>I4.2 T<span class=\"_ _7\"></span>ransactions with k<span class=\"_ _7\"></span>ey management personnel<span class=\"_ _3bc\"> </span>The tota<span class=\"_ _2\"></span>l compe<span class=\"_ _2\"></span>nsation of key man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent per<span class=\"_ _2\"></span>sonne<span class=\"_ _2\"></span>l, bein<span class=\"_ _2\"></span>g those h<span class=\"_ _2\"></span>aving autho<span class=\"_ _2\"></span>rity a<span class=\"_ _2\"></span>nd resp<span class=\"_ _2\"></span>onsibilit<span class=\"_ _2\"></span>y for plann<span class=\"_ _2\"></span>ing, dire<span class=\"_ _2\"></span>cting a<span class=\"_ _2\"></span>nd controllin<span class=\"_ _2\"></span>g the ac<span class=\"_ _2\"></span>tivitie<span class=\"_ _2\"></span>s of the Group, inc<span class=\"_ _2\"></span>luding the E<span class=\"_ _2\"></span>xec<span class=\"_ _2\"></span>utive, Non-<span class=\"_ _2\"></span>Exe<span class=\"_ _2\"></span>cutive Dire<span class=\"_ _2\"></span>ctors a<span class=\"_ _2\"></span>nd, ef<span class=\"_ _2\"></span>fecti<span class=\"_ _2\"></span>ve from 1 Januar<span class=\"_ _2\"></span>y 2023<span class=\"_ _2\"></span>, me<span class=\"_ _2\"></span>mber<span class=\"_ _2\"></span>s of the Group\u2019s E<span class=\"_ _2\"></span>xecutive C<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>tee is as follow<span class=\"_ _2\"></span>s: 2023<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>2022<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>Salar<span class=\"_ _2\"></span>y and other short-term benefits<span class=\"_ _192\"> </span><span class=\"ff7 ls96 ws8c\">15<span class=\"_ _11f\"> </span></span><span class=\"ls0 ws0\">5<span class=\"_ _3bc\"> </span></span>Equity compen<span class=\"_ _2\"></span>sation plans<span class=\"_ _21f\"> </span><span class=\"ff7 ls0 ws0\">8<span class=\"_ _11f\"> </span><span class=\"ff3\">3<span class=\"_ _3bc\"> </span></span></span>Det<span class=\"_ _2\"></span>ails of the sha<span class=\"_ _2\"></span>reholdin<span class=\"_ _2\"></span>gs and em<span class=\"_ _2\"></span>olument<span class=\"_ _2\"></span>s of individua<span class=\"_ _2\"></span>l Direc<span class=\"_ _2\"></span>tors are provide<span class=\"_ _2\"></span>d in the Rem<span class=\"_ _2\"></span>uneratio<span class=\"_ _2\"></span>n repor<span class=\"_ _2\"></span>t on pag<span class=\"_ _2\"></span>es 111 to 14<span class=\"_ _2\"></span>0.<span class=\"_ _3bc\"> </span>Durin<span class=\"_ _2\"></span>g the year to 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023 key man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent per<span class=\"_ _2\"></span>sonne<span class=\"_ _2\"></span>l and the<span class=\"_ _2\"></span>ir close fa<span class=\"_ _2\"></span>mily memb<span class=\"_ _2\"></span>ers c<span class=\"_ _2\"></span>ontributed \u00a3<span class=\"_ _2\"></span>203<span class=\"_ _2\"></span>,23<span class=\"_ _2\"></span>4 (2022: \u00a3<span class=\"_ _2\"></span>183<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>933<span class=\"_ _2\"></span>) to Pension<span class=\"_ _2\"></span>s and Savin<span class=\"_ _2\"></span>gs prod<span class=\"_ _2\"></span>ucts s<span class=\"_ _2\"></span>old by the Gro<span class=\"_ _2\"></span>up and tran<span class=\"_ _2\"></span>sferre<span class=\"_ _2\"></span>d out \u00a311<span class=\"_ _2\"></span>0,07<span class=\"_ _7\"></span>4 (202<span class=\"_ _2\"></span>2: \u00a3nil) of investme<span class=\"_ _2\"></span>nts. At 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023<span class=\"_ _2\"></span>, the tot<span class=\"_ _2\"></span>al value of k<span class=\"_ _5\"></span>ey man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent per<span class=\"_ _2\"></span>sonn<span class=\"_ _2\"></span>el\u2019s investme<span class=\"_ _2\"></span>nts in Group Pen<span class=\"_ _2\"></span>sions and S<span class=\"_ _2\"></span>avings p<span class=\"_ _2\"></span>roduc<span class=\"_ _2\"></span>ts was \u00a3<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>98<span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span>979 (2022: \u00a3<span class=\"_ _2\"></span>5<span class=\"_ _5\"></span>25<span class=\"_ _2\"></span>,781)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-681": {
   "value": "I4.2 T<span class=\"_ _7\"></span>ransactions with k<span class=\"_ _7\"></span>ey management personnel<span class=\"_ _3bc\"> </span>The tota<span class=\"_ _2\"></span>l compe<span class=\"_ _2\"></span>nsation of key man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent per<span class=\"_ _2\"></span>sonne<span class=\"_ _2\"></span>l, bein<span class=\"_ _2\"></span>g those h<span class=\"_ _2\"></span>aving autho<span class=\"_ _2\"></span>rity a<span class=\"_ _2\"></span>nd resp<span class=\"_ _2\"></span>onsibilit<span class=\"_ _2\"></span>y for plann<span class=\"_ _2\"></span>ing, dire<span class=\"_ _2\"></span>cting a<span class=\"_ _2\"></span>nd controllin<span class=\"_ _2\"></span>g the ac<span class=\"_ _2\"></span>tivitie<span class=\"_ _2\"></span>s of the Group, inc<span class=\"_ _2\"></span>luding the E<span class=\"_ _2\"></span>xec<span class=\"_ _2\"></span>utive, Non-<span class=\"_ _2\"></span>Exe<span class=\"_ _2\"></span>cutive Dire<span class=\"_ _2\"></span>ctors a<span class=\"_ _2\"></span>nd, ef<span class=\"_ _2\"></span>fecti<span class=\"_ _2\"></span>ve from 1 Januar<span class=\"_ _2\"></span>y 2023<span class=\"_ _2\"></span>, me<span class=\"_ _2\"></span>mber<span class=\"_ _2\"></span>s of the Group\u2019s E<span class=\"_ _2\"></span>xecutive C<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>tee is as follow<span class=\"_ _2\"></span>s: 2023<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>2022<span class=\"_ _3bc\"> </span>\u00a3m<span class=\"_ _3bc\"> </span>Salar<span class=\"_ _2\"></span>y and other short-term benefits<span class=\"_ _192\"> </span><span class=\"ff7 ls96 ws8c\">15<span class=\"_ _11f\"> </span></span><span class=\"ls0 ws0\">5<span class=\"_ _3bc\"> </span></span>Equity compen<span class=\"_ _2\"></span>sation plans<span class=\"_ _21f\"> </span><span class=\"ff7 ls0 ws0\">8<span class=\"_ _11f\"> </span><span class=\"ff3\">3<span class=\"_ _3bc\"> </span></span></span>Det<span class=\"_ _2\"></span>ails of the sha<span class=\"_ _2\"></span>reholdin<span class=\"_ _2\"></span>gs and em<span class=\"_ _2\"></span>olument<span class=\"_ _2\"></span>s of individua<span class=\"_ _2\"></span>l Direc<span class=\"_ _2\"></span>tors are provide<span class=\"_ _2\"></span>d in the Rem<span class=\"_ _2\"></span>uneratio<span class=\"_ _2\"></span>n repor<span class=\"_ _2\"></span>t on pag<span class=\"_ _2\"></span>es 111 to 14<span class=\"_ _2\"></span>0.<span class=\"_ _3bc\"> </span>Durin<span class=\"_ _2\"></span>g the year to 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023 key man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent per<span class=\"_ _2\"></span>sonne<span class=\"_ _2\"></span>l and the<span class=\"_ _2\"></span>ir close fa<span class=\"_ _2\"></span>mily memb<span class=\"_ _2\"></span>ers c<span class=\"_ _2\"></span>ontributed \u00a3<span class=\"_ _2\"></span>203<span class=\"_ _2\"></span>,23<span class=\"_ _2\"></span>4 (2022: \u00a3<span class=\"_ _2\"></span>183<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>933<span class=\"_ _2\"></span>) to Pension<span class=\"_ _2\"></span>s and Savin<span class=\"_ _2\"></span>gs prod<span class=\"_ _2\"></span>ucts s<span class=\"_ _2\"></span>old by the Gro<span class=\"_ _2\"></span>up and tran<span class=\"_ _2\"></span>sferre<span class=\"_ _2\"></span>d out \u00a311<span class=\"_ _2\"></span>0,07<span class=\"_ _7\"></span>4 (202<span class=\"_ _2\"></span>2: \u00a3nil) of investme<span class=\"_ _2\"></span>nts. At 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023<span class=\"_ _2\"></span>, the tot<span class=\"_ _2\"></span>al value of k<span class=\"_ _5\"></span>ey man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent per<span class=\"_ _2\"></span>sonn<span class=\"_ _2\"></span>el\u2019s investme<span class=\"_ _2\"></span>nts in Group Pen<span class=\"_ _2\"></span>sions and S<span class=\"_ _2\"></span>avings p<span class=\"_ _2\"></span>roduc<span class=\"_ _2\"></span>ts was \u00a3<span class=\"_ _2\"></span>1,<span class=\"_ _2\"></span>98<span class=\"_ _2\"></span>9,<span class=\"_ _2\"></span>979 (2022: \u00a3<span class=\"_ _2\"></span>5<span class=\"_ _5\"></span>25<span class=\"_ _2\"></span>,781).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-668": {
   "value": "<div class=\"t m0 he ff2 fs7 fc1 sc0 ls61 ws5f gsca3\">I5<span class=\"_ _2\"></span>. Commitm<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsca4\">This note a<span class=\"_ _2\"></span>nalyse<span class=\"_ _2\"></span>s the Group\u2019s other c<span class=\"_ _2\"></span>ommitme<span class=\"_ _2\"></span>nts.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h3f ff7 fsf fc1 sc0 ls70 ws67 gsca5\">2023</div><div class=\"t m0 h3f ff7 fsf fc1 sc0 lsa8 ws98 gsca6\"> \u00a3m<span class=\"_ _3bc\"> </span></div><div class=\"t m0 h16 ff3 fsf fc1 sc0 lse3 wscd gsca7\">2022</div><div class=\"t m0 h16 ff3 fsf fc1 sc0 lsf2 wsdc gsca8\"> \u00a3m<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gsca9\">T<span class=\"_ _7\"></span>o subs<span class=\"_ _2\"></span>cribe to pri<span class=\"_ _2\"></span>vate equit<span class=\"_ _2\"></span>y fund<span class=\"_ _2\"></span>s and other un<span class=\"_ _2\"></span>listed as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s<span class=\"_ _38c\"> </span><span class=\"ff7 ls71 ws1a9\">1<span class=\"_ _2\"></span>,<span class=\"_ _7\"></span>738<span class=\"_ _cc\"> </span><span class=\"ff3 ls16f ws1ad\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>132<span class=\"_ _3bc\"> </span></span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscaa\">T<span class=\"_ _7\"></span>o purch<span class=\"_ _2\"></span>ase, c<span class=\"_ _2\"></span>onst<span class=\"_ _2\"></span>ruct or d<span class=\"_ _2\"></span>evelop investm<span class=\"_ _2\"></span>ent prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y and in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>trips<span class=\"_ _365\"> </span><span class=\"ff7 ls173 ws1a8\">23<span class=\"_ _c8\"> </span></span><span class=\"lsdc wsc7\">62<span class=\"_ _3bc\"> </span></span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscab\">For repair<span class=\"_ _2\"></span>s, m<span class=\"_ _2\"></span>aintenanc<span class=\"_ _2\"></span>e or enha<span class=\"_ _2\"></span>ncem<span class=\"_ _2\"></span>ents of invest<span class=\"_ _2\"></span>ment prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y<span class=\"_ _5d\"> </span><span class=\"ff7 ls96 ws8c\">15<span class=\"_ _c8\"> </span><span class=\"ff3\">13<span class=\"_ _3bc\"> </span></span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-637": {
   "value": "I5<span class=\"_ _2\"></span>. Commitm<span class=\"_ _2\"></span>ents<span class=\"_ _3bc\"> </span>This note a<span class=\"_ _2\"></span>nalyse<span class=\"_ _2\"></span>s the Group\u2019s other c<span class=\"_ _2\"></span>ommitme<span class=\"_ _2\"></span>nts.<span class=\"_ _3bc\"> </span>2023 \u00a3m<span class=\"_ _3bc\"> </span>2022 \u00a3m<span class=\"_ _3bc\"> </span>T<span class=\"_ _7\"></span>o subs<span class=\"_ _2\"></span>cribe to pri<span class=\"_ _2\"></span>vate equit<span class=\"_ _2\"></span>y fund<span class=\"_ _2\"></span>s and other un<span class=\"_ _2\"></span>listed as<span class=\"_ _2\"></span>set<span class=\"_ _2\"></span>s<span class=\"_ _38c\"> </span><span class=\"ff7 ls71 ws1a9\">1<span class=\"_ _2\"></span>,<span class=\"_ _7\"></span>738<span class=\"_ _cc\"> </span><span class=\"ff3 ls16f ws1ad\">1<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>132<span class=\"_ _3bc\"> </span></span></span>T<span class=\"_ _7\"></span>o purch<span class=\"_ _2\"></span>ase, c<span class=\"_ _2\"></span>onst<span class=\"_ _2\"></span>ruct or d<span class=\"_ _2\"></span>evelop investm<span class=\"_ _2\"></span>ent prope<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>y and in<span class=\"_ _2\"></span>come s<span class=\"_ _2\"></span>trips<span class=\"_ _365\"> </span><span class=\"ff7 ls173 ws1a8\">23<span class=\"_ _c8\"> </span></span><span class=\"lsdc wsc7\">62<span class=\"_ _3bc\"> </span></span>For repair<span class=\"_ _2\"></span>s, m<span class=\"_ _2\"></span>aintenanc<span class=\"_ _2\"></span>e or enha<span class=\"_ _2\"></span>ncem<span class=\"_ _2\"></span>ents of invest<span class=\"_ _2\"></span>ment prop<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>y<span class=\"_ _5d\"> </span><span class=\"ff7 ls96 ws8c\">15<span class=\"_ _c8\"> </span><span class=\"ff3\">13<span class=\"_ _3bc\"> </span></span></span>I6<span class=\"_ _2\"></span>. Contingent liabilities<span class=\"_ _3bc\"> </span>Where t<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s a pos<span class=\"_ _2\"></span>sible future o<span class=\"_ _2\"></span>bligatio<span class=\"_ _2\"></span>n as a result of a pa<span class=\"_ _2\"></span>st event, o<span class=\"_ _2\"></span>r a present l<span class=\"_ _2\"></span>egal o<span class=\"_ _2\"></span>r cons<span class=\"_ _2\"></span>tructive o<span class=\"_ _2\"></span>bligation b<span class=\"_ _2\"></span>ut it is not prob<span class=\"_ _2\"></span>able that th<span class=\"_ _2\"></span>ere will be an o<span class=\"_ _2\"></span>utflow of re<span class=\"_ _2\"></span>source<span class=\"_ _2\"></span>s to set<span class=\"_ _2\"></span>tle the oblig<span class=\"_ _2\"></span>ation or the a<span class=\"_ _2\"></span>mount ca<span class=\"_ _2\"></span>nnot be reli<span class=\"_ _2\"></span>ably es<span class=\"_ _2\"></span>timated<span class=\"_ _2\"></span>, this is disc<span class=\"_ _2\"></span>losed a<span class=\"_ _2\"></span>s a contin<span class=\"_ _2\"></span>gent liabili<span class=\"_ _2\"></span>ty<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>Legal p<span class=\"_ _5\"></span>roceedings<span class=\"_ _3bc\"> </span>In the n<span class=\"_ _2\"></span>ormal co<span class=\"_ _2\"></span>urse of bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s, the G<span class=\"_ _2\"></span>roup is expo<span class=\"_ _2\"></span>sed to ce<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ain lega<span class=\"_ _2\"></span>l issue<span class=\"_ _2\"></span>s, whi<span class=\"_ _2\"></span>ch can involve litig<span class=\"_ _2\"></span>ation and a<span class=\"_ _2\"></span>rbitration<span class=\"_ _2\"></span>. At the year en<span class=\"_ _2\"></span>d, the Group h<span class=\"_ _2\"></span>as a numbe<span class=\"_ _2\"></span>r of conting<span class=\"_ _2\"></span>ent liabilitie<span class=\"_ _2\"></span>s in this rega<span class=\"_ _2\"></span>rd, non<span class=\"_ _2\"></span>e of which are con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d by the Direc<span class=\"_ _2\"></span>tors to be m<span class=\"_ _2\"></span>aterial.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-669": {
   "value": "<div class=\"t m0 he ff2 fs7 fc1 sc0 ls14 ws12 gscad\">I6<span class=\"_ _2\"></span>. Contingent liabilities<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscae\">Where t<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s a pos<span class=\"_ _2\"></span>sible future o<span class=\"_ _2\"></span>bligatio<span class=\"_ _2\"></span>n as a result of a pa<span class=\"_ _2\"></span>st event, o<span class=\"_ _2\"></span>r a present l<span class=\"_ _2\"></span>egal o<span class=\"_ _2\"></span>r cons<span class=\"_ _2\"></span>tructive o<span class=\"_ _2\"></span>bligation b<span class=\"_ _2\"></span>ut it is not prob<span class=\"_ _2\"></span>able </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscaf\">that th<span class=\"_ _2\"></span>ere will be an o<span class=\"_ _2\"></span>utflow of re<span class=\"_ _2\"></span>source<span class=\"_ _2\"></span>s to set<span class=\"_ _2\"></span>tle the oblig<span class=\"_ _2\"></span>ation or the a<span class=\"_ _2\"></span>mount ca<span class=\"_ _2\"></span>nnot be reli<span class=\"_ _2\"></span>ably es<span class=\"_ _2\"></span>timated<span class=\"_ _2\"></span>, this is disc<span class=\"_ _2\"></span>losed a<span class=\"_ _2\"></span>s a </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscb0\">contin<span class=\"_ _2\"></span>gent liabili<span class=\"_ _2\"></span>ty<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls16 ws14 gscb1\">Legal p<span class=\"_ _5\"></span>roceedings<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscb2\">In the n<span class=\"_ _2\"></span>ormal co<span class=\"_ _2\"></span>urse of bu<span class=\"_ _2\"></span>sines<span class=\"_ _2\"></span>s, the G<span class=\"_ _2\"></span>roup is expo<span class=\"_ _2\"></span>sed to ce<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ain lega<span class=\"_ _2\"></span>l issue<span class=\"_ _2\"></span>s, whi<span class=\"_ _2\"></span>ch can involve litig<span class=\"_ _2\"></span>ation and a<span class=\"_ _2\"></span>rbitration<span class=\"_ _2\"></span>. At the year en<span class=\"_ _2\"></span>d, the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscb3\">Group h<span class=\"_ _2\"></span>as a numbe<span class=\"_ _2\"></span>r of conting<span class=\"_ _2\"></span>ent liabilitie<span class=\"_ _2\"></span>s in this rega<span class=\"_ _2\"></span>rd, non<span class=\"_ _2\"></span>e of which are con<span class=\"_ _2\"></span>sidere<span class=\"_ _2\"></span>d by the Direc<span class=\"_ _2\"></span>tors to be m<span class=\"_ _2\"></span>aterial.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-717": {
   "value": "Where t<span class=\"_ _2\"></span>he Group ha<span class=\"_ _2\"></span>s a pos<span class=\"_ _2\"></span>sible future o<span class=\"_ _2\"></span>bligatio<span class=\"_ _2\"></span>n as a result of a pa<span class=\"_ _2\"></span>st event, o<span class=\"_ _2\"></span>r a present l<span class=\"_ _2\"></span>egal o<span class=\"_ _2\"></span>r cons<span class=\"_ _2\"></span>tructive o<span class=\"_ _2\"></span>bligation b<span class=\"_ _2\"></span>ut it is not prob<span class=\"_ _2\"></span>able that th<span class=\"_ _2\"></span>ere will be an o<span class=\"_ _2\"></span>utflow of re<span class=\"_ _2\"></span>source<span class=\"_ _2\"></span>s to set<span class=\"_ _2\"></span>tle the oblig<span class=\"_ _2\"></span>ation or the a<span class=\"_ _2\"></span>mount ca<span class=\"_ _2\"></span>nnot be reli<span class=\"_ _2\"></span>ably es<span class=\"_ _2\"></span>timated<span class=\"_ _2\"></span>, this is disc<span class=\"_ _2\"></span>losed a<span class=\"_ _2\"></span>s a contin<span class=\"_ _2\"></span>gent liabili<span class=\"_ _2\"></span>ty<span class=\"_ _3bc\"> </span>.<span class=\"_ _3bc\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-638": {
   "value": "<div class=\"t m0 he ff2 fs7 fc1 sc0 ls0 ws0 gscb5\">I7<span class=\"_ _7\"></span>. Even<span class=\"_ _2\"></span>ts af<span class=\"_ _2\"></span>ter th<span class=\"_ _2\"></span>e repo<span class=\"_ _2\"></span>rt<span class=\"_ _2\"></span>ing pe<span class=\"_ _2\"></span>riod<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscb6\">The fin<span class=\"_ _2\"></span>ancial s<span class=\"_ _2\"></span>tateme<span class=\"_ _2\"></span>nts are ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d to reflec<span class=\"_ _2\"></span>t signific<span class=\"_ _2\"></span>ant events th<span class=\"_ _2\"></span>at have a materia<span class=\"_ _2\"></span>l effec<span class=\"_ _2\"></span>t on the fina<span class=\"_ _2\"></span>ncial res<span class=\"_ _2\"></span>ults and t<span class=\"_ _2\"></span>hat have occ<span class=\"_ _2\"></span>urred </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscb7\">bet<span class=\"_ _2\"></span>ween t<span class=\"_ _2\"></span>he perio<span class=\"_ _2\"></span>d end an<span class=\"_ _2\"></span>d the date whe<span class=\"_ _2\"></span>n the financ<span class=\"_ _2\"></span>ial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s are author<span class=\"_ _2\"></span>ised for is<span class=\"_ _2\"></span>sue, p<span class=\"_ _2\"></span>rovided the<span class=\"_ _2\"></span>y give eviden<span class=\"_ _2\"></span>ce of condit<span class=\"_ _2\"></span>ions that </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscb8\">exis<span class=\"_ _2\"></span>ted at the p<span class=\"_ _2\"></span>eriod en<span class=\"_ _2\"></span>d. Events tha<span class=\"_ _2\"></span>t are indicat<span class=\"_ _2\"></span>ive of condition<span class=\"_ _2\"></span>s that aris<span class=\"_ _2\"></span>e after th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d end that do n<span class=\"_ _2\"></span>ot result in an a<span class=\"_ _2\"></span>djus<span class=\"_ _2\"></span>tment to<span class=\"_ gs132\"> </span>the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscb9\">finan<span class=\"_ _2\"></span>cial st<span class=\"_ _2\"></span>atement<span class=\"_ _2\"></span>s are disclo<span class=\"_ _2\"></span>sed.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscba\">On 1<span class=\"_ _2\"></span>9 Januar<span class=\"_ _2\"></span>y 2024, t<span class=\"_ _2\"></span>he Group co<span class=\"_ _2\"></span>mpleted a b<span class=\"_ _2\"></span>uy-o<span class=\"_ _2\"></span>ut trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n with the PG<span class=\"_ _2\"></span>L Pension S<span class=\"_ _2\"></span>cheme<span class=\"_ _2\"></span>, one of the Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _7\"></span>s d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>enefit sc<span class=\"_ _2\"></span>heme<span class=\"_ _2\"></span>s. </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscbb\">The imp<span class=\"_ _2\"></span>act of this tr<span class=\"_ _2\"></span>ansa<span class=\"_ _2\"></span>ction is b<span class=\"_ _2\"></span>eing determ<span class=\"_ _2\"></span>ined an<span class=\"_ _2\"></span>d will be inclu<span class=\"_ _2\"></span>ded in the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _5\"></span>s result<span class=\"_ _2\"></span>s for 2024.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscbc\">On 6 Febr<span class=\"_ _2\"></span>uar<span class=\"_ _2\"></span>y 2024, the B<span class=\"_ _2\"></span>oard approve<span class=\"_ _2\"></span>d the rede<span class=\"_ _2\"></span>mption of the \u00a32<span class=\"_ _2\"></span>50 million 5<span class=\"_ _2\"></span>.766<span class=\"_ _2\"></span>% Fixed Rate Re<span class=\"_ _2\"></span>set Call<span class=\"_ _2\"></span>able Tie<span class=\"_ _2\"></span>r 2 Subordin<span class=\"_ _2\"></span>ated Note<span class=\"_ _2\"></span>s due </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscbd\">2029 o<span class=\"_ _2\"></span>n the firs<span class=\"_ _2\"></span>t call date of 13 J<span class=\"_ _2\"></span>une 2024 (<span class=\"_ _5\"></span>subj<span class=\"_ _2\"></span>ect to re<span class=\"_ _2\"></span>gulator<span class=\"_ _2\"></span>y app<span class=\"_ _2\"></span>roval).<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscbe\">On 21 M<span class=\"_ _2\"></span>arch 2024, U<span class=\"_ _2\"></span>K Comm<span class=\"_ _2\"></span>ercial Prop<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>ty R<span class=\"_ _2\"></span>EIT Limited (<span class=\"_ _2\"></span>\u2018U<span class=\"_ _2\"></span>K<span class=\"_ _7\"></span>C<span class=\"_ _2\"></span>PR<span class=\"_ _2\"></span>\u2019), an as<span class=\"_ _2\"></span>soci<span class=\"_ _2\"></span>ate of the Group, an<span class=\"_ _2\"></span>d T<span class=\"_ _6\"></span>ri<span class=\"_ _2\"></span>tax Big B<span class=\"_ _2\"></span>ox REIT plc (<span class=\"_ _2\"></span>\u2018B<span class=\"_ _2\"></span>BOX\u2019) a<span class=\"_ _2\"></span>nnoun<span class=\"_ _2\"></span>ced </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscbf\">a rec<span class=\"_ _2\"></span>ommen<span class=\"_ _2\"></span>ded all-s<span class=\"_ _2\"></span>hare com<span class=\"_ _2\"></span>bination whe<span class=\"_ _2\"></span>reby BBOX will ac<span class=\"_ _2\"></span>quire the entire s<span class=\"_ _2\"></span>hare cap<span class=\"_ _2\"></span>ital of UKCPR for con<span class=\"_ _2\"></span>siderat<span class=\"_ _2\"></span>ion of 0.4<span class=\"_ _2\"></span>44 n<span class=\"_ _2\"></span>ew shares of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscc0\">BBOX for ea<span class=\"_ _2\"></span>ch share of U<span class=\"_ _2\"></span>K<span class=\"_ _7\"></span>C<span class=\"_ _2\"></span>PR held. T<span class=\"_ _2\"></span>he trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on is expe<span class=\"_ _2\"></span>cted to co<span class=\"_ _2\"></span>mplete in May 2<span class=\"_ _2\"></span>02<span class=\"_ _7\"></span>4<span class=\"_ _2\"></span>, subj<span class=\"_ _2\"></span>ect to th<span class=\"_ _2\"></span>e approval of both U<span class=\"_ _2\"></span>K<span class=\"_ _7\"></span>C<span class=\"_ _2\"></span>PR and B<span class=\"_ _2\"></span>BOX </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscc1\">share<span class=\"_ _2\"></span>holde<span class=\"_ _2\"></span>rs, a<span class=\"_ _2\"></span>nd Cour<span class=\"_ _2\"></span>t sa<span class=\"_ _2\"></span>nction of th<span class=\"_ _2\"></span>e schem<span class=\"_ _2\"></span>e of arrang<span class=\"_ _2\"></span>ement un<span class=\"_ _2\"></span>der Par<span class=\"_ _2\"></span>t VIII of th<span class=\"_ _2\"></span>e Compan<span class=\"_ _2\"></span>ies Law of Gue<span class=\"_ _2\"></span>rnsey. On the d<span class=\"_ _2\"></span>ate of </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscc2\">anno<span class=\"_ _2\"></span>uncem<span class=\"_ _2\"></span>ent, Ph<span class=\"_ _2\"></span>oenix Life Limite<span class=\"_ _2\"></span>d (\u2018<span class=\"_ _2\"></span>PLL<span class=\"_ _26\"></span>\u2019<span class=\"_ _2\"></span>), a subsidi<span class=\"_ _2\"></span>ary of th<span class=\"_ _2\"></span>e Group, hel<span class=\"_ _2\"></span>d 43<span class=\"_ _2\"></span>.3% of UKCPR<span class=\"_ _2\"></span>\u2019s issue<span class=\"_ _2\"></span>d ordinar<span class=\"_ _2\"></span>y share c<span class=\"_ _2\"></span>apita<span class=\"_ _2\"></span>l and had ir<span class=\"_ _2\"></span>revocabl<span class=\"_ _2\"></span>y </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscc3\">under<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>k<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>n to vote in favour of the trans<span class=\"_ _2\"></span>actio<span class=\"_ _2\"></span>n. Upo<span class=\"_ _2\"></span>n complet<span class=\"_ _2\"></span>ion, PLL is exp<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ted to hold sh<span class=\"_ _2\"></span>ares repre<span class=\"_ _2\"></span>senting 1<span class=\"_ _2\"></span>0.1% of BBOX\u2019s total is<span class=\"_ _2\"></span>sued sh<span class=\"_ _2\"></span>are </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscc4\">cap<span class=\"_ _2\"></span>ital. It is a<span class=\"_ _2\"></span>nticipated th<span class=\"_ _2\"></span>at this tran<span class=\"_ _2\"></span>sac<span class=\"_ _2\"></span>tion, on c<span class=\"_ _2\"></span>ompletio<span class=\"_ _2\"></span>n, will res<span class=\"_ _2\"></span>ult in the Group a<span class=\"_ _2\"></span>ccountin<span class=\"_ _2\"></span>g for its own<span class=\"_ _2\"></span>ership in B<span class=\"_ _2\"></span>BOX as an investm<span class=\"_ _2\"></span>ent, ra<span class=\"_ _2\"></span>ther </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscc5\">than th<span class=\"_ _2\"></span>e current as<span class=\"_ _2\"></span>soc<span class=\"_ _2\"></span>iate treatme<span class=\"_ _2\"></span>nt of UK<span class=\"_ _7\"></span>C<span class=\"_ _2\"></span>PR<span class=\"_ _2\"></span>, as the Gro<span class=\"_ _2\"></span>up will not have signifi<span class=\"_ _2\"></span>cant influe<span class=\"_ _2\"></span>nce over B<span class=\"_ _2\"></span>BOX.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscc6\">On 21 M<span class=\"_ _2\"></span>arch 2024, th<span class=\"_ _2\"></span>e Board re<span class=\"_ _2\"></span>comme<span class=\"_ _2\"></span>nded a fin<span class=\"_ _2\"></span>al dividen<span class=\"_ _2\"></span>d of 26.<span class=\"_ _2\"></span>65<span class=\"_ _2\"></span>p per sha<span class=\"_ _2\"></span>re for the year en<span class=\"_ _2\"></span>ded 31 D<span class=\"_ _2\"></span>ecem<span class=\"_ _2\"></span>ber 2023 (2<span class=\"_ _2\"></span>022: 26<span class=\"_ _2\"></span>.0p). Payment </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscc7\">of the final di<span class=\"_ _2\"></span>vidend is s<span class=\"_ _2\"></span>ubje<span class=\"_ _2\"></span>ct to share<span class=\"_ _2\"></span>holder a<span class=\"_ _2\"></span>pproval at the AGM<span class=\"_ _2\"></span>. The co<span class=\"_ _2\"></span>st of this divid<span class=\"_ _2\"></span>end has n<span class=\"_ _2\"></span>ot been re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>nised a<span class=\"_ _2\"></span>s a liabilit<span class=\"_ _2\"></span>y in the </div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscc8\">con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d financia<span class=\"_ _2\"></span>l statem<span class=\"_ _2\"></span>ents for 20<span class=\"_ _2\"></span>23 and will be c<span class=\"_ _2\"></span>harge<span class=\"_ _2\"></span>d to the st<span class=\"_ _2\"></span>atement of con<span class=\"_ _2\"></span>solidate<span class=\"_ _2\"></span>d chan<span class=\"_ _2\"></span>ges in eq<span class=\"_ _2\"></span>uity in 2<span class=\"_ _2\"></span>02<span class=\"_ _7\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls1c9 ws1c9 gscc9\">N<span class=\"_ _2\"></span> Lyo<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gscca\">A Brig<span class=\"_ _2\"></span>gs<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls68 ws5c gsccb\">R Thakrar<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gsccc\">K Gre<span class=\"_ _2\"></span>en<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls12c ws170 gsccd\">H Iio<span class=\"_ _2\"></span>ka<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls12c ws170 gscce\">K Mur<span class=\"_ _2\"></span>ray<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gsccf\">E Buc<span class=\"_ _2\"></span>ks<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gscd0\">M Gre<span class=\"_ _2\"></span>gor<span class=\"_ _2\"></span>y<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls1c3 ws1c3 gscd1\">J Pol<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>ck<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls12 ws10 gscd2\">B Richards<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gscd3\">D Sc<span class=\"_ _2\"></span>ott<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls12 ws10 gscd4\">M Semple<span class=\"_ _3bc\"> </span></div><div class=\"t m0 he ff7 fs7 fc1 sc0 ls0 ws0 gscd5\">N Sh<span class=\"_ _2\"></span>ott<span class=\"_ _3bc\"> </span></div><div class=\"t m0 hd ff3 fs7 fc1 sc0 ls0 ws0 gscd6\">21 Ma<span class=\"_ _2\"></span>rch 2024</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  }
 }
}